Grupo CIRSA has underscored the profitability of both its home Spanish units ahead of shareholders merger vote with Lottomatica SPA on 30 November.
Publishing a Q3 trading update, the Bolsa Madrid gambling group declared that corporate year-to-date profits stand at a record of €128m.
Underlying YTD profits (before tax) surged by 37% on 2025 results of €130m due CIRSA renegotiating repayment terms on its debt bonds of €2.1bn, as of July trading.
Bottomline profits underpin management’s confidence in delivering its full-year commitments.
Nine-month net operating revenue increased 10% to €1.89bn, while adjusted EBITDA advanced 9.3% to €599.3m.
CIRSA stated that it remained “Fully on track to reach the high end of our 2026 guidance”. Its full-year targets envisage revenue growth of 7–9.5% and adjusted EBITDA growth of 6–9%.
Spain remains central to that outlook, accounting for 48% of group earnings. Its Spanish slots and games business delivered revenue growth of 10.5% to €350m, with EBITDA increasing 15.6% to €186m.
Across its international casino portfolio, CIRSA recorded nine-month revenue of €805.7m, up 10.4%, and EBITDA of €326.9m, up 8.4%. Growth continued despite temporary closures following the August earthquake in Colombia.
Online gaming and betting presented a more mixed picture. Revenue increased 14.3% to €446.7m, but EBITDA declined 4.9% to €75.8m.
Spain’s World Cup victory helped expand the customer base, yet accounts detailed that stronger engagement did not translate fully into earnings.
Higher promotional investment and customer-friendly sports results constrained profitability, with August and September football outcomes costing an estimated €10m in EBITDA.
LATAM investment for 2027
In Latin America, Peru remained another pressure point as the online division absorbed the full effect of higher gaming taxes. The country’s share of group EBITDA stood at 6.6%, compared with 8.3% for the whole of 2025.
CIRSA nevertheless continued to invest in expansion. In July, it completed the acquisition of Slots del Sol in Paraguay and Casino da Figueira in Portugal.
Paraguay contributed 0.9% of year-to-date EBITDA, adding another market to the group’s earnings base in which CIRSA is ready to commit investment for a upcoming regulatory changes planned in 2027.
€100m reward ahead of Lottomatica marriage
Stronger profits are also expected to support approximately €100m in dividends relating to the 2026 financial year. Nine-month adjusted net profit reached €202.1m, up 35.9%, underpinning the planned return to shareholders.
Attention now turns to the extraordinary general meeting on 30 November, when CIRSA investors will vote on the proposed combination with Lottomatica.
Management said the merger process was progressing as expected. Completion is targeted for the second quarter of 2027, placing the transaction within the first half of next year, subject to shareholder and regulatory approvals.
CIRSA approaches that vote with growing earnings, reduced financing expenses and confidence in its annual targets, giving shareholders a stronger financial platform from which to assess the proposed marriage.
