CIRSA Targets Upper End of 2026 Guidance as Lottomatica Merger Advances
Spain.- 6 November 2026 | www.zonadeazar.com CIRSA has confirmed that it expects to finish 2026 at the upper end of its financial guidance, following sustained growth during the third quarter.
The Spanish gaming group reported revenue of €628 million, representing a 12% year-on-year increase, while progressing with its proposed merger with Italian operator Lottomatica.
The combination is intended to create one of the world’s largest listed gaming and sports betting groups.
Third-Quarter Financial Performance
During the third quarter of 2026, CIRSA reported:
- Revenue: €628 million, up 12% year-on-year.
- Operating EBITDA: €195 million, an increase of 6.8%.
- Operating EBITDA excluding merger-related costs: €203 million, up 11.1%.
The figures reflect continued business expansion and the contribution of investments completed during recent months.
CIRSA also recorded 73 consecutive quarters of operating profit growth, according to the company’s financial update.
Online Gambling Leads Growth
Sports betting and online casino operations were CIRSA’s fastest-growing business division during the quarter.
The segment reported:
- Amounts wagered: up 43.4%.
- Net revenue: an increase of 19%.
- Customer deposits: growth of 39.4%.
These figures indicate stronger customer activity and reinforce the growing importance of digital operations within CIRSA’s commercial strategy.
The company did not specify how much of the increased wagering and deposits translated into additional profit.
CIRSA Expands Across Latin America
The group also progressed with its international expansion strategy through new land-based gaming properties.
Key developments included:
- Colombia: opening of a casino in Cartagena de Indias.
- Paraguay: market entry through two casinos and two gaming halls.
- Panama: refurbishment of existing properties.
These investments expand CIRSA’s geographical presence and diversify its revenue sources.
Latin America remains an important market within the group’s international growth strategy.
Spain and Italy Maintain Performance
In Spain, CIRSA’s slot machine division recorded growth in revenue and operating profit.
The company attributed the improvement to its gaming machine mix, commercial activity and cost control.
CIRSA also refurbished properties and installed more than 30 additional slot machines at Casino Marbella.
In Italy, operations remained stable, with particularly strong performance from video lottery terminals (VLTs).
The group also completed the integration of recent acquisitions within the Italian gaming hall business.
Company Maintains 2026 Financial Outlook
Following its latest financial update, CIRSA reaffirmed its full-year expectations.
The group anticipates finishing 2026 at the upper end of the revenue and profitability ranges previously communicated to investors.
For the first nine months of the year, revenue increased by 10%, while operating profit grew by 7.8%.
The company highlighted its ability to maintain growth despite ongoing macroeconomic and geopolitical uncertainty.
Lottomatica Merger Moves Forward
One of CIRSA’s principal corporate projects is its proposed merger with Lottomatica, announced in September 2026.
Under the agreement, Lottomatica will absorb CIRSA through an EU cross-border merger.
The combined company would be listed on stock exchanges in both Spain and Italy.
The transaction is expected to create the world’s second-largest listed gaming and sports betting operator, measured by combined adjusted EBITDA.
The merger remains subject to the necessary approvals.
Shareholder Meeting Scheduled for 30 November
CIRSA has called an Extraordinary General Meeting for 30 November 2026 in Terrassa, Spain, to advance the proposed transaction.
The companies estimate that the combined group could operate across an addressable market worth up to €34 billion, including Spain, Italy, Portugal, Mexico and Colombia.
The merger is expected to provide greater commercial scale and technological capabilities.
According to the previously announced timetable, completion is anticipated during the second quarter of 2027.
Industry Impact and Next Steps
CIRSA’s results highlight the expansion of its digital operations and continued development across international markets.
The 19% increase in online casino and sports betting net revenue demonstrates the contribution of digital activities to the group’s performance.
With quarterly revenue of €628 million, operating profit of €195 million and expectations of finishing 2026 at the upper end of its guidance, CIRSA is strengthening its financial position while progressing towards its combination with Lottomatica.
The next key milestone will be the Extraordinary General Meeting on 30 November, when shareholders will consider the proposed merger.
Edited by: @fonta
