CIRSA Q3 Revenue Up 12% To €628m Before Merger Vote
CIRSA grew its third-quarter operating revenue by 12% to €628 million, according to its results announcement of November 4. Operating profit rose 6.8% year on year to €195 million, which the Spanish group says marks 73 consecutive quarters of growth.
Adjusted for costs tied to the proposed merger with Lottomatica, operating profit reached €203 million, up 11.1%. CIRSA's third-quarter report puts the merger advisory costs at €7.9 million.
Last week the company called an extraordinary general meeting for November 30 in Terrassa to advance the deal, covered in our look at Lottomatica nine-month results.
Nine-Month Figures And Guidance
Before variable rent and other deductions, operating revenues were €739.2 million in the quarter, up from €664.8 million a year earlier. Over the first nine months, CIRSA's revenue rose 10% and operating profit 7.8%. The report gives year-to-date net operating revenues of €1,888 million and adjusted EBITDA of €599 million, up 9.3%.
The company expects to finish the year at the upper end of the range it gave the market. Net profit for the quarter rose 48.1% to €33.6 million after the merger-related charges, and the report says it would have risen 83% without those one-off expenses.
On the balance sheet, net debt stood at €2,104 million at September 30, 2026, equal to 2.66 times last-twelve-month EBITDA. Cash was €366 million, with total available liquidity of €764 million.
Online Leads The Way
The online gaming and betting division was the fastest-growing part of the group. CIRSA says amounts wagered rose 43.4% and net revenue climbed 19%, with deposits up 39.4% year on year after the FIFA World Cup campaign.
The detailed report puts the division's net operating revenue growth at 18.9% for the quarter and 14.3% for the nine months. The report says the merger process with Lottomatica is progressing as expected.
Retail businesses also grew. Retail net operating revenues rose 7.6% in the quarter and 8.6% over nine months, and currency movements added 1.3 percentage points to overall quarterly growth.
Casinos, Slots And Expansion
In casinos, CIRSA entered Paraguay by adding two casinos and two gaming halls, and opened a new casino at the Serrezuela shopping centre in Cartagena de Indias, Colombia.
Refurbishments were finished at the Dorado and Colon casinos in Panama and at Casino de Lloret, while Casino Marbella added more than 30 machines. Spain remains a tightly regulated market, as shown by new online payment rules.
The Spanish slots division posted positive revenue growth and strong operating profit growth, helped by the Manhattan Magic, Manhattan Premium and Omega Duo products and by the launch of Omega Dual Link in the uElite+ cabinet for hospitality venues.
Stable Performance
In Italy, CIRSA says performance was stable and in line with its market, with particularly good results in video lottery terminals. It completed the integration of recent acquisitions in gaming halls during the quarter.
All business units contributed to revenue growth in the quarter, the report says, with online delivering the strongest increase. Year to date, online net operating revenues rose 14.3% and the retail units grew 8.6%, and CIRSA reiterated that it expects full-year net revenues and EBITDA at the high end of its guidance.
