Cirsa targets upper end of 2026 guidance as Lottomatica merger advances

Cirsa reported revenue of €628 million in the third quarter of 2026. This is up 12% year on year. Operating profit increased 6.8% to €195 million. The Spanish gaming group said it expected to finish the year at the upper end of its guidance. Online gaming and sports betting was its fastest-growing division, as Cirsa also prepared for a shareholder vote on its proposed merger with Lottomatica.

Online betting drives growth

Cirsa said operating profit would have reached €203 million. This was an 11.1% increase. It excluded expenses linked to the proposed merger. The latest results extend its reported run of quarterly operating-profit growth to 73 consecutive quarters.

For the first nine months of 2026, revenue increased 10% and operating profit rose 7.8%. Cirsa’s investor presentation sets full-year growth guidance at 7% to 9.5% for revenue and 6% to 9% for adjusted EBITDA. Year-to-date growth had reached 10% and 9.3%, respectively.

Online gaming and sports betting led the quarter. Amounts wagered rose 43.4%, lifting net revenue by 19%. Deposits were up 39.4% year on year. Cirsa said the figures reflected increased customer activity following its FIFA World Cup campaign. However, it did not disclose how much of the growth in wagers or deposits translated into profit.

Land-based expansion

Cirsa continued to expand its casino and gaming-hall estate. During the quarter, it opened a casino in Cartagena de Indias, Colombia, and entered Paraguay with two casinos and two gaming halls. It also refurbished venues in Panama and Spain, and installed more than 30 additional slot machines at Casino Marbella.

Its Spanish slots division recorded growth in revenue and operating profit. Cirsa attributed this to its machine mix, sales activity and cost control. In Italy, performance was stable and in line with the market, with particularly strong results from video lottery terminals.

Lottomatica deal has UK relevance

Cirsa has called an extraordinary shareholders’ meeting for 30 November in Terrassa to advance its proposed merger with Lottomatica. Under the plan,  Lottomaticawill absorb Cirsa through an EU cross-border merger and remain the surviving company. The combined group is expected to be listed in Italy and Spain. Completion is anticipated in Q2 202. This will be subject to approvals.

The companies say the enlarged operator would rank as the world’s second-largest listed gaming and sports betting group by adjusted EBITDA, behind Flutter. The comparison is relevant to UK industry readers: the combined group would also be larger than Entain on that measure, bringing together two European operators with leading positions in Italy and Spain.

The deal announcement focuses on Italy, Spain and Latin America as the group’s main markets. It does not present the merger as a move into the UK. Its relevance for Britain lies in the growing scale of international competitors against which UK-facing operators are measured.