Cirsa recorded a net profit of 128 million euros during the first nine months of 2026, almost 74% more than in the same period of the previous year. In the third quarter, net revenue climbed 12% to 628 million, while adjusted Ebitda grew 11% to reach 203 million.
Between January and September, the company reported net revenue of 1,888 million, a 10% increase compared to the previous year. Gross operating profit totaled 591 million euros, up 8%. The company, which is in the midst of its integration process with Italy’s Lottomatica, considers that the quarter’s performance reflects balanced growth across the different geographies and channels in which it operates, “in an environment of significant macroeconomic and geopolitical instability.”
The closing of the acquisitions of the Paraguayan operator Slots del Sol and Casino Figueira in Portugal played an important role in the quarterly growth. According to Cirsa, 8.1% of the quarterly sales increase was organic, with the remaining 4% coming from these additions.
In the third quarter, net profit was 34 million, up 48%, while Ebitda improved 7% to 195 million.
“Our geographies continue to benefit from macroeconomic, social and regulatory stability, even in Peru and Colombia following the changes in government resulting from the elections held earlier in the year,” the company stated in the report sent to investors. Although it will become part of Lottomatica in a few months, Cirsa maintains its acquisitions strategy “advancing as planned,” said chairman Joaquim Agut. “We maintain good visibility into our pipeline of potential deals in the various markets in which we operate,” he added.
For his part, Antonio Hostench, the company’s chief executive officer, noted that the focus right now is on Spain. “We are working intensively to explore opportunities within the omnichannel environment in Spain, although we remain open to seeking opportunities in other countries, even elsewhere in Europe, should the occasion arise,” he emphasized.
Looking ahead to the end of the fiscal year, Cirsa maintains its forecast of reaching between 2,500 and 2,560 million in revenue and between 800 and 820 million in Ebitda.
Performance by segment
Slots Spain once again delivered good results. Revenue rose 7% in the quarter, while Ebitda increased 12% to 58 million. Its margin also improved, going from 51% to 54%, with a total of 25,780 machines as of the end of September.
Revenue from the Casinos business rose 11%, while Ebitda stood at 118 million, up 9%. These results came despite the impact of the earthquake in Colombia in August, which forced the company to temporarily close several venues, representing an estimated negative cash effect of three million in revenue.
The Online and Betting segment was the one that advanced the most. Amounts wagered increased 33% and net revenue grew 19% to 144 million. However, Ebitda remained stable at 24 million, largely due to sporting results favorable to customers, which generated a negative impact of 10 million. The company explained that, without that effect, the division’s Ebitda would have risen 44%.
Merger with Lottomatica
The Spanish gaming multinational adds 73 consecutive quarters of growth. At least in terms of revenue, it surpasses Lottomatica.
The Italian operator announced its results through the third quarter this Tuesday. For the cumulative nine months, its revenue increased 5% to 1,718 million, 170 million below that recorded by Cirsa. However, in terms of profitability, the Italian company came out ahead. Its adjusted Ebitda was 665 million, compared to Cirsa’s 599 million; and net profit was 155 million, compared to 129 million for the company currently owned by Blackstone.
On November 30, Cirsa’s shareholders’ meeting will approve the deal, a key step for the timeline. Both parties expect to finalize the operation in the second quarter of 2027. Afterward, Blackstone will come to control 24% of the resulting group, becoming its main shareholder.
The potential market for the combined business is around 34,000 million euros.