The latest CIRSA results were published on 4 November 2026. For the nine months ended 30 September 2026, CIRSA reported €1,887.8 million net operating revenues and €599.3 million adjusted EBITDA. At that period-end, net financial debt was €2,104 million. The figures come from CIRSA's third-quarter release filed with the Spanish securities regulator, the CNMV; they are not a full-year forecast.
One profit headline cannot explain this business. CIRSA's earnings measures differ from statutory profit; its cash-flow presentation separates investment spending from acquisitions; and the issuing company on a bond is not necessarily the listed parent. This page reconciles those distinctions for readers researching the CIRSA company overview.
Latest CIRSA Financial Results: Q3 and Nine Months 2026
| Measure | Q3 2026 | Nine months 2026 | Comparison |
|---|---|---|---|
| Net operating revenues | 628.0 | 1,887.8 | +12.0% Q3 year-on-year; +10.0% nine months |
| EBITDA before merger-related adjustment | 195.0 | 591.0 | Not the adjusted headline figure |
| Adjusted EBITDA | 203.0 | 599.3 | +11.1% Q3 year-on-year; +9.3% nine months |
| Net financial debt | 2,104.0 at 30 September 2026 | 2,043.4 at 31 December 2025 | |
| Net debt / last-12-month EBITDA | 2.66× at 30 September 2026 | Approximately 2.7× at December 2025 | |
| Cash and cash equivalents / liquidity | 366 / 764 at 30 September 2026 | Liquidity includes undrawn facilities | |
Read the date and measure together. This page consistently uses the Third Quarter 2026 Results financial report, whose detailed cash bridge gives €599.3 million for nine-month adjusted EBITDA; the companion presentation uses €599.4 million, a €0.1 million display difference. The adjusted Q3 figure excludes approximately €7.9 million of accrued advisers' expenses relating to the proposed Lottomatica merger. CIRSA identifies the unadjusted quarter as approximately €195 million and the unadjusted year-to-date figure as approximately €591 million. The adjustment is an issuer-defined alternative performance measure (APM), not an extra cash receipt.
CIRSA's statement reports higher net revenues across its retail and online activities. Its online gaming and betting division increased nine-month net operating revenues by 14.3%, but the division's EBITDA fell 4.9% over the same comparison, reflecting factors including increased gaming taxes in Peru. Revenue growth, then, did not translate evenly into profit across every business unit. For the mechanics behind the channels, see CIRSA business model.
Where to Find CIRSA Investor Relations Reports
The official CIRSA investor relations financial-information archive is organised by year and reporting period. Its current collection lists Q1 2026, H1 2026 and Q3 2026, along with earlier annual and quarterly releases. The issuer's website is the natural starting point; CNMV filings provide a regulator-hosted record of published information.
| Document | What it answers | Important limit |
|---|---|---|
| Quarterly financial report | Latest trading, period comparisons, issuer metrics and debt position | Q3 is interim, not audited full-year accounts |
| Consolidated annual financial statements | Accounting profit, assets, liabilities, cash flows, notes and subsidiaries | Group scope differs from stand-alone parent |
| Stand-alone parent accounts | The listed legal company's individual balance sheet and results | Do not substitute for group gaming revenues |
| Presentation / press release | Management explanations, guidance and APM summaries | Read reconciliations and definitions before repeating headlines |
| CNMV disclosure | Dated public filing and issuer identity | Filing category and attachment must be checked separately |
To locate a CIRSA annual report, choose the year, then distinguish the full integrated report from the consolidated financial statements and the shorter results presentation. At the research cut-off, the archive contains the Q3 2026 financial report and presentation. Official locations and document identifiers appear in the internal source record used for this article.
CIRSA Revenue and Profit by Year: 2023 - 2025
For historical analysis, the most useful comparable series is the consolidated group's net operating revenues and EBITDA as presented in CIRSA's issuer reporting. These are not the separate accounts of the holding company and not the amount customers placed in bets. The growth figures are reported, not a claim that each year's acquisitions had no effect.
| Metric | FY2023 | FY2024 | FY2025 | Interpretation / source |
|---|---|---|---|---|
| Net operating revenues | 1,991.0 | 2,150.0 | 2,339.2 | 2023 annual report; 2024 and 2025 issuer results |
| EBITDA before 2025 IPO cost adjustment | 630.1 | 699.3 | 746.6 | Issuer-reported EBITDA; the separate 2025 IPO-cost adjustment is shown in the next row |
| EBITDA adjusted to exclude 2025 IPO costs | Not applicable | Not separately adjusted here | 753.5 | 2025 adjustment adds back €6.9m of IPO expenses |
| Free operating cash flow before investments, issuer APM | Not shown on this comparable basis | 336.7 | 393.9 | 2025 financial-results cash bridge; excludes M&A line |
| Net financial debt at year-end | Not reproduced without matching definition | 2,638.0 | 2,043.4 | 2025 annual financial statements and issuer APM |
The disclosed net-operating-revenue series grows by about 8.0% from 2023 to 2024 and 8.8% from 2024 to 2025. EBITDA rose as well, but its 2025 comparison changes depending on whether the IPO cost is excluded. The unadjusted €746.6 million and adjusted €753.5 million numbers are both issuer-reported; presenting only the larger one as statutory profit would obscure the distinction.
Acquisitions affect comparability. Apuesta Total was acquired in 2024, and additional businesses entered the group in 2025. Year-on-year revenue therefore includes changes in the consolidated perimeter as well as underlying trading. Organic growth and foreign-exchange effects need their own definitions and should not be inferred by subtracting one annual total from another.
What the 2026 Quarterly Results Show
CIRSA reported Q1 2026 net operating revenues of €623.0 million and EBITDA of €193.9 million. The latest Q3 release gives the third-quarter figure of €628.0 million net operating revenues and €195.0 million EBITDA before its merger-related adjustment. The nine-month result is a cumulative total, not an additional quarter.
Its Q3 report supplies like-for-like nine-month comparators: 2025 net operating revenues of €1,715.6 million against €1,887.8 million for 2026, and adjusted EBITDA of €548.5 million against €599.3 million. That is the correct basis for the reported +10.0% and +9.3% movements, allowing for rounding. The report separately identifies 8.1% organic revenue growth in Q3, compared with 12.0% reported growth. These percentages answer different questions.
Several developments shaped the period. The issuer cited growth in online turnover, higher gaming taxes in Peru and customer-friendly sports results; acquisitions in July included Slots del Sol and the Portuguese Casino Figueira business. Online turnover growth of 32.5% is not the same as online net operating revenue growth. Nor does an acquisition automatically add nine months of earnings if it closed partway through the period.
Another distinction is timing. Q3 2026 trading covers July - September. The balance-sheet figures are a snapshot on 30 September, while debt/EBITDA uses a trailing-12-month earnings denominator. These should not be multiplied by four or treated as a future full-year total. CIRSA's guidance is a separate management outlook, not an audited result.
EBITDA, Operating Profit and Net Profit: Why Headlines Differ
In CIRSA releases, the English phrase operating profit sometimes accompanies a figure that the financial report labels EBITDA. It must not be automatically equated with statutory operating profit (EBIT). EBITDA excludes depreciation and amortisation; EBIT does not. Neither is the same as profit after financing, taxes and amounts attributable to non-controlling shareholders.
| Period | Unadjusted EBITDA | Specified adjustment | Adjusted EBITDA |
|---|---|---|---|
| FY2025 | 746.6 | +6.9 IPO expenses | 753.5 |
| Q3 2026 | Approximately 195.0 | Approximately +7.9 merger advisers' costs | Approximately 203.0 |
| 9M 2026 | Approximately 591.0 | Approximately +7.9 merger advisers' costs | 599.3 |
The Q3 and nine-month figures are rounded in the issuer highlights, so exact arithmetic on the displayed whole millions need not match to one decimal place. The adjustment does not mean a merger has closed: at the 4 November reporting date, the proposed Lottomatica combination remained subject to further procedures.
Why CIRSA Reported Two Net Profit Figures in 2025
CIRSA reported €117.568 million consolidated net profit in FY2025. Of that, €72.937 million was attributable to shareholders of the parent, while €44.631 million belonged to non-controlling interests in subsidiaries. The accounts reconcile exactly: €72.937 million + €44.631 million = €117.568 million.
The figures are therefore not contradictory. The larger figure covers the consolidated group's entire profit; the smaller one is the portion attributable to the parent company's shareholders. Neither is EBITDA. Comparisons must specify whether they use total consolidated profit or the parent-attributable amount.
Cash Flow, Capital Spending and Cash Conversion
Profitability matters, but a business also needs money for equipment, venues, taxes, lease payments, interest and acquisitions. CIRSA's investor presentation supplies a management cash bridge. It is useful if described precisely: free operating cash flow in that bridge is an issuer-defined measure, not automatically the statutory cash-flow-from-operations line in consolidated accounts.
| Cash bridge item | 9M 2025 | 9M 2026 |
|---|---|---|
| Adjusted EBITDA | 548.5 | 599.3 |
| Capital expenditure | (137.3) | (168.8) |
| Operating cash flow, as defined in bridge | 411.2 | 430.5 |
| Cash conversion, issuer basis | 75% | 72% |
| Free operating cash flow before M&A | 175.9 | 232.9 |
| M&A payments | (181.8) | (106.5) |
| Free operating cash flow after M&A | (5.9) | 126.4 |
In 9M 2026, the issuer's free operating cash flow before acquisitions grew 32.4%, despite higher capex. One major contributor was lower interest paid: €63.2 million compared with €135.0 million in 9M 2025. Taxes paid and lease payments remained material deductions. After the separate €106.5 million M&A outflow, the reported cash-flow figure fell from €232.9 million to €126.4 million.
The annual bridge provides another comparison: FY2025 cash flow before investments was €393.9 million versus €336.7 million in 2024, but FY2025 post-M&A cash flow was €126.8 million after €267.1 million in acquisition-related payments. Beware of definition drift: the FY2025 and Q3 2026 bridges are laid out differently, particularly in the treatment of interest. They should not be pasted together as a single statutory cash-flow series.
CIRSA Debt, Bonds and Refinancing
At 31 December 2025 the audited group accounts showed approximately €2,356.5 million of gross financial debt and €313.1 million of cash, giving €2,043.5 million net financial debt under the reported definition. By 30 September 2026, CIRSA's management measure had risen to about €2,104 million. A bond's nominal principal is neither this entire liability nor an additional amount to add to every historical issuance.
The named debt issuer matters. CIRSA's financial-information portal lists CIRSA Finance International, S.à r.l. as issuer of the bonds below, whereas CIRSA Enterprises, S.A. is the listed parent and the consolidated figures describe the wider group. A security's issuer, its guarantors and the entities in the consolidated perimeter have different legal roles.
| Issue date | Issuer | Nominal | Coupon | Maturity |
|---|---|---|---|---|
| 30 January 2024 | CIRSA Finance International, S.à r.l. | €450m | 6.50% fixed | 15 March 2029 |
| 14 October 2025 | Same issuer | €575m | 4.875% fixed | 15 October 2031 |
| 14 October 2025 | Same issuer | €425m | Three-month Euribor + 3 percentage points, reset quarterly | 15 October 2032 |
| 8 July 2026 | Same issuer | €500m | 4.625% fixed | 20 July 2032 |
The July 2026 €500 million senior secured offering was primarily intended to redeem €375 million of notes due 2028, cover transaction costs and provide general corporate funding. It refinanced an existing maturity; counting €500 million as wholly new leverage on top of the refinanced €375 million would double-count debt. Nor can all original bond issue sizes above be summed and called the precise balance outstanding on 30 September, since redemptions and other obligations intervene.
The issuer portal currently displays agency ratings, including S&P BB-, Moody's Ba3 and Fitch BB, with revision dates of 24 July 2025, 26 May 2026 and 22 June 2026 respectively. These are portal snapshots, not timeless assessments or security-specific promises. Ratings can change and do not substitute for reading bond terms, covenants, refinancing requirements and the debt notes. We address the operating implications in CIRSA risks and opportunities.
Acquisitions and the Proposed Merger: Limits to Comparability
Transactions alter which businesses enter consolidation and for how long. A casino acquired in December contributes differently to an annual total from an operator bought in July. CIRSA's 2024 and 2025 results include such effects; the Q3 2026 report also identifies July acquisitions. That is why reported, organic and constant-currency growth must remain separate concepts. Our CIRSA acquisitions and history records the relevant transaction stages.
CIRSA's proposed merger with Lottomatica was not completed at the 4 November 2026 cut-off. The scheduled shareholder meeting and expected future combination are not reasons to add Lottomatica's revenue, net debt or earnings to CIRSA's reported figures today. Share-price performance and capital-market returns belong in CIRSA shares and chart.
What the Numbers Actually Say
Three conclusions stand out. First, revenue and adjusted EBITDA increased in the first nine months of 2026, but some divisions faced earnings pressure despite sales growth. Second, stronger free operating cash flow before M&A does not remove the cost of acquisitions or debt service. Third, the group continued refinancing longer-dated bonds, while its net debt was still about €2.1 billion at September's close. Readers should track all three, not just the largest profit headline.