CIRSA has reported a 73.6% increase in net profit for the first nine months of 2026, strengthening its position ahead of a shareholder vote on its proposed combination with Lottomatica. The results, published on 4 November, put group net profit at €128.3m. Yet the online division shows why the next stage of growth will require more than a larger customer base.1
Online gaming and betting net operating revenue rose 14.3% to €446.7m over the nine months. EBITDA fell 4.9% to €75.8m. Using the company’s segment figures, we calculate that its online EBITDA margin narrowed from approximately 20.4% to 17.0%. Each €100 of net operating revenue generated about €17 of EBITDA, compared with €20.40 a year earlier.1
| Measure | 2026 figure | Comparison with 2025 |
|---|---|---|
| Group net profit | €128.3m | Up 73.6% |
| Online net operating revenue | €446.7m | Up 14.3% |
| Online EBITDA | €75.8m | Down 4.9% |
| Online EBITDA margin | 17.0% | Approximately 20.4% a year earlier |
January-September 2026 versus the same period of 2025. Online EBITDA margin is the calculation explained in the article.
The Cost of Online Growth
The distinction matters for a business trying to grow digitally. More customers and more wagers create commercial opportunities, but the operator still has to pay for attracting those customers and supplying the service. Tax costs and sporting payouts affect how much of the activity becomes earnings. CIRSA’s online division expanded while retaining a smaller proportion of its revenue at the EBITDA level.
Management identifies several pressures. World Cup marketing investment helped acquire customers, while results favouring punters constrained earnings. CIRSA estimates that sporting outcomes in August and September reduced online EBITDA by €10m. The nine-month comparison also reflects the fuller impact of Peru’s online gaming taxes, which had been phased in by June 2025.1
These pressures have different implications. Sporting results can vary from one period to the next. An established tax burden needs to be absorbed in pricing, costs and customer economics. Marketing expenditure can produce benefits beyond the quarter in which it is incurred, provided the customers acquired remain active and valuable. Future results will show how well those World Cup campaigns pay back.
Earnings Beyond Online
The group has an earnings cushion beyond online. Its physical casino and slot operations helped overall net operating revenue reach €1.888bn, up 10%, with adjusted EBITDA of approximately €599m.1 That breadth matters: CIRSA can invest in digital expansion from a business that already generates substantial earnings through established venues and machine operations.
Its financial history adds another dimension. CIRSA agreed its sale to Blackstone-managed funds in 2018 and began trading on Spain’s stock markets on 9 July 2025.2 It has moved through private equity ownership and a public listing into another proposed corporate combination. Each stage brings decisions about financing, shareholder returns and how much money remains available for operations.
The latest report shows how powerful financing changes can be. Financial expenses fell by €39.7m, helping net profit grow much faster than operating earnings.1 That is a real benefit to the business, but it follows a different mechanism from winning more customers. Further financing improvements remain possible; repeating a large increase in profit will require fresh benefits as earlier reductions enter the comparison base.
The Merger Still Has to Deliver
Proposed combination
CIRSA shareholder meeting: 30 November 2026. Completion expected in Q2 2027, subject to approvals and other conditions.
This is where the Lottomatica proposal becomes relevant. The all-share combination announced on 2 September would bring CIRSA into the Italian group, subject to approvals and other conditions. CIRSA has called its shareholder meeting for 30 November; completion is expected in the second quarter of 2027.13 The vote and the completion date are separate milestones.
Lottomatica has put a sizeable opportunity behind the online strategy. In a separate announcement on 7 September, it estimated €200m-€300m of incremental online EBITDA on a run-rate basis by the third year after closing. It said that opportunity was additional to the merger synergies already announced, drawing on its technology and product capabilities alongside CIRSA’s local presence and customer base.4
That is management’s projection, with delivery still ahead. Our reading of CIRSA’s current results is that improving the return from existing online activity deserves as much attention as expanding it. Better retention, more effective promotions and efficient product development could help turn a larger customer base into more earnings. Without durable retention, increasing marketing spend could leave the same margin question unresolved.
Combining the businesses will also require work before all the expected benefits arrive. Technology changes need to fit local markets, staff have to implement new processes and customers need continuity. Delays or weaker customer retention could reduce the value of planned efficiencies. A larger group will still face the taxes and sporting volatility affecting its individual operations.
CIRSA enters the November vote with growing group earnings and a credible opportunity to improve its online business. The figures identify the challenge clearly: stronger revenue needs to translate into stronger operating returns. The merger’s financial case will depend on how effectively the combined business closes that gap, alongside the financing benefits and savings it expects to achieve.
Prepared with help from ChatGPT.