Cirsa Posts €203 Million in Adjusted Profit, Beats Third-Quarter Estimates
Key Facts
Cirsa reported net operating revenue of €628 million in the third quarter of 2026, up 12% year over year, and adjusted EBITDA of €203 million, up 11.1%, according to results filed with Spain’s National Securities Market Commission. Both figures exceeded consensus estimates: revenue of €628 million was about 1% above the estimate of €621 million, while adjusted EBITDA beat the estimate of €199 million by about 2%. The company said unfavorable sports results in August and September reduced profit by about €10 million. It added that adjusted EBITDA growth would have been 17% excluding the effect of payouts related to betting results. The results show growth in revenue and adjusted profitability alongside a negative impact from betting results on quarterly profit.
In the revenue bridge, total revenue rose from €560 million in the third quarter of 2025 to €628 million in the same period of 2026. Organic growth contributed €45 million of the increase, while additional acquisitions added €25 million. A €3 million deduction related to the Colombia earthquake offset part of the increase, according to the results presentation filed with the commission. Net profit was €33.571 million, compared with €22.668 million a year earlier. Adjusted net profit reached €57.411 million, compared with €47.849 million in the third quarter of 2025.
Online gaming and betting was among the main drivers of activity, with turnover rising 32.5% to €3.274 billion in the third quarter. Net revenue increased 18.9% to €144 million, while revenue after normalizing payouts reached €158 million, up 30.5%. On a normalized-payout basis, the segment posted adjusted EBITDA of €34 million, an increase of 43.6%, and a margin of 21.5%. The company said the World Cup campaign supported commercial indicators, with the segment’s net revenue growing 19% and deposits increasing 39.4% year over year. The difference between revenue before and after payout normalization highlights the effect of betting results on the segment’s operating comparison.
In retail, revenue grew 7.6% year over year, including 3.8% organic growth, while adjusted EBITDA rose 9.8%. The EBITDA margin widened to 37.6%, an increase of 73 basis points, according to the company’s presentation. Within the segment, Cirsa described its Italian business performance during the quarter as stable and consistent with the market. At group level, the company said operations had delivered 73 consecutive quarters of annual growth through the third quarter of 2026. The group’s adjusted EBITDA margin was 32.4% in the quarter.
In the first nine months of 2026, net operating revenue was €1.888 billion, up 10%, and adjusted EBITDA reached €599.4 million, up 9.3%. Adjusted net profit for the period was €202.1 million, a 35.9% increase year over year. The company said this performance was in line with its expectation to distribute about €100 million from fiscal 2026 earnings. Europe accounted for 62% of revenue through September, with revenue there growing 5.6%, while revenue in Latin America rose 15.5%. The company also said operating profit increased 7.8% in the first nine months.
Net debt was €2.104 billion on September 30, 2026, while cash stood at €366 million and total available liquidity at €764 million. Net debt to adjusted EBITDA for the last 12 months was 2.66 times. Cirsa reaffirmed its aim to reach the upper end of its 2026 guidance range, which sets revenue growth at 7.0% to 9.5% and adjusted EBITDA growth at 6.0% to 9.0%. The company called an extraordinary general meeting for November 30, 2026, to advance the proposed merger project with Lottomatica. The deal timeline sets a shareholder vote in November, with closing expected in the second quarter of 2027.