Cirsa Posts Third-Quarter Adjusted EBITDA of €203 Million, Up 11.1%
Key Facts
Cirsa reported adjusted earnings before interest, taxes, depreciation and amortization of €203 million in the third quarter of 2026, up 11.1% year over year, according to its results presentation submitted to Spain’s securities market regulator. Net revenue was €628 million, up 12%, while adjusted net profit rose 20% to €57 million. The company said its adjusted EBITDA margin reached 32.4%. It added that this quarter marked 73 consecutive quarters of year-over-year growth. The results put growth in both revenue and earnings at the forefront of the company’s report on its operating performance.
Group growth outpaced organic growth, with net revenue rising 8.1% organically and adjusted EBITDA increasing 6.6% organically. Cirsa said additional acquisitions contributed €25 million to quarterly revenue growth, while organic growth added €45 million. For adjusted EBITDA, organic growth contributed €12 million, compared with €11 million from additional acquisitions. These figures reflect the contributions of existing operations and smaller deals to the increase in overall results. Digital business turnover also rose 32.5% during the quarter, exceeding the pace of organic revenue and earnings growth.
The company said unfavorable sports results in August and September reduced adjusted EBITDA by about €10 million. It said earnings growth would have reached 17% if the impact of customer payouts linked to betting results had been excluded. The reported growth of 11.1% was therefore below the rate adjusted for this impact. Cirsa cited this factor in explaining the quarter’s performance, alongside the expansion in revenue and digital activity. The figures highlight the effect of fluctuations in sports results on quarterly earnings even as net revenue grew 12%.
In the online gaming and betting segment, turnover reached €3.274 billion, up 32.5% from the year-earlier period, while the segment’s net revenue rose 18.9% to €144 million. Cirsa said a marketing campaign linked to the World Cup expanded its customer base, with sports betting turnover growing 17% and casino turnover 39%. Retail revenue increased 7.6% to €486 million, with organic growth of 3.8%. Retail EBITDA rose 9.8% to €183 million. Within the business, casino EBITDA grew 9.1% at a 42% margin, while gaming machine EBITDA in Spain increased 11.8% at a 53.6% margin.
For the first nine months of 2026, net revenue was €1.888 billion, up 10%, and adjusted EBITDA reached €599.4 million, an increase of 9.3%. The company said Europe generated 62% of net revenue through September, with revenue in the region growing 5.6%, while Latin American revenue rose 15.5%. It reported generating €431 million in operating cash flow during the period, with cash conversion remaining above 72%. Free cash flow also grew 32%. These indicators put third-quarter performance in the context of the nine-month results for revenue, earnings and cash flows.
Cirsa said it was heading for the upper end of its 2026 guidance range, which targets net revenue growth of between 7% and 9.5%, and adjusted EBITDA growth of between 6% and 9%. The annual guidance follows third-quarter revenue growth of 12% and adjusted EBITDA growth of 11.1% year over year. The next phase also includes steps toward the proposed merger with Lottomatica; the company’s presentation scheduled a shareholder vote for November 2026, with the deal expected to close in the second quarter of 2027. The company also announced an extraordinary general meeting on November 30 and December 1, 2026, a date that may include approval steps related to the merger. The annual targets and deal timetable are among the key upcoming dates cited by the company.