A pivotal shareholder vote scheduled for 30 November will determine whether Bolsa Madrid-listed CIRSA proceeds with its proposed combination with Lottomatica SPA.
The extraordinary general meeting arrives at a moment of considerable financial strength, with the company reporting record year-to-date profits of €128 million across its latest trading update.
Management has used those figures to reinforce confidence in the deal, pointing to consistent earnings momentum as evidence that both Spanish home units remain on solid ground.
CEO Agut delivered a striking marker of operational consistency in the update, stating: “Q3 2026 is our 73rd consecutive quarter of growth.”
That unbroken growth record stretches back nearly two decades, and the company says it remains “Fully on track to reach the high end of our 2026 guidance.”
Third-quarter net revenues climbed 12% year-on-year to €628 million, while adjusted EBITDA reached €203 million after absorbing a €7.9 million one-off charge tied directly to the merger process.
For the first nine months of the year, net revenues totalled €1.888 billion, representing a 10% increase over the same period in 2025, with adjusted EBITDA rising 9.3% to €599 million.
The international casino portfolio contributed nine-month revenue of €805.7 million, up 10.4%, alongside EBITDA of €326.9 million, a gain of 8.4% despite a 1% drag from earthquake disruption in Colombia.
Slots Spain emerged as a standout performer, delivering 12% EBITDA growth and pushing margins to a record 54%, marking the seventh consecutive quarter in which that division has held margins above the 50% threshold.
Online operations added further momentum, with total turnover surging 32.5% in the third quarter, fuelled by a 39% jump in online casino activity and a 17% rise in sports betting handle.
The Casinos segment also held its own, recording revenue growth of 11% and EBITDA growth of 9% across the reporting period despite the Colombian headwind.
CIRSA completed 16 Gold Mine projects during the period, a development programme the company has used to drive recurring revenue improvements across its estate.
Strong cash generation is expected to translate into approximately €100 million in dividends relating to the current financial year, a figure likely to attract attention from investors weighing the merger terms.
Should shareholders approve the combination on 30 November, the full merger with Lottomatica is expected to close during the second quarter of next year.
The results package appears timed to frame CIRSA’s negotiating position clearly, presenting investors with a business generating record profits at the precise moment they are asked to back a transformative cross-border deal.
