Cirsa hits intraday highs and nears €20 after Lottomatica results
Market rally after Lottomatica’s strong EBITDA and high 2026 guidance
Key Takeaways
- Cirsa shares rose more than 4.5% on Wednesday and reached intraday record highs, close to €20 per share.
- Lottomatica reported an EBITDA of €665 million, up 8% year-on-year.
- Lottomatica expects 2026 adjusted operating profit in the upper part of its €940–980 million guidance range.
- The proposed merger contemplates an exchange of 0.668 newly issued Lottomatica ordinary shares for each Cirsa share.
- The merger will be voted at Cirsa’s extraordinary general meeting on 30 November and could take effect in Q2 2027.
Cirsa shares rose more than an 4.5% during Wednesday’s session and hit new intraday record highs, approaching €20.00 per share. The move was driven by the publication of Lottomatica’s quarterly results, the Italian company with which Cirsa [expects to merge](/b2b).
Lottomatica results and market reaction
Lottomatica announced an adjusted operating profit (EBITDA) of €665 million, an increase of 8% versus the same period last year. The Italian group also confirmed it expects to close 2026 with adjusted operating profit in the upper end of its range, between €940 million and €980 million. Lottomatica shares also rose more than 4% on the session, and JP Morgan said the third quarter was in line with its expectations, with solid Lottomatica performance partially offset by favourable outcomes for clients.
Share link via the merger exchange
Lottomatica’s share price directly affects Cirsa because of the exchange mechanism in the merger proposal. The deal envisages the swap of 0.668 newly issued ordinary Lottomatica shares for each Cirsa share. That exchange ratio means Lottomatica’s price evolution will define the market reference for the securities current Cirsa shareholders will receive.
Corporate and regulatory timetable
The merger remains subject to the necessary corporate and regulatory approvals and will be voted on at Cirsa’s extraordinary general meeting of shareholders called for 30 November. If timings go to plan, the integration could take effect in the second quarter of 2027. The merger project and its timetable remain key valuation factors for both companies in the run-up to the vote.Read more about the merger
Immediate context
Cirsa’s market reaction on Wednesday accompanied positive sentiment following Lottomatica’s results. The session left Cirsa close to €20 per share and both stocks under observation in the weeks before the shareholders’ vote.Related coverage
Frequently Asked Questions
What impact did Lottomatica’s publication have on Cirsa’s share price?
The publication prompted Cirsa to rise more than 4.5% on Wednesday and to mark intraday highs near €20 per share. The market reaction was linked to Lottomatica’s strong quarter and the exchange ratio proposed in the merger.
How much EBITDA did Lottomatica report and how did it grow year-on-year?
Lottomatica reported an EBITDA of €665 million, an increase of 8% compared with the same period in the prior year. The company also issued guidance pointing to the upper end of its 2026 range.
What is the proposed exchange ratio in the Cirsa–Lottomatica merger?
The proposal contemplates exchanging 0.668 newly issued ordinary Lottomatica shares for each Cirsa share. That ratio directly ties the post-deal value received by Cirsa shareholders to Lottomatica’s market price.
When will Cirsa shareholders vote on the merger and when could it become effective?
Shareholders will vote at Cirsa’s extraordinary general meeting scheduled for 30 November. If the timetable holds, the transaction could become effective in the second quarter of 2027.
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About the author
Emilio Navarro
Industry Technology Correspondent
Emilio Navarro covers the cross-cutting technology and business of iGaming — platforms, data and AI, compliance tooling, affiliate marketing, financial results, and the stories that fit no single rubric. The reports open with the announcement, cite vendors and figures exactly as published, and keep a healthy distance from press-release language. When a supplier unveils a new engine or the advertising rulebook changes, Emilio Navarro reports what genuinely changes.
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