Lottomatica posts €1.72bn revenue in first nine months as CIRSA merger nears

Lottomatica Group reported €1.72 billion in revenue for the first nine months of 2026, a 5% increase year on year, driven by online casino and sports betting growth. The company said online revenue rose 13% to €780.8 million and adjusted EBITDA grew 8% to €665.5 million; net profit reached €155.3 million. The results arrive as Lottomatica prepares for shareholder votes on the proposed merger with Spanish gambling group CIRSA later in November.

Financial results and operational mix

Lottomatica presented nine-month figures to 30 September 2026 showing total revenue of €1.72 billion, up 5% versus the prior year. Online revenue climbed 13% to €780.8 million for the period and produced €256 million in Q3, also a 13% annual increase. Retail operations performed less well: Sports Franchise revenue fell 1% to €376.7 million and Gaming Franchise revenue declined 2% to €560.3 million.

Gross gaming revenue was €3.52 billion, up 2%, while customers placed €35.2 billion in bets across the group, an 8% increase year on year that included 12% growth in online wagering. Adjusted EBITDA rose 8% to €665.5 million, lifting the margin from 37.6% to 38.7%. On a normalized sports betting payout basis, adjusted EBITDA reached €715.1 million, a 19% increase. Third-quarter adjusted EBITDA totalled €200 million, or €234 million after normalising payout results.

Net profit improved to €155.3 million from €98.3 million a year earlier. Net financial debt increased to €2.16 billion at the end of September, compared with €2.11 billion at the end of 2025, leaving net leverage at 2.4x.

Merger timetable and terms

Lottomatica and CIRSA shareholders will vote on the proposed combination in late November. Lottomatica shareholders vote on 23 November 2026, and CIRSA will hold an extraordinary general meeting in Terrassa, Spain, on 30 November 2026. Both boards approved a common merger plan in October, with completion expected in the second quarter of 2027 subject to shareholder and regulatory approvals.

Under the proposed share exchange, CIRSA shareholders would receive 0.668 new Lottomatica shares for each existing CIRSA share, representing roughly 32.5% of the combined company. CIRSA also plans an extraordinary dividend of €1.56 per share prior to completion.

"We also reached a major strategic milestone with the announced acquisition of CIRSA, which will significantly enhance our scale and future growth opportunities," said Guglielmo Angelozzi, chairman and CEO of Lottomatica Group.

Guidance and outlook

Lottomatica maintained its full-year guidance for 2026 and expects normalized adjusted EBITDA toward the upper end of its €940 million to €980 million range. The company reported that on a normalized payout basis the increase in EBITDA supports the existing outlook despite higher net financial debt. The board continues to cite online growth and market-share gains as key drivers; Lottomatica reported a 31.7% overall market share in Q3, up 0.9 percentage points, with online sports betting share at 34.8% and iGaming share at 31.2%.

This results package underscores the group's current dependence on its digital segment, which generated the majority of the growth during the first nine months of 2026. For further coverage of the casino segment, see Casino.