Lottomatica posts €1.72bn revenues in nine months as CIRSA merger advances

Lottomatica Group reported €1.72 billion in revenues in the first nine months of 2026, a 5% year‑on‑year increase, and confirmed an adjusted EBITDA of €665.5 million, up 8%. The company disclosed the results while advancing its planned merger with Spanish group CIRSA and preparing two shareholder votes in November.

Results and key figures

Lottomatica said online revenues grew 13% to €780.8 million in the nine months ended 30 September. The group recorded adjusted EBITDA of €665.5 million, and net profit of €155.3 million, versus €98.3 million a year earlier. In the third quarter the online segment generated €256 million, also 13% higher than in the same period of 2025.

Total stakes wagered by customers were €35.2 billion, an 8% year‑on‑year increase; within that total, online stakes grew 12%. Gross gaming revenue reached €3.52 billion, up 2%.

Merger with CIRSA: timetable and terms

The results arrive ahead of two extraordinary shareholder meetings on the merger proposal. Lottomatica shareholders will vote on 23 November, and CIRSA’s extraordinary meeting will be held in Terrassa, Spain, on 30 November. Both boards approved the joint plan in October and the companies expect to complete the transaction during 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 CIRSA share, giving them approximately 32.5% of the combined company’s equity. CIRSA has also planned an extraordinary dividend of €1.56 per share prior to closing.

"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.

Performance by channel

The channel breakdown shows growing dependence on digital: Lottomatica’s overall market share in the third quarter reached 31.7%, up 0.9 percentage points. Its share in online sports betting rose to 34.8% and in iGaming to 31.2%.

Retail operations, by contrast, recorded declines: Sports Franchise revenues fell 1% to €376.7 million, and Gaming Franchise fell 2% to €560.3 million.

Balance sheet and outlook

Net financial debt stood at €2.16 billion at the end of September, versus €2.11 billion at the end of 2025, with net leverage of 2.4x. Lottomatica maintained its full‑year guidance and expects normalized adjusted EBITDA toward the top end of the €940–€980 million range. On a normalized payout basis in sports betting, EBITDA reached €715.1 million, representing 19% growth.

I wrote this dispatch as Emilio Navarro, technology correspondent covering the sector, compiling the official figures and the transaction timetable without adding external estimates.