CIRSA Raises Profit as Lottomatica Merger Vote Approaches

Spanish gaming group CIRSA, listed on the Madrid Stock Exchange, has published its third-quarter financial update. The company's year-to-date net profit reached a record 128 million euros. Adjusted pre-tax profit was recorded at 130 million euros in the 2025 results. According to the source, the renegotiation of repayment terms on 2.1 billion euros of debt bonds contributed to this increase.

Nine-month net operating revenue rose 10% to 1.89 billion euros. Adjusted EBITDA grew 9.3% to 599.3 million euros. The company said it is on track to reach the upper end of its full-year targets. These targets include revenue growth of 7% to 9.5% and adjusted EBITDA growth of 6% to 9%.

Spain accounts for 48% of the group's earnings, making it central to these targets. In Spain, revenue from the slots and gaming business rose 10.5% to 350 million euros, while EBITDA increased 15.6% to 186 million euros. In the international casino portfolio, nine-month revenue rose 10.4% to 805.7 million euros. EBITDA grew 8.4% to 326.9 million euros. This growth continued despite the temporary closure of some facilities after the August earthquake in Colombia.

The online gaming and betting business presented a more mixed picture. Revenue rose 14.3% to 446.7 million euros, but EBITDA fell 4.9% to 75.8 million euros. Spain's World Cup victory expanded the customer base, but this did not fully translate into earnings. Higher promotional spending and sports results favorable to customers limited profitability. The football results in August and September are estimated to have had an impact of about 10 million euros on EBITDA.

Peru remained a pressure point, as its online unit absorbed the full impact of higher gaming taxes. Peru's share of group EBITDA was 6.6%, compared with 8.3% for the whole of 2025.