Lottomatica will boost CIRSA's online business, which today contributes only 13% of its EBITDA compared to 65.3% for the Italian group

The integration with Lottomatica can become an important accelerator for CIRSA's online business. S&P Global Ratings believes that the Spanish company will be able to take advantage of the Italian group's technology, experience and digital development capacity to increase its penetration in the markets in which it operates.

The difference between the two companies shows the potential for growth. The online business currently accounts for around 13% of CIRSA's EBITDA, while the digital area already generates 65.3% of Lottomatica's EBITDA.

Lottomatica's experience in the development of its own online division will be, according to S&P, one of the main assets of the integration. The transaction will allow CIRSA to transfer technological capabilities and knowledge to strengthen its digital offer in Spain and in the different markets of Latin America.

The online business has already been one of the drivers of CIRSA's recent growth. During the first half of 2026, the company increased its revenues by 8.6% compared to the same period of the previous year, reaching 1,490 million euros.

The adjusted EBITDA margin also improved slightly, from 26.4% to 26.6%. This evolution was supported by growth in all business areas, although S&P particularly highlights the performance of the online division, favored by the celebration of the World Cup.

Digital activity shared prominence with the machine business in Spain. CIRSA managed to significantly increase revenue per machine thanks to the execution of its fleet renewal and efficiency optimization program.

Also contributing to the growth were the acquisitions of several casinos made during the last quarter of 2025, especially the operations completed in Peru.

For the whole of 2026, S&P forecasts CIRSA's revenues to increase by 6.5% and the EBITDA margin to stand at 26.8%. The agency further estimates that the company will generate free operating cash flow of approximately €353 million.

CIRSA's adjusted debt would remain around four times EBITDA during 2026, a level similar to that recorded in 2025. S&P expects this ratio to decrease in 2027 thanks to the growth of the company's different segments.

The integration with Lottomatica will significantly expand CIRSA's size and capabilities. The agency estimates that the combined group will achieve revenues of €5.6 billion and adjusted EBITDA of €1.8 billion by the end of 2027.

Within this new structure, the online business appears as one of the areas with the greatest potential. CIRSA will start with a digital contribution that is still limited within its EBITDA, but will become part of a group in which this channel is already the main source of results.

S&P will resolve the positive revision of CIRSA's credit rating when the transaction, scheduled for the second quarter of 2027, is completed. At that time, the agency plans to raise CIRSA's rating and that of its debt instruments to match Lottomatica's ratings. VIEW REPORT