Cirsa shares reach intraday record as Lottomatica confirms 2026 outlook
Deals & M&A1 min read
Cirsa shares rose more than 4.5% during Wednesday’s session, reaching an intraday record and approaching €20, after Lottomatica reported quarterly results and confirmed its 2026 outlook. Lottomatica reported adjusted EBITDA of €665 million, up 8%, and expects adjusted operating profit at the upper end of its €940 million to €980 million range; the proposed merger remains subject to approvals and a Cirsa shareholder vote on 30 November.
Cirsa shares rose by more than 4.5% in Wednesday's session and reached new intraday records. The rise followed the publication of quarterly results by Lottomatica. The gain took Cirsa close to €20 per share. Lottomatica shares also rose by more than 4%.
The Italian group reported adjusted EBITDA of €665m, 8% more than in the same period of the previous year. It also confirmed that it expects to close 2026 with adjusted operating profit at the upper end of a range of €940m to €980m. JP Morgan said the third quarter was in line with its expectations, with Lottomatica's performance partly offset by results favourable to customers.
The proposed merger provides for 0.668 newly issued ordinary Lottomatica shares for each Cirsa share. As a result, the value of Lottomatica shares sets the market reference for the shares that current Cirsa shareholders will receive. The transaction is pending corporate and regulatory approvals and will be put to a vote at an extraordinary general meeting of Cirsa shareholders convened for 30 November. If the planned timetable is met, the merger could take effect in the second quarter of 2027.