Kepler Cheuvreux assesses Lottomatica’s proposed CIRSA acquisition strategy

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.