Cirsa Enterprises (CIRSA) investor relations material

Executive summary

• Q3 marked the 73rd consecutive quarter of YoY EBITDA growth; revenue rose 12.0% and adjusted EBITDA increased 11.1% to €203m.

• YTD revenue and adjusted EBITDA grew 10.0% and 9.3%, respectively; FY26 performance remained on track for the high end of guidance.

• Growth reflected organic expansion and bolt-on acquisitions across geographies, channels and business units.

Financial highlights

• Q3 net operating revenue was €628m (+12.0%); adjusted EBITDA was €203m (+11.1%) at a 32.4% margin, excluding €7.9m of merger-related costs.

• Q3 reported net profit rose 48.1% to €33.6m; adjusted net profit increased 20.0% to €57m.

• 9M net operating revenue reached €1,888m (+10.0%) and adjusted EBITDA €599.4m (+9.3%).

• 9M net profit increased 73.6% to €128.3m; adjusted net profit rose 35.9% to €202.1m.

• Q3 operating profit was €195m (+6.8%); adjusted operating profit was €203m (+11.1%).

Outlook and guidance

• FY26 guidance: net revenue €2,500–2,560m (+7%–9.5%), EBITDA €800–820m (+6%–9%), and capex 7%–9% of net operating revenue; performance was on track for the high end.

• FY26 dividend expectation was up to €100m, a 33% increase, based on FY26 results; stated payout policy was ~35% of adjusted net profit.

• Levered free cash flow was €233m YTD, with management expecting ~€300m for FY26.

• The Lottomatica combination was expected to close in Q2 2027, subject to shareholder approval; an EGM was called for November 30, 2026.