CIRSA reported third-quarter 2026 group revenue of €628 million, up 12% year on year, and adjusted EBITDA of €203 million, an increase of 11.1%. Operating profit reached €195 million, 6.8% higher than in the same period of 2025.
Online was the group’s fastest-growing channel by turnover. Online wagering volume increased 32.5% to €3.27 billion, while online net revenue rose 18.9% to €144 million. Online EBITDA remained at €24 million, leaving the segment margin lower at 16.5% compared with 19.5% a year earlier.
Sports results affected reported profitability
CIRSA attributed the gap between online revenue growth and flat EBITDA to sports outcomes that favoured customers during August and September. On a normalised payout basis, the company calculated online net revenue at €158 million and online EBITDA at €34 million, representing 43.6% EBITDA growth.
The results underline the difference between betting volume, net revenue and operator earnings. Affiliates assessing operator performance should distinguish turnover growth from margin and payout effects, particularly when a quarter contains unusually player-friendly sports results.