Lottomatica Jumps 8.8% After Disclosing Added Online EBITDA Potential from Cirsa Acquisition

Lottomatica shares climbed 8.8% to €26.40 after the Milan-listed gaming operator published a supplementary disclosure on its planned all-stock combination with Spanish casino group Cirsa, indicating expectations of between €200 million and €300 million in incremental online EBITDA on a run-rate basis by the third year following completion — a figure that had been explicitly left out of the synergy numbers provided when the transaction was originally announced on September 2.

This additional detail proved decisive in repairing investor sentiment. The initial Cirsa merger announcement had sparked a severe selloff, driven by negative reactions to the dilutive nature of the all-stock arrangement and uncertainty regarding the financial benefits of integration.

The incremental EBITDA projection disclosed today — specifically associated with employing Lottomatica’s technological and online product capabilities across Cirsa’s markets in Spain and internationally — gave investors a much clearer view of the deal’s upside, prompting a marked reversal in the stock’s trajectory.

The stock had already demonstrated tentative stabilization on September 3 and 4, and today’s update accelerated that recovery into a definitive rally.

The broader European equity market offered limited support, with the STOXX 600 edging lower as oil prices increased amid rising U.S.-Iran tensions, which weighed on investor mood across the region.

Italy’s FTSE MIB opened flat, while U.S. markets were closed for Labor Day, muting cross-Atlantic momentum. Against that subdued backdrop, Lottomatica stood out as the top performer on the FTSE MIB, a stark contrast with the uneven showing of most Italian blue-chip stocks.

Overall, this company-specific catalyst — the reveal of material incremental earnings capacity from a transformational acquisition — overpowered a cautious macroeconomic environment, enabling Lottomatica to reclaim the majority of its post-announcement losses. It also reinforced the market’s view that the merged group could become a formidable player in the worldwide gaming sector.

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