Lottomatica approves merger plan. Lottomatica stock trades at EUR 23.84 with EUR 5.5 billion cap

Published on 10/20/2026 at 11:21 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

The CIRSA merger targets EUR 744 million in capital returns. Lottomatica stock costs EUR 23.84 on October 20, 2026 within a EUR 18.66 to EUR 28.29 range.

Merger, margins and market value

The merger plan targets EUR 744 million in capital returns on October 9, 2026.
Jefferies cut its 2026 adjusted EBITDA estimate to EUR 941 million from EUR 967 million.
Lottomatica stock trades at EUR 23.84 at 11:11 a.m. CEST at Lang & Schwarz on October 20, 2026.

Lottomatica, IT0005541336, Illustration mit AI erstellt.

Lottomatica Group (IT0005541336) is pursuing a CIRSA merger that targets EUR 744 million in capital returns after completion, while its stock was trading at EUR 23.84 at Lang & Schwarz on October 20, 2026 at 11:11 a.m. CEST. The transaction combines a major corporate step with a lower 2026 earnings estimate from Jefferies.

Merger sets a 2027 timetable

G3 Newswire reported on October 14, 2026, that the approved plan formalized the combination first announced on September 2, 2026. The combined group is targeting annual revenue above EUR 4.5 billion and annual pretax cash synergies of EUR 115 million by the third full year after completion.

The merger would leave Lottomatica as the surviving company and keep its headquarters in Rome. The plan also sets a completion deadline of December 10, 2027, while shareholder meetings are expected before the end of November 2026, according to The Globe and Mail.

What does the return mean for margins?

The immediate counterweight is operating volatility. On October 19, 2026, MarketScreener reported that Jefferies reduced its 2026 adjusted EBITDA estimate by 3.00 percent to EUR 941 million from EUR 967 million, close to Lottomatica's EUR 940 million to EUR 980 million guidance range.

The same report said Italian online gaming gross revenue rose 10.00 percent for Lottomatica, while online casino revenue increased 15.00 percent. Kepler Cheuvreux expected third-quarter revenue of EUR 541 million, up 6.00 percent, and adjusted EBITDA of EUR 200 million, up 3.00 percent, with a 37.00 percent margin.

Three merger milestones and figures

On September 2, 2026, Lottomatica and CIRSA first announced the proposed combination, targeting annual revenue above EUR 4.5 billion. On October 9, 2026, their boards approved the common merger plan and outlined EUR 744 million in capital returns. On October 20, 2026, Lottomatica stock stood at EUR 23.84 in the Lang & Schwarz intraday quote.

Next dates for shareholders

Lottomatica's investor calendar lists the conference call for nine-month 2026 results on November 3, 2026, as shown on the Lottomatica investor page. The extraordinary shareholder meeting is scheduled for November 23, 2026, according to MarketScreener.

Stock valuation stays in focus

Lottomatica's EUR 18.66 to EUR 28.29 52-week range places the current euro quote inside a broad trading band. The company had a market capitalization of EUR 5.5 billion as of October 20, 2026, while Jefferies retained a EUR 35.50 target and Kepler Cheuvreux retained a EUR 30.00 target in the October 19, 2026 report.

Lottomatica stock was trading at EUR 23.84 at Lang & Schwarz on October 20, 2026 at 11:11 a.m. CEST. The further course of trading is shown by the continuously updated real-time quote of Lottomatica stock.