Friday, November 13, 2026
Jacob Mutchler, Research Analyst, Noble Capital Markets, Inc.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Q3 Operating Results. The company reported Q3 Gaming Win of €67.1 million, an increase of 30% year-over-year, driven by strong results in Mexico and Spain. Adjusted EBITDA increased 45% to €4.2 million, with margins expanding to 6.3% from 5.6% a year ago. Notably, while results were strong, higher marketing expenditures and gaming taxes impacted profitability in the quarter.
Underlying Business Trends. Mexico Gaming Win increased 39% to €37.2 million, driven by a 43% increase in spending per active player despite a 3% decline in active players. However, segment-adjusted EBITDA declined 15% to €1.7 million, driven by higher marketing and gaming taxes. Spain Gaming Win increased 13% to €24.8 million, while adjusted EBITDA rose 24% to €7.2 million, reflecting stronger operating leverage.
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