Sisal: 9M 2021 revenues at €459.8 million, +23.2% compared to 2020. EBITDA at €169.5 million (+36.8%) and EBITDA margin up to 36.9%.

The Board of Directors of Sisal S.p.A. (“Sisal” or the “Company”) approved today the results for the first nine months of 2021.

Company performance at 30 September 2021
In the first nine months of 2021, the Company’s total revenues amounted to €459.8 million, up 23.2% compared to €373.1 million at 30 September 2020.

Revenues continued to increase in Q3, chiefly reflecting Sisal’s commitment to driving an acceleration in its digitalisation process. Results at 30 September 2021 highlighted a sharp increase in the online segment, with revenues almost doubling from €96.9 million in the first nine months to €185.6 million in the same period of 2021.

Revenues of the retail segment amounted to €196.9 million for the first nine months of 2021, with a marked recovery in Q3 in particular, thanks to the gradual reopening of Italian points of sale after the period of Covid-19-related restrictions.

The Company also successfully forged ahead with its internationalisation strategy: revenues of the international segment stood at €77.3 million for the first nine months of 2021, increasing compared to €12.6 million for the same period of 2020, thanks to the recent expansion in Morocco, Turkey and Spain.

In the first nine months of 2021, the Company’s EBITDA was €169.5 million, up 36.8% compared to €123.9 million at 30 September 2020, thus resulting in EBITDA margin of 36.9%, improving compared to 33.2% at 30 September 2020.

Sisal’s adjusted EBIT1 grew by 75.2% to €86.6 million for the first nine months of 2021 compared to €49.4 million for the same period of 2020. Adjusted net result for the period2 was €51.9 million, sharply increasing compared to €12.6 million for the same period of 2020.

Net Financial Position (NFP)  at 30 September 2021 was €149.8 million, improving compared to €202.3 million at 31 December 2020.

Results for the third quarter of 2021 were very positive, sharply increasing compared to 2020, which had been marked by compelling challenges, but also by even greater opportunities for the whole sector,” commented Francesco Durante, Sisal CEO. “Today’s results confirm the soundness of our choices and let us look at the market with confidence and the awareness of the excellent progress we have made on the three sustainability pillars and on digitalisation and internationalisation — the core principles of our growth strategy.

Project for Listing on the Euronext Milan
As announced on 12 October 2021, Sisal submitted to Borsa Italiana S.p.A. its application for admission to listing of its ordinary shares on Euronext Milan and requested that Consob authorise the publication of the Prospectus for the admission of the related shares to listing. The operation involves an offering of shares by the Selling Shareholder Schumann Investments S.A., indirectly controlled by CVC Capital Partners, to be held via Institutional Placement intended solely for Institutional Investors in Italy and abroad. The offering also involves the granting of a greenshoe option by the Selling Shareholder.

The placement will be carried out in a manner compatible with market conditions and contingent on admission to listing by Borsa Italiana S.p.A. and Consob’ authorisation to publish the Prospectus.

1 Calculated as EBITDA less amortisation, depreciation and impairments and impairment reversal of tangible and intangible assets and adjusted for depreciation on capital gains allocated arising from business combinations.
2 Profit (loss) for the period is calculated as the profit (loss) for the year less the following items: i) amortisation of capital gains allocated due to business combinations; ii) ancillary costs to acquire equity investments and start up new operations; iii) non-financial costs and income, iv) income and expenses that, by their nature, are not reasonably deemed to re-occur in the future; (v) tax effect generated by the previous items; and (vi) tax effect due to aligning the statutory and fiscal values of intangible assets and goodwill.


Sisal is one of the leading international operators in the regulated gaming sector and currently operates in Italy, Morocco, Spain and Turkey, with a range that includes lotteries, betting, online games and entertainment devices. The Company operates in the retail channel through a network of over 51,000 points of sale and in the online channel serving over 1.8 million consumers.

Sisal's strategy rests on three pillars: sustainability, through constant commitment to development of the Responsible Gaming programme and through the offering of a secure, transparent entertainment model; digital innovation, thanks to its cutting-edge gaming platform oriented towards an omnichannel approach and inhouse software and application development expertise to grasp the opportunities offered by the digital transition; and internationalisation, with the goal of being awarded contracts for new international concessions on the basis of its solid expertise.

For further information:
Investor relation area: 
Media relation area:

Massimiliano Parboni
Tel. 06/679.29.29

Francesco Faenza
Mob.: + 39 345 83 16 045

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