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How to play Halloween
Cirsa’s implied pro forma value, before synergies, corresponds to an multiple of approximately 6x its expected 2026 EV/EBITDA which will be between €800 million and €820 million, according to the operator’s most recent earnings.
According to a joint press release, the combined company would hold “undisputed leadership positions” in both Italy and Spain, with the group set to hold a duel listing on the Milan and Spanish stock exchanges.
The group is expected to have an addressable market of up to €34 billion when combining all its available markets, including Portugal, Mexico and Colombia.
About Halloween
Thanks to their hosting of the World Cup, numerous cities across the nation have experienced higher visitor volumes this year.
They include Atlanta, Boston, Dallas, Houston, Kansas City, Los Angeles, Miami, New York City, Philadelphia, San Francisco, and Seattle. Austin, Detroit, and New Orleans have also reported higher tourism in 2026.
The record-breaking numbers make clear that Americans haven’t pulled back on travel spending, even amid a challenging economic backdrop. But that demand hasn’t necessarily translated to Las Vegas in 2026, as World Cup host cities absorbed a larger share of domestic trips.
What is Halloween?
Latin America revenue also continued to grow during the six-month period – up 29% to €100 million – driven by customer acquisition from the World Cup in both Mexico and Colombia.
The company cited a 100% uplift in Mexico’s average audience versus the 2022 World Cup, which had led to “excellent new customer acquisition” during the tournament.
The supplier’s total B2B revenue increased 14% YoY to €394.8 million, while adjusted EBITDA
increased 75% to €128.1 million.
