Cirsa reported record-breaking quarterly revenue of €579 million ($679 million) for Q2 2025, marking a significant increase driven by robust online growth. The group’s revenue grew by 11.3% compared to the same quarter last year, while operating EBITDA achieved a new high of €187 million, reflecting a 9.2% increase year-on-year. This performance underscores the successful execution of Cirsa’s strategic priorities, particularly in its online gaming and betting division.
Cirsa’s online segment demonstrated remarkable progress with a 64% surge in revenue to €139 million for the quarter. This impressive growth was primarily fueled by strong organic expansion and the effective integration of Apuesta Total, a leading Peruvian operator acquired last July. The acquisition has proven fruitful, as Peru significantly contributed to Cirsa’s financial health, accounting for 9.8% of its EBITDA in the first half of the year, up from 5.6% in the full fiscal year 2024. Further solidifying its market presence, Cirsa also secured a 68% stake in CasinoPortugal, with Portugal representing 0.5% of EBITDA.
Despite operating in a stagnant market, Cirsa’s slots business in Italy managed to achieve a 4.7% increase in revenue and a 5.1% rise in EBITDA during the quarter. However, growth in Spain’s slots sector was more modest, with revenue increasing by only 1.3% in Q2. This disparity suggests that the Italian market may be more receptive to Cirsa’s product offerings, or that market conditions vary significantly between the two regions.
Overall, the casino segment faced challenges as net operating revenue dipped from €240.7 million to €237.1 million, with EBITDA declining slightly from €99 million to €97.9 million. Cirsa highlighted a 5% organic growth within its casino unit, which nearly offset a €16.2 million impact from adverse financial exchange rates. Yet, these “unusually adverse” foreign exchange impacts led to an 11.5% drop in net profit year-on-year, declining from €10.9 million in Q2 2024 to €9.7 million this year.
The negative financial exchange effects were somewhat mitigated by Cirsa’s expanding international footprint, showcasing the benefits of its strategic global diversification. Cirsa’s first earnings report since its IPO on the Spanish stock exchanges on July 9 provided further evidence of its growth trajectory. The IPO was priced at €15 per share, attracting over 250 institutional investors and demand exceeding eight times the offering. This strong investor interest enabled Cirsa to allocate €373 million from the IPO proceeds toward debt reduction, decreasing leverage by over €700 million to a 2.68x EBITDA ratio.
The operator expressed confidence in its ability to meet or exceed its FY2025 targets, with expected net operating revenue forecasted between €2.28 billion and €2.33 billion, a growth of 6%-8% year-on-year. EBITDA is projected to increase by 6%-7% to reach €740 million-€750 million.
Joaquim Agut, Cirsa’s Group Executive Chairman, emphasized the strength of the company’s performance, stating that the quarterly results affirm Cirsa’s sustained growth. He remarked on the company’s focus on consistent execution, customer focus, and productivity as key drivers behind surpassing their objectives. “Our first quarterly results as a publicly listed group are strong and consistent with our track record, driven by our employees’ commitment to continuously and sustainably improving our operations,” he stated, illustrating the company’s optimistic outlook and strategic clarity.
In the first half of 2025, Cirsa’s EBITDA rose by 9.1% compared to the same period in 2024, reaching €365.6 million. Revenue in the first half also saw a significant increase, up 11.9% to €1.16 billion. The online gaming and betting division achieved a revenue of €270 million in the first half and remains on track to meet its full-year target of surpassing €500 million.
While some analysts might view the challenges in the casino segment and Spain’s sluggish slots growth as potential areas of concern, others argue that Cirsa’s strategic diversification and robust online growth provide a solid foundation for future success. The integration of new acquisitions and entry into emerging markets are seen as pivotal in maintaining its competitive edge.
Critics might point to the volatility in foreign exchange rates as a hurdle, but supporters contend that Cirsa’s international strategy offers a buffer against such risks. The company’s ability to adapt and innovate in a rapidly evolving market environment will likely determine its long-term positioning. As the industry faces ongoing challenges and opportunities, Cirsa’s focus on expansion and operational excellence positions it well to capitalize on future growth prospects.
4.4/5
