Cirsa Breaks EUR 200M EBITDA Mark as Online Gambling Fuels Record Quarter

Cirsa has crossed a financial milestone it had never reached before. The gambling operator reported quarterly EBITDA above EUR 200 million for the first time, extending a growth streak that now spans 72 consecutive quarters.

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Second-quarter net revenue climbed 10.1% year-on-year to EUR 637 million, while EBITDA rose 8.3% to a record EUR 202 million. Adjusted net profit jumped 55% to EUR 75 million, making it the company’s strongest second quarter on record.

The latest figures also pushed first-half revenue to EUR 1.26 billion, up 9.1% from the same period last year. EBITDA for the six months reached EUR 396 million, an 8.4% increase, with margins remaining comfortably above the company’s long-standing 30% target.

Online business keeps gaining ground

One of the biggest contributors to the latest results was Cirsa’s online division, where turnover increased 22.4%. Profitability also improved sharply, with the segment’s EBITDA margin reaching 19.2% during the quarter after a strong sequential improvement.

Management indicated the business is closing in on its long-term goal of generating online EBITDA margins above 20%, viewing digital operations as one of the company’s main growth engines.

Retail operations also continued to expand. Latin America remained the fastest-growing region, posting revenue growth of 12.1%, while Spain delivered a 7.7% increase. Recent acquisitions completed at the end of 2025 continued to support both revenue and margins.

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Expansion plans remain in place

Cirsa signaled that acquisitions will remain a central part of its strategy. The company intends to invest between EUR 150 million and EUR 200 million annually over the next three years, with a total acquisition budget of around EUR 500 million. Its recent purchase of Slots del Sol in Paraguay is part of that plan, and management suggested additional deals could be completed before the end of the year.

The balance sheet also received a boost after a EUR 375 million bond issue completed in July. The refinancing reduced borrowing costs and is now expected to generate more than EUR 70 million in savings, exceeding the company’s original forecast. Average debt costs are expected to fall below 5%.

Guidance unchanged despite muted market reaction

Despite posting record earnings, Cirsa’s shares moved only marginally following the results, suggesting investors had largely anticipated another strong quarter.

Management maintained that the business remains on course to achieve at least the upper end of its 2026 guidance. Organic growth is continuing at roughly 7%, above the pace outlined during the company’s IPO process.

Challenges remain. Online profitability has not yet reached its long-term target, while the company’s acquisition strategy brings integration and financing risks. Cirsa also continues to operate across markets where gambling regulations and tax regimes can change quickly, particularly in Latin America. Management noted that it is still too early to determine whether customers acquired during the World Cup period will remain active over the longer term.

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Source: www.investing.com