CIRSA reports strong Q1 revenue
The Blackstone-owned gambling operator’s revenue was up by 8 per cent year-on-year.
Spain.- CIRSA has reported strong Q1 results, with net operating revenue reaching a record €623m,. That represents an 8 per cent increase year-on-year (9.5 per cent at constant exchange rates). EBITDA climbed 8.5 per cent to €193.9m (10.8 per cent in constant currency), with margins steady at 31.1 per cent.
Adjusted net profit rose 32.8 per cent to €69.9m. The expansion was primarily organic, with only smaller acquisitions completed in late 2025 reinforcing casino and slot operations in Spain, Peru, and Morocco.
Retail gaming remained the backbone of earnings, with a 9.3 per cent rise in constant currency terms, while EBITDA grew 13.3 per cent. Spain’s slot division stood out, generating a 13.1 per cent revenue increase and a 17.8 per cent EBITDA boost to €64.3 million. Management attributed this to the slot replacement programme, game launches and tech upgrades.
The online segment also showed robust growth: casino revenue advanced 23.9 per cent, sports betting 19.7 per cent, and overall online turnover 22.4 per cent. However, favourable outcomes for bettors and Peru’s new online gaming tax regime pressured profitability, leading to an 11.9 per cent decline in online EBITDA to €21.4m.
Casino revenues rose 8.3 per cent (10.7 per cent at constant currency), supported by strong results in Colombia, Panama, Peru and Morocco. Mexico remained stable despite temporary closures in February. In Peru, CIRSA expanded its presence from 19 to 23 casinos, increasing slot machines from 2,611 to 3,434 and gaming tables from 37 to 61. The Italian slot business continued its slower but steady trajectory, with revenue up 2 per cent and EBITDA up 3.6 per cent.
Looking ahead, management reaffirmed its full-year 2026 guidance, projecting revenue between €2.5bn and €2.56bn, and EBITDA in the range of €800m to €820m
