Cirsa exceeds expectations with a 9% revenue growth, releases 2026 outlook

LootboxPhobia · 2026-02-26T09:29:03+00:00

Cirsa announced fiscal year 2025 revenue of €2.339 billion, up 9% year-over-year, surpassing market expectations and the upper end of guidance. Adjusted EBITDA was €753.5 million, an increase of 8%. The company reduced its leverage ratio to 2.7x and proposed a dividend of €0.45 per share. The revenue guidance for 2026 is €2.50-2.56 billion, and the EBITDA guidance is €800-820 million. Both casino and slot machine businesses achieved growth in the fourth quarter. Cirsa is also actively pursuing mergers and acquisitions to support future growth.

LootboxPhobia

2026-02-26 09:29:03

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Investing.com – Cirsa announced its fiscal year 2025 revenue of €2.339 billion on Thursday, up 9% year-over-year, exceeding the upper end of its guidance range of €2.325-€2.335 billion.

This performance was 1% higher than the market consensus estimate of €2.325 billion.

Adjusted EBITDA reached €753.5 million, up 8% year-over-year, slightly above the company’s guidance range of €750-€753 million and also higher than the market consensus of €751 million.

The company reduced its leverage ratio to 2.7x and proposed a dividend of €0.45 per share, totaling €75 million.

For 2026, Cirsa issued guidance expecting revenue between €2.50-€2.56 billion, with the midpoint indicating an 8% increase, surpassing the market consensus of €2.499 billion by 1%.

EBITDA guidance is €800-€820 million, representing a 7% increase, with the midpoint aligning with the market expectation of €813 million.

Group revenue grew 6% in the fourth quarter, with EBITDA increasing 4%. The casino business segment saw a 6% revenue increase and a 4% EBITDA increase, with management stating current transaction conditions are very positive.

The Spanish slot machine business achieved a 6% revenue increase and a 24% EBITDA increase, with profit margins reaching 51% for the second consecutive quarter. Management noted healthy organic growth and no change in trend.

The Italian slot machine business saw an 18% revenue increase and a 7% EBITDA increase, benefiting from the acquisition of Royal in Q1 2025. Online gaming and betting revenue declined 1%, with EBITDA down 29%, influenced by favorable sports results for customers in September and October.

However, underlying transaction volume grew 10% in the quarter and 15% for the full year, surpassing the company’s 10% target.

Cirsa increased M&A activity in Q4, acquiring casino operations in Morocco and Peru, as well as a Spanish slot machine operator. Management indicated a pipeline of high-quality acquisition projects for 2026.

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