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How does a 68-quarter growth streak continue in challenging economic conditions?
Spain-based gambling operator Cirsa reported record Q2 2025 results in its first quarter as a public company, with operating revenue climbing 11.3% to €579 million and EBITDA rising 9.2% to €187 million. The performance extended the company’s growth streak to 68 consecutive quarters, excluding Covid-19 disruption.
EBITDA margin reached 32.3% during the three months ended 30 June, surpassing previous quarterly records. The results came despite macroeconomic uncertainty and unfavourable foreign exchange conditions that cost the company $5.7 million.
Public listing reduces leverage significantly
What difference does €700 million debt reduction make to casino operations?
Cirsa completed its IPO on 9 July at €15 per share, attracting over 250 institutional investors with demand eight times the offering size. The listing raised €400 million in new shares plus €53 million in secondary offerings, achieving an 18% free float.
Proceeds reduced leverage by more than €700 million, bringing net debt down to 2.68x EBITDA. Executive Chairman Joaquim Agut said the results demonstrated “strong and consistent” performance driven by employee commitment to operational improvement.
CEO Antonio Hostench noted foreign exchange headwinds limited EBITDA to near $100 million when comparable conditions would have delivered $104 million.
Online division leads growth at 63% increase
Can online gaming reach 25% of total revenue by year-end?
Online gaming and betting emerged as Cirsa’s fastest-growing segment with 63% year-on-year revenue growth. The division now represents 23% of total revenue in H1 2025, up from 16% in the previous year.
Online EBITDA more than doubled, driven by strong performance in Spain and Italy plus acquisitions of Peruvian operator Apuesta Total and Casino Portugal. A new strategic sponsorship deal with Liverpool FC aims to boost brand visibility further.
The casino division reported steady results supported by renovations at key properties including Casino de Marbella (Spain), Casino de Cuitláhuac (Mexico), and Fantastic Lima (Peru). More than 500 new slot machines were added during the quarter as part of fleet renewal programmes.
Latin American expansion targets market leadership
How quickly can Cirsa become the leading Spanish-speaking market operator?
Latin America remains a priority growth region as Cirsa pursues market leadership through its omnichannel model successfully deployed in Spain and Italy. Hostench said the strategy combines organic growth with acquisitions of leading positions.
The Apuesta Total acquisition in July 2024 exemplifies this approach. When acquired, Apuesta Total was Peru’s second-largest operator but has since become the market leader.
Brazil remains under consideration despite regulatory uncertainty. Hostench noted taxes will increase from 12% to 18% soon, with many developments needed before Cirsa feels comfortable investing. The company maintains conversations with potential partners whilst monitoring market conditions.
Full-year guidance targets upper range
Can Cirsa maintain momentum without major acquisition contributions?
Cirsa expects full-year revenues between €2.28-2.33 billion, representing approximately 7% growth year-on-year. Management targets the upper end of EBITDA guidance at €740-750 million, supported by solid Latin American performance, strong casino operations, and continued online gaming momentum.
Early Q3 figures track slightly ahead of Q2 levels, with both Latin American and Spanish retail businesses performing better than expected whilst online gaming maintains its upward trajectory.
Hostench noted upcoming quarters will not benefit from major acquisition contributions, meaning “we’ll be comparing apples with apples” for more accurate performance assessment.
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