Cirsa reports €579m Q2 revenue, up 11.3%
The Spain-based business has reported rising EBITDA and revenue figures alongside significant debt reduction.
Key points:
– Cirsa has reported an 11.3% and 9.2% year-on-year increase in Q2 revenue and EBITDA, respectively
– The operator has also unveiled a 29.8% reduction in net debts from Q1 2025, enabled by funds generated from its recent IPO
– Online revenues during the quarter represented 23% of all revenues, up from 16% the year prior
Operator Cirsa has released its full Q2 2025 financial reports, highlighting a net operating revenue figure of €579m ($677.8m) for the period, up by 11.3% year-on-year.
Indeed, Cirsa has also reported a rising EBITDA figure year-on-year, as well as a reduction in overall company net debt since the conclusion of Q1 2025.
Overall, the Spanish market continued to lead the way for the operator with regard to geography, while the company’s €2.5bn valuation IPO has helped spur on a reported net debt reduction of €685m since the conclusion of this year’s initial quarterly period.
Cirsa Q2 overview
Taking a closer look at these results, Cirsa’s overall 11.3% rise in net operating revenue paired with a 9.2% year-on-year increase in EBITDA, which settled at €187m during this year’s second quarter. As such, this latest figure means 68 quarters of consistent EBITDA growth for the operator – with online revenues now accounting for 23% of the company’s overall revenue, up from 16% recorded during the second quarter of the year prior.
Crucially, Cirsa’s €2bn net debt, the current approximate figure of which now rests at €1.96bn, has been subject to a significant €685m reduction. Indeed, while the overall debt figure remains imposing, Cirsa has managed to leverage its IPO to generate €373m of proceeds towards reducing its debt – with an additional €312m net reduction having been recorded separately during Q2 2025, largely generated by equity contributions from main shareholders. As such, net debt is down by 29.8% quarter-on-quarter.
Cirsa results by region / sector
By region and sector, Cirsa’s casino business segment remained the most lucrative revenue generator during the second quarter of the calendar year, driving €237m in revenue – up 5% year-on-year – with an EBITDA of €98m for the segment. Casinos were trailed closely by online, which accounted for €139m of the company’s overall Q2 revenue figure, representing double digit organic growth and placing this business sector on track to exceed its predicted FY25 €500m revenue figure.
Good to know: In early Q3, Cirsa announced that it had ruled out any imminent entry into the Brazilian market, despite continuous market growth
Slots within the Spanish market also experienced a lucrative quarter with revenues settling at €109m, while slot revenue from the Italian market also reached €97m. Spanish and Italian slot EBITDA figures also settled at €55m and €8m, respectively.
FY 2025 outlook
In the wake of these latest results, Cirsa has clarified its financial outlook for the remainder of 2025, stating that it expects to achieve between €2.28bn and €2.33bn net revenue figure for the full-year period, with EBITDA predictions falling between €740m and €750m.
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