Key points:
- Cirsa has reported a year-on-year revenue rise of 12.5% to €576.7m
- EBITDA also rose by 9.1%, with net debt totaling almost €3bn
- Spain was the nation’s key driver during the quarter, with Panama accounting for the highest EBITDA percentage of the operator’s LatAm nations
Spanish operator Cirsa has released its full Q1 2025 financial results highlighting a company revenue of €576.7m ($654.7m) for the period, up 12.5% year-on-year.
Indeed, the casino property operator has highlighted a strong quarter in which both EBITDA and operating revenue have risen in comparison to results from the first quarter of 2024. These rises were primarily driven by a strong online performance, with online net revenue representing 22.7% of the operator’s overall quarterly revenue figure – up from the 16.5% recorded this time last year.
Cirsa Q1 by sector
Positive upswings in revenue and EBITDA – which both rose year-on-year settling at €576.7m and €178.8m, respectively, have been juxtaposed by a rising net debt which – as of Q1 2025 – now totals €2.92bn, up from the figure of €2.74bn recorded at the end of Q1 in 2024. Regarding profits, Cirsa has posted a figure of €179m which, according to the company, has surpassed expectations.
Regarding the organisation’s online gaming and betting business sector, operating revenues rose year-on-year to €145.1m, up 54.8% from the figure recorded during the first quarter of the year prior, with online EBITDA reaching €24.3m.
Cirsa Q1 by region
By region, Cirsa’s home market of Spain was – naturally – its most lucrative market of the quarter, with net operating revenues from slots in the region amounting to €108.2m – up from the €99.9m recorded during Q1 2024. Elsewhere, EBITDA from the Spanish market totaled €54.5m – rising from €46.3m recorded the year prior.
Trailing closely behind was the Italian market, which saw a net operating revenue figure of –103.4m rise from the –98.2m recorded during Q1 2024, with EBITDA also rising year-on-year to settle at €8.2m. The operator also yields a strong and gowning presence in the LatAm region, with EBITDA from Panama accounting for 11.8% of the operator's overall figure for Q1, trailed closely by nations such as Colombia (9.9%) and Mexico (7.2%).
Good to know: In February, private equity firm Blackstone annoucned it was preparing to list Cirsa on the Madrid stock exchange
Indeed, this initial public offering (IPO) has been in consideration by Blackstone for quite some time, with initial reports surfacing that the venture capital giant was planning a $3.4bn float for the company in December 2021.
Between these two reports of an IPO, Cirsa also partnered with Zitro in 2023 to help introduce the supplier’s Mega King platform to its gaming venues in the Mexican market.
