Spanish gaming big CIRSA opened 2026 with file revenues, sharply decrease debt, and one other quarter of EBITDA progress, as its retail enterprise continued to offset stress in on-line betting margins following Peru’s new regulatory framework.
The Blackstone-backed operator reported internet working revenues of €623 million ($723.4 million) for the primary quarter, up 8% year-on-year from €576.7 million, whereas EBITDA rose 8.5% to €193.9 million ($225.1 million). Excluding foreign money results, income progress reached 9.5%, and EBITDA elevated 10.8%.
The outcomes marked CIRSA’s 71st consecutive quarter of EBITDA progress, excluding the COVID interval, reinforcing the corporate’s place as certainly one of Europe’s most persistently worthwhile gaming operators.
Internet revenue climbed to €44.6 million ($51.8 million), in comparison with €28.1 million in Q1 2025, whereas adjusted internet revenue surged 32.8% to €69.9 million ($81.1 million).
In contrast to earlier years, the place acquisitions performed a central function in enlargement, many of the firm’s progress throughout the quarter got here organically. Administration stated solely acquisitions accomplished late in 2025, primarily in Spain, Peru, and Morocco, contributed to the year-on-year comparability.
Retail operations proceed to drive earnings
Retail remained the spine of CIRSA’s enterprise, delivering the strongest contribution to group earnings.
Retail income elevated 9.3% excluding overseas trade impacts, whereas EBITDA rose 13.3%. Spain’s slot machine division stood out particularly, with income rising 13.1% and EBITDA leaping 17.8% to €64.3 million.
The corporate attributed the efficiency to fit alternative programmes, new sport launches, know-how upgrades, and improved productiveness throughout venues.
The on line casino division additionally posted sturdy outcomes throughout a number of jurisdictions. Income elevated 8.3%, or 10.7% excluding FX results, whereas EBITDA rose 8.2% on a reported foundation.
Markets together with Peru, Colombia, Panama, and Morocco all contributed to progress, whereas Mexico remained resilient regardless of non permanent venue closures earlier within the quarter.
Peru emerged as certainly one of CIRSA’s key enlargement markets. Throughout the quarter, the corporate elevated its variety of casinos there from 19 to 23, whereas slot machines expanded from 2,611 to three,434 and gaming tables from 37 to 61.
On-line progress sturdy regardless of Peru tax stress
CIRSA’s on-line gaming and betting enterprise continued to develop quickly operationally, though profitability was affected by Peru’s just lately applied on-line gaming tax regime.
On-line turnover elevated 22.4%, with on line casino turnover up 23.9% and sports activities betting turnover rising 19.7%. Income within the on-line section grew 9.4%, completely organically.
Nevertheless, EBITDA within the division fell 11.9% year-on-year to €21.4 million. CIRSA stated Peru’s new tax framework decreased on-line EBITDA margins by roughly 539 foundation factors throughout the quarter.
Regardless of the short-term stress, administration expressed confidence that scale benefits and operational efficiencies throughout regulated Latin American markets would assist margins get better over time.
Financing prices fall sharply as debt drops
One of the crucial important developments throughout the quarter got here from CIRSA’s steadiness sheet.
Monetary bills declined by €17.9 million year-on-year, falling from €52.5 million to €34.6 million, following refinancing initiatives accomplished in late 2025 and decrease borrowing prices after the corporate’s IPO and bond restructuring efforts.
Administration stated annualized financing financial savings are anticipated to exceed €60 million, with extra reductions possible after upcoming refinancing actions later this yr.
The corporate’s debt place additionally improved considerably. Internet monetary debt fell to €2.05 billion, in comparison with €2.64 billion in Q1 2025, representing a discount of greater than €500 million year-on-year.
In the meantime, CIRSA’s leverage ratio dropped from 3.7x to 2.7x over the identical interval.
Spain additional elevated its significance throughout the group’s earnings combine, accounting for simply over half of complete EBITDA throughout the quarter.
Regardless of considerations round on-line betting margins and softer money circulate era, CIRSA maintained its full-year steerage of between €2.5 billion and €2.56 billion in income and €800 million to €820 million in EBITDA, whereas indicating present efficiency is monitoring towards the higher finish of these targets.
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