Spanish gaming group CIRSA reported a 12.5% rise in first-quarter revenue, driven by strong online performance and a geographically diverse portfolio that helped offset foreign exchange pressures.
Net revenue for the three months ended March 31 rose to €576.7 million ($659.32 million), while EBITDA increased 9.1% to €178.8 million ($204.4 million). Free operating cash flow more than doubled to €85.8 million ($98.09 million) from €40.3 million ($46.07 million) a year earlier.
“Once again, we have delivered solid growth in Net Revenues and EBITDA,” the company said in a statement.
CIRSA’s net debt stood at €2.64 billion at the end of the quarter, or €2.37 billion on a pro forma basis following an equity contribution in May. The company reported €567.6 million in cash availability, including €273.3 million in cash, and a leverage ratio of 3.7 times net debt to last-twelve-month EBITDA (3.3 times pro forma).
Online revenue surged 54.8% year-over-year to €145.1 million, contributing 22.7% of total revenue compared to 16.5% in the prior-year period. EBITDA from the online segment rose 51.9% to €24.3 million.
The company attributed the growth to the full consolidation of acquisitions in Peru (Apuesta Total) and Portugal (CasinoPortugal).
“Our omnichannel strategy continues to yield results… we will continue to focus on profitable growth through organic and potential acquisitions,” the company said.
Revenue in CIRSA’s casino segment edged up 0.6% to €238.7 million, with EBITDA slipping to €95.5 million from €97.3 million in Q1 2024 amid macroeconomic headwinds in Mexico and Panama. The company said it launched more than 15 property renovations or expansions during the quarter.
In the slots segment, Spain posted an 8.3% increase in revenue to €108.2 million, while EBITDA rose 17.8% to €54.5 million. In Italy, slot revenue climbed to €103.4 million from €98.2 million, with EBITDA rising to €8.2 million from €7.6 million.
“Our strategy to optimize the pool of slots continues to yield excellent results in terms of increased revenue per slot,” CIRSA said.
CIRSA credited its geographic footprint for helping mitigate currency-related pressures. Spain accounted for 49.3% of group EBITDA, up from 48.7% in full-year 2024. Other contributions included Colombia (9.9%), Italy (8.8%), Panama (11.8%, down from 13.0%), Mexico (7.2%), and Portugal (0.5%).
“Our geographical diversification strategy has allowed CIRSA to offset the negative effect of FX evolution in the quarter and deliver growth fully in line with our 2025 guidance,” it said.
Overall EBITDA margins improved by 40 basis points, supported by a favorable country mix, online growth, and operational efficiencies. The margin in the slots segment rose to 50.4% from 46.3% a year earlier.
CIRSA said an initial public offering remains under consideration but is contingent on market conditions. “Its execution and more specifically potential dates will depend on market conditions to ensure an optimal valuation of the company,” the company said.
Original article: https://www.yogonet.com/international/news/2025/06/02/106814-cirsa-q1-net-revenue-rises-125-to-65932-million-driven-by-strong-online-performance
