CIRSA’s Q1 Revenue Reaches €623 Million as Debt Declines

(AsiaGameHub) –   CIRSA kicked off 2026 with higher revenue, stronger profits, and a significantly reduced debt burden, despite margin pressure in its digital segment due to new online gaming taxes in Peru.

Key Highlights

• CIRSA reported Q1 net operating revenue of €623 million, an 8% increase compared to the same period last year.
• EBITDA grew 8.5% to €193.9 million, marking the company’s 71st consecutive quarter of growth outside the pandemic era.
• Net financial debt decreased by over €500 million, reaching €2.05 billion.

Retail Expansion Offsets Online Margin Pressure from Peru Taxes

CIRSA maintained its full-year 2026 outlook following a robust first quarter, with results already trending toward the upper end of its guidance range. The gaming group, backed by Blackstone, continues to target annual revenue of €2.5 billion to €2.56 billion and EBITDA between €800 million and €820 million.

Net operating revenue for the first quarter rose to €623 million from €576.7 million in Q1 2025. EBITDA increased to €193.9 million, while net profit climbed to €44.6 million from €28.1 million in the prior-year period. Adjusted net profit also saw strong growth, rising 32.8% to €69.9 million.

Growth was primarily driven by existing operations, with only acquisitions finalized late in 2025—mainly in Spain, Peru, and Morocco—affecting the year-on-year comparison. Excluding currency fluctuations, revenue advanced 9.5%, and EBITDA rose 10.8%.

Retail operations remained the core earnings engine. Revenue from retail grew 9.3% on a constant currency basis, with EBITDA up 13.3%. Spain led the charge, supported by slot machine upgrades, new game offerings, technological enhancements, and improved venue efficiency. The Spanish slot division saw revenue climb 13.1%, while EBITDA surged 17.8% to €64.3 million.

CIRSA also recorded growth across its casino portfolio. Casino revenue increased 8.3%, or 10.7% excluding foreign exchange impacts, with EBITDA up 8.2%. Gains were driven by performance in Peru, Colombia, Panama, and Morocco, while Mexico remained stable despite temporary closures earlier in the quarter.

Peru expanded its footprint within the group during Q1, with CIRSA increasing its casino count from 19 to 23. The number of slot machines grew from 2,611 to 3,434, and gaming tables rose from 37 to 61.

Online operations showed mixed results. Total turnover rose 22.4%, with online casino turnover up 23.9% and sports betting turnover increasing 19.7%. Online revenue grew 9.4%, entirely through organic growth. However, online EBITDA declined 11.9% to €21.4 million, as the new Peruvian online gaming tax regime reduced margins by approximately 539 basis points.

The company’s balance sheet strengthened further. Financial expenses dropped from €52.5 million to €34.6 million, thanks to refinancing initiatives, the IPO, and bond restructuring, which lowered borrowing costs. CIRSA anticipates annualized financing savings exceeding €60 million, with additional savings expected following planned refinancing later in 2026.

Net financial debt fell to €2.05 billion from €2.64 billion a year earlier, a reduction of more than €500 million. Leverage improved to 2.7x from 3.7x. Spain now accounts for just over half of the group’s EBITDA, reinforcing CIRSA’s earnings foundation in its home market.