Spanish gaming powerhouse CIRSA has kicked off 2026 with impressive financial results, showcasing record revenues, a significant reduction in debt, and continued growth in EBITDA. The company’s retail operations have effectively mitigated the impact of declining margins in online betting, particularly following the introduction of new regulations in Peru.
For the first quarter, CIRSA reported net operating revenues of €623 million (approximately $723.4 million), marking an 8% increase from €576.7 million in the same period last year. EBITDA also saw an uptick of 8.5%, reaching €193.9 million ($225.1 million). When excluding currency fluctuations, revenue growth was even higher at 9.5%, with EBITDA rising by 10.8%.
This quarter's results signify CIRSA's 71st consecutive quarter of EBITDA growth, excluding the COVID-19 pandemic period, solidifying its status as one of Europe's most reliably profitable gaming companies.
The net profit surged to €44.6 million ($51.8 million), up from €28.1 million in Q1 2025, while adjusted net profit jumped by 32.8% to €69.9 million ($81.1 million).
Unlike in previous years when acquisitions were a primary growth driver, much of CIRSA's growth this quarter was organic. The management noted that only acquisitions finalized late in 2025, primarily in Spain, Peru, and Morocco, influenced the year-on-year figures.
The retail segment remained a cornerstone of CIRSA's operations, contributing significantly to overall earnings. Retail revenues rose by 9.3% when excluding foreign exchange impacts, with EBITDA increasing by 13.3%. Notably, the slot machine division in Spain excelled, with revenues climbing 13.1% and EBITDA soaring 17.8% to €64.3 million.
The company credited this performance to initiatives such as slot replacement programs, new game introductions, technological enhancements, and improved venue productivity.
Additionally, the casino segment delivered robust results across various regions, with revenues increasing by 8.3% (or 10.7% when excluding FX effects), and EBITDA rising by 8.2% on a reported basis.
Growth was supported by markets in Peru, Colombia, Panama, and Morocco, while Mexico showed resilience despite temporary venue closures earlier in the quarter.
Peru has emerged as a vital market for CIRSA’s expansion. During this quarter, the company expanded its casino count from 19 to 23, increased slot machines from 2,611 to 3,434, and gaming tables from 37 to 61.
While CIRSA's online gaming and betting segment has been growing rapidly in terms of operations, profitability has been impacted by Peru's newly implemented online gaming tax regime. Online turnover rose by 22.4%, with casino turnover increasing by 23.9% and sports betting turnover climbing by 19.7%. Revenue from the online segment grew by 9.4%, all achieved organically.
However, EBITDA for this division fell by 11.9% year-on-year to €21.4 million, as the new tax framework in Peru reduced online EBITDA margins by approximately 539 basis points during the quarter.
Despite these short-term challenges, management remains optimistic that economies of scale and operational efficiencies in regulated Latin American markets will enable margins to recover over time.
One of the notable developments this quarter was CIRSA's improved balance sheet. Financial expenses dropped by €17.9 million year-on-year, decreasing from €52.5 million to €34.6 million, thanks to refinancing initiatives completed in late 2025 and lower borrowing costs following the company’s IPO and bond restructuring.
Management anticipates annualized financing savings to exceed €60 million, with further reductions expected after future refinancing efforts later this year. The company’s net financial debt has also significantly improved, falling to €2.05 billion from €2.64 billion in Q1 2025, reflecting a reduction of over €500 million year-on-year.
Moreover, CIRSA's leverage ratio decreased from 3.7x to 2.7x during the same timeframe. Spain's contribution to the group’s earnings has grown, now accounting for just over half of total EBITDA in the quarter.
Despite challenges in online betting margins and softer cash flow, CIRSA has maintained its full-year outlook.