Spanish gaming company Cirsa announced its financial results for the first quarter of 2025, with quarterly revenue reaching 576.7 million euros, a year-on-year increase of 12.5%, driven primarily by the strong performance of its online business. EBITDA for the quarter grew 9.1% to 178.8 million euros, with net profits reaching 179 million euros, exceeding market expectations.
Online segment boosts contributions, with nearly 55% growth in revenue year-on-year
Cirsa's online gambling and gaming business performed exceptionally well this quarter, with operating revenue increasing 54.8% to 145.1 million euros. The net revenue from online operations accounted for 22.7% of total revenue, significantly higher than the 16.5% from the same period last year. EBITDA from online operations reached 24.3 million euros, demonstrating strong profitability.
Spain remains the core market, with notable growth in Italy and Latin America
In terms of regional distribution, Spain continues to be Cirsa's largest market. Slot machine net revenue in Spain reached 108.2 million euros, up from 99.9 million euros in the previous year, with EBITDA growing to 54.5 million euros (last year it was 46.3 million euros).
Italy follows closely, with revenue increasing to 103.4 million euros (a 5.3% increase year-on-year), and EBITDA rising to 8.2 million euros. Latin America's markets contributed steadily:
Panama's EBITDA accounted for 11.8%
Colombia at 9.9%
Mexico at 7.2%
Net debt rises, IPO plans resurfaced
Despite continuous financial growth, Cirsa's net debt in this quarter rose to 2.92 billion euros, higher than last year's 2.74 billion euros. Meanwhile, the parent company, private equity giant Blackstone, is reinitiating plans to take Cirsa public.
As early as 2021, Blackstone planned to list Cirsa on the Madrid Stock Exchange at an estimated value of approximately 3.4 billion dollars. News of IPO preparations resurfaced in February 2025, drawing more attention to Cirsa's capital structure.
Additionally, Cirsa continues to innovate in the Latin American market, such as collaborating with Zitro in 2023 to launch the Mega King platform in Mexico, further enriching its gaming product portfolio.
Overall, Cirsa delivered an impressive report card for the first quarter of 2025, particularly with the rapid expansion of its online business, which has become a key engine driving the company's revenue and profit growth.
