Cirsa announced full-year 2025 results showing revenues of €2,339 million, an increase of 9% versus the prior year and slightly above the top end of the group’s guidance range of €2,325-2,335 million. The top-line figure also came in roughly 1% ahead of consensus estimates of €2,325 million.
Adjusted EBITDA for 2025 reached €753.5 million, an 8% year-over-year rise. That outcome marginally exceeded both the company’s own guidance range of €750-753 million and consensus expectations, which were €751 million.
Cirsa reported a reduction in its leverage ratio to 2.7x and has proposed a dividend of €0.45 per share, representing a total distribution of €75 million.
Guidance for 2026
Looking ahead, the company provided 2026 guidance targeting revenues between €2,500 million and €2,560 million. The midpoint of that range implies approximately 8% growth and sits about 1% above consensus estimates of €2,499 million. For adjusted EBITDA, management guided to €800-820 million, a range that suggests about 7% growth and is consistent with consensus expectations of €813 million at the midpoint.
Quarterly and segment performance
In the fourth quarter, group revenues rose 6% while EBITDA increased 4%.
The Casinos segment recorded 6% revenue growth and a 4% increase in EBITDA, with management describing trading conditions as very positive.
Slots Spain posted 6% revenue growth and delivered a 24% increase in EBITDA, with margins holding at 51% for the second consecutive quarter. Management highlighted healthy organic growth in this division and reported no change in underlying trends.
Slots Italy saw revenues climb 18% and EBITDA increase 7%, a performance partly driven by the acquisition of Royal in the first quarter of 2025.
The Online Gaming and Betting segment experienced a 1% decline in revenues and a 29% fall in EBITDA, which the company attributed to customer-friendly sports results in September and October. Despite the segment’s earnings pressure, underlying turnover expanded 10% in the quarter and 15% for the full year, surpassing the company’s 10% turnover target.
M&A activity
Cirsa stepped up acquisition activity in the fourth quarter, completing purchases that included casino operations in Morocco and Peru, as well as a Spanish slot operator. Management said the company has a high-quality M&A pipeline for 2026.
These results leave the company in a position of modestly stronger operational performance versus guidance, with a small improvement relative to consensus and a capital return to shareholders via the proposed dividend. The 2026 outlook is broadly aligned with market expectations, reflecting a continuation of measured growth assumptions.