Spain’s Cirsa achieved record highs in both revenue and EBITDA during the first quarter ending March 31. This success was driven by geographic diversification and significant growth in its online betting divisions. In its recent Q1 earnings report, Cirsa revealed a net operating revenue of €576.7 million ($164.5 million), marking a 12.5% increase from the same quarter last year.
Cirsa’s EBITDA also rose to €179.8 million, a 9.1% increase from the first quarter of 2024. This growth is attributed to the effective implementation of strategic plans across various operating markets.
A notable increase was seen in Cirsa’s online gaming and sports betting division, where net revenue surged by 54.8% year-on-year to €131.1 million. This segment now represents 22.7% of the total group net revenue, up from 16.5% in the first quarter of 2024.
### Strategic Acquisitions: Apuesta Total and CasinoPortugal
Cirsa has expanded its international footprint through key acquisitions, including a 70% stake in Peruvian operator Apuesta Total and a 68% stake in CasinoPortugal. These strategic moves have been integral to the company’s growth.
In EBITDA contribution, Spain remains Cirsa’s largest market, making up nearly half (49.3%) of the total, followed by Panama, Colombia, Italy, and the Dominican Republic. The company’s geographical diversification strategy successfully mitigated adverse impacts from foreign exchange fluctuations.
As of March 31, Cirsa reported a total cash availability of €567.6 million, an increase from €549.8 million at the year-end of 2024.
### Diverse Performance in Casino Segment
During the first quarter, Cirsa undertook over 15 renovations and expansions in its casino properties. Even amid economic slowdown in Mexico and Panama, the casino segment slightly increased its net revenue to €238.7 million. However, EBITDA for this division saw a slight decline.
### Slot Revenue Growth in Spain and Italy
Cirsa reported significant revenue growth from slot operations, particularly in Spain, with net revenue increasing by 8.3% to €108.2 million and EBITDA up by 17.8% to €54.5 million. In Italy, the acquisition of operator Royal played a key role in navigating the complex market, contributing to revenue growth in the slots division.
### Progress Towards 2025 Objectives and IPO Considerations
Cirsa is on track to meet its 2025 financial targets, anticipating high single-digit growth in overall net revenue and robust performance in both land-based and online sectors. Despite speculation about an IPO, precise timing remains uncertain as the company evaluates market conditions to ensure optimal valuation.
Cirsa’s strategic initiatives and robust quarterly performance highlight its strong position to achieve projected growth by 2025.