Cirsa released its Q2 earnings on Tuesday, achieving a record operating quarterly revenue of €579 million ($679 million), thanks to double-digit online growth.
Group revenue was 11.3% higher than Q2 2024, while operating EBITDA marked another record at €187 million, a 9.2% year-on-year increase.
Its online gaming and betting unit achieved 64% revenue growth during Q2, reaching €139 million.
According to Cirsa, this was driven by strong double-digit organic growth and its successful integration of Apuesta Total, the leading operator in Peru which it acquired in July last year.
Peru accounted for 9.8% of Cirsa’s EBITDA in H1, up from 5.6% in FY2024, while Portugal was responsible for 0.5% after the company secured a 68% stake in CasinoPortugal.
Cirsa also noted that, despite the stagnant market, its slots Italy business unit achieved 4.7% revenue growth and a 5.1% rise in EBITDA during the quarter. Slots growth in Spain was lower, with revenue up by just 1.3% in Q2.
Overall, casino net operating revenue fell from €240.7 million to €237.1 million during Q2, with EBITDA also dropping from €99 million to €97.9 million. Cirsa noted the 5% organic growth in its casino unit came close to offsetting a €16.2 million financial exchange impact.
However, “unusually adverse” foreign exchange impacts meant Cirsa’s net profit dropped 11.5% year-on-year, from €10.9 million in Q2 2024 to €9.7 million in the same quarter of this year.
The adverse financial exchange effects were partially offset by Cirsa’s growing international footprint.
Another quarter of revenue growth for Cirsa
This is the first earnings report for Cirsa since its IPO on Spanish stock exchanges on 9 July. Cirsa went public at a price of €15 per share, with over 250 institutional investors and demand of more than eight times the offering.
Cirsa allocated €373 million of its IPO to reducing debt. As a result, leverage was reduced by over €700 million, bringing it down to 2.68x EBITDA.
The operator said it is “comfortably on track” to deliver on its FY25 guidance. Net operating revenue is expected to be €2.28 billion-€2.33 billion, year-on-year growth of 6%-8%, while EBITDA is also anticipated to be 6%-7% higher at €740 million-€750 million.
Group Executive Chairman Joaquim Agut said results were further evidence of the company’s continued growth.
“Our first quarterly results as a publicly listed group are strong and consistent with our track record, driven by our employees’ commitment to continuously and sustainably improving our operations,” Agut said.
“The execution of our strategy, our customer focus and productivity have once again enabled Cirsa to exceed its objectives.”
H1 EBITDA and revenue up
Looking at Cirsa’s results for the first half of 2025, EBITDA was 9.1% higher than the same period of 2024, reaching €365.6 million. H1 revenue also rose by 11.9% to €1.16 billion.
Its online gaming and betting business hit revenue of €270 million in H1 and is on track to reach the company’s €500+ million FY2025 target.
In the wake of Cirsa launching its IPO in July, the company reported a dip in net profit during Q2, citing issues with foreign exchange rates.