In Q2 2025, Spain-based gambling operator Cirsa showcased remarkable financial performance as a freshly public company, with operating revenue soaring by 11.3% to reach €579 million and EBITDA climbing 9.2% to €187 million. This achievement extended Cirsa’s growth streak to an impressive 68 consecutive quarters, a testament to the company’s resilience and strategic acumen, particularly remarkable given the challenging macroeconomic landscape and foreign exchange adversities that dented earnings by $5.7 million.
Cirsa’s EBITDA margin soared to 32.3% over the quarter ending 30 June, surpassing all previous quarterly records. Despite economic uncertainties, the company managed to achieve these results, demonstrating sound financial management and a robust business model that has continued to thrive under pressure.
The company’s successful IPO on 9 July added a significant feather to its cap. Priced at €15 per share, the IPO attracted attention from over 250 institutional investors, its demand outweighing the offering by eightfold. This public listing allowed Cirsa to raise €400 million in new shares alongside €53 million in secondary offerings, achieving a free float of 18%. The proceeds from this listing allowed Cirsa to slash its debt by a substantial €700 million, reducing its net debt to 2.68 times EBITDA—a move that Executive Chairman Joaquim Agut described as a demonstration of the company’s “strong and consistent” performance, driven by committed employees working towards operational excellence.
The company faced headwinds from foreign exchange fluctuations, which CEO Antonio Hostench noted capped EBITDA at approximately $100 million. Under better conditions, it could have reached $104 million, illustrating the impact of external economic factors on company performance.
A significant driver of Cirsa’s robust performance was the online gaming and betting sector, which surged by an impressive 63% in revenue year-on-year, expanding its share of total revenue to 23% in the first half of 2025, compared to 16% the previous year. The online division’s EBITDA more than doubled, buoyed by robust operations in Spain and Italy, and strategic acquisitions such as Peru’s Apuesta Total and Casino Portugal. Additionally, its new sponsorship deal with Liverpool FC aims to enhance brand visibility and reach.
Cirsa’s casino division also contributed to steady results, supported by renovations at key establishments such as Casino de Marbella in Spain, Casino de Cuitláhuac in Mexico, and Fantastic Lima in Peru. The addition of over 500 new slot machines during the quarter as part of fleet renewal programs ensured that the company’s offerings remained competitive and appealing to customers.
Expanding into Latin America remains a pivotal element of Cirsa’s growth strategy. The company is intent on establishing market leadership in Spanish-speaking regions by leveraging an omnichannel model that has proven successful in Spain and Italy. The 2024 acquisition of Apuesta Total in Peru epitomizes this approach, as the operator has ascended to become the market leader since joining Cirsa’s portfolio.
While Brazil presents an enticing opportunity for expansion, Cirsa remains cautious due to regulatory uncertainties. With tax increases on the horizon and a need for further market developments, the company is engaging in discussions with potential partners while vigilantly observing the evolving market conditions.
Looking ahead, Cirsa anticipates full-year revenue to fall between €2.28 billion and €2.33 billion, indicating approximately 7% growth compared to the previous year. The company targets EBITDA in the upper range of €740-750 million, propelled by strong performance in Latin America, robust casino operations, and the ongoing momentum in online gaming. Early Q3 data suggest promising trends, with both Latin American and Spanish retail sectors surpassing expectations while online gaming continues to ascend.
CEO Antonio Hostench remarked on the forthcoming quarters, highlighting that with no major acquisitions pending, the assessments of the company’s performance will be “like comparing apples with apples,” providing a clearer gauge of organic growth and operational success.
Cirsa’s journey through Q2 2025 underscores its adaptability and strategic foresight in a rapidly changing economic environment. The company’s ability to maintain a growth trajectory amidst external challenges speaks volumes about its management’s vision and the execution capabilities of its workforce. As Cirsa continues to capitalize on new opportunities while navigating uncertainties, its future appears poised for continued success and expansion in key markets.
Sarah Thompson is a seasoned writer specializing in casino gaming and online gambling. With over a decade of experience in the industry, Sarah brings in-depth knowledge and a keen eye for detail to her work at CasinoNoDeposits.com. Her expertise lies in uncovering the latest no deposit bonuses and providing comprehensive reviews of online casinos. Passionate about helping players maximize their gaming experience, Sarah combines her analytical skills with a flair for engaging storytelling.
4.8/5Golden Play Casino
100 free spins
