Stock Markets February 26, 2026

Cirsa Tops Guidance on 2025 Revenues; Issues 2026 Targets in Line With Street

Company posts mid-single-digit growth, trims leverage and proposes dividend while outlining modest 2026 expansion expectations

By Jordan Park
Cirsa Tops Guidance on 2025 Revenues; Issues 2026 Targets in Line With Street

Cirsa reported full-year 2025 revenues of €2,339 million, a 9% increase that exceeded the company’s guidance range and modestly topped consensus. Adjusted EBITDA rose to €753.5 million, leverage fell to 2.7x, and the board proposed a €0.45 per-share dividend. For 2026, management issued revenue and EBITDA guidance that broadly aligns with market expectations.

Key Points

  • Cirsa delivered 2025 revenues of €2,339 million, beating the top end of its guidance and edging past consensus - impacts consumer discretionary and gaming sectors.
  • Adjusted EBITDA rose to €753.5 million while leverage fell to 2.7x; the company proposed a €0.45 per-share dividend totaling €75 million - relevant to investors and credit markets.
  • 2026 guidance (revenues €2,500-2,560m; EBITDA €800-820m) aligns closely with consensus, indicating expected continued but modest growth - affects market expectations for gaming operators.

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.

Risks

  • Online Gaming and Betting earnings are sensitive to sporting outcomes; the segment reported a 1% revenue decline and a 29% fall in EBITDA after customer-friendly sports results in September and October - this creates volatility for the gaming sector.
  • M&A-driven growth can alter comparability of results; Slots Italy’s 18% revenue increase and 7% EBITDA rise were aided by the acquisition of Royal in Q1 2025 - integration and deal effects may affect future performance in leisure and gaming segments.
  • 2026 guidance is largely in line with consensus (revenue midpoint about 1% above consensus and EBITDA midpoint matching consensus), which may limit upside if expectations are already priced by markets - this affects investor sentiment and equity performance.

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