The successful execution of the strategy across all markets in which the company operates drove an 8.3% increase in operating profit compared with the second quarter of 2025, marking 72 consecutive quarters of growth.
The Group closed the first half of 2026 with an 8.4% increase in operating profit compared with the same period of 2025 and is confiident to end the year in the upper range of the guidance communicated to the market
Terrassa, 30 July 2026.- CIRSA, a multinational leader in gaming and leisure and the leading company in the sector in Spain, recorded operating revenue of €637 million and operating profit of €202 million in the second quarter of 2026, exceeding €200 million for the first time.
During the second quarter of 2026, the company maintained a strong pace of growth, supported by the strength of its operations, disciplined execution and the contribution from businesses acquired in recent months. This performance translated into a 10.1% increase in operating revenue and an 8.3% rise in operating profit compared with the same period of 2025.
The quarter’s performance reflects balanced growth across the different geographies and channels in which CIRSA operates, supported by a selective investment policy designed to strengthen the offering, improve efficiency and generate growth in addition to organic expansion. For the first half as a whole, the company’s revenue and EBITDA increased by 9.1% and 8.4%, respectively.
The strength of the results and the Group’s sound liquidity position enable the company to continue progressing confidently with its strategic plan, combining organic growth with disciplined M&A activity focused on opportunities offering attractive returns and the potential to generate synergies, such as the recent transactions in Paraguay and Portugal.
Second-quarter 2026 highlights
CASINOS
The Casinos Division delivered solid growth in the second quarter of 2026 compared with the same period of the previous year, consolidating the positive performance recorded during the first three months of the year. This performance was driven by the execution of the Division’s main strategic initiatives and improved activity across the different geographies in which it operates.
Five refurbishment projects included in the annual Gold Mine plan were completed during the quarter, most notably the project at Casino Majestic Panama. These initiatives have renewed facilities, optimised gaming areas and enhanced the customer experience. Six gaming halls in Andalusia and Catalonia were also expanded, strengthening their gaming machine areas and adapting the offering to demand at each venue.
The Division made significant progress in integrating the operations in Peru and Morocco, implementing the planned synergy initiatives and bringing both businesses into closer alignment with CIRSA’s management and operational excellence models. At the same time, programmes to renew and replace the gaming machine estate were stepped up, with more than 700 new units added during the quarter. This has helped improve performance, competitiveness and the appeal of the offering. The execution of commercial and operational improvement plans continued to focus on business efficiency and productivity.
SLOTS SPAIN
The Slots Spain Division maintained the positive momentum recorded at the start of the year. Revenue increased by 11.2% compared with the same period of the previous year, while productivity initiatives drove EBITDA growth of more than 17%, confirming the strong performance achieved in the first quarter.
Selective acquisitions of gaming machine operators, together with the synergies generated by their integration into the Group, the delivery of commercial plans and the positive adoption of Manhattan Mirage and Manhattan Premium were the main drivers of this performance. In the bar and restaurant channel, Manhattan Premium in the Next cabinet and Manhattan Magic in the uElite cabinet performed particularly well, while in gaming halls Orizon and the continued positive performance of Manhattan Premium Salón strengthened their position in the market.
The upgrade of the installed estate to Manhattan Magic has enhanced the quality and competitiveness of the portfolio, with a positive impact on margins. The Division also continued to develop initiatives aimed at optimising route management, improving productivity and adapting the offering to customer preferences.
SLOTS ITALY
During the second quarter of 2026, the Italian AWP market continued to decline, while VLTs remained stable compared with 2025. Against this backdrop, CIRSA continued to outperform the market, supported by the quality of its portfolio and the execution of its commercial and operational plans.
On the regulatory front, the company continues to closely monitor the timetable for the expected new decree. Its delay could result in a two-year extension covering 2027 and 2028, with the new tender taking place in 2029.
ONLINE GAMING AND BETTING
The online gaming and sports betting division delivered excellent results in the second quarter, with revenue increasing by 14.9% compared with the same period of the previous year. Business fundamentals developed positively across all geographies, with record levels of active users and customer acquisition.
The opening phase of the World Cup, played during the final fortnight of the quarter, helped boost commercial activity. The coordinated planning and execution of commercial and advertising strategies across the different countries enabled the Division to capitalise on this period of heightened sporting interest and strengthen customer acquisition and engagement.
This marks the Group’s entry into the land-based gaming market in Portugal.
The transaction completes CIRSA’s omnichannel strategy in the country, complementing its existing ownership of the online platform CasinoPortugal.pt.
Terrassa, July 20, 2026 – CIRSA, a leading multinational company in gaming and entertainment and a leading company in the sector, today announced the acquisition of a majority stake in Sociedade Figueira Praia, S.A., the owner and operator of Casino Figueira in Portugal.
Located in Figueira da Foz, one of the leading tourist destinations on Portugal’s Atlantic coast, Casino Figueira is one of the country’s most iconic gaming venues. Holding a gaming licence since 1948, under the name Casino da Figueira, it is widely regarded as one of the most historic casinos on the Iberian Peninsula. Beyond its gaming operations, the property features a well-established food & beverage and events business, further strengthening its position as a premier entertainment destination in Portugal.
The acquisition is fully aligned with CIRSA’s omnichannel strategy and complements the Group’s purchase of the online operator CasinoPortugal.pt in December 2024, combining a robust digital platform with a flagship land-based casino. With this transaction, CIRSA completes the development of a fully integrated omnichannel offering in Portugal, bringing together online and retail gaming capabilities under a single growth strategy. The transaction also significantly strengthens the Group’s position in one of Europe’s most promising regulated gaming markets.
Joaquim Agut, Executive Chairman of CIRSA, commented: “Casino Figueira becomes CIRSA’s first land-based casino in Portugal, representing a new milestone in our company’s history. Together with the acquisition of CasinoPortugal.pt in 2024, this transaction enhances our ability to deliver a fully integrated gaming and entertainment offering across both online and retail channels.”
Antonio Hostench, CEO of CIRSA, added: “Casino Figueira is a landmark asset within Portugal’s entertainment industry, with a strong track record and a management team that brings deep market expertise. We are delighted to welcome the casino into the Group and to count on the continued support of its current shareholders during this new phase. This transaction reinforces our presence in Portugal and represents a decisive step forward in our omnichannel growth strategy in Europe.”
The transaction multiple is consistent with previous acquisitions completed by CIRSA. The acquisition will be funded through existing cash resources and is not expected to have a material impact on the Group’s leverage profile.
Terrassa, 13 July 2026. CIRSA, a leading multinational company in gaming and entertainment and a leading company in the sector, today announced the acquisition of a majority stake in Slots del Sol, Paraguay’s leading online casino operator.
The company operates a successful online casino offering through slotsdelsolonline.com, complemented by two casinos and two gaming halls in Paraguay. This omnichannel structure is fully aligned with CIRSA’s strategy.
With this acquisition, CIRSA enters Paraguay, an adjacent market that fits closely with the company’s international diversification strategy, offering a stable and growing economy with sustained development within a fully stable gaming regulation since long time ago.
This transaction will allow CIRSA to continue strengthening its omnichannel strategy, with a leading position in a structurally growing market. This accretive transaction is expected to be highly positive for the company in terms of value creation and profitability.
Joaquim Agut, Executive Chairman of CIRSA, said: “This acquisition reinforces CIRSA’s strategic commitment to accelerating growth in the online gaming space. Paraguay represents an attractive and highly stable regulated market, with strong fundamentals, and Slots del Sol provides us with a leading platform from which to continue expanding our online capabilities in the region.”
Antonio Hostench, CEO of CIRSA, added: “Slots del Sol has demonstrated exceptional performance, with outstanding capabilities in online operations. We are delighted to partner with its founding shareholders and are confident that we will be able to combine our global experience and best-in-class capabilities with their local knowledge and expertise to drive future growth. The transaction will contribute to improving the margins of our online gaming business.”
The transaction multiple is in line with previous transactions carried out by CIRSA. The transaction will be financed with available cash and is not expected to have a significant impact on CIRSA Group’s leverage.
The offering was significantly oversubscribed.
The proceeds will be used to refinance an existing bond maturing in 2028 and for general corporate purposes.
Terrassa, 8 July 2026.- CIRSA, a leading multinational company in gaming and entertainment and the first company in the sector in Spain, announces the successful placement of a debt issuance for a total nominal amount of €500 million, comprising 4,625% senior secured notes due 2032. The transaction attracted strong demand from leading institutional investors, with the offering oversubscribed significantly.
The proceeds will be used primarily to redeem a €375 million bond maturing in 2028, to pay the costs associated with the transaction and for general corporate purposes. In addition, this issuance results in a 325-basis-point reduction in financing costs and extends the maturity profile to six years, further strengthening the company’s financial structure in support of its strategic plan.
This is the second bond issuance carried out by CIRSA and comes just as the company approaches the first anniversary of its stock market debut on 9 July 2025. The company holds a BB- credit rating from S&P and a Ba3 rating from Moody’s. Fitch Ratings also recently initiated coverage of CIRSA, assigning the company a long-term credit rating of BB with a stable outlook.
Terrassa, 21 May 2026.- CIRSA, a leading multinational in gaming and entertainment and Spain’s leading company in the sector, recorded operating revenues of €623 million and operating profit of €194 million in the first quarter of 2026, once again exceeding its best quarterly records.
The company has started 2026 with strong growth momentum, supported by a clearly defined strategy, very solid operational execution and a strengthened financial position. This performance has resulted in an 8.0% increase in operating revenues and an 8.5% increase in operating profit compared with the first quarter of 2025.
The solid organic growth achieved across all geographies and channels in which CIRSA operates is particularly noteworthy, supported by a selective investment policy that ensures additional growth beyond organic performance. For the full year, the Group expects to invest more than €200 million in organic growth and operational improvement, an amount that would exceed €350 million once planned investments in acquisitions are included.
The strength of the results, together with the Group’s solid liquidity position, enables the company to continue advancing its growth plan with confidence, including a potential acceleration of its corporate M&A activity in the coming months, in line with its investment and acquisition-led expansion forecasts.
Similarly, the refinancing plan launched in the second quarter of 2025 continues to be reflected positively in CIRSA’s financial structure, with a debt reduction of €589 million since 1 January 2025 and a decrease in financial costs of €18 million in the quarter. In this context, the company has completed this May the payment of a €75 million dividend, reflecting the strength of its cash generation and its confidence in the development of the business.
Highlights for the first quarter of 2026
CASINOS
The results of the Casinos Division in the first quarter of 2026 significantly exceeded those of the previous year, thanks to improved performance across all geographies in which it is present. The main areas of focus during the quarter were the integration of the casinos in Peru and Morocco incorporated in the final quarter of last year, the start of facility renovation works at 20 casinos and gaming halls within the Gold Mine plan and the start of construction work on a new casino in Colombia. The strategy pursued in recent years has continued, focused on the strict execution of commercial and efficiency plans, as well as the selective renewal of the machine estate, with more than 500 machines added during the first quarter.
SLOTS SPAIN
In the first quarter of 2026, the Slots Spain division consolidated the excellent trend recorded in recent quarters, delivering double-digit growth in both revenues and EBITDA.
The acquisition of operating companies, with the associated synergies, the expansion of the number of high-quality gaming venues and the successful execution of our commercial plans have enabled the division to increase its customer base. The launch plans for new products such as Manhattan Magic, Premium and Omega continue to win customer preference and position this successful range as a market leader.
SLOTS ITALY
During the first quarter of 2026, Italy experienced a negative market trend. Despite this, CIRSA continues to deliver results above the market and closed the first quarter with positive performance in both products, thanks to the incorporation of two operations and to productivity and efficiency improvement initiatives in both the operations and retail segments.
ONLINE GAMING AND BETTING
The online gaming and sports betting division recorded revenue growth of 9.4% compared with the same period of the previous year, driven by strong performance in its main markets, including Spain, Italy and Peru. Although sports results were less favourable than in the prior year, the commitment to the continuous improvement of the user experience – both in the front end and through the incorporation of new functionalities and an expanded games catalogue – continues to consolidate sustainable and profitable business growth.
The Company increases its operating profit by 7.8% compared to 2024 and makes significant progress in its ESG agenda, with recognition from Standard & Poor’s and Sustainalytics
Terrassa, 26 February 2026.– CIRSA, a leading multinational gaming and leisure company and the top operator in the sector in Spain, achieved operating revenues of €2.339 billion in 2025. The operating profit, excluding IPO-related costs of €6.9 million, reached €753.5 million, exceeding the 2025 guidance target committed to investors. Operating profit, net of these costs, stood at €746.6 million.
Continuing its track record of quarter-by-quarter improvement, results in 2025 evolved positively, both in revenue growth and operating profit, which exceeded 2024 figures by 8.8% and 6.8% respectively.
As a result of this growth and the reduction in financial costs due to progressive deleveraging, net profit reached €72.9 million in 2025, the highest in the company’s history.
Regarding the fourth quarter — its 70th consecutive quarter of improved results — the Company reached operating revenues of €623.6 million (+6.4% vs. Q4’24) and an operating profit of €198 million (+3.5% vs. Q4’24).
CIRSA has also published its 2025 Sustainability Report, which outlines all ESG achievements that have earned the company recognition from leading international rating agencies. Sustainalytics places the company among the global reference group as a “leader in managing material ESG issues,” while Standard & Poor’s recently included CIRSA in “The Sustainability Yearbook 2026,” ranking it among the world’s leading companies in sustainability and good governance practices. The multinational is one of 33 Spanish companies included in this global selection.
According to Joaquim Agut, Executive Chairman of the CIRSA Group:
“Today we report our 2025 results for the first time as a listed company, and we do so with the satisfaction of having once again fulfilled our commitments. Beyond financial performance, the year was marked by two milestones: the IPO and tangible progress across all areas of our ESG agenda, which the market recognizes and values. These achievements reflect a company prepared to continue growing with rigor and responsibility.”
2025 Highlights by Business Division
CASINOS
The 2025 annual results of the Casinos Division improved upon the strong performance of 2024, while also incorporating four new casinos in Peru and one in Marrakech during the last quarter, further strengthening the Group’s presence in regulated, high-growth markets. The strategy of recent years continued, with strict execution of commercial and efficiency plans, selective renewal of the machine portfolio, and upgrades to facilities in 15 casinos and gaming halls, as well as 14 Gold Mine expansion projects completed during the year.
SLOTS SPAIN
The Slots Spain Division delivered excellent results in 2025, particularly in the fourth quarter, both in revenue and operating profit.
Commercial and product plans—featuring the new Manhattan Mirage and Manhattan Premium models—continued to drive significant revenue increases. Combined with cost containment derived from technological and logistical improvements, these factors enabled the division to exceed forecasts for both Q4 and the full year.
Synergies from recent acquisitions also surpassed expected profitability targets.
SLOTS ITALY
In Italy, the recovery trend in the retail market, together with productivity and efficiency improvement measures, enabled growth above the market average.
During the fourth quarter, foundations were laid for the expansion of several venues, with the aim of strengthening both the Retail channel and the Bar & Restaurant segment.
Additionally, the integration of new halls and bingo venues was successfully completed, resulting in improved performance in both net revenue and EBITDA.
ONLINE GAMING AND BETTING
The Division closed the year with a 25.8% annual increase in net revenue, translating into a 22% improvement in EBITDA compared to the previous year.
A strategy focused on optimizing the customer experience boosted the active user base to 2.4 million over the year, a 49% increase versus 2024, consolidating the company as a leading operator in the regulated market.
In November, Italy completed its transition to the new online gaming regulations, a process in which the company obtained three licenses. The migration was successfully executed both technologically and commercially. The new regulatory framework has created a more favorable environment following the rationalization of licensees and brands resulting from the regulatory update.
Terrassa, December 18, 2025 – CIRSA Enterprises, S.A. today announced the completion of the acquisition, through its Peruvian subsidiary Gaming and Services S.A.C., of four casinos in Peru.
The transaction includes three casinos in Lima—Casino New York, Casino Luxor, and Casino Pachanga—and a fourth casino in Cuzco, Casino Mystic.
The transaction is aligned with CIRSA’s strategic focus on selective growth in fully regulated key markets. It also strengthens the company’s leadership in the Peruvian market, where the group began operating in 1996 and made a significant leap last year with the acquisition of Apuesta Total, the country’s leading sports betting and online gaming company.
The transaction multiple is consistent with previous deals carried out by CIRSA. The acquisition will be financed with available cash and is not expected to have a significant impact on CIRSA Group’s leverage.
December 3, 2025 – CIRSA Enterprises, S.A.U., through its subsidiary CIRSA Slot Corporation S.A., today announced that it has completed the acquisition of 100% of the share capital of Amusement Machines Grupo Comatel S.L.U.,headquartered in Catarroja, Valencia.
Amusement Machines Grupo Comatel S.L.U. is one of the leading slot route operators in bar & restaurant establishments across the Valencian Community.
This acquisition is part of CIRSA’s selective growth M&A strategy and strengthens its position in the Slots Spain Business Unit.
The multiple paid is in line with previous transactions carried out by CIRSA. The transaction will be financed with the company’s available liquidity, and the impact on the CIRSA Group’s pro forma leverage is not significant.
Group revenues increased by 5.4% to €560.2 million and EBITDA grew by 5.7% to €182.8 million compared to the third quarter of 2024.
The Group reduced its financial costs following the recent refinancing of €1 billion in debt and increased its net profit by 102% as of 30 September.
CIRSA now ranks among the top positions in the global ESG benchmarks for its sector.
Terrassa, 25 November 2025 – CIRSA, a global leader in gaming and leisure and Spain’s number one company in the sector, posted operating revenue of €560.2 million and operating profit of €182.8 million in the third quarter of 2025. These results reaffirm CIRSA’s consistently strong performance, marking 69 consecutive quarters of growth, excluding Covid. These results represent a 5.4% increase in operating revenue and a 5.7% increase in operating profit compared to the third quarter of 2024.
In the first nine months of 2025, CIRSA accumulated €548.5 million in EBITDA and €1,716.6 million in operating revenues, confirming the strength of the ongoing strategic plan. These results maintain the positive track record demonstrated in recent quarters, supported by a focus on strategic markets, the continuous enhancement of the value proposition, and disciplined operational management across all business units.
This performance exceeds the guidance issued at the beginning of the year and reflects the company’s effective execution of its operational plans in an environment still marked by signs of macroeconomic and geopolitical headwinds.
In November, CIRSA climbed to the number one position in its sector in ESG performance according to Sustainalytics, and to joint third place according to Standard & Poor’s ESG Score — both globally recognised rating agencies.
Highlights of the Third Quarter of 2025
CASINOS
The Casino division’s results in the third quarter remained in line with recent quarters, offsetting exchange-rate differences in certain geographies. During this period, we maintained our focus on the strategic roadmap, prioritising the expansion and selective renovation of casino facilities in several countries.
In parallel, the company continued with its technological upgrade programme, with the addition of more than 650 new units, aimed at enhancing customer experience and comfort.
We continue to rigorously apply commercial and productivity plans to mitigate inflationary effects, particularly in LATAM, which is enabling us to consolidate operational efficiency and strengthen our value proposition across key geographies.
In gaming halls, the solid performance of “Manhattan Mirage Salon” and “Link Mix 3”, along with the renewal of the machine base to offer customers the most innovative products on the market, are contributing to growth in this segment.
As part of our acquisition-driven growth strategy, in November we acquired a casino in Morocco, located in the city of Marrakech.
SLOTS SPAIN
The division delivered its best third quarter in recent years, both in revenues and EBITDA. Commercial plans and machine-replacement programmes — including Unidesa’s Manhattan Mirage and Omega Link models — combined with tight cost management, were the key drivers behind this performance.
The results once again confirm the division’s ability to adapt to market dynamics and respond effectively to customer expectations.
SLOTS ITALY
The third quarter confirmed a market recovery trend in both AWP and VLT segments. Thanks to improvement measures implemented earlier in the year and the progressive market rebound, the division achieved double-digit growth in total net revenues compared to the same quarter in 2024.
ONLINE GAMING AND BETTING
The Online Gaming & Betting Business Unit recorded revenue growth of 8.1% in the quarter and 38.9% year-to-date. Quarterly revenue growth translated into a 13.8% improvement in EBITDA, reflecting solid organic performance with no significant impact from M&A activity.
In September, sports results were significantly favourable for customers across all CIRSA geographies and in the market overall, as widely reported. Nevertheless, strong performance in the company’s core markets — Spain, Peru, Italy and Portugal — helped drive part of this growth.
The company went public on 9 July this year at a price of €15 per share.
Reduced leverage to 2.68x Ebitda through debt repayment.
Ranked #1 globally in its sector for ESG by Sustainalitycs
Terrassa, September 9, 2025 –
CIRSA, a leading multinational in gaming and leisure and Spain’s number one company in the sector, posted operating revenue of €579 million and operating profit of €187 million in the second quarter of 2025, once again surpassing its best quarterly records and achieving 68 consecutive quarters of growth, excluding Covid. These results represent an 11.3% increase in operating revenue and a 9.2% increase in operating profit compared to the second quarter of 2024.
The company went public on 9 July this year at a price of €15 per share, with more than 250 institutional investors and demand over eight times the offering. The placement consisted of a primary offering of new shares amounting to €400 million and a secondary offering of existing shares of €53 million, bringing the free float to 18%.
In line with the commitment to reduce debt using the funds obtained, following the IPO the Group allocated €373 million to this purpose which, together with the prior capital injection, reduced leverage by over €700 million, bringing it down to 2.68x Ebitda.
According to Joaquim Agut, Executive Chairman of CIRSA: “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. The execution of our strategy, our customer focus and productivity have once again enabled CIRSA to exceed its objectives.”
CIRSA has strengthened its position as a global leader in gaming and entertainment sustainability, recently rising to first place worldwide in Morningstar’s Sustainalytics ESG Rating – a recognition of its responsible management of environmental, social and governance risks.
Highlights of the second quarter of 2025CASINOS
The Casino division’s results in the second quarter remained in line with recent quarters, supported by various initiatives implemented in recent months. Notable among these is the renovation of facilities, with several key projects completed during the period: Casino de Marbella in Spain, Casino de Cuitláhuac in Mexico and Fantastic Lima in Peru. These improvements reinforce the Group’s commitment to enhancing the customer experience.
Disciplined execution of commercial plans and activation of points of sale, along with strict expense control, contributed to the Company’s growth in local currency in Latam. In addition, the renewal of the slot machine fleet—with over 500 new slots added during the quarter—demonstrates efficient, innovation-oriented management.
The omnichannel strategy continues to be key, promoting Sportium’s online offering and cross-selling actions, as well as refurbishing betting corners in casinos.
SLOTS SPAIN
Revenue growth in the Slots Spain division in Q2 2025 maintained the excellent trend seen in Q1, improving on the same period last year. Proper execution of commercial plans and cost containment translated into improved operating margin and Ebitda in the second quarter.
These strong results were driven by the excellent performance of the new Manhattan Mirage models, featuring a new set of games that have been very well received by the market.
Industrial activity remained on the same positive path thanks to the outstanding results of Manhattan Mirage in hospitality with the new Smart GIM (Integrated Monetary Management) and the introduction of Manhattan with the uElite Next cabinet, enabling Ticket In–Ticket Out functionality in gaming halls.
SLOTS ITALY
Thanks to CIRSA Group’s improvement plans in Italy, the challenging market conditions in the second quarter were successfully navigated. CIRSA Italy continues to implement measures to mitigate these impacts, supported by Royal Games’ contribution, to drive growth into 2025.
ONLINE GAMING AND BETTING
The online gaming and sports betting division increased revenue by 63% and Ebitda by 120% compared to the same period last year, even though Euro 2024 and Copa América took place in 2024. Strong performance in the core markets of Spain and Italy, together with the 2024 acquisitions of Apuesta Total (Peru) and Casino Portugal (Portugal), drove part of this increase.
In June, a strategic sponsorship with Liverpool FC was signed, enabling the use of the club’s brand assets and digital activations across all geographies in which the division operates.
