Cirsa Reports 10% Revenue Growth in Q2, Reaffirms Full-Year Guidance

Gaming and leisure operator Cirsa reported a 10% year-over-year increase in revenue to €637 million for the second quarter of 2026, alongside an 8% rise in EBITDA to €202 million. The results mark the company's 72nd consecutive quarter of EBITDA growth and slightly surpassed consensus estimates.

Quarterly Performance Highlights

Cirsa's financial results for the quarter ending June 30, 2026, demonstrated continued expansion, though organic growth moderated slightly. Both revenue and EBITDA came in approximately 1% above market consensus, which had projected €630 million and €201 million, respectively.

Key financial metrics from the report include:

• Organic Growth: Reached 6.8% in the second quarter, a slight deceleration from the 7.4% reported in the first quarter.
• Proforma Leverage: The company improved its balance sheet, with leverage decreasing to 2.6x from 2.69x in the prior period.

Divisional Strength and Online Expansion

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Broad-based growth across Cirsa's business segments contributed to the positive results. The casino division was a strong performer, with revenues growing by 12% and organic growth of 5%.

The Slots Spain segment was particularly notable, posting an 11% revenue increase and 17% EBITDA growth. This division achieved a record EBITDA margin of 53%, its sixth straight quarter above the 50% threshold. Meanwhile, Slots Italy revenue increased by 4%, outperforming a flat market environment. The online gaming and betting division saw revenues climb 15% on the back of a 22% increase in turnover, though year-over-year EBITDA margins in the segment declined due to new taxes in Peru.

Outlook and Strategic Acquisitions

Cirsa reaffirmed its full-year 2026 guidance, stating it is on track to reach the high end of its previously announced ranges. The company projects full-year revenue between €2,500 million and €2,560 million and EBITDA between €800 million and €820 million. This outlook implies an 8% year-over-year growth rate and aligns with current consensus estimates.

In line with its growth strategy, Cirsa also announced two recent acquisitions: Slots del Sol, an online operator in Paraguay, and Casino Figueira in Portugal, expanding its international footprint.