Cirsa shares up on 11.9% H1 revenue growth, online gaming surges 63%

Investing.com -- Shares of Spanish gaming company Cirsa (BME:CIRSA) climbed over 2% on Tuesday after the firm reported double-digit revenue growth in the first half of 2025 and reaffirmed its full-year earnings guidance.

Cirsa expects full-year EBITDA to reach between €740 million and €750 million, a 6% to 7% increase from 2024. 

Analysts have comparable estimates, with Jefferies forecasting €749 million and FactSet consensus at €747 million. 

Revenue is projected at €2.28 billion to €2.33 billion, reflecting 6% to 8% growth compared with earlier guidance of “high single-digit” growth.

First-half revenue rose 11.9% from a year earlier, while second-quarter revenue increased 11% to €579 million. 

Second-quarter EBITDA climbed 9% to €187 million, with the first-half margin at 32.3%, slightly below 32.9% a year ago. Net debt to EBITDA fell to 3.2 times from 3.7 times at the end of March.

Jefferies noted that Cirsa’s second-quarter results underscore ongoing underlying momentum and said the company is on track to meet its full-year guidance.

The online gaming and betting division showed the strongest growth, with revenue up 63% and EBITDA rising 120%. 

The gains reflected double-digit organic growth and the integration of acquisitions Apuesta Total and Casino de Portugal completed earlier this year.

Casinos recorded a 1% decline in both revenue and EBITDA. While organic growth reached 5%, it was offset by a 6% negative impact from foreign exchange. 

Slots in Spain rose 1% in revenue and 5% in EBITDA, with margins hitting 50%. Slots in Italy grew 5% in both revenue and EBITDA, supported by the acquisition of Royal in the first quarter.

Cirsa’s overall results reflect a continuation of its long record of profitability. Excluding the COVID-19 period, the company has delivered 67 consecutive quarters of EBITDA growth, with a compound annual growth rate of 13% from fiscal 2005 to 2024, Jefferies said.

Jefferies flagged Cirsa’s position as a “unique, diverse, 100% regulated gaming platform” and said the company could accelerate growth through acquisitions. 

Despite expansion into lower-margin online operations, group profitability remains stable.