CIRSA Reports Record Q1 2026 Revenue and Lower Debt
CIRSA Reports Record Q1 2026 Revenue and Lower Debt – Retail Growth Offsets Online Margin Pressure in Peru
Key Takeaways
- CIRSA reported Q1 2026 net operating revenues of €623 million, up 8% year-on-year, with EBITDA rising 8.5% to €193.9 million.
- Net financial debt fell to €2.05 billion from €2.64 billion a year earlier, reducing leverage from 3.7x to 2.7x.
- Retail revenue increased 9.3% excluding foreign exchange effects, while online EBITDA declined 11.9% due to Peru’s new tax framework.
- The company maintained its full-year guidance of €2.5 billion to €2.56 billion in revenue and €800 million to €820 million in EBITDA.
Revenue and EBITDA Reach New Highs in First Quarter
CIRSA opened 2026 with record quarterly revenues and continued profitability growth. The Spain-based gaming operator reported net operating revenues of €623 million for the first quarter, compared with €576.7 million in the same period of 2025. This represents an 8% year-on-year increase. Excluding currency effects, revenue growth reached 9.5%.
EBITDA rose 8.5% to €193.9 million. On a constant currency basis, EBITDA increased 10.8%. The quarter marked the company’s 71st consecutive period of EBITDA growth, excluding the COVID period.
Net profit climbed to €44.6 million, up from €28.1 million a year earlier. Adjusted net profit increased 32.8% year-on-year to €69.9 million. Unlike previous years, growth in the first quarter was primarily organic. Management indicated that only acquisitions completed late in 2025, mainly in Spain, Peru, and Morocco, contributed to the year-on-year comparison.
Retail Division Drives Earnings, Spain Accounts for Over Half of EBITDA
Retail operations remained the main earnings contributor. Retail revenue increased 9.3% excluding foreign exchange impacts, while EBITDA from this segment rose 13.3%.
Spain’s slot machine division delivered one of the strongest performances within the group. Revenue in this unit increased 13.1%, and EBITDA rose 17.8% to €64.3 million. The company attributed the growth to slot replacement programs, new game launches, technology upgrades, and productivity improvements across venues.
Overall, Spain accounted for just over half of total group EBITDA during the quarter. This highlights the continued importance of the domestic market within CIRSA’s earnings mix.
The casino division also recorded growth across multiple jurisdictions. Revenue rose 8.3%, or 10.7% excluding foreign exchange effects, while EBITDA increased 8.2% on a reported basis. Markets including Peru, Colombia, Panama, and Morocco contributed to this expansion. Mexico remained resilient despite temporary venue closures earlier in the quarter.
Expansion in Peru and Online Growth Amid Margin Pressure
Peru continued to play a key role in CIRSA’s expansion strategy. During the quarter, the company increased its number of casinos in the country from 19 to 23. The number of slot machines rose from 2,611 to 3,434, while gaming tables increased from 37 to 61.
CIRSA’s online gaming and betting segment reported strong operational growth. Online turnover increased 22.4% year-on-year. Within this segment, casino turnover rose 23.9%, and sports betting turnover increased 19.7%. Revenue from online activities grew 9.4%, entirely through organic performance.
However, profitability in the online segment declined. EBITDA fell 11.9% year-on-year to €21.4 million. The company stated that Peru’s recently implemented online gaming tax framework reduced online EBITDA margins by approximately 539 basis points during the quarter.
This indicates that while user activity and turnover expanded, the new regulatory and tax environment in Peru directly affected margin levels. Management stated that scale advantages and operational efficiencies across regulated Latin American markets are expected to support margin development over time, but the immediate quarterly impact was negative.
Refinancing Reduces Financial Expenses and Leverage
A significant development in the first quarter was the improvement in CIRSA’s balance sheet. Financial expenses declined from €52.5 million in Q1 2025 to €34.6 million in Q1 2026, a reduction of €17.9 million.
The decrease followed refinancing initiatives completed in late 2025, as well as lower borrowing costs after the company’s IPO and bond restructuring efforts. Management stated that annualized financing savings are expected to exceed €60 million, with further reductions possible after additional refinancing activities planned for later in the year.
Net financial debt decreased to €2.05 billion, compared with €2.64 billion a year earlier. This represents a reduction of more than €500 million year-on-year. The company’s leverage ratio improved from 3.7x to 2.7x over the same period.
For operators in both land-based and online gaming, debt levels and financing costs can directly influence expansion capacity, technology investments, and regulatory compliance spending. In CIRSA’s case, the lower leverage and reduced financial expenses provide a stronger financial base at a time when regulatory changes are affecting certain online markets.
Full-Year Guidance Maintained
Despite pressure on online betting margins and softer cash flow generation, CIRSA maintained its full-year guidance. The company expects revenue between €2.5 billion and €2.56 billion for 2026, with EBITDA projected in the range of €800 million to €820 million.
Management indicated that current performance is tracking toward the upper end of those targets. This guidance incorporates both the strong retail contribution and the impact of regulatory changes in markets such as Peru.
Our Assessment
CIRSA’s first-quarter results show revenue and EBITDA growth driven primarily by retail and casino operations, particularly in Spain and selected Latin American markets. At the same time, the newly implemented online gaming tax regime in Peru reduced online EBITDA margins despite continued turnover growth. The company also strengthened its balance sheet through lower financial expenses and reduced net debt, while maintaining its full-year financial targets for 2026.
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