{"id":126348,"date":"2026-05-23T17:04:07","date_gmt":"2026-05-23T15:04:07","guid":{"rendered":"https:\/\/www.kryptocasinos.com\/en\/news\/cirsa-q1-2026-revenue-debt-reduction-peru-online-tax\/"},"modified":"2026-05-23T17:04:07","modified_gmt":"2026-05-23T15:04:07","slug":"cirsa-q1-2026-revenue-debt-reduction-peru-online-tax","status":"publish","type":"post","link":"https:\/\/www.kryptocasinos.com\/en\/news\/cirsa-q1-2026-revenue-debt-reduction-peru-online-tax\/","title":{"rendered":"CIRSA Reports Record Q1 2026 Revenue and Lower Debt"},"content":{"rendered":"<p>CIRSA Reports Record Q1 2026 Revenue and Lower Debt \u2013 Retail Growth Offsets Online Margin Pressure in Peru<\/p>\n\n<span class=\"anchor\" id=\"key-takeaways\" title=\"Key Takeaways\"><\/span><h2 class=\"wp-block-heading\">Key Takeaways<\/h2>\n\n<ul class=\"wp-block-list\"><li>CIRSA reported Q1 2026 net operating revenues of \u20ac623 million, up 8% year-on-year, with EBITDA rising 8.5% to \u20ac193.9 million.<\/li><li>Net financial debt fell to \u20ac2.05 billion from \u20ac2.64 billion a year earlier, reducing leverage from 3.7x to 2.7x.<\/li><li>Retail revenue increased 9.3% excluding foreign exchange effects, while online EBITDA declined 11.9% due to Peru\u2019s new tax framework.<\/li><li>The company maintained its full-year guidance of \u20ac2.5 billion to \u20ac2.56 billion in revenue and \u20ac800 million to \u20ac820 million in EBITDA.<\/li><\/ul>\n\n<span class=\"anchor\" id=\"revenue-and-ebitda-reach-new-highs-in-first-quarter\" title=\"Revenue and EBITDA Reach New Highs in First Quarter\"><\/span><h2 class=\"wp-block-heading\">Revenue and EBITDA Reach New Highs in First Quarter<\/h2>\n\n<p>CIRSA opened 2026 with record quarterly revenues and continued profitability growth. The Spain-based gaming operator reported net operating revenues of \u20ac623 million for the first quarter, compared with \u20ac576.7 million in the same period of 2025. This represents an 8% year-on-year increase. Excluding currency effects, revenue growth reached 9.5%.<\/p>\n\n<p>EBITDA rose 8.5% to \u20ac193.9 million. On a constant currency basis, EBITDA increased 10.8%. The quarter marked the company\u2019s 71st consecutive period of EBITDA growth, excluding the COVID period.<\/p>\n\n<p>Net profit climbed to \u20ac44.6 million, up from \u20ac28.1 million a year earlier. Adjusted net profit increased 32.8% year-on-year to \u20ac69.9 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.<\/p>\n\n<span class=\"anchor\" id=\"retail-division-drives-earnings-spain-accounts-for-over-half-of-ebitda\" title=\"Retail Division Drives Earnings, Spain Accounts for Over Half of EBITDA\"><\/span><h2 class=\"wp-block-heading\">Retail Division Drives Earnings, Spain Accounts for Over Half of EBITDA<\/h2>\n\n<p>Retail operations remained the main earnings contributor. Retail revenue increased 9.3% excluding foreign exchange impacts, while EBITDA from this segment rose 13.3%.<\/p>\n\n<p>Spain\u2019s 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 \u20ac64.3 million. The company attributed the growth to slot replacement programs, new game launches, technology upgrades, and productivity improvements across venues.<\/p>\n\n<p>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\u2019s earnings mix.<\/p>\n\n<p>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.<\/p>\n\n<span class=\"anchor\" id=\"expansion-in-peru-and-online-growth-amid-margin-pressure\" title=\"Expansion in Peru and Online Growth Amid Margin Pressure\"><\/span><h2 class=\"wp-block-heading\">Expansion in Peru and Online Growth Amid Margin Pressure<\/h2>\n\n<p>Peru continued to play a key role in CIRSA\u2019s 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.<\/p>\n\n<p>CIRSA\u2019s 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.<\/p>\n\n<p>However, profitability in the online segment declined. EBITDA fell 11.9% year-on-year to \u20ac21.4 million. The company stated that Peru\u2019s recently implemented online gaming tax framework reduced online EBITDA margins by approximately 539 basis points during the quarter.<\/p>\n\n<p>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.<\/p>\n\n<span class=\"anchor\" id=\"refinancing-reduces-financial-expenses-and-leverage\" title=\"Refinancing Reduces Financial Expenses and Leverage\"><\/span><h2 class=\"wp-block-heading\">Refinancing Reduces Financial Expenses and Leverage<\/h2>\n\n<p>A significant development in the first quarter was the improvement in CIRSA\u2019s balance sheet. Financial expenses declined from \u20ac52.5 million in Q1 2025 to \u20ac34.6 million in Q1 2026, a reduction of \u20ac17.9 million.<\/p>\n\n<p>The decrease followed refinancing initiatives completed in late 2025, as well as lower borrowing costs after the company\u2019s IPO and bond restructuring efforts. Management stated that annualized financing savings are expected to exceed \u20ac60 million, with further reductions possible after additional refinancing activities planned for later in the year.<\/p>\n\n<p>Net financial debt decreased to \u20ac2.05 billion, compared with \u20ac2.64 billion a year earlier. This represents a reduction of more than \u20ac500 million year-on-year. The company\u2019s leverage ratio improved from 3.7x to 2.7x over the same period.<\/p>\n\n<p>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\u2019s case, the lower leverage and reduced financial expenses provide a stronger financial base at a time when regulatory changes are affecting certain online markets.<\/p>\n\n<span class=\"anchor\" id=\"full-year-guidance-maintained\" title=\"Full-Year Guidance Maintained\"><\/span><h2 class=\"wp-block-heading\">Full-Year Guidance Maintained<\/h2>\n\n<p>Despite pressure on online betting margins and softer cash flow generation, CIRSA maintained its full-year guidance. The company expects revenue between \u20ac2.5 billion and \u20ac2.56 billion for 2026, with EBITDA projected in the range of \u20ac800 million to \u20ac820 million.<\/p>\n\n<p>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.<\/p>\n\n<span class=\"anchor\" id=\"our-assessment\" title=\"Our Assessment\"><\/span><h2 class=\"wp-block-heading\">Our Assessment<\/h2>\n\n<p>CIRSA\u2019s 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.<\/p>\n\n<div class=\"gambling-disclaimer\">\n\t<p>\n\t\tWe have imposed strict editorial guidelines on ourselves and explain our testing methods openly and comprehensively. We also communicate transparently how our work is financed. This site may contain tracking links, but this does not influence our objective view in any way.\t<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>CIRSA posted record Q1 2026 revenue of \u20ac623 million and reduced net debt to \u20ac2.05 billion. Retail growth offset margin pressure from Peru\u2019s new online tax regime.<\/p>\n","protected":false},"author":8,"featured_media":126347,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[],"tags":[],"news_crypto_coin":[],"class_list":["post-126348","post","type-post","status-publish","format-standard","has-post-thumbnail"],"acf":{"faqs":null,"sort_number":999,"sort_number_no_override":false},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.0 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>CIRSA Q1 2026 Revenue Up 8%, Debt Reduced<\/title>\n<meta name=\"description\" content=\"CIRSA reports \u20ac623 million Q1 2026 revenue, 8% growth, lower debt and reduced leverage, while Peru\u2019s online tax impacts margins.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.kryptocasinos.com\/en\/news\/cirsa-q1-2026-revenue-debt-reduction-peru-online-tax\/\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kryptocasinos.com EN\" \/>\n<meta property=\"og:description\" content=\"CIRSA reports \u20ac623 million Q1 2026 revenue, 8% growth, lower debt and reduced leverage, while Peru\u2019s online tax impacts margins.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.kryptocasinos.com\/en\/news\/cirsa-q1-2026-revenue-debt-reduction-peru-online-tax\/\" \/>\n<meta property=\"og:site_name\" content=\"Kryptocasinos.com\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/kryptocasinoscomm\/\" \/>\n<meta property=\"article:published_time\" content=\"2026-05-23T15:04:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.kryptocasinos.com\/wp-content\/uploads\/2026\/05\/cirsa-q1-2026-revenue-debt-reduction-peru-online-tax.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1408\" \/>\n\t<meta property=\"og:image:height\" content=\"736\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Isabella Brown\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Isabella Brown\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/www.kryptocasinos.com\/en\/news\/cirsa-q1-2026-revenue-debt-reduction-peru-online-tax\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.kryptocasinos.com\/en\/news\/cirsa-q1-2026-revenue-debt-reduction-peru-online-tax\/\"},\"author\":{\"name\":\"Isabella Brown\",\"@id\":\"https:\/\/www.kryptocasinos.com\/en\/#\/schema\/person\/badee6a5ed8b6777da5bd380d112bcdc\"},\"headline\":\"CIRSA Reports Record Q1 2026 Revenue and Lower Debt\",\"datePublished\":\"2026-05-23T17:04:07+02:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.kryptocasinos.com\/en\/news\/cirsa-q1-2026-revenue-debt-reduction-peru-online-tax\/\"},\"wordCount\":848,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.kryptocasinos.com\/en\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.kryptocasinos.com\/en\/news\/cirsa-q1-2026-revenue-debt-reduction-peru-online-tax\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.kryptocasinos.com\/wp-content\/uploads\/2026\/05\/cirsa-q1-2026-revenue-debt-reduction-peru-online-tax.jpg\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.kryptocasinos.com\/en\/news\/cirsa-q1-2026-revenue-debt-reduction-peru-online-tax\/#respond\"]}],\"description\":\"\",\"isAccessibleForFree\":true,\"articleBody\":\"CIRSA Reports Record Q1 2026 Revenue and Lower Debt - Retail Growth Offsets Online Margin Pressure in Peru\\n\\nKey Takeaways\\n\\nCIRSA reported Q1 2026 net operating revenues of \u20ac623 million, up 8% year-on-year, with EBITDA rising 8.5% to \u20ac193.9 million.Net financial debt fell to \u20ac2.05 billion from \u20ac2.64 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\u2019s new tax framework.The company maintained its full-year guidance of \u20ac2.5 billion to \u20ac2.56 billion in revenue and \u20ac800 million to \u20ac820 million in EBITDA.\\n\\nRevenue and EBITDA Reach New Highs in First Quarter\\n\\nCIRSA opened 2026 with record quarterly revenues and continued profitability growth. The Spain-based gaming operator reported net operating revenues of \u20ac623 million for the first quarter, compared with \u20ac576.7 million in the same period of 2025. This represents an 8% year-on-year increase. Excluding currency effects, revenue growth reached 9.5%.\\n\\nEBITDA rose 8.5% to \u20ac193.9 million. On a constant currency basis, EBITDA increased 10.8%. The quarter marked the company\u2019s 71st consecutive period of EBITDA growth, excluding the COVID period.\\n\\nNet profit climbed to \u20ac44.6 million, up from \u20ac28.1 million a year earlier. Adjusted net profit increased 32.8% year-on-year to \u20ac69.9 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.\\n\\nRetail Division Drives Earnings, Spain Accounts for Over Half of EBITDA\\n\\nRetail operations remained the main earnings contributor. Retail revenue increased 9.3% excluding foreign exchange impacts, while EBITDA from this segment rose 13.3%.\\n\\nSpain\u2019s 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 \u20ac64.3 million. The company attributed the growth to slot replacement programs, new game launches, technology upgrades, and productivity improvements across venues.\\n\\nOverall, Spain accounted for just over half of total group EBITDA during the quarter. This highlights the continued importance of the domestic market within CIRSA\u2019s earnings mix.\\n\\nThe 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.\\n\\nExpansion in Peru and Online Growth Amid Margin Pressure\\n\\nPeru continued to play a key role in CIRSA\u2019s 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.\\n\\nCIRSA\u2019s 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.\\n\\nHowever, profitability in the online segment declined. EBITDA fell 11.9% year-on-year to \u20ac21.4 million. The company stated that Peru\u2019s recently implemented online gaming tax framework reduced online EBITDA margins by approximately 539 basis points during the quarter.\\n\\nThis 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.\\n\\nRefinancing Reduces Financial Expenses and Leverage\\n\\nA significant development in the first quarter was the improvement in CIRSA\u2019s balance sheet. Financial expenses declined from \u20ac52.5 million in Q1 2025 to \u20ac34.6 million in Q1 2026, a reduction of \u20ac17.9 million.\\n\\nThe decrease followed refinancing initiatives completed in late 2025, as well as lower borrowing costs after the company\u2019s IPO and bond restructuring efforts. Management stated that annualized financing savings are expected to exceed \u20ac60 million, with further reductions possible after additional refinancing activities planned for later in the year.\\n\\nNet financial debt decreased to \u20ac2.05 billion, compared with \u20ac2.64 billion a year earlier. This represents a reduction of more than \u20ac500 million year-on-year. The company\u2019s leverage ratio improved from 3.7x to 2.7x over the same period.\\n\\nFor 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\u2019s case, the lower leverage and reduced financial expenses provide a stronger financial base at a time when regulatory changes are affecting certain online markets.\\n\\nFull-Year Guidance Maintained\\n\\nDespite pressure on online betting margins and softer cash flow generation, CIRSA maintained its full-year guidance. The company expects revenue between \u20ac2.5 billion and \u20ac2.56 billion for 2026, with EBITDA projected in the range of \u20ac800 million to \u20ac820 million.\\n\\nManagement 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.\\n\\nOur Assessment\\n\\nCIRSA\u2019s 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.\\n\\n\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.kryptocasinos.com\/en\/news\/cirsa-q1-2026-revenue-debt-reduction-peru-online-tax\/\",\"url\":\"https:\/\/www.kryptocasinos.com\/en\/news\/cirsa-q1-2026-revenue-debt-reduction-peru-online-tax\/\",\"name\":\"CIRSA Q1 2026 Revenue Up 8%, Debt Reduced\",\"isPartOf\":{\"@id\":\"https:\/\/www.kryptocasinos.com\/en\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.kryptocasinos.com\/en\/news\/cirsa-q1-2026-revenue-debt-reduction-peru-online-tax\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.kryptocasinos.com\/en\/news\/cirsa-q1-2026-revenue-debt-reduction-peru-online-tax\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.kryptocasinos.com\/wp-content\/uploads\/2026\/05\/cirsa-q1-2026-revenue-debt-reduction-peru-online-tax.jpg\",\"datePublished\":\"2026-05-23T17:04:07+02:00\",\"description\":\"CIRSA reports \u20ac623 million Q1 2026 revenue, 8% growth, lower debt and reduced leverage, while Peru\u2019s online tax impacts margins.\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.kryptocasinos.com\/en\/news\/cirsa-q1-2026-revenue-debt-reduction-peru-online-tax\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.kryptocasinos.com\/en\/news\/cirsa-q1-2026-revenue-debt-reduction-peru-online-tax\/#primaryimage\",\"url\":\"https:\/\/www.kryptocasinos.com\/wp-content\/uploads\/2026\/05\/cirsa-q1-2026-revenue-debt-reduction-peru-online-tax.jpg\",\"contentUrl\":\"https:\/\/www.kryptocasinos.com\/wp-content\/uploads\/2026\/05\/cirsa-q1-2026-revenue-debt-reduction-peru-online-tax.jpg\",\"width\":1408,\"height\":736,\"caption\":\"Upward bar chart, stack of euro coins beside a small retail storefront with a green growth arrow above it\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.kryptocasinos.com\/en\/news\/cirsa-q1-2026-revenue-debt-reduction-peru-online-tax\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.kryptocasinos.com\/en\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"CIRSA Reports Record Q1 2026 Revenue and Lower Debt\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.kryptocasinos.com\/en\/#website\",\"url\":\"https:\/\/www.kryptocasinos.com\/en\/\",\"name\":\"Kryptocasinos.com\",\"description\":\"\",\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.kryptocasinos.com\/en\/#organization\",\"name\":\"Kryptocasinos.com\",\"url\":\"https:\/\/www.kryptocasinos.com\/en\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.kryptocasinos.com\/en\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/www.kryptocasinos.com\/wp-content\/uploads\/2025\/06\/kryptocasinos-com-logo.svg\",\"contentUrl\":\"https:\/\/www.kryptocasinos.com\/wp-content\/uploads\/2025\/06\/kryptocasinos-com-logo.svg\",\"width\":109,\"height\":34,\"caption\":\"Kryptocasinos.com\"},\"image\":{\"@id\":\"https:\/\/www.kryptocasinos.com\/en\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/kryptocasinoscomm\/\"],\"description\":\"Explore the best crypto casinos for %%currentyear%%. 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Before working for Kryptocasinos.com I was leading the content team of an iGaming Online magazine where I was focused on researching casinos, their licenses and the connection between the members of the industry.\",\"birthDate\":\"1995-02-13\",\"url\":\"https:\/\/www.kryptocasinos.com\/en\/author\/isabella\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"CIRSA Q1 2026 Revenue Up 8%, Debt Reduced","description":"CIRSA reports \u20ac623 million Q1 2026 revenue, 8% growth, lower debt and reduced leverage, while Peru\u2019s online tax impacts margins.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.kryptocasinos.com\/en\/news\/cirsa-q1-2026-revenue-debt-reduction-peru-online-tax\/","og_type":"article","og_title":"Kryptocasinos.com EN","og_description":"CIRSA reports \u20ac623 million Q1 2026 revenue, 8% growth, lower debt and reduced leverage, while Peru\u2019s online tax impacts margins.","og_url":"https:\/\/www.kryptocasinos.com\/en\/news\/cirsa-q1-2026-revenue-debt-reduction-peru-online-tax\/","og_site_name":"Kryptocasinos.com","article_publisher":"https:\/\/www.facebook.com\/kryptocasinoscomm\/","article_published_time":"2026-05-23T15:04:07+00:00","og_image":[{"width":1408,"height":736,"url":"https:\/\/www.kryptocasinos.com\/wp-content\/uploads\/2026\/05\/cirsa-q1-2026-revenue-debt-reduction-peru-online-tax.jpg","type":"image\/jpeg"}],"author":"Isabella Brown","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Isabella Brown","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/www.kryptocasinos.com\/en\/news\/cirsa-q1-2026-revenue-debt-reduction-peru-online-tax\/#article","isPartOf":{"@id":"https:\/\/www.kryptocasinos.com\/en\/news\/cirsa-q1-2026-revenue-debt-reduction-peru-online-tax\/"},"author":{"name":"Isabella Brown","@id":"https:\/\/www.kryptocasinos.com\/en\/#\/schema\/person\/badee6a5ed8b6777da5bd380d112bcdc"},"headline":"CIRSA Reports Record Q1 2026 Revenue and Lower Debt","datePublished":"2026-05-23T17:04:07+02:00","mainEntityOfPage":{"@id":"https:\/\/www.kryptocasinos.com\/en\/news\/cirsa-q1-2026-revenue-debt-reduction-peru-online-tax\/"},"wordCount":848,"commentCount":0,"publisher":{"@id":"https:\/\/www.kryptocasinos.com\/en\/#organization"},"image":{"@id":"https:\/\/www.kryptocasinos.com\/en\/news\/cirsa-q1-2026-revenue-debt-reduction-peru-online-tax\/#primaryimage"},"thumbnailUrl":"https:\/\/www.kryptocasinos.com\/wp-content\/uploads\/2026\/05\/cirsa-q1-2026-revenue-debt-reduction-peru-online-tax.jpg","inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.kryptocasinos.com\/en\/news\/cirsa-q1-2026-revenue-debt-reduction-peru-online-tax\/#respond"]}],"description":"","isAccessibleForFree":true,"articleBody":"CIRSA Reports Record Q1 2026 Revenue and Lower Debt - Retail Growth Offsets Online Margin Pressure in Peru\n\nKey Takeaways\n\nCIRSA reported Q1 2026 net operating revenues of \u20ac623 million, up 8% year-on-year, with EBITDA rising 8.5% to \u20ac193.9 million.Net financial debt fell to \u20ac2.05 billion from \u20ac2.64 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\u2019s new tax framework.The company maintained its full-year guidance of \u20ac2.5 billion to \u20ac2.56 billion in revenue and \u20ac800 million to \u20ac820 million in EBITDA.\n\nRevenue and EBITDA Reach New Highs in First Quarter\n\nCIRSA opened 2026 with record quarterly revenues and continued profitability growth. The Spain-based gaming operator reported net operating revenues of \u20ac623 million for the first quarter, compared with \u20ac576.7 million in the same period of 2025. This represents an 8% year-on-year increase. Excluding currency effects, revenue growth reached 9.5%.\n\nEBITDA rose 8.5% to \u20ac193.9 million. On a constant currency basis, EBITDA increased 10.8%. The quarter marked the company\u2019s 71st consecutive period of EBITDA growth, excluding the COVID period.\n\nNet profit climbed to \u20ac44.6 million, up from \u20ac28.1 million a year earlier. Adjusted net profit increased 32.8% year-on-year to \u20ac69.9 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.\n\nRetail Division Drives Earnings, Spain Accounts for Over Half of EBITDA\n\nRetail operations remained the main earnings contributor. Retail revenue increased 9.3% excluding foreign exchange impacts, while EBITDA from this segment rose 13.3%.\n\nSpain\u2019s 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 \u20ac64.3 million. The company attributed the growth to slot replacement programs, new game launches, technology upgrades, and productivity improvements across venues.\n\nOverall, Spain accounted for just over half of total group EBITDA during the quarter. This highlights the continued importance of the domestic market within CIRSA\u2019s earnings mix.\n\nThe 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.\n\nExpansion in Peru and Online Growth Amid Margin Pressure\n\nPeru continued to play a key role in CIRSA\u2019s 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.\n\nCIRSA\u2019s 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.\n\nHowever, profitability in the online segment declined. EBITDA fell 11.9% year-on-year to \u20ac21.4 million. The company stated that Peru\u2019s recently implemented online gaming tax framework reduced online EBITDA margins by approximately 539 basis points during the quarter.\n\nThis 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.\n\nRefinancing Reduces Financial Expenses and Leverage\n\nA significant development in the first quarter was the improvement in CIRSA\u2019s balance sheet. Financial expenses declined from \u20ac52.5 million in Q1 2025 to \u20ac34.6 million in Q1 2026, a reduction of \u20ac17.9 million.\n\nThe decrease followed refinancing initiatives completed in late 2025, as well as lower borrowing costs after the company\u2019s IPO and bond restructuring efforts. Management stated that annualized financing savings are expected to exceed \u20ac60 million, with further reductions possible after additional refinancing activities planned for later in the year.\n\nNet financial debt decreased to \u20ac2.05 billion, compared with \u20ac2.64 billion a year earlier. This represents a reduction of more than \u20ac500 million year-on-year. The company\u2019s leverage ratio improved from 3.7x to 2.7x over the same period.\n\nFor 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\u2019s case, the lower leverage and reduced financial expenses provide a stronger financial base at a time when regulatory changes are affecting certain online markets.\n\nFull-Year Guidance Maintained\n\nDespite pressure on online betting margins and softer cash flow generation, CIRSA maintained its full-year guidance. The company expects revenue between \u20ac2.5 billion and \u20ac2.56 billion for 2026, with EBITDA projected in the range of \u20ac800 million to \u20ac820 million.\n\nManagement 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.\n\nOur Assessment\n\nCIRSA\u2019s 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.\n\n"},{"@type":"WebPage","@id":"https:\/\/www.kryptocasinos.com\/en\/news\/cirsa-q1-2026-revenue-debt-reduction-peru-online-tax\/","url":"https:\/\/www.kryptocasinos.com\/en\/news\/cirsa-q1-2026-revenue-debt-reduction-peru-online-tax\/","name":"CIRSA Q1 2026 Revenue Up 8%, Debt Reduced","isPartOf":{"@id":"https:\/\/www.kryptocasinos.com\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.kryptocasinos.com\/en\/news\/cirsa-q1-2026-revenue-debt-reduction-peru-online-tax\/#primaryimage"},"image":{"@id":"https:\/\/www.kryptocasinos.com\/en\/news\/cirsa-q1-2026-revenue-debt-reduction-peru-online-tax\/#primaryimage"},"thumbnailUrl":"https:\/\/www.kryptocasinos.com\/wp-content\/uploads\/2026\/05\/cirsa-q1-2026-revenue-debt-reduction-peru-online-tax.jpg","datePublished":"2026-05-23T17:04:07+02:00","description":"CIRSA reports \u20ac623 million Q1 2026 revenue, 8% growth, lower debt and reduced leverage, while Peru\u2019s online tax impacts margins.","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.kryptocasinos.com\/en\/news\/cirsa-q1-2026-revenue-debt-reduction-peru-online-tax\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.kryptocasinos.com\/en\/news\/cirsa-q1-2026-revenue-debt-reduction-peru-online-tax\/#primaryimage","url":"https:\/\/www.kryptocasinos.com\/wp-content\/uploads\/2026\/05\/cirsa-q1-2026-revenue-debt-reduction-peru-online-tax.jpg","contentUrl":"https:\/\/www.kryptocasinos.com\/wp-content\/uploads\/2026\/05\/cirsa-q1-2026-revenue-debt-reduction-peru-online-tax.jpg","width":1408,"height":736,"caption":"Upward bar chart, stack of euro coins beside a small retail storefront with a green growth arrow above it"},{"@type":"BreadcrumbList","@id":"https:\/\/www.kryptocasinos.com\/en\/news\/cirsa-q1-2026-revenue-debt-reduction-peru-online-tax\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.kryptocasinos.com\/en\/"},{"@type":"ListItem","position":2,"name":"CIRSA Reports Record Q1 2026 Revenue and Lower Debt"}]},{"@type":"WebSite","@id":"https:\/\/www.kryptocasinos.com\/en\/#website","url":"https:\/\/www.kryptocasinos.com\/en\/","name":"Kryptocasinos.com","description":"","inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.kryptocasinos.com\/en\/#organization","name":"Kryptocasinos.com","url":"https:\/\/www.kryptocasinos.com\/en\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.kryptocasinos.com\/en\/#\/schema\/logo\/image\/","url":"https:\/\/www.kryptocasinos.com\/wp-content\/uploads\/2025\/06\/kryptocasinos-com-logo.svg","contentUrl":"https:\/\/www.kryptocasinos.com\/wp-content\/uploads\/2025\/06\/kryptocasinos-com-logo.svg","width":109,"height":34,"caption":"Kryptocasinos.com"},"image":{"@id":"https:\/\/www.kryptocasinos.com\/en\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/kryptocasinoscomm\/"],"description":"Explore the best crypto casinos for %%currentyear%%. Compare top Bitcoin gambling sites by payouts, bonuses, KYC, and supported coins, with hands-on testing.","address":{"@type":"PostalAddress","streetAddress":"557 Fuk Wing St","addressLocality":"Cheung Sha Wan","addressRegion":"HK","postalCode":"999077","addressCountry":"CN"},"contactPoint":{"@type":"ContactPoint","email":"contact@kryptocasinos.com"},"foundingDate":"2021-03-27","email":"hello@kryptocasinos.com","numberOfEmployees":{"@type":"QuantitativeValue","minValue":"11","maxValue":"50"},"publishingPrinciples":"https:\/\/www.kryptocasinos.com\/en\/editorial-guidelines\/"},{"@type":"Person","@id":"https:\/\/www.kryptocasinos.com\/en\/#\/schema\/person\/badee6a5ed8b6777da5bd380d112bcdc","name":"Isabella Brown","description":"Online Gambling, Greece and my dog Gringo are my three favorite things in my life. Before working for Kryptocasinos.com I was leading the content team of an iGaming Online magazine where I was focused on researching casinos, their licenses and the connection between the members of the industry.","birthDate":"1995-02-13","url":"https:\/\/www.kryptocasinos.com\/en\/author\/isabella\/"}]}},"yoast_meta":{"_yoast_wpseo_primary_category":"","_yoast_wpseo_title":"CIRSA Q1 2026 Revenue Up 8%, Debt Reduced","_yoast_wpseo_metadesc":"CIRSA reports \u20ac623 million Q1 2026 revenue, 8% growth, lower debt and reduced leverage, while Peru\u2019s online tax impacts margins."},"_links":{"self":[{"href":"https:\/\/www.kryptocasinos.com\/en\/wp-json\/wp\/v2\/posts\/126348","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.kryptocasinos.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.kryptocasinos.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.kryptocasinos.com\/en\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.kryptocasinos.com\/en\/wp-json\/wp\/v2\/comments?post=126348"}],"version-history":[{"count":0,"href":"https:\/\/www.kryptocasinos.com\/en\/wp-json\/wp\/v2\/posts\/126348\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.kryptocasinos.com\/en\/wp-json\/wp\/v2\/media\/126347"}],"wp:attachment":[{"href":"https:\/\/www.kryptocasinos.com\/en\/wp-json\/wp\/v2\/media?parent=126348"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.kryptocasinos.com\/en\/wp-json\/wp\/v2\/categories?post=126348"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.kryptocasinos.com\/en\/wp-json\/wp\/v2\/tags?post=126348"},{"taxonomy":"news_crypto_coin","embeddable":true,"href":"https:\/\/www.kryptocasinos.com\/en\/wp-json\/wp\/v2\/news_crypto_coin?post=126348"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}