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.
CIRSA has taken a new step in its sustainability strategy with the launch of a circular recycling initiative that gives a second life to the PVC playing cards used in its casinos in Spain and Morocco. The damaged playing cards now become the raw material for manufacturing loyalty cards for its most frequent users: the Club Winner members.
This innovative measure within the sector has enabled the Company to recycle more than one ton of playing cards in the last three years, preventing this plastic material from ending up in landfills and promoting its reuse in new products within its own business ecosystem.
Partnerships for a 100% circular cycle
To materialize this project, the Group has established a collaboration model that guarantees maximum traceability. The process begins with playing cards manufactured by Fournier, the exclusive supplier for CIRSA’s casinos in Spain and Morocco. Once their useful life is over, the Company manages their certified destruction, ensuring the security of the material. Subsequently, the remains are delivered to Spica, a firm specializing in recycling, which incorporates them into its industrial process to create new recycled PVC sheets. Finally, Aplicard uses this material to manufacture the Club Winner cards.
In this way, the circle is closed: waste from a gaming activity returns to the customer converted into a valuable tool. Club Winner, designed to recognize customer trust with preferential attention and exclusive activities, now allows members to also participate in the corporate commitment to the environment.
A transversal sustainability strategy
This action is not an isolated event but responds to CIRSA’s conviction that ESG (Environmental, Social & Governance) values are fundamental pillars for generating sustainable value. As outlined in its Sustainability Report, the Company focuses its efforts on four key areas: promoting responsible gaming, reducing carbon footprint, fostering relationships with local communities, and corporate governance.
To ensure the correct execution of this roadmap, CIRSA has a solid governance structure. It relies on an ESG committee under the supervision of the Executive Chairman, Joaquim Agut, and has specifically created the Sustainability, Technology, and Innovation Commission within the Advisory Board, ensuring that initiatives such as the recycling of playing cards are just the beginning of a real positive impact on its environment.
Terrassa, November 17, 2025 – CIRSA has announced today that it has acquired, through its subsidiary CIRSA International Business Corporation, a 50% stake in the Grand Casino de La Mamounia.
The Grand Casino de La Mamounia is located on the grounds of Hotel La Mamounia, a historic luxury hotel in the city of Marrakech which consistently ranks among the top deluxe hotels in the world. The casino is an international reference in the sector in terms of luxury and exclusivity, which will be preserved and further enhanced in the future.
This transaction aligns with CIRSA’s strategic focus on selective growth in core geographies and will reaffirm its long-term commitment to the country. Current management team of the casino will stay in place.
The transaction multiple is consistent with previous transactions executed by CIRSA. The transaction will be financed with available cash. Based on current estimates, its impact on CIRSA Group’s pro forma leverage is not expected to be significant.
Sportiumbet is taking a historic step in its international expansion by becoming the Official Sportsbook of Club Tigres, one of the most iconic teams in Mexican football. This alliance marks a before-and-after moment for both the brand and the club, as it is the first time in Tigres’ history that they have signed a sponsorship agreement with a betting company.
The agreement, which will run for five seasons, brings Sportiumbet together with both the men’s and women’s teams, cementing a relationship built on passion, sporting excellence, and responsible entertainment. As part of the sponsorship, the Sportiumbet logo will appear on the official match kit and in strategic areas of the Estadio Universitario, home of the Incomparables.
For Sportiumbet, this is also a special debut: its first entry into Liga MX, a key market for the brand’s growth in Latin America. This agreement goes much further: it is a commitment to the values of the game, to the spectacle, and to an incomparable fan base.
July 9, 2025 will be remembered as a historic day for CIRSA. At 12:00, in a moving ceremony held at the Barcelona Stock Exchange, our Executive Chairman, Joaquim Agut, performed the symbolic ringing of the bell to officially usher in a new chapter for our Group.
This milestone not only marks our entry into the stock markets, but also reaffirms our firm commitment to sustainable growth and long-term value creation for all our stakeholders.
The ceremony was attended by several CIRSA executives; representatives of the underwriting banks; financial and legal advisors; and members of the Blackstone team. Numerous national and international media outlets covered the event, reflecting the significance of the moment for both the company and the industry.
The Barcelona Golf Club hosted the fifth edition of the Koeman Cup by the Sportium Foundation on June 27, an event driven by Ronald Koeman, current head coach of the Netherlands national team and former FC Barcelona manager. The event once again stands out as one of the flagship initiatives on the charitable calendar supported by the Sportium Foundation.
Among the more than 250 participants who attended the Koeman Cup by the Sportium Foundation and took part in the golf and padel tournament were many prominent figures from the world of sport, including Joan Laporta, Eric Masip, Pau Gasol, Javier Saviola, Miguel Ángel Nadal, Gerard López, among others.
A charity sports tournament
For the fourth consecutive year, the Sportium Foundation is sponsoring the event spearheaded by Ronald Koeman, which this year reaches its fifth edition. In 2024, the Foundation took part in seven projects aimed at promoting social inclusion through sport, benefiting nearly 4,000 people. For 2025, the Foundation has renewed significant agreements, such as its commitment to the Fulanita de Tal Senior Women’s School to support women’s sports, is implementing new initiatives in collaboration with the Royal Spanish Athletics Federation focused on social integration through athletics, and is supporting Fernando Masiá, a runner with Usher syndrome, in his bid to complete the Six World Marathon Majors.
In this edition of the Koeman Cup by the Sportium Foundation, the Cruyff Foundation was once again the beneficiary of all funds raised, which this year totaled €75,000, a record figure. These funds will support the activities the Cruyff Foundation carries out worldwide to help young people with special needs overcome their challenges through sport.
At CIRSA, we believe that a company’s growth goes beyond numbers. It’s about building a better future for everyone, which means being an active part of the community. For the second consecutive year, we have strengthened this commitment by participating in the Gran Recapte, a charitable initiative organized by the Banc dels Aliments.
A group of our employees dedicated part of their workday to sorting and organizing the food collected during this campaign. These food items will be distributed to individuals and families in vulnerable situations, as well as those affected by the devastating DANA.
A united team, a stronger community
The results have exceeded all our expectations, showcasing the big hearts of our team. At CIRSA, we are incredibly proud of each one of our employees and their dedication to this cause.
