Cirsa has reported its financial results for Q1 2025, showing strong growth across multiple areas of its business. The Spanish 바카라 and gaming operator posted €576.7 million ($654.7 million) in company revenue for the first quarter, representing a 12.5 percent year-on-year increase. The rise was mainly driven by a surge in online performance and continued strength in its home market of Spain.
Online sector sees major gains
Cirsa’s online gaming and betting division recorded €145.1 million in operating revenue for Q1 2025, a 54.8 percent rise compared to Q1 2024. Online operations now account for 22.7 percent of the group’s total quarterly revenue, up from 16.5 percent a year earlier. Online EBITDA also saw a strong increase, reaching €24.3 million.
The company attributed this growth to increased digital activity and stronger product offerings across its online platforms.
Profit surpasses expectations
Cirsa’s total earnings before interest, taxes, depreciation, and amortisation (EBITDA) for , marking a solid increase compared to the previous year. Net profit stood at €179 million, which the company confirmed has exceeded its internal expectations.
While revenue and profit rose, net debt also increased. As of Q1 2025, Cirsa’s total net debt reached €2.92 billion. This is up from €2.74 billion recorded at the end of Q1 2024.
Spanish and Italian markets perform strongly
Cirsa’s strongest regional performance came from its home market, Spain. Slots operations in Spain generated €108.2 million in net operating revenue during Q1 2025, up from €99.9 million in the same period last year. Spanish market EBITDA reached €54.5 million, also increasing from €46.3 million year-on-year.
Italy followed as a key contributor. Net operating revenue rose to €103.4 million, up from €98.2 million in Q1 2024. EBITDA from the Italian market also grew, reaching €8.2 million.
LatAm region continues to grow
Cirsa’s presence in Latin America also made a notable impact. Panama delivered 11.8 percent of the company’s total Q1 EBITDA, followed by Colombia at 9.9 percent and Mexico at 7.2 percent.
In recent years, Cirsa has strengthened its position in Latin America through strategic partnerships. One such move includes its 2023 collaboration with Zitro to bring the Mega King platform to gaming venues in Mexico.
IPO discussions resurface
Reports of a potential initial public offering (IPO) have resurfaced. Blackstone, which owns Cirsa, had previously considered listing the company in December 2021 at an estimated value of $3.4 billion. While no formal update has been made, market watchers remain alert to any developments.
