Cirsa Posts 70th Consecutive Quarter of Growth as Listed Company

Cirsa marked its “70th consecutive quarter of improved results” in Q4 2025 while delivering its first full reporting cycle as a publicly listed operator. Operating revenues reached €623.6m for the quarter, rising 6.4% year-on-year across gaming and hospitality channels. Operating profit increased 3.5% to €198m, supported by improved operational efficiency.

Full-year operating revenues climbed to €2.34bn, with $753.5m in operating profit and €72.9m in record net profit. 

The Casinos division recorded a 2.2% rise in operating revenues during 2025, maintaining stable contribution to group income. Slots Spain expanded 5.4%, while Slots Italy advanced 10.1% as local market demand improved. Retail operations also grew 4.6% year-on-year, supported by venue-level traffic recovery.

Online Gaming and Betting Segment Drives 25.8% Growth Momentum

The Online Gaming and Betting vertical emerged as the company’s fastest-growing business line, expanding 25.8% compared to 2024. Platform optimisation and customer acquisition programmes helped accelerate wagering activity across regulated jurisdictions.

Digital engagement strategies increasingly complemented physical casino operations, allowing the group to capture hybrid consumer behaviour. Management views the online segment as a long-term structural growth contributor to earnings stability.

The company operates gaming and entertainment businesses across multiple markets, including Italy, Panama, Mexico, Colombia, Spain, Peru, Costa Rica, the Dominican Republic and Morocco. 

Asset Expansion Supported by Build-and-Buy Growth Strategy

Cirsa pursued a “build and buy” development model combining organic investment and selective acquisitions. The company acquired a 50% stake in the Grand Casino de La Mamounia in Marrakech, strengthening its North African presence.

Four additional casinos were purchased in Peru during 2025, reinforcing South American land-based operations. 

The group completed its initial public offering across Spain’s four stock exchanges in July 2025. Shares launched at €15 and were trading around €15.07 at the time of reporting, reflecting early market stability.

ESG Recognition and 2026 Financial Outlook

Circa Group Executive Chairman, Joaquim Agut commented on the developments: 

“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 recognises and values. These achievements reflect a company prepared to continue growing with rigour and responsibility.”

The company was recognised as a “leader in managing material ESG issues” by Sustainalytics and was included in the S&P Global Sustainability Yearbook 2026.

Cirsa’s 2026 guidance forecasts net revenue between €2.5bn and €2.56bn, with EBITDA expected in the €800m to €820m range. This is supported by continued digital expansion and operational optimisation.