Year-on-Year Revenue Up 12.5%, EBITDA Surpasses €178M
Spanish gaming and casino operator Cirsa has posted its financial results for the first quarter of 2025, highlighting strong revenue and profit growth backed by surging online performance and solid results across multiple regional markets.
Cirsa reported €576.7 million in revenue, marking a 12.5% increase year-on-year, while EBITDA climbed 9.1% to reach €178.8 million. These results reflect continued operational efficiency and rising consumer engagement, particularly in online verticals.
Online Betting and Gaming Surge 54.8%
Online operations were a standout segment, with Cirsa’s digital business posting a year-on-year revenue increase of 54.8%, reaching €145.1 million. Online EBITDA totaled €24.3 million, and digital gaming now represents 22.7% of total revenue—a notable jump from 16.5% in Q1 2024. The operator attributes this growth to continued investment in user experience, game variety, and digital infrastructure.
Spain Leads Regionally, But Panama Shines in EBITDA Share
Spain remains Cirsa’s flagship market, generating €108.2 million from slot operations, up from €99.9 million a year earlier. Spanish EBITDA also rose to €54.5 million, up from €46.3 million in Q1 2024. The Italian market followed, with revenue increasing to €103.4 million and EBITDA reaching €8.2 million.
In Latin America, Panama contributed 11.8% of total Q1 EBITDA, making it the top-performing LatAm country for Cirsa, followed by Colombia (9.9%) and Mexico (7.2%). The figures indicate strong traction in emerging markets where land-based and digital operations continue to expand.
Rising Debt and IPO Plans
Despite robust earnings, Cirsa’s net debt rose to €2.92 billion, up from €2.74 billion in Q1 2024. The company said the increase supports its expansion strategy and digital development but acknowledged the need to balance growth with financial discipline.
Cirsa’s growth also coincides with renewed IPO speculation. In February 2025, Blackstone, which owns Cirsa, confirmed it was preparing for a Madrid stock exchange listing—a move that could value the company at over $3.4 billion, according to earlier reports. This potential IPO would mark a major development in Cirsa’s corporate journey and could provide further capital for expansion.
Strategic Partnerships Support Growth
In addition to financial gains, Cirsa’s strategic partnerships have helped fuel its upward momentum. A 2023 collaboration with Zitro brought the popular Mega King platform to Cirsa’s venues in Mexico, enhancing customer offerings and reinforcing its competitive edge in that region.
Good to Know: Cirsa’s consistent growth across key verticals and regions continues to solidify its position as one of Europe and Latin America’s leading gambling operators, with a strong digital outlook and potential public listing on the horizon.
