Spanish operator Cirsa has released its complete financial results for the first quarter of 2025, highlighting that the company's revenue for the quarter was 576.7 million euros (654.7 million US dollars), a year-on-year increase of 12.5%.
In fact, this casino real estate operator emphasized a strong quarter, with both EBITDA and operating income rising compared to the first quarter of 2024. These increases were mainly due to strong online performance, with online net revenue accounting for 22.7% of the operator's total quarterly revenue, up from 16.5% in the same period last year.
Cirsa Q1 Industry Distribution
Both revenue and EBITDA achieved positive growth, increasing year-on-year to 576.7 million euros and 178.8 million euros respectively, while net debt continued to increase, reaching a total of 2.92 billion euros at the end of the first quarter of 2025, higher than 2.74 billion euros at the end of the first quarter of 2024. In terms of profits, Cirsa reported a profit of 179 million euros, which, according to the company, exceeded expectations.
As for the organization's online gaming and betting business division, operating income increased year-on-year to 145.1 million euros, a 54.8% increase from the first quarter of last year, with online EBITDA reaching 24.3 million euros.
Cirsa Q1 By Region
By region, Cirsa's domestic market, Spain, was naturally the most profitable market this quarter, with net operating income from slot machines reaching 108.2 million euros, higher than 99.9 million euros in the first quarter of 2024. In other respects, the Spanish market's total EBITDA was 54.5 million euros, higher than 46.3 million euros in the same period last year.
Following closely was the Italian market, with net operating income of -103.4 million euros, higher than -98.2 million euros in the first quarter of 2024, and EBITDA also increased year-on-year to 8.2 million euros. The operator's business in Latin America also performed strongly, with Panama's EBITDA accounting for 11.8% of the total EBITDA for the first quarter, followed by Colombia (9.9%) and Mexico (7.2%) among other countries.
In fact, Blackstone Group has been considering this initial public offering (IPO) for a long time, with preliminary reports stating that this venture capital giant planned a 3.4 billion US dollar listing for the company in December 2021.
Between these two IPO reports, Cirsa also collaborated with Zitro in 2023 to help introduce the supplier's Mega King platform to its gaming venues in the Mexican market.
