Cirsa Enterprises (CIRSA) Q1 2025 earnings summary

Executive summary

• Net revenues for 2024 reached €2,150m (+8% YoY), EBITDA €699m (+11% YoY), with a 32.5% margin.

• Q1'25 net revenues were €576.7m (+12.5% YoY), EBITDA €179m (+9.1% YoY), leverage at 3.7x.

• Online gaming and betting revenues rose from 7% of total in 2019 to 23% in Q1'25, with EBITDA share up from 4% to 13%.

• Free operating cash flow more than doubled to €85.8m in Q1'25, reflecting improved EBITDA and working capital management.

• Geographical diversification offset negative FX impacts and macro headwinds in Mexico and Panama.

Financial highlights

• 19-year CAGR: net operating revenue +5%, EBITDA +13%.

• EBITDA margin expanded from 9% (2005) to 32% (2024).

• 54 consecutive quarters of EBITDA growth pre-COVID, 13 post-COVID.

• Q1'25 OpFCF up 11% YoY, FOCF up 113% YoY, cash conversion at 48%.

• Net profit increased to €18.7m from €15.5m YoY in Q1'25.

Outlook and guidance

• 2025 guidance: net revenues €2,280-2,330m (+6-8% YoY), EBITDA €740-750m (+6-7% YoY), leverage <3.3x.

• High single-digit revenue growth expected overall, with online segment to grow low to mid-twenties.

• Mid-term: mid to high single-digit revenue growth, online growth mid to high teens.

• CAPEX to remain at 7–9% of net operating revenues.

• Potential IPO remains under consideration, timing dependent on market conditions.