Cirsa Enterprises (CIRSA) Q2 2025 earnings summary

Executive summary

• Achieved strong Q2 2025 results with net operating revenues of €579 million, up 11.3% year-over-year, and EBITDA of €187 million, up 9.2% year-over-year.

• Online segment now represents 23% of revenues, up from 16% in Q2 2024, driven by organic growth and the Apuesta Total acquisition.

• IPO in July 2025 raised €373 million, used to reduce debt, complemented by a €273 million capital injection from the main shareholder.

• Leverage reduced to 2.68x pro forma post-IPO, down from 3.7x at March 2025.

• Company ranked #1 globally in its sector for ESG by Sustainalytics.

Financial highlights

• Net operating revenues for 2Q25 were €579 million (+11.3% year-over-year); EBITDA reached €187 million (+9.2% year-over-year); EBITDA margin at 32.3%.

• Online segment net revenues grew 63% year-over-year in 2Q25, with EBITDA margin rising to 22.9%.

• Cash generation reached €107 million in Q2, a 66% increase year-over-year; cash conversion rate at 75%.

• Adjusted net income for H1 2025: €101 million (+17% year-over-year).

• Consolidated 1H25 net operating revenues were €1,155 million, up from €1,033 million in 1H24.

Outlook and guidance

• Full-year 2025 revenue guidance: €2,280–€2,330 million, targeting 6–8% year-over-year growth.

• EBITDA guidance: €740–€750 million, also 6–7% year-over-year growth.

• CapEx expected at 7–9% of net revenue.

• Online revenue growth for 2025 expected to exceed 20%, with mid-to-high teens growth in the midterm.

• Retail/land-based segment guidance: mid single-digit growth, with 2/3 organic and 1/3 from M&A.