Cirsa Enterprises (CIRSA) Q3 2025 earnings summary

Executive summary

• Achieved 69 consecutive quarters of EBITDA growth (excluding COVID), with Q3 2025 net revenues and EBITDA up 5.4–5.7% organically year-over-year and no material M&A impact.

• Completed IPO in July 2025, strengthening capital structure, reducing leverage from 3.2x to 2.6x, and enabling further deleveraging and refinancing.

• Upgraded FY2025 guidance, reflecting confidence in continued organic growth and robust business model.

Financial highlights

• Q3 2025 net revenues reached €560.2 million, up 5.4% year-over-year; YTD net revenues at €1,716 million, up 9.7%.

• Q3 2025 EBITDA was €182.8–183 million, up 5.7% year-over-year; YTD EBITDA at €548–548.5 million, up 8%.

• Free operating cash flow for Q3 2025 was €121.5–122 million; year-to-date free operating cash flow reached €329 million, up 42.2% year-over-year.

• Net profit doubled year-to-date to €74 million; adjusted net profit for the first nine months reached €149 million, up 39% year-over-year.

• Financial expenses expected to drop from €200 million in 2025 to €125 million in 2026 due to refinancing and elimination of one-offs.

Outlook and guidance

• FY2025 net revenues expected at €2,325–2,335 million (+8–9% vs. FY2024); EBITDA (net of IPO expenses) between €750–753 million (+7–8% vs. FY2024).

• CapEx guidance remains at 7–9% of revenues for 2025–2027, with 6% for maintenance and 1–3% for growth.

• M&A pipeline for 2026 is strong, with several bolt-on acquisitions expected to close soon.