Cirsa Enterprises (CIRSA) Q4 2025 earnings summary

Executive summary

• Operating revenues reached €2,339 million in 2025, up 8.8% year-over-year, and EBITDA (excluding IPO costs) was €753.5 million (+7.8%), both exceeding revised guidance.

• Online business grew revenues by 25.8% to €529 million and EBITDA by 22% to €104 million, surpassing IPO commitments and targets.

• 70th consecutive quarter of EBITDA growth (excluding COVID period); over €134 million invested in bolt-on M&A.

• Successful IPO in July 2025 enabled growth acceleration, debt reduction, and financial cost savings; dividend proposal of €75 million (~€0.45/share).

• 2025 marked the first year as a listed company and saw significant ESG progress, earning recognition from S&P and Sustainalytics.

Financial highlights

• Free operating cash flow before M&A increased by 17%, totaling €394 million.

• Net profit rose by 165% to €117.6 million, and adjusted net profit by 47.6% YoY; adjusted EPS increased by 35% to €1.37 per share.

• Year-end leverage at 2.7x, meeting the 2.75x target; net financial debt reduced by 23% YoY; liquidity increased to €672 million.

• EBITDA margin at 32%, above the 30% target; capex at 8.2% of revenues.

• Financial expense savings of €60–62 million expected in 2026; cash financial expenses projected at €130–135 million.

Outlook and guidance

• 2026 revenue guidance: €2,500–2,560 million (+7% to +9.5% YoY); EBITDA: €800–820 million (+6% to +9% YoY), margin at or above 32%.

• Online business expected to grow above 10% organically; retail mid-single digit growth.

• Dividend proposal for 2025: €75 million (€0.45/share), with policy to pay 35% of adjusted net profit and potential for uplift in 2026.

• M&A expected to contribute about one-third of annual growth; €500 million investment targeted over next three years.

• Capex expected at 7–9% of net operating revenue.