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Cirsa Enterprises
Cirsa Enterprises (CIRSA) investor relations material
Cirsa Enterprises Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
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.
2025 M&A contribution to 2026 guidance
Online segment margin impact from Peru tax
Path to 2.0-2.5x leverage with M&A spend
Detail 2026 M&A pipeline and growth contribution
Online BU mid-term margin targets and drivers?
Quantify total FY26 financial expense savings
Detail ESG strategy's financial or operational benefits
How will new Italian online regulations impact growth?
What is the strategy for casino market expansion?
European M&A: What specific market characteristics?
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Next Cirsa Enterprises earnings date
Q1 202626 May, 2026
Cirsa Enterprises
Next Cirsa Enterprises earnings date
Q1 202626 May, 2026
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