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Cirsa Enterprises (CIRSA) investor relations material
Cirsa Enterprises Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary25 Nov, 2025
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.
M&A pipeline focus and stake preference?
Spain slot margins: Why not above 50% long-term?
Online margin recovery and Brazil market entry.
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Next Cirsa Enterprises earnings date
Q4 20251 Apr, 2026
Next Cirsa Enterprises earnings date
Q4 20251 Apr, 2026
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