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Investor Relations14 Oct 2025
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Cirsa Enterprises (CIRSA) investor relations material
Cirsa Enterprises Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary9 Sep, 2025
Executive summary
Net operating revenues for Q2 2025 reached €579 million, up 11.3% year-over-year, with EBITDA at €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.
Strong cash generation, with €107 million in Q2 2025, up 66% year-over-year, supporting internal growth and debt reduction.
IPO in July 2025 raised €373 million, used to reduce debt, with an additional €273 million shareholder contribution, lowering leverage to 2.68x.
Company maintains leadership in regulated markets and holds a #1 global ESG rating in its sector.
Financial highlights
Net operating revenues: €579 million in Q2 2025, up 11.3% year-over-year; 1H25 revenues up 11.9% year-over-year.
EBITDA: €187 million in Q2 2025, up 9.2% year-over-year; EBITDA margin improved to 32.5%.
Online segment net revenues grew 63% year-over-year in Q2 2025, with EBITDA up 120% and margin at 22.9%.
Adjusted net income for H1 2025: €101 million, up 17% year-over-year.
Free operating cash flow before investments increased 66% to €107 million in Q2 2025.
Outlook and guidance
Full-year 2025 revenue expected between €2,280 million and €2,330 million, a 6–8% year-over-year increase.
EBITDA guidance set at €740–750 million, also a 6–7% year-over-year increase.
CapEx investment expected at 7–9% of net revenue.
Online segment guidance raised to over 20% revenue growth for 2025; mid to high teens for midterm.
Retail/land-based segment guidance: mid single-digit growth, with 3–3.5% organic and up to 5% including M&A.
Quantify 2H25 financial savings from deleveraging?
Online BU margin target progress and drivers?
Apuesta Total payment dispute resolution status?
Online organic growth drivers by region?
M&A pipeline: sector, region, timing?
Interest savings: timing, source, and use?
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Next Cirsa Enterprises earnings date
Q3 202524 Nov, 2025
Next Cirsa Enterprises earnings date
Q3 202524 Nov, 2025
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Eferix Drawings Google Play
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