Cirsa Enterprises (CIRSA) Q2 2025 earnings summary

Executive summary

• Achieved Q2 2025 net operating revenues of €579 million (up 11.3% YoY) and EBITDA of €187 million (up 9.2% YoY), marking 68 consecutive quarters of EBITDA growth, excluding COVID impact.

• Online segment now represents 23% of revenues, up from 16% in Q2 2024, with online revenues growing 63% year-over-year, driven by organic growth and the Apuesta Total acquisition.

• Cash generation reached €107 million in Q2, a 66% increase year-over-year, supporting internal growth and debt reduction.

• IPO in July 2025 raised €373 million, used to reduce debt, complemented by a €273 million capital injection from Blackstone/shareholder.

• Ranked #1 globally in ESG by Sustainalytics, reflecting sector leadership.

Financial highlights

• Net operating revenues: €579 million (+11.3% YoY); EBITDA: €187 million (+9.2% YoY); EBITDA margin at 32.3%.

• Online segment net revenues grew 63% YoY in Q2 2025, with EBITDA up 120% and margin rising to 22.9%.

• Cash generation: €107 million (+66% YoY); 75% cash conversion rate.

• Adjusted net income for H1 2025: €101 million (+17% YoY).

• Free operating cash flow before M&A for Q2 2025 was €106.7 million.

Outlook and guidance

• Full-year 2025 revenue guidance: €2,280–€2,330 million, targeting 6–8% YoY growth; EBITDA guidance: €740–€750 million, also 6–7% YoY growth.

• CapEx expected at 7–9% of net revenue.

• Online revenue growth for 2025 expected to exceed 20%, with mid-to-high teens growth in the midterm.

• Retail/land-based segment guidance: mid single-digit growth, with 2/3 organic and 1/3 from M&A.

• Strategic focus on omnichannel growth, innovation, and disciplined execution.