Cirsa Enterprises (CIRSA) Q2 2026 earnings summary

Executive summary

• Achieved 72 consecutive quarters of growth, with Q2 2026 delivering record EBITDA/operating profit above €200 million (+8.3% year-over-year) and strong performance across all business segments.

• H1 2026 net/operating revenues reached €1.26 billion (+9.1% year-on-year), EBITDA/operating profit €396 million (+8.4%), and EBITDA margin remained robust at 31.4%.

• Growth was well balanced across geographies and channels, with LatAm and Spain leading, and both retail and online segments showing strong organic and M&A-driven expansion.

• Strategic acquisitions, notably Slots del Sol in Paraguay and Casino Figueira in Portugal, reinforced the omni-channel model and regional leadership.

• Online turnover grew 22.4% in Q2 2026, with online EBITDA margin up 430bps sequentially to 19.2%.

Financial highlights

• Q2 2026 net/operating revenues: €637 million (+10.1% year-on-year); EBITDA/operating profit: €202 million (+8.3% year-on-year), margin 31.7%.

• H1 2026 net profit: €95 million (+84.9% year-on-year); adjusted net profit: €145 million (+43.5%), EPS up 69.8%.

• Online net revenues grew 14.9% organically in Q2; retail revenues up 10.2% year-on-year.

• Free operating cash flow (pre-M&A) in Q2 2026: €99 million, down 7.2% due to tax payment seasonality.

• Net debt as of June 30, 2026: €2,070 million; cash position: €293.9 million; total cash availability: €654 million.

Outlook and guidance

• Tracking to the upper end of full-year 2026 guidance for both revenues and EBITDA, supported by strong H1 performance and ongoing M&A.

• Margin expansion in online expected to continue, targeting a 20% EBITDA margin.

• Organic growth expected to remain above IPO guidance, with continued focus on both organic and bolt-on M&A.