Cirsa Enterprises (CIRSA) Q3 2025 earnings summary

Executive summary

• Achieved 69 consecutive quarters of EBITDA growth (excluding COVID), with Q3 2025 net revenues up 5.4% and EBITDA up 5.7% year-over-year, driven by fully organic growth and no material M&A in the quarter.

• Completed IPO in July 2025, strengthening capital structure, reducing leverage from 3.2x to 2.6x, and enabling further deleveraging and refinancing.

• Net profit for YTD Q3 2025 doubled to €74 million, up 102% year-over-year; adjusted net profit for the first nine months reached €149 million.

• Upgraded FY2025 guidance based on strong business performance, with net revenues expected to rise 8–9% and EBITDA 7–8% year-over-year.

• Results exceeded initial 2025 guidance, reflecting strong execution despite macroeconomic and geopolitical headwinds.

Financial highlights

• Q3 2025 net revenues reached €560.2 million (+5.4% YoY); EBITDA was €182.8 million (+5.7% YoY); YTD net revenues at €1,716.6 million (+9.7%), EBITDA at €548.5 million (+8.0%).

• Free operating cash flow for Q3 2025 was €122 million, up 19% year-over-year; YTD free operating cash flow reached €329 million, up 42.2% year-over-year.

• Online Gaming & Betting revenue grew 8.1% in Q3 and 38.9% year-to-date; online EBITDA up 13.8% in Q3.

• Financial expenses expected to drop from €200 million in 2025 to €125 million in 2026 due to refinancing and elimination of one-offs.

• Cash availability at quarter-end was €646 million, €113 million higher than a year earlier.

Outlook and guidance

• FY2025 net revenues expected at €2,325–2,335 million (+8–9% vs. FY2024); EBITDA guidance raised to €750–753 million (+7–8% vs. FY2024, excluding IPO expenses).

• 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.

• Performance continues to surpass guidance set at the start of the year.