Cirsa Enterprises (CIRSA) Q4 2025 earnings summary

Executive summary

• Operating revenues reached EUR 2,339 million (+8.8% YoY), and EBITDA (excluding IPO costs) was EUR 753.5 million (+7.8% YoY), both exceeding revised guidance.

• Online business delivered EUR 529 million in revenue (+25.8% YoY) and EUR 104 million EBITDA (+22% YoY), surpassing IPO commitments and targets.

• 70th consecutive quarter of EBITDA growth (excluding COVID period); over EUR 134 million invested in bolt-on M&A.

• Successful IPO in July 2025 enabled growth acceleration, debt reduction, and financial cost savings; dividend proposal of EUR 75 million (EUR 0.45/share).

• 2025 marked the first year as a listed company and saw significant ESG progress, earning recognition from S&P and Sustainalytics.

Financial highlights

• Free operating cash flow before M&A increased by 17%, totaling EUR 394 million for the year.

• Net profit reached EUR 118 million (+165.2% YoY); adjusted net profit was EUR 211 million (+47.6% YoY); adjusted EPS increased by 35% to EUR 1.37 per share.

• CapEx at 8.2% of revenues, including EUR 21 million for Italian online licenses.

• Year-end leverage at 2.7x, meeting the 2.75x target; cash position increased to EUR 672 million (+22% YoY).

• Financial savings of EUR 62 million achieved, with further impact expected in 2026.

Outlook and guidance

• 2026 revenue guidance: EUR 2,500–2,560 million (+7% to +9.5% YoY); EBITDA: EUR 800–820 million (+6% to +9% YoY), margin expected above 30%.

• Online business expected to grow organically above 10% in 2026; retail businesses to grow mid-single digits.

• Dividend to grow in line with net adjusted profit, with a 35% payout policy.

• CapEx to remain stable; EUR 500 million targeted for M&A over the next three years.

• M&A expected to contribute about one-third of annual growth.