Cirsa Enterprises (CIRSA) Q4 2025 earnings summary

Executive summary

• Operating revenues reached €2,339 million in 2025 (+8.8% YoY), with EBITDA of €753.5 million (+7.8% YoY, excluding IPO costs), both exceeding revised guidance.

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

• 70 consecutive quarters of EBITDA growth (excluding COVID period), with EBITDA growing over 10x since 2005 and a 14% CAGR.

• Successful IPO in July 2025 raised €400 million, enabling growth acceleration, debt reduction, and lower financial costs.

• Significant progress in ESG initiatives, earning recognition from Sustainalytics and S&P.

Financial highlights

• Free operating cash flow before M&A increased by 17% to €394 million.

• Net profit surged by 165% to €117.6 million, with adjusted net profit up 47.6% YoY.

• Adjusted EPS increased by 35% to €1.37 per share.

• Year-end leverage improved to 2.7x, meeting the 2.75x target; cash position at €313 million, total liquidity over €670 million.

• Financial expenses reduced by €62 million, with further impact expected in 2026.

Outlook and guidance

• 2026 revenue guidance: €2,500–2,560 million (+7% to +9.5% YoY); EBITDA: €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 proposal for 2025: €75 million (€0.45/share), following a 35% payout policy and set to grow with profit.

• M&A expected to contribute about one-third of annual growth, with €500 million targeted over three years.