Cirsa Enterprises (CIRSA) Q4 2025 earnings summary

Executive summary

• Operating revenues for 2025 reached €2,339 million (+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.

• 70 consecutive quarters of EBITDA growth (excluding COVID period), with over €134 million invested in bolt-on M&A.

• Successful IPO in July 2025 enabled growth acceleration, debt reduction, and a €75 million dividend proposal (~€0.45/share).

• Significant ESG achievements recognized by Sustainalytics and S&P, with increased renewable energy use and G4 certification.

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 at 2.7x, meeting the 2.75x target; net financial debt reduced by 23% YoY.

• Cash position at year-end was €313 million, with total liquidity exceeding €670 million.

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 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), with 35% payout policy and potential for uplift in 2026.

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

• Capex expected at 7–9% of net operating revenue.