Spain’s CIRSA grew revenue by 5.4 per cent to €560.21 million in the third quarter of 2025, with growth across all business segments.
The Casinos segment contributed net operating revenue of €253.87 million to the third quarter total, up 3.6 per cent year-on-year, with segment EBITDA climbing 2.2 per cent to €108.20 million. Excluding the impact of currency fluctuations, Casinos revenue was up 5.3 per cent.
CIRSA said that the M&A pipeline for the Casinos segment includes attractive opportunities which are expected to be executed in the coming months, reinforcing the company’s growth target for 2026.
The Spain Slots segment had net operating revenue of €101.43 million (+5.7 per cent) and EBITDA of €51.98 million (+19.9 per cent), as growth in revenue per machine offset a 0.9 per cent decline in the number of machines in operation.
The Italy Slots segment added revenue of €95.98 million (+12.9 per cent) in the third quarter, generating EBITDA of €6.09 million (+14.4 per cent). This was driven by a 17.1 per cent increase in the number of slot machines in operation and a 0.8 per cent increase in video lottery terminals.
CIRSA’s Online Gaming and Betting segment delivered revenue of €120.75 million (+8.1 per cent) and EBITDA of €23.58 million (+13.8 per cent), buoyed by growth in Spain, Peru, and Italy. The company noted that this growth was achieved in spite of the industry-wide customer-friendly sports results in September.
Across all business segments, retail revenue was up 5 per cent and online revenue grew by 8 per cent.
Total EBITDA for the third quarter was 5.7 per cent higher than a year ago at €182.8 million.
When excluding the Covid-impacted period, the third quarter performance marks CIRSA’s 69th consecutive quarter of EBITDA growth.
For the first nine months of 2025, CIRSA reported revenue of €1,715.6 million (+9.7 per cent) and EBITDA of €548.5 million (+7.9 per cent).
Q3 and 9M 2025 Results Comparison (€’000)
| Q3 2025 | Q3 2024 | 9M 2025 | 9M 2024 | |
| Operating revenue | 664,783 | 629,414 | 2,033,782 | 1,869,876 |
| Variable rent & other | -104,574 | -97,952 | -318,150 | -305,742 |
| Net operating revenue | 560,209 | 531,462 | 1,715,632 | 1,564,134 |
| Consumptions | -4,586 | -13,121 | -35,666 | -38,797 |
| Personnel | -91,147 | -87,839 | -269,086 | -249,736 |
| Gaming taxes | -162,536 | -149,980 | -495,817 | -458,425 |
| External supplies & services | -119,093 | -107,527 | -366,579 | -309,184 |
| Depreciation, amortisation & impairment | -92,476 | -98,165 | -275,489 | -265,934 |
| EBIT | 90,371 | 74,830 | 272,995 | 242,058 |
| Financial results | -44,931 | -52,094 | -152,446 | -152,586 |
| Foreign exchange results | -337 | -64 | 9,689 | -2,736 |
| Results on sale of non-current assets | 783 | -1,121 | 177 | -2,073 |
| Profit before income tax | 45,886 | 21,551 | 130,415 | 84,663 |
| Income tax | -23,220 | -26,874 | -56,511 | -48,000 |
| Net profit | 22,666 | –5,323 | 73,904 | 36,663 |
| Minority interest | -7,464 | -4,943 | -30,336 | -20,543 |
| Profit attributable to the parent | 15,202 | –10,266 | 43,568 | 16,120 |
| EBITDA | 182,846 | 172,994 | 548,483 | 507,991 |
As a result of the strong performance in the first nine months of 2025, CIRSA has increased its guidance for 2025 and expects net operating revenue to be in the range of €2,325 – €2,335 million, up from the previous range of €2,280 – €2,330 million.
Full-year EBITDA is now expected to be in the range of €750 -€753 million versus previous guidance of €740 – €750 million.
Shares in CIRSA Enterprises SAU (BME:CIRSA) gained 5.62 per cent to close at €14.09 per share in Madrid Tuesday.