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Spanish operator beats its best quarterly records again
CIRSA, a leading multinational in gaming and entertainment and Spain’s leading company in the sector, recorded operating revenues of €623m and operating profit of €194m in the first quarter of 2026, once again exceeding its best quarterly records.
The company has started 2026 with strong growth momentum, supported by a clearly defined strategy, very solid operational execution and a strengthened financial position. This performance has resulted in an eight per cent increase in operating revenues and an 8.5 per cent increase in operating profit compared with the first quarter of 2025.
The solid organic growth achieved across all geographies and channels in which CIRSA operates is particularly noteworthy, supported by a selective investment policy that ensures additional growth beyond organic performance. For the full year, the Group expects to invest more than €200m in organic growth and operational improvement, an amount that would exceed €350m once planned investments in acquisitions are included.
The strength of the results, together with the group’s solid liquidity position, enables the company to continue advancing its growth plan with confidence, including a potential acceleration of its corporate M&A activity in the coming months, in line with its investment and acquisition-led expansion forecasts.
Similarly, the refinancing plan launched in the second quarter of 2025 continues to be reflected positively in CIRSA’s financial structure, with a debt reduction of €589m since 1 January 2025 and a decrease in financial costs of €18m in the quarter. In this context, the company has completed this May the payment of a €75m dividend, reflecting the strength of its cash generation and its confidence in the development of the business.
The results of the Casinos Division in the first quarter of 2026 significantly exceeded those of the previous year, thanks to improved performance across all geographies in which it is present. The main areas of focus during the quarter were the integration of the casinos in Peru and Morocco incorporated in the final quarter of last year, the start of facility renovation works at 20 casinos and gaming halls within the Gold Mine plan and the start of construction work on a new casino in Colombia. The strategy pursued in recent years has continued, focused on the strict execution of commercial and efficiency plans, as well as the selective renewal of the machine estate, with more than 500 machines added during the first quarter.
In the first quarter of 2026, the Slots Spain division consolidated the excellent trend recorded in recent quarters, delivering double-digit growth in both revenues and EBITDA.
The acquisition of operating companies, with the associated synergies, the expansion of the number of high-quality gaming venues and the successful execution of our commercial plans have enabled the division to increase its customer base. The launch plans for new products such as Manhattan Magic, Premium and Omega continue to win customer preference and position this successful range as a market leader.
During the first quarter of 2026, Italy experienced a negative market trend. Despite this, CIRSA continues to deliver results above the market and closed the first quarter with positive performance in both products, thanks to the incorporation of two operations and to productivity and efficiency improvement initiatives in both the operations and retail segments.
The online gaming and sports betting division recorded revenue growth of 9.4 per cent compared with the same period of the previous year, driven by strong performance in its main markets, including Spain, Italy and Peru. Although sports results were less favourable than in the prior year, the commitment to the continuous improvement of the user experience – both in the front end and through the incorporation of new functionalities and an expanded games catalogue – continues to consolidate sustainable and profitable business growth.
