Online growth powers Cirsa record revenue in Q2

Online growth powers Cirsa record revenue in Q2

Summary

Cirsa posted record operating quarterly revenue of €579 million in Q2 2025, up 11.3% year-on-year, and operating EBITDA of €187 million (+9.2% YoY). The company’s online gaming and betting unit grew 64% in Q2 to €139 million, driven by strong organic growth and the integration of Apuesta Total in Peru. H1 revenue reached €1.16 billion (+11.9%) and H1 EBITDA was €365.6 million (+9.1%).

Casino net operating revenue edged down slightly to €237.1 million and casino EBITDA to €97.9 million. Cirsa said a roughly €16.2 million foreign exchange headwind and other “unusually adverse” FX effects pushed net profit down 11.5% to €9.7 million, partly offset by international expansion.

Cirsa made its stock-market debut on 9 July at €15 per share and allocated €373 million of IPO proceeds to debt reduction, bringing leverage to 2.68x EBITDA. Management remains confident on FY25 guidance: revenue €2.28–€2.33 billion (+6–8%) and EBITDA €740–€750 million (+6–7%).

Source

Source: https://igamingbusiness.com/finance/cirsa-record-revenue-ebitda-q2-fx-headwinds/

Key Points

• Record Q2 operating revenue: €579m, up 11.3% year-on-year.
• Operating EBITDA hit a record €187m (+9.2% YoY).
• Online unit grew 64% in Q2 to €139m; H1 online revenue €270m and on track for a €500m+ FY target.
• Net profit fell 11.5% to €9.7m due to “unusually adverse” foreign exchange effects (casino unit saw ~€16.2m impact).
• Peru’s contribution rose after the Apuesta Total acquisition (Peru = 9.8% of EBITDA in H1 vs 5.6% in FY2024); Portugal added 0.5% after acquiring a 68% stake in CasinoPortugal.
• Slots: Italy revenue +4.7% and EBITDA +5.1%; Spain slots revenue up just 1.3% in Q2.
• IPO funded deleveraging (€373m) and reduced leverage to 2.68x EBITDA.
• FY25 guidance reaffirmed: revenue €2.28–€2.33bn, EBITDA €740–€750m.

Why should I read this?

Quick take: Cirsa’s online business is booming and it’s reshaping the group’s growth story, but FX wobble clipped profits. If you watch gaming operators, M&A or stock moves, this quarter explains where the momentum is and why the IPO mattered. We’ve done the number-crunching so you don’t have to.

Author style

Punchy: These results are significant — strong digital momentum, successful integration of Apuesta Total and IPO-driven deleveraging make this a standout quarter. Read the detail if you’re assessing sector exposure or the company’s trajectory.

Context and relevance

Cirsa’s figures underline a wider industry trend: digital revenue is the primary growth lever and international expansion is increasing significance. The IPO and debt reduction lower financial risk, but FX volatility shows earnings remain sensitive to macro conditions. Relevant for investors, competitors and regulators tracking consolidation and cross-border growth in the iGaming sector.