Cirsa’s record quarter undercut by currency losses
Spanish gambling group Cirsa has posted record operating results for the second quarter of 2025, but foreign exchange losses in Latin America have dented its bottom line. The company reported a drop in net profit as weakness in the Mexican and Colombian pesos dragged on casino revenues.
Record revenues and profits
Terrassa-based Cirsa announced operating revenue of €579 million and operating profit of €187 million in the three months to June, both historic highs for the group. The company described the performance as “once again surpassing its best quarterly records and achieving 68 consecutive quarters of growth, excluding Covid.”
The numbers represent an 11.3% increase in operating revenue and a 9.2% increase in operating profit compared with the same period last year. Executive chairman Joaquim Agut commented: “Our first quarterly results as a publicly listed Group are strong and consistent with our track record, driven by our employees’ commitment to continuously and sustainably improving our operations. The execution of our strategy, our customer focus and productivity have once again enabled CIRSA to exceed its objectives.”
Cirsa, Spain’s biggest gambling operator, went public on 9 July 2025 at €15 a share. The listing raised €400 million through a primary offering of new shares and €53 million from existing shareholders, bringing the free float to 18%. Investor appetite was strong, with demand more than eight times the offering and over 250 institutional investors taking part.
The proceeds have gone largely towards reducing the group’s debt burden. “Following the IPO the Group allocated €373 million to this purpose which, together with the prior capital injection, reduced leverage by over €700 million, bringing it down to 2.68x Ebitda,” Cirsa said.
Net profit dragged down
Despite the operational gains, net income fell. Cirsa’s quarterly net profit slipped 11% to €9.7 million, from €10.9 million a year earlier, according to Reuters. The company booked a €16 million foreign exchange loss during the quarter, mainly due to the weakness of the Colombian and Mexican pesos against the euro.
A spokesperson told Reuters: “The exchange rate has hurt us, just as it sometimes benefits us … it’s not something we can control.” Colombia and Mexico are two of Cirsa’s largest markets, and the currency effect hit casino earnings in both countries.
Still, Cirsa reiterated its full-year guidance, telling Reuters it expected core profit to grow between 6% and 7% compared to 2024.
Growth in online gambling
One bright spot for the group was online gambling and betting, which posted a 63% revenue increase and a 120% rise in operating profit compared with last year’s second quarter. The company said: “Strong performance in the core markets of Spain and Italy, together with the 2024 acquisitions of Apuesta Total (Peru) and Casino Portugal (Portugal), drove part of this increase.”
The online division was further boosted by a new partnership. “In June, a strategic sponsorship with Liverpool FC was signed, enabling the use of the club’s brand assets and digital activations across all geographies in which the division operates,” Cirsa added.
Reuters noted that this area of the business grew 64% year-on-year in terms of revenues, partly offsetting the weakness in the casino division. The online push reflects broader trends in the gambling industry, as more operators move to capture digital markets.
Casino and slots divisions steady
Cirsa’s casino business remained broadly stable in the quarter, supported by upgrades to several properties. “Notable among these is the renovation of facilities, with several key projects completed during the period: Casino de Marbella in Spain, Casino de Cuitláhuac in Mexico and Fantastic Lima in Peru,” the company said. It also added more than 500 new slot machines across markets.
The slots business in Spain also maintained strong momentum. Cirsa highlighted “the excellent performance of the new Manhattan Mirage models, featuring a new set of games that have been very well received by the market.”
In Italy, where the group has struggled with tougher market conditions, Cirsa said it was pressing ahead with improvement plans and benefiting from the contribution of its Royal Games subsidiary.
Market reaction
Shares in Cirsa rose after the results, climbing as much as 3.4% in early Madrid trading before settling to a 1.9% gain, Reuters reported. Investors appeared encouraged by the operational performance and confident in the company’s ability to manage currency headwinds.
Cirsa, controlled by US private equity firm Blackstone, was valued at €2.52 billion at its July IPO. Blackstone still holds 78% of the company.
