Spain-based gaming group Cirsa reported its 70th consecutive quarter of improved results in Q4 2025, continuing a long-running growth streak.
Quarterly operating income increased by 6.4% year-on-year to €623.6 million, while operating profit increased by 3.5% to €198 million. For the full year, operating revenues reached €2.34bn, with operating profit of €753.5m and a record net profit of €72.9m.
Performance varied across segments. The Casinos division posted a 2.2% annual revenue increase in 2025. Slots Spain grew 5.4%, Slots Italy climbed 10.1%, and the Retail segment rose 4.6%. The strongest performance came from Online Gaming and Betting, which surged 25.8% compared to 2024.
Growth was supported by a “build and buy” strategy. During 2025, Cirsa acquired a 50% stake in the Grand Casino de La Mamounia in Marrakech and purchased four casinos in Peru. The group maintains a land-based presence in Italy, Panama, Mexico, Colombia, Spain, Peru, Costa Rica, the Dominican Republic and Morocco.
The results follow Cirsa’s IPO on Spain’s four stock exchanges in July, where shares debuted at €15 and are currently trading slightly above that level. Executive Chairman Joaquim Agut noted that the company has fulfilled its commitments in its first year as a listed business, highlighting both financial performance and ESG progress.
Cirsa has been recognized by Sustainalytics as a leader in managing material ESG issues and has been included in the Standard & Poor’s Sustainable Yearbook 2026.
Looking ahead, the company forecasts 2026 net revenues of between €2.5 billion and €2.56 billion and EBITDA of between €800 million and €820 million.
