Spanish gaming operator Cirsa has delivered robust financial performance in the first quarter of 2026, posting operating profit of €193.9 million and extending its growth trajectory to 71 consecutive quarters of EBITDA increases, excluding the pandemic period.
The company reported operating revenues of €623 million for Q1 2026, representing an 8% increase compared to the same quarter in 2025, or 9.5% excluding foreign exchange effects. Operating profit reached €193.9 million, up 8.5% from the previous year.
Strong Profitability Gains Across Key Metrics
Net profit demonstrated particularly strong performance, surging 58.9% to €44.6 million. Adjusted net profit, which serves as the basis for dividend calculations, climbed 32.8% to €69.9 million compared to the preceding year.
Spain emerged as the group's primary growth engine, contributing 50.2% of total EBITDA while registering 7.8% growth in general activities. The Spanish market's dominance reflects Cirsa's strategic focus on its core geographic markets.
€623M
Operating Revenues Q1 2026
€193.9M
Operating Profit Q1 2026
€44.6M
Net Profit Q1 2026
€69.9M
Adjusted Net Profit
58.9%
Net Profit Growth
32.8%
Adjusted Net Profit Growth
Slots Division Delivers Exceptional Performance
The Slots division stood out with particularly impressive results, increasing revenues by 13.1% and EBITDA by 17.8% to €64.2 million. The division achieved an EBITDA margin of 52.5%, surpassing the 50% threshold for another quarter.
This performance was driven by improved revenue per machine and successful terminal replacement programmes. Key slot models including Manhattan Magic, Premium, and Omega contributed to consolidating market leadership. Supporting this growth, CAPEX investment in the Slots unit increased from €23.3 million to €34.8 million during the quarter.
Machine Performance Metrics
Cirsa's slot division success stems from optimized revenue per machine ratios and strategic terminal replacement cycles. The 52.5% EBITDA margin indicates highly efficient machine utilization rates, suggesting optimal placement strategies and effective floor management practices that maximize revenue per square meter of gaming floor space.
Debt Reduction and Financial Optimisation
Cirsa achieved significant financial cost reductions, cutting expenses by €17.9 million (34% decrease) through bond refinancing completed in late 2025 and accumulated debt reduction. Total net debt stood at €2.049 billion as of March 2026, with a leverage ratio of 2.6 times EBITDA, approaching the company's target range of 2x to 2.5x.
“The strength of cash generation and confidence in business evolution”
— Company statement regarding dividend payment
This financial strength enabled Cirsa to distribute a €75 million dividend in May 2026, demonstrating confidence in ongoing cash generation capabilities.
Leverage Management Strategy
The company's approach to maintaining leverage between 2x to 2.5x EBITDA provides financial flexibility while supporting growth initiatives. This conservative debt-to-earnings ratio allows for both dividend distributions and acquisition funding without compromising operational stability or regulatory compliance in multiple jurisdictions.
Divisional Performance Highlights
The Casinos division substantially exceeded 2025 performance with 8.3% revenue growth, supported by asset integration in Peru and Morocco and renovation programmes across 20 establishments under the Gold Mine plan.
The Online Gaming and Betting division posted 9.4% revenue growth, driven by 22.4% turnover volume increases and strong performance across Spain, Italy, and Peru markets.
Aggressive Acquisition Strategy Ahead
Looking forward, company management indicated that its strong liquidity position will enable accelerated corporate M&A activity.
“Solid liquidity position will allow the Group to accelerate its corporate M&A plan”
— Company statement on acquisition strategy
The company projects investments potentially exceeding €350 million throughout 2026 for acquisition activities.
Strategic Momentum for European Gaming
Cirsa's sustained growth trajectory and financial positioning signal broader confidence in European gaming markets, particularly in regulated jurisdictions where the company maintains strong operational presence. The combination of organic growth exceeding 8% and substantial acquisition capital suggests aggressive market consolidation plans that could reshape competitive dynamics across multiple territories.
The 71-quarter growth streak, even excluding pandemic disruptions, represents exceptional operational consistency in an industry known for cyclical performance. With leverage ratios approaching target levels and cash generation supporting both dividend returns and expansion capital, Cirsa appears positioned to capitalise on market consolidation opportunities while maintaining financial discipline.
