Slide 1: Q1-2023 results and strategy update
Q1-2023 results and strategy update June 2023
Slide 2: Disclaimer
Disclaimer This presentation includes forward-looking statements. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes," "estimates," "anticipates," "expects," "intends", "may," "will" or "should" or, in each case, their negative
Slide 3: Introduction to presenters
Introduction to presenters Joaquim Agut Antonio Hostench Executive Chairman Chief Executive Officer Antoni Grau Miquel Vizcaíno Juan Antonio Turull Chief Financial Officer Chief Legal Officer Financial Controller |3
Slide 4: Agenda
Agenda • Executive summary • Key highlights & strategy update • Company financials • Business unit update |4
Slide 5: Executive summary
Executive summary • Founded in 1978, Cirsa has become a global gaming company with presence in 9 countries and leading positions in the operation of casinos & gaming halls, slot route operations and online gaming and betting ➢ Current management team took over Cirsa in July 2006 and has always deliv
Slide 6: Strong financial performance since 2006 supported by a unique diversification
Strong financial performance since 2006 supported by a unique diversification; market credibility for Cirsa’s reliability in delivering consistently all financial commitments EBITDA (€m) and Leverage ratio Q1-2023 breakdown 615-625 Revenue By geography Revenue By business CAGR 05-19: 15% (x7,3) 552
Slide 7: Diversified geographical presence in 9 Countries
Diversified geographical presence in 9 Countries with 437 Casinos & Gaming Halls, 79k Slots, 2.6k Betting Points and 5 online operations in regulated markets Casinos & Gaming Halls: 437 Slot machines: 78,765 Tables: 637 Betting Points: 2,567 PVR: 2,644 Spain 1 Colombia 1 Panama 1 Casinos & Gaming H.
Slide 8: ESG at the forefront of our strategy
Cirsa’s strategy: 6 pillars, focusing on business consolidation and profitable growth Efficiency and Digital expansion Selective and productivity in core markets accretive M&A programs Leadership consolidation in Spain, Italy • Improve EBITDA • Export Spanish • Consolidation margin & Italian opportu
Slide 9: ESG-committed organization following top industry standards
ESG-committed organization following top industry standards Sustainable business model (proximity and local low-wager Ambitious ESG targets, with an action plan customers) with a strong ESG framework in place to guarantee execution and contribution to SGD goals • Achieved 45% scope 2 carbon footprin
Slide 10: Consistent growth across all financial KPIs, with strong cash conversion ratios
Consistent growth across all financial KPIs, with strong cash conversion ratios CAGR +4.7% >2,000 1,760 1,741 1,469 1,253 H1: -11% 800 Revenues H2: +8% FY: -1% 2005 2015 2018 2019PF 2022 G2023 %EBITDA 9,0% 22,7% 25,1% 29,5% 31,7% ≥ 30% Margin CAGR +12,8% 615-625 519 552 EBITDA (€) and 369 EBITDA Mar
Slide 11: New segment reporting
New segment reporting New segmentation rationale EBITDA Q1’23 by BU under new segments • After many years a new segment structure On-line Gam. was required to … & Bett. Slots Italy 10% …. realign Business Units 4% with Management organization and customer base … achieve financial KPIs consistency am
Slide 12: Business unit update: Casinos
Business unit update: Casinos EBITDA (€m) % production +2.4% capacity 342 350 +32.5% 91.3 260 193 68.9 55 100% 43% 63% 95% 85% 100% 2018 2019 2020 2021 2022 Q1’ 22 Q1’ 23 Key highlights • Growth across all markets in both Revenue and EBITDA, with Spain, Colombia, Dominican Republic, Morocco and Cost
Slide 13: Business unit update: Slots Spain
Business unit update: Slots Spain EBITDA (€m) % production +25.4% capacity +12.6% 152 41.1 121 120 102 36.5 58 100% 67% 82% 100% Q1’ 22 Q1’ 23 2018 2019 2020 2021 2022 Key highlights • Revenue levels at 2019 pace: customer base redistributed among reduced number of POS due COVID bar closures (-15% v
Slide 14: Business unit update: Slots Italy
Business unit update: Slots Italy EBITDA (€m) % production capacity +20.0% -2.2% 22 5.4 20 19 4.5 3 2 100% 58% 55% 100% 2018 2019 2020 2021 2022 Q1’ 22 Q1’ 23 Key highlights • Revenues growing vs 2022, recovering pre-COVID levels ➢ AWPs closing revenue gap month on month with 2019 revenue levels and
Slide 15: Business unit update: Online gaming & betting
Business unit update: Online gaming & betting EBITDA (€m) +87.3% +55.7% 43 16.1 23 18 20 20 10.4 PF2018 PF2019 2020 2021 2022 Q1’ 22 Q1’ 23 Key highlights • Profitable market share gain: double digit growth in all markets on the back of growing acquisition & retention KPIs ➢ Online gaming & betting
Slide 16: Summary
Summary • Background: Since 2006, current management team always delivered all financial commitments (54 consecutive quarters before COVID pandemic + 3 quarters after), and deserved Blackstone acquisition in July 2018 ➢ 7.8x EBITDA: €71M (2005) to €552m (2022) ➢ 3.5x EBITDA margin: 9% (2005) to 32%
Slide 17: Thank you
CIRSA® Thank you