Slide 1: Results and strategy update
Results and strategy update Confidential | June 2025
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 Antonio Grau Miquel Vizcaíno Juan Antonio Turull Chief Financial Officer Chief Legal Officer Financial Controller |3
Slide 4: Executive summary
Executive summary • Strong development of Online gamig & betting: “online” revenues represented 7% and EBITDA 4% of total Cirsa’s Group in 2019 vs 23% and 13% respectively in Q1’25 • Founded in 1978, Cirsa has become a global gaming company with presence in 11 countries and leading positions in the
Slide 5: Cirsa Strong Track Record Continues
Cirsa Strong Track Record Continues Leading Operator with Consistent Growth in All Financial Metrics and Strong Cash Generation 1,701 1,991 2,150 54+13 1,760 Consecutive Quarters 1,469 1,253 1,099 of Growth (ex COVID) Net 820 842 Guidance Operating 2,110-2,160 Revenue (€m) 2005 2015 2018 (1) 2019 20
Slide 6: Unique Diversification by Geographies and Business Units
Unique Diversification by Geographies and Business Units FY24 Net operating Revenue Split by Geography FY24 EBITDA Split by Geography Morocco Costa Rica Dominican R. Morocco • Present in 11 countries (2 recently Dominican R. Costa Rica 2% 1% 3% 3% entered: P. Rico and Portugal) 2% 1% Peru Peru • 100
Slide 7: Cirsa's strategy has remained consistent over time
Cirsa’s strategy has remained consistent over time Efficiency and Digital Expansion Selective and Market consolidation in mature markets Productivity in Core Markets Accretive M&A • Improve EBITDA • Export Spanish • Expansion margin omni-channel opportunities (%∆ revenues > strategy to LatAm • Digit
Slide 8: Q1 2025 – Continued Strong Growth, Profitability and Cash Conversion
Q1 2025 – Continued Strong Growth, Profitability and Cash Conversion (€m) 1Q 2023 1Q 2024 1Q 2025 % Change Commentary A ▪ Net Operating Revenue increased by 12% from 1Q Net Operating Revenue 483 513 577 12% A 2024, mainly led by strong performance in Online Gaming & Betting division EBITDA 151 164 1
Slide 9: Business unit update: Casinos
Casinos Slots Spain Online Slots Italy Business unit update: Casinos Casinos update Net Op. Revenue & EBITDA (€m) Business fundamentals Net Revenues ▪ Carefully selected markets with sound macroeconomics and stable EBITDA +4% regulation/taxation landscape +4% ▪ All licenses renewed automatically (ex
Slide 10: Business unit update: Slots Spain
Casinos Slots Spain Online Slots Italy Business unit update: Slots Spain Slots Spain update Net Op. Revenue & EBITDA (€m) Business fundamentals Net Revenues ▪ Reliable and growing market: recreational slots (located in 3rd party bars) with +13% small stakes and prizes, rooted in the local culture (e
Slide 11: Business unit update: Online
Casinos Slots Spain Online Slots Italy Business unit update: Online Online update Net Op. Revenue & EBITDA (€m) Business fundamentals +56% ▪ Proven omnichannel model leveraging Cirsa’s strong retail presence, which Net Revenues +29% results in higher value per customer than pure online EBITDA 420 ▪
Slide 12: Business unit update: Slots Italy
Casinos Slots Spain Online Slots Italy Business unit update: Slots Italy Online update Net Op. Revenue & EBITDA (€m) Business fundamentals Net Revenues +6% ▪ Extensive slots footprint in one of the largest markets in Europe EBITDA +2% ▪ Recreational slots (AWP) with small stakes and prizes located i
Slide 13: We Reiterate our Near / Mid-term Guidance in line with Historical Growth Track-record
We Reiterate our Near / Mid-term Guidance in line with Historical Growth Track-record Near-term Mid-term • High-single digit growth • Mid to high-single digit growth Revenue ‒ Land based(1): mid-single digit growth ‒ Land based(1): mid-single digit growth ‒ Online: low to mid-twenties growth ‒ Onlin
Slide 14: Summary
Summary • Background: Since 2006, current management team always delivered all financial commitments QoQ and YoY (54 consecutive quarters before COVID pandemic + 13 quarters after), and deserved Blackstone acquisition in July 2018 ➢ 9.8x EBITDA: €71M (2005) to €699m (2024) ➢ 3.7x EBITDA margin: 8.7%