Slide 1: Q1-2024 results and strategy update
Q1-2024 results and strategy update June 2024
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: 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 10 countries and leading positions in the operation of casinos & gaming halls, slot route operations and online gaming and betting, with revenues coming from 100% regulated markets ➢ Current management tea
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 consistently delivering all financial commitments EBITDA (€m) and Leverage ratio Q1’24 breakdown +8-13% Net operating revenue by geography Net operating revenue by business CA
Slide 7: Diversified geographical presence in 10 Countries with 441 Casinos & Gaming Halls, 82k Slots
Diversified geographical presence in 10 Countries with 441 Casinos & Gaming Halls, 82k Slots, 2.3k Betting Points and 6 online operations in regulated markets Casinos & Gaming Halls: 441 Slot machines: 82,638 Tables: 659 Betting Points: 2,269 Colombia 1 Peru 2 Spain 1 Casinos: 77 Casinos: 19 Panama
Slide 8: Cirsa's strategy: pillars, focusing on business consolidation and profitable growth
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, supported by solid action plans customers) with a strong ESG framework in place to guarantee execution and contribution to SGD goals • Key ratings • Rating at
Slide 10: Transaction overview; Key highlights & strategy update; Financial & Business unit update
1. Transaction overview 2. Key highlights & strategy update 3. Financial & Business unit update
Slide 11: Consistent growth across all financial KPIs, with strong cash conversion ratios
Consistent growth across all financial KPIs, with strong cash conversion ratios CAGR +5.3%4 1,991 2,110-2,160 1,760 1,741 1,469 1,253 H1: -11% +6-8% +14% Revenues 800 H2: +8% FY: -1% 2005 2015 2018 2019PF 2022 2023 G2024 %EBITDA 9.0% 22.7% 25.1% 29.5% 31.7% 31.6% >30% Margin CAGR +12,8%4 630 680-710
Slide 12: Business unit update: Casinos
Business unit update: Casinos EBITDA (€m) % production +11,8% capacity* +2,4% 391,1 341,5 349,8 260,2 193,2 +6,6% 97,3 55,2 100% 43% 63% 95% 100% 100% 2018 2019 2020 2021 2022 2023 Q1’24 Key highlights • Growth across all geo markets, in both, Revenue and EBITDA • Improve and update our full enterta
Slide 13: Business unit update: Slots Route Operations Spain
Business unit update: Slots Route Operations Spain EBITDA (€m) % production +11,5% capacity* +25,4% 169,1 151,7 121,0 120,2 101,6 +12,6% 58,1 46,3 100% 67% 82% 100% 100% 100% 2018 2019 2020 2021 2022 2023 Q1’24 Key highlights • Revenue levels above 2023 : low performing bars replaced with A&B high q
Slide 14: Business unit update: Online gaming & betting
Business unit update: Online gaming & betting EBITDA (€m) X2.9 +30,1% In Q4’19 Cirsa acquired to +82,5% 54,6 Entain, Ladbrooks at that time, its 50% of the JV Sportium, and 42,0 started fully managing and -0,9% consolidating Sportium in 2020 18,7 23,0 16,0 2020 2021 2022 2023 Q1’24 Key highlights •
Slide 15: Business unit update: Slots Route Operations Italy
Business unit update: Slots Route Operations Italy EBITDA (€m) % production capacity* +40,4% 27,3 -2,2% 21,7 19,9 19,5 +41,9% 7,6 2,5 2,4 100% 58% 55% 100% 100% 100% 2018 2019 2020 2021 2022 2023 Q1’24 Key highlights • Double digit revenue growth in 2023 driven by M&A and organic performance ➢ AWPs
Slide 16: Summary
Summary • Background: Since 2006, current management team always delivered all financial commitments QoQ and YoY (54 consecutive quarters before COVID pandemic + 9 quarters after), and deserved Blackstone acquisition in July 2018 ➢ 8.9x EBITDA: €71M (2005) to €630m (2023) ➢ 3.5x EBITDA margin: 9% (2
Slide 17: Thank you
CIRSA® Thank you