Cirsa Enterprises, S.a.u. · BME:CIRSA
Cirsa Enterprises, S.a.u — Cirsa — FY2025 Earnings Presentation
20 slides from Cirsa Enterprises, S.a.u's earnings presentation, Feb 26, 2026
Slide 1: 4Q 25 Results Presentation
4Q 25 Results Presentation February 26 th , 2026
Slide 2: Agenda
Agenda 01 Highlights Joaquim Agut Executive Chairman 02 Business Overview 03 Financial position 04 Future Growth Antonio Hostench Chief Executive Officer 05 Final Remarks Antonio Grau Chief Financial Officer |2
Slide 3: Highlights | Another year of strong growth with excellent execution
Highlights | Another year of strong growth with excellent execution / FY25 Results – reliable & consistent delivery Net Operating Revenues ▪ Operating Revenues and EBITDA exceeded revised guidance, revenues €2,339m (+8.8%) and EBITDA ex IPO costs €753.5m (+7.7%) with a 32.2% margin +8.8% V 2,339 Gui
Slide 4: Highlights | Our strategic model is set to deliver solid and predictable growth
Highlights | Our strategic model is set to deliver solid and predictable growth / Strong organic growth across all business units ▪ Local low wager clients target and omnichannel strategy execution, increasing customer value & Group reliance across markets. ▪ Goldmine strategy deployed, growing & co
Slide 5: Agenda
Agenda 01 Highlights 02 Business Overview 03 Financial position 04 Future Growth 05 Final Remarks |5
Slide 6: Business Overview | Strong operating performance in all businesses
Business Overview| Strong operating performance in all businesses FY2025 Net Operating Revenue & EBITDA (€m) Key Highlights Our highly diversified platform and omnichannel strategy continue to Net Oper EBITDA deliver sustainable growth EBITDA Revenues Margin Casinos €990m €409m ⁄ Net revenues and EB
Slide 7: Business Overview | Retail Activities
Business Overview| Retail Activities Net Revenues and EBITDA 2025 Retail Activities Overview Retail Activities – Net Revenues bridge (€m) We have achieved our target of mid single digit growth for retail +6.1 +5.8 % Var +4.6 activities % Var % Var 6 1,858 101 1,832 ⁄ Retail activities with a strong
Slide 8: Business Overview | Casinos
Business Overview | Casinos Net Revenues and EBITDA 2025 FY2025 Performance Casinos – Net Revenues bridge (€m) Casinos organic growth in line with historical trend +4.9% in a well diversified portfolio +4.4% Var Var +2.2% 5 1,016 Var / +4.9% Net Revenues growth (+2.2% post-FX) 43 ▪ Growth led by Col
Slide 9: Business Overview | Slots Spain
Business Overview | Slots Spain Net Revenues and EBITDA 2025 FY 2025 Performance Slots Spain – Net Revenues bridge (€m) Continued solid performance leading +5.4% +5.4% +5.1% Var the Spanish slots route market Var Var 21 1 437 437 0 / Net Revenues increased +5.4% in 2025 to €437m / EBITDA grew +16.4%
Slide 10: Business Overview | Online Gaming & Betting
Business Overview | Online Gaming & Betting Net Revenues and EBITDA 2025 FY 2025 Performance Online Activities – Net Revenues bridge (€m) +25.8% +13.1 Online segment continues delivering outstanding growth in line Var % Var with our long-term target +13.1 % Var 55 530 529 (1) / Online segment delive
Slide 11: Agenda
Agenda 01 Highlights 02 Business Overview 03 Financial position 04 Future Growth 05 Final Remarks | 11
Slide 12: Financial Position | Strong Cash Generation
Financial Position| Strong Cash Generation High EBITDA Margin and Cash Conversion High EBITDA Margin Effective optimization of operating and financing activities drives 32% HIGH CASH strong cash flow generation GENERATION Efficient Capex +17% vs LY / Strong EBITDA Growth of +7%, +8% excluding IPO 8.
Slide 13: Financial Position | Focus on Earnings growth leads to shareholder value creation
Financial Position| Focus on Earnings growth leads to shareholder value creation Financial Results Consolidated P&L (€m) FY 2024 FY 2025 Var % Focus on Earnings growth Net Operating Revenues 2,150 2,339 8.8% / Continued Revenue and EBITDA growth driving earnings expansion Cost of Sales (1,451) (1,59
Slide 14: Financial Position | Balance sheet ready for disciplined expansion
Financial Position| Balance sheet ready for disciplined expansion Deleveraging Profile A Solid Capital Structure 23% Reduction of Net financial Debt Clear Path Towards Further Deleveraging / December 2025 leverage reaching 2.7x EBITDA, firmly on deleveraging trajectory 3.8x NFD/ EBITDA / €533m of bo
Slide 15: Agenda
Agenda 01 Highlights 02 Business Overview 03 Financial position 04 Future Growth 05 Final Remarks | 15
Slide 16: Future Growth | Cirsa's growth strategy & purpose
Future Growth | Cirsa’s growth strategy & purpose • Top gaming & entertainment offer through omnichannel model Shareholder value creation BAU • Improved UX / customer journeys across channels Organic growth ▪ Productivity & efficiency through technology and AI developments Earnings growth ▪ Gold Min
Slide 17: Future Growth | Guidance 2026
Future Growth | Guidance 2026 Positioning 2026 for continued profitable growth Cirsa’s 2026 Guidance / Net revenues expected to grow in mid- to high-single digits, supported by solid trends across core markets €2,500 – 2,560m Net Revenues / 2026 EBITDA guided at €800–820m, reflecting mid- to +7% -9.
Slide 18: Agenda
Agenda 01 Highlights 02 Business Overview 03 Financial position 04 Future Growth 05 Final Remarks | 18
Slide 19: Final remarks | Conclusion
Final remarks | Conclusion / CIRSA strategy and management team recurrent execution works and always delivered regardless of business cycles ▪ 70th consecutive quarter of EBITDA growth / Unique diversification by geography & gaming segment / 2026 Guidance ▪ Long standing in selected markets that alw
Slide 20: Thank You
CIRSA@ Thank You