Cirsa reported net operating revenue of €623m in Q1 2026, up 8% year-on-year. Its EBITDA reached €193.9m from €178.8m the same quarter last year.
Retail Slots Steer the Quarter
The clearest message came from the slot segment in Spain. Earnings in this part of the operations grew by nearly 18%, hitting €64.3m. Cirsa attributed this result to machine replacements, software upgrades, and performance improvement across its venues.
This combination gives the company a steadier base while online margins face pressure from local tax changes. It also indicates that land-based gaming floors are still crucial despite the company’s public listing in Madrid last year.
Peru Tax Changes Pressure Online Margins
It was quite a different case for the online segment. Although digital turnover was higher than 22%, EBITDA for the online segment dropped sharply, falling by almost 12% to €21.4 million.
Peru was a key reason for this. The gaming tax imposed on the operator had led to lower margins by 5+ percentage points. The sportsbook’s performance in February also turned out to be unfriendly for the operator.
This does not mean that Cirsa is backing away from Peru. On the contrary, the group opened four casinos there and also added slot machines and tables.
Debt Work Changes the Investor Story
The most significant change involved the balance sheet. Cirsa reduced its debt by about €500 million in the last twelve months. Its gross financial debt stood at €2.36 billion, whereas its net debt equaled €2.05 billion.
Its leverage ratio fell to 2.7x from 3.7x. It also saw its financial charges fall by roughly €18 million after its refinancing activities and bond management. Management expects annual savings of more than €60 million from the refinancing work.
Still, investors had reasons to stay cautious. The stock fell up to 2.9% early on. Moreover, its free operating cash flow fell to €37.7 million from almost €86 million. The company attributed it to reversing last year’s working capital effect.
Signals to the Market
For operators and investors, Cirsa’s Q1 report points to a split market. While retail assets in Spain continue to generate steady revenue, online growth can see its margin fall fast in case of changes in tax policies. The next challenge for the company will be to keep debt savings and Spanish slot strength ahead of the fiscal pressure until the end of 2026.
