Cirsa Enterprises (CIRSA) Q2 2026 earnings summary

Executive summary

• Achieved 72 consecutive quarters of growth, with Q2 2026 net revenue up 10.1% and net profit up 116% year-on-year.

• H1 2026 net revenues reached €1.26 billion (+9.1% year-on-year), EBITDA €396 million (+8.4%), and EBITDA margin remained robust at 31.4%.

• Online turnover grew 22.4% in Q2 2026, with online EBITDA margin up 430bps sequentially to 19.2%.

• Strategic acquisitions, notably Slots del Sol in Paraguay and Casino Figueira in Portugal, reinforced the omni-channel model and regional leadership.

• On track to achieve the high end of 2026 guidance for both net revenues and EBITDA.

Financial highlights

• Q2 2026 net revenues: €637 million (+10.1% year-on-year); EBITDA: €202 million (+8.3% year-on-year), margin 31.7%.

• H1 2026 net profit: €95 million (+84.9% year-on-year); adjusted net profit: €145 million (+43.5%).

• Adjusted net profit for Q2 2026: €75 million (+55%), driven by EBITDA growth and lower financial costs.

• Free operating cash flow (pre-M&A) in Q2 2026: €99 million, down 7.2% due to tax payment seasonality.

• Net debt as of June 30, 2026: €2,070 million; cash position: €293.9 million; total cash availability: €654 million.

Outlook and guidance

• Tracking to the upper end of full-year 2026 guidance for both revenues and EBITDA.

• Margin expansion in online expected to continue, targeting a 20% EBITDA margin.

• Organic growth expected to remain above IPO guidance, with continued focus on both organic and bolt-on M&A.

• Recent acquisitions expected to further support growth and margin improvement.