Q1 2026 Cirsa Enterprises SAU Earnings Call Transcript

May 21, 2026 / 08:30 AM GMT

Release Date Price: €12.86 (-1.68%)

Transcript

Key Points

Positve

Cirsa Enterprises SA (FRA:Y7O) reported a strong start to 2026 with net revenues reaching EUR 623 million, an 8% growth year-on-year.
EBITDA improved by 8.5% year-on-year, reaching EUR 194 million, demonstrating solid financial performance.
The company achieved 71 consecutive quarters of growth, showcasing the resilience and scalability of its business model.
Retail and online segments both showed strong performance, with online turnover growing by 22.4% and retail EBITDA growing by 13.3% excluding FX.
The company is on track to meet or exceed its 2026 guidance, with a strong pipeline of M&A opportunities and a focus on both organic and inorganic growth.

Negative

The online segment faced challenges with margins impacted by gaming taxes in Peru, resulting in a margin decrease to 15%.
There were unfavorable sports payouts affecting the online segment's performance, although the company expects this to be temporary.
Despite strong growth, the company faces FX headwinds, particularly in its casino operations.
The company's leverage ratio is at 2.6, which, while manageable, indicates a need for careful financial management to maintain stability.
The company is experiencing a temporary impact on free operating cash flow due to a one-off working capital effect, which needs to be monitored.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

CIRSA.MC - Cirsa Enterprises SAU
Q1 2026 Cirsa Enterprises SAU Earnings Call
May 21, 2026 / 08:30AM GMT

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Presentation
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Unidentified_1 [1]
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Good day and welcome everyone to the CIRSOF First Quarter 2026 Financial Results Presentation, hosted by Joaquim Agut, Executive Chairman Antonio Hostench, Chief Executive Officer and Antonio Grau. Chief Financial Officer, my name is Angela and I am your Event Manager. During the presentation, your lines will remain on listen-only, but if you would require assistance at any time, please press *1 on your telephone and an operator will be happy to assist you.

Please note that in the Q&A session, you can ask questions by phone or in writing via the webcast, and the answers will always be given orally, with the order of preference being those given verbally. I would like to advise all parties that this conference is being

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