Spain-based gaming and leisure giant CIRSA has reaffirmed its position as the country’s market leader, while also reaping rewards from the new Italian market.
The firm closed 2025 with revenues of €2.34bn (£2.04bn) and operating profit of €753.5m. The business, which floated on the Madrid Stock Exchange last July, has now reported 70 consecutive quarters of improvement with its Q4 2025 results.
Operating revenue for Q4 came in at €623.6m, up 6.4% year-on-year, while operating profit increased by 3.5% in comparison to the same period to €198m.
The aforementioned IPO cost the company a total of €6.9m and, just months after, CIRSA gained a spot in the IGBM Top-100 – the 100 most valuable companies listed in Madrid.
It floated with shares trading at €15, and they still sit at a very similar price (€14.82) now. The firm’s market cap is currently around €2.5bn.
“Today we report our 2025 results for the first time as a listed company, and we do so with the satisfaction of having once again fulfilled our commitments,” said Joaquim Agut, Executive Chairman of CIRSA.
“Beyond financial performance, the year was marked by two milestones: the IPO and tangible progress across all areas of our ESG agenda, which the market recognizes and values.
“These achievements reflect a company prepared to continue growing with rigor and responsibility.”
CIRSA’s online gains and Italy foothold
CIRSA’s online gaming and betting division closed the year with a 25.8% annual increase in net revenue, translating into a 22% improvement in EBITDA compared to the previous year.
Its active user base now consists of 2.4 million players – a 49% increase year-on-year. The division also obtained three licenses in Italy and the business is in the top tier of online casinos in the country, alongside operators like Evoke’s 888 and Entain’s Eurobet.
Its casinos division incorporated four new casinos in Peru and one in the Moroccan capital of Marrakech during Q4, as it continues to expand around the world.
CIRSA is set to continue to grow from its Spanish headquarters despite heavy regulatory changes which are set to impact the market in the near future.
Success in the Italian market could provide a solid bulwark against any Spanish regulatory difficulties, with Italy’s new gambling market, re-regulated in November 2025, having received a warm reception from various stakeholders.
Although like Spain the Italian betting space carries some difficult marketing requirements, such as a total ban on sports sponsorships, the market’s tax framework is much more favourable than in other major jurisdictions like the UK, Germany and Netherlands.