Cirsa reports sales of 2,150 million and an EBITDA of 698 million

While awaiting the final results to be released on February 20, Cirsa has provided investors with a preview of its 2024 figures. The multinational gaming company, which had already been improving its figures compared to the previous campaign throughout the year, will close the fiscal year with an EBITDA of "approximately" 698 million euros and sales of "approximately" 2.150 billion euros.

According to the information provided, the operating result will represent an improvement of around 10.8% compared to the 630.8 million euros of the previous season. The challenge for the Blackstone-controlled group lies in translating EBITDA into net profit due to debt costs. In the third quarter, for example, EBITDA was 507.9 million euros, while the net result stood at 16.1 million euros. The final figure will also be at the upper end of the forecast range communicated on October 9, when guidance was given between 680 million and 710 million euros.

With this profitability, the company states that the debt/EBITDA ratio will be 3.8 times. Based on calculations, this suggests it will be around 2.650 billion euros, slightly higher than the 2.598 billion euros from the previous quarter. This metric is also within the previously communicated market range—between 3.7 and 3.9 times.

Cirsa’s Sales

The improvement in profitability was driven by increased sales, which will rise to approximately 2.150 billion euros, 8.1% more than the 1.991 billion euros recorded in 2023. This figure is also at the upper end of expectations, which ranged between 2.110 billion and 2.160 billion euros.

The company, led by Joaquim Agut, also reveals that sales in the online division will grow by 29% to 420 million euros. The EBITDA for this department will reach 85 million euros, up 55%.

Finally, the company, which has not provided any clues regarding the timing of its anticipated IPO, also states that its Capex investments will be between 185 million and 195 million euros.