Blackstone-backed Spanish gambling operator Cirsa reported an approximately 8% rise in first-quarter core earnings, supported by strong performance across most business segments, despite a decline in its online betting division due to higher taxes in Peru.
The company posted EBITDA of €193.9 million ($225.3 million), compared with €178.8 million in the same period last year. Growth was driven mainly by its casino, slot machine, and land-based gaming operations across Spain, Latin America, Italy, Morocco, and Portugal.
However, online betting profits fell 12% after increased gaming taxes in Peru, reflecting regulatory pressure affecting digital gambling operations in certain markets.
Despite the setback, Cirsa reaffirmed its 2026 outlook and said it remains on track to reach the upper end of its EBITDA target range of €800 million to €820 million.
On the stock market, shares dropped as much as 2.9% in early trading and are currently about 10% below their July 2025 initial public offering price. The company was listed in July 2025 by private equity firm Blackstone, which still holds around a 78% stake.
Cirsa also addressed concerns over emerging prediction markets such as Polymarket and Kalshi, stating that it does not expect any significant impact on its business under current regulatory conditions.
Key takeaways:
- EBITDA: €193.9 million, up 8% year-on-year
- Online betting profits: down 12% due to Peru tax increase
- Full-year outlook: €800 million to €820 million reaffirmed
- Share performance: down 2.9% intraday, about 10% below IPO level
- Ownership: Blackstone holds roughly 78% stake
- Risk factor: competition from prediction markets, deemed limited impact