Fitch Ratings has awarded the Spanish gambling multinational Cirsa the BB rating with a “stable” outlook.
Fitch has highlighted Cirsa’s strong market positions in the countries where it operates and the company’s omnichannel proposition. It has also noted Sportium’s parent company’s position in Spain and indicated that its omnichannel offering provides “commercial advantages in markets with greater advertising restrictions”.
Likewise, the rating agency has stated that Spain could overtake France and Germany in the medium term to become Europe’s third-largest market.
Regarding Cirsa’s presence in other markets, Fitch has pointed out that it has growth opportunities in Latin America due to its leadership position in countries such as Colombia and Peru.
However, it has explained that the exposure of 30% of Cirsa’s revenue to Latin American currencies “creates unhedged exchange rate positions that could affect cash flow and financial flexibility”.
On the other hand, Fitch has emphasized Cirsa’s “strong profitability” of approximately 35% in terms of Ebitda in 2025, which translated into a solid free cash flow (FCF) margin of 9.5%.
“We estimate that the FCF margin will remain between 9 and 10% during 2026-2029, comfortably supporting a medium-term capex intensity of approximately 10% and dividends in line with the company’s guidance,” the rating agency concluded.
It should be noted that Cirsa closed the first quarter of 2026 with net operating revenue of 623 million euros (up 8% year-on-year) and an operating profit (EBITDA) of 194 million euros, representing an 8.5% increase compared to the previous year.