Cirsa reports $11.4M Q2 net profit as Mexico and Colombia currencies pressure casino segment

Cirsa’s operations in Mexico and Colombia weighed on its second-quarter results, as foreign exchange losses of €16 million dragged casino performance and pushed net profit down 11% to €9.7 million ($11.43 million). Online betting revenue rose 64%, helping offset some of the decline.

The company said depreciation of the Colombian and Mexican pesos relative to the euro negatively affected casino earnings. Both countries are considered important markets for Cirsa.

Online growth offsets casino weakness

While casino operations were pressured by currency headwinds, Cirsa’s online betting division reported strong revenue growth compared with the same period last year. The company has directed greater attention to online gambling in recent years to align with demand across the industry.

Cirsa, headquartered in Barcelona, operates casinos and betting platforms in Spain, Portugal, Italy, Morocco, and several Latin American countries.

Full-year guidance unchanged

Despite second-quarter challenges, Cirsa reiterated its full-year forecast. The company said it expects core profit to increase by 6% to 7% compared with 2024.

Chief Financial Officer Antonio Grau told analysts that currency pressures are not expected to weigh as heavily in the second half of the year. “Unless there are big changes ... I expect a lower (FX) impact in Q3 and Q4,” he said, while noting the outlook depends on the dollar’s valuation.

The company is majority owned by Blackstone, which listed Cirsa in July through an initial public offering that valued it at €2.52 billion. The private equity firm retained a 78% stake following the listing.