Cirsa: Key themes ahead of Cirsa‘ 2H26

Research evidence excerpt

Cirsa: Key themes ahead of Cirsa‘ 2H26

comparison with the gaming sector (based on a 2026e EV/EBITDA of

6.7x, a 2026e EV/EBIT of 8.8x, a 2026e P/E of 20.0x and a 2026e FCF yield/EV of 5.0%, all after a 20% discount).

RISKS

Cirsa Enterprises

Downside risks. 1) The regulatory framework is of critical importance to all gaming operators, and regulatory changes (increase

in payout or taxes) could negatively affect Cirsa’s sales. 2) any deterioration of the economic environment in LatAm, notably in

Colombia, Panama, Peru and the potential impact on local currencies could affect Cirsa revenues and EBITDA. 3) Cirsa is facing

multifaceted competitive pressure from other gaming operators, offline but also online. Developing online activity would likely

have a dilutive impact on the group’s revenues and EBITDA, including through M&A. 4) M&A risk: a big acquisition to enter the

Brazilian market could affect the investor’s perception on group bolt-on strategy.

RATINGS DEFINITIONS, BENCHMARKS AND DISTRIBUTION

EQUITY RATINGS DEFINITIONS

Bernstein brand

The Bernstein brand rates stocks based on forecasts of relative performance for the next 12 months versus the S&P 500 for

stocks listed on the U.S. and Canadian exchanges, versus the Bloomberg Europe Developed Markets Large and Mid Cap Price

Return Index EUR (EDME) for stocks listed on the European exchanges and emerging markets exchanges outside of the Asia

Pacific region, versus the Bloomberg Japan Large and Mid Cap Price Return Index USD (JPL) for stocks listed on the Japanese

exchanges, and versus the Bloomberg Asia ex-Japan Large and Mid Cap Price Return Index (ASIAX) for stocks listed on the Asian

(ex-Japan) exchanges -unless otherwise specified.

The Bernstein brand has three categories of ratings: