Q2‘26: Solid; Guidance Reiterated

Research evidence excerpt

Q2‘26: Solid; Guidance Reiterated

Update

July 30, 2026 06:49 AM GMT

Morgan Stanley & Co. International plc+MCirsa Enterprises, S.A.U. | Europe Ed Young

Equity Analyst

Q2'26: Solid; Guidance Ed.Young@morganstanley.comConstantin P Kollmann +44 20 7677-1761

Research Associate

Constantin.Kollmann@morganstanley.com +44 20 7425-3268

Reiterated Jamie Rollo

Jamie.Rollo@morganstanley.com +44 20 7425-3281

AlphaSignals Earnings Reaction

Cirsa Enterprises, S.A.U. (CIRSA.MC, CIRSA SM)

Unchanged In-line Largely unchanged

Leisure and Hotels | Spain

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS Stock Rating Overweight

Source: Company data, Morgan Stanley Research Industry View Attractive

Price target €18.10

Shr price, close (Jul 29, 2026) €13.40

Summary. Cirsa has reported solid Q2 results with net revenues of €637m (+10% 52-Week Range €16.62-12.12

year-on-year), +1% above consensus driven by the Slots Spain segment, and EBITDA Mkt cap, curr (mn) €2,251

Net debt (12/26e) (mn)* €1,855

of €202m, in-line with consensus. Organic growth remained standout at 6.8%, EV, curr (mn)* €4,243

remaining well above the mid-single-digit long-term framework. By division, Slot * = GAAP or approximated based on GAAP

Spain led again (organic growth +10.2%, EBITDA margins 53%). Online margins

sequentially stepped up sequentially by 430bps from the Q1 level, reflecting a more

normalised payout ratio. Overall, we see this as another milestone of strong

organic-led growth for Cirsa. The EBITDA guidance is reiterated at the high end of

the €800-820m range, which is perhaps marginally disappointing some given the

company now incorporates the Slots Del Sol acquisition, but in our view likely

reflects continued management conservatism.

Divisional detail.