Strategic optionality but valuation full

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Strategic optionality but valuation full

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Cirsa

Credit Analysis

Adding the €31s and €32s at Marketweight, post rally 23 July 2026

We refresh our views of gaming company Cirsa, following its Jul-26 refinancing. We add High Yield Credit

Cirsa’s €31s and €32s secureds at Marketweight (MW). The €31s have outperformed Spain

€BBs by c. 30bps since May, following the company’s upgrade to Ba3. Spreads are just c. Gaming

20bps from one notch higher-rated peer Lottomatica. We see these as fair, considering Stephanie Vincent, CFA

Cirsa’s lower (but growing) exposure to online, its PE majority owner and its clear Research Analyst

appetite for bolt-on (and potentially larger) M&A. We expect spreads to remain range- MLI+44 (UK)20 7996 1143

bound, as Cirsa’s brick-and-mortar business continues to support profitability. stephanie.a.vincent@bofa.com

Conor Forde

Proactively managing its cap stack, MW €29s and PIK bond ResearchMLI (UK) Analyst

One year following its (long-awaited) IPO, Cirsa has emerged on a stronger financial- +44 20 7996 1054

conor.forde@bofa.com

footing, in our view. We expect the company to remain opportunistic with regards to

upcoming refinancings, as it seeks to benefit from a lower cost of debt. We add

coverage of the €29s at MW, assuming a take-out in Feb-27 (‘only’ a c. 3.2% yield). We See the back of this report for a

see Cirsa’s (pre-tax) interest rate falling by >250bps in FY26E (versus FY24). This is a glossary of terms

positive for Cirsa’s already decent cash conversion (historically c. 30% of EBITDA). That

said, an early call of the €31s represents only half-a-point of upside. In addition, the

€31s YTW is slightly lower than that of peers in the € HY gaming universe (c. 4.3% vs

Please also refer to our Jun-26

4.5%).