Thank you very much. Good morning to everyone and welcome to our Q3 25 results presentation.

Thank you for attending our call. In today's agenda, we will be sharing the more relevant highlights at Cirsa, will give you a business overview, financial position, and we will close with a company outlook.

Starting with the chart on page number 3, the first point I would like to highlight is our recurrent delivery of consistent and profitable growth quarter on quarter and year on year. Q3 25 net revenues and EBITDA grew more than +5% at constant perimeter.

In Q3 25, our growth rates have to be considered as being fully organic. Q3 25 is our 69th, 69th consecutive quarter of EBITDA growth, of course excluding COVID time, and delivering consistently all our financial commitments.

After having completed in July our IPO and strengthening our capital structure for future growth, leverage was reduced from 3.2 times to 2.6. Our deleveraging and refinancing plans for 2025 have been successfully executed, as you will see later when Tony will pitch you.

Our M&A execution plans are on track to achieve the expected M&A growth for 2026. We recently, now in November, closed the acquisition of a 50% stake in Grand Casino La Mamounia in Marrakech, Morocco, and we have additional bolt-on acquisitions in casinos and slots that are expected to be closing in the next coming weeks.

The pipeline of M&A for 2026 is pretty strong. Regarding gaming sector news, especially in the predictive market segments, our highly regulated geographies are representing a key safeguard in front of this possibility.

Now, and going to the next chart on page number 4, you will see that Cirsa continues delivering very strong numbers. Q3 25 had strong revenues and EBITDA organic growth, with online revenues growing +8.1% and EBITDA growing +13.8% despite September customer-friendly sport scores.

Our retail business units increase revenues significantly, +6% in revenues, +7.6% in EBITDA, where Q3 25 results are not considering any material M&A impact. Those growth rates are all fully organic.

Our year-to-date results are outperforming our full-year guidance, with net revenues increasing 9.7% to €1,760 million and EBITDA year-to-date 25 growing +8% to €548 million, or €555 million before the €6.1 million of IPO expenses related. Through our business operations and financial discipline, we managed to deliver significant cash flow generation.

In Q3 25, we generated €122 million before M&A transactions, and year-to-date 25, our free operating cash flow reached the level of €329 million, representing an improvement of 42.2% year on year. Jumping now to the chart on page number 5, this is a chart about our guidance 25.

We are improving our 2025 original guidance, the one that we gave you during our IPO roadshow, and this is based on our current business performance and evolution. To do that, our diversification, accretive CapEx, as well as M&A synergies delivery and execution are key, and you have seen it historically happening.

The guidance for 2025 upgraded is as follows. In net revenues, we are expect to end the year in the range between €2,325 and €2,335 million.

This would be an improvement between 8 and 9% compared to 2024. In EBITDA, net of the IPO expenses of €6.1 million, will end within the range of €750 to seven half €753 million EBITDA.

This is an improvement of +7 to +8% compared to 2024. Now, I'm going to hand over to Antonio Hostench, who is going to give us a business unit by business unit overview.

Thank you, Joaquim. I'm going to start with an overview by business unit.

In page number 7, you can see that all four of our business units have delivered growth in Q3, which shows the growth potential and the resilience of our diversified portfolio in both channels. As you can see here, in the online segment, we were able to grow our revenues by 8% and EBITDA by 14%.

If you add up the three retail businesses, casinos and slots in Spain and Italy, the growth has been 6% in revenues and 7.6% in EBITDA, which shows that the our bet to combine both channels is very very robust. Starting with the our biggest business unit, casinos, we had a sustained organic growth across the different regions.

Despite a negative FX impact of €1.7 million in the period, we're able to grow +2% the EBITDA of the period, reaching a €108 million of EBITDA. In the online gaming and betting segment, we had a strong evolution in turnover and customer acquisition in all our markets.

This offset the impact of the customer-friendly results that all the industry had during September, which was very similar what happened if you remember in October 23. In this business unit, I have to say that we keep on track to deliver the our commitment of €500 million in revenues and €100 million in EBITDA.

Now jumping to the slot business, in both markets, our performance was very good, especially, I would say, in the slot operations in Spain. We keep with an excellent growth pattern, which has taken us this quarter to a 6% growth in revenues and a 20% in EBITDA.

With regards to our retail business in Italy, the market remains flattish, and here, with the integration of a small bolt-on acquisition we did during the year plus the focus of our team in efficiency plans, we have been able to deliver this 14% growth in EBITDA terms. Now, let's move to page 8 into the casino segment, which is performing in line with our historical growth trend, although during not only Q3 but also Q1 and Q2, we had no M&A contribution for the period.

If you exclude the FX impact we had in this period in revenues, which was of €4.3 million, the growth in revenues was of 5.7% in local terms, with a special good performance in Colombia, Dominican Republic, Spain, and Morocco. I also want to remark, because I mentioned this in previous calls, that in Panama, we are in a positive trajectory.

Remember that we had elections 18 months ago, and we knew that after the elections, there was a recovery period, and today we are already having positive revenue trend in Panama also, which is a significant piece of our business in Latin America. In terms of EBITDA, excluding the FX impact, which was of €1.7 million negative during this period, the organic growth in let's say at constant FX rates would be of 4.2% that translated in euros at 2.2%.

In terms of M&A, we finally could announce the acquisition in November of the Grand Casino La Mamounia after a long period working on this transaction, and this consolidating our leading position in Morocco. Today, we own four out of the seven casinos in the country.

The one in Marrakech that we bought is the second biggest in the country. The first thing we're going to do here for 2026, we have already in plan a Goldmine project, which will be an extension of around 400 square meters in that casino, which is performing really well.

For the coming months, we have a good pipeline for additional bolt-on acquisitions. In terms of business-as-usual activities, I wanted to remark our Goldmine projects that we have explained many times.

For 2015, we executed 14 of these projects, and for 2016 2026, we already have 16 already determined projects: four in Mexico, five in Panama, three in Colombia, one in Dominican Republic, one in Costa Rica, and one in Spain. Many of them have already started in project period, already some of them in construction, and we are running as much as possible to enjoy those projects the longest period during 2026.

Now I'll move to next page, our online gaming and betting business. I want to repeat again that we are on track to deliver the commitment we gave to during our roadshow.

In this business, we want to reach revenues of €500 million and EBITDA of €100 million, which we think is already a sizable business. Now looking at the numbers for Q3, we had a very good performance.

In terms of volumes, let's say in turnover terms in a like-for-like perimeter, we grew +16% in turnover terms, which is also aligned with the growth that we are seeing in unique players in our operations. This 16% due to the low margins we had during September that affected across the industry, this translated in GGR terms a growth of 8% and a 14% in terms of EBITDA.

I want to remark that this organic growth, we have during this Q3, but also Q4 and the first quarters for next year, we have a special focus in increasing and improving our offer in casino and slots offer, well, increasing the number of live games and slots in all our markets. We're getting deals, exclusive deals in some regions like the one we got with Spribe, the supplier of the Aviator game, very well known in the online arena.

We have also agreements with CTG, Push Gaming, and so forth. This will be deployed during this Q and the coming ones.

With some of them, we are having special agreements to give us customized product that nobody else is going to have in the market. Lastly, I want to repeat again that we are on track to deliver for €500 million in terms of revenue and €100 million EBITDA for the year.

Now lastly, but not less important, the slot operations in Spain. Here, as you can see, we are delivering an outstanding performance.

We got a 6% growth in revenues, and which due to the fact that we have a fixed tax rate per slot here, this has translated into a 20% growth in EBITDA terms. Our organic growth in this business is driven by two main reasons.

The focus of our commercial team in retaining and acquiring new high-quality points of sales, the ones which are driving more profitability, and second thing is the continuous push we are having in replacement of our slots in the bar channel with the best-performing slots. In this case, since last September, we are already testing a new Manhattan model, this time called Manhattan Magic.

This model will be presented in the next conference that will be taking place in Barcelona in the next January. Once this is presented to the market and starts being deployed to third parties, we'll had an exclusivity period, or this testing period as we call it, for at least 4 to 5 months in advance that the market where the market will also have available this market.

All this together with our efficiency initiative through the our logistics value chains gives us the capacity to be with margins above 45%, which we already think it's an excellent margin. As you can see, we're able even to expand that above 50% in the last quarters.

Now I'll hand it over to Antonio Grau to follow with the financial overview.

Thanks, Antonio, and good morning, everyone. After reviewing the main components of our EBITDA generation and operations, we'll now focus on the progress made in net profit, cash generation, and leverage, and also I'd like to end up with a comment on shareholder remuneration.

First, on net profit, we must highlight the significant increase in net profit, both in the quarter, where net profit increased by €28 million versus last year, but also in our year-to-date figures, where we have doubled net profit versus last year, reaching €74 million. In terms of adjusted net profit, which, as is the basis for determining dividends to be paid in 2026, we have reached €149 million in the first nine months.

There are two main drivers behind this improvement: first, and most important, growing EBITDA generation, which, as you heard before, is outperforming our initial guidance, and also the execution of our financial savings plan, which is already impacting Q3, but which will impact in full in our 2026 results. To give you more color on our financial savings, from a current annualized financial expenses run rate of approximately €200 million in 2025, we expect to reduce this to around €125 million in 2026.

That's a €75 million improvement, which includes €62 million of the already-executed plan, which I will comment on later, but also the elimination of one-offs seen in 2025. This will provide, clearly, significant upside for net profit and adjusted net profit in 2026.

Moving now to cash generation, next slide, please. Thank you.

We continue to deliver, first of all, top of industry EBITDA margins comfortably above 30%. It is important also we continue to deploy our efficient CapEx strategy, which enables us to achieve a cash conversion of 77% while achieving a 6% organic EBITDA growth in the quarter.

As a result of what I just mentioned, free operating cash flow grew 19% versus Q3 2024. This is supporting three things: first of all, our plan to finance €150 million per year of M&A through organic cash flow generation; second, it is supporting our deleveraging; and third, it is supporting our dividend payments.

We've already commented on M&A before in the presentation. I'll comment later on dividend payments, I'd like to focus on deleveraging.

On next slide, yeah, total net financial debt reduction since January 1st has been of €685 million. This is driven, of course, by IPO proceeds, €373 million, shareholder contribution in May, but also, very important to highlight, €63 million of cash generation.

This €63 €63 million have been achieved despite a situation with significantly higher financial expenses than what we expect for 2026. All in all, our capital structure and strong cash generation provide for the flexibility we require to execute the acquisitions that we have in our pipeline.

Moving now to the financial savings plan, we've taken several actions. I'd like to focus on the refinancing we accomplished in October.

We refinanced two bonds, and we achieved through this refinancing €18 million of additional savings, which add to the reduction of net financial debt we had achieved prior in the year, and the total executed plan impact so far is €62 million, which, as I mentioned before, adding to the elimination of one-offs, will give us the possibility to reduce financial expenses next year by €75 million. Now moving into my final slide, as a final summary on our earnings profile and growth and how it impacts remuneration to shareholders, I'd like first to remind you that we defined our dividend policy at approximately 35% of adjusted net profit or 35% of adjusted earnings per share.

Our earnings per share grew by 39% versus last year based mainly on strong EBITDA growth delivered at 8%, but to this, we will add the circa €75 million reduction of financial expenses in 2026. Here, I'd like to remind you that this increase in profit before taxes that financial expense reduction provides will not have an impact on increased corporate tax, as this will be free of taxes due to the limit that exists in Spain for deductibility of financial expenses.

This €75 million, that's a direct contribution to improve earnings next year. Combining what I just mentioned with M&A, which is financed through organic cash flow, we are in a position to deliver a strong future shareholder returns.

Having said this, I hand over to Joaquim for final remarks.

Thank you very much, Tony. Now, I'm on page 18, the chart showing our conclusion and company outlook.

You have seen along our results presentation that Cirsa is a very compelling investment opportunity. Cirsa is a company with an exceptional track record of having delivered 69 consecutive quarters of growth, quarter on quarter, year on year, with a unique diversification and plenty of growth opportunities in all the markets where we are operating.

We also deliver strong EBITDA conversion into free operating cash flow, and that's taking place with a unique diversification in our industry, and as I commented, in markets where the opportunities for growth are almost unlimited. We upgraded our guidance 25 based on our current business performance and evolution, and excluding the €6 million of IPO-related costs, as it has been commented several times, net revenues are going to be in the range between €2,325 and €2,335 million.

It's a +8 to +9% improvement year on year. EBITDA will stay in a range between €750 million and €753 million, is a +7, +8% improvement compared to 2024.

CapEx will remain stable in the range we committed to you of being between 7 and 9%. This is all from our side.

Thank you very much, and we are ready to take your questions.

Yes, thank you for the presentation and for taking my questions. I have two.

The first one is regarding online. You mentioned customer-friendly sports results in September, I wonder if this has been a management decision, given you also mentioned that this has been an industry-wide trend, or if this is a statistical issue.

In this context, if you can comment on trading in October and November to date, I just want to assess whether this statistical deviation in September has been corrected or not. Also, regarding the 16% growth in turnover versus the 8% growth in net revenues, if you can give color by country.

Then my second question is on regulation. If you can please comment on the proposed tax hike in Mexico, the IEPS, what sort of impact do you expect?

On the VAT hike in Colombia, what impact on gaming revenues and customer behavior so far, and on margins in this country? Thank you.

I'll take the first one on online. That in sports betting, we have to manage or we have to live with the sports scores.

From time to time, we have this sort of bad trend, and this happened, as I said, in October 23, and this happened again September this year. This affected the whole industry.

It's not ourselves. I think all our peers reported the same figures.

As of today, in October, I have to say that we recovered a bit our payouts and our margins, and in November, that is already normalized. The translation from that 16% to 8% in margin in 8% in GGR, it's really driven by this customer-friendly results that we had during the period, and this affected all our core geographies.

It happened the same in Peru, in Spain, in Italy, wherever we are operating, we had the same situation because most of the people is betting to the same events in these markets. Yes.

Paco, on the increase in IEPS in Mexico, first of all, you need to understand the impact is that this is only part of the gaming taxation in the country. This is a portion of the gaming taxation.

This increase in this part of the gaming taxation has a yearly impact that we have evaluated to be below €2 million, yeah?

A

yearly impact below €2 million, yeah, so that's what it will be.

The third one is about the VAT in Colombia. The VAT in Colombia, yeah.

The fact here is that the VAT is just affecting for a period of one year to the online business. In our case, our volume of online business in Colombia is marginal, it has simply no effect to our numbers.

Thank you.

Hey, guys. Thank you so much for taking the questions.

I was hoping we could start with CapEx plans for next year. I know that it's probably a little bit early in the operating season, but any color on how should we think about that potential item for next year and perhaps for 2027, even directionally, would be very helpful.

Luis, thanks for your question. Indeed, we gave guidance on CapEx covering 3 years when we gave the pre-IPO in June, and we mentioned being between 7 and 9% on revenues, yeah.

We've not made any change to that plan, we will be between 7 and 9%. If you look where we are currently, we are around 8%.

I think that on CapEx, we'll do as much CapEx that is required for the business as it is yielding very good results, as you can see with the organic growth levels that we have. We also explained that approximately 6% is maintenance CapEx and 1 to 3% is growth CapEx, so that's where we will be moving.

We are not expecting any extraordinary item in the coming months in terms of CapEx. The only thing we have is payment of license in Italy, which have already been paid in October in Q4, but for the rest, we expect an evolution aligned with the evolution of revenues of the company for 2026 and 2027.

Got it, perfect. Following up on your expansion plans, is there any territory that you guys have been doing a little bit more research with regards to providing new offerings, like Brazil or any jurisdictions that we should be mindful of?

You took a good point. In Brazil, we stay at the same place that we were a few months ago, which is wait and see.

That there are already changes in regulation and taxation expected to happen in that country. On top of that, still the regulator is not taking action to really ban the illegal market.

We keep in conversations with some of the local players that would be ready or would be open to a transaction, but we are still very skeptical. I don't think that you should expect that doing on our side a step in Brazil for the coming 12 months at least.

For the rest of the countries, we stay with our strategy to keep working on the regions where we are, where we think are enough opportunities to grow.

Got it. Last one for me.

You guys did mention that you are not impacted by the prediction markets, which is taking the narrative for some of your competitors. Have you guys spent any time at all looking into this market and if in the future a similar product or something like that could be offered in some of the markets in which you operate?

I think in our case, if you look what happened in Italy, that the two big ones, Polymarket and Kalshi, were already banned, they're under the banned list in the Italian regulator. It happens the same in Spain.

Under the regulation we have in Spain, you cannot operate these predictive models without a gaming license. We feel very protected.

In the case of Latin America, you know that all the Latin American online regulations have been mirroring the Spanish one, we feel 200% protected under that potential attack. I think the US situation is completely different.

Perfect. Thank you so much for taking my questions.

Welcome.

Hello, good morning. Thank you for taking my questions.

I have two. Regarding the upgraded guidance, maybe you guys can guide us a little bit in which division is going to come the improvement.

If we look at the implicit EBITDA guidance for Q4, we are looking at something north of €200 million for the quarter, which is going to be the best quarter in the year. I was wondering where that extra contribution is going to come from.

Second, maybe you can guide us on what's the run rate for interest expense that we can expect for next year and for Q4. Thank you.

With regards to the improved guidance that we gave to you, you're going to see growth everywhere: in our slots business, in casinos, and so forth. The only one I would say is a bit challenging is the online piece, because Q4 24 was an impressive year in terms of online.

I think, if I remember well, we were giving EBITDA of €34 million, which was outstanding. Getting close or improving that number we got for Q4 would be already good news, which I think will be there, and you will see growth in the other three business units.

Okay. Juan, regarding the financial expenses, yeah, if you look at where we are at end of Q3, we are at €152 million, I judge financial expenses, so that's why I mentioned a run rate for the year of approximately €200 million.

I'll get in a second to your question on Q4. We've executed a plan that has already provided us €62 million savings, yeah, and we've had one-offs for cancellation of bonds so far of €11 million.

This means that for next year, due to what we have already done, we expect a €75 million reduction versus the approximately €200 million for the run rate of 2025, yeah? That's big improvement.

I remind you also for your models that that's tax-free in terms of corporate taxes. This improves the profit before taxes.

Regarding Q4, as you have seen in Q3, we already got a savings of approximately €13 million. It was through the one-offs.

The situation in Q4 is that we'll have this €13 million that we already executed. The only thing, that bear in mind that we've refinanced €1 billion in bonds, this means that we paid cancellation cost of €9.9 million, and there's a bit of cancellation of capitalized issue cost.

All in all, in Q4, I think you will still see a run rate similar to the 2025 financial expenses, where there's a very clear underlying trend towards reducing financial expenses, but will be partially offset by the payment of cancellation cost of the bonds that we refinanced in October. Hope that this is clear.

Juan, is that clear?

Thank you. Okay.

Thank you very much. My first question is on slots Spain.

The margin there has been outstanding and well above your 45%+ target. Is there any element of one-off in there?

It doesn't look like it given you've now done that for several quarters. Should we be thinking about more like a 50%+ margin going forward in Spain or is there anything that would lead to any kind of reverse or being closer to that mid-40s number going forward?

My second question is around slots Italy. Obviously it's grown with the benefit of an acquisition.

If we look at the casino business, you've done very strong organic growth. Look at slots Spain, we just mentioned the margins.

Slots Italy is an area where I think many investors struggle to see a source of competitive advantage compared to what you put in your other businesses. Is that something you're wedded to, or is that something you'd potentially dispose of to focus more on your other areas?

Then finally on online, could you just give an update on your expectations around Italy licensing? Obviously there's the deadline last week, the technical rules updated in May.

Do you expect that to have any impact or risk to your business? How should we think about online progression for Italy into 2026?

Thank you.

I'll start by your first question on the margins in the slot business in Spain. I think that even ourselves were not expecting such a big growth in this market, but it's performing really well.

In terms of margin, I think being above 50% is not fully consolidated, thinking for the future, you should think getting closer to that 50%, but not above that. I think that's a realistic view of this business.

Second topic was on Italy slots. We've been very clear on this.

Italy slots, it's a business that is providing us every year €25 to €30 million EBITDA, very high cash conversion. We are learning lots of best practices from that market, and we feel comfortable with that market, although we recognize that it's not the best place to deploy capital, and this is why we are, I would say, very conservative in that aspect.

We're just adding small bolt-on acquisitions to increase our volume there. Of course, if somebody is coming to us and offering a good price for the business, we will sell it, but we feel very comfortable today.

We have the expectation that whatever is happening when the new license is coming on, that is supposed to be by the end of 2026, the conditions for the new license will be improving the current ones not only in terms of taxation, but also in terms of product, which we think is one of the key reasons why this market is stagnant today.

The last question was on

We couldn't hear well what sort of question you were asking about online Italy. Oh,

yes, you were referring to the Italian new licenses in the online channel. In our case, we are jumping from one single license to three licenses, because remember that the previous tender allowed us to have several brands under one single license.

In this case, we have decided to concentrate all our brands into three ones, and we are migrating those several brands into those three different licenses and just three brands. We are not seeing any impact into that business.

In fact, we think for the coming year, we'll have the chance to keep growing our market share in the Italian market, because several of the previous licensees are not operating anymore.

Thank you.

what we can add here is that inside our slot operations business, you have our manufacturing business, okay? Manufacturing business has several considerations about different mixes related to hardware sales, software sales, combinations of both, so that makes the evolution a bit more complex.

As Antonio said, we believe that being above 45% is a hell of a great number.

Understood. Thanks very much, guys.

Then just one more on slots Spain. You had a strong increase in net operating revenues per slot in the quarter, I'd love some color here.

Again, what's the opportunity for this to continue to increase going forward?

The revenue per slot is growing, as you can imagine, and is the result of deploying this slots that I just mentioned, the Manhattan let's say family of product. What is happening with this Manhattan model is that we are adding two different group of games: traditional bar channel games, which are very specific for the Spanish bar channel market, and we are adding, and this has been the case for the past 3 years, more casino-like games, match-three games, you have games like the roulette, which is bringing us new customers into the bar channel.

We think this is going to be a continuous trend for the coming quarters. We don't see this stopping at all, because there's still at least 40% of the bars in Spain that are with the old slot machines.

As far as we have room to keep deploying that type of slots, this will be a growing market.

Very helpful. Thank you, guys.

Hi, good morning. Just one for me on M&A, please.

Could you just tell us how much you expect to spend on M&A in the fourth quarter? In terms of the Morocco casino where you've taken a 50% stake, presumably that only contributes in your P&L below the EBITDA line.

Would you expect over time to grow that back to 100%, and is your preference for M&A to take 100% stakes to support that EBITDA line as opposed to sort of JVs or minority stakes? Thank you.

Regarding M&A spent in Q4, what I can tell you is that for the full year this year, we will not be reaching the €150 million of new M&A that we mentioned in terms of our organic cash generation, yeah? The acquisitions that we are planning up to the end of the year, I would even tell you that they will hardly be reaching half of that figure, yeah, that's what it will be.

Of course, it depends on the calendar a bit, but don't expect that we get anywhere closer to the €150 million that we mentioned as capacity to finance organically. We said in the past, and maybe what I'm going to say is new for you, that one of the main characteristics of Cirsa's M&A is not buying problems, okay?

At the time of making acquisitions, we are very conservative and very demanding in terms of return, okay? Having said that, the opportunities that we have in the pipeline are great, and several of them, I would qualify as great.

Okay. In terms of La Mamounia, yes, we will be consolidating this acquisition.

There's a 50% with control acquisition.

Right. To be clear, the contribution from Morocco won't impact the EBITDA line this year, or next year it will be at the JV line?

The contribution for La Mamounia Casino, you mean? It will be in EBITDA.

It's a controlling stake that we have there, because this is not only 50%, we have all the series of criterias for the consolidating it. When I say consolidating it, I mean under EBITDA.

I see. Thank you.

Yeah.

From our side, again, thank you very much. You have seen how reliable we are, and we don't see any reason why this should not be happening every quarter.

Thank you very much.

Thank you. Bye.

Thank you.