The rise in interest rates waters Cirsa’s operational growth. The leader in the gaming sector recorded a profit of 16.1 million euros until September, 67.9% less than the 50.2 million euros in the comparable period. The figure overshadowed an 8% increase in EBITDA, which grew by 8% to 507.9 million euros. The reason: the rise in the cost of debt due to interest rates and the impact of a tax adjustment of 10 million euros.
The multinational owned by Blackstone made public its results for the first nine months of the year this Thursday while it is removing the leaves of its IPO. Regarding the jump to the parquet floors, the group limited itself to pointing out that it was an option and that the timings would depend on the market situation.
Meanwhile, the organization focuses on its ordinary business, which closed September with sales of 1,869 million, 5% more than the 1,778 million in the comparable period. The increase occurred due to the improvement of the slots divisions in Spain and the gaming division on-line. The same two divisions caused the rise in ebitda.
However, The increase in operating metrics was not reflected in the final result. The rise in interest rates impacted the interests of the latest bond issues – carried out between the second half of 2023 and the first half of 2024 -, which were more expensive than their predecessors. Therefore, the financial result went from –121.4 million to –152.5 million euros.
Liabilities are one of the open fronts for a Cirsa that has among its objectives to reduce debt. It closed the quarter with a backpack of 2,598 million euros compared to the 2,501 million of the previous quarter or the 2,263 million of the same period of the previous year. The increase is due to the acquisition policy undertaken for years. The last purchase was that of the Peruvian Apuesta Total, settled in July.
The company led by Joaquín Agut also recognizes an impact of 10 million euros in tax matters, which also affected the final result.
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