Cirsa closes its first year on the stock market 14% below its debut

The price loses the reference of € 10

Cirsa debuted on the stock market in September 2026 at a starting price of € 10per share.

Cirsa went public on July 9, 2026, with an initial price of € 10and a capitalization of close to 2.52 billion. After a year, the title was around € 1000and accumulated a decrease of approximately 14% .

After reaching € 1000in September 2026, the quote lost the starting price and marked an intraday low near € 600in May. On the anniversary date, the capitalization was around 2.2 billion.

The stock market performance contrasted with the results. In 2026, Cirsa reached 2,339 million euros in operating income and increased its adjusted EBITDA by 7.8% , up to 753.5 million. Between January and September 2026, this indicator advanced 8.5% year-on-year and stood at 193.9 million.

He favorable balance extended to the non-financial area . Cirsa led the European Casinos & Gaming classification from S&P Global's Sustainability Yearbook 2026. The evaluation incorporates environmental, social and corporate governance criteria, aspects that some investors consider when analyzing a company's non-financial risks.

The recognition strengthens its ESG profile among Ireland gaming companies , although it does not have a direct effect on the price.

Consensus forecasts support valuation

At the end of its first trading year, FactSet, an international provider of financial information, collected 12 buy recommendations issued by analysts on Cirsa shares.

He average target price reached , more than 55% above Cirsa's price on the anniversary. That calculation represents an estimate, not a guaranteed future level.

Projections placed 2026's net profit at 231 million euros and earnings per share around € 100 . Cirsa maintained an ebitda target between 800 and 820 million euros for the year as a whole.

Consensus support does not eliminate risks. In the first quarter, the EBITDA of the online gaming and betting decreased by 12% after the increase in gambling taxes in Peru, an example of the effect that the taxation of each market can have.

To this are added indebtedness, execution of acquisitions and the concentration of shareholders.

The last refinancing reduced the cost of part of the debt. In July, Cirsa placed 500 million euros in bonds senior secured at 4.625%, maturing in 2026. The funds were mainly used to amortize 375 million from an issue that matured in 2026 and paid 7.875%.

Cirsa's dividend gains weight among forecasts

The first shareholders meeting held after Cirsa's IPO gave the green light to a distribution of € 40per title from the share premium reserve.

The payment, made in May, amounted to 75 million euros and was equivalent to a return close to 3.5% on the anniversary price.

Analysts estimated a distribution of € 50per share for the year 2026, as long as Cirsa maintained the percentage of profit allocated to the shareholder. Estimates for 2026 they raised profitability above 5% taking € 1000as a reference, while those of 2026 placed it above 6%.

These figures they are forecasts, not guaranteed payments . Cirsa's policy conditions remuneration on factors such as adjusted net profit, cash generation, debt and investment needs.

Blackstone retains control with 74.2% of the capital

Blackstone completed the sale of 4.2% of Cirsa in April through an accelerated placement among qualified investors. The operation reduced its participation from 78.4% to 74.2% , so the fund continues to control almost three quarters of the company.

This concentration of shareholders can condition the liquidity and volume of securities available on the market. Upon the first anniversary, Cirsa was part of the Ibex Medium Cap and remained outside the Ibex 35.

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