(AsiaGameHub) –   “CIRSA is significantly undervalued,” Chairman Joaquim Agut told investors of the historic Spanish gambling group.

This message was conveyed at the first shareholders’ meeting of Grupo CIRSA, which finalized its first accounts on the Spanish stock exchange in 2025, following its long-awaited IPO in July.

During the meeting, Agut announced a special dividend of €75 million for investors, amounting to €0.45 per share, representing approximately 35% of the €118 million in adjusted net profit recorded in the FY2025 accounts.

2025 was a landmark year for CIRSA, which solidified its status as Spain’s largest gambling company by reporting corporate income of €2.3 billion and record EBITDA of €736 million, a 7% rise compared to the previous year.

CIRSA victim of wider anxieties 

This peak financial performance occurred against the backdrop of a transformative IPO for Spanish gambling, as CIRSA debuted on the Spanish stock exchange at €15 per share, achieving a valuation of €2.5 billion and entering the IBEX Top 50.

However, despite these achievements, the CIRSA share price has remained stagnant in the €13-to-€14 range, a situation Agut believes severely undervalues the company’s prospects.

Agut, who has served as Executive Chairman of CIRSA since Blackstone’s private equity acquisition in 2018, believes the current undervaluation reflects broader investor concerns regarding the gambling sector rather than CIRSA’s underlying performance.

As a listed gambling company, Agut noted that CIRSA has been exposed to persistent sector anxieties, emphasizing that “the company’s stock market performance does not reflect its operational reality” – a situation driven not by internal factors, but by the wider dynamics shaping global gambling markets.

He specifically pointed to “the emergence of predictive betting models in the United States and increased gambling taxes in the United Kingdom,” developments he said have triggered widespread declines across listed gambling stocks since the start of 2026. 

Proven player with undervalued strategy

 Despite these pressures, Agut has maintained that CIRSA has consistently outperformed both market conditions and listed peers, sustaining a clear growth trajectory since 2018. He added that he remains confident that investors will ultimately recognize the group’s intrinsic value.

“The IPO allowed the company to reduce its financial burden while maintaining a high level of investment to support growth, alongside lower debt and the continuation of a strong shareholder return policy,” Agut continued.

Consequently, CIRSA has fulfilled its strategic pledge to become the highest-valued Spanish gambling group, underpinned by a disciplined, value-led M&A strategy that continues to shape its expansion profile.

Growth has been driven by targeted acquisitions across core and emerging markets, with 17 deals completed in 2025 and early 2026, including four new casino assets in Peru, Casino Marrakech, and Spanish gaming machines distributor Comatel.

Under Agut’s tenure, CIRSA has executed over 150 acquisitions, with management maintaining that each has been earnings accretive while strengthening the group’s footprint across Latin America, Africa, and Southern Europe. 

This strategy has positioned CIRSA as one of the most geographically diversified operators among European-listed gambling firms. These transactions reflect a clear focus on scalable assets capable of delivering immediate earnings contribution

“We have built a model where growth is both disciplined and repeatable,” Agut stated. “Our M&A strategy is focused on assets that complement our operational strengths and deliver sustainable value over the long term.”

All eyes on Blackstone

Currently, Blackstone holds 74% of CIRSA’s share capital, while institutional investors account for 21%, and retail investors make up the remaining 5%.

In Spain, analysts continue to scrutinize how Blackstone will ultimately divest its majority stake. Addressing the recent sale of a 4% holding, Agut reiterated that such a move had already been outlined in the IPO prospectus, “so it should not surprise the market.”

Attention will now turn to Blackstone’s next steps and its positioning within global gambling equities – an asset class facing renewed pressure from macroeconomic headwinds, including rising energy costs and inflation, which are certain to have deep impacts in Spain and Latin America.

Despite these external challenges, Agut remains confident that CIRSA can sustain its growth trajectory and outperform both domestic competitors and listed global peers

The investment case is further supported by analyst sentiment, as “14 banks covering the stock maintain “buy” recommendations and set an average target price of €20.6 per share – almost 50% above current trading levels.. 

Agut concluded that “Cirsa has improved its financial profile with lower debt, reduced financing costs, and greater flexibility, while gaining institutional visibility  at a time when the listed gambling sector has faced external turbulence”.