Contact information:
Investor -relations@cirsa.com
First Half 2026 Results
1
FIRST HALF 2026 RESULTS
July 30, 2026
Highlights
Very strong 2Q 26 growth at double digit o 2Q26, 72nd consecutive quarter delivering growth o Double digit Net Revenue growth at +10.1% o Online Turnover growing at +22.4% o Online EBITDA margin increased 430 bps vs 1Q26 to 19.2% o Net profit up 116%
Acquisition of Slots del Sol in July -26, Paraguay ’s leader in o nline gaming that will fuel further growth
On track to achieve high end of 2026 guidance in both Net Revenues and EBITDA o 1H26 Net Operating Revenues of €1,260 million : +9.1% vs 1H25 o 1H26 EBITDA of €396 million: +8.4% vs 1H25 o 2Q26 Net Operating Revenues of 637 million: +10.1% vs 2Q25 o 2Q26 EBITDA of € 202 million: +8. 3% vs 2Q 2025
Financial Position as of June 30, 2026:
o Net debt to LTM EBITDA ratio stood at 2.6 6x o Total net debt was €2,0 70 million.
o Cash position was € 293,9 million, with total cash availability of € 654 million.
First Half 2026 Results
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Business Overview
Net Revenues increased by 9.1% (8.7% ex -FX) in 1H26 vs 1H25 to reach €1,260 million. The On -line gaming & betting BU is delivering double digit growth at 12.2% (11.9% ex -FX) whilst the addition of our Retail BU´s is delivering an outstanding growth rate of 9.1% (8.6% ex -FX).
Second -quarter Net Revenues remained very strong, increasing by 10.1% versus 2Q25 , led by the Casinos BU (12.2%), Slots Spain BU (11.2%) and the Online Gaming & Betting BU (+14.9%).
M&A pipeline remains very solid with two acquisitions already announced in July: Slots del Sol, the leader in the on -line gaming market in Paraguay and Casino Figueira in Portugal. Perfect fit to consolidate our omnichannel strategy in the country.
The following table shows the evolution of Net Operating Revenues and EBITDA YTD 2026 compared to
YTD 2025:
Performance across the Group's business units remained strong in 1H26, with Slots Spain delivering the highest growth rate at 12.2%. The Online Gaming & Betting BU also continued to perform exceptionally well, reporting revenue growth of 12.2% (11.9% ex -FX).
Foreign exchange had a broadly neutral impact during the first six months of the year , as the negative effect recorded in 1Q26 was fully offset by a positive contribution in 2Q26.
Overall organic growth in 2Q26 of 6. 8% continues with the excellent evolution of organic growth component 1Q26 of 7.4% . Anticipation of Gold Mine projects and other high return growth CAPEX explains this acceleration of organic growth rates.
Retail M&A performed in 2025, prim arily in 4Q, continued to support growth, contributing 2.5% to 2Q26 revenue growth .
As no material M&A transactions were completed in the On-line gaming & betting BU, its 12.2% growth rate was entirely organic .
The acquisition of Slots del Sol, the Online gaming leader in Paraguay, is part of our 2026 growth plan and is expected to contribute positively to both Group growth and EBITDA margin in the coming quarters.
Net Operating Revenues % Var ex-FX % var Casinos 10.2% 9.4% Slots Spain 12.2% 12.2% Slots Italy 3.0% 3.0% Retail 9.1% 8.6% On-line gaming & betting 12.2% 11.9%YTD 26 vs YTD 25
First Half 2026 Results
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EBITDA increased by 8.4% (8.2% ex -FX) in 1H26 versus 1H25, reaching €396 million . Retail BUs delivered a strong performance, growing EBITDA by 11.1% (10.9% ex -FX), led once again by the Slots Spain BU, which achieved an outstanding 17.4% increase.
Within the Online Gaming & Betting BU, EBITDA was impacted by the higher gaming tax introduced in Peru. Excluding this effect, EBITDA would have increased by approximately 4%. From 3Q26 onwards, year -on-year comparisons will be on a fully comparable basis.
Second -quarter EBITDA performance remained strong, with EBITDA increasing by 8.4% (8.2% ex -FX), marking CIRSA's 72nd consecutive quarter of EBITDA growth . Retail BUs continued to deliver double -
digit EBITDA expansion (11.1%), while the Online Gaming & Betting BU remained affected by the higher gaming taxes in Peru.
EBITDA % Var ex-FX % var Casinos 8.0% 7.7% Slots Spain 17.4% 17.4% Slots Italy 5.0% 5.0% Retail 11.1% 10.9% On-line gaming & betting -7.1% -6.8%YTD 26 vs YTD 25
First Half 2026 Results
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Casinos BU
Casinos BU accelerated revenue growth versus 1H25, reaching 10.2% (9.4% ex -FX). Acquisitions completed in 4Q 2025 contributed positively to performance, while underlying organic growth remained strong at 4.7%. EBITDA increased by 8.0% (7.7% ex -FX) to €208.9 million.
On a country basis, the Group delivered healthy growth across all geographies in Q2 2026. In Mexico, performance remained positive despite a slight reduction in customer visits during the FIFA World Cup, as some customers chose to watch the matches rather than visit our casinos.
EBITDA margin remained stable at 40%, in line with our long term target .
(*) Includes 4 casinos and 26 9 gaming halls in 202 6, and 4 casinos and 2 66 gaming halls in 202 6.
Consolidated P&L
Thousands of Euros 2025 2026 Dif. 2025 2026 Dif.
Operating Revenues 241,455 269,770 28,315 485,248 533,284 48,036 Variable rent & other -4,324 -3,737 587 -9,386 -8,719 667 Net Operating Revenues 237,131 266,033 28,902 475,862 524,565 48,703 Consumptions -7,341 -7,955 -614 -14,238 -15,550 -1,312 Personnel -48,558 -55,666 -7,108 -96,376 -108,538 -12,162 Gaming taxes -33,785 -36,514 -2,729 -67,935 -73,861 -5,926 External supplies & services -49,595 -60,328 -10,733 -103,967 -117,709 -13,742 Depreciation, amort. & impairment -50,013 -51,137 -1,124 -99,732 -102,172 -2,440
EBIT 47,839 54,433 6,594 93,614 106,735 13,121
EBITDA 97,852 105,570 7,718 193,346 208,907 15,561Second Quarter YTD June 30
As of June 30 Casinos Slots Tables Casinos Slots Tables Casinos Slots Tables Panama 36 7,930 20 36 7,546 21 0 -384 1 Mexico 30 7,348 158 30 7,195 159 0 -153 1 Colombia 78 7,709 255 77 7,014 272 -1 -695 17 Spain (*) 273 7,685 49 270 7,703 50 -3 18 1 Peru 19 2,597 36 23 3,354 70 4 757 34 Costa Rica 7 824 20 7 817 20 0 -7 0 Dominican Republic 6 883 63 6 916 65 0 33 2 Morocco 3 417 47 4 606 67 1 189 20 Total 452 35,393 648 453 35,151 724 1 -242 762025 2026 Variation
First Half 2026 Results
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Slots Spain BU
Net Revenues grew by 11.2% in Q2 2026 and 12.2% in H1 2026, supported by strong growth in both the Slot Route and B2B businesses. The main growth driver continues to be higher revenue per machine driven by better point of sales , while the number of slot machines has remained broadly stable compared with H1 2025.
Organic growth remained strong at 10.2%, complemented by the acquisition of an operator in Valencia, which contributed an additional 2.0 % growth through bolt -on M&A.
Our ongoing point -of-sale improvement combined with a disciplined slot replacement program continues to play a key role in increasing revenue per machine and improving point -of-sale productivity, while generating highly attractive returns on invested capital.
In the B2B segment, recent product launches have been highly successful, reinforcing the business's leadership position in the Spanish slots manufacturing market for the bar’s channel.
EBITDA in this business unit increased by 17.0% in Q2 and 17.4% in H1, reaching €128.3 million .
Margin expansion remains particularly strong, with EBITDA margin reaching 53.0% in Q2 2026 and 52.8% in H1 2026.
Slot Machines Var. Var.
As of June 30 2025 2026 units % Slot machines 25,428 25,821 393 1.5
Consolidated P&L
Thousands of Euros 2025 2026 Dif. 2025 2026 Dif.
Operating Revenues 179,388 199,422 20,034 356,444 398,046 41,602 Variable rent & other -70,718 -78,567 -7,849 -139,609 -154,841 -15,232 Net Operating Revenues 108,670 120,855 12,185 216,835 243,205 26,370 Consumptions -4,863 -5,645 -782 -9,897 -13,271 -3,374 Personnel -15,890 -16,533 -643 -30,805 -32,757 -1,952 Gaming taxes -25,135 -26,228 -1,093 -50,970 -52,116 -1,146 External supplies & services -8,003 -8,374 -371 -15,868 -16,742 -874 Depreciation, amort. & impairment -21,900 -25,639 -3,739 -43,555 -49,934 -6,379
EBIT 32,879 38,436 5,557 65,740 78,385 12,645
EBITDA 54,779 64,075 9,296 109,295 128,319 19,024Second Quarter YTD June 30
First Half 2026 Results
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Slots Italy BU
We continue to deliver growth in a stagnant Italian retail market.
Slot Machines Var. Var.
As of June 30 2025 2026 units % Slot machines 12,546 12,990 444 3.5
VLTs 2,603 2,622 19 0.7
Total 15,149 15,612 463 3.1
Consolidated P&L
Thousands of Euros 2025 2026 Dif. 2025 2026 Dif.
Operating Revenues 117,953 122,517 4,564 243,923 249,920 5,997 Variable rent & other -20,616 -21,171 -555 -43,190 -43,158 32 Net Operating Revenues 97,337 101,346 4,009 200,733 206,762 6,029 Consumptions -1,575 -1,712 -137 -3,269 -3,420 -151 Personnel -5,202 -6,100 -898 -9,848 -12,133 -2,285 Gaming taxes -76,789 -78,428 -1,639 -159,313 -160,369 -1,056 External supplies & services -6,133 -6,968 -835 -12,476 -14,218 -1,742 Depreciation, amort. & impairment -5,555 -6,890 -1,335 -10,799 -12,990 -2,191
EBIT 2,083 1,248 -835 5,028 3,632 -1,396
EBITDA 7,638 8,138 500 15,827 16,622 795Second Quarter YTD June 30
First Half 2026 Results
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Online gaming & betting BU
In Q2 2026, the Online BU continued to deliver strong performance, with Net Operating Revenue increasing by 14.9% (+13.4% ex -FX), driven by robust organic growth across all products and geographies.
Turnover grew by 22.4%, supported by strong momentum in both Casino (+28.4%) and Sports Betting (+10.8%). The FIFA World Cup provided an additional boost to Sports Betting activity in June, driving higher turnover while also supporting customer acquisition and expanding our active player base, which should support future growth.
Despite the impact of higher gaming taxes in Peru, as highlighted in previous reports, the business unit delivered a significant improvement in profitability. EBITDA margin reached 19.2%, up 430bps versus Q1 2026, as payout ratios returned to more normalized levels. Strong business growth and ongoing efficiency gains also contributed to margin expansion, with EBITDA LfL margin increasing by 200bps versus Q2 2025.
Looking ahead, we expect to continue progressing towards our 20% EBITDA margin target.
Margin expansion and continued organic growth will be further supported by the acquisition of Slots del Sol, Paraguay's lead er in online gaming, signed in July 2026. The transaction is fully aligned with our strategy, strengthening our leadership position in Online Casino , enhancing geographic diversification and increasing our exposure to a market with a stable and well -established regulatory framework.
Consolidated P&L
Thousands of Euros 2025 2026 Dif. 2025 2026 Dif.
Operating Revenues 146,438 168,860 22,422 291,504 322,452 30,948 Variable rent & other -7,442 -9,098 -1,656 -21,391 -19,266 2,125 Net Operating Revenues 138,996 159,762 20,766 270,113 303,186 33,073 Consumptions -339 -333 6 -685 -563 122 Personnel -12,549 -13,554 -1,005 -24,003 -25,380 -1,377 Gaming taxes -27,766 -39,816 -12,050 -54,965 -78,219 -23,254 External supplies & services -66,527 -75,321 -8,794 -134,338 -146,879 -12,541 Depreciation, amort. & impairment -13,867 -14,450 -583 -27,883 -29,982 -2,099
EBIT 17,948 16,288 -1,660 28,239 22,163 -6,076
EBITDA 31,815 30,738 -1,077 56,122 52,145 -3,977 Second Quarter YTD June 30
First Half 2026 Results
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Consolidated P&L - Cirsa Enterprises, S.A.
Net profit for 1H26 reached € 95 million, an 84. 9% increase vs same period in previous year. The main drivers for the increase have been the reduction in financial costs of 34% or €36.5 million and the increase in EBITDA of € 30.5 million.
Net profit for the quarte r was of €50 million, a 116% increase vs 2Q25.
Adjusted net profit, the basis for dividend calculation, increased by 43.5 % in 1H26 to reach €145 million .
Below is a reconciliation of Net Profit to Adjusted Net Profit :
Consolidated P&L
Thousands of Euros 2025 2026 Dif. 2025 2026 Dif.
Operating Revenues 681,957 750,305 68,348 1,368,999 1,487,164 118,165 Variable rent & other -103,269 -113,044 -9,775 -213,576 -226,927 -13,351 Net Operating Revenues 578,688 637,261 58,573 1,155,423 1,260,237 104,814 Consumptions -15,989 -10,630 5,359 -31,080 -26,055 5,025 Personnel -91,287 -101,814 -10,527 -177,939 -197,977 -20,038 Gaming taxes -163,491 -181,083 -17,592 -333,281 -364,738 -31,457 External supplies & services -121,075 -141,475 -20,400 -247,488 -275,286 -27,798 Depreciation, amort. & impairment -91,388 -98,758 -7,370 -183,012 -196,347 -13,335
EBIT 95,458 103,501 8,043 182,623 199,834 17,211
Financial results -54,997 -36,356 18,641 -107,515 -71,003 36,512 Foreign exchange results 6,897 2,668 -4,229 10,026 1,265 -8,761 Results on sale of non-current assets 334 -807 -1,141 -606 -904 -298 Profit before Income Tax 47,692 69,006 21,314 84,528 129,192 44,664 Income Tax -24,520 -18,857 5,663 -33,291 -34,444 -1,153 Net Profit 23,172 50,149 26,977 51,237 94,748 43,511 Minority interest -13,493 -15,432 -1,939 -22,871 -25,433 -2,562 Profit attributable to the Parent 9,679 34,717 25,038 28,366 69,315 40,949 EBITDA 186,845 202,258 15,413 365,634 396,180 30,546Second Quarter YTD June 30
Consolidated P&L
Thousands of Euros 2025 2026 Dif. 2025 2026 Dif.
Net Profit 23,173 50,149 26,976 51,237 94,748 43,511 PPA depreciation Adjustment 25,078 24,685 -393 49,638 49,990 352 Adjusted Net profit 48,251 74,834 26,583 100,875 144,738 43,863Second Quarter YTD June 30
First Half 2026 Results
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The following are the average exchange rates used for conversion of our consolidated financial
statements:
The breakdown of EBITDA by country is as follows:
Average Exchange Rates YTD YTD One Euro equals: June 30, 2025 June 30, 2026 Variation Colombia Peso 4,567.80 4,235.58 -7.3% Costa Rica Colon 559.56 546.25 -2.4% Dominican Republic Peso 67.14 70.66 5.2% Mexico Peso 21.87 20.38 -6.8% Morocco Dirham 10.46 10.77 3.0% Panama US Dollar 1.10 1.17 5.9% Peru Nuevo Sol 4.02 4.00 -0.7% Ebitda Mix YTD by Country FY 2025 June 30, 2026 Spain 48.2% 49.9% Panama 11.3% 10.3% Colombia 10.1% 9.7% Mexico 6.5% 5.9% Italy 7.0% 7.7% Peru 8.3% 7.4% Dominican Republic 2.9% 3.1% Morocco 3.8% 4.4% Costa Rica 1.2% 1.1% Portugal 0.7% 0.5% Total 100.0% 100%
First Half 2026 Results
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Financial Overview
o Leverage ratio decreased by 0.03x during the quarter (from 2. 69x to 2.6 6x), in line with our full -
year deleveraging targets.
o Free Operating Cash Flow (before m&a) in 2Q26 has been of €99 million , a decrease of 7.2% caused by the diferent seasonality of Corporate tax payments in 2Q26 vs 2Q25.
o The €18.6 million reduction in financial expenses in the quarter confirms the trajectory towards achieving €62+ million savings for FY 2026.
o Q1 26 Proforma leverage, this is including 12 months of the acquired EBITDA, is at 2.6x, setting company’s leverage virtually at steady state level
Cash generation
Free Operating Cash Flow has the following composition:
Working capital evolution in the quarter has been very positive with +€14.2 million generated vs 2Q25.
Income taxes paid increase corresponds to a calendar effect where payments on account increase vs previous year.
CAPEX increase is a consequence of the acceleration of growth CAPEX including Gold Mine with high returns that have a positive impact on our sustained organic growth.
€ millions 2Q 2026 2Q 2025
EBITDA 202.3 186.8
Working capital & other 14.2 1.1 Income Taxes paid -36.8 -14.6
CAPEX -56.4 -45.8
Lease Payments -24.4 -20.8 FOCF (Pre-Investments) 99.0 106.7
M&A -2.0 -126.1
0 0
FOCF 97.0 -19.4
First Half 2026 Results
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Leverage ratio
Leverage ratio and Net Financial Debt remain broadly stable in 2Q26 (reduction of 0.03x and increase of €21 million) despite the payment of €75.5 million made in the quarter for the dividends corresponding to the full year.
€ millions 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026
NFD 2,501 2,598 2,638 2,645 2,333 1,929 2,043 2,049 2,070
Leverage 3.8x 3.9x 3.8x 3.7x 3.2x 2.6x 2.7x 2.7x 2.7x
First Half 2026 Results
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Other information
Structure & adjustments
CAPEX
Other financial information
Consolidated P&L
Thousands of Euros 2025 2026 Dif. 2025 2026 Dif.
Operating Revenues -3,277 -10,264 -6,987 -8,120 -16,538 -8,418 Variable rent & other -169 -471 -302 0 -943 -943 Net Operating Revenues -3,446 -10,735 -7,289 -8,120 -17,481 -9,361 Consumptions -1,871 5,015 6,886 -2,991 6,749 9,740 Personnel -9,088 -9,961 -873 -16,907 -19,169 -2,262 Gaming taxes -16 -97 -81 -98 -173 -75 External supplies & services 9,183 9,516 333 19,161 20,262 1,101 Depreciation, amort. & impairment -53 -642 -589 -1,043 -1,269 -226
EBIT -5,292 -6,905 -1,613 -9,999 -11,082 -1,083
EBITDA -5,239 -6,263 -1,024 -8,956 -9,813 -857 Second Quarter YTD June 30 Millions of Euros
CAPEX
YTD June 30 2025 2026 Var.
Casinos 38.5 38.1 -0.4 Slots Spain 44.9 61.5 16.5 Slots Italy 5.1 8.3 3.2 On-line Gaming & Betting 6.9 12.6 5.7 Structure 0.2 1.2 1.0 Total 95.6 121.7 26.1
First Half 2026 Results
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Millions of Euros Leverage Jun -30 Sep - 30 Dec - 31 Mar-31 Jun-30 LTM Ebitda 730.0 739.8 746.6 761.7 777.1 Net Interest Expense 215.0 207.8 205.8 187.9 169.3 Cash & Cash Equivalents 283.5 339.7 313.1 314.7 293.9 Total Debt 2,616.2 2,268.9 2,356.5 2,363.8 2,363.8 Total Net Debt 2,332.7 1,929.2 2,043.5 2,049.1 2,070.0 Total Net Debt to EBITDA 3.2x 2.6x 2.7x 2.7x 2.7x Ebitda to Net Interest Expense 3.4x 3.6x 3.6x 4.1x 4.6x2025 2026 Millions of Euros
Financial Debt
As of Jun -30 Sep -30 Dec -31 Mar-31 Jun -30 Bank Loans 103.5 38.0 95.2 73.1 88.9 Capital Lease Agreements 1.6 1.3 1.3 1.2 1.2 Senior Notes 2,118.1 1,835.5 1,822.6 1,845.2 1,823.2 Tax Deferrals 0.0 0.0 0.0 0.0 0.0 Capitalization of Operating Leases 263.4 262.4 279.7 285.6 291.1 Other Loans 129.6 131.7 157.7 158.7 159.4 Total Financial Debt 2,616.2 2,268.9 2,356.5 2,363.8 2,363.8 Cash & Cash Equivalents 283.5 339.7 313.1 314.7 293.9 Total Net Financial Debt 2,332.7 1,929.2 2,043.4 2,049.1 2,070.02025 2026
First Half 2026 Results
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Cash Flow
Millions of Euros 2025 2026 Dif.
Cash-flows from operation activities Profit before tax, as per the consolidated P&L accounts 84.5 129.2 44.7 Adjustments for non-cash revenues and expenses:
Depreciation, amortization and impairment 182.5 196.3 13.8 Allowances for doubtful accounts & inventories 0.5 0.9 0.4 Other -1.0 0.0 1.0 Financial items included in profit before tax:
Financial results 107.5 71.0 -36.5 Foreign exchange results -10.0 0.0 10.0 Results on sale of non-current assets 0.7 -1.3 -2.0 Adjusted profit from operations before tax and changes in net operating assets 364.7 396.1 31.4
Variations in:
Receivables -9.2 -6.4 2.8 Inventories -1.0 -7.1 -6.1 Suppliers, gaming taxes and other payables 13.6 0.9 -12.7 Accruals, net -3.2 -3.8 -0.6 Cash generated from operations 364.9 379.7 14.8 Income tax paid -20.3 -51.9 -31.6 Net cash-flows from operating activities 344.6 327.8 -16.8 Cash-flows used in / from investing activities Purchase and development of property, plant and equipment -39.1 -60.1 -21.0 Purchase and development of intangibles -56.5 -61.6 -5.1 Acquisition of participating companies, net of cash acquired -134.5 -20.7 113.8 Proceeds from other financial assets 0.8 -2.7 -3.5 Purchase of other financial assets -8.7 -5.6 3.1 Interest received on loans granted & cash revenues from other financial assets 1.5 3.1 1.6 Net cash-flows used in investing activities -236.5 -147.6 88.9 Cash-flows from / used in financing activities Proceeds / (payment), from financial loans 51.0 -19.5 -70.5 Issuance of bonds 0.0 0.0 0.0 Repayment of bonds -242.4 0.0 242.4 Shareholder contribution 273.1 0.0 -273.1 Capital lease payments -0.3 0.0 0.3 Lease principal payments -41.6 -45.8 -4.2 Interest paid on financial debt -93.2 -57.1 36.1 Dividends and other -21.8 -82.4 -60.6 Net cash-flows from / used in financing activities -75.2 -204.8 -129.6 Net variation in cash & cash equivalents 32.9 -24.6 -57.5 Net foreign exchange difference -5.5 5.2 10.7 Cash & cash equivalents at January 1 256.1 313.1 57.0 Cash & cash equivalents at June 30 283.5 293.7 10.2YTD June 30
First Half 2026 Results
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Consolidated Balance Sheet
Thousands of Euros 30-June-25 31-Dec-25 30-June-26
Assets
Intangibles 921,790 991,331 968,813 Goodwill 1,515,843 1,574,274 1,622,754 Property, plant & equipment 298,723 321,077 343,187 Right of use assets 231,439 248,370 258,908 Financial assets 80,494 73,162 100,189 Deferred tax assets 100,543 89,277 95,903 Total non-current assets 3,148,832 3,297,491 3,389,754 Inventories 14,943 14,088 21,243 Accounts receivable 170,362 156,381 184,752 Financial assets 31,068 59,158 39,431 Cash & cash equivalents 283,488 313,073 293,873 Other 23,697 22,964 28,690 Total current assets 523,558 565,664 567,989 Total Assets 3,672,390 3,863,155 3,957,743
Liabilities
Share capital 70,663 83,996 83,996 Share premium 365,442 752,109 676,545 Reserves -105,629 -125,944 -50,281 Own Shares -413 -1,325 Cumulative translation reserve -109,968 -71,266 -17,455 Consolidated result for the period 28,368 72,937 69,314 Minority interest 127,633 106,560 108,512 Total net equity 376,509 817,979 869,306 Provisions 21,738 22,227 24,597 Credit institutions 10,925 32,122 25,113 Bonds 2,084,218 1,805,701 1,807,652 Lease liabilities 197,227 206,874 215,607 Other creditors 105,234 131,158 106,280 Deferred tax liabilities 199,732 210,492 194,331 Total non-current liabilities 2,619,074 2,408,574 2,373,580 Credit institutions 94,216 64,429 64,997 Bonds 33,891 16,884 15,554 Lease liabilities 66,189 72,787 75,513 Accounts payable 58,838 51,213 69,534 Other creditors 354,433 391,991 430,387 Current income tax payable 69,239 39,297 58,871 Total current liabilities 676,807 636,602 714,857 Total equity & liabilities 3,672,390 3,863,155 3,957,743
First Half 2026 Results
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DISCLOSURE REGARDING FORWARD -LOOKING STATEMENTS
This interim report of our results includes forward -looking statements. These forward -looking statements can be identified by the use of forward -looking terminology, including the terms "believes," "estimates," "anticipates," "expects," "intends", "may," "will" or "should" or, in each case, their negative, or other variations or comparable terminology. These forward -looking statements include all matters that are not historical facts. They appear in a number of places throughout this interim report and include statements regarding our intentions, beliefs or current expectations concerning, a mong other things, our results of operations, financial condition, liquidity, prospects, growth, strategies, and the industry in which we operate.
By their nature, forward -looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. We caution you that forward -looking statements are not guarantees for future per formance and that our actual results of operations, financial condition and liquidity, and the development of the industry in which we operate may differ materially from those made in or suggested by the forward -looking statements contained in this interim report. In addition, even if our results of operations, financial condition and liquidity, and the development of the indust ry in which we operate are consistent with the forward -looking statements contained in this interim report, those results or devel opments may not be indicative of results or developments in subsequent periods. Important factors that could cause those differences include, but are not lim ited to:
• Public health outbreaks, epidemics or pandemics, such as the coronavirus, could have a material adverse effect on our busines s, financial position, results of operations and cash flows.
• Our business may be negatively impacted by the economic volatility and political conditions in Spain and other markets in whi ch we operate, including Russia´s actions in Ukraine, higher energy costs and commodity prices, disruption of logistic chains and m acroeconomic factors.
• There are risks associated with our operations outside of Spain.
• We do not control certain of our joint venture businesses.
• We may experience significant losses with respect to individual events or betting outcomes and the failure to determine accur ately the odds at which we will accept bets in relation to any particular event or any failure of our risk management processes may adversely affect our results.
• The technological solutions we have in place to block access to our online services by players in certain jurisdictions may p rove inadequate, which may harm our business and expose us to liability.
• The gaming industry is subject to extensive regulation (including applicable anti -corruption and economic sanctions laws) and licensing requirements and our business may be adversely affected by our inability to comply with these extensive regulation and licensing requireme nts, regulatory changes and increases in the taxation of gaming, which could result in litigation.
• Failure to maintain our online gaming licenses or comply with online gaming rules and regulations could adversely affect our business.
• Our failure to keep up with technological developments in the online gaming market could negatively impact our business, results of operations and financial condition.
• We may not be able to manage growth in our business.
• We are dependent upon our ability to provide secure gaming products and maintain the integrity of our employees in order to a ttract customers, and any event damaging our reputation could adversely affect our business.
• We are in a competitive business environment and, as a result, our market share and business position may be adversely affect ed by factors beyond our control.
• Changes in consumer preferences could also harm our business.
• Our success is dependent on maintaining and enhancing our brand.
• We may fail to detect money laundering or fraudulent activities of our customers or third parties.
• Our results of operations could be adversely affected by a disruption of operations at our manufacturing facilities.
• Certain countries in which we operate have been subject to significant security issues in the past several years, and if such issues continue or worsen, our operations could be materially adversely affected.
• The Group’s significant leverage and debt service obligations could materially adversely affect its business.
• We are subject to restrictive covenants under our Revolving Credit Facility Agreement and Indentures, which may limit our abi lity to operate our business, finance our future operations and capital needs and to pursue business opportunities and activities.
• Our failure to comply with regulations regarding the use of personal customer data could subject us to lawsuits, administrati ve fines or result in the loss of goodwill of our customers.
• Our systems may be vulnerable to hacker intrusion, distributed denial of service attack, malicious viruses and other cybercri me attacks.
• We are subject to taxation which is complex and often requires us to make subjective determinations.
• We are subject to exchange of information requirements on reportable cross -border arrangements.
• Our results of operations are impacted by fluctuations in foreign currency exchange rates.
• Terrorist attacks and other acts of violence or war may affect our business and results of operations.
• Negative perceptions and negative publicity surrounding the gaming industry could damage our reputation or lead to increased regulation or taxation, which could adversely affect our business.
We urge you to read the sections of our 2025 Annual Report entitled "Risk Factors," "Operating and Financial Review and Prospects" and "Business" for a more complete discussion of the factors that could affect our future performance and the industry in which we operate. In light o f these risks, uncertainties and assumptions, the forward -looking events described in this interim report may not occur.
We undertake no obligation to publicly update or publicly revise any forward -looking statement, whether as a result of new information, future events or otherwise.
All subsequent written and oral forward -looking statements attributable to us or to persons acting on our behalf are expressly qualified in their entirety by the cautionary statements referred to above and con tained elsewhere in this interim report and the Annual Report.