Good day. Welcome everyone to the Cirsa second quarter 2026 financial results presentation hosted by Joaquim Agut, Executive Chairman, Antonio Hostench, Chief Executive Officer, and Antonio Grau, Chief Financial Officer. My name is Fern, and I am your event manager. During the presentation, your lines will remain on listen only, but if you require assistance at any time, please press zero on your telephone and an operator will be happy to assist you.
Please note that the Q&A session, you can ask questions by phone or in writing via the webcast, and the answers will always be given orally, with the order of preference being those given verbally. I would like to advise all parties that this conference is being recorded. Now I would like to hand over to Mr. Agut. Please go ahead.
Thank you very much. Thanks to everyone for attending today's Cirsa results presentation call corresponding to Q2 and the first half of this year. During today's results presentation, we will be covering our four classic topics. Start with the company highlights, followed by a business overview and performance, to end with the financial position and a final summary. Now on page number three, I will start my presentation with Cirsa Q2 2026 results, and I will share with you several highlights there.
Q2 2026 is our 72nd consecutive quarter of growth. For us, this is a big achievement. We always deliver regardless of economic business cycles. This unique track record performance is supported by our leadership positions and diversified business portfolio, together with a very resilient business model regardless of different business cycles. Q2 2026 delivered another set of solid results and confirms our Q1 2026 strong start.
Let's see the key and main Q2 2026 figures. Net revenues reached EUR 637 million, growing +10.1% year-on-year. EBITDA reached the level of EUR 202 million, up +8.3% year-on-year, while maintaining a strong margin of 31.7%. I want to highlight that for the first time in Cirsa's long history, we delivered an EBITDA above EUR 200 million in a single quarter. For us, the EUR 202 million reach in EBITDA in Q2 2026 is an important achievement.
Adjusted net profit reached EUR 75 million, growing +55%, supported by EBITDA growth and lower financial costs. Organic growth remains strong across both retail and online businesses. Retail continues to benefit from our geographical diversification and operating leverage, while online revenues grew organically +14.9%, supported by a strong customer acquisition momentum. Both retail and online margins improved during Q2, reinforcing the quality of our growth profile.
In summary, Q2 2026 confirms again the consistency of our strategy execution and our ability to deliver sustainable and profitable growth. Now on page four. Page four summarizes our performance for the first half of the year. H1 2026 shows a very strong start with growth across geographies, channels, and business units. Net revenues in the first half reached EUR 1.26 million, growing +9.1% year-on-year, while EBITDA grew +8.4% and reached EUR 396 million. EBITDA margin remained very strong at 31.4%, demonstrating our ability to combine growth and profitability.
Growth remains well balanced across channels. Retail revenues increased +9.1%, including a very healthy organic growth of +5.7%. Online continues to outperform, with turnover growing +22.4% and net revenues increasing 12.2% organically. Our diversified sources of growth continues to deliver. LatAm region once again led growth, increasing +12.1%, while our Spanish businesses also delivered a very strong performance, growing +7.7%. Additionally, the bolt-on acquisitions completed during the end of 2025 continue contributing accretive growth and supporting margin expansion.
Overall, H1 2026 performance is ahead of our long-term growth framework and gives us confidence for the remainder of the year. On page five, I'd like to update you on the execution of our strategic priorities. Our financial position continues to strengthen and leaves us ready for future growth opportunities. During Q2, we completed a new refinancing transaction of EUR 375 million, reducing costs by about 40% while extending debt maturities. Our leverage ratio is now close to our long-term steady-state range of 2.0x-2.5x . Regarding M&A, execution remain fully on track.
The July acquisition of Slots del Sol Paraguay is strategically attractive and accretive, both in revenues and margins for our online business unit and fully consistent with our omni-channel strategy. Beyond this transaction, we continue to see very good visibility across our M&A pipeline in different markets. Shareholder remuneration continues to grow.
During May, we paid EUR 75.5 million in dividends, and the strong growth in net profit provides a solid basis for higher distribution going forward. If you look at the chart on the right-hand side, you can see that both revenues and EBITDA growth for H1 2026 are already tracking to the upper end of our full-year guidance range. Therefore, we remain fully on track to achieve the high end of the 2026 guidance. I hand over to Antonio who will give us a detailed business performance overview. Antonio?
Thank you, Joaquim. I will start on page seven with a summary of the key growth drivers of our strong performance. On the retail businesses, we continue to see sustained growth in casino visits. In parallel, in our casino business, our goldmine projects, where we have completed 14 out of the 20 planned for the year, expand our gaming offering, delivering a double benefit, attractive returns on invested capital in the short term, while also seeing future organic growth across the portfolio. We are also reinforcing our omnichannel strategy through selected acquisitions such as Casino Figueira in July, our first casino in Portugal, and the two new casinos included in our acquisition in Paraguay.
In the slot hall operation in Spain, our integrated model with our own slot games and technology continues to be a key competitive advantage. On the online side, the model continues to scale strongly. We are sustaining turnover growth above 20%. At the same time, we are making clear progress towards our 20%+ EBITDA margin target, reaching in this quarter, a 19.2%. The acquisition of Slots del Sol in Paraguay, accomplished in July, is also fully aligned with this strategy as it strengthens our omni-channel model and reinforces our scale and leadership in the region.
The World Cup has accelerated customer acquisition, enlarging our client base and creating a strong foundation for the coming quarters. If you add to these good demand KPIs, our productivity culture, the result is an excellent money-making machine. In page eight, we show the total revenue and EBITDA bridge versus Q2 2025. The message here is very similar to what we discussed in Q1. Our leadership positions, diversification, and discipline execution continue to translate into consistent growth. We have now delivered already 72 consecutive quarters of growth. On the left side of the chart, you can see that net revenues reach EUR 637 million, growing 10.1% year-on-year.
The main contributor was organic growth, with net revenues up 6.8%. This was complemented by the contribution from bolt-on M&A of 2.5%. EBITDA reached EUR 202 million, growing 8.2% year-on-year, again supported by organic growth, bolt-on acquisitions, and disciplined execution. What is important isn't only the numbers, but also the quality of these numbers, because this growth is happening in all regions, in both channels, retail and online. This, together with our clearly above 30% margin, is what allows us to continue reinvesting in growth while maintaining financial discipline. In page nine, we cover our retail segment.
Retail delivered another strong quarter with net revenues growing 10.2% year-on-year, including 4.7% organic growth. EBITDA grew even faster at 10.9%, which reflects the operating leverage of the business and the continued contribution from our operational initiatives and bolt-on acquisitions. The good revenue performance translated into further margin expansion, with retail EBITDA margin reaching 36.4%, up 25 basis points versus the prior year.
These are very strong profitability levels and shows the quality of the retail platform. In terms of drivers, revenue growth remains strong across the portfolio. The goldmine initiatives I mentioned continue to generate incremental growth across casinos and in our Slots hall operation business in Spain. The premium slot content and the advanced product deployment compared to our competitors are driving revenue growth of 11.2%. These are good examples how product innovation, technology and operational execution continue to support our organic growth.
Overall, retail continues to combine strong organic growth, accretive M&A, and cash generation, making it a highly scalable and resilient core business for the group. I will turn to online, our fastest-growing segment, in page 10. In Q2, online delivered very strong organic momentum across products and geographies. Turnover grew 22.4%, with sports betting up 10.8% and casino up 28.4%. The total number of unique customers raised to 1.7 million. This performance reflects the strength of our leading position in key markets and the continued improvement in customer acquisition and engagement. Net revenues grew 14.9%, supported by strong organic growth and payouts, this time returning to normalized levels.
The other relevant point in this slide is the profitability progression. EBITDA margin reached 19.2% in Q2, improving by 430 basis points versus Q1 2026. On a like-for-like basis, EBITDA margin expanded to 24.9%, which in absolute numbers represents an improvement of 24%. This clearly shows the operating leverage we have in the online business as we continue to build scale. The message here is clear. Online is not only growing at a very attractive pace, but it's also moving rapidly towards our 20%+ EBITDA margin target. This gives us strong confidence in the long-term revenue, EBITDA, and margin potential of the segment.
In addition, in July this year, we have added a new member to the family, Slots del Sol in Paraguay, on which I will give you further details in the following page. Moving to page 11. This transaction is a perfect fit with our strategy. We entered this new market through the clear market leader. It's number one out of 29 licensees, and it's an operator that has our same omni-channel approach and adds exposure to a country with a stable regulation and taxation. The business has a leading position with a 35% market share, also showing impressive top-line progression, about 50% CAGR from 2023 to 2025, and also excellent performance KPIs.
As you can see here, the business have increased +27% in active players versus 2025, and also +66% in average revenue per user. It is also important to highlight that we are partnering with a strong management team that remains committed to the company, which is fully aligned with our approach to M&A in Online. The transaction has been completed at a disciplined valuation of 6x-7x EBITDA before synergies and is expected to be accretive. This acquisition does two things at the same time.
It reinforces our leadership in Latin America, accelerates our online growth strategy, and also improves the overall margin profile of the group. Finally, page number 12, we show the impact of the World Cup on top of an already strong online growth trend. I can say that we have successfully capitalized on the World Cup, both in terms of turnover growth and customer acquisition. During the quarter, we see a very strong uplift in customer activity, with first-time depositors multiplying by 3.6x , unique active players increasing by 96%, and new registered users multiplying by 3.1x .
This was supported by a successful World Cup campaign and strong trading performance, particularly in June, where turnover growth accelerated meaningfully versus April and May. What is important for us is that this is not only a one-off event impact. The World Cup has allowed us to acquire a significantly larger customer base, and that creates a strong foundation for the coming quarters. Overall, Online enters the second half of the year with a stronger scale, more customers, and a clear path to continued profitability growth.
Before moving to the financial section, I think the key takeaways from the business overview is that growth remains very well-balanced. Retail continues to provide resilience, profitability, and cash generation, while Online continues to deliver strong growth and increased scale. At the same time, our M&A activity remains disciplined and fully aligned with our omni-channel strategy. This combination is what gives us confidence to say that we'll be at least in the high end of the guidance we gave you for the year. Now I hand it over to Antonio Grau for the financial chapter.
Thank you, Antonio, good morning, everyone. I'd like to start the financial section, commenting on cash generation. First, I need to start by mentioning EBITDA margin. We've had an EBITDA margin in Q2 of 32%. That's comfortably above the 30% target that we set. This is key as it supports the capacity we have to 100% self-finance growth through investment in CapEx and M&A. At the same time, we deliver attractive and growing shareholder remuneration, reducing leverage. On capital allocation, you can see we've slightly increased our CapEx, particularly in goldmine projects. We've executed eight projects in Q2 for a total of 14 in the year.
This, combined with return on invested capital, which is ranging between 25% and 40%, has allowed us to support high organic growth. We've been at circa 7% in terms of organic growth for the company, which is clearly above the guidance we gave to investors during the IPO process. We are keeping cash conversion above 70%, specifically at 72.1% in Q2. Very good results in terms of CapEx investment in the quarter. Have to make two comments on two other elements in this slide. First one is on working capital. As you can see, we've had a very positive evolution in working capital, EUR 40 million+ in the quarter.
I can tell you that we can expect also a positive impact in the second half of 2026. On the other side, on corporate taxes, we've had a significant increase compared to last year. This is completely due to calendar payments, particularly on payments on account. Indeed, we expect a second half of 2026 with lower payments than second half of 2025 in terms of corporate taxes to reach a total of approximately EUR 110 million for full year in terms of corporate taxes.
Moving to next slide. I'd like to comment on capital structure. Joaquim already anticipated some data about the refinancing we performed in July. I'm going to give you some more data on this bond issue. First of all, with this bond issue, we have completed the refinancing plan we communicated to you, for which we announced EUR 60 million+ of savings. This recent issue has been made at the lowest spread in Cirsa's history.
We've been at 180 basis points versus the German bond. This has resulted into additional savings of EUR 12 million on an annual basis, which means that in total, the refinancing plan will provide savings above EUR 70 million compared to the EUR 60 million we announced. Another thing important to mention is that we're issuing all our bonds for six years, six-year tenors. This means that we'll not have in the future, any call cost anymore. This means further improvement for financial cost due to avoiding call costs. Another outcome from this refinance is that we have no maturities in bonds until 2029.
Regarding this maturity, I can tell you that the bond maturing in January 2029, we plan to refinance in the first quarter of 2027, where we expect to reduce once more financial cost again. We could reduce up to EUR 10 million depending on euro level. With this new refinancing, we already get an average cost of debt, which will be below 5%. On leverage, on the right-hand side, we are now at 2.66x or 2.60x pro forma, the fourth quarter acquisitions we performed.
This is virtually at the level we set of being between 2x and 2.5x steady state. I can anticipate to you that the Slots del Sol or other M&A we are forecasting for the rest of the year will not imply any significant change in our leverage ratio. We reiterate our target to be between 2x and 2.5x steady state in terms of leverage ratio. This being said, I'd like to hand over to Samuel Santacreu for the final slide on finance.
Thank you, Antonio. Let's move to earnings and shareholder remuneration, on page 16. Our strong operating performance continues to translate into even stronger earnings growth. In the first half of 2026, net operating revenues, as you can see, increased by 9.1%, and EBITDA grew by 8.4%. This solid operating performance, together with lower financial expenses, Antonio, you highlighted earlier, drove net profit to increase by 84.9% and EPS to grow by 69.8%. This earning growth also reinforces our shareholder remuneration story.
As it is shown on the slide, you know that this last May, we paid the 2025 dividend of EUR 0.45 per share. Going forward, you also know that we remain committed to our dividend policy of distributing 35% of adjusted net profit. While this semester adjusted net profit has increased by 43.5%, providing a solid foundation, which provides, sorry, a solid foundation for significant future dividend growth.
This gives you a good guidance, I think, for the expected dividends of 2026. Overall, strong operational execution combined with financial discipline is translating into significant earnings growth and increasing our capacity to deliver attractive shareholder returns. With that, I will now hand over to Joaquim Agut for the outlook and conclusions. Thank you.
Thank you, Samuel. I'm on page 18. This last chart is about our final presentation remarks and conclusions. Okay, Cirsa strategy and its execution works, achieved 72 consecutive quarters of EBITDA growth, and also highlighting that Cirsa management team always delivered during the last 20 years and regardless of business cycles. Cirsa's diversification has been a fundamental pillar of our consistent and recurring financial delivery. 2026 is another year with a strong set of opportunities, where growth will come from both organic and M&A, will continue with our bolt-on accretive acquisitions, and we are ready for another more sizable M&A.
Our sound capital structure supports further M&A, enhancing growth beyond current long-term guidance. Management team is fully committed to deliver shareholder long-term value and will deliver, following our policy, attractive dividends, earnings growth, and cash flow generation. As commented several times during today's presentation, we are ready and on track to deliver at least to the high end of our guidance 2026. My final remark is about Cirsa's full commitment on ESG and responsible gaming activities. For us, being on the top position of the ESG international ratings is a must-be condition. Thanks a lot. From now on, we will be ready to take your questions.
We will now begin the question- and- answer session. Please limit yourself to one question and one follow-up. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. We ask that you pick up your handset when asking a question to allow for optimum sound quality. If you are muted locally, please remember to unmute your device. If you are logged in via the webcast, you can use the text Q&A button to ask a question. Please stand by while we compile the Q&A roster. Your first question is from the line of Ed Young with Morgan Stanley. Your line is now open. Please go ahead.
Good morning. My question's on Slots del Sol acquisition, please. Can I start with a big picture question, I guess, about online? You've now collected four different online businesses all operating in broadly one country each. What are the areas of integration or centralized capability in that business unit? Do you plan deliberately to keep those businesses very separate to maintain more local control or innovation? I ask because you've consistently indicated that online's a priority area for M&A. If we fast-forward a few years from here, what do you want online to look like?
Well, I think the acquisition we did in Paraguay, the one we did in Peru, the one we did in Portugal, is showing what we are looking for in this business unit. We want to become the market leaders in the Spanish-speaking countries. That's clear. This is the picture that you should see in our portfolio in the coming years. As we have discussed several times, through organic growth, we are not able to reach that position. We'll be adding new members to the family, as we did in those cases. The level of integration, I think one of the strengths that we are looking for is to have very strong local teams, as this is why we want the teams that we are acquiring to remain committed in the company.
In this case as we did in Peru or Portugal, the founding partners are going to stay with us for a long period, because t hey have been the local formula to become market leaders, so they're going to stay with us on the commercial side. In terms of integration opportunities, there is one very clear on the cost side. We are all using very similar or even the same suppliers. In casino game suppliers, in technology tools, and we have seen, for instance, in this case, in Paraguay, they are using the same platform that we use in Peru. The rates that they have is 30% higher than the ones we have in Peru.
That is a very short-term synergy that we are able to implement that. In terms of integrated platforms, we are, in this area, very clear. Unless there's a big reason to migrate platforms, we remain with the competitive ones that they have in each of the cases. We are sharing today two big suppliers, Playtech and [Kalamba] in terms of platforms, and we have plans to make big migrations in this period. Of course, there are, let's say, in terms of global marketing, we are using sponsorship agreements to be deployed in all the Latin American markets, as the one we have with Liverpool and some others that we are using already.
Your next question is from the line of Ricardo Benevides with Santander. Your line is open. Please go ahead.
Hi there. Thanks. My questions are also on M&A. I'm just wondering if we could get a better understanding on what Slots del Sol contribution could be towards both top line and EBITDA growth. Afterwards, I wanted to see if you could give us some better visibility of the pipeline. In what type of geography? Is it more LatAm or Europe-oriented, the remaining significant acquisition? And is it more online or retail oriented? Thank you.
In the case of Paraguay, we are not disclosing the profitability numbers because of the agreement we have with the seller. You can think that this will be adding, in a normal year, from $40 million-$50 million in terms of revenues. In terms of profitability, be sure that this is above the average margins that the operators have in this industry. Anything above 35%, at least, that is what you could expect from this transaction. In terms of strategy, we remain with what we said in the previous call, for Q1. Our basic priority is, first of all, online, as we have shown in Paraguay, but we'll continue to make bolt-on acquisitions in all the markets, with priorities in Spain and the Latin American markets.
From now on, and now means starting this year, we are also starting to explore opportunities in Europe. In markets where we find the same macro and especially, in terms of regulation and taxation, the same conditions that the markets where we are today operating. In terms of numbers, of course, we remain with the target of investing in M&A $500 million in a period of three years. You can account between $ 150 million-$200 million per year, which will be financed with the cash flow generated by the company.
Okay. Thank you.
Your next question is from the line of Pravin Gondhale with Barclays. Your line is now open. Please go ahead.
Hello. Good morning. Thanks for taking my questions. Firstly, on the retail margin outlook or trajectory through the remainder of the year. You have had deliveries of goldmine project in second half last year, and I believe in H1 this year as well. Margin sort of remain around 40% in casinos. Can we expect that to move forward in second half as those goldmine projects ramp up? Similarly, in Slots Spain, given your slot replacement program and B2B delivery schedule, how the sort of margin outlook look for that business in second half? Thank you.
You can expect those margins to remain stable and even increasing a bit. As you can see, and you said, these are already very high margins, but we think we can stay on those levels or even higher. Remember that every time we make bolt-on acquisitions, those acquisitions are usually margin accretive because we are able to integrate them very easily, taking out the base cost, which is already a gain in margin terms. We feel comfortable in staying there or even a bit above the numbers that we have to date. In both cases, in casinos as well as in slot operations in Spain.
Thank you. This is very clear. Thanks.
Your next question is from the line of Karine Elias with Barclays. Your line is now open. Please go ahead.
Hi. Thanks for the presentation and for taking my questions. Just going back a little bit to the capital structure. Obviously your next maturity is the 2029 bonds. Am I right in thinking that you'll seek to address those when the call steps down, after February 2027? Would be my first question. My second one was just on the PIK. Obviously you're paying the coupon in cash. Any comment with regard to potential refi there? Thank you.
Yeah. You're right. The refinancing for the 2029 bond, we would consider doing it after the call cost goes down, which is by the end of January when it is happening. We should expect Q1 refinancing, but not in January, very likely in March. On the PIK bond, sorry to insist on that because this happens at some calls, but the PIK is outside our perimeter. This is managed by one of our shareholders. We have a very clear policy of dividend payment, which Samuel has explained very clearly before. We'll stick to that dividend policy. Whatever is done with that policy, that's not a question for Cirsa, but for one of our shareholders that's managing that PIK bond.
That's very clear. Thank you.
Okay.
Your next question is from the line of Clark Lampen with BTIG. Your line is now open. Please go ahead.
Thanks very much. Good morning. Appreciate you taking our questions. If I heard right, I think during Joaquim's concluding remarks, he mentioned that you guys are on track to deliver at least the high end of guidance for the full year. I think separately he said that you're still sticking to the $ 150 million-$200 million band of spending for acquisitions.
Based on the detail that you guys have provided for the Slots del Sol annual run rate and the margins, I think that ate up a fair amount of the $ 150 million-$200 million that you would plan to deploy for this year. I guess my question is number one, should we think about M&A or substantive M&A for the year is mostly done by this point? If that's the case, what would be some of the factors that could potentially swing you above the high end of guidance beyond maybe what we've sort of talked about thus far?
Sure. My answer with Antonio. I said that we were going to be at least at the very high end of the guidance for the year. As you know, we always deliver, and historically we have been giving good surprises, and this is what we also will expect for this year. Maybe Antonio can be more specific in the details of how-
Yes.
...that's going to happen.
We have this target of being between $ 150 million-$ 200 million. This is including the Slots del Sol acquisition, still we have room from now until the end of the year to complete some other bolt-on acquisitions to keep feeding our business portfolio. Let's say it's not already completed for this year. There's still room for making additional bolt-ons.
Okay. Understood. If we were to take a step back, I just think about M&A sort of strategy over time, you guys are clearly leaning towards omnichannel markets in Europe and Central America. For Central America, I guess sort of beyond Paraguay, are there places where maybe you could remind us, you don't have a presence, I guess geographically, both online and offline, that could be places that you would explore potential opportunities? Thank you.
Let me also share the answer with Antonio. We always have been commenting that we are not in Latin America. We are in certain countries in Latin America with strong macroeconomics, in this case very similar to the ones that we are enjoying in Europe. We believe that there are still several opportunities in the continent matching with that criteria. By the way, this is one of the reasons why we entered in Paraguay. Okay. Now Antonio.
Yes. Following what Joaquim said, there are still a few places where we are exploring to enter the market, but also take into consideration that there are others where we are in today where our position is still very, I would say, marginal. We are still looking for opportunities in these existing markets to grow our presence, I think in the online segment, of course. In retail, we can still grow, but we are already leading the market there.
Understood. Thank you both.
Your next question is from the line of Slava Styrkas with UBS. Your line is open. Please go ahead.
Hi there. Thank you very much, and congratulations on the strong results. I had two, please, for me. First one on the working capital impact for the positive inflow in this quarter. Do you mind just unpacking what drove that specifically, and how do we think about working capital for the rest of the year? Second one, just looking at slide 12 on those World Cup stats. Could you just explain what these stats mean in terms of the + 96%? Is that versus last year, or how should we think about the customer acquisition stats there? Thank you.
Yeah. Regarding working capital, just to remind you, historically, we have been close to neutral in terms of working capital, yeah? Bear in mind that this year we had a negative impact in Q1 that was purely the unwinding of a positive impact we had in Q4. In general terms, when we grow, we are improving working capital due to the structure of customer suppliers and stocks in the company.
We have efficiencies in our B2B business, which they help, of course, where we manage working capital. In general terms, this is because of the structure in when we have growth in revenues, we can have a slight working capital improvements. Within the year, we have some seasonality, and in general terms, Q1 tends to be worse, Q2, Q3 tend to be better. As I said before, we expect a positive impact in Q3 and Q4 in terms of working capital, but mostly due to a combination of growth of business plus seasonality we have in working capital.
With regards to the World Cup question, the 96% is comparing these six weeks where we had the World Cup with the normal activity when there is a normal sports event campaign. When we have The League and the Champions League campaign. This is the comparison.
Okay. Very clear. Thank you very much.
Your next question is from the line of Richard Stuber with Deutsche Bank. Your line is open. Please go ahead.
Hi. Good morning. Thanks for taking my question. I was just wondering, could you give us a bit more color around the country growth rates of online? I know you did about 15% or so in the Q2, but I guess any more color around how Spain, Italy, and Peru did, which I believe are still your three biggest markets? That would be great. Thank you.
I guess you refer what happened in the World Cup between the three big markets. I think we had very similar performance between all of them, with the exception of Italy, which was a bit lower. I think basically driven because Italy did not participate in the World Cup. The other ones perform in the same way.
The only thing is, and this is more an anecdote, that you could see that still people bet with their heart somehow because, good example was the game between France and Spain, where we had very nice margins. In the case of Peru and Italy, where people were supporting more of the French teams, we had a margin of 72%. In the Spanish case, Spaniards had more faith in the Spanish team, and the margin was just 34%. This means that people still bet somehow with their hearts instead of the brain, which is good for us, by the way.
Thank you. As a follow-up, could you just give a bit more color about how those three markets did throughout the Q2, not just the World Cup? Yeah, what sort of revenue growth did you see in Spain? What sort of revenue growth did you see in Peru, please?
Yes. What we see, revenue growth in Latin America is much higher, so I would say in the 20% range. While in Spain and Italy, those numbers are in the range of 10%. This is a trend.
Great. Thank you very much.
Your next question is from the line of Ed Young with Morgan Stanley. Your line is open. Please go ahead.
Hi, just one follow-up if it's okay. Again, on Slots Spain. Obviously, you've given very good KPIs on the slide for that business. I wondered if you could talk a little bit about regulation in Paraguay. You've described it as a stable online regulation country, but just wondering if you have any concerns around scope for rises in online taxation, given we've seen a few raises across Latin America, and you've said it's obviously higher margin than average too. If there's any other regulatory considerations that we should understand about the market that gives some benefit as well in terms of the regulatory structure to help defend the very high share there. Thank you.
We are not expecting any change, neither in regulation nor in taxation. This is not just me saying it. It's also because we are in permanent contact with the different regulator authorities, and this is the feedback that we are getting. The regulators know very well that the line between legal and illegal online gaming is very thin, and what they want to do is to be sure that they maximize the taxes paid in the country. In order to do that, they have to have in place competitive taxation
Okay, thank you.
Your next question is from the line of Ricardo Chinchilla with Deutsche Bank. Your line is now open. Please go ahead.
Hey, congrats on the quarter and on the World Cup, although it seems like you guys actually won more than the national team. Keeping on the topic of the World Cup, the metrics that you guys are providing are clearly very strong. Can you also provide some early evidence that these customers are behaving differently from your existing players? Specifically, what are you seeing in terms of retention, repeat deposit rates, and casino cross-sell among the customers acquired during the tournament?
My follow-up is on the organic growth framework. Organic growth is currently running at approximately 7%, materially above the assumptions you outlined in the IPO. How much of that performance is attributable to structural drivers versus, such as premium content deployment, CRM initiatives, and what should investors think about the sustainability of organic growth in 2027 and beyond? Thank you.
About the World Cup, to be frank, I think it is too early to say whether they are performing the same way or differently than the others. What is true is that we have all our processes and campaigns to see if we can keep working with those customers when the new season starts in a couple of weeks. It will be then when we see the level of loyalty of those customers for us, but this is our job.
With regards the guidance, the only thing I can say is that, as you know, we have always delivered what we say. We have always been a bit conservative, that is true, but we prefer to give good news than bad news. We feel very comfortable with the rates that we have today, and maybe a little bit above the guidance we gave during the IPO, which is good news for all of us, and we plan to stay in these rates.
Thank you so much for taking my questions.
We have reached the end of the Q&A session. I will now turn the call back to Joaquim Agut, Executive Chairman, for closing remarks. Please go ahead.
Okay. Thank you very much, everyone, for attending our call and having had the patience to hear all what we communicated. Thank you very much, and have a good summer. Thank you. Goodbye.
Thank you.
This concludes today's call. Thank you for attending. You may now disconnect.