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Visual21 Nov 2025
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Banijay Group (BNJ) investor relations material
Banijay Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Revenue for the first nine months of 2025 reached €3,224 million, up 4.0% year-over-year, driven by strong performance in both Entertainment & Live and Gaming segments.
Adjusted EBITDA rose 9.8% to €597 million, with margin improvement in both segments and effective cost management.
Adjusted net income increased 9.3% to €271 million, and cash conversion remained high at 78%.
The group announced the acquisition of Tipico, positioning itself as a leading European sports betting and gaming operator, with closing expected by mid-2026.
Leverage ratio remained stable at 2.9x, with a strong cash position and undrawn credit line.
Financial highlights
Revenue grew 4.0% year-over-year to €3,224 million, with Entertainment & Live up 1.7% and Gaming up 8.5%.
Adjusted EBITDA margin improved to 18.5%, mainly due to higher contributions from gaming and favorable scripted show deliveries.
Adjusted free cash flow reached €465 million, with a 78% cash conversion rate after CapEx and lease payments.
Net financial debt stood at €2,789 million as of September 2025, reflecting seasonality and dividend payments.
Adjusted operating free cash flow was €264 million, impacted by one-off and timing effects.
Outlook and guidance
Full-year 2025 organic revenue growth guidance: low single-digit for Entertainment & Live (due to postponed deliveries), around 10% for Gaming (impacted by adverse sports results in September, not expected to be fully reversed by year-end).
Mid-to-high single-digit organic adjusted EBITDA growth expected, with about 80% adjusted free cash flow conversion.
French betting tax increase effective July 2025 factored into guidance.
2026 expected to benefit from the FIFA World Cup, providing a major boost to gaming revenues.
Expected timeline for Tipico FCF doubling?
Expected reversal of 9M25 working capital impacts?
How will Live Experiences sustain its strong growth?
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Next Banijay Group earnings date
Q4 20255 Mar, 2026
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Q4 20255 Mar, 2026
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Frequently asked questions
Banijay Group N.V. is a global entertainment company specializing in the production and distribution of television content. The company creates a diverse range of programming, including reality TV, game shows, drama series, documentaries, and children's entertainment. Banijay's extensive catalog includes popular formats and original content that are broadcast on various platforms worldwide. The company serves broadcasters, streaming services, and other media outlets, delivering content that caters to different audiences and demographics. It is headquartered in Amsterdam, Netherlands, and its shares are listed on the Euronext Amsterdam.
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