Banijay Group (BNJ) H1 2024 earnings summary

Executive summary

• Achieved double-digit adjusted EBITDA growth in H1 2024, driven by a 41.7% surge in online sports betting and gaming, supported by a busy sports calendar and market share gains across geographies.

• Group revenue reached €2,093 million, up 8.6% year-on-year, with adjusted EBITDA up 11.7% to €368 million and adjusted net income up 13.9% to €191 million.

• Content production and distribution revenue declined 2.7% due to anticipated seasonality, with major scripted show deliveries expected in Q4 2024 to reverse the trend.

• Major live events included UEFA Champions League Final, UEFA Euro 2024 opening ceremony, and high-profile fashion shows for Jacquemus, Vogue, and Dior.

• Confirmed 2024 guidance for low double-digit organic adjusted EBITDA growth, with a robust pipeline for content and live events in H2.

Financial highlights

• Group revenue up 8.6% year-on-year to €2,093 million at constant exchange rates.

• Adjusted EBITDA increased 11.7% to €368 million; margin improved to 17.6%, up 60 bps year-on-year.

• Adjusted net income rose 13.9% to €191 million.

• Adjusted free cash flow reached €285 million, with a 77% cash conversion rate.

• Net financial debt at €2,400 million as of June 2024; leverage stable at 3.1x.

Outlook and guidance

• Full-year guidance reaffirmed for low double-digit organic adjusted EBITDA growth.

• Strong pipeline of scripted show deliveries in Q4 2024 and major live events in H2 expected to drive full-year growth.

• Free cash flow conversion expected above 80%; net debt leverage targeted below 3x by year-end.

• Confident in achieving net organic revenue growth in content production and distribution for the full year.

• Major events in H2 include the Olympics and Riyadh Season.