Banijay Group (BNJ) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 reached €2.2 billion, up 6.1% year-over-year, with all segments contributing to growth and improved profitability.

• Adjusted EBITDA rose 15.8% to €424 million, with margin up 160 bps to 19.2% and adjusted net income up 8.1% to €206 million.

• High cash conversion at 81% and leverage stable at 2.9x, reflecting strong financial discipline.

• Online sports betting and gaming delivered strong results, with unique active players up 25% and robust cross-selling.

• Full-year guidance confirmed, with seasonality expected to favor a stronger H2 2025.

Financial highlights

• Revenue reached €2,211M, up 6.1% year-over-year; adjusted EBITDA up 15.8% to €424M, margin at 19.2%.

• Adjusted net income grew 8.1% to €206M; net income for the period was €110M, up 177% year-over-year.

• Adjusted free cash flow was €344M, with an 81% cash conversion rate and €371M cash position at period end.

• Net financial debt stood at €2,787M, peaking due to seasonality, dividends, and acquisitions.

• Leverage ratio stable at 2.9x net financial debt/LTM adjusted EBITDA.

Outlook and guidance

• Full-year 2025 guidance confirmed: mid-single digit organic revenue growth in content/live, mid-teens in gaming.

• Group expects mid to high single digit adjusted EBITDA growth, factoring in new French betting tax.

• Adjusted free cash flow conversion expected at around 80%.

• H2 anticipated to benefit from seasonality, with major show deliveries and live events weighted to the second half.

• Mid-term (2025-2028) guidance: content/live CAGR mid- to high single digit, gaming low- to mid-teens; group adjusted EBITDA growth high single to low double digit.