Banijay Group (BNJ) H2 2024 earnings summary

Executive summary

• Achieved double-digit revenue growth of 10.9% and adjusted EBITDA growth of 21.6% in 2024, surpassing guidance and delivering record profitability and cash generation.

• Strengthened leadership in content production, distribution, live events, and online sports betting & gaming, with significant market share gains and major scripted deliveries.

• Online sports betting & gaming delivered 45.4% revenue growth, while content production & distribution remained resilient despite industry headwinds.

• Deleveraging on track, with leverage at 2.9x and successful debt refinancing extending maturities to 2028–2032.

• Board members, including the CEO, announced share purchases, signaling confidence in future growth.

Financial highlights

• Group revenue reached €4.8 billion, up 10.9% year-over-year at constant exchange rates.

• Adjusted EBITDA grew 21.6% to €900 million, with margin improvement to 18.7%.

• Adjusted net income rose 29.3% to €418 million; net income attributable to shareholders increased to €146.1 million.

• Adjusted free cash flow conversion reached 83%, with €745 million in adjusted free cash flow.

• Proposed dividend of €0.35 per share, representing a 35% payout ratio.

Outlook and guidance

• 2025 guidance: mid-single-digit revenue growth for Entertainment & Live, mid-teens for Gaming, and mid-to-high single-digit adjusted EBITDA growth.

• Free cash flow conversion expected to remain around 80%.

• French betting tax increase from July 2025 to impact H2 2025 EBITDA by €20 million, but double-digit growth in online gaming still expected.

• Capital markets day scheduled for May 16, 2025, to present 2025–2027 strategy and improve stock liquidity.