Banijay Group (BNJ) Q1 2025 earnings summary
Event summary combining transcript, slides, and related documents.
Q1 2025 earnings summary
6 Jun, 2025Executive summary
Achieved double-digit adjusted EBITDA growth across all activities in Q1 2025, with revenue up 7.8% year-over-year to €1,084M and adjusted EBITDA up 16.5% to €191M.
Net income rose 91.8% to €35.9M, and adjusted net income increased 10.5% to €81M compared to Q1 2024.
The group remains on track to meet 2025 guidance and will unveil its 2025–2028 strategic roadmap at its Capital Markets Day.
Content production & distribution saw mid-single digit growth, while gaming delivered strong sportsbook and poker performance.
Live experiences segment impacted by seasonality, with major show deliveries expected in H2 2025.
Financial highlights
Revenue rose 7.8% year-over-year to €1,084M; adjusted EBITDA increased 16.5% to €191M; adjusted net income up 10.5% to €81M.
Adjusted free cash flow reached €150M with 79% cash conversion; leverage stable at 2.9x.
Net income for the period was €35.9M, up 91.8% year-over-year.
Adjusted EBITDA margin improved to 17.6% from 16.4% in Q1 2024.
Capex increased to €27.7M, mainly due to higher distribution advances.
Outlook and guidance
Solid start to 2025 with all activities performing well; management confirms being on track to meet 2025 guidance.
Organic revenue growth expected at mid-single digits for content and live experiences, and mid-teens for online sports betting & gaming.
Organic adjusted EBITDA growth forecasted at mid- to high single digits, including the impact of the French betting tax increase effective July 2025.
Adjusted free cash flow conversion targeted at ~80% of adjusted EBITDA.
Latest events from Banijay Group
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Q4 20255 Mar 2026 - Merger creates the top independent content powerhouse, targeting €50m annual synergies.BNJ
M&A announcement4 Mar 2026 - Double-digit EBITDA growth and 41.7% online gaming surge offset content seasonality; 2024 guidance held.BNJ
H1 20242 Feb 2026 - Strong 8.9% revenue and 15.3% EBITDA growth, with full-year guidance reaffirmed.BNJ
Q3 202415 Jan 2026 - EUR 9.4bn deal creates a top-4 European betting leader targeting EUR 100m in synergies.BNJ
M&A Announcement15 Dec 2025 - Record 2024 results with double-digit growth and strong outlook despite tax headwinds.BNJ
H2 202415 Dec 2025 - Targets €7bn revenue and >€1.2bn EBITDA by 2028, fueled by digital and strategic consolidation.BNJ
CMD 202520 Nov 2025 - Adjusted EBITDA up 9.8%, Tipico deal to double Gaming revenue and cash flow.BNJ
Q3 20258 Nov 2025 - Adjusted EBITDA up 15.8% and revenue up 6.1%, with 2025 guidance confirmed.BNJ
H1 20251 Aug 2025