Logotype for Banijay Group N.V.

Banijay Group (BNJ) Q1 2025 earnings summary

Event summary combining transcript, slides, and related documents.

Logotype for Banijay Group N.V.

Q1 2025 earnings summary

6 Jun, 2025

Executive 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.

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