Banijay Group (BNJ) Q1 2026 earnings summary

Executive summary

• Q1 2026 delivered strong results with revenue up 9.0% to €1,148 million and adjusted EBITDA up 5.4% to €197 million, in line with guidance.

• Sports betting & Gaming saw 17.3% revenue growth, driven by a 20% increase in unique active players, despite adverse sports results and higher betting taxes in France.

• Entertainment & Live revenue grew 4.5%, with live experiences more than doubling, notably from the Milano Cortina Olympics and immersive experiences.

• Major M&A activity included the completed acquisition of Tipico Group and ongoing integration of All3Media, with both expected to drive future growth.

• 2026 guidance confirmed, with mid-single-digit adjusted EBITDA growth and ~80% free cash flow conversion expected.

Financial highlights

• Revenue reached €1,148 million, up 9.0% at constant FX; adjusted EBITDA was €197 million, margin at 17.1%.

• Adjusted net income increased 18.1% to €57 million; net income declined 10.9% to €32 million due to higher restructuring and non-recurring costs.

• Adjusted free cash flow was €161 million, with 82% cash conversion.

• Leverage stable at 2.7x, net debt at €2,589 million.

• Capex declined over 21% year-over-year, supporting free cash flow growth.

Outlook and guidance

• 2026 guidance reaffirmed: mid-single-digit adjusted EBITDA growth and ~80% free cash flow conversion.

• Pro forma guidance (including Tipico and All3Media): revenues >€7.4 billion and adjusted EBITDA ~€1.6 billion.

• FIFA World Cup 2026 expected to be a major catalyst for sports betting and live businesses.

• Strategic plan targets >7% adjusted EBITDA CAGR 2025-2029 and >10% dividend CAGR.

• Production and distribution trends expected to normalize by year-end.