Banijay Group (BNJ) Q2 2026 earnings summary

Executive summary

• H1 2026 saw transformational growth with the integration of Tipico, completion of the All3Media merger, and the announced JOA acquisition, driving strategic progress and diversification across geographies and products.

• Pro forma revenue grew 4.5% year-over-year, with reported revenue up 16.9% to €2,583.3 million, and adjusted EBITDA stable pro forma and up 18.5% reported.

• Major M&A activity included the completed Tipico acquisition, All3Media merger, and the announced JOA acquisition, supporting omnichannel and global expansion strategies.

• The 2026 FIFA World Cup and major live events significantly boosted sports betting and gaming, with active players up 22% and gross revenue up 88% compared to the 2022 tournament.

• FY2026 guidance reaffirmed, with expectations for acceleration in H2, synergy realization from recent acquisitions, and strong cash generation.

Financial highlights

• Reported revenue reached €2,583.3 million, up 16.9% year-over-year; pro forma revenue up 4.5%.

• Adjusted EBITDA was €503 million, up 18.5% reported; pro forma adjusted EBITDA flat, but up 5% excluding betting tax increases.

• Adjusted net income was €141.5 million, down 3.7% reported, but up 32.9% excluding exceptional LTIP expense.

• Adjusted free cash flow was €411.4 million, with cash conversion of 82% reported and 81% pro forma, exceeding guidance.

• Net debt at end of June was €5.48 billion, rising to €5.8 billion post-All3Media and special dividend, with leverage at 3.6x and expected to fall to 3.4x by year-end.

Outlook and guidance

• Full-year 2026 guidance reaffirmed for mid-single-digit adjusted EBITDA growth, both standalone and pro forma for Tipico and All3Media.

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

• Leverage targeted to decrease to around 3.4x by year-end and 2x by end of 2029.

• Synergies from Tipico and All3Media expected to deliver €100 million and €50 million annually, respectively, with first impacts in H2 and full realization within 12 months.

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