Banijay Group (BNJ) Q3 2025 earnings summary

Executive summary

• Revenue for the first nine months of 2025 reached €3,224 million, up 4.0% year-over-year, driven by strong performance in both Entertainment & Live and Gaming segments.

• Adjusted EBITDA rose 9.8% to €597 million, with margin improvement in both segments and effective cost management.

• Adjusted net income increased 9.3% to €271 million, and cash conversion remained high at 78%.

• The group announced the acquisition of Tipico, positioning itself as a leading European sports betting and gaming operator, with closing expected by mid-2026.

• Leverage ratio remained stable at 2.9x, with a strong cash position and undrawn credit line.

Financial highlights

• Revenue grew 4.0% year-over-year to €3,224 million, with Entertainment & Live up 1.7% and Gaming up 8.5%.

• Adjusted EBITDA margin improved to 18.5%, mainly due to higher contributions from gaming and favorable scripted show deliveries.

• Adjusted free cash flow reached €465 million, with a 78% cash conversion rate after CapEx and lease payments.

• Net financial debt stood at €2,789 million as of September 2025, reflecting seasonality and dividend payments.

• Adjusted operating free cash flow was €264 million, impacted by one-off and timing effects.

Outlook and guidance

• Full-year 2025 organic revenue growth guidance: low single-digit for Entertainment & Live (due to postponed deliveries), around 10% for Gaming (impacted by adverse sports results in September, not expected to be fully reversed by year-end).

• Mid-to-high single-digit organic adjusted EBITDA growth expected, with about 80% adjusted free cash flow conversion.

• French betting tax increase effective July 2025 factored into guidance.

• 2026 expected to benefit from the FIFA World Cup, providing a major boost to gaming revenues.