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 Entertainment & Live and Gaming segments, despite adverse sports results in September.

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

• Adjusted net income increased 9.3% to €271 million, and adjusted free cash flow was €465 million with a 78% cash conversion rate.

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

• The acquisition of Tipico positions the group as a leading sports betting operator in continental Europe.

Financial highlights

• Adjusted EBITDA margin improved to 18.5%, driven by higher-margin scripted show deliveries and cost discipline in gaming.

• Adjusted free cash flow conversion was 78%, with adjusted free cash flow at €465 million.

• Net financial debt stood at €2,789 million as of September 2025, with stable leverage at 2.9x.

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

• Net income for the period was €129 million, more than doubling year-over-year.

Outlook and guidance

• Full-year 2025 guidance confirmed for mid- to high single-digit organic adjusted EBITDA growth and ~80% adjusted free cash flow conversion.

• Organic revenue growth expected at low single digits for Entertainment & Live (due to postponed deliveries), and around 10% for Gaming (impacted by adverse sports results in September, not expected to fully reverse by year-end).

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

• 2026 outlook is positive, with the FIFA World Cup expected to boost gaming revenues.