Banijay Group (BNJ) Q4 2025 earnings summary

Executive summary

• Achieved strong FY 2025 results with revenue of €4,881m, up 3.4%, and adjusted EBITDA of €961m, up 8.6%, with margin rising to 19.7%.

• Delivered double-digit growth in live experiences and gaming, demonstrating resilience in a challenging market.

• Strategic acquisitions included Tipico Group and partnership with RedBird IMI to combine with All3Media, creating a global media powerhouse.

• Continued leadership in content production, distribution, and live events, with over 220,000 hours of content and 350+ new shows launched.

• Strategic update and mid-term guidance scheduled for March 26, 2026.

Financial highlights

• Adjusted net income rose 6.3% to €450m; adjusted EBITDA margin improved by 1 percentage point to 19.7%.

• Adjusted free cash flow reached €780m with 81% cash conversion; leverage reduced to 2.7x.

• Proposed dividend of €0.35 per share, representing a 33% payout ratio.

• Net debt at €2,573m, supported by strong cash generation.

• Adjusted operating free cash flow conversion at 65%.

Outlook and guidance

• Expect robust growth across all businesses in 2026, with strong momentum in gaming due to the football World Cup.

• Strategic update to provide new mid-term financial guidance reflecting recent M&A.

• Full impact of French tax increase to be seen in 2026; leverage ratio expected around 3x post-transactions.

• Continued focus on integrating transformative M&A and driving growth across segments.