Betsson (BETS) Q2 2025 earnings summary

Executive summary

• Revenue increased 12% year-over-year to €304 million, with EBIT up 8% to €69 million and EPS up 9%, despite higher gaming taxes and FX headwinds.

• Latin America revenue grew 35%, with record performance in Argentina and Peru, strengthening market position.

• Share of revenue from locally regulated markets reached a record 66%.

• Continued investment in marketing, technology, and product development to support future growth.

• Strategic sponsorships and new market launches in Georgia and Lithuania enhanced brand visibility.

Financial highlights

• Group revenue for Q2 reached €304 million, up 12% year-over-year and 16% organic growth.

• EBIT was €69 million, up 8% year-over-year, with an EBIT margin of 22.7%.

• Gross profit margin was 63.9%, slightly down from 65% last year due to higher gaming taxes.

• Operating cash flow was €41 million, down from €76 million last year, mainly due to working capital changes and higher paid taxes.

• Earnings per share increased to €0.36, up 9% year-over-year.

Outlook and guidance

• Early Q3 trading shows average daily revenue up 5.2% compared to the same period last year, despite last year including major football tournaments.

• Management remains optimistic about future growth, especially in regulated markets, and continues to invest in marketing and technology.

• M&A pipeline is active, with focus on Western Europe and Latin America; strong balance sheet supports potential deals.