Betsson (BETS) Q2 2026 earnings summary

Executive summary

• Achieved record group revenue of EUR 310.2 million in Q2 2026, driven by strong B2C growth, high customer activity from the FIFA World Cup, and Latin America becoming the largest region by revenue.

• Active B2C customers reached an all-time high of 1.83 million, up 32% year-over-year; B2C revenue grew 14% year-over-year, while B2B revenue declined 35% year-over-year but has stabilized sequentially.

• EBIT was EUR 42.2 million, down 39% year-over-year but up 24% from the previous quarter; EBIT margin was 13.6%.

• Share of revenue from locally regulated markets reached a record 76%, increasing gaming taxes and impacting profitability.

• Profitability declined due to higher gaming taxes and regulatory costs, with EBITDA down 31% year-over-year.

Financial highlights

• Group revenue hit a record EUR 310.2 million, up 2% year-over-year; organic growth was 6%.

• Casino revenue was EUR 217.6 million (+2.5% y/y), sportsbook revenue EUR 91.3 million (+1.4% y/y); casino accounted for 70% of revenue.

• Operating income (EBIT) was EUR 42.2 million, down 39% year-over-year but up 24% sequentially; operating cash flow was EUR 60.4 million, up from EUR 41.1 million last year.

• Net cash position at quarter-end was EUR 128 million; equity/assets ratio stood at 61%.

• Q2 net income was EUR 30.4 million (-38% y/y); EPS EUR 0.22 (-39% y/y).

Outlook and guidance

• Q3 2026 started strong, with average daily revenue up 14% versus Q3 last year, boosted by the World Cup.

• Management remains optimistic about future growth, especially in B2C and Latin America, and targets B2B recovery through new and existing customer initiatives.