Betsson (BETS) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue was EUR 304 million, down 1% year-over-year, with EBIT at EUR 53 million and an EBIT margin of 17.5%.

• Full-year 2025 revenue reached EUR 1.197 billion, up 8% year-over-year, with EBITDA at EUR 314 million and net income at EUR 182 million, both down 1% year-over-year.

• Casino revenue rose 3% year-over-year, while sportsbook revenue declined 9% and margin fell to 8.8%.

• Growth was driven by Western Europe and Latin America, while Nordics and CEECA declined.

• Share of revenue from locally regulated markets increased to 68%, resulting in higher gaming taxes.

Financial highlights

• Q4 gross profit was EUR 184 million, with a margin of 60.5% (down from 65%).

• EBITDA, EBIT, net income, and EPS were each 1% lower year-over-year.

• Q4 operating income decreased 24% year-over-year; net income for Q4 was EUR 35 million, down 34%.

• Active customers increased by 5% year-over-year to 1.4 million.

• Net cash position at year-end was EUR 158 million; cash and cash equivalents were EUR 322.7 million.

Outlook and guidance

• Early Q1 2026 trading update shows average daily revenue up 0.6% (7.7% adjusted) vs. Q1 2025.

• Management remains confident in profitable operations despite higher taxes and regulation.

• Anticipation of growth opportunities from the FIFA World Cup and ongoing product investments.

• Continued focus on both organic growth and M&A opportunities.