Svenska Spel (SSP) Q1 2025 earnings summary

Executive summary

• Net gaming revenues decreased by 4% year-over-year to SEK 1,876 million, mainly due to fewer open land-based casinos and a later Easter period.

• Operating profit rose 96% to SEK 609 million, driven by the absence of last year's one-off restructuring costs.

• Launch of the new lottery game Lyckoplatsen and record Eurojackpot win of SEK 1.25 billion.

• Parliament decided to phase out land-based casinos in Sweden, with Casino Cosmopol closing by January 2026.

Financial highlights

• Net gaming revenues: SEK 1,876 million (down 4% year-over-year).

• Operating profit: SEK 609 million (up 96% year-over-year), margin 32% (16%).

• Adjusted for last year’s one-offs, operating profit fell by SEK 75 million and margin by 2 percentage points.

• Cash flow from operations: SEK 1,743 million (SEK 626 million last year).

• Equity at period end: SEK 2,865 million, solidity 35%.

Outlook and guidance

• Closure of Casino Cosmopol expected to incur costs of SEK 100–120 million.

• Focus will shift to growth in other business areas post-casino closure.

• Market remains competitive with increased consolidation and regulatory changes.