Svenska Spel (SSP) Q2 2025 earnings summary

Executive summary

• Net gaming revenues for the group were 1,839 MSEK in Q2 2025, stable year-over-year, and 3,689 MSEK for H1 2025, down 1% from H1 2024.

• Operating profit for Q2 was 545 MSEK, down 17% due to increased gaming tax; H1 operating profit rose 2% to 1,179 MSEK.

• The land-based casino business is being wound down following regulatory changes, with Casino Cosmopol Stockholm closed in April.

• Online channel revenues grew 5% in Q2 and 6% in H1, now representing 62–63% of total net gaming revenues.

Financial highlights

• Q2 net gaming revenues: 1,839 MSEK (1,837 MSEK Q2 2024); H1: 3,689 MSEK (3,725 MSEK H1 2024).

• Q2 operating profit: 545 MSEK (658 MSEK Q2 2024); H1: 1,179 MSEK (1,156 MSEK H1 2024).

• Q2 operating margin: 30% (36% Q2 2024); H1: 32% (31% H1 2024).

• Result for continuing operations in H1: 952 MSEK (944 MSEK H1 2024).

• Cash flow from operations H1: 978 MSEK (1,185 MSEK H1 2024); cash and cash equivalents at period end: 2,989 MSEK.

Outlook and guidance

• The gaming market remains cautious with no clear growth, and several segments show signs of maturity.

• Consumer behavior is affected by economic uncertainty, with mobile gaming and fast experiences in demand.

• Regulatory tightening and increased competition from unlicensed operators are expected to continue.