Svenska Spel (SSP) Q3 2025 earnings summary

Executive summary

• Net gaming revenues for Q3 2025 rose 7% year-over-year to 1,874 MSEK, driven by Eurojackpot and Oddset growth.

• Operating profit increased 19% to 718 MSEK, with a margin of 38% (up from 35%).

• Online sales channel grew 15% in Q3 and now represents 65% of total revenues.

• The land-based casino business is being wound down following regulatory changes.

Financial highlights

• Net gaming revenues for Jan–Sep 2025 reached 5,562 MSEK, up 2% year-over-year.

• Operating profit for Jan–Sep was 1,898 MSEK, up 8% year-over-year; margin at 34% (32%).

• Net result from continuing operations for Jan–Sep was 1,536 MSEK (1,418 MSEK prior year).

• Cash flow from operations for Jan–Sep was 1,462 MSEK; cash and equivalents at period end were 3,465 MSEK.

• Solid equity ratio at 35% as of September 30, 2025.

Outlook and guidance

• The Swedish economy is recovering cautiously, with low but stable gaming market growth, mainly from digital channels.

• Further consumption growth is expected in 2026 as interest rate cuts take effect.

• The company targets a long-term operating margin of 30% and dividend payout of at least 80% of net profit.