Svenska Spel (SSP) Q4 2024 earnings summary

Executive summary

• Nett gaming revenues for Q4 were SEK 2,125 million, flat year-over-year, with the Tur segment achieving record growth and a 7% increase in revenues.

• Full-year net gaming revenues declined 4% to SEK 7,737 million, mainly due to changes in casino operations and strengthened responsible gaming measures.

• Operating profit for Q4 rose 10% to SEK 535 million, driven by lower operating costs.

• The board proposes a dividend of SEK 1,600 million for 2025, representing 90% of net profit.

Financial highlights

• Q4 operating margin improved to 25% (from 23%), and full-year margin was 27% (29%).

• Excluding one-off costs, full-year operating profit was SEK 2,440 million (SEK 2,427 million), with a margin of 32% (30%).

• Net profit for the year was SEK 1,769 million (SEK 1,941 million).

• Cash flow from operations was SEK 2,277 million; cash and equivalents at year-end were SEK 3,660 million.

• Solid equity ratio at 36% (38%).

Outlook and guidance

• The company is well-positioned for future investments, with a focus on sustainable gaming and digital growth.

• Regulatory changes, including a higher gaming tax and potential ban on state-run land-based casinos, may impact future results.