Banijay Group: Q1 2026 results
Press Release Paris, 18 May 2026
First quarter 2026 Results
SOLID START TO THE YEAR, 2026 GUIDANCE CONFIRMED
STRONG DOUBLE-DIGIT REVENUE GROWTH
IN SPORTS BETTING & GAMING AND IN LIVE EXPERIENCES
M&A EXECUTION:
TIPICO ACQUISITION COMPLETED, ALL3MEDIA COMBINATION ON TRACK
Q1 2026 FINANCIAL HIGHLIGHTS1
- Revenue up +9.0% to €1,147.5 million
- Adjusted EBITDA up +5.4% to €196.6 million and +11.3%excluding betting tax increase in France
- Adjusted netincome up +18.1%reported to €56.9 million
- Adjusted free cash flow up +7.7% reported at €161.4 million with a conversion rate of 82%
- Leverage & liquidity: 2.7x leverage ratio (stable vs. end 2025) and a €423.6 million cash position
- Leverage & liquidity: 2.7x leverage ratio (stable vs. end 2025) and a €423.6 million cash position
Q1 2026 BUSINESS HIGHLIGHTS1
Sports betting & Gaming
- Revenue up +17.3% to €433.1 million fuelled by +20% growth in Unique Active Players (UAP)
- Strong performance in sportsbook revenue, up +14.4% at €326.5 million, driven by sustained player engagement; despite adverse sports results during international and national football competitions
- Casino, poker & turf revenue up +27.0%, reflecting strong performance of recent developments, including the successful roll-out of new proprietary online poker platform in France and the launch of online casino in Côte d’Ivoire in early 2025
Entertainment & Live
- Revenue up +4.5% to €714.5 million, driven by strong momentum in Live experiences
- Live experiences & other: remarkable contribution with revenue up +101.5% underpinned by the production of Milano Cortina Winter Olympics Opening Ceremony and the continued strong performance of Luminiscence in France and abroad
- Content production & distribution revenue down (6.4)%, reflecting phasing effects expected to normalise by year-end, with production deliveries weighted toward the latter part of the year and a strong Q1 in distribution, including a format sale
2026 GUIDANCE CONFIRMED
- Adjusted EBITDA growth: mid-single-digit growth (both on a standalone and pro forma2 basis) and mid-to-high single digit growth, excluding the impact of the betting tax increase in France
- Adjusted Free cash flow conversion: c.80% of Adjusted EBITDA
François Riahi, CEO of Banijay Group, said:
“We are enjoying a solid start to 2026, supported by strong momentum across our Sports betting & Gaming and Live activities, as we look ahead to a year marked by major sporting events, important strategic developments and transformative M&A.
Sports betting & Gaming continues to deliver strong growth, driven by ongoing product innovation and a +20% increase in Unique Active Players, the key commercial KPI. This demonstrates the strength of our product and customer proposition, and we are well positioned ahead of this summer’s FIFA World Cup.
This quarter also demonstrated solid execution across all fronts of our strategy — from the outstanding performance of our Live business, demonstrating the success of our diversification strategy, to key milestones in our content production roadmap, including landmark shows in sports and English-language content, and meaningful new partnerships across our digital segments.
2026 also marks a transformative year for Banijay Group. Following the closing of the Tipico acquisition, we are also progressing well toward completing the combination of Banijay Entertainment with All3Media expected in the summer 2026. Together, these transactions will significantly strengthen our scale, international footprint and IP capabilities across content, Live experiences and Sports betting & Gaming.
These solid Q1 results allow us to confirm our 2026 guidance and remain focused on executing our strategy to deliver sustainable growth and value creation for shareholders.”
*****
Banijay Group will be hosting a conference call for its Q1 2026 results.
Monday, May 18, 2026, at 6:00 PM CET
Webcast live:
You can watch the presentation on the following link:
https://edge.media-server.com/mmc/p/k2qwfy57
Dial-in Access telephone numbers:
You need to register to the following link :
https://register-conf.media-server.com/register/BI620750a5ea914797bc0d2a5eda26a8be
Slides related to Q1 2026 results are available on the Group’s website, in the “Investor relations” section:
https://group.banijay.com/results-center/
KEY FINANCIALS IN Q1 2026
| €m | Q1 2025 | Q1 2026 | % reported change | % constant currency & current scope3 |
| Revenue | 1,084.5 | 1,147.5 | 5.8% | 9.0% |
| Adjusted EBITDA | 190.6 | 196.6 | 3.1% | 5.4% |
| Adjusted EBITDA margin | 17.6% | 17.1% | ||
| Net income/(loss) for the period | 35.9 | 32.0 | (10.9)% | |
| Adjusted net income4 | 48.1 | 56.9 | 18.1% | |
| Adjusted free cash flow | 149.9 | 161.4 | 7.7% | |
| Free cash flow conversion rate | 78.7% | 82.1% | ||
| For the twelve-month period ended | 31 Dec 2025 | 31 March 2026 | ||
| Net financial debt (reported) | 2,573 | 2,589 | ||
| Net financial debt / Adjusted EBITDA LTM | 2.7x | 2.7x |
Refer to the Appendix for definition
Q1 2026 KEY EVENTS
Successful financing of Tipico acquisition
On 21 January 2026, Banijay Gaming announced the successful pricing of a Senior Secured Notes and Term Loan Facilities euros and dollars offering as part of the €3,139 million financing. The financing package comprised:
- €1,000 million in senior secured notes due in 2031 with a coupon of 5.125%
- €1,500 million term loan B facility maturing in 2031, priced and bearing interest at a rate of three-month EURIBOR plus a 3.000% margin. Banijay Gaming entered into two rate swaps instruments to hedge 100% of the debt variable rate against a rate at 2.36%
- $750 million term loan B facility maturing in 2031, priced and bearing interest at a rate of SOFR plus a 2.750% margin. Banijay Gaming entered into two interest-rate and currency hedging instruments. The two cross currency swaps have two main objectives: (i) to hedge the risk of fluctuations in the EUR/USD exchange rate (Fx. Rate per Eur. of c. $1.1731) and (ii) to lock the variable rate with a fixed rate of 5.2506%
- additional €70 million (equivalent) multicurrency Revolving Credit Facility.
The proceeds of this financing, together with rollover equity and cash on the balance sheet have been used to (i) finance the acquisition of a share capital of Tipico Group Limited, (ii) refinance some of Tipico Group Limited 's existing debt and (iii) pay certain costs, fees and expenses incurred, notably in connection with the acquisition.
Announcement of a strategic partnership to combine Banijay Entertainment and All3Media
On 3 March 2026, Banijay Group and RedBird IMI, the joint venture backed by RedBird Capital Partners and Abu Dhabi-based IMI media group, announced a strategic partnership to combine Banijay Entertainment and All3Media, to create a global media and entertainment powerhouse.
The new company will be called Banijay and will be jointly owned by Banijay Group and RedBird IMI, with each holding a 50% stake. Banijay Group (AMS: BNJ) will continue to consolidate the new company’s earnings. The proposed transaction is subject to customary regulatory approvals and to the approval of the next Annual General Meeting and is expected to close during summer 2026.
Strategic update
On 26 March 2026, in the context of the significant Group’s transformation in scale and positioning within the entertainment industry through two major transformative operations, Banijay Group presented a strategic update with new guidance for the 2026-2029 period:
- Strong adjusted EBITDA growth: >7% CAGR 2025PF5 -2029 for Banijay Group with c.10% expected for Sports betting & Gaming and mid-single digit for Entertainment & Live
- Double-digit Adjusted Earnings Per Share6 growth, CAGR 2025PF5 -2029
- High adjusted free cash flow conversion: >80% over the period
- Robust adjusted operating free cash flow conversion: c.65% over the period
- Progressive dividend increase: >10%7 CAGR 2025- 2029
- Solid deleveraging towards c.2x net debt / adjusted EBITDA expected by 2029
POST Q1 2026 EVENTS
Closing of Tipico acquisition
On 23 April 2026, Banijay Group completed the acquisition of Tipico. This combination unites three strong brands: Betclic, Tipico, and Admiral, with leading positions across six key markets, including Germany, France, Portugal, Austria, Poland, and Côte d’Ivoire.
The combination of Betclic and Tipico marks a significant milestone for Banijay Group, reinforcing its position as a natural consolidator of the entertainment industry and creating a European champion in sports betting and online gaming.
Following this combination, the Sports betting & Gaming activity expects to double its revenue, adjusted EBITDA and adjusted free cash-flow, and synergies are expected to reach c.€100 million over the mid-term, including c.€70 million opex synergies and c.€30 million capex.
Banijay Entertainment acquires global format rights toStop The Train
Banijay Entertainment has acquired the global format right to Stop The Train, a YouTube-born concept created by Squeezie, a popular French YouTuber. This strategic move strengthens the Group’s digital capabilities and reinforces its ability to identify and scale high-potential IP originating from new platforms. Leveraging its global production footprint, Banijay Entertainment aims to adapt and roll out the format internationally, further bridging the gap between digital-native content and mainstream entertainment.
Banijay Live Studio unveilsThe Black Mirror Experience
Banijay Live has announced the launch of The Black Mirror Experience, an immersive live format inspired by the globally acclaimed series Black Mirror. Developed by Banijay Live Studio, the concept expands the Group’s strategy of adapting premium IP into experiential formats, offering audiences interactive storytelling experiences. The experience will premiere in Montreal at the end of May 2026, followed by its first European stop in Madrid in June 2026, with further locations set to follow, and has been selected for the Cannes Immersive Competition.
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Free float and stock liquidity
Consistent with past statements and strategy, Banijay Group remains committed to broadening its free float to support enhanced liquidity and a more diversified investor base. Banijay Group is constantly evaluating a range of options to achieve this objective, subject to prevailing market conditions.
Middle East conflict
The Group is closely monitoring developments related to the ongoing geopolitical tensions in the Middle East. The Group has limited exposure to the region, primarily through its Entertainment & Live activities. For the year ended 31 December 2025, revenues generated in the Middle East amounted to approximately €150 million, representing 3.1% of total consolidated revenue.
The Group is monitoring the situation and, at this stage, do not expect any material impact on its guidance.
Governance
On 18 May 2026, Anthony Stent Torriani has been appointed as Independent Board member and member of the Audit Committee. He replaces Albert Manzone who resigned.
PROFIT & LOSS – Q1 2026
| In € million | Q1 2025 | Q1 2026 | % reported change |
| Revenue | 1,084.5 | 1,147.5 | 5.8% |
| Total external and personnel expenses | (885.4) | (942.2) | 6.4% |
| External expenses | (600.2) | (687.6) | 14.6% |
| Personnel expenses excluding LTIP & employment-related earn-out & option expenses | (285.2) | (254.6) | (10.7)% |
| Other operating income & expenses excl. restructuring costs & other non-recurring items | (7.4) | (8.5) | 14.7% |
| Depreciation and amortization expenses net of reversals related to fiction and other operational provisions | (1.1) | (0.2) | |
| Adjusted EBITDA | 190.6 | 196.6 | 3.1% |
| Adjusted EBITDA margin | 17.6% | 17.1% | (2.5)% |
| Restructuring costs and other non-recurring items | (2.5) | (22.4) | n.m |
| LTIP expenses | (22.5) | (27.5) | 22.3% |
| Employment-related earn-out and option expenses | (10.4) | (7.6) | (27.4)% |
| Depreciation and amortization (excl. D&A fiction and other operational provisions) | (33.7) | (34.1) | 1.2% |
| Operating profit/(loss) | 121.4 | 105.0 | (13.5)% |
| Cost of net debt | (49.0) | (50.6) | 3.3% |
| Other finance income/(costs) | (9.7) | (2.5) | n.m |
| Net financial income/(expense) | (58.8) | (53.1) | (9.6)% |
| Share of net income from associates & joint ventures | (0.2) | (0.5) | n.m |
| Earnings before provision for income taxes | 62.4 | 51.3 | (17.8)% |
| Income tax expenses | (26.6) | (19.3) | (27.2)% |
| Net income/(loss) for the period | 35.9 | 32.0 | (10.9)% |
| Attributable to: | |||
| Non-controlling interests | 3.0 | 4.3 | 41.6% |
| Shareholders | 32.8 | 27.7 | (15.7)% |
| Restructuring costs and other non-recurring items | 2.5 | 22.4 | n.m |
| Other finance income/(costs) | 9.7 | 2.5 | n.m |
| Adjusted net income8 | 48.1 | 56.9 | 18.1% |
CONSOLIDATED REVENUE
Banijay Group recorded revenue of €1,147.5 million in Q1 2026, +9.0% growth at constant currencies and current scope9. This breaks down between +17.3% for Sports betting & Gaming and +4.5% for Entertainment & Live.
| € million | Q1 2025 | Q1 2026 | % reported change | % constant currencies & current scope9 |
| Sportsbook | 295.8 | 326.5 | 10.4 % | 14.4 % |
| Casino | 55.9 | 70.2 | 25.4 % | 28.0 % |
| Poker | 23.6 | 30.3 | 28.3 % | 28.3 % |
| Turf | 5.5 | 6.2 | 11.1 % | 11.1 % |
| Sports betting & Gaming | 380.9 | 433.1 | 13.7 % | 17.3 % |
| Production | 568.6 | 502.2 | (11.7)% | (9.3)% |
| Distribution | 64.4 | 73.2 | 13.6 % | 20.0 % |
| Live experiences & other | 70.5 | 139.0 | 97.1 % | 101.5 % |
| Entertainment & Live | 703.6 | 714.5 | 1.5 % | 4.5 % |
| TOTAL REVENUE | 1,084.5 | 1,147.5 | 5.8 % | 9.0 % |
Sports betting & Gaming9:
Sports betting & Gaming delivered another quarter of strong growth in Q1 2026 across all products, with revenue up 17.3% to €433.1 million, supported by a +20% increase in Unique Active Players (UAP).
Sportsbook revenue increased by +14.4%, driven by sustained player engagement and strong interest in major sporting events during the quarter. This performance was nonetheless affected by adverse results, notably during UEFA Champions League matches, international football friendly and World Cup qualification matches.
Casino, poker and turf revenue posted strong growth of +27.0%, reflecting the continued success of recent developments, including strong performance of the proprietary online poker platform rolled out at the end of 2024 and the ramp-up of online casino in Côte d’Ivoire since its launch in early 2025.
Entertainment & Live9
Entertainment & Live recorded a solid performance in Q1 2026, up +4.5%9. This was fuelled by a strong growth in Live experiences while content production and distribution is expected to normalise throughout the year.
Content production and distribution:
In Q1 2026, Content production revenue was down (9.3)%10 to €502.2 million, reflecting phasing effects, with deliveries expected to be more weighted toward the end of the year with good visibility.
In this context, the Entertainment activity continues to leverage its scale and strong creative capabilities to support its development across key strategic growth areas, including English-language content, sports-related offering and digital.
In non-scripted, the launch of Fear Factor: House of Fear marked a successful US reboot, attracting 8.1 million viewers and ranking as the #1 unscripted series among 18–49-year-olds on FOX. In scripted, NCIS: Sydney Season 3 continued to perform on Paramount+, while Half Man, a new series for BBC and HBO launched at the end of April 2026, ranked among the Top 10 TV shows on HBO Max in 48 countries and attracted more than 480,000 overnight viewers on BBC1 for its premiere.
Sportainment continues to gain traction, with Motorvalleyranked the #1 series in Italy and #7 non-English series globally on Netflix, and Football Island, a new survival sport format, delivering a strong start in the Netherlands.
On the digital side, the Group recently announced the launch of ShowdownTV in Germany, a new direct-to-consumer streaming platform, and two key partnerships: the expansion of the hit series Somebody Feed Phil of Phil Rosenthal on YouTube in 2027 (transition from Netflix to YouTube), and the acquisition of global format rights to Stop The Train, a YouTube-born format created by content creator Squeezie, to be scaled across Banijay’s global footprint.
In content distribution, revenue reached €73.2 million in Q1 2026, up +20.0% compared to Q1 2025, including a format sale and is expected to normalise throughout the year.
The number of hours in the catalogue amounts to 228,700 hours at the end of March 2026, an increase of more than 3,000 hours compared to the end of December 2025.
Live experiences & other:
In Q1 2026, revenue from Live experiences & other doubled year on year, up +101.5% to €139.0 million.
This strong growth was driven by the production of the Opening Ceremony of the Milano Cortina Winter Olympic Games, produced by Balich Wonder Studio, and by the remarkable success of Luminiscence, Lotchi’s flagship show in France and abroad. Since its acquisition in early 2025, Lotchi is currently live in six countries. New editions include Hamburg, set to open in July 2026, making it the third city in Germany to host this experience.
Banijay Live recently announced the launch of The Black Mirror Experience, that will premiere in Montreal end of May 2026, followed by its first European stop in Madrid in June 2026. The show is produced by Banijay Live Studios in partnership with Univrse, a state-of-the-art VR studio. This premium immersive adventure blends physical space and virtual reality, drawing on the world of the award-winning series Black Mirror. This launch further demonstrates the Group’s ability to monetise IP through innovative experiences.
ADJUSTED EBITDA
At constant currencies and current scope11, Banijay Group recorded an Adjusted EBITDA growth of +5.4% at €196.6 million.
| Adjusted EBITDA - In € million | Q1 2025 | Q1 2026 | % reported change | % constant currency & current scope11 |
| Sports betting & Gaming | 102.2 | 96.6 | (5.4)% | (3.8)% |
| Entertainment & Live | 90.3 | 101.8 | 12.6 % | 15.6 % |
| Holding | (1.9) | (1.8) | (6.0)% | |
| Adjusted EBITDA | 190.6 | 196.6 | 3.1 % | 5.4 % |
| Sports betting & Gaming | 26.8% | 22.3% | ||
| Entertainment & Live | 12.8% | 14.2% | ||
| Adjusted EBITDA margin | 17.6% | 17.1% |
At Group level, total external charges and personnel expenses (excluding LTIP and employment-related earn-out & option expenses) rose by +6.4% year on year on a reported basis in Q1 2026 and +5.2% restated from the negative impact of change in betting tax regulation in France of €(11) million, in line with the revenue trend.
Restated for this impact, the Group’s Adjusted EBITDA margin would have increased by 50 basis points to 18.1%.
From a business perspective, adjusted EBITDA growth was driven by Entertainment & Live, up +15.6% at constant currencies and current scope11. Sports betting & Gaming EBITDA growth was temporarily affected by the increase in betting taxes in France from July 2025 and would have grown by +7.1% excluding this effect, despite low sports margin.
FROM ADJUSTED EBITDA TO NET INCOME
The Group’s adjusted net income12 grew by +18.1% in Q1 2026 to €56.9 million mainly fuelled by Adjusted EBITDA growth (+3.1% year on year on a reported basis) and lower income tax expenses (down (27.2)% year on year), following the implementation of the IP Box tax regime in Sports betting & Gaming in 2025.
LTIP expenses, now included in the new definition of the adjusted net income, increased by 22.3% to €(27.5) million reflecting the partial recognition of the exceptional charge of c.€(100) million expected for the full year 2026, related to the evolution of top management LTIP in Sports betting & Gaming.
Excluding this exceptional item of €(25) million in Q1 2026, LTIP expenses would have declined,in line with the new guidance of LTIP expenses, representing on average 4% of Adjusted EBITDA per year over the 2026-2029 period13.
Employment-related earn-out and option expenses decreased by 27.4% to €(7.6)m in Q1 2026.
Cost of debt remained stable at €(50.6) million compared to €(49.0) million in Q1 2025.
The Group’s net income at €32.0 million, declined by (10.9)% year on year mainly attributable to an increase in restructuring and other non-recurring costs, notably related to M&A transaction fees and reorganisation costs. This effect was partly offset by the decline in other finance costs, (74.1)% year on year, due to the change in fair value of the Put/Earn-out debt and other financial instruments, hedging instruments and currency impact.
FREE CASH FLOW AND NET FINANCIAL DEBT
The Group’s Adjusted free cash flow (after capex and lease payments) reached €161.4 million in Q1 2026, up +7.7% year on year, driven by the growth in adjusted EBITDA of +3.1% on a reported basis and capital expenditures decline of (21.3)% reflecting high comparison basis in IP investment in Q1 2025.
Adjusted free cash flow conversion after capex and lease payments amounted to 82.1%.
The change in working capital requirements of €(102.9) million in Q1 2026 came mostly from cut-off effects, relative to Balich Wonder Studio and betting taxes in Sports betting & Gaming.
Income tax paid amounted to €(6.2) million in Q1 2026 compared to €(21.3) million in Q1 2025 reflecting the implementation of the IP Box tax regime in Sports betting & Gaming in 2025.
This resulted in an adjusted operating free cash flow of €52.4 million in Q1 2026.
| €m | Q1 2025 | Q1 2026 | % reported change |
| Adjusted EBITDA | 190.6 | 196.6 | 3.1% |
| Capex | (27.7) | (21.8) | |
| Total cash outflows for leases that are not recognised as rental expenses | (12.9) | (13.3) | |
| Adjusted free cash flow | 149.9 | 161.4 | 7.7% |
| Change in working capital* | (66.9) | (102.9) | |
| Income tax paid | (21.3) | (6.2) | |
| Adjusted operating free cash flow | 61.8 | 52.4 | (15.1)% |
* Excluding LTIP payment and exceptional items. Fiction in progress has been reclassified from capex and FIP financing (proceeds and repayments of borrowings) to change in working capital requirements.
The Group’s net financial debt totaled €2,589 million as of 31 March 2026, stable compared to €2,573 million net debt as of 31 December 2025.
As a result, the financial leverage ratio stood at 2.7x as of 31 March 2026, stable compared to 31 December 2025.
Agenda:
H1 2026 results: 30 July 2026 (after market close)
Investor Relations
Press Relations
banijaygroup@brunswickgroup.com
Hugues Boëton – Phone: +33 6 79 99 27 15
Nicolas Grange – Phone: +33 6 29 56 20 19
About Banijay Group
Banijay Group is a global entertainment leader founded by Stéphane Courbit, an entrepreneur and entertainment industry pioneer with more than 30 years of experience in the industry. Its mission is to inspire passion by providing audiences with engaging and innovative entertainment experiences. The Group’s activities include Entertainment & Live gathering content production & distribution and live experiences (through Banijay Entertainment, the largest international independent producer and distributor, which announced in March 2026 that it will combine with All3Media during summer 2026, subject to customary conditions precedent and through Banijay Live, a leading player in Live experiences) and Sports betting & Gaming (through Banijay Gaming, Europe’s fast-growing sports betting platform, encompassing leading brands including Betclic and since April 2026, Tipico and Admiral).
In 2025, Banijay Group recorded on a standalone basis (before Tipico and All3Media operations) revenue of €4.9 billion and Adjusted EBITDA of €961 million. Banijay Group is listed on Euronext Amsterdam (ISIN: NL0015000X07, Bloomberg: BNJ NA, Reuters: BNJ.AS).
Forward-looking statements
This communication contains information that qualifies as inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.
Some statements in this press release may be considered “forward-looking statements”. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that may occur in the future. These forward-looking statements involve known and unknown risks, uncertainties and other factors that are outside of our control and impossible to predict and may cause actual results to differ materially from any future results expressed or implied. These forward-looking statements are based on current expectations, estimates, Forecasts, analyses and projections about the industry in which we operate and management 's beliefs and assumptions about possible future events. You are cautioned not to put undue reliance on these forward-looking statements, which only express views as at the date of this press release and are neither predictions nor guarantees of possible future events or circumstances.
We do not undertake any obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events, except as may be required under applicable securities law.
Alternative performance measures
The financial information in this press release includes non-IFRS financial measures and ratios (e.g. non-IFRS metrics, such as adjusted EBITDA) that are not recognised as measures of financial performance or liquidity under IFRS. The non-IFRS financial measures presented are measures used by management to monitor the underlying performance of the business and operations and, have therefore not been audited or reviewed. Furthermore, they may not be indicative of the historical operating results, nor are they meant to be predictive of future results. These non-IFRS measures are presented because they are considered important supplementary measurements of Banijay Group N.V. 's (the "Company ") performance, and we believe that these and similar measures are widely used in the industry in which the Company operates as a way to evaluate a company’s operating performance and liquidity. Not all companies calculate non-IFRS financial measures in the same manner or on a consistent basis. As a result, these measures and ratios may not be comparable to measures used by other companies under the same or similar names.
Regulated information related to this press release is available on the website:
https://group.banijay.com/results-center/
https://group.banijay.com/
APPENDIX
Glossary
Adjusted EBITDA: for a period is defined as the operating profit for that period excluding restructuring costs and other non-core items costs associated with the long-term incentive plan within the Group (the "LTIP ") and employment related earn-out and option expenses and depreciation and amortization net of reversals (excluding D&A fiction and non-recurring provisions). D&A fiction are costs related to the amortization of fiction production which the Group considers to be operating costs. As a result of the D&A fiction, the depreciation and amortization line item in the Group 's combined statement of income deviates from the depreciation and amortization costs in this line item.
Adjusted net income (new definition): defined as net income (loss) adjusted for restructuring costs and other non-recurring items and option expenses and other finance income / (costs).
Adjusted free cash flow: defined as Adjusted EBITDA adjusted for purchase and disposal of property plant and equipment and of intangible assets and cash outflows for leases that are not recognized as rental expenses.
Adjusted operating free cash flow: defined as Adjusted EBITDA adjusted for purchase and disposal of property plant and equipment and of intangible assets cash outflows for leases that are not recognized as rental expenses change, in working capital requirements and income tax paid.
Net financial debt: defined as the sum of bonds, bank borrowings, bank overdrafts, accrued interests on bonds and bank borrowings minus cash and cash equivalents, funding of Gardenia, trade receivables on providers, escrow account, cash in trusts and restricted cash, plus players liabilities plus (or minus) the fair value of net derivatives liabilities (or assets) for that period. Net financial debt is pre-IFRS 16.
Leverage: Net financial debt / LTM Adjusted EBITDA.
Number of Unique Active Players: average number of unique players playing at least once a month in a defined period.
Table 1: Revenue and Adjusted EBITDA breakdown by activity
| Revenue - In € million | Q1 2025 | Q1 2026 | % change | % constant currency & current scope14 |
| Sportsbook | 295.8 | 326.5 | 10.4% | 14.4% |
| Casino | 55.9 | 70.2 | 25.4% | 28.0% |
| Poker | 23.6 | 30.3 | 28.3% | 28.3% |
| Turf | 5.5 | 6.2 | 11.1% | 11.1% |
| Sports betting & Gaming | 380.9 | 433.1 | 13.7% | 17.3% |
Production | 568.6 | 502.2 | (11.7)% | (9.3)% |
| Distribution | 64.4 | 73.2 | 13.6% | 20.0% |
| Live experiences & other | 70.5 | 139.0 | 97.1% | 101.5% |
| Entertainment & Live | 703.6 | 714.5 | 1.5% | 4.5% |
| TOTAL REVENUE | 1,084.5 | 1,147.5 | 5.8% | 9.0% |
| Adjusted EBITDA - In € million | Q1 2025 | Q1 2026 | % change | % constant currency & current scope14 |
| Sports betting & Gaming | 102.2 | 96.6 | (5.4)% | (3.8)% |
| Entertainment & Live | 90.3 | 101.8 | 12.6 % | 15.6 % |
| Holding | (1.9) | (1.8) | (6.0)% | |
| Adjusted EBITDA | 190.6 | 196.6 | 3.1 % | 5.4 % |
| Sports betting & Gaming | 26.8% | 22.3% | ||
| Entertainment & Live | 12.8% | 14.2% | ||
| Adjusted EBITDA margin | 17.6% | 17.1% |
Table 2: Adjusted operating free cash flow by activity
| Sports betting & Gaming | Q1 2025 | Q1 2026 | % reported |
| change | |||
| Adjusted EBITDA | 102.2 | 96.6 | (5.4)% |
| Adjusted EBITDA margin (%) | 26.8% | 22.3% | |
| Capex | (8.3) | (8.7) | |
| Total cash outflows for leases that are not recognised as rental expenses | (0.9) | (0.8) | |
| Adjusted free cash flow | 93.0 | 87.2 | (6.3)% |
| Change in WC(1) | (29.4) | (22.9) | |
| Income tax paid | (7.3) | (1.2) | |
| Adjusted Operating free cash flow | 56.4 | 63.0 | 11.9% |
| Entertainment & Live - € million | Q1 2025 | Q1 2026 | % reported change |
| Adjusted EBITDA | 90.3 | 101.8 | 12.6% |
| Adjusted EBITDA margin (%) | 12.8% | 14.2% | |
| Capex | (19.5) | (13.2) | |
| Total cash outflows for leases that are not recognised as rental expenses | (12.0) | (12.5) | |
| Adjusted free cash flow | 58.9 | 76.1 | 29.2% |
| Change in WC(2) | (38.7) | (82.8) | |
| Income tax paid | (14.0) | (5.4) | |
| Adjusted Operating free cash flow | 6.2 | (12.1) | n.m |
(1) Excludes LTIP payment, exceptional items, trade receivables on providers and players’ liabilities for Sports betting & Gaming
(2) Excluding LTIP payment and exceptional items. Fiction in progress has been reclassified from capex and FIP financing (proceeds and repayments of borrowings) to change in working capital requirements.
Table 3: Consolidated statement of cash flows
| In € million | 31 March 25 | 31 March 26 |
| Profit/(loss) | 35.9 | 32.0 |
| Adjustments: | 152.4 | 144.7 |
| Share of profit/(loss) of associates and joint ventures | 0.2 | 0.5 |
| Amortization, depreciation, impairment losses and provisions, net of reversals | 32.9 | 34.5 |
| Employee benefits LTIP & employment-related earn-out and option expenses | 32.9 | 35.1 |
| Change in fair value of financial instruments | 23.5 | (14.5) |
| Income tax expenses | 26.6 | 19.4 |
| Other adjustments(1) | (22.1) | 18.4 |
| Cost of financial debt and current accounts | 58.4 | 51.2 |
| Gross cash provided by operating activities | 188.3 | 176.7 |
| Changes in working capital | (98.8) | (163.4) |
| Income tax paid | (19.9) | (6.2) |
| Net cash flows provided by operating activities | 69.6 | 7.1 |
| Purchase of property, plant and equipment and of intangible assets | (32.6) | (23.6) |
| Purchases of consolidated companies, net of acquired cash and other liabilities related to business combination | (8.9) | (3.5) |
| Investing in associates and Joint ventures | - | (0.2) |
| Increase in financial assets | (3.6) | (1,002.0) |
| Disposals of property, plant and equipment and intangible assets | (0.0) | 0.0 |
| Proceeds from sales of consolidated companies, after divested cash | 1.4 | (3.1) |
| Decrease in financial assets | 3.5 | 1.8 |
| Dividends received | 0.1 | 0.0 |
| Net cash provided by/(used for) investing activities | (40.1) | (1,030.5) |
| Dividends paid | - | - |
| Dividends paid by consolidated companies to their non-controlling interests | (6.6) | (1.2) |
| Transactions with non-controling interests | (99.4) | 5.1 |
| Proceeds from borrowings and other financial liabilities | 401.0 | 996.6 |
| Repayment of borrowings and other financial liabilities | (299.9) | (21.2) |
| Other cash items related to financial activities | - | 0.0 |
| Interest paid | (30.0) | (35.8) |
| Net cash flows from/(used in) financing activities | (34.8) | 943.5 |
| Impact of changes in foreign exchange rates | (1.6) | 9.6 |
| Net increase/(decrease) of cash and cash equivalents | (6.9) | (70.3) |
| Net cash and cash equivalents at the beginning of the period | 480.9 | 493.8 |
| Net cash and cash equivalents at the end of the period | 473.9 | 423.6 |
(1) Other adjustments include notably i) unrealized foreign exchange gains; and ii) losses on disposal and liquidation of subsidiaries.
Table 4: Consolidated balance sheet
| In € million | 31 December 2025 | 31 March 2026 |
| ASSETS | ||
| Goodwill | 2,815.3 | 2,816.7 |
| Intangible assets | 250.9 | 266.1 |
| Right-of-use assets | 134.1 | 148.2 |
| Property, plant and equipment | 78.5 | 76.7 |
| Investments in associates and joint ventures | 97.7 | 98.5 |
| Non-current financial assets | 148.2 | 164.2 |
| Other non-current assets | 262.9 | 279.8 |
| Deferred tax assets | 64.7 | 65.0 |
| Non-current assets | 3,852.3 | 3,915.3 |
| Inventories and work in progress | 577.5 | 577.0 |
| Trade receivables | 524.8 | 572.1 |
| Other current assets | 304.7 | 301.6 |
| Current financial assets | 21.6 | 1,029.3 |
| Cash and cash equivalents | 493.9 | 432.9 |
| Current assets | 1,922.5 | 2,912.8 |
| TOTAL ASSETS | 5,774.8 | 6,828.1 |
| EQUITY AND LIABILITIES | ||
| Share capital | 8.1 | 8.1 |
| Share premiums, treasury shares and retained earnings (deficit) | (125.8) | (155.0) |
| Net income/(loss) - attributable to shareholders | 247.5 | 27.7 |
| Shareholders ' equity | 129.8 | 190.8 |
| Non-controlling interests | 14.5 | 22.0 |
| Total equity | 144.2 | 212.8 |
| Other securities | 116.4 | 116.4 |
| Long-term borrowings and other financial liabilities | 2,962.1 | 3,936.9 |
| Long-term lease liabilities | 102.9 | 117.0 |
| Non-current provisions | 31.6 | 31.1 |
| Other non-current liabilities | 362.5 | 346.4 |
| Deferred tax liabilities | 3.7 | 3.8 |
| Non-current liabilities | 3,579.2 | 4,551.6 |
| Short-term borrowings and bank overdrafts | 144.8 | 156.0 |
| Short-term lease liabilities | 48.3 | 47.0 |
| Trade payables | 666.6 | 625.1 |
| Current provisions | 18.0 | 19.8 |
| Customer contract liabilities | 640.2 | 702.4 |
| Other current liabilities | 533.5 | 513.5 |
| Current liabilities | 2,051.4 | 2,063.8 |
| TOTAL EQUITY AND LIABILITIES | 5,774.8 | 6,828.1 |
Table 5: IFRS consolidated net financial debt
| In € million | 31 December 2025 | 31 March 2026 |
| Bonds | 874.0 | 1,859.2 |
| Bank borrowings and other | 2,151.8 | 2,132.9 |
| Bank overdrafts | 0.1 | 9.2 |
| Accrued interests on bonds and bank borrowings | 30.5 | 52.3 |
| Total bank indebtedness | 3,056.5 | 4,053.6 |
| Cash and cash equivalents | (493.9) | (432.9) |
| Funding of Gardenia | (64.0) | (65.1) |
| Trade receivables on providers | (37.6) | (66.9) |
| Players ' liabilities | 69.1 | 71.7 |
| Escrow account | - | (1,003.1) |
| Cash in trusts and restricted cash | (0.3) | (0.4) |
| Net cash and cash equivalents | (526.6) | (1,496.5) |
| Net debt before derivatives effects | 2,529.9 | 2,557.1 |
| Derivatives - liabilities | 45.7 | 38.4 |
| Derivatives - assets | (2.7) | (6.7) |
| Net debt | 2,572.9 | 2,588.7 |
Table 6: Cash flow statement
| 31 March 2026 | ||||
| In € million | Sports betting & Gaming | Entertainment & Live | Holding | Banijay Group |
| Net cash flow from operating activities | 51.9 | (45.6) | 0.8 | 7.1 |
| Cash flow (used in)/from investing activities | (1,008.6) | (21.9) | (0.0) | (1,030.5) |
| Cash flow (used in)/from financing activities | 987.8 | (40.0) | (4.3) | 943.5 |
| Effect of foreign exchange rate differences | - | 9.6 | - | 9.6 |
| Net increase/(decrease) in cash and cash equivalents | 31.1 | (97.8) | (3.5) | (70.3) |
| Cash and cash equivalents as of 1 January | 224.5 | 263.6 | 5.7 | 493.8 |
| Cash and cash equivalents as of 31 March | 255.5 | 165.8 | 2.2 | 423.6 |
| 31 March 2025 | ||||
| In € million | Sports betting & Gaming | Entertainment & Live | Holding | Banijay Group |
| Net cash flow from operating activities | 68.6 | 22.5 | (21.6) | 69.6 |
| Cash flow (used in)/from investing activities | (7.0) | (32.7) | (0.4) | (40.1) |
| Cash flow (used in)/from financing activities | (3.2) | (49.2) | 17.6 | (34.8) |
| Effect of foreign exchange rate differences | - | (1.6) | - | (1.6) |
| Net increase/(decrease) in cash and cash equivalents | 58.5 | (61.0) | (4.4) | (6.9) |
| Cash and cash equivalents as of 1 January | 188.8 | 271.2 | 20.8 | 480.9 |
| Cash and cash equivalents as of 31 March | 247.3 | 210.2 | 16.5 | 473.9 |
Table 7: Sports betting & Gaming (Banijay Gaming): Net financial debt as of 31 March 2026
| At Banijay Gaming level: | ||
| In € million | 31 Dec. 2025 | 31 Mar. 2026 |
| Total Bank Borrowings | 600 | 1,600 |
| Cash in bank | (224) | (1,254) |
| Total net financial debt (Term Loan B definition) | 376 | 346 |
| Ratios at Banijay Gaming level (Term Loan B definition) : | ||
| Leverage ratio | 0.86 | 0.80 |
| Banijay Gaming contribution at Banijay Group N.V level: | ||
| In € million | 31 Dec. 2025 | 31 Mar. 2026 |
| Total net financial debt (Term Loan B definition) | 376 | 346 |
| Transaction costs amortization, accrued interests and derivatives | (3) | (24) |
| Trade receivables on providers and Players ' liabilities | 32 | 5 |
| Total net financial debt at Banijay Group level | 404 | 327 |
Table 8: Entertainment & Live (Banijay Entertainment): Net financial debt as of 31 March 2026
| At Banijay Entertainment level: | ||
| In € million | 31 Dec. 2025 | 31 Mar. 2026 |
| Total Secured Debt (OM definition) | 2,282 | 2,314 |
| Other debt | 357 | 334 |
| SUN | - | - |
| Total Debt | 2,639 | 2,648 |
| Net Cash | (264) | (166) |
| Fair value hedge derivative | 43 | 32 |
| Total net financial debt (excl. Earn-out & PUT) | 2,418 | 2,514 |
| EO & PUT | 128 | 129 |
| Total net financial debt (incl earn-out & PUT) | 2,547 | 2,643 |
| Ratios atBanijay Entertainmentlevel: | ||
| Leverage Ratio, as presented | 4.28 | 4.40 |
| Adjusted Leverage Ratio, as presented | 4.51 | 4.63 |
| Senior secured net leverage ratio | 3.80 | 3.99 |
| Cash conversion rate –Banijay Entertainment definition* | 66% | 65% |
| Banijay Entertainment contribution at Banijay Group level: | ||
| In € million | 31 Dec. 2025 | 31 Mar. 2026 |
| Total net financial debt (excl. Earn-out & PUT) | 2,418 | 2,514 |
| Transaction costs amortization and other | (19) | (18) |
| Lease debt (IFRS 16) | (141) | (154) |
| Total net financial debt at Banijay Group level | 2,259 | 2,342 |
| Derivatives | - | - |
| Total net financial debt at Banijay Group level after derivatives | 2,259 | 2,342 |
Leverage ratio:total Net financial debt / (Adj EBITDA + shareholder fees + proforma impact from acquisitions)
Adjusted leverage ratio: total net financial debt including earn-out and puts / LTM (Adjusted EBITDA + shareholder fees + proforma impact from acquisitions)
Senior secured net leverage ratio: total Senior Secured Notes + Earn-out – Cash / (Adjusted EBITDA + shareholder fees + proforma impact from acquisitions)
* Based on free cash flow as defined as follows: Adjusted EBITDA + change in working capital
– income tax paid – capex
1 Growth at constant exchange rates and restated from 2025 contribution of Bet-at-Home and H2O
2 Pro forma guidance including 12 months of Tipico Group & All3Media in 2025PF (unaudited figures) and in 2026PF, combination with All3Media subject to customary regulatory approvals and to the approval of the next Annual General Meeting
3 Growth at constant exchange rates and restated from 2025 contribution of Bet-at-Home and H2O
4 New definition of adjusted net income: total net income, excluding restructuring & non-recurring costs and other finance income / (costs)
5 2025 Proforma: including 12 months of Tipico Group & All3Media, unaudited figures
6 Adjusted EPS: Net income, excluding restructuring & non-recurring costs and other finance income and cost, attributable to shareholders / weighted average number of Ordinary Shares outstanding
7 Subject to Annual General Meeting approval. CAGR calculated based on €0.35/share ordinary dividend in 2025, excluding the exceptional dividend
8 New definition: net income (loss) adjusted for restructuring costs and other non-recurring items and option expenses and other finance income / (costs).
9 Revenue growth is at constant currencies and restated from 2025 contribution Bet-at-Home and H2O
10 Revenue growth is at constant currencies and restated from 2025 contribution H2O
11 At constant currencies and restated from 2025 contribution Bet-at-Home and H2O
12 New definition of adjusted net income: total net income, excluding restructuring & non-recurring costs and other finance income / (costs)
13 Excluding exceptional 2026 LTIP
14 At constant currencies and restated from 2025 contribution Bet-at-Home and H2O
Attachment
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