Banijay Group reported full-year 2025 revenue of €4,880.5m and adjusted EBITDA of €961.1m, meeting its guidance and delivering a 100 basis point improvement in EBITDA margin to 19.7%. Growth was led by Banijay Gaming, the group’s online sports betting and gaming division, which posted a 10.2% revenue increase on a constant currency basis. The entertainment arm grew at a more modest 0.4%, weighed down by a softer production and distribution environment.
The results were published alongside two major strategic announcements: the pending acquisition of Tipico Group in Germany and Austria, and the combination of Banijay Entertainment with All3Media through a partnership with RedBird IMI.
Group Financials at a Glance
Reported revenue growth came in at 1.6% year-on-year, reaching €4,880.5m from €4,803.3m in 2024. On a constant currency and current scope basis, the increase was 3.4%. Adjusted EBITDA rose 6.8% in reported terms and 8.6% on a constant currency basis, reaching €961.1m versus €900.2m a year earlier.
Adjusted net income increased 6.3% to €449.6m. Net income for the period came in at €264.7m, up from €154.6m in 2024. Adjusted free cash flow reached €779.7m, up 4.6%, with an 81% conversion rate. The group’s financial leverage ratio deleveraged to 2.7x at year-end, down 0.2x from December 2024.
| €m | FY 2024 | FY 2025 | Reported | CC & Scope |
|---|---|---|---|---|
| Total Revenue | 4,803.3 | 4,880.5 | +1.6% | +3.4% |
| Banijay Entertainment & Live | 3,347.8 | 3,286.8 | -1.8% | +0.4% |
| Production | 2,614.7 | 2,521.5 | -3.6% | -1.3% |
| Distribution | 397.0 | 368.3 | -7.2% | -5.4% |
| Live Experiences & Other | 336.0 | 397.0 | +18.2% | +20.3% |
| Banijay Gaming | 1,455.5 | 1,593.7 | +9.5% | +10.2% |
| Sportsbook | 1,144.0 | 1,214.3 | +6.1% | +6.8% |
| Casino | 213.3 | 249.3 | +16.9% | +17.4% |
| Poker | 77.6 | 105.8 | +36.5% | +36.5% |
| Turf | 20.6 | 24.3 | +17.7% | +17.7% |
| Adjusted EBITDA | 900.2 | 961.1 | +6.8% | +8.6% |
| Entertainment & Live margin | 15.8% | 16.6% | ||
| Gaming margin | 26.1% | 26.7% | ||
| Adjusted Net Income | 422.8 | 449.6 | +6.3% | |
| Adjusted Free Cash Flow | 745.0 | 779.7 | +4.6% | |
| Net Financial Debt / Adj. EBITDA | 2.9x | 2.7x | ||
A proposed dividend of €0.35 per share was announced, representing a 33.4% payout ratio on adjusted net income.
Banijay Gaming: Regional Momentum Across Six Markets
Banijay Gaming, which operates primarily under the Betclic brand, recorded revenue of €1,593.7m in FY 2025, up 10.2% on a constant currency and current scope basis. This was achieved against a strong comparative base from 2024 and in the absence of a major international tournament calendar. Adjusted EBITDA for the division rose 12.6% to €425.2m, with margin expanding 60 basis points to 26.7%.
Unique Active Players grew 23% over the year, driven by sustained engagement across all products. Cross-selling within the customer base reached approximately 35%, reflecting the group’s multi-product strategy across sportsbook, casino, poker and turf.
Sportsbook revenue reached €1,214.3m, up 6.8%, with the Betclic sportsbook app ranked as the most downloaded sports betting application in all its markets as of December 2025. The app was upgraded with the release of its ninth version during the year, introducing new personalisation and betting features. France remains the group’s core sportsbook market, with higher betting taxes introduced in July 2025 absorbing some of the margin benefit but not preventing double-digit EBITDA growth at the division level.
Online casino revenue reached €249.3m, up 17.4%. Growth was particularly strong in Portugal, where the group has an established position, and in Côte d’Ivoire, where casino operations launched in early 2025. During the year, 280 new titles were added to the casino offering, including 20% proprietary or exclusive content.
Poker was the fastest-growing product line. Revenue of €105.8m represented a 36.5% increase, supported by a new proprietary platform rolled out at the end of 2024. The introduction of PKO tournament formats drove a 1.5x increase in active users. Turf revenue grew 17.7% to €24.3m.
The pending acquisition of Tipico, announced in October 2025, is set to add Germany and Austria to the group’s existing footprint of France, Portugal, Poland and Côte d’Ivoire. Under the terms of the deal, Betclic and Tipico are valued at €4.8bn and €4.6bn respectively. Banijay Gaming secured €3,139m in financing in January 2026, comprising senior secured notes, term loan B facilities and a revolving credit facility. Regulatory and merger control approvals are pending, with closing expected in the first half of 2026. As part of the transaction, the group was required to divest its 53.9% stake in Bet-at-Home, which was deconsolidated in November 2025. For more on that transaction, see Banijay Completes Sale of 54% Stake in bet-at-home Following Tipico Merger.
Banijay Entertainment & Live: Production Under Pressure, Live Experiences Accelerate
Banijay Entertainment and Banijay Live combined reported revenue of €3,286.8m in FY 2025, down 1.8% in reported terms but up 0.4% on a constant currency and current scope basis. Adjusted EBITDA reached €544.0m, with margin improving 80 basis points to 16.6%.
Content production revenue fell 1.3% in constant currency terms to €2,521.5m, reflecting a disciplined commissioning environment across broadcasters and streaming platforms. The group maintained its position as the leading European studio in scripted content, delivering titles including The Gardener for Netflix, ranked the number one scripted show in Spain and top-charting in 21 territories. Non-scripted formats including Last One Laughing, Temptation Island and The Summit continued to expand across new territories.
Distribution revenue declined 5.4% to €368.3m, with catalogue hours growing to more than 225,000 by year-end. K7 Media named Banijay Entertainment “Distributor of the Year” for the third consecutive year in its Tracking the Giants report.
Live Experiences was the standout segment within the entertainment arm, with revenue rising 20.3% to €397.0m. The number of live events produced doubled year-on-year from 1,500 in 2024 to 3,000 in 2025. Growth was driven by Lotchi’s Luminiscence experience, which generated approximately one million ticket sales by year-end, and Balich Wonder Studio, which delivered ceremonies including the opening and closing of the FIFA World Cup 2025 and the UEFA Champions League Final Kick-Off Show.
In February 2026, Balich Wonder Studio appointed Carlo Noseda as Chief Executive Officer, effective 1 March 2026. Noseda was previously co-founder and CEO of M&C Saatchi Group Europe.
All3Media Combination and Strategic Outlook
On 3 March 2026, Banijay Group and RedBird IMI announced a strategic combination of Banijay Entertainment (including Banijay Live) and All3Media. The merged entity would bring together IP including The Traitors, Big Brother, Survivor, Peaky Blinders, and Gogglebox. On a proforma basis, the combined entity would have generated revenues exceeding €4.4bn and adjusted EBITDA of €690m in 2024. For Banijay Group, the deal implies a total cash upstream of €796m, including a €625m cash payment and a €171m pre-closing dividend.
The group has scheduled a Strategic Update session for 26 March 2026, at which it expects to present updated mid-term financial guidance reflecting the Tipico acquisition and the All3Media combination. Banijay has also stated it continues to monitor market conditions with a view to expanding its free float and improving stock liquidity.
Compared with peers reporting similar periods, Banijay Gaming’s 10.2% revenue growth and 26.7% EBITDA margin place it among the stronger performers in the European online betting sector. Evolution’s FY 2025 results showed flat revenue and a 9% EBITDA decline as regulatory pressure weighed on its European operations, while FDJ reported a mixed year with its own tax headwinds across European markets. Banijay Gaming’s ability to grow through French tax increases without margin compression at the group level reflects the benefit of product and market diversification.
Source: Banijay Group
