Banijay Group has set a target of around €10 billion in revenue by 2029, relying entirely on organic growth, following the two transformative transactions that have reshaped the group over the past five months.
The targets were presented at the group’s strategic update session on 26 March 2026, the first major investor communication since the announcement of the Tipico acquisition in October 2025 and the combination of Banijay Entertainment with All3Media in March 2026.
A New Group Profile
On a proforma basis, combining the two pending transactions, the enlarged group would have generated €7.4 billion in revenue, €1.6 billion in adjusted EBITDA, and €1.2 billion in adjusted free cash flow in 2025. Both deals remain subject to regulatory approval: the Tipico closing is expected in April 2026, with the All3Media combination expected to complete by autumn 2026.
The 2026-2029 financial framework projects adjusted EBITDA growth of more than 7% compound annually across the group, with around 10% CAGR targeted at Banijay Gaming and mid-single-digit growth at Banijay Entertainment. The group also guided for high adjusted free cash flow conversion above 75% over the period, alongside double-digit adjusted earnings per share growth.
For 2026 specifically, the group guided for mid-to-high single-digit adjusted EBITDA growth on an underlying basis. The betting tax increase in France introduced in July 2025 is expected to weigh on that figure, bringing reported 2026 EBITDA growth to mid-single digit at group level, with an adjusted cash flow conversion of around 80%.
Tipico Positions Banijay Gaming as a Continental Leader
The Tipico acquisition is the central driver of Banijay Gaming’s accelerated growth trajectory. Once complete, the combined entity will bring together Betclic, the group’s existing sports betting platform, and Tipico, the market leader in Germany and Austria, under a single structure with Banijay holding a controlling stake of 65% at closing and targeting a minimum of 72% through call options.
The transaction creates a combined player with leading positions in six regulated European markets: Germany, France, Portugal, Austria, Poland, and Côte d’Ivoire. Together the two businesses serve close to 6.5 million active players and operate over 1,250 betting shops across Germany and Austria.
The group targets around €100 million in annual synergies in the medium term, focused on topline growth and platform efficiencies. Betclic brings a recognised digital capability; Tipico contributes an established omnichannel distribution network. Banijay has stated it will not begin integration ahead of the 2026 FIFA World Cup to avoid disruption during the peak commercial period.
“In 2029, thanks only to organic growth, we will be a c.€10 billion revenue group.” — François Riahi, CEO, Banijay Group
The transaction is being financed through a €3,139 million package priced in January 2026, comprising €1 billion in senior secured notes, a €1.5 billion euro-denominated term loan B, and a $750 million dollar-denominated term loan B, all maturing in 2031. The group’s post-transaction leverage at closing is expected at 3.5x, with a stated target of below 2.5x within three years.
Underlying Performance: FY 2025 in Context
The strategic targets build on a solid FY 2025 base. On a standalone basis, the group reported revenue of €4,880.5 million, up 3.4% at constant currency, with adjusted EBITDA rising 8.6% to €961.1 million at a 19.7% margin, 100 basis points ahead of 2024.
Banijay Gaming, which operates the Betclic platform, was the performance engine. Revenue reached €1,593.7 million, up 10.2% at constant currency, with sportsbook up 6.8%, casino up 17.4%, and poker up 36.5%. The number of unique active players rose 23% year-on-year. Adjusted EBITDA for the gaming division came in at €425.2 million at a 26.7% margin, up from 26.1% in 2024, despite the impact of higher betting taxes in France from the second half of the year.
Banijay Entertainment and Live, the content and live experiences arm, grew revenue 0.4% at constant currency to €3,286.8 million. Live experiences were the standout, up 20.3%, driven by the roll-out of the Luminiscence format and Balich Wonder Studio’s delivery of major sporting ceremonies including the FIFA World Cup 2025 opening and closing events. Production and distribution revenue declined slightly, reflecting a cautious commissioning environment across the industry.
Group net income reached €264.7 million in 2025, up from €154.6 million in 2024. Net debt stood at €2,573 million at year-end, with leverage at 2.7x, down 0.2x year-on-year.
All3Media Merger Reframes the Content Business
Alongside the gaming pivot, the combination with All3Media, announced on 3 March 2026, positions the content arm for a different growth path. The new company, to carry the Banijay name with Banijay Group and RedBird IMI each holding a 50% stake, will have a catalogue exceeding 260,000 hours of content and more than 45 formats produced across three or more territories.
The deal is expected to generate €50 million in cost synergies and carries a total cash upstream to Banijay Group of €796 million, including a direct payment of €625 million and a pre-closing dividend of €171 million. Marco Bassetti will serve as CEO and Jane Turton, current CEO of All3Media, as Deputy CEO.
The group’s post-transaction leverage, accounting for both deals, is projected at approximately 3x by the end of 2026, declining from there on the back of the strong free cash flow generation targeted through the period.
Regulatory approvals for both transactions remain outstanding. The Tipico deal requires merger control and gambling regulatory clearances. The group expects the next major update on integration to come after the World Cup window closes.
Source: Banijay Group
