Paf Group posted revenue of €214.5m in 2025, up 12% from €191.7m the prior year, as the Åland-based operator recorded its strongest financial result in its 60-year history.
Revenue and profit
Group profit rose 5% to €57.2m, from €54.3m in 2024. Active customer numbers grew 12% over the same period. Physical operations — covering gaming onboard ferries and land-based venues — contributed a 3% revenue increase.
CEO Christer Fahlstedt described the outcome as the best in Paf’s history.
“The profit improved by five percent, which means that Paf delivered the strongest result in the company’s history. Our figures are positive across all our markets and our physical operations increased revenue by three percent.”
The result comes against a mixed backdrop across the Nordic operator landscape. ATG reported a revenue decline in 2025 under pressure from a Swedish tax increase, while Nordic regulators imposed fines on both Norsk Tipping and ATG during the same period. Paf, licensed in Åland and operating outside the EU’s internal market, faces a different competitive and regulatory environment from its Nordic peers.
Customer segmentation and responsible gambling
Paf’s customer segmentation data shows a structural shift in revenue composition. The red customer segment — players sustaining large losses — has been brought to zero, a direct consequence of the operator’s mandatory loss limits. Revenue from the green segment, covering customers spending less than €8,000 annually, grew 17.5% in 2025.
In 2025, Paf lowered its general loss limit from €18,000 to €16,000 and set a separate cap of €6,000 for customers aged 20 to 24. In February 2026, the general limit was cut again to €15,000 — half the original threshold introduced in 2018.
The approach positions Paf outside mainstream European operator practice. Most licensed operators apply loss limits only where mandated by regulators. Paf applies them unilaterally as company policy across all markets it operates in.
Fahlstedt acknowledged the internal demands the restrictions place on the business.
“We do not take the measures we introduce lightly, it requires a great deal from all of us at Paf when we implement responsible gaming measures that other operators in the industry do not have. At the same time, we are proud to stand by what we believe is the right and responsible way forward.”
€500m distribution milestone
The annual distribution of Paf funds for 2025 totalled €55.5m. That figure brought cumulative distributions since the company’s founding in 1966 to €527.9m, passing the €500m threshold for the first time.
The funds support social activities, culture, youth work, sports, and environmental initiatives in Åland. Paf’s ownership structure requires that profits be returned to Åland society rather than to commercial shareholders.
Chairman of the Board Jan-Mikael von Schantz placed the milestone in the context of Paf’s longer development.
“Contributing more than 500 million euro to building a stronger society in Åland is a new milestone in Paf’s 60-year history. Paf has made a remarkable journey from offering local gaming experiences in Åland in the 1960s to introducing gaming onboard ferries during the latter part of the 20th century. With the development of digital gaming since the early 2000s, Paf is today an established operator in several markets across Europe.”
Outlook
Paf has not published formal financial guidance for 2026. The February 2026 reduction of the general loss limit to €15,000 represents a further tightening of its player protection framework, applied across all markets. The green customer segment’s 17.5% revenue growth in 2025 came alongside a 12% expansion in the active customer base. Whether both trends sustain at the same rate in the year ahead is the primary question for the business model Paf is publicly committed to building. Broader European GGR data showed the market at €123.4bn in 2024, with continued growth forecast — the environment remains favourable for well-positioned regulated operators.
Source: Paf Group
