Banijay Group reports record gambling revenue in Q1 2026
Banijay Group N.V., one of Europe’s largest media conglomerates, has announced its financial results for the first quarter of 2026. The group recorded growth across multiple segments, with sports betting and gaming accelerating further, driven by a 20 per cent increase in unique active players, and live experiences more than doubling year on year.
Key financials: growth across the board
Group revenue in Q1 2026 reached €1.14 billion, up 9 per cent in constant currencies and at the current consolidation scope. Adjusted EBITDA came in at €196.6 million, gaining 5.4 per cent on a comparable basis.
| Metric | Q1 2025 | Q1 2026 | Change |
| Revenue, €m | 1,084.5 | 1,147.5 | +5.8% |
| Adjusted EBITDA, €m | 190.6 | 196.6 | +3.1% |
| EBITDA margin | 17.6% | 17.1% | −0.5 pp |
| Adjusted net income, €m | 48.1 | 56.9 | +18.1% |
| Adjusted free cash flow, €m | 149.9 | 161.4 | +7.7% |
| FCF conversion | 78.7% | 82.1% | +3.4 pp |
| Net debt / LTM EBITDA | 2.7x | 2.7x | stable |
| Cash position, €m | n/a | 423.6 | — |
Source: SiGMA News.
Despite a modest decline in EBITDA margin, from 17.6 per cent to 17.1 per cent, excluding the impact of the betting tax increase in France, the margin would in fact have risen by 50 basis points to 18.1 per cent, indicating continued improvement in underlying operational efficiency.
Adjusted net income grew 18.1 per cent to €56.9 million, driven largely by a significant reduction in the tax burden following the introduction of an IP Box regime in the sports betting and gaming segment in 2025. Reported net profit fell 10.9 per cent to €32 million, primarily due to higher restructuring charges and transaction costs related to M&A activity.
Sports betting and gaming as the growth engine
The Sports Betting & Gaming segment was the standout performer of the quarter. Revenue grew 17.3 per cent in comparable terms to €433.1 million, while the key operational metric, unique active players (UAP), increased 20 per cent year on year.
| Product | Q1 2025, €m | Q1 2026, €m | Change |
| Sportsbook | 295.8 | 326.5 | +10.4% |
| Casino | 55.9 | 70.2 | +25.4% |
| Poker | 23.6 | 30.3 | +28.3% |
| Turf (horse racing betting) | 5.5 | 6.2 | +11.1% |
| Total segment | 380.9 | 433.1 | +13.7% |
Source: SiGMA News.
Notably, these results were achieved despite unfavourable sporting outcomes: a number of UEFA Champions League matches and FIFA World Cup qualifying fixtures went against players, which traditionally compresses operator margins. Growth in the active player base and diversification of the product line offset the effect.
Online casino and poker deserve particular attention: revenue grew 27 per cent, driven by the successful launch of a proprietary poker platform in France in late 2024 and the opening of an online casino in Côte d’Ivoire in early 2025, which is already building up its player base.
In April 2026, Banijay Group bought Tipico, a big European betting company that is mainly active in Germany and Austria. The deal brings together three brands: Betclic, Tipico and Admiral. Management expects the deal to double the segment’s revenue, EBITDA and free cash flow, with mid-term synergies of approximately €100 million, comprising around €70 million in operating synergies and €30 million in capital synergies. The company’s most important markets will be Germany, France, Portugal, Austria, Poland and Côte d’Ivoire.
The group is also positioning ahead of the FIFA World Cup 2026, which is expected to act as a significant catalyst for the segment.
Stability through active M&A
Free cash flow grew 7.7 per cent to €161.4 million, with a conversion rate of 82.1 per cent, up from 78.7 per cent a year earlier. The improvement was supported by a 21.3 per cent decline in capital expenditure following a high base of IP investment in Q1 2025.
As of 31 March 2026, the company’s net financial debt was €2.58 billion, which is about the same as the €2.57 billion at the end of 2025. The ratio of debt to earnings stayed the same at 2.7 times net debt to last twelve months’ earnings. The group had €423.6 million in the bank.
The financing package for the Tipico acquisition, totalling €3.13 billion, comprises: €1 billion in senior secured notes (5.125 per cent coupon, maturing 2031), €1.5 billion in a euro-denominated term loan (EURIBOR plus 3 per cent, fully hedged) and $750 million in a dollar-denominated term loan (SOFR plus 2.75 per cent, with a cross-currency swap).
Strategy and long-term outlook
Alongside the Tipico acquisition, the group is progressing towards a combination of Banijay Entertainment with UK-based All3Media, which is owned by RedBird IMI. The transaction will create a 50/50 joint venture, with Banijay Group consolidating the new entity’s results. Completion is expected in summer 2026. The combined company will operate under the Banijay name and is positioned as a global leader in content production and distribution.
On the digital side, the group has launched ShowdownTV, a direct-to-consumer streaming platform in Germany, announced the expansion of the hit series Somebody Feed Phil to YouTube from 2027, and acquired global format rights to Stop The Train, a YouTube-born format created by French content creator Squeezie, for adaptation across international markets.
François Riahi, chief executive officer of Banijay Group, said the company had made a strong start to 2026, supported by momentum in sports betting and live experiences: “Sports Betting & Gaming continues to deliver impressive growth, underpinned by product innovation and a 20 per cent increase in unique active players. We are well positioned ahead of this summer’s FIFA World Cup. These results allow us to confirm our 2026 guidance and remain focused on delivering sustainable growth and value creation for shareholders.”
2026 guidance confirmed
Management confirmed its full-year targets: adjusted EBITDA growth in the mid-single-digit range on both a standalone and pro forma basis, and mid-to-high single-digit growth excluding the impact of the French betting tax. Adjusted free cash flow conversion is expected at approximately 80 per cent of adjusted EBITDA.
Banijay Group N.V. is listed on Euronext Amsterdam under the ticker BNJ. Shares closed up 4.84 per cent on 18 May 2026. A results conference call was held the same day at 18:00 CET.
This article was originally published in Russian on 19 May.
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