Partouche Triples Its Dividend to €1.25 and Announces a 3.5% Increase in Revenue for the First Quarter
Partouche Group reports a 3.5% increase in revenue for the first quarter of 2026, reaching €130.8 million. However, beneath this overall rise lies a less dazzling reality: organic growth, excluding recent acquisitions, is only 1.1%. This discrepancy between reported results and actual dynamics raises questions, especially as the group proposes to triple its dividend to €1.25 per share.
Financial Performance in Detail
Partouche's Gross Gaming Revenue (GGR) stood at €189.0 million in the first quarter of 2026, up by 3.4% compared to the same period last year (€182.9 million). The consolidated revenue reached €130.8 million, marking a 3.5% increase. These figures include the effects of acquiring Casino Partouche Cannes 50 Croisette on February 28, 2025, and the opening of the Cotonou casino in Benin on January 28, 2025. Indeed, on a like-for-like basis, excluding these two operations, the GGR only increased by 1.1%, amounting to €185.0 million. The Net Gaming Revenue grew by 3.2% to €105.5 million (compared to €102.2 million a year earlier).
Geographical Dynamics
The group's geographical positioning highlights contrasting dynamics. In France, the GGR modestly increased by 2.2% to €166.4 million from €162.8 million in 2025. Within this domestic market, slot machines saw a mere 0.5% increase, while non-electronic table games grew by 3.1%. Electronic forms of gaming performed better, with an 11.8% increase. Internationally, growth accelerated: GGR surged by 12.3% to €22.6 million. Particularly, Swiss online games were the real drivers, with a 23.6% increase to €8.1 million. Casino revenues grew by 3.8% to €122.1 million, while hotel revenues declined by 1.4% to €6.4 million.
Dividend Proposal and Regulatory Prospects
At the general meeting on March 25, 2026, shareholders will be asked to vote on a dividend distribution of €1.25 per share, compared to €0.32 distributed in the previous fiscal year. This 290% increase in the dividend contrasts with the modest growth in results and suggests the group's confidence in its future cash flow generation capabilities. The group also looks to benefit from new regulatory prospects: the finance law promulgated in the Official Journal on February 20, 2026, has made the operation of Parisian gaming clubs permanent, following an experimental phase that began in 2018. The Partouche Casino Club, touted as the largest establishment in the capital, will open in spring 2026 and could eventually operate roulette tables if authorization is granted. Meanwhile, the town of Berck-sur-Mer has taken possession of the casino building, amid ongoing heritage defense litigation.
