Banijay Group: Revenue Up 9% in Q1 2026, Margin Declines
Banijay Group reports a 9.0% increase in revenue to EUR 1,147.5 million in the first quarter of 2026. Adjusted EBITDA grew by 5.4% to EUR 196.6 million, but the adjusted operating margin fell to 17.1% from 17.6% a year earlier, impacted by the increase in betting taxes in France; restructuring costs and non-recurring items also weighed on net income.
Sports Betting & Gaming Accelerates, Entertainment & Live Shows Mixed Results
Sports Betting & Gaming recorded a growth of 17.3% to EUR 433.1 million, driven by a 20% increase in unique active players. The sportsbook grew by 14.4% to EUR 326.5 million, despite unfavorable sports results in international and European football. Casino, poker, and turf grew by 27.0% to EUR 106.7 million, boosted by the launch of a new proprietary poker platform in France and the online casino offering in Ivory Coast.
Entertainment & Live grew by 4.5% to EUR 714.5 million. Live experiences doubled (+101.5% to EUR 139.0 million), thanks notably to the production of the Milan-Cortina Winter Olympics opening ceremony by Balich Wonder Studio and the success of Luminiscence. However, content production fell by 9.3% to EUR 502.2 million, due to a scheduling shift with deliveries expected at the end of the year.
Operating Margin Under Pressure Despite Volume Gains
Adjusted EBITDA increased by 5.4% to EUR 196.6 million at constant exchange and scope. However, the group's EBITDA margin contracted by 50 basis points to 17.1%. Sports Betting & Gaming saw its margin decline by 450 basis points to 22.3%, affected by the increase in betting taxes in France from July 2025, which represents a negative impact of EUR 11 million. Excluding this effect, EBITDA growth in this sector would have reached +7.1%.
Entertainment & Live, in contrast, improved its margin to 14.2% from 12.8%, benefiting from strong growth in Live experiences. At the group level, external expenses and personnel costs (excluding LTIP and deferred compensation) increased by 5.2% adjusted for the tax impact, in line with revenue growth.
2026 Guidance Maintained, Tipico Finalized, and All3Media on Track for Completion
Banijay Group has confirmed its 2026 guidance: mid-single-digit growth in Adjusted EBITDA (including on a pro forma basis) and mid-to-high single-digit excluding the impact of the French tax, as well as an adjusted free cash-flow conversion of about 80% of EBITDA. The acquisition of Tipico was completed on April 23, 2026, uniting the brands Betclic, Tipico, and Admiral to form a European betting champion. Medium-term synergies of EUR 100 million are expected. The combination with All3Media is well on track for completion by summer 2026. Adjusted free cash-flow grew by 7.7% to EUR 161.4 million, with a conversion of 82.1%. The financial leverage stands at 2.7x, stable compared to the end of 2025, and cash holdings amount to EUR 423.6 million.
