SBM Group: Revenue Up 12% to €861.6M, Boosted by Gaming
SBM Group reports a 12% revenue increase for the fiscal year 2025/2026, primarily driven by a 20% increase in the gaming sector. The group continues a significant investment program, while financial results decline due to lower interest rates in the Eurozone.
Revenue at €861.6M, Driven by a Surge in the Gaming Sector
SBM Group recorded consolidated revenue of €861.6M for the fiscal year 2025/2026, an increase of €93.5M or 12% compared to €768.0M in the previous year. This growth is mainly due to a spectacular surge in the gaming sector, which saw an exceptional increase of 20% to €259.6M, resulting from higher gaming volumes and a favorable context for table games. The hotel sector also contributed to this momentum with revenues rising by 11% to €443.1M. This increase is explained by an 8% growth in accommodation activity, thanks notably to average price increases linked to the renovations of rooms at the Hotel Hermitage and the Monte-Carlo Bay Hotel & Resort, and an 11% increase in dining, benefiting from the opening of the Cédric Grolet Monte-Carlo tea room and the first full year of the Marlow restaurant. Rental activities grew by 4% to €156.5M, with the residential park occupancy rate maintained close to 100%.
Operating Result Up 16%, Financial Result Declines
The operating result stood at €86.6M compared to €74.5M the previous year, an improvement of €12.1M, or 16%. This growth particularly benefits from the strong performance of the gaming sector, whose operating result jumped by €13.8M. The hotel and rental sectors displayed increases of €3.3M and €7.1M respectively. However, the financial result significantly declined to €26.3M from €35.6M in the previous year, a decrease of 26% attributed to the reduction of interest rates in the Eurozone which penalizes short-term investment revenues. The consolidated net result reached €112.9M compared to €110.1M previously, an increase of €2.8M, despite the decline in financial results. Regarding the financial structure, equity moderately increased from €35M to €1,678M. However, net cash decreased significantly from €186.3M to €158.8M, a reduction of €27.5M, or 14.8%, in a fiscal year marked by the continuation of a strong investment program.
Heavy Investments and Limited Visibility for 2026/2027
The group allocated €176.8M to investments during the fiscal year, funded by an increased self-financing capacity to €185.0M from €160.5M previously. These expenditures primarily focused on the extensive renovation of the Monte-Carlo Bay Hotel & Resort and the Hotel Hermitage, as well as the construction works at Monte-Carlo One in Courchevel. For the fiscal year 2026/2027, the group reports that activity in the first two months continues the trend from the previous year. However, the group indicates that the unpredictable nature of the gaming sector (the primary source of the current momentum) does not allow for reliable forecasts for the entire fiscal year.
