Banijay Group posted turnover up 9.0% to 1,147.5 million euros, or 1.1475 billion euros, in the first quarter of 2026. Adjusted EBITDA increased by 5.4% to 196.6 million euros, but the adjusted operating margin fell to 17.1% versus 17.6% a year earlier, affected by the increase in taxes on betting in France; restructuring costs and non-recurring items weighed on the net result.
Publié le 19/05/2026 à 10:09
Sports betting & Gaming accélère, Entertainment & Live affiche des résultats contrastés
Sports betting & Gaming recorded growth of 17.3% to €433.1 million, fueled by a 20% increase in the number of unique active players. The sportsbook grew by 14.4% to 326.5 million, despite unfavorable sporting results in international and European football. Casino, poker and turf increased by 27.0% to 106.7 million euros, driven by the launch of the new proprietary poker platform in France and the online casino offer in Ivory Coast.
Entertainment & Live increased by 4.5% to 714.5 million euros. Live experiences doubled (+101.5% to 139.0 million), thanks in particular to the production of the opening ceremony of the Milan-Cortina Winter Olympics by Balich Wonder Studio and the success of Luminiscence. On the other hand, content production fell by 9.3% to 502.2 million, due to a schedule shift with deliveries expected at the end of the year.
Operating margin under pressure despite volume gains
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Adjusted EBITDA increased by 5.4% to 196.6 million euros at constant exchange rate and current scope. However, the group’s EBITDA margin contracted by 50 basis points to 17.1%. Sports betting & Gaming saw its margin fall by 450 basis points to 22.3%, affected by the increase in taxes on betting in France from July 2025, which represents a negative impact of 11 million euros. Excluding this effect, EBITDA growth in this sector would have reached +7.1%.
Entertainment & Live, in contrast, improved its margin to 14.2% compared to 12.8%, benefiting from strong growth in Live experiences. At group level, external charges and personnel costs (excluding LTIP and deferred remuneration) increased by 5.2% restated for the tax impact, in line with the growth in turnover.
Guidance 2026 maintained, Tipico finalized and All3Media nearing finalization
Banijay Group has confirmed its 2026 guidance: growth in Adjusted EBITDA in mid-single-digit (including on a pro forma basis) and mid-to-high single-digit excluding the impact of French tax, as well as an adjusted free cash flow conversion of approximately 80% of EBITDA. The acquisition of Tipico was completed on April 23, 2026, uniting the Betclic, Tipico and Admiral brands to form a European betting champion. Synergies of 100 million euros are expected in the medium term. The combination with All3Media is on track to be finalized by summer 2026. Adjusted free cash flow increased by 7.7% to 161.4 million euros, with a conversion of 82.1%. Financial leverage stands at 2.7x, stable compared to the end of 2025, and cash flow amounts to 423.6 million euros.
