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The operator’s EBITDA for Q4 2025 was EUR 69.3 million, down 20% from EUR 86.4 million in the same period last year, with an EBITDA margin of 22.8%. Operating income (EBIT) for the quarter decreased 24% to EUR 53.2 million, with an EBIT margin of 17.5%. For the full year, EBITDA reached EUR 313.7 million, a 1% decrease from EUR 316.0 million in 2024.
CEO Commentary on Q4 Performance
“Lower B2B revenue, higher gaming taxes and continued investments in product and technology had a negative impact on profitability in the quarter,” said Pontus Lindwall, President and CEO of Betsson AB. “Despite the lower profitability, Betsson stands strong operationally with a competitive product offering, increasing brand awareness and technology at the forefront.”
Lindwall noted that the company saw continued customer activity with an increased number of active players compared to the same period last year. The share of revenue from locally regulated markets reached an all-time high of 68%, up from 60% in Q4 2024, which drove higher gaming taxes.
Financial Highlights and Customer Metrics
Active customers increased 4.6% to 1,409,929 compared to 1,348,392 in Q4 2024. Customer deposits across all gaming solutions totaled EUR 1,491.5 million for the quarter, a decrease of 5.8% from the previous year.
Net income for Q4 2025 was EUR 35.0 million, corresponding to EUR 0.24 per share, compared to EUR 53.1 million (EUR 0.38 per share) in Q4 2024. For the full year, net income reached EUR 182.4 million, or EUR 1.29 per share.
The company maintained a strong financial position with net debt of EUR -157.7 million, indicating a net cash position. Cash and cash equivalents stood at EUR 322.7 million at the end of the period.
Regional Performance
Western Europe reported revenue of EUR 60.8 million, an increase of 15.5% year-over-year. Italy achieved all-time high revenue in Q4, reaching record levels in both deposits and turnover, driven primarily by casino products.
Latin America generated EUR 84.3 million in revenue, up 7.9% compared to Q4 2024. Peru, Argentina, and Colombia showed strong development with increased customer deposits and turnover.
Central & Eastern Europe and Central Asia (CEECA) reported EUR 120.4 million in revenue, down 8.9% year-over-year, with Estonia and Georgia experiencing decreased revenue driven by lower sportsbook activity.
The Nordic region generated EUR 33.6 million, a decrease of 15.9% compared to the previous year, primarily due to lower sportsbook activity in Denmark, though Sweden reported increased revenue.
Product Performance
Casino revenue increased 2.8% to EUR 219.8 million, representing 72% of total Group revenue. Casino gross turnover across all gaming solutions was EUR 9,024.2 million, a decrease of 7.4% year-over-year.
Sportsbook revenue decreased 9.5% to EUR 82.7 million, representing 27% of Group revenue. Sportsbook gross turnover was EUR 1,470.1 million, down 14.2% compared to Q4 2024. The sportsbook margin for the quarter was 8.8%, compared to 9.8% in the prior year period.
Strategic Developments
In November 2025, Betsson AB issued new senior unsecured bonds of EUR 75 million under a framework of EUR 250 million. The bonds have a four-year tenor and a floating interest rate of 3-month EURIBOR plus 275 basis points, representing the lowest credit spread ever achieved by Betsson at 275 basis points above EURIBOR.
The company obtained two online gambling concessions in Italy through its subsidiary Azzurri Limited. Payment for the licenses totaled EUR 14 million and was made during Q4 2025.
In October, the Board of Directors initiated a share buyback program of up to EUR 40 million to adjust the company’s capital structure. During Q4, total share repurchases amounted to EUR 12.5 million.
Dividend Proposal
The Board of Directors proposed an ordinary dividend of EUR 0.66 per share for 2025, compared to EUR 0.657 per share for 2024. The proposed dividend amounts to EUR 90.9 million based on shares outstanding at year-end. The Board proposed that the dividend be paid in two installments during 2026.
Operational Investments
Personnel expenses increased to EUR 51.9 million from EUR 45.0 million in Q4 2024, reflecting salary revisions, performance-related compensation, acquisitions, and increased investments in product and technology development. The average number of full-time employees during Q4 was 2,927, compared to 2,513 in the prior year period.
During the quarter, Betsson introduced 553 new casino games to its platform, including 35 games with exclusive periods for Group brands. The company continued implementing its new proprietary front-end framework, designed for increased flexibility and performance.
Trading Update for Q1 2026
The average daily revenue in Q1 2026 through February 3 was 0.6% higher than the average daily revenue of Q1 2025. Adjusted for currency effects and acquisitions, the average daily revenue was 7.7% higher year-over-year.
Outlook
Lindwall noted that the company is entering 2026 with multiple activities providing conditions for growth, including the upcoming FIFA World Cup, which will feature a record number of matches and participating nations.
“The investments made in recent years as well as our pipeline of projects for 2026 support our ambition to continue to generate long-term shareholder value,” Lindwall said.
Betsson holds gaming licenses in 24 countries and operates in multiple markets across Europe, Africa, North and South America.
Source: Betsson AB
