Banijay Q1 revenue rises 9% as Tipico deal closes

Banijay Group posted group revenue of 1,147.5 million euros in Q1 2026, up 9.0% year on year, as its sports betting and gaming division grew 17.3% — results that predate the completion of its Tipico Group acquisition on April 23.

Adjusted EBITDA rose 5.4% to 196.6 million euros. Excluding a betting tax increase in France, the growth rate would have been 11.3%. Adjusted net income was up 18.1% to 56.9 million euros. Adjusted free cash flow came in at 161.4 million euros, up 7.7%, with an 82% conversion rate. The group held a 423.6 million euro cash position at the end of the quarter, with a leverage ratio of 2.7x — unchanged from the end of 2025.

Sports Betting and Gaming Leads Group Growth

The sports betting and gaming segment — comprising solely Betclic through Q1, as the Tipico acquisition closed after the reporting period — was the group’s fastest-growing division. Revenue reached 433.1 million euros for the quarter, driven by a 20% increase in unique active players year on year.

Sportsbook revenue grew 14.4% to 326.5 million euros despite what the group described as adverse sports results in international and national football competitions. Casino, poker and turf revenue outpaced sportsbook, up 27.0%, with the group citing the rollout of a new proprietary online poker platform in France as a contributing factor.

“We are enjoying a solid start to 2026, supported by strong momentum across our sports betting and gaming and live activities, as we look ahead to a year marked by major sporting events, important strategic developments and transformative M&A,” said Francois Riahi, Chief Executive Officer of Banijay Group. “Sports betting and gaming continues to deliver strong growth, driven by ongoing product innovation and a 20-per-cent increase in unique active players, the key commercial KPI. We are well positioned ahead of this summer’s FIFA World Cup.”

French Tax Drag on EBITDA

The French betting tax increase weighed on adjusted EBITDA, reducing the headline growth rate from a potential 11.3% to 5.4%. According to the group’s CFO, the full-year EBITDA impact of the French tax is approximately 50 million euros annually. Half of that impact was absorbed in 2025; the remaining half will be reflected across 2026.

The drag is significant context for the reported EBITDA figure. At the operating level, the underlying performance of the sports betting segment was materially stronger than the group-level EBITDA growth suggests.

Entertainment and Live Experiences

Banijay’s entertainment production and distribution division — the group’s largest by revenue — grew 4.5% to 714.5 million euros. Growth here was held back by timing effects in content production, which the group said it expects to normalise later in the year.

Live experiences delivered the standout top-line figure, with revenue more than doubling year on year, up 101.5% to 139.0 million euros. The primary driver was the production of the Opening Ceremony of the Milano Cortina Winter Olympic Games by Balich Wonder Studio, alongside continued international expansion of Luminiscence, the flagship touring show from Lotchi, acquired in early 2025.

Tipico Acquisition and What Follows

The Tipico acquisition, completed on April 23, is the central strategic development of the year for Banijay Gaming. The deal unites three brands — Betclic, Tipico, and Admiral — across six markets: Germany, France, Portugal, Austria, Poland, and Cote d’Ivoire. The combined business serves approximately 6.5 million unique active players annually and operates more than 1,250 betting shops in Germany and Austria.

Banijay Group holds a 65% stake in Banijay Gaming at close, with call options to increase the stake progressively to a minimum of 72% over the coming years. The transaction was financed in part through a debt package of approximately 3 billion euros, bringing post-transaction leverage to 3.5x. The group targets a reduction below 2.5x within three years.

On a pro forma 2025 basis, Banijay Gaming’s combined operations would have generated 3.1 billion euros in revenue, 900 million euros in adjusted EBITDA, and 700 million euros in adjusted free cash flow. Synergies are expected to reach approximately 100 million euros over the mid-term — around 70 million euros from operational efficiencies and 30 million euros from capital expenditure — to be implemented after the FIFA World Cup 2026. This positions Banijay as the fourth-largest European sports betting and gaming operator by revenue and the leader in sports betting on the continent.

Nicolas Beraud, formerly CEO of Betclic and now Chairman of the Board of Banijay Gaming, said the deal creates a platform with scale across large, fully regulated markets.

“With this combination, Banijay Gaming becomes a truly scaled European platform, with enhanced diversification and increased exposure to large, fully regulated markets. By bringing together our shared DNA and technologies, trading expertise and customer platforms, we will accelerate product innovation, enhance our omnichannel offering and deliver a more seamless and engaging experience to our players.”

Leadership changes have taken effect across the combined group. Mate Bacic, previously CEO of Tipico Austria, becomes CEO of Tipico Group. Julien Brun, formerly Betclic COO, takes over as Betclic CEO. Joachim Baca, former CEO of Tipico, serves as Vice-Chairman of the Banijay Gaming board.

All3Media Combination on Track

Alongside the Tipico integration, Banijay Group is progressing toward combining Banijay Entertainment with All3Media in a 50/50 joint venture with RedBird IMI, the entity backed by RedBird Capital Partners and Abu Dhabi-based IMI media group. The new company — to be called Banijay — is expected to close in summer 2026. On a combined pro forma basis including All3Media, Banijay Group would have generated 7.4 billion euros in revenue, 1.6 billion euros in adjusted EBITDA, and 1.2 billion euros in adjusted free cash flow in 2025.

Riahi confirmed Q1 results support the group’s full-year guidance. The FIFA World Cup, combined with the full-quarter contribution of Tipico from Q2 onwards, will determine whether the sports betting and gaming segment can sustain or exceed its Q1 growth trajectory.

For context on European operator performance under tax pressure, see Betsson Q4 2025: full-year revenue growth of 8% amid tax headwinds and Evolution Q4 2025: 66.4% margin amid EU headwinds.

Source: Banijay Group N.V.