Banijay Group (BNJ) Q4 2025 earnings summary

Executive summary

• Achieved strong FY 2025 results with revenue of €4,881m, up 3.4%, and adjusted EBITDA of €961m, up 8.6%, with margin rising to 19.7%.

• Strategic acquisitions included Tipico Group and partnership with RedBird IMI to combine with All3Media, creating a global media and entertainment leader.

• Double-digit growth in gaming and live experiences, despite a challenging content production and distribution market.

• Continued focus on scaling IP, immersive experiences, and major sports ceremonies worldwide.

• Strategic update and mid-term guidance scheduled for March 26, 2026.

Financial highlights

• Group revenue grew 3.4% year-over-year to €4,881m; adjusted EBITDA up 8.6% to €961m, with margin at 19.7%.

• Adjusted net income rose 6.3% to €450m; net income increased to €265m from €155m in FY 2024.

• Adjusted free cash flow reached €780m with 81% cash conversion; adjusted operating free cash flow at €583.6m.

• Net debt at €2,573m, leverage improved to 2.7x.

• Proposed dividend of €0.35 per share, a 33% payout ratio.

Outlook and guidance

• Expect robust growth across all businesses in 2026, with strong revenue growth in gaming due to the football World Cup.

• Strategic update and refreshed mid-term guidance to be provided on March 26, 2026, reflecting recent M&A.

• Anticipate slightly lower margin rate in content production due to revenue mix.

• Full impact of French tax increase to be seen in 2026.

• Entering 2026 with improved profitability, disciplined deleveraging, and strengthened capabilities.