€240.4M Revenue. €371.1M GGR. Groupe Partouche Maintains Growth Momentum in H1 2026 Under Fabrice Paire and Valérie Fort
Strip out one accounting quirk and Groupe Partouche just posted its best operational half in years. The headline numbers say profit fell. The adjusted numbers tell a very different story, and it is the one operators should read.
For the six months to 30 April 2026, Groupe Partouche reported turnover of €240.4 million, up 3.0 percent, with Gross Gaming Revenue rising 2.6 percent to €371.1 million. Reported EBITDA came in at €48.3 million against €55.3 million a year earlier, and net income landed at €7.2 million versus €12.6 million. Read cold, that looks like a business going backwards. It is not.
Why the Groupe Partouche EBITDA Drop Is Misleading
The prior year carried a one-off tailwind. In the first half of 2025, the Group released €12.2 million of social liabilities, a non-cash benefit tied to caution held since the COVID period. Adjust the comparison for that, and the picture flips. On a like-for-like basis EBITDA rose €5.2 million, or 12.1 percent, and current operating income climbed €6.1 million, or 50.9 percent. That is not a business in retreat. That is a business whose underlying engine is running hotter than the reported line admits.
Casino Performance Driving the Partouche Half Year Results
The casino division did the heavy lifting. Current operating income for the segment sat at €30.2 million, broadly flat against last year on paper, but up €8.6 million or 39.8 percent once the prior-year liability release is stripped out. The gains were spread, not lucky. Divonne, La Tour-de-Salvagny and Annemasse added €1.8 million between them. Cannes Royal Palm contributed €1.2 million on the back of its restructuring. Middelkerke in Belgium added €0.9 million from streamlining, Cotonou in Benin delivered €0.7 million and turned profitable in its first year, and online gaming in Meyrin, Switzerland, brought in €2.0 million. Different geographies, one direction.
Not everything pulled forward. The Paris club posted a €0.6 million operating drag ahead of its relocation to Avenue de la Grande Armée, which completed in early May after the half closed. Berck weighed on the comparison after ceasing operations on 31 December 2025. The hotel division’s loss widened, though only €0.4 million of that is real once the liability effect is removed.
What the Financial Structure Signals for Operators
Employee costs rose to €98.3 million. Most of that jump reflects last year’s €12.2 million liability settlement rather than genuine wage inflation. Underlying, the increase was €1.8 million, driven by early recruitment for the Paris Gaming Club, a full six months of Cannes 50 Croisette payroll, and two minimum-pay agreements effective 1 April 2026. The Group closed the half with €84.8 million in cash, equity of €399.6 million, gearing at 0.5x and leverage at 2.9x. Sound, if more stretched than the 2.1x it carried last October, a direct reflection of the money going into the ground in Paris.
Future Outlook for Groupe Partouche
The next twelve months hinge on one bet. The Avenue de la Grande Armée property has absorbed heavy capital, the Paris club has been carrying pre-opening costs with no revenue against them, and the leverage tick upward is the visible cost of that patience. From May onward, that flips from drag to potential engine. Watch the Q3 numbers due 8 September 2026 for the first clean read on whether the flagship club justifies the spend. If Cotonou’s first-year profitability is any signal, Partouche’s discipline on new sites is holding. The reported profit fell. The business underneath it did not.
Source: Groupe Partouche
