€1.147B Revenue, 17.3% Gaming Growth: Banijay Delivers Strong Q1 Under CEO François Riahi 

Banijay Group opened 2026 with strong momentum across sportsbook, gaming, and entertainment operations as the company accelerated its expansion strategy under CEO François Riahi through the completion of the Tipico acquisition and continued progress toward its planned All3Media combination.

The company reported Q1 2026 revenue of €1.147 billion, representing 9% growth at constant exchange rates and current scope, while adjusted EBITDA increased 5.4% to €196.6 million. Adjusted net income rose 18.1% to €56.9 million, while adjusted free cash flow increased 7.7% to €161.4 million with an 82% conversion rate. Adjusted operating free cash flow reached €52.4 million during the quarter.

Adjusted net income growth additionally benefited from implementation of the IP Box tax regime within the Sports Betting & Gaming division during 2025.

Banijay also maintained a stable leverage ratio of 2.7x compared to year-end 2025 while ending the quarter with €423.6 million in cash and cash equivalents alongside an undrawn €280 million secured revolving credit facility. Despite increased betting taxes in France impacting margins during the quarter, François Riahi reaffirmed the group’s full-year 2026 guidance.

The group additionally stated that it has limited exposure to the Middle East, representing approximately €150 million in 2025 revenue, or 3.1% of total group revenue, and does not currently expect any material impact on guidance from regional geopolitical developments.

Sportsbook and online gaming deliver double-digit expansion ahead of FIFA World Cup

Sports Betting & Gaming remained the group’s primary growth engine during the first quarter, with revenue increasing 17.3% to €433.1 million. The division benefited from a 20% rise in Unique Active Players, highlighting continued customer engagement across sportsbook, casino, poker, and turf products.

Sportsbook revenue alone climbed 14.4% to €326.5 million despite adverse football results during UEFA Champions League fixtures, international friendlies, and World Cup qualification matches. Casino, poker, and turf revenue increased 27%, supported by Banijay’s proprietary online poker platform in France and expansion of online casino operations in Côte d’Ivoire.

Despite strong sportsbook activity, Banijay noted that results were partially impacted by adverse football outcomes alongside increased French betting taxes introduced in July 2025. Sports Betting & Gaming adjusted EBITDA declined 3.8% at constant currency to €96.6 million, while margins fell from 26.8% to 22.3%.

Excluding the impact of increased French betting taxes, Sports Betting & Gaming adjusted EBITDA would have increased 7.1% during the quarter, while group adjusted EBITDA margin would have reached 18.1% instead of the reported 17.1%.

Tipico deal positions Banijay as a larger European sportsbook consolidator

A major strategic milestone for Banijay during the quarter was the completion of its Tipico acquisition on 23 April 2026. The transaction significantly strengthens the group’s regulated sportsbook and online gaming presence across Germany, France, Portugal, Austria, Poland, and Côte d’Ivoire.

The company stated that the combination of Betclic, Tipico, and Admiral positions Banijay to scale more aggressively across regulated European gaming markets while strengthening long-term profitability and cash generation capabilities.

Banijay expects the combination to double Sports Betting & Gaming revenue, adjusted EBITDA, and adjusted free cash flow over the medium term while generating approximately €100 million in synergies, including €70 million in operating cost savings and €30 million in capex efficiencies.

The acquisition follows Banijay Gaming’s €3.139 billion financing package announced earlier in 2026, including:

• €1 billion senior secured notes due 2031 with a 5.125% coupon
• €1.5 billion Term Loan B facility maturing 2031 priced at EURIBOR +3.000%
• $750 million Term Loan B facility maturing 2031 priced at SOFR +2.750%
• €70 million multicurrency revolving credit facility

Banijay also confirmed that Tipico integration and consolidation activities officially began during Q2 2026.

The transaction further highlights ongoing consolidation across the European sportsbook sector, where scale, proprietary technology, and multi-market regulatory exposure are becoming increasingly important competitive advantages for operators seeking long-term profitability.

Live experiences and digital entertainment become major growth drivers

Beyond gaming, Banijay’s Entertainment & Live division reported revenue growth of 4.5% to €714.5 million, while adjusted EBITDA increased 15.6% at constant currency to €101.8 million with margin improving from 12.8% to 14.2%.

Banijay’s content production catalogue expanded to approximately 228,700 hours, representing an increase of more than 3,000 hours since December 2025.

Revenue from Live Experiences & Other more than doubled during the quarter, increasing 101.5% year-on-year. Key contributors included the Milano Cortina Winter Olympics Opening Ceremony, which reached approximately 2.5 billion viewers globally alongside more than 60,000 on-site spectators, and continued international expansion of Luminiscence, which is now operating across six countries.

Banijay revealed that more than 540,000 tickets were sold for Luminiscence during Q1, including over 200,000 outside France, while the Hamburg edition is scheduled to open during July 2026 as the brand’s third German location.

Banijay also unveiled The Black Mirror Experience, produced alongside Univrse VR Studio and selected for the Cannes Immersive Competition ahead of planned launches in Montreal and Madrid during 2026.

Within content production, Banijay highlighted strong performances from major entertainment properties including Half Man, which ranked among HBO Max’s Top 10 TV shows across 48 countries and attracted more than 480,000 overnight viewers on BBC1, Fear Factor: House of Fear, which attracted 8.1 million viewers while ranking as FOX’s #1 unscripted programme among adults aged 18–49, and Motorvalley, which ranked #1 in Italy and #7 globally among non-English Netflix series.

Football Island also continued performing strongly on Videoland in the Netherlands, doubling commercial audience performance within its broadcast slot, while NCIS: Sydney Season 3 delivered strong Paramount+ engagement.

The company additionally expanded its digital entertainment strategy through launch of ShowdownTV in Germany alongside acquisition of global format rights for Stop The Train, a YouTube-born entertainment concept created by French content creator Squeezie.

Banijay also confirmed that Somebody Feed Phil will transition from Netflix to YouTube beginning in 2027 as part of broader digital distribution initiatives.

All3Media combination set to expand Banijay’s global media scale

Banijay confirmed that its planned strategic combination with All3Media remains on track for completion during summer 2026, subject to regulatory approvals. The proposed transaction will create a combined global entertainment company jointly owned by Banijay Group and RedBird IMI, with each holding a 50% stake.

François Riahi stated that the transaction is expected to materially strengthen Banijay’s international scale, intellectual property portfolio, and long-term strategic positioning across entertainment, live experiences, and gaming operations.

Banijay additionally announced the appointment of Anthony Stent Torriani as Independent Board member and Audit Committee member following the resignation of Albert Manzone on 18 May 2026.

Future outlook focuses on World Cup momentum and long-term international expansion

Looking ahead, François Riahi expects continued momentum across sportsbook, online gaming, and live entertainment as the group integrates Tipico and advances the All3Media combination.

The company maintained its full-year 2026 guidance while reiterating medium-term strategic targets announced during its March 26, 2026 strategic update, including EBITDA CAGR above 7% between 2025PF and 2029, approximately 10% CAGR for Sports Betting & Gaming, double-digit adjusted EPS growth CAGR, more than 80% adjusted free cash flow conversion, approximately 65% adjusted operating free cash flow conversion, progressive dividend growth above 10% CAGR between 2025 and 2029, and deleveraging toward approximately 2x net debt-to-adjusted EBITDA by 2029.

Banijay also expects production and distribution activity to normalise throughout the remainder of 2026 as deliveries become more weighted toward the second half of the year. At the same time, the company is positioning itself to benefit from increased sportsbook engagement surrounding the FIFA World Cup and continued expansion across regulated European gaming markets.

The company additionally confirmed that Q1 2026 results support its broader strategic roadmap ahead of H1 2026 results scheduled for publication on 30 July 2026.

With expanding scale across gaming, media, live experiences, and digital entertainment, Banijay continues positioning itself as one of Europe’s fastest-growing multi-vertical gaming and entertainment groups under CEO François Riahi.

Source : Banijay Group