Banijay Group N.v. Class A · EURONEXT:BNJ
Banijay Group N.v. Class A — Q1 2026 Earnings Presentation
36 slides from Banijay Group N.v. Class A's earnings presentation, May 18, 2026
Slide 1: Q1 2026 Results
Q1 2026 RESULTS 18 May 2026 Q1 2026 RESULTS
Slide 2: Disclaimer
Disclaimer This presentation contains certain forward-looking statements with respect to the financial condition, results of operations and business of Banijay Group N.V. and its subsidiaries (referred to as 'the company') and certain of the plans and objectives of the company with respect to these
Slide 3: Today's presenters
Today’s presenters FRANÇOIS RIAHI SOPHIE KURINCKX-LECLERC CEO CFO Q1 2026 RESULTS 3
Slide 4: Agenda
A G E N D A 01 02 03 04 Q1 2026 Q1 2026 Q1 2026 CONCLUSION KEY ACHIEVEMENTS BUSINESS HIGHLIGHTS FINANCIAL REVIEW Q1 2026 RESULTS 4
Slide 5: Q1 2026 Key Achievements
01 Q1 2026 KEY ACHIEVEMENTS
Slide 6: Q1 2026 highlights
Q1 2026 highlights Solid Q1 results: revenue +9.0%1 and adjusted EBITDA +5.4%1, and +11.3%1 excluding betting tax increase in France +20% UAP growth leading to +17%1 revenue growth in Sports betting & Gaming despite adverse sports results this quarter Strong growth contribution of Live in Q1 while c
Slide 7: Q1 2026 key figures
Q1 2026 key figures REVENUE ADJUSTED EBITDA ADJUSTED NET INCOME2 €1,148M €197M €57M +9.0%(1) +5.4%(1) +18.1% +11.3% (1) excl. betting tax increase in France ADJUSTED FCF LEVERAGE €161M 2.7x stable 82% cash conversion vs end-2025 (1) Growth at constant exchange rates and restated from 2025 contributi
Slide 8: Business Highlights
BUSINESS HIGHLIGHTS Eg BD con BD Gro
Slide 9: Sports betting & Gaming: sustained strong momentum fuelled by UAP growth
Sports betting & Gaming: sustained strong momentum fuelled by UAP growth STRONG Q1 2026 AHEAD OF MAJOR SPORTS EVENTS 2026 KEY MILESTONES +20% SUCCESSFUL COMPLETION OF THE In Unique Active Players ACQUISITION OF TIPICO GROUP versus Q1 2025 April 23, 2026 Start of integration and consolidation • Stron
Slide 10: Entertainment: turning our strategy into action
Entertainment: turning our strategy into action SOLID DELIVERIES IN ACCELERATING ON EXPANDING ENGLISH-LANGUAGE CONTENT DIGITAL SPORTAINMENT IP FEAR FACTOR: HOUSE OF SOMEBODY FEED PHIL MOTORVALLEY FEAR • Direct-to-audience • #1 series in Italy • US reboot of Fear Factor distribution • #7 non-English
Slide 11: Live experiences: strong start to 2026 with landmark Olympic ceremony
Live experiences: strong start to 2026 with landmark Olympic ceremony, launch of immersive experience and strong development of Luminiscence PUBLIC PREMIERE (Montreal – May 2026) FIRST EUROPEAN STOP (Madrid - June 2026) Further locations set to follow Selected for Cannes Immersive Competition OPENIN
Slide 12: Q1 2026 Financial Review
OK Q1 2026 FINANCIAL REVIEW BD sanijay Group
Slide 13: Total Group revenue fuelled by both businesses
Q1 2026 total Group revenue fuelled by both businesses +9.0% at constant FX & current scope(1) +5.8% reported €1,148M €1,084M Sports betting & Gaming: (1) +17.3% to €433M in Q1 2026 Entertainment & Live: +4.5% to €714M in Q1 2026 (1) Q1 2025 Q1 2026 (1) Growth at constant exchange rates and restated
Slide 14: Total Group adjusted EBITDA up +5.4% despite betting tax headwind in France
Q1 2026 total Group adjusted EBITDA up +5.4%(1) despite betting tax headwind in France +5.4% +3.1% at constant FX & reported current scope yoy(1) ▪ Adjusted EBITDA up +5.4%(1) and +11.3%(1) +€63.1M €(45.8)M €(11.0)M restated from the increase in betting tax €190.6M €(0.3)M €196.6M in France followin
Slide 15: Total Group consolidated adjusted net income up 18.1%
Q1 2026 total Group consolidated adjusted net income up 18.1% +18.1% reported €(0.7)M €56.9M €(2.2)M +€7.2M €(1.6)M €48.1M +€6.0M ▪ Solid adjusted EBITDA growth despite +6.5% +3.3% (27.2)% +3.1% betting tax increase in France reported +5.4% ▪ LTIP decline excluding expected at cst. FX & current scop
Slide 16: Sports betting & Gaming: sustained double-digit growth in UAP and revenue
Q1 2026 Sports betting & Gaming Sustained double-digit growth in UAP and revenue +17.3% Sportsbook revenue at constant FX & current scope(1) +13.7% ▪ Strong double-digit UAP growth in Q1 2026 reported (1) €433M ▪ Strong sports results in January with national +14.4% leagues and a Champions League mu
Slide 17: Sports betting & Gaming: adjusted EBITDA impacted by betting tax increase
Q1 2026 Sports betting & Gaming Adjusted EBITDA impacted by betting tax increase in France and adverse sports results % reported €M Q1 2025 Q1 2026 change Adjusted EBITDA 102.2 96.6 (5.4)% +7.1% at current scope(1) and restated from €(11)M betting tax increase in France Adjusted EBITDA margin (%) 26
Slide 18: Entertainment & Live: growth fuelled by Live, phasing in production & distribution
Q1 2026 Entertainment & Live Growth fuelled by Live, specific phasing in production & distribution Content production IP Distribution Live experiences +4.5% & other at constant FX & current scope(1) +1.5% reported (1) (1) (1) €704M €714M (9.3)% +20.0% +101.5% in Q1 26 in Q1 26 in Q1 26 71 139 64 73
Slide 19: Entertainment & Live: strong adjusted EBITDA growth
Q1 2026 Entertainment & Live Strong adjusted EBITDA growth fuelled by Live, distribution and cost discipline % reported €M Q1 2025 Q1 2026 change Adjusted EBITDA 90.3 101.8 +12.6% +15.6% at constant exchange rates & current scope(1) Adjusted EBITDA margin (%) 12.8% 14.2% +1.4pt Positive contribution
Slide 20: Strong Group adjusted Free Cash Flow conversion
Q1 2026 strong Group adjusted Free Cash Flow conversion €M 82% 197 cash conversion ( 22) 161 ( 13) 52 ( 103) ( 6) Adj. Capex Lease payment* Adj. FCF Change in Income tax paid Adj. Operating EBITDA working capital** FCF * Lease payment that are not recognized as rental expenses ** Includes fiction in
Slide 21: Group net debt: stable leverage compared to year end 2025
Q1 2026 Group net debt: stable leverage compared to year end 2025 €M 2.7x 2.7x leverage leverage 2,573 43 2,564 24 1 51 2,589 ( 52) ( 51) Net debt Adj. Op LTIP paid Net Debt bef. Acqu., disp. & Dividends (1) Interests Exceptional Net debt Dec. 31, 2025 free cash Flow aqui., change in fin. assets pai
Slide 22: Guidance & Conclusion
04 oS LL O Z =e la =< O Ze O Y = =i O Za O O
Slide 23: 2026 Guidance Confirmed
2026 GUIDANCE CONFIRMED 2026 standalone 2026 Proforma3 (excl. Tipico Group1 & All3Media2) (incl. Tipico Group1 & All3Media2) Mid-to-high- Adjusted EBITDA growth Mid-single-digit single digit Mid-single-digit excl. impact of tax increase in France Adj. FCF conversion c.80% c.80% (1) Acquisition of ma
Slide 24: Key Takeaways
Q1 2026 KEY TAKEAWAYS SOLID START TO THE YEAR GUIDANCE 2026 CONFIRMED STRONG PERFORMANCE IN SPORTS BETTING & GAMING AND LIVE EXPERIENCES 2026 FIFA WORLD CUP IN JUNE / JULY 2026 M&A EXECUTION ON TRACK DEVELOPMENT OF LIVE EXPERIENCES PRODUCTION & DISTRIBUTION ACTIVITY TO TIPICO ACQUISITION CLOSED NORM
Slide 25: Appendices
APPENDI BD caniey MD Group
Slide 26: Glossary
Glossary Adjusted EBITDA for a period is defined as the operating profit for that period excluding restructuring costs and other non-core items, costs associated with the long-term incentive plan within the Group (the "LTIP") and employment related earn-out and option expenses, and depreciation and
Slide 27: Group revenue to adjusted EBITDA
Group revenue to adjusted EBITDA % reported In € million Q1 2025 Q1 2026 change Revenue 1,084.5 1,147.5 5.8% +9.0% at constant exchange rates and current scope(1) Total external and personnel expenses: (885.4) (942.2) 6.4% External expenses (600.2) (687.6) 14.6% Personnel expenses excluding LTIP & e
Slide 28: Consolidated revenue & Adjusted EBITDA by business
Consolidated revenue & Adjusted EBITDA by business % reported % constant FX & Revenue - In € million Q1 2025 Q1 2026 change current scope* Sportsbook 295.8 326.5 10.4% 14.4% Casino 55.9 70.2 25.4% 28.0% Poker 23.6 30.3 28.3% 28.3% Turf 5.5 6.2 11.1% 11.1% Sports betting & Gaming 380.9 433.1 13.7% 17
Slide 29: Consolidated P&L
Consolidated P&L % reported In € million Q1 2025 Q1 2026 change Adjusted EBITDA 190.6 196.6 3.1% Adjusted EBITDA margin 17.6% 17.1% M&A transaction fees and reorganisation costs Restructuring costs and other non-recurring items (2.5) (22.4) LTIP expenses (22.5) (27.5) Increase in LTIP expenses linke
Slide 30: Adjusted free cash-flow and operating free cash-flow
Adjusted free cash-flow and operating free cash-flow In € million Q1 2025 Q1 2026 % reported change Adjusted EBITDA 190.6 196.6 3.1% Capex(*) (27.7) (21.8) Total cash outflows for leases that are not recognised as rental expenses (12.9) (13.3) Adjusted Free-cash-flow 149.9 161.4 7.7% Change in worki
Slide 31: Consolidated statement of cash-flows
Consolidated statement of cash-flows In € million 31-March-25 31-March-2026 Profit/(loss) 35.9 32.0 Adjustments : 152.4 144.7 Share of profit of associates and joint ventures 0.2 0.5 Amortisation, depreciation, impairment losses and provisions, net of reversals 32.9 34.5 Employee benefits LTIP & emp
Slide 32: Consolidated balance sheet
Consolidated balance sheet 31 December 31 March 31 December 31 March In € million In € million 2025 2026 2025 2026 ASSETS EQUITY AND LIABILITIES Goodwill 2,815.3 2,816.7 Share capital 8.1 8.1 Intangible assets 250.9 266.1 Share premiums, treasury shares and retained earnings (deficit) (125.8) 155.0
Slide 33: IFRS consolidated net financial debt
IFRS consolidated net financial debt In € million 31 December 2025 31 March 2026 Bonds 874.0 1,859.2 Bank borrowings and other 2,151.8 2,132.9 Bank overdrafts 0.1 9.2 Accrued interests on bonds and bank borrowings 30.5 52.3 Total bank indebtedness 3,056.5 4,053.6 Cash and cash equivalents (493.9) (4
Slide 34: Sports betting & Gaming: Net financial debt as at 31 March 2026
Sports betting & Gaming: Net financial debt as at 31 March 2026 Net financial debt - In €m 31 Dec. 2025 31 Mar. 2026 Banijay Gaming contribution at Banijay Group: 31 Dec. 2025 31 Mar. 2026 At Banijay Gaming level: Total Bank Borrowings 600 1,600 Total net financial debt (Term loan B definition) 376
Slide 35: Entertainment & Live: Net financial debt as at 31 March 2026
Entertainment & Live: Net financial debt as at 31 March 2026 Net financial debt - In €m 31 Dec. 2025 31 Mar. 2026 Banijay Entertainment contribution at Banijay 31 Dec. 2025 31 Mar. 2026 At Banijay Entertainment level: Group level: Total Secured Debt (OM definition) 2,282 2,314 Total net financial de
Slide 36: Banijay Group Contact and Financial Agenda
Banijay Group Contact and Financial Agenda INVESTOR RELATIONS FINANCIAL AGENDA investors@group.banijay.com H1 2026 results: 30 July 2026 after market close STOCK INFORMATION BANIJAY GROUP WEBSITE ISIN code: NL0015000X07 Please, visit our website Bloomberg: BNJ NA https://group.banijay.com/ Reuters: