Banijay Group N.v. Class A · EURONEXT:BNJ
Banijay Group N.v. Class A — FY 2025 Earnings Presentation
35 slides from Banijay Group N.v. Class A's earnings presentation, Mar 5, 2026
Slide 1: FY 2025 Results
FY 2025 RESULTS 5 March 2026 FY 2025 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 FY 2025 RESULTS 3
Slide 4: Agenda
A G E N D A 01 02 03 04 FY 2025 FY 2025 FY 2025 CONCLUSION KEY ACHIEVEMENTS BUSINESS HIGHLIGHTS FINANCIAL REVIEW FY 2025 RESULTS 4
Slide 5: FY 2025 Key Achievements
01 FY 2025 KEY ACHIEVEMENTS
Slide 6: 2025 key achievements: our strategy in motion
2025 key achievements: our strategy in motion Resilience of Banijay Entertainment in a challenging market environment, growth driven by Banijay Live STRONG Double-digit growth of Banijay Gaming, compared to high level in 2024 2025 and softer sports calendar in 2025 RESULTS Strong adjusted EBITDA gro
Slide 7: FY 2025 key figures
FY 2025 key figures Revenue ADJUSTED EBITDA ADJUSTED NET INCOME €4,881M €961M €450M +3.4%(1) +8.6%(1) +6.3% ADJUSTED ADJUSTED FCF LEVERAGE OPERATING FCF €780M €584M 2.7x -0.2x deleveraging 81% cash conversion 65% cash conversion(2) vs end-2024 PROPOSED DIVIDEND €0.35 per share, 33% payout (1) Growth
Slide 8: Business Highlights
02 BUSINESS HIGHLIGHTS
Slide 9: Cementing leading positions in the content production & distribution industry
Cementing leading positions in the content production & distribution industry 225,000+ 350+ 80 30 Hours of content in New shows launched incl. Shows launched with Formats produced in more the catalogue scripted and non-scripted global streamers than 3 territories #1 European studio in scripted: stro
Slide 10: Doubling the number of live experiences produced in one year
Doubling the number of live experiences produced in one year 1,500+ to 3,000+ live events produced in 2024 live events produced in 2025 SPORTS CEREMONIES LIVE SHOW ROLL-OUT 10+ major sports ceremonies produced worldwide In one year since its acquisition: Synergies delivered Successful roll-out FIFA
Slide 11: Sustained UAP growth and successful cross-selling between products across geographies
Sustained UAP growth and successful cross-selling between products across geographies +23% #1 35% UAP growth Downloaded sportsbetting Cross-selling between versus 2024* app in all markets** sportsbook, casino & poker ONLINE SPORTSBOOK ONLINE CASINO ONLINE POKER RELENTLESS UX IMPROVEMENT: RELEASE MAJ
Slide 12: FY 2025 Financial Review
03 FY 2025 FINANCIAL REVIEW
Slide 13: 2025 Group revenue fuelled by Banijay Gaming & Banijay Live
2025 Group revenue fuelled by Banijay Gaming & Banijay Live with resilient Banijay Entertainment +3.4% at constant FX & current scope(1) +1.6% at current FX €4,881M €4,803M +4.0% Banijay Entertainment & Banijay Live: +0.4% to €3,287M in FY 2025 (1) +0.2% Banijay Gaming: (1) +10.2% to €1,594M in FY 2
Slide 14: Strong growth in 2025 Group adjusted EBITDA
Strong growth in 2025 Group adjusted EBITDA, reaching upper range of the guidance % reported In € million FY 2024 FY 2025 change Revenue 4,803.3 4,880.5 1.6% +3.4% at constant exchange rates and current scope(1) Total external and personnel expenses: (3,850.7) (3,888.7) 1.0% External expenses (2,597
Slide 15: 2025 Group adjusted net income up 6.3%
2025 Group adjusted net income up 6.3% % reported In € million FY 2024 FY 2025 change Adjusted EBITDA 900.2 961.1 6.8% Adjusted EBITDA margin 18.7% 19.7% Restructuring costs and other non-recurring items (54.8) (51.3) LTIP expenses (145.9) (78.3) Lower level of LTIP expenses as anticipated Employmen
Slide 16: Resilient activity driven by double-digit growth in live experience business
Resilient activity driven by double-digit growth in the live experience business Live experiences Content production IP Distribution +0.4% & other at constant FX & current scope(1) (1.8)% at current FX (1) (1) (1) €3,348M €3,287M (1.3)% (5.4)% +20.3% in FY25 in FY25 in FY25 336 397 397 368 2 615 ▪ C
Slide 17: Strong adjusted EBITDA growth with margin improvement
Strong adjusted EBITDA growth with margin improvement % reported €m FY 2024 FY 2025 change Adjusted EBITDA 528.2 544.0 3.0% +5.7% at constant exchange rates & current scope(1) Adjusted EBITDA margin (%) 15.8% 16.6% +0.8pt Favorable mix in production margins Increase in third-party distribution advan
Slide 18: Sustained growth supported by strong player engagement
Sustained growth supported by strong player engagement and successful cross-selling between products +10.2% Sportsbook revenue at constant FX & current scope(1) ▪ +23% UAP growth in FY 2025 +9.5% at current FX ▪ Relentless improvement of UX experience €1,594M (1) including new features, innovative b
Slide 19: Strong double-digit adjusted EBITDA growth and margin improvement
Strong double-digit adjusted EBITDA growth and margin improvement % reported €m FY 2024 FY 2025 change Adjusted EBITDA 379.8 425.2 12.0% 12.6% at constant exchange rates & current scope(1) Adjusted EBITDA margin (%) 26.1% 26.7% +0.6pt Margin expansion despite the increase in taxes in France from Jul
Slide 20: Group adjusted Free Cash Flow conversion of 81% in 2025
Group adjusted Free Cash Flow conversion of 81% in 2025 €m 81% 65% 961 cash conversion cash conversion(1) ( 130) 780 ( 52) ( 40) 584 ( 129) ( 27) Adj. Capex Lease payment* Adj. FCF Change in Income tax paid Banijay Gaming Adj. Operating EBITDA working capital** Catch-up CIT 2024 FCF * Lease payment
Slide 21: Group net debt: 0.2x deleveraging in 2025
Group net debt : 0.2x deleveraging in 2025 €m 2.9x 2.7x leverage leverage 2 599 194 29 2 573 172 83 2 099 80 ( 584) Net debt Adj. Op LTIP paid Net Debt bef. Acqu., disp. & Dividends (1) Interests Exceptional Net debt Dec. 31, 2024 free cash Flow aqui., change in fin. assets paid & FX December 31, 20
Slide 22: Conclusion
04 CONCLUSION
Slide 23: 2025 key takeaways
2025 key takeaways STRONG 2025 STRONG ADJ. EBITDA RESULTS GROWTH: +8.6%(1) 2 STRATEGIC UPDATE STRATEGIC TRANSFORMATIVE ON MARCH 26th M&A (1) Growth at constant exchange rates and reflecting the current scope of operations, restated from disposals completed in 2024 and up to March 5, 2026 (see full d
Slide 24: Delivering strategic step-change with two major transformative operations
Delivering strategic step-change with two major transformative operations OCTOBER 2025 FEBRUARY 2026 ACQUISITION OF A MAJORITY STAKE COMBINATION WITH BANIJAY ENTERTAINMENT BANIJAY GROUP, POST TRANSACTIONS Combined 2025 financials* €7.4bn €1.6bn €1.2bn €1.0bn REVENUE ADJUSTED EBITDA ADJUSTED FCF ADJU
Slide 25: Strategic Update
CAPITAL MARKETS DAY SAVE THE DATE STRATEGIC UPDATE March 26th, 2026 Update on Banijay Group’s strategy Deep-dive on businesses strategy including latest transformative acquisitions Mid-term guidance update FFYY 22002255 RREESSUULLTTSS 25 25 25
Slide 26: Appendices
APPENDICES
Slide 27: Glossary
Glossary Current scope of operations: scope of operations as of 5 March 2026, including the disposal of Bet at Home at the end of 2025 at Banijay Gaming perimeter, and the disposals of Stephen David Entertainment, OnePost and Tooco in 2024, Kindle, Pineapple and Respirator in 2025, and H2O in early
Slide 28: Consolidated revenue & Adjusted EBITDA by business
Consolidated revenue & Adjusted EBITDA by business % constant % % constant % currency & Revenue - In € million 9M 2024 9M 2025 % change Q4 2024 Q4 2025 % change constant FY 2024 FY 2025 currency change current currency scope* Production 1 634.5 1 614.2 (1.2)% 0.1% 980.2 907.3 (7.4)% (5.8)% 2 614.7 2
Slide 29: Adjusted free cash-flow and operating free cash-flow
Adjusted free cash-flow and operating free cash-flow In € million FY 2024 FY 2025 % reported change Adjusted EBITDA 900.2 961.1 6.8% Capex(*) (104.9) (129.8) Total cash outflows for leases that are not recognised as rental expenses (50.3) (51.6) Adjusted Free-cash-flow 745.0 779.7 4.6% Change in wor
Slide 30: Consolidated statement of cash-flows
Consolidated statement of cash-flows In € million 31-December-24 31-December-25 Profit/(loss) 154.6 264.7 Adjustments : 718.8 666.9 Share of profit of associates and joint ventures 3.1 10.9 Amortisation, depreciation, impairment losses and provisions, net of reversals 194.7 181.4 Employee benefits L
Slide 31: Consolidated balance sheet
Consolidated balance sheet 31 December 31 December 31 December 31 December In € million In € million 2024 2025 2024 2025 ASSETS EQUITY AND LIABILITIES Goodwill 2 814.4 2 815.3 Share capital 8.1 8.1 Intangible assets 243.2 250.9 Share premiums, treasury shares and retained earnings (deficit) (140.1)
Slide 32: IFRS consolidated net financial debt
IFRS consolidated net financial debt In € million 31 December 2024 31 December 2025 Bonds 1 142.8 874.0 Bank borrowings and other 1 861.1 2 151.8 Bank overdrafts 1.1 0.1 Accrued interests on bonds and bank borrowings 27.1 30.6 Vendor loans 111.4 - Total bank indebtedness 3 143.4 3 056.5 Cash and cas
Slide 33: Banijay Entertainment: net financial debt as at December 2025
Banijay Entertainment: net financial debt as at 31 December 2025 Net financial debt - In €m 31 Dec. 2024 31 Dec. 2025 Banijay Entertainment contribution at Banijay 31 Dec. 2024 31 Dec. 2025 At Banijay Entertainment level: Group level: Total Secured Debt (OM definition) 2,029 2,282 Total net financia
Slide 34: Banijay Gaming: net financial debt as at December 2025
Banijay Gaming: net financial debt as at 31 December 2025 Net financial debt - In €m 31 Dec. 2024 31 Dec. 2025 Banijay Gaming contribution at Banijay Group: 31 Dec. 2024 31 Dec. 2025 At Banijay Gaming level: Total Bank Borrowings 600 600 Total net financial debt (€600m Term loan B 411 376 definition
Slide 35: Banijay Group Contact and Financial Agenda
Banijay Group Contact and Financial Agenda INVESTOR RELATIONS FINANCIAL AGENDA investors@group.banijay.com Strategic update: 26 March 2026 STOCK INFORMATION BANIJAY GROUP WEBSITE ISIN code: NL0015000X07 Please, visit our website Bloomberg: BNJ NA https://group.banijay.com/ Reuters: BNJ AS FY 2025 RE