Banijay Group N.v. Class A · EURONEXT:BNJ
Banijay Group N.v. Class A — Investor Presentation (May 2025)
61 slides from Banijay Group N.v. Class A's investor presentation, May 2025
Slide 1: Banijay Group Presentation May 2025
BANIJAY GROUP PRESENTATION M a y 202 5
Slide 2: Disclaimer (1/2)
Disclaimer (1/2) This presentation contains certain forward-looking statements with respect to the financial condition, results of operations and business of Banijay Group and its subsidiaries (referred to as 'the company') and certain of the plans and objectives of the company with respect to these
Slide 3: Disclaimer (2/2)
Disclaimer (2/2) NOT FOR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, JAPAN, THE HONG KONG SPECIAL ADMINISTRATIVE REGION OF THE PEOPLE’S REPUBLIC OF CHINA AND SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD BE UNLA
Slide 4: Who we are
CAPITAL MARKETS DAY 01 Who we are 4
Slide 5: Banijay Group at scale
Banijay Group at scale: 15 YEARS of capturing growth and creating value in the entertainment space €0.2bn 2009 revenue x24 in 15 years €4.8bn 2024 revenue €900m 30,000 33 2024 Adjusted EBITDA employees Countries of operations 5 5
Slide 6: Truly global across our activities
Truly global across our activities 2 33 1 Countries of operation 1 249 Territories of distribution(1) 1 Content production presence Distribution network territories (1) Live key hubs # Key online Betclic market positions (1) Territories: Stand alone territories (as opposed to political borders), inc
Slide 7: Pioneer leader in Entertainment with shared DNA
Pioneer leader in Entertainment with shared DNA ONLINE SPORTS BETTING AND GAMING CONTENT PRODUCTION AND DISTRIBUTION LIVE EXPERIENCES 2007 2008 2023 CREATION OF BETCLIC CREATION OF BANIJAY ENTERTAINMENT CREATION OF BANIJAY LIVE 2025 2025 2025 FASTEST ONLINE GROWING PLATFORM IN GLOBAL LEADING INDEPEN
Slide 8: Banijay Group is the Entertainment champion
Banijay Group is the Entertainment champion #1 INDEPENDENT CONTENT PRODUCER AND DISTRIBUTOR 50 hours of content produced each day #1 WORLDWIDE PROVIDER FOR GLOBAL STREAMERS #1 GLOBAL PRODUCER OF LARGE CEREMONIES AND LIVE EXPERIENCES 4 live experiences produced each day #1 GLOBAL MARKETING AND COMMUN
Slide 9: Successful journey of value creation boosted by acquisitions
Successful journey of value creation boosted by acquisitions Banijay founded with co investments Acquisition of Endemol Expansion to live experiences from Groupe Arnault, Exor, De Agostini Shine by Banijay 2007 2008 2016 2020 2022 2023 2024 LOV Group founded with €220m initial Acquisition of Zodiak
Slide 10: Banijay Group's growth journey is accelerating
CAPITAL MARKETS DAY Banijay Group’s growth journey is accelerating OVER THE PAST 3 YEARS, SINCE LISTING(1): DOUBLE-DIGIT STRONG EXPANDING EXPANDING USER GROWTH PROFITABILITY LIBRARY ENGAGEMENT 11% +50% +68% x2.1 Growth in Online Revenue Growth in Growth in Sports Betting & CAGR Adjusted EBITDA conte
Slide 11: Our business model
CAPITAL MARKETS DAY 02 Our business model 11
Slide 12: Content Production and Distribution
CAPITAL MARKETS DAY CONTENT PRODUCTION AND DISTRIBUTION 12
Slide 13: Content Production and Distribution at a glance
CAPITAL MARKETS DAY Content Production and Distribution at a glance #1 249 Distribution 12% Live Experiences and other 10% Largest pure content Territories of producer and provider distribution for streamers €3.3bn 2024 Revenue(1) 207k 130+ Hours of content Production 78% Production companies catalo
Slide 14: #1 global producer, #1 content library
#1 global producer, #1 content library Global revenue by selected player (1) (€bn) Content catalogue (number of hours) 3.3 207,000 2.8 2.4 2.3 95,000 45,000 Content Production and Studios Business Content Production Distribution and Live (Movies and TV) and Distribution Experiences Source: Companies
Slide 15: Home to iconic IP spanning all genres
Home to iconic IP spanning all genres AND MANY OTHERS… 15
Slide 16: Banijay mastering all content channels with de-risked business models
Banijay mastering all content channels with de-risked business models LINEAR BROADCASTERS GLOBAL STREAMERS FULLY PRE-FINANCED BY NON-SCRIPTED THE COMMISSIONING BROADCASTER PRODUCTION FULLY PRE-FINANCED FINANCING BY PRE-FINANCED BY: THE PLATFORM - BROADCASTERS SCRIPTED - DISTRIBUTION ADVANCE - TAX CR
Slide 17: Proprietary IP catalogue, with diversified, highly recurring shows
Proprietary IP catalogue, with diversified, highly recurring shows produced CONTENT HOURS SPLIT (IN 2024) PRODUCTION REVENUE SPLIT BY RECURRING SHOWS PRODUCTION REVENUE SPLIT BY SHOWS Third party Shows Running Top 20 Shows for +5 Seasons New Launches 21% 21% 28% 46% 2024 2024 79% 26% 79% Banijay-own
Slide 18: Continually refreshing and growing our IP
Continually refreshing and growing our IP AVERAGE ANNUAL VOLUME OF LAUNCHES IN SCRIPTED SHOWS (1) ANNUAL VOLUME OF LAUNCHES IN NON-SCRIPTED SHOWS (2024) 110 257 207 78 146 52 118 51 88 38 74 25 41 Source: The Wit (1) Average 2023-24 18
Slide 19: #1 worldwide provider for global streamers
#1 WORLDWIDE PROVIDER FOR GLOBAL STREAMERS 80 SHOWS LAUNCHED ON GLOBAL STREAMERS IN 2024 19 19
Slide 20: Online Sports Betting and Gaming
CAPITAL MARKETS DAY ONLINE SPORTS BETTING AND GAMING 20
Slide 21: Online Sports Betting and Gaming at a glance
CAPITAL MARKETS DAY Online Sports Betting and Gaming at a glance €1.5bn Top 3 Online casino Online poker REVENUE IN 2024 IN OUR CORE MARKETS 5% 15% Online horse racing 1% 2.3m 100% UNIQUE ACTIVE PLAYERS IN Q1 2025 ONLINE Online sports 100% 100% betting 79% REGULATED PROPRIETARY PLATFORM 21
Slide 22: Scaled and agile proprietary technology strategy
CAPITAL MARKETS DAY SCALED AND AGILE PROPRIETARY TECHNOLOGY STRATEGY LEADING PLATFORM IN THE INDUSTRY AND A KEY DIFFERENTIATOR EMPOWERING EXCEPTIONAL EXPERIENCE UNPARALLELED PROPRIETARY UNMATCHED SCALE AND CULTURE OF INNOVATION PLATFORMS PACE AT THE HEART Agile technology handling huge volumes at Sc
Slide 23: Elevating the sportsbook product experience through innovation
ELEVATING THE SPORTSBOOK PRODUCT EXPERIENCE THROUGH CAPITAL MARKETS DAY INNOVATION COMBINING PRICING AND RISK MANAGEMENT WITH GENEROSITY PLAYERPROPS INSURANCE SUPERSUB Bets placed on specific player performances For multiples, if customer have 1 selection If your chosen player is replaced but his ra
Slide 24: #1 product in all our core markets
CAPITAL MARKETS DAY #1 PRODUCT IN ALL OUR CORE MARKETS #1 downloaded app in all of our markets (1) 4.7 4.5 #1 Rated Betting App by 4.8 4.9 4.6 - Customers France Champions League multiplex ’25 (29-Jan-2025) (1) Among online betting Apps 24
Slide 25: A solid top-3 position in our core markets
A solid top-3 position in our core markets with a proven track- record of footprint expansion in regulated markets MARKETS RANKING TOP PLAYERS IN SPORTS FRANCE 1 2 IN POKER BETTING CORE MARKETS IN SPORTS BETTING PORTUGAL 1 AND CASINO POLAND 2 IN SPORTS BETTING TERRITORIES NEW IVORY COAST 1 IN SPORTS
Slide 26: Track record of consistently gaining market share
Track record of consistently gaining market share GGR EVOLUTION PER PRODUCT AND GEOGRAPHY SINCE 2018 (rebased at 100 in 2018 for France and Portugal and at 100 in 2019 for Poland) FRANCE PORTUGAL POLAND Cumul. Cumul. Cumul. 1.7x SPORTSBOOK +265% 1.6x SPORTSBOOK +731% 18.6x SPORTSBOOK +2,386% +449% +
Slide 27: Banijay is the fastest growing online gaming platform in Europe
Banijay is the fastest growing online gaming platform in Europe Revenue growth 2022-23 and 2023-24 46% 25% 23% 19% 19% 17% 11% 11% 7% 7% Online sports betting & gaming 27
Slide 28: Room to capture new customers in underpenetrated markets
Room to capture new customers in underpenetrated markets FRANCE PORTUGAL POLAND IVORY COAST ~20m ~10-15m ~6-8m ~4-5m ~3-4m ~1m ~2m <1m Current Potential Current Potential Current Potential Current Potential players players players players Source: Company 28
Slide 29: Live Experiences
CAPITAL MARKETS DAY LIVE EXPERIENCES 29
Slide 30: Leader player in each stream addressed
Leader player in each stream addressed BWS - France CEREMONY AND LUXURY LANDMARK BRAND ENTERTAINMENT EVENTS #1 GLOBAL PRODUCER OF CEREMONIES SCALABLE EXPERIENTIAL #1 IN LUXURY LIVE ENTERTAINMENT IP-DRIVEN SEGMENT EXPERIENCES Ongoing IP development into immersive experiences 30
Slide 31: Banijay Live well-positioned on the most attractive businesses
Banijay Live well-positioned on the most attractive businesses 1,500+ 18% Live experiences Share of Live experiences in produced in 2024(1) Group’s revenue in 2024(1) CEREMONY AND LUXURY BRAND 26 13 LANDMARK EVENTS ENTERTAINMENT Global agencies Countries of and offices presence(1) 16 Olympic ceremon
Slide 32: Financial and non-financial performance
CAPITAL MARKETS DAY 03 Financial and non-financial performance 32
Slide 33: Our financial track-record
CAPITAL MARKETS DAY Our financial track-record SCALED BUSINESS WITH A PROVEN TRACK RECORD OF DOUBLE-DIGIT GROWTH HIGH MARGINS AND CASH FLOW CONVERSION DE-RISKED BUSINESS MODEL LONG-TERM VALUE CREATION, CONSOLIDATOR PLAY 33
Slide 34: Meaningful scale enriched since listing
Meaningful scale enriched since listing FY’21 FY’24 +11% €3.5bn €4.8Bn 2021-2024 CAGR REVENUE +11% 2024 vs. 2023 ADJUSTED +14% €601M €900M 2021-2024 CAGR EBITDA +21% (1) 2024 vs. 2023 (1) Adjusted EBITDA adjusted from holding costs for comparison purposes 34
Slide 35: Financial targets delivered or exceeded
Financial targets delivered or exceeded FY 2022 FY 2023 FY 2024 GUIDANCE ACTUAL GUIDANCE ACTUAL GUIDANCE ACTUAL ✓ REVENUE €3,800M €4,047M ✓ ✓ ✓ ADJUSTED EBITDA €645M €670M ~€710M €737M ~€830-850M €900M ✓ ✓ ✓ ~80% 82% ~80% 83% ADJUSTED FCF €548M €555M FCF conversion FCF conversion FCF conversion FCF
Slide 36: Solid organic growth, boosted by M&A, resilient to downturns
Solid organic growth, boosted by M&A, has been resilient to economic downturns BANIJAY GROUP REVENUE – 2019 – 2024 (€M) +24% +16% +7% +11% 4 804 4 047 4 318 +11% 1 456 Reported revenue CAGR 2021-24 3 497 996 3 143 835 2 821 741 451 533 1 688 1 393 3 212 3 321 3 348 2 756 +8% 1 004 895 Organic revenu
Slide 37: Robust profitability across activities
Robust profitability across activities BANIJAY GROUP ADJ. EBITDA – 2019 – 2024 (€M) +14% ADJ. EBITDA CAGR IN 2021-24 15% 16% 17% 16% 17% 19% 900 737 666 380 601 456 449 203 252 EBITDA MARGINS BENEFITING 177 86 FROM SCALE IN CONTENT 129 74 PRODUCTION AND DISTRIBUTION 224 528 493 433 472 154 253 (8) (
Slide 38: Superior margin profile, ahead of industry peers
Superior margin profile, ahead of industry peers CONTENT PRODUCTION AND DISTRIBUTION ONLINE SPORTS BETTING AND GAMING 2024 ADJUSTED EBITDA MARGIN (%) 2024 ADJUSTED EBITDA MARGIN (%) 26% 17% 16% 13% Market weighted Market weighted average(1) average(2) SUPERIOR MARGINS VS. OVERALL INDUSTRY (1) Based
Slide 39: Asset-light business model, with high and steady cash generation
Asset-light business model, with high and steady cash generation BANIJAY GROUP ADJ. FCF – 2019 – 2024 (€M) Adjusted operating FCF conversion 73% 81% 73% 71% 70% 69% LIMITED CAPEX Purchase of third-party catalogue Adjusted FCF conversion Limited IT capitalization compared to peers 80% 81% 82% 83% 82%
Slide 40: Q1 2025 highlights
Q1 2025 highlights Double-digit Adjusted EBITDA growth in all activities Content production & distribution: mid-single digit growth in Q1 2025 with solid commercial performance Live experiences: launch of Banijay Live Studio and acquisition of Lotchi, seasonality effect at Balich Wonder Studio with
Slide 41: Confirming 2025 guidance
Confirming 2025 guidance CONTENT PRODUCTION AND ONLINE SPORTS DISTRIBUTION AND LIVE BETTING AND GAMING ORGANIC REVENUE MID-SINGLE DIGIT MID TEENS GROWTH ORGANIC ADJUSTED MID-TO-HIGH SINGLE DIGIT EBITDA GROWTH including betting tax increase impact (1) ADJ. FREE CASH FLOW CONVERSION (2) ~80% FY 2025 g
Slide 42: Mid-term outlook and growth drivers
CAPITAL NICE MARKETS CONFERENCE DAY 04 Mid-term outlook and growth drivers 42
Slide 43: Banijay to catch-up with streamers' share in content spend
Banijay to catch-up with streamers’ share in content spend 34% ~30% 28% 23% 22% 13% 2021 2024 2028 Share of Banijay Revenue from Streaming Share of Global Streamers in Total Content Spend Note: Banijay Production and Distribution revenue Sources: Ampere analysis as of 18.12.2024 including Original,
Slide 44: Increase monetization with social media
CAPITAL MARKETS DAY 2025 Increase monetization with social media 32 FAST CHANNELS LIVE X 550 SYNDICATED STREAMS 95bn 170m All-time views Subscribers X X 100m 360m Subscribers Subscribers +16% Top 3 IPs subscribers' growth (vs. Dec-23) 44
Slide 45: AI: a unique growth opportunity for integrated global players
CAPITAL MARKETS DAY 2025 AI: a unique growth opportunity as a competitive advantage for integrated global players AI AS A DISTRIBUTION POWER ENGINE TO MONETIZE OUR CONTENT AI AS TECHNOLOGIES TO ENHANCE CONTENT PRODUCTION PROCESSES AND DRIVE PRODUCTION EFFICIENCIES AI AS A TOOL FOR CREATIVES INTEGRAT
Slide 46: Leverage our IPs and scale through scalable experiential entertainment
CAPITAL MARKETS DAY Leverage our IPs and scale through scalable experiential entertainment BLACK MIRROR: THE IMMERSIVE EXPERIENCE LOTCHI Top 5 450,000 Netflix title in Spectators across the French 190+ markets most iconic cathedrals Producer of ”Luminiscence”: shows, combining A high-concept 60-minu
Slide 47: Further build our sports franchise through sports-related content
CAPITAL MARKETS DAY 2025 Further build our sports franchise through sports-related content FOUR KINGS KEY LABELS DEDICATED TO SPORTS x x Premium documentary Leading sports production Strategic partnership with famous Indian label led by Dan Silver company in the Netherlands cricketer Ravi Shastri 47
Slide 48: Further growth prospects in Online sports betting and gaming
Further growth prospects in Online sports betting and gaming: organic development and M&A ENTER NEW STILL MASSIVE TERRITORIES IN POTENTIAL GROWTH IN CONTINUING MARKET EUROPE, LATIN OUR EXISTING SHARE GAINS AMERICA & AFRICA MARKETS ORGANICALLY OR THROUGH M&A 48
Slide 49: ~€200M annual revenue synergies across the Group by 2028
~€200M annual revenue synergies across the Group by 2028 CONTENT PRODUCTION AND DISTRIBUTION LIVE EXPERIENCES THE INDEPENDENTS ONLINE SPORTS BETTING AND GAMING Develop dedicated and Launch of new branded games branded formats Create globally scalable live based on our IPs, notably in with luxury bra
Slide 50: Our mid-term organic financial targets
Our mid-term organic financial targets 2028 PERSPECTIVES CONTENT PRODUCTION AND DISTRIBUTION, ONLINE SPORTS BETTING AND GAMING AND LIVE EXPERIENCES Organic revenue CAGR 2025-28 Mid-to-high single digit Low-to-mid teens Organic Adj. EBITDA CAGR 2025-28 High-single digit to low-double digit growth Adj
Slide 51: Mid-term perspectives on our long-term incentive plan (LTIP)
Mid-term perspectives on our long-term incentive plan (LTIP) 2025-2028 CASH-OUT GUIDANCE LONG-TERM NORMATIVE CASH-OUT GUIDANCE 7% 5% LTIP cash-out as a % of Adjusted EBITDA LTIP cash-out as a % of Adjusted EBITDA ~€80m cash-out per year 2025-2028 3% normative long-term growth Mid-term LTIP cash-out
Slide 52: 2028 outlook: purely organic, without consolidation of The Independents
2028 outlook: purely organic, without consolidation of The Independents €4.8bn 2024 revenue ~€7.0bn 2028 revenue €900m 2024 Adjusted EBITDA >€1.2bn 2028 Adjusted EBITDA 52
Slide 53: Clear M&A strategy as a consolidator in attractive growing markets
CAPITAL MARKETS DAY 2025 Clear M&A strategy as a consolidator in attractive and growing markets in the Entertainment industry CONTENT PRODUCTION AND DISTRIBUTION LIVE EXPERIENCES ONLINE SPORTS BETTING AND GAMING Leading consolidator in its Bolt-on M&A to expand into Acquisition of IPs category devel
Slide 54: Option to become majority shareholder of The Independents in 2026
Option to become majority shareholder of The Independents in 2026 Take control (moving from 14% to 51%) and fully consolidate The Independents Topline growth accretive, adding ~€1bn of revenue in 2028 Same Margin profile as Banijay Entertainment Amount to be raised: [€300m-€400m] Neutral impact on l
Slide 55: Closing remarks
CAPITAL MARKETS DAY 05 Closing remarks 55
Slide 56: Three reasons to join the Banijay Group story in 2025
Three reasons to join the Banijay Group story in 2025 BENEFIT FROM ENTERTAINMENT TAILWINDS WITH OUR LEADING CONTENT PRODUCTION, LIVE EXPERIENCES, AND SPORTS ACTIVITIES TAKE PART IN THE CONSOLIDATION OF THE ENTERTAINMENT INDUSTRY INVEST IN A SOLID AND RESILIENT COMPANY WITH VALUABLE AND FAST-GROWING
Slide 57: Appendix
CAPITAL MARKETS DAY 06 Appendix 57
Slide 58: Shareholding structure
Shareholding structure Financière Agache, Tikehau % of voting rights % of shares Capital and Other Other Free Other Free Financière float Agache, Tikehau float Capital and 1.6% 0.9% Other 1.3% 9.1% 2.5% 2.5% 3.9% 4.6% 4.8% 5.3% 7.4% 45.4% 10.1% 10.0% 71.4% 19.2% Triple voting rights mechanism to the
Slide 59: Banijay Group governance overview
Banijay Group governance overview BOARD MEMBERS AND ROLES STÉPHANE COURBIT SUSANA GALLARDO CÉCILE MAYER-LÉVI STRENGTHS AND KEY FIGURES Chairman and co-founder Vice-Chairman, Chairperson of the Chairperson of the Audit and Risk HR and ESG Committee Committee Director of URW Group Head of Private debt
Slide 60: 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 61: Banijay Group Contact and Financial Agenda
Banijay Group Contact and Financial Agenda INVESTOR RELATIONS FINANCIAL AGENDA investors@group.banijay.com H1 2025: 31 July 2025 STOCK INFORMATION BANIJAY GROUP WEBSITE ISIN code: NL0015000X07 Bloomberg: BNJ NA Please, visit our website Reuters: BNJ AS https://group.banijay.com/ 61