Svenska Spel Q2: NGR remains flat while profits fall 17%
Revenues over the first half of 2025 have also fallen by 1%, with profit rising 2% during this period.
Key points:
– Svenska Spel has revealed its full Q2 & 2025 financial report
– NGR for the first quarter remained flat, with H1 revenue falling by 1%
– Profit rose 2% during the years first half, but fell by 17% during Q2
Svenska Spel has unveiled its latest financial report, highlighting figures from both the second quarter of 2025 and the first half of the year.
Key statistics from both time periods highlight a tricky Q2 which saw operating profits plummet for the operator – falling by 17% year-on-year.
Svenska Spel Q2 2025
As highlighted by the operator, Svenska Spel’s Q2 net gaming revenue reached SEK 1.83bn ($190m), a figure which remains in line with revenue reported by the company during last year’s second quarter. Profits, however, fell 17% year-on-year, settling at SEK 545m, with Svenska Spel specifying that this sudden drop can be attributed to the recent rise in the rate of gaming tax in the nation.
This tax levy was, however, introduced from the 1 July, just after the closing of the second quarter of the year – leaving the nature of its effect on the operator’s Q2 profits unclear.
Elsewhere, operating margin also fell from 36% in Q2 2024 to 30% during this year’s second quarter – with revenue form the group’s online operations rising by 5% year-on-year to account for 62% of its overall revenue figure for the quarter – up from 60% during the same quarter the year prior.
Svenska Spel H1 2025
Over the course of the year’s initial half, Svenska Spel has reported more stable financial results, with profits rising by 2% year-on-year to total SEK 1.18bn, while the group’s operating margin also rose by 1% to 32%.
Regarding revenue, NGR settled at SEK 3.69bn during H1 2025, a decline of 1% year-on-year which is – according to the Svenska Spel – largely attributable to a fall in revenue from the company’s Vegas Video Lottery Terminals (VLTs) business department. Elsewhere, profit from the operator’s continuing operations amounted to SEK 952m, up from SEK 944m, with the business’ online sales channel also growing by 6%.
Regarding both the second quarter and first half of 2025, Svenska Spel has recorded a sharp increase in investments, with a total of 49 investments being made in Q2 of this year, up from 21 during the second quarter of 2024 – and 68 investments during H1 2025, up from 41 investments made in the year prior.
Good to know: The SEK 1.83bn NGR reported this quarter represents a slight drop from the SEK 1.88bn unveiled in Q1
Highlights from the quarter
Q2 2025 in Sweden saw the closure of the final Casino Cosmopol location in Stockholm, bringing about the end of an era with recent reports indicating that Svenska Spel is now in legal talks for the sale of the development.
Also during the year’s second quarter, the Swedish Football Association secured SEK 17m in funding for vulnerable areas initiative – with Svenska Spel making contributions towards the cause. Further, last month the company was subject to a warning and penalty fee by the Swedish court for duty of care failings.
CEOs comments
Speaking on these latest results, Svenska Spel President and CEO, Anna Johnson, said: “We have a clear focus on the Group’s strategic goals; to have the most satisfied customers in the gaming market, to ensure that our customers play healthily with us and to drive long-term sustainable growth. Within the first two target areas, the customer satisfaction index and the share of healthy revenues are at a stable and high level. In terms of sustainable growth, net gaming revenues for both Eurojackpot and Oddset increased during the quarter.”
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