Key points:
- Revenue rises 6.1% led by growth in gaming and content delivery
- Results show a 15.8% increase in adjusted EBITDA, influenced by performances across content production, live experiences and online gaming
- The group confirms it is on track to meet full-year 2025 guidance with more developments expected in the second half
Banijay has announced its financial results for the first half of 2025, reporting continued growth and stable operations.
Financial overview
In the first half of 2025, revenue was up 6.1% to €2.21bn ($2.37bn). Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) grew by 15.8% to €424m, and the profit margin improved to 19.2%. Adjusted net income increased by 8.1% to €206m, while net income jumped 177% to €110m compared to last year.
The company converted 81% of its adjusted EBITDA into free cash flow, slightly better than last year’s 80%. Its debt level stayed steady with a leverage ratio of 2.9x, after paying dividends. Banijay had €371m in cash at the end of June and while working capital used more cash in the first half, strong cash flow is expected in the second half of 2025.
Revenue from content production, distribution and live experiences grew 3% to €1.43bn. This was helped by a lineup of shows and partnerships with streaming platforms. Live experiences also performed accordingly, with upcoming shows at Balich Wonder Studio and new acquisitions like The Independents set to impact results later in the year.
Pictured: François Riahi, Banijay Group CEO
Future outlook and appointments
Recently, Banijay announced a boardroom shake-up by nominating Isabelle Seillier as a Non-Executive Director, pending a thumbs-up at its next Annual General Meeting. Seillier brings over 30 years of experience in investment banking and capital markets, having held senior leadership roles at JP Morgan, including Global Chairman of Investment Banking from 2019 to 2024.
Looking ahead, Banijay Group expects steady growth in 2025, with revenue rising moderately in content and live experiences and growth in online sports betting and gaming. They also plan for solid profit growth despite new taxes, aiming to convert about 80% of profits into free cash flow.
Good to know: Recent acquisitions include 2x4, Terminal 9 Studios and We Are Ona
CEO comments
François Riahi, Banijay Group CEO, stated: “We once again delivered excellent performance in the first half of 2025, with over 15% Adjusted EBITDA growth and a significant contribution from all activities.
“In Content production & distribution, solid revenue growth came from scaling our high-performing IP with global streaming platforms and further building on our leading position as the number one studio for global format launches and the number one European studio for high quality scripted entertainment.
“The second half of the year will be stronger, as usual given the seasonality.”
Recently, Scientific Games renewed its licensing agreement with Banijay to continue distributing game-show themed lotteries under Banijay’s brand, contributing to growth in content distribution and live experiences.
Also this week, Sky Vegas announced a collaboration with Banijay Rights on a new branded slot game based on The Fortune Hotel.
