Banijay Group: FY2024 results
Press
Release
Paris, 6 March 2025
Full Year 2024 Results
RECORD 2024 RESULTS, STRONG ACCELERATION
IN Q4
+22% ADJUSTED EBITDA GROWTH IN 2024, BEATING
GUIDANCE
POSITIVE OUTLOOK FOR 2025:
MID-TO-HIGH SINGLE DIGIT ADJUSTED EBITDA
GROWTH
CAPITAL MARKETS DAY ON MAY
16th,
2025
FY 2024 FINANCIAL
HIGHLIGHTS1
-
Revenue up +10.9% to €4,803m with an acceleration
in Q4 2024 (+14.8%)
- Adjusted EBITDA up
+21.6% to €900m (+32.8% in Q4 2024), EBITDA margin up 160bp
- Adjusted net
income up +29.3% at current currencies to €418m,
net income at €155m (€74m in FY 2023)
- Adjusted free cash flow
conversion of 83% (compared to 82% in FY 2023)
- Deleveraging &
strengthened liquidity: 2.9x leverage ratio (-0.2x vs Dec.
2023), €482m cash position
- Successful debt
refinancing with maturity extension spread between
2028-2032
- Proposed dividend of
€0.35 per share, equal to 35% payout ratio on Adjusted net
income
FY 2024 BUSINESS
HIGHLIGHTS1
Content production & distribution,
and live experiences
- Revenue up +0.5% to €3,348m,
despite industry headwinds for the industry with a strong Q4 2024
up +6.7%, reflecting major scripted show deliveries
- Content production &
distribution: increased demand from streamers, strong pipeline of
new shows for linear broadcasters
- Live experiences: iconic events
produced by Balich Wonder Studio, stake in The Independents
increased to ~14%, as well as further consolidation in the fashion
shows and cultural events production sectors
Online sports betting &
gaming
- Revenue: up +45.4% to €1,456m with
outstanding performance in Q4 (+49.3%)
- Market share gains across all
products and all geographies, with +37% increase in Unique Active
Players compared to FY 2023
- Successful innovation with full
redesign of sportsbook app and release in December 2024 of new
poker platform
POSITIVE OUTLOOK IN 2025
-
Revenue: mid-single digit growth at Content
production & distribution and live experiences and mid-teens
growth at Online sports betting & gaming
- Adjusted
EBITDA: mid-to-high single digit growth after -€20m impact
on Adjusted EBITDA due to higher betting taxes in France effective
from 1 July 2025
- Adjusted
Free cash flow: ~80% of Adjusted EBITDA
CAPITAL MARKETS DAY
- Banijay Group will
present its growth strategy and ambitions for 2025-2027 at a
Capital Markets Day on Friday, 16 May 2025.
DIRECTORS’ SHARE PURCHASES
- Banijay
Group N.V. has been informed that several members of its board
of directors among whom François Riahi, CEO of Banijay Group, will
be purchasing shares in the company. This investment underscores
their confidence in the company’s future growth prospects. All
transactions will be disclosed when required pursuant to applicable
regulatory requirements.
François Riahi, CEO of Banijay Group, said:
“Banijay Group enjoyed a record year in
2024, with double-digit revenue growth and a 22% jump in Adjusted
EBITDA – well ahead of full year guidance.
Even in a challenging global content
production market context, we continued to see strong demand –
especially from streaming platforms - for our iconic brands and
deep content catalogue as the number one European studio for
scripted content and a world leader in global format launches. We
continue to invest in new technology and are creating a new
cloud-based global content hub to unlock value from our
world-leading IP. Our development in live events proves to be very
promising and will be a consistent additional growth engine in the
next years.
Online sports betting & gaming delivered
another outstanding year of growth in all markets and activities,
with revenue up 45%. We saw a 37% increase in the number of Unique
Active Players thanks to a busy sports calendar and our
state-of-the-art technology platform, which now includes a
redesigned sportsbook app and new poker platform. Despite a tax
increase in France, that we deem as anticompetitive, and thanks to
the strength and balance of our business model, we maintain our
double digit growth outlook for this activity.
Since Banijay Group listed three years ago,
we have increased revenue by 37 per cent and Adjusted EBITDA by 50
per cent, demonstrating the strength of our business model. During
this period, the proportion of our content production revenues from
streamers has doubled, as has the number of Unique Active Players,
and we successfully entered the fast-growing live events
market.
In 2025, we will continue to target solid
growth by leveraging our market-leading positions and our vast
portfolio of IP, talent, and technology.
Banijay Group’s value proposition in the
entertainment industry is unique, we have a clear track record of
performance, and we look forward to sharing our growth plans and
strategic ambitions for 2025- 2027 at our first Capital
Markets Day on 16 May. We aim to expand our free float and stock
liquidity so that shareholders can benefit from the value we are
creating.”
*****
Banijay Group invites you to its FY 2024 results conference call
on:
Friday, 7 March 2025, at 9:30am
CET
Live webcast:
You can watch the presentation on the following link:
https://edge.media-server.com/mmc/p/ck3by74a/
Dial-in access telephone
numbers:
You need to register at the following link:
https://register.vevent.com/register/BIa963cb341ed441e3ad19e5ff2f2fd537
Slides related to FY 2024 results are available
on the Group’s website, in the “Investor relations” section:
https://group.banijay.com/results-center/
KEY FINANCIALS IN FY 2024
|
€m |
FY 2023 |
FY 2024 |
% reported change |
% constant currency |
|
|
|
|
|
|
|
Revenue |
4 317.6 |
4 803.3 |
11.2% |
10.9% |
| Adjusted
EBITDA |
736.7 |
900.2 |
22.2% |
21.6% |
| Adjusted
EBITDA margin |
17.1% |
18.7% |
|
|
| |
|
|
|
|
| Net
income/(loss) for the period |
73.6 |
154.6 |
|
|
| Adjusted net
income |
323.2 |
418.0 |
29.3% |
|
| |
|
|
|
|
| Adjusted
free cash flow |
606.2 |
745.0 |
22.9% |
|
| Free cash flow
conversion rate |
82.3% |
82.8% |
|
|
| |
|
|
|
|
|
For the twelve-month period ended |
31 Dec 2023 |
31 Dec 2024 |
|
|
|
|
|
|
|
|
| Net financial
debt (reported) |
2 280 |
2 599 |
|
|
|
Net financial debt / Adjusted EBITDA |
3.1x |
2.9x |
|
|
Refer to the Appendix for definition
FY 2024 KEY EVENTS
In 2024, the Group was renamed Banijay Group to
reflect its strategic ambition to be a leader in fast-growing
segments of the global entertainment industry. Activities are now
grouped under Banijay Entertainment, covering Content
production & distribution, Banijay Live, covering Live
experiences, and Banijay Gaming, covering Online sports betting
& gaming.
Numerous awards for Content production
& distribution
The Group received multiple awards both for its
content production and distribution. In April 2024, Banijay
Entertainment was named Distributor of the Year 2023 by K7 Media,
for the second year in a row. Throughout the year, Banijay
Entertainment’s shows have also been recognised through nominations
(Emmys, BAFTAs, Golden Globes), awards and top rankings on
streaming platforms.
Growth through partnerships and M&A
strategy
Content production & distribution
(including live events)
In 2024, the Group enriched its catalogue of IP,
via targeted bolt-on acquisitions mainly in scripted, premium
documentaries and kids and family titles:
- Acquisition of
Caryn Mandabach Productions, the company behind several highly
acclaimed drama hits including Peaky Blinders, now 100%
owned by the Group;
- Partnership with
Amazon MGM Studios to develop Totally Spies!, a live
action series based on the cult classic French cartoon;
- Acquisition of
Procidis, the France-based production company specialized in
edutainment and producer of the educational animation franchise
Once Upon a Time;
- Increase of
Banijay Group in The Independents to 14% with an option to become
the majority shareholder in 2026 (the net asset value of Group’s
stake amounts now at €170m)
In Q3 2024, Banijay Group also launched two new
labels to meet the growing demand for talent-led premium
documentaries, BD4 in the Americas and Navybee in the UK.
On the live events side, Balich Wonder Studio
expanded its presence in France with an investment in Black Lemon,
which specializes in the production of live experiences.
Over the year, The Independents continued its
bolt-on consolidation strategy by adding six new agencies in its
portfolio. This reinforces its global presence and offering with
complementary agencies specialized in strategic consultancy for
brands, cultural and entertainment (Kennedy and Sunshine),
multi-media and creative technology and production (Bureau
Beatrice, Kitty and Kitten Production) and more recently in
communications and public relations for brands (Lucien Pagès
Communication).
Online sports betting &
gaming
In 2024 the Group strengthened its support for
major sports leagues and associations through new partnerships and
renewing signing partnerships. These include Betclic ELITE (the new
name for the top professional basketball league in France), LFP
(French football league) and the Polish Football Association.
In December 2024, Betclic released its new
proprietary poker platform which greatly enhances players’
customization options, increases its operational flexibility and
offers greater scalability.
Successful new financing and
refinancing
In February 2024, Banijay re-priced its €555m
Term Loan B at Euribor + 3.75% and its $554m
Term Loan B at SOFR + 3.25%, reducing margins by 75bp and
50bp respectively. In December 2024, Banijay finalized a partial
redemption of €171m of senior unsecured notes out of €400m
initially issued.
In December 2024, Betclic issued a new Term Loan
Facility of €600m at Euribor + 3.25% with a 7-year maturity and a
€60m Revolving Credit Facility at Euribor + 2.50% with a maturity
of 6.5 years.
POST-FY 2024 EVENTS
Acquisition of LOTCHI (Banijay
Live)
In January 2025, Banijay Group acquired LOTCHI,
a French producer of immersive live experiences and creator of
LUMINISCENCE, which combines complex architecture with
video-mapping, light and classical music to create unforgettable
out-of-home experiences in churches in France. LOTCHI is now
working with Banijay Entertainment’s producers to extend its
immersive offering into symbolic monuments in Spain and
Germany.
Launch of Banijay Live
Studio
In February 2025, the Group launched Banijay
Live Studio, a new label dedicated to creating cutting-edge
out-of-home entertainment experiences. Leveraging Banijay
Entertainment’s expertise and iconic IP, it will deliver immersive
exhibitions, life-sized action games, virtual reality adventures,
and video-projected experiences worldwide, with a Black Mirror
project already underway.
Successful refinancing
In January 2025, the Group issued at Banijay
Entertainment level a new euro term loan facility of €400m with a
7-year maturity. The proceeds associated have been allocated to the
redemption of outstanding senior unsecured notes and partial
repayment of the $ Term Loan B.
In January 2025, the Group successfully
re-priced Banijay Entertainment’s existing €555m
Term Loan B at Euribor + 3.25% from Euribor + 3.75% and
the $530m Term Loan B at SOFR + 2.75% from
SOFR + 3.25%, in each case at par.
France’s 2025 Social Security Financing
Act
As part of the increases in public levies in
France, the Social Security Financing Act for 2025 provides for
higher social security contributions, applicable as of 1 July
2025.
The tax increase applies to online gaming
activities in France with a strong impact on the Group French
gaming profitability. At Group level, the impact is estimated at
-€20m on Banijay Group’s 2025 Adjusted EBITDA.
Despite this impact, the Group anticipates a
continued positive outlook for Online sports betting & gaming
activity thanks to the quality of the business model and the
diversity of revenue by geography. Adjusted EBITDA of the business
segment including this tax impact is expected to grow by double
digit, in 2025 and the medium-term.
The Group deems the new taxes as anticompetitive
and will contest them in front of the relevant authorities.
2025 OUTLOOK
The Group is confident in its ability to deliver
profitable growth in 2025 and strengthen its positions across all
activities:
Content production & distribution,
and live experiences:
In Content production & distribution, the
Group is focused on gaining further market shares with streamers,
leveraging its travelling formats, bolstering its distribution
scripted titles, and expanding monetization efforts through an
all-new content hub supported by cloud infrastructure and AI
technologies. Given the improved financial situation of the global
streamers, and the stability of broadcasters, we expect the return
of growth in 2025 for the market.
In Live experiences, it will leverage its unique
position through complementary businesses within the luxury
industry, create live events on Banijay IP while benefiting from
positive momentum in the live events markets, especially in the
Middle East.
Online sports betting &
gaming:
The Group is focused on leveraging on
outstanding player acquisition in 2024, increasing players’
engagement through gamification and capitalizing on its fully
revamped sportsbook app and its new proprietary poker platform
launched in December 2024.
The Group anticipates
the following for 2025:
- Revenue:
mid-single digit growth at Content production & distribution
and Live experiences and mid-teens growth at Online sports betting
& gaming
- Adjusted
EBITDA: mid-to-high single digit growth including the 6-month
impact of the French new betting tax increases
- Adjusted
free cash flow: ~80% of Adjusted EBITDA
------------------
As previously communicated, Banijay Group aims
to expand its free float and stock liquidity. The Group continues
to actively monitor market conditions in readiness for a market
opportunity. In this context, Banijay Group will hold a Capital
Markets Day on Friday 16 May to present the Group’s growth
strategy, including a focus by activity and its mid-term
outlook.
PROFIT & LOSS – FY 2024
|
In € million |
FY 2023 |
FY 2024 |
% reported change |
|
|
|
|
|
|
Revenue |
4 317.6 |
4 803.3 |
11.2% |
| Total external
and personnel expenses |
(3 559.8) |
(3 850.7) |
8.2% |
| External
expenses |
(2 302.3) |
(2 597.0) |
12.8% |
| Personnel
expenses excluding LTIP & employment-related earn-out &
option expenses |
(1 257.6) |
(1 253.7) |
(0.3)% |
| Other operating
income & expenses excl. restructuring costs & other
non-recurring items |
(22.2) |
(35.1) |
57.9% |
| Depreciation and
amortization expenses net of reversals related to fiction and other
operational provisions |
1.1 |
(17.3) |
|
|
Adjusted EBITDA |
736.7 |
900.2 |
22.2% |
| Adjusted
EBITDA margin |
17.1% |
18.7% |
|
| |
|
|
|
| Restructuring
costs and other non-recurring items |
(34.3) |
(54.8) |
|
| LTIP
expenses |
(152.8) |
(145.9) |
|
|
Employment-related earn-out and option expenses |
(13.7) |
(24.3) |
|
|
Depreciation and amortization (excl. D&A fiction and other
operational provisions) |
(135.4) |
(164.5) |
|
|
Operating profit/(loss) |
400.5 |
510.7 |
27.5% |
| |
|
|
|
| Cost of net
debt |
(195.6) |
(204.5) |
|
|
Other finance income/(costs) |
(48.8) |
(38.4) |
|
| Net
financial income/(expense) |
(244.4) |
(242.9) |
(0.6)% |
| Share of net
income from associates & joint ventures |
(4.3) |
(3.1) |
|
|
|
|
|
|
|
Earnings before provision for income taxes |
151.8 |
264.7 |
74.4% |
|
|
|
|
|
| Income tax
expenses |
(78.2) |
(110.1) |
|
|
Net income/(loss) for the period |
73.6 |
154.6 |
110.1% |
|
Attributable to: |
|
|
|
|
Non-controlling interests |
12.8 |
8.5 |
|
|
Shareholders |
60.8 |
146.1 |
|
|
|
|
|
|
|
Restructuring costs and other non-recurring items |
34.3 |
54.8 |
|
| LTIP and
employment-related earn-out and option expenses |
166.5 |
170.2 |
|
| Other finance
income/(costs) |
48.8 |
38.4 |
|
|
|
|
|
|
|
Adjusted net income |
323.2 |
418.0 |
29.3% |
CONSOLIDATED REVENUE
At constant currencies, Banijay Group recorded
revenue of €4,803m, equating to +10.9% growth with an acceleration
in Q4 2024 (+14.8%).
Revenue growth in 2024 breaks down into +0.5%
for Content production & distribution and live experiences and
+45.4% for Online sports betting & gaming.
This is reflected as follows by business:
|
€m |
FY 2023 |
FY 2024 |
% reported change |
% constant currencies |
|
|
|
|
|
|
| Production |
2 689.0 |
2 614.7 |
(2.8)% |
(2.8)% |
|
Distribution |
395.3 |
397.0 |
0.4% |
(1.5)% |
| Live
experiences & other |
237.1 |
336.0 |
41.7% |
41.7% |
|
Total |
3 321.4 |
3 347.8 |
0.8% |
0.5% |
|
|
|
|
|
|
| Sportsbook |
766.4 |
1 144.0 |
49.3% |
48.4% |
| Casino |
154.7 |
213.3 |
37.9% |
37.8% |
| Poker |
61.4 |
77.6 |
26.3% |
26.3% |
| Turf |
13.7 |
20.6 |
51.0% |
51.0% |
|
Total |
996.2 |
1 455.5 |
46.1% |
45.4% |
|
|
|
|
|
|
|
TOTAL REVENUE |
4 317.6 |
4 803.3 |
11.2% |
10.9% |
Content production, distribution &
live experiences2
As previously indicated, the traditional
seasonality of Content production & distribution was amplified
in 2024 due to major scripted show deliveries in Q4 2024. Overall
Content production & distribution3 revenue remained
stable in 2024.
Content production:
2024 was a challenging year for the TV content
industry as major streaming platforms reduced their spending and
prioritized their return to profitability, primarily impacting
Premium English scripted content. In some geographies, traditional
broadcasters also cut commissioning volume. Despite that context,
Content production revenue in 2024 stood at €2,615m, down (2.8)%
compared to 2023 with a rebound of +6.2% in Q4 2024 due to the
phasing of major scripted show deliveries.
Number one European producer for
scripted content
Banijay Entertainment continued to respond to
significant demand from streaming platforms, with its globally
recognized creative excellence resulting in top rankings and
multiple nominations and awards. New commissions included
Carême on Apple TV, Las Sabinas on Disney+,
and Culpa Tuya on Prime Video.
Many series attracted large audiences, including
Like Water for Chocolate, which ranked first among
Spanish-language content on HBO Max and remained in the top 10
most-watched programs in 35 countries during the month
following its release. Supersex, La Vita che
Volevi and The Law According to Lidia Poet ranked
among Netflix’s top four scripted titles during H1 in Italy;
Brocéliande continued to enjoy impressive audiences and
was recognized as TF1’s best series in its slot since 2022.
Iconic brands continued to enjoy great success,
with:
- A second season
of SAS Rogue Heroes commissioned by BBC with Season 1
already sold to 180 territories globally;
- A second season
of Marie-Antoinette by Canal+/BBC with Season 1 already sold to
149 territories globally.
The Group is also working on a Peaky
Blinders film adaptation on Netflix.
Number one studio worldwide for global
format launches
The Group continued to successfully capitalize
on the strength of its iconic brands through new adaptations and
spin-offs:
- Deal or No
Deal Island, which recorded the top ranking for new unscripted
show on NBC in 2024 and fastest-growing debut for an unscripted
show,
- MasterChef:
Dessert Masters aired in Brazil, marking the first
international adaptation for this spin-off format and it has been
recommissioned for a second season,
- Lego
Masters: Out of the Box is an innovative iteration that has
been commissioned in the Netherlands, Finland and Poland.
In parallel, the Group nurtured popular new
IP:
- By Land, Air
and Sea, launched on RTL4, attracting 1.7m viewers and
doubling the channel’s audience with a 34.7% share,
- The Never
Ever Mets ranked #1 original series on ad-supported cable in
the US and was watched by nearly 4m total viewers on Oprah Winfrey
Network.
Content distribution:
Content distribution revenue decreased by (1.5)%
to €397m in 2024 compared to 2023, with a strong rebound in Q4 2024
as expected (up +33.2%) due to the delivery of major productions
such as second season of Marie-Antoinette, The Rig, NCIS
Sydney and SAS Rogue Heroes. 9M 2024 revenue was down
year on year due to significant show deliveries in 9M 2023.
Six legacy formats ranked among the top 20
most-traveling TV formats worldwide4, including Deal
or No Deal (#2), MasterChef (#4), Big
Brother (#6), Survivor (#7), Minute to Win
It (#11), and The Money Drop (#14), while Good
Luck Guys was crowned Rising Format Star.
The number of hours in the content catalogue
increased by more than 20,000 hours over the year, to 207,000 hours
of content, +12% compared to 2023.
Live experiences & other:
In 2024, revenue from Live experiences &
other grew by +42% to €336m, driven by robust growth from brand
licensing and the full year contribution of Balich Wonder Studio
while demand in live shows in KSA softened.
Over the year, Balich Wonder Studio produced 119
shows including some of the most iconic events in sports and
culture. Among sports ceremonies, Balich Wonder Studio produced the
opening ceremony of EURO 2024 in Munich and the opening ceremony of
the UEFA Champions League in London, as well as the opening show of
the Arabian Gulf Cup in Kuwait City in December 2024.
In culture, Balich Wonder Studio produced
awarding winning events including:
- “Viva Vivaldi:
The Four Seasons Immersive Concert” in Verona in August,
- Azimuth Festival
in AlUla for the fourth year in September 2024
- The
400th edition of the Festino di Santa Rosalia in July
2024, attracting more than 350,000 spectators.
Among the 642 shows produced throughout the
year, The Independents played a key role in delivering the Vogue
Festival in Paris, the Spring/Summer 2025 runway shows for
prestigious luxury brands such as Christian Louboutin, and Khaite;
and creative design for Cartier and Dior.
Online sports betting &
gaming5:
The Group delivered an outstanding performance
in 2024, fueled by a busy sports calendar, as well as major
technological upgrades to the Betclic technology platform.
The Group significantly outperformed its market
across all products and geographies: revenue rose by +45.4% in 2024
to €1,456m, with an acceleration of +49.3% in Q4 2024. Over the
year, revenue for online sportsbook rose by +48.4% to €1,144m and
+35.5% to €311m for online casino, poker & turf.
The number of Unique Active Players grew by +37%
compared to 2023, driven by a strong players’ engagement during key
sports events.
Key sporting events included quadrennial events
UEFA Euro 2024 in Germany and the Olympic Games in Paris, and the
biennial Africa Cup of Nations in Ivory Coast. Annual recurring
events included the new format UEFA Champions League, expanding
teams from 32 to 36.
The Group successfully launched a new version of
the sportsbook app, and in December 2024 a new proprietary poker
platform, fully developed in-house using the latest technologies,
with the aim of increasing player engagement through an enhanced
offering and platform adaptability.
The Group continued to strengthen its
Responsible Gaming policy, with 99% of its Online sports betting
& gaming revenue generated in locally regulated markets in 2024
(up +0.4 points compared to 2023).
ADJUSTED EBITDA
At constant exchange rates, Banijay Group
recorded a +21.6% increase in Adjusted EBITDA to €900.2m in 2024
compared to 2023, leading to a strong improvement in profitability
with a 160bp increase in Adjusted EBITDA margin to 18.7%.
|
Adjusted EBITDA - In € million |
FY 2023 |
FY 2024 |
% reported
change |
% constant currency |
| Banijay
Entertainment & Banijay Live |
493.5 |
528.2 |
7.0% |
6.6% |
| Banijay
Gaming |
251.8 |
379.8 |
50.9% |
49.6% |
| Holding |
(8.7) |
(7.8) |
|
|
|
Adjusted EBITDA |
736.7 |
900.2 |
22.2% |
21.6% |
|
|
|
|
|
|
| Banijay
Entertainment & Banijay Live |
14.9% |
15.8% |
|
|
| Banijay
Gaming |
25.3% |
26.1% |
|
|
|
Adjusted EBITDA margin |
17.1% |
18.7% |
|
|
At Group level, total external charges and
personnel expenses (excluding LTIP and employment-related earn-out
& option expenses) rose by +8.2% at current currencies in 2024,
reflecting a positive scissor effect with cost efficiency plans in
selected geographies at Content production & distribution and
Live experiences and higher sports betting taxes and marketing
expenses for the Online sports betting & gaming business.
FROM ADJUSTED EBITDA TO ADJUSTED NET
INCOME
Restructuring and other non-recurring
items: -€54.8m in 2024 compared to -€34.3m in 2023.
LTIP expenses totaled -€145.9m
in 2024 compared to -€152.8m in 2023. LTIPs charges are in line
with Group’s trajectory to record on average 10% of Adjusted EBITDA
as LTIPs expenses, given the non-linear accounting methodology
under IFRS accounting standards. Hence, it will continue to
decrease in the next years.
Employment-related earn-out and option
expenses: -€24.3m in 2024 compared to -€13.7m in 2023.
Net financial result amounted
to -€242.9m in 2024 compared to -€244.4m in 2023. Of this
amount:
- Cost of net debt
totaled -€204.5m in 2024 compared to -€195.6m in 2023. This
increase is explained by the impact of the rise in interest charges
following the 2023 refinancing operations for the production and
distribution of content compared to 2023, a year that was affected
by exceptional charges related to this refinancing.
- Other financial income and
expenses amounted to -€38.4m in 2024 compared to -€48.8m
in 2023, mainly explained by the change in fair value of the
Put/Earn-out debt and other financial instruments, hedging
instruments and currency impact.
Income tax expenses
The tax charge amounted to -€110.1m in 2024
compared to -€78.2m in 2023.
Adjusted net income rose by
+29.3% to €418.0m in 2024.
FREE CASH FLOW AND NET FINANCIAL DEBT
The Group’s Adjusted free cash flow (after lease
payments) reached €745m in 2024, up +22.9% year-on-year, driven by
the business performance.
Capex expenditures increased to €(104.9)m in
2024 from €(84.1)m in 2023 due to increased distribution advances
at Content production & distribution and higher IT costs
capitalized in Online sports betting & gaming.
Adjusted free cash flow conversion after capex
and lease payments amounted to 83%.
The change in working capital requirements
€(26.9)m in 2024 came mostly from cut-off effects.
Income taxes paid amounted to €(98.0)m in 2024
compared to €(99.1)m in 2023.
Adjusted operating free cash flow stood at
€620.1m in 2024.
|
€m |
FY 2023 |
FY 2024 |
% reported
change |
| Adjusted
EBITDA |
736.7 |
900.2 |
22.2% |
| Capex |
(84.1) |
(104.9) |
|
|
Total cash outflows for leases that are not recognised as rental
expenses |
(46.4) |
(50.3) |
|
| Adjusted
free cash flow |
606.2 |
745.0 |
22.9% |
|
|
|
|
|
| Change in
working capital* |
5.5 |
(26.9) |
|
|
Income tax paid |
(99.1) |
(98.0) |
|
| Adjusted
operating free cash flow |
512.6 |
620.1 |
21.0% |
* Fiction in progress reclassified from capex
and FIP financing reclassifed from proceeds from borrowings to
change in working capital requirements. Excludes LTIP paid,
exceptional items cash-out, trade receivables on providers and
players’ liabilities
The Group’s net financial debt totaled €2,599m
as of 31 December 2024 compared to €2,280m as of
31 December 2023. Average cost of debt
(excluding one-offs) stood at 6.50% in 2024.
The increase in net financial debt mainly
reflects the seasonality of cash payments, the dividend payment of
€176m of which €148m to Banijay Group shareholders and €28m to
minority shareholders, acquisitions and change in financial assets
for €162m (including the investment in The Independents to reach
14%), LTIP paid for €144m, €204m in interest recognized in 2024,
€138m paid on VAT6 for the Online sports betting
business under the French tax authorities for the years 2018 to
2023 and €50m of foreign exchange impact and exceptional items.
As a result, the financial leverage ratio stood
at 2.9x as of 31 December 2024, -0.2x compared to
31 December 2023.
Agenda:
Q1 2025 results: 15 May 2025 (after market
close)
Capital Markets Day: 16 May 2025 (morning)
Investor Relations
investors@group.banijay.com
Press Relations
banijaygroup@brunswickgroup.com
About Banijay Group
Banijay Group is a global entertainment leader
founded by Stéphane Courbit, a 30-year entrepreneur and
entertainment industry pioneer. Our mission is to inspire passion
by providing audiences with engaging and innovative entertainment
experiences. The Group’s activities include Content production
& distribution (through Banijay Entertainment, the largest
international independent producer distributor), Live experiences
(through Banijay Live, a leading player in live experiences) and
Online sports betting & gaming (through Banijay Gaming,
Europe’s fastest-growing online sports betting platform). In 2024,
Banijay Group recorded revenue and Adjusted EBITDA of €4.8bn and
€900m respectively. Banijay Group is listed on Euronext Amsterdam
(ISIN: NL0015000X07, Bloomberg: BNJ NA, Reuters: BNJ.AS).
Forward-looking statements
This communication contains information that qualifies as inside
information within the meaning of Article 7(1) of the EU Market
Abuse Regulation.
Forward Looking
Statements
Some statements in this press release may be considered
“forward-looking statements”. By their nature, forward-looking
statements involve risk and uncertainty because they relate to
events and depend on circumstances that may occur in the future.
These forward-looking statements involve known and unknown risks,
uncertainties and other factors that are outside of our control and
impossible to predict and may cause actual results to differ
materially from any future results expressed or implied. These
forward-looking statements are based on current expectations,
estimates, forecasts, analyses and projections about the industry
in which we operate and management's beliefs and assumptions about
possible future events. You are cautioned not to put undue reliance
on these forward-looking statements, which only express views as at
the date of this press release and are neither predictions nor
guarantees of possible future events or circumstances.
We do not undertake any obligation to release publicly any
revisions to these forward-looking statements to reflect events or
circumstances after the date of this press release or to reflect
the occurrence of unanticipated events, except as may be required
under applicable securities law.
2024 Financial
Statements
The audit of the 2024 financial statements is being finalized and
auditors' report will be published in the 2024 Universal
Registration Document.
Alternative performance
measures
The financial information in this release includes non-IFRS
financial measures and ratios (e.g. non-IFRS metrics, such as
adjusted EBITDA) that are not recognized as measures of financial
performance or liquidity under IFRS. The non-IFRS financial
measures presented are measures used by management to monitor the
underlying performance of the business and operations. Furthermore,
they may not be indicative of the historical operating results, nor
are they meant to be predictive of future results. These non-IFRS
measures are presented because they are considered important
supplementary measurements of Banijay Group N.V.'s (the "Company")
performance, and we believe that these and similar measures are
widely used in the industry in which the Company operates as a way
to evaluate a company’s operating performance and liquidity. Not
all companies calculate non-IFRS financial measures in the same
manner or on a consistent basis. As a result, these measures and
ratios may not be comparable to measures used by other companies
under the same or similar names.
Regulated information related to this press release is
available on the website:
https://group.banijay.com/results-center/
https://group.banijay.com/
APPENDIX
France’s 2025 Social Security Financing
Act
Online sports betting :
the rate of public levies will increase from 54.9% to 59.3% of
revenue (GGR- bonus), coming from a social contribution rate
(CSG) that will rise from 10.6% to 15% of revenue.
Online poker: the rate of
public levies will increase from 0.2% of stakes to 10% of
revenue.
Online horse race betting: no
change.
New taxation: the social
security financing Act introduces a 15% tax on advertising and
promotional campaigns (excluding sports sponsoring) run by gaming
operators.
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 amortization net of reversals (excluding D&A fiction and
non-recurring provisions). D&A fiction are costs related to the
amortization of fiction production, which the Group considers to be
operating costs. As a result of the D&A fiction, the
depreciation and amortization line item in the Group's combined
statement of income deviates from the depreciation and amortization
costs in this line item.
Adjusted net income: defined as
net income (loss) adjusted for restructuring costs and other
non-core items, costs associated with the LTIP and employment
related earn-out and option expenses and other financial
income.
Adjusted free cash flow:
defined as Adjusted EBITDA adjusted for purchase and disposal of
property plant and equipment and of intangible assets and cash
outflows for leases that are not recognized as rental expenses.
Adjusted operating free cash
flow: defined as adjusted EBITDA adjusted for purchase and
disposal of property plant and equipment and of intangible assets,
cash outflows for leases that are not recognized as rental
expenses, change in working capital requirements, and income tax
paid.
Net financial debt: defined as
the sum of bonds, bank borrowings, bank overdrafts, vendor loans,
accrued interests on bonds and bank borrowings minus cash and cash
equivalents, funding of Gardenia, trade receivables on providers,
cash in trusts and restricted cash, plus players liabilities plus
(or minus) the fair value of net derivatives liabilities (or
assets) for that period. Net financial debt is pre-IFRS 16.
Leverage: Net financial debt /
LTM Adjusted EBITDA.
Number of Unique Active
Players: average number of unique players playing at least
once a month in a defined period.
Content production, distribution & Live
Experiences: refers to Banijay Entertainment and Banijay
Live
Online sports betting & gaming: refers to
Banijay Gaming
Table 1: Revenue and Adjusted EBITDA breakdown by
activity
| Revenue
- In € million |
Q4 2023 |
Q4 2024 |
% change |
% constant
currency |
2023 |
2024 |
% change |
% constant
currency |
|
|
|
|
|
|
|
|
|
|
| Production |
918.6 |
980.2 |
6.7% |
6.2% |
2 689.0 |
2 614.7 |
(2.8)% |
(2.8)% |
|
Distribution |
117.8 |
164.1 |
39.3% |
33.2% |
395.3 |
397.0 |
0.4% |
(1.5)% |
| Live experiences
& other |
137.4 |
118.8 |
(13.6)% |
(13.8)% |
237.1 |
336.0 |
41.7% |
41.7% |
|
Total |
1 173.8 |
1 263.1 |
7.6% |
6.7% |
3 321.4 |
3 347.8 |
0.8% |
0.5% |
|
|
|
|
|
|
|
|
|
|
| Sportsbook |
208.0 |
330.5 |
58.9% |
58.4% |
766.4 |
1 144.0 |
49.3% |
48.4% |
| Casino |
47.8 |
59.4 |
24.4% |
24.3% |
154.7 |
213.3 |
37.9% |
37.8% |
| Poker |
17.7 |
20.1 |
13.7% |
13.7% |
61.4 |
77.6 |
26.3% |
26.3% |
| Turf |
4.2 |
5.5 |
32.3% |
32.3% |
13.7 |
20.6 |
51.0% |
51.0% |
|
Total |
277.7 |
415.6 |
49.7% |
49.3% |
996.2 |
1 455.5 |
46.1% |
45.4% |
|
|
|
|
|
|
|
|
|
|
|
TOTAL REVENUE |
1 451.5 |
1 678.7 |
15.7% |
14.8% |
4 317.6 |
4 803.3 |
11.2% |
10.9% |
|
Adjusted EBITDA - In € million |
2023 |
2024 |
% change |
% constant
Currency |
| Banijay
Entertainment & Banijay Live |
493.5 |
528.2 |
7.0% |
6.6% |
| Banijay
Gaming |
251.8 |
379.8 |
50.9% |
49.6% |
| Holding |
(8.7) |
(7.8) |
|
|
|
Adjusted EBITDA |
736.7 |
900.2 |
22.2% |
21.6% |
|
|
|
|
|
|
| Banijay
Entertainment & Banijay Live |
14.9% |
15.8% |
|
|
|
Banijay Gaming |
25.3% |
26.1% |
|
|
|
Adjusted EBITDA margin |
17.1% |
18.7% |
|
|
Table 2: Adjusted operating free cash flow by
activity
|
Banijay Entertainment & Banijay Live - €m |
2023 |
2024 |
% reported
change |
|
|
|
|
|
| Adjusted
EBITDA |
493.5 |
528.2 |
7.0% |
| Adjusted EBITDA
margin (%) |
14.9% |
15.8% |
|
|
|
|
|
|
| Capex |
(73.3) |
(75.3) |
|
| Total cash
outflows for leases that are not recognised as rental expenses |
(42.7) |
(46.9) |
|
|
Adjusted free cash flow |
377.5 |
405.9 |
7.5% |
|
|
|
|
|
| Change in
WC(1) |
(9.9) |
(38.6) |
|
| Income tax
paid |
(48.1) |
(63.3) |
|
|
Adjusted Operating free cash flow |
319.5 |
304.0 |
(4.8)% |
|
Banijay Gaming |
2023 |
2024 |
% reported |
|
|
|
|
change |
| Adjusted
EBITDA |
251.8 |
379.8 |
50.9% |
| Adjusted EBITDA
margin (%) |
25.3% |
26.1% |
|
|
|
|
|
|
| Capex |
(10.8) |
(29.6) |
|
| Total cash
outflows for leases that are not recognised as rental expenses |
(3.7) |
(3.3) |
|
|
Adjusted free cash flow |
237.3 |
346.9 |
46.2% |
|
|
|
|
|
| Change in
WC(2) |
13.5 |
12.0 |
|
| Income tax
paid |
(51.1) |
(34.7) |
|
|
Adjusted Operating free cash flow |
199.7 |
324.2 |
62.4% |
(1) Excluding
LTIP payment and exceptional items. Fiction in progress
reclassified from capex and FIP financing reclassifed from proceeds
from borrowings to change in working capital requirements
(2) Excludes
LTIP payment, exceptional items, trade receivables on providers and
players’ liabilities for Online sports betting & gaming
Table 3: Consolidated statement of cash flows
|
In € million |
31-Dec-23 |
31-Dec-24 |
|
Profit/(loss) |
73.6 |
154.6 |
|
Adjustments: |
641.9 |
718.8 |
| Share of
profit/(loss) of associates and joint ventures |
4.3 |
3.1 |
| Amortization,
depreciation, impairment losses and provisions, net of
reversals |
141.8 |
194.7 |
| Employee
benefits LTIP & employment-related earn-out and option
expenses |
166.7 |
170.2 |
| Change in fair
value of financial instruments |
2.7 |
16.8 |
| Income tax
expenses |
78.2 |
110.1 |
| Other
adjustments(1) |
46.0 |
12.4 |
| Cost of
financial debt and current accounts |
202.2 |
211.6 |
|
Gross cash provided by operating activities |
715.5 |
873.4 |
| Changes in
working capital |
(99.5) |
(286.8) |
| Income tax
paid |
(99.1) |
(98.0) |
|
Net cash flows provided by operating
activities |
516.9 |
488.7 |
| Purchase of
property, plant and equipment and of intangible assets |
(84.9) |
(131.1) |
| Purchases of
consolidated companies, net of acquired cash and other liabilities
related to business combination |
(141.7) |
(46.3) |
| Investing in
associates and Joint ventures |
(19.9) |
(87.3) |
| Increase in
financial assets |
(101.8) |
(29.2) |
| Disposals of
property, plant and equipment and intangible assets |
0.8 |
1.2 |
| Proceeds from
sales of consolidated companies, after divested cash |
1.2 |
0.3 |
| Decrease in
financial assets |
9.9 |
63.9 |
| Dividends
received |
0.3 |
0.3 |
|
Net cash provided by/(used for) investing
activities |
(336.1) |
(228.3) |
| Change in
capital |
- |
- |
| Dividends
paid |
(148.2) |
(148.0) |
| Dividends paid
by consolidated companies to their non-controlling interests |
(19.3) |
(27.7) |
| Transactions
with non-controling interests |
(27.7) |
(0.3) |
| Proceeds from
borrowings and other financial liabilities |
1 292.8 |
738.5 |
| Repayment of
borrowings and other financial liabilities |
(1 069.5) |
(619.3) |
| Other cash items
related to financial activities |
0.0 |
0.1 |
| Interest
paid |
(195.7) |
(210.6) |
|
Net cash flows from/(used in) financing
activities |
(167.6) |
(267.3) |
| Impact of
changes in foreign exchange rates |
(29.7) |
25.0 |
|
Net increase/(decrease) of cash and cash
equivalents |
(16.5) |
18.3 |
|
|
|
|
| Net cash and
cash equivalents at the beginning of the period |
479.4 |
462.9 |
| Net cash and
cash equivalents at the end of the period |
462.8 |
480.9 |
(1) Other
adjustments include notably i) unrealized foreign exchange gains;
and ii) losses on disposal and liquidation of subsidiaries.
Table 4: Consolidated balance sheet
|
In € million |
31 December 2023* |
31 December 2024 |
|
ASSETS |
|
|
| Goodwill |
2 765.8 |
2 814.4 |
| Intangible
assets |
204.7 |
243.2 |
| Right-of-use
assets |
149.2 |
134.7 |
| Property, plant
and equipment |
70.6 |
70.9 |
| Investments in
associates and joint ventures |
31.7 |
109.8 |
| Non-current
financial assets |
228.5 |
160.6 |
| Other non-current
assets |
36.9 |
216.4 |
|
Deferred tax assets |
58.5 |
84.8 |
|
Non-current assets |
3 546.0 |
3 834.9 |
|
|
|
|
| Inventories and
work in progress |
678.1 |
647.8 |
| Trade
receivables |
587.5 |
535.6 |
| Other current
assets |
360.9 |
332.7 |
| Current financial
assets |
30.2 |
34.7 |
|
Cash and cash equivalents |
464.2 |
482.0 |
| Current
assets |
2 121.0 |
2 032.8 |
| TOTAL
ASSETS |
5 667.0 |
5 867.6 |
| |
|
|
| EQUITY
AND LIABILITIES |
|
|
| Share
capital |
8.1 |
8.1 |
| Share premiums,
treasury shares and retained earnings (deficit) |
(35.8) |
(140.1) |
| Net income/(loss)
- attributable to shareholders |
60.8 |
146.1 |
|
Shareholders' equity |
33.0 |
14.2 |
| Non-controlling
interests |
19.2 |
19.0 |
|
Total equity |
52.3 |
33.2 |
|
|
|
|
| Other
securities |
139.4 |
140.5 |
| Long-term
borrowings and other financial liabilities |
2 551.9 |
2 863.9 |
| Long-term lease
liabilities |
126.1 |
108.9 |
| Non-current
provisions |
34.3 |
32.5 |
| Other non-current
liabilities |
287.4 |
407.4 |
| Deferred tax
liabilities |
7.9 |
1.4 |
|
Non-current liabilities |
3 147.0 |
3 554.6 |
|
|
|
|
| Short-term
borrowings and bank overdrafts |
358.3 |
285.4 |
| Short-term lease
liabilities |
41.8 |
46.2 |
| Trade
payables |
709.7 |
677.0 |
| Current
provisions |
13.5 |
18.5 |
| Customer contract
liabilities |
750.0 |
669.8 |
| Other current
liabilities |
594.3 |
583.0 |
|
Current liabilities |
2 467.7 |
2 279.9 |
| TOTAL
EQUITY AND LIABILITIES |
5 667.0 |
5 867.6 |
*31 Dec. 2023 restatement is disclosed in the FY 2024
consolidated financial statements
Table 5: IFRS consolidated net financial
debt
|
In € million |
31 December 2023 |
31 December 2024 |
| Bonds |
1 284.2 |
1 142.8 |
| Bank borrowings
and other |
1 437.3 |
1 861.0 |
| Bank
overdrafts |
1.5 |
1.1 |
| Accrued
interests on bonds and bank borrowings |
37.2 |
27.1 |
| Vendor
loans |
143.5 |
111.4 |
|
Total bank indebtedness |
2 903.7 |
3 143.4 |
| Cash and cash
equivalents |
(464.2) |
(482.0) |
| Funding of
Gardenia |
(79.7) |
(59.8) |
| Trade
receivables on providers |
(60.8) |
(47.8) |
| Players'
liabilities |
50.2 |
58.3 |
| Cash in trusts
and restricted cash |
(31.0) |
(0.3) |
|
Net cash and cash equivalents |
(585.5) |
(531.5) |
|
|
|
|
|
Net debt before intercompany loan and derivatives
effects |
2 318.2 |
2 611.9 |
|
|
|
|
|
Net debt before derivatives effects |
2 318.2 |
2 611.9 |
| Derivatives -
liabilities |
6.4 |
6.0 |
| Derivatives -
assets |
(44.6) |
(18.5) |
|
Net debt |
2 280.0 |
2 599.4 |
Table 6: Cash flow statement
|
|
31 December 2024 |
|
In € million |
Banijay Entertainment |
Banijay Gaming |
Holding |
Banijay Group |
|
Net cash flow from operating activities |
375.7 |
143.8 |
(30.8) |
488.7 |
|
Cash flow (used in)/from investing activities |
(168.6) |
(11.6) |
(48.1) |
(228.3) |
|
Cash flow (used in)/from financing activities |
(328.9) |
(36.7) |
98.2 |
(267.3) |
|
Effect of foreign exchange rate differences |
25.0 |
- |
- |
25.0 |
|
Net increase/(decrease) in cash and cash
equivalents |
(96.8) |
95.5 |
19.4 |
18.1 |
|
Cash and cash equivalents as of 1 January |
368.1 |
93.3 |
1.5 |
462.9 |
|
Cash and cash equivalents as of 30 September |
271.2 |
188.8 |
20.8 |
480.9 |
|
|
31 December 2023 |
|
In € million |
Banijay Entertainment |
Banijay Gaming |
Holding |
Banijay Group |
|
Net cash flow from operating activities |
370.1 |
162.3 |
(15.4) |
517.0 |
|
Cash flow (used in)/from investing activities |
(238.9) |
(10.4) |
(86.8) |
(336.1) |
|
Cash flow (used in)/from financing activities |
(129.5) |
(130.6) |
92.5 |
(167.6) |
|
Effect of foreign exchange rate differences |
(29.7) |
- |
- |
(29.7) |
|
Net increase/(decrease) in cash and cash
equivalents |
(28.1) |
21.3 |
(9.7) |
(16.5) |
|
Cash and cash equivalents as of 1 January |
396.2 |
72.1 |
11.2 |
479.4 |
|
Cash and cash equivalents as of 30 September |
368.1 |
93.3 |
1.5 |
462.9 |
Table 7: Banijay Entertainment: Net financial debt as of
31 December 2024
|
At Banijay Entertainment level: |
|
|
| In €
million |
31 Dec. 2023 |
31 Dec. 2024 |
|
|
|
|
| Total
Secured Debt (OM definition) |
1 988 |
2 029 |
| Other debt |
326 |
517 |
| SUN |
409 |
234 |
|
Total Debt |
2 722 |
2 780 |
| Net Cash |
(368) |
(271) |
|
Total net financial debt (excl. Earn-out &
PUT) |
2 354 |
2 509 |
| EO &
PUT |
178 |
130 |
|
Total net financial debt (incl earn-out &
PUT) |
2 532 |
2 639 |
|
|
|
|
|
Ratios at Banijay Entertainment
level: |
|
|
| Leverage Ratio,
as presented |
4.49 |
4.49 |
| Adjusted
Leverage Ratio, as presented |
4.82 |
5.71 |
| Senior secured
net leverage ratio |
3.43 |
3.37 |
|
|
|
|
| Cash
conversion rate - Banijay Entertainment
definition* |
73% |
62% |
|
Banijay Entertainment contribution at Banijay Group
level: |
|
|
| In €
million |
31 Dec. 2023 |
31 Dec. 2024 |
|
|
|
|
| Total
net financial debt (excl. Earn-out & PUT) |
2 354 |
2 509 |
| Transaction
costs amortization and other |
(32) |
(24) |
| Lease debt (IFRS
16) |
(155) |
(144) |
|
Total net financial debt at Banijay Group
level |
2 167 |
2 341 |
|
|
|
|
| Derivatives |
(38) |
(13) |
|
Total net financial debt at Banijay Group level after
derivatives |
2 129 |
2 328 |
Leverage ratio: total Net financial debt / (Adj
EBITDA + shareholder fees + proforma impact from acquisitions)
Adjusted leverage ratio: total net financial
debt including earn-out and puts / LTM (Adjusted EBITDA +
shareholder fees + proforma impact from acquisitions)
Senior secured net leverage ratio: total Senior
Secured Notes + Earn-out – Cash / (Adjusted EBITDA + shareholder
fees + proforma impact from acquisitions)
* Based on free cash flow as defined as follows: Adjusted EBITDA
+ change in working capital
– income tax paid – capex
1 Growth at constant currencies compared to 2023,
unless indicated differently
Refer to the Appendix for definition
2 Revenue growth is at constant currencies
3 At current exchange rates, excluding Balich Wonder
Studio, consolidated as of Q4 2023 and disposal of non-core
assets
4 K7 Media’s report, released in April 2024
5 Revenue growth is at constant currencies
6 The Group continues to dispute the VAT French regime
on online sports betting and will claim back this amount in
courts
- Banijay Group_PR_FY 2024 Results
Banijay Group NV (EU:BNJ)
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Banijay Group NV (EU:BNJ)
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From Mar 2024 to Mar 2025
