Marco Bassetti, Chief Executive Officer at Banijay
Banijay Group has announced its financial results for the fiscal year 2024, reporting significant revenue and profitability growth, an acceleration in Q4, and a strong outlook for 2025. The company revenue has increased by +10.9% year-over-year to €4,803 million, with an acceleration of +14.8% in Q4 2024. The adjusted EBITDA grew by +21.6% to €900 million, with a notable increase of +32.8% in Q4 2024, raising the EBITDA margin by 160 basis points to 18.7%. Adjusted net income rose +29.3% at current currencies, reaching €418 million. Net income significantly improved to €155 million, up from €74 million in FY 2023.
Banijay achieved strong cash flow generation, with an 83% adjusted free cash flow conversion (compared to 82% in FY 2023), as well as deleveraging and strengthened liquidity, with a 2.9x leverage ratio, improving by -0.2x from December 2023, and a €482 million cash position. The company also successfully completed debt refinancing, extending maturities between 2028 and 2032. A proposed dividend of €0.35 per share has been announced, representing a 35% payout ratio on adjusted net income.
CONTENT PRODUCTION, DISTRIBUTION, AND LIVE EXPERIENCES
Banijay Group's revenue remained resilient, growing +0.5% to €3,348 million, despite industry-wide challenges. The company experienced a robust Q4 2024 performance, with revenue up +6.7%, driven by major scripted show deliveries and an increased demand from streaming platforms. Banijay also has a strong pipeline of new shows for linear broadcasters.
The Live Experiences segment expanded, with iconic events produced by Balich Wonder Studio and an increased stake (~14%) in The Independents, reinforcing Banijay’s position in fashion shows and cultural event production.
Banijay Entertainment’s Chief Executive Officer, Marco Bassetti comments: “2024 saw Banijay Entertainment, inclusive of Banijay Live, continue to demonstrate its strength and market-leading position in what has been commonly recognised as a challenging market environment. Overtaking €3.3bn in revenues, the combined business illustrated a resilient top-line, while ramping up its bottom line, closing the year with an Adjusted EBITDA margin of 15.8%. A scaled content powerhouse, the last 12-months saw the business rise to be the largest European scripted studio – alongside its long-standing position as a leader in non-scripted (250+ launches in ‘24) – increasing activities in non-English-language, and acting as a key partner for streamers (80 non-scripted & scripted launches in ‘24), delivering award-winning, high-ranking shows across the board."
ONLINE SPORTS BETTING & GAMING
The company demonstrated outstanding growth, with revenue up +45.4% to €1,456 million and a Q4 increase of +49.3%. Banijay also saw market share gains across all geographies and product segments, with a +37% increase in Unique Active Players compared to FY 2023. The company achieved innovation success, including a full redesign of the sportsbook app and the December 2024 release of a new poker platform.
POSITIVE OUTLOOK FOR 2025
The company forecasts:
• Revenue growth: Mid-single-digit growth in content production, distribution, and live experiences, and mid-teens growth in online sports betting & gaming.
• Adjusted EBITDA: Mid-to-high single-digit growth, despite a -€20 million impact from higher betting taxes in France, effective July 1, 2025.
• Sustained cash flow generation, with adjusted free cash flow expected to be approximately 80% of adjusted EBITDA.
François Riahi, CEO of Banijay Group, commented: “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, we continued to see strong demand – especially from streaming platforms – for our iconic brands and deep content catalog. As the number one European studio for scripted content and a world leader in global format launches, we continue to invest in new technology, including the creation of a new cloud-based global content hub to unlock value from our world-leading IP. Our expansion in live events is proving to be very promising and will serve as a consistent additional growth engine in the coming years.”
He also added: “Online sports betting & gaming delivered another outstanding year of growth across all markets and activities, with revenue up +45%. We saw a 37% increase in Unique Active Players, driven by a busy sports calendar and our state-of-the-art technology platform, which now includes a redesigned sportsbook app and a new poker platform. Despite a tax increase in France, which we deem anti-competitive, the strength and balance of our business model enable us to maintain our double-digit growth outlook for this activity. Since Banijay Group listed three years ago, we have increased revenue by 37% and Adjusted EBITDA by 50%, 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, while 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 May 16. Our aim is to expand our free float and stock liquidity, ensuring that shareholders can benefit from the value we are creating," he concluded.”