Banijay Group has released its nine-month 2024 results, showcasing strong financial and operational performance across various business segments. The company’s revenue grew by 8.9%, reaching €3.125 billion, driven primarily by its online sports betting and gaming segment, which posted a significant 44% growth in revenue. Adjusted EBITDA rose by 15.3% to €546 million, resulting in an improved adjusted EBITDA margin of 17.5%. Adjusted net income also grew by 14.3%, totaling €248 million. Despite this growth, free cash flow conversion slightly decreased from 83% in 2023 to 80% in 2024. Banijay maintained strong liquidity with €439 million in reserves and a leverage ratio of 3.2x.
The Content Production and Distribution segment experienced a slight revenue decline of 2.8%, impacted by the expected delivery schedule of several major scripted shows in Q4. However, demand from streaming platforms remained robust. Banijay has diversified into new areas, such as edutainment and premium documentaries, with the launch of two new labels, BD4 and Navybee, specializing in talent-led documentaries.
As for live experiences, the segment saw notable expansion, especially in its stake in The Independents, a strategic move toward market consolidation. Banijay also acquired two creative agencies, Bureau Béatrice in Dubai and Kitten Production in Europe, reinforcing its footprint in the luxury and fashion industries. Moreover, Balich Wonder Studio played a key role in high-profile events, including Euro 2024’s opening ceremony, underlining Banijay’s commitment to producing cultural and fashion events globally.
Online Sports Betting and Gaming led Banijay's revenue growth with a 44% increase, fueled by high engagement during the Paris Olympics and an enhanced Betclic app. Banijay saw a 39% rise in unique active players and increased market share across its products. The group’s sportsbook revenue alone rose by 45.4%, supported by a strong product lineup that includes new offerings in casino and poker.
François Riahi, CEO of Banijay Group, said: “Banijay Group continued its strong performance with high single-digit revenue and double-digit earnings growth for the first nine months of 2024. The demand for quality entertainment remains strong and growing. Online sports betting & gaming once again outperformed its markets across all activities, driven by a busy calendar of major sporting events and the success of our platform in attracting and retaining more players. In Content production & distribution, we saw significant demand from streamers, while the delivery of a strong lineup of major scripted shows in Q4 will drive organic revenue growth on a full year basis. Our unique positioning, in terms of size, footprint and IP detention, puts us in a very favorable competitive position. Thanks to our strong results for the first nine months, and our highly-visible pipeline for Q4, we are increasingly confident in our full-year performance.”
Banijay remains confident about its performance for the rest of 2024, reaffirming its guidance for low-teens organic EBITDA growth. A significant pipeline of scripted show deliveries in Q4 is expected to boost revenue further. However, Banijay anticipates slightly softer demand for live events in Saudi Arabia due to market trends. In the online gaming segment, the group aims to capitalize on its unique active player growth, despite the absence of major sporting events in Q4.
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