Record Annual Revenue and Strong Top-Line Growth
Total revenue for FY2025 reached $2,200,000,000, up 22% year-over-year, with Q4 revenue of $578,000,000, up 8% year-over-year.
Large Increase in Adjusted EBITDA and Margin Expansion
Adjusted EBITDA rose 57% YoY to $560,000,000 for FY2025, delivering an adjusted EBITDA margin of ~25% versus 19% in the prior year; Q4 adjusted EBITDA was $139,000,000, up 11% YoY.
Outstanding Cash Generation and Conversion
EBITDA-to-free-cash-flow conversion was 72% for the year, and year-end cash balance was $513,000,000, up 32% YoY.
Customer and Engagement Metrics at Record Levels
Average monthly active customers reached an all-time high of 6,100,000 in Q4 (a 16% increase YoY). Total wagering activity rose: sports wagers +20% and casino wagers +17% YoY.
Geographic Growth – Europe, Africa and North America
Europe Q4 revenue grew 23% YoY (UK +37%, Spain +5%). Africa grew 27% for the full year (Q4 +7% YoY) with sports wagers +31% and casino wagers +52% YoY. North America (ex-US) grew 10%, with Canada ex-Ontario up 15%.
Strategic Product and Tech Advancements
Completed Africa technology migration and launched ZAR Supercoin in South Africa; received final regulatory approval for Apricot (bringing sportsbook technology in-house) and are implementing AI-driven hyper-personalized bet pricing and other AI improvements.
Capital Allocation and Shareholder Returns
Returned $156,000,000 to shareholders in 2025 (including $20,000,000 in Q4 and a special dividend of $125,000,000). Board increased minimum quarterly dividend target from $0.04 to $0.05 per share.
2026 Guidance and Forward Visibility
Guidance for 2026: total revenue of at least $2,550,000,000 and adjusted EBITDA of more than $680,000,000 (assumes marketing discipline ~22% of revenue, embedded Apricot savings and expected FIFA World Cup uplift).