Revenue Growth
Q1 revenues of EUR 347 million, an 11% year-over-year increase (would have been ~16% on a constant currency basis excluding FX headwinds).
Adjusted EBITDA and Margin Expansion
Adjusted EBITDA of EUR 66 million, up 12% year-over-year, representing a 19% adjusted EBITDA margin and slight margin expansion versus prior year.
Strong Free Cash Flow and Cash Conversion
Generated free cash flow of $44 million in Q1, a 38% increase year-over-year, with free cash flow conversion of 67% (versus 54% a year ago).
Solid Balance Sheet and Share Repurchases
Closed the quarter with $322 million in cash and cash equivalents, no debt outstanding. Repurchased ~ $90 million of shares in Q1 (total repurchases $228 million to date) and announced a $250 million enhanced open market repurchase program within a $1 billion authorization; CEO intends to purchase $10 million of shares.
IMG Integration and Cross-Sell Momentum
Strong monetization of IMG content: more than 75% of core betting clients now consume IMG content and ~60% of clients previously not IMG customers are now purchasing IMG content; company expects to exceed prior 25% synergy target from IMG integration.
Product & Market Expansion
Launched Playradar (iGaming brand) and live in Latin America (including Brazil) with planned launches in Europe, several U.S. states and Canada; prediction markets initiative progressing with active commercial discussions and potential to add 'tens of millions' annually over time.
Growth in Betting Technology and Content
Betting technology & solutions revenue of $288 million, up 15% year-over-year; betting and gaming content revenues increased 20% year-over-year; Managed Trading Services turnover up 24% in Q1.
Scale in Streaming and Coverage
Company covers over 1 million matches annually and streamed over 525,000 matches last year; expects to stream over 700,000 matches in 2026, expanding streaming footprint and engagement products.