Strong profitability and margins
Adjusted EBITDA of EUR 341.5m in Q4 with a 66.4% margin; full-year adjusted EBITDA EUR 1,366m (down 3.2% YoY) with a 66.1% margin, which is within the communicated 66–68% guidance. Profit for the period was EUR 306.8m in Q4 and full-year profit was EUR 1.06bn; EPS after dilution EUR 1.54.
Robust cash generation and shareholder returns
Operating cash flow after investments of EUR 262m in Q4 and cash conversion of 82% in Q4. Year-to-date cash balance EUR 818m and bond portfolio EUR 104m. Total shareholder remuneration in 2025 ~EUR 1.1bn (yield 9.3% on year-end market cap); cumulative returns since 2020 >EUR 3.5bn. 2025 buybacks: EUR 500.2m for 7.3m shares (~3.6% of company).
Full-year revenue defended
Net revenues for FY2025 were nearly flat at EUR 2,067m (+0.2% YoY), demonstrating resilience despite regional and operational headwinds.
Regional expansion and growth pockets
North America, Latin America and Africa showed growth; North America and Latin America reported all-time high revenues. Latin America accelerated QoQ and YoY driven by Brazil. Asia returned to modest QoQ growth after mitigation efforts.
Major product pipeline and commercial wins
Headline title Ice Fishing doubled player numbers over the last 3 months; launched new titles including Red Baron. Announced an exclusive worldwide Hasbro partnership for Live and RNG content and a 2026 roadmap of >110 new games (multiple MONOPOLY game shows and RNG titles), providing significant future commercial upside.
Operational KPIs improving and diversification
Headcount up 5.8% YoY and 3.8% QoQ, Game Round Index +1.8% YoY, customer base ~870 (expanded in Brazil), dependency on top-5 customers reduced from 46% to 39% (largest customer ~12%), and +300 tables added during the year — reflecting better resource mix and less client concentration.
Studio footprint and scalability
24 studios globally (new in Brazil, Philippines, Romania, New Jersey) with STAR network connectivity and planned expansion (new Michigan studio), supporting faster market entry and scaling.