Strong Profitability and Margin
EBITDA of EUR 335.3 million with an EBITDA margin of 65.4% in Q1, demonstrating high profitability and operational scalability despite regional headwinds.
Solid Cash Generation and Balance Sheet
Operating cash flow after investments of EUR 311 million for the quarter, 12-month cash conversion ~81%, total cash of EUR 1.2 billion (including bond portfolio) and total equity of EUR 4.3 billion.
Net Revenues Largely Stable
Net revenues of EUR 513 million, down modestly by 1.5% year-on-year and effectively flat quarter-on-quarter, reflecting resilience amid regional variability.
RNG Growth Momentum
RNG segment grew by 8.1% year-on-year, marking stronger growth than in prior quarters and indicating traction for RNG product lines.
North America and Latin America Outperformance
Both North America and LatAm reported all-time high revenues. North America grew ~21% year-on-year in USD (vs ~19% in Q4) and LatAm is described as accelerating with strong post-regulation performance in Brazil and expansion in Argentina and Colombia.
Product Roadmap and New Releases
Continued rollout of product roadmap with releases such as Always 6 Blackjack and Dragon Dragon; upcoming Monopoly titles (Monopoly Roulette, Monopoly Roll 'Em) and new feature SciPlay to integrate slots into live interfaces.
Studio Expansion and Local Market Investments
Studio additions in Latvia (second Riga studio), U.S. (second Michigan studio in Grand Rapids nearing launch), and acquisition of a live studio in Argentina to support regional growth.
Controlled CapEx and Invest-to-Grow Profile
CapEx of EUR 34.6 million in the quarter, stable as a share of net revenues, while personnel and operating investments support measured expansion into high-potential regions.