Robust Free Cash Flow GenerationConsistent positive FCF ($235.3m) and rising operating cash flow provide durable internal funding for capex, strategic investments and debt reduction. With explicit CapEx guidance (EUR80-90m) and recent net cash proceeds, strong cash generation materially improves strategic optionality over the medium term.
Low Leverage And Solid Equity BaseLow leverage (D/E ~0.27) and a large equity cushion (approx $1.8bn) give lasting financial resilience, supporting investment in growth markets and absorbing cyclical revenue dips. Combined with a fully undrawn EUR225m RCF and manageable bond maturity profile, the balance sheet enables strategic flexibility.
Improving Adjusted EBITDA And Americas MomentumRising adjusted EBITDA and strong U.S./Canada revenue gains demonstrate scalable, higher-margin B2B operations and successful product traction (Live Casino). This structural shift toward profitable, high-growth geographies supports the company's medium-term adjusted EBITDA targets and lessens sensitivity to weaker legacy markets.