Strong Adjusted EBITDA and Margin
Adjusted EBITDA of EUR 341.5m in Q4 with a quarterly margin of 66.4%; full-year adjusted EBITDA EUR 1,366m (down 3.2% YoY) and a full-year margin of 66.1%, which is within the communicated 66–68% range.
Solid Profitability and Cash Position
Profit for the period of EUR 306.8m in Q4 and full-year profit of EUR 1.06bn. Total cash balance of EUR 818m and a bond portfolio of EUR 104m, supporting strong financial flexibility.
High Cash Generation and Conversion
Operating cash flow after investments of EUR 262m in Q4. Cash conversion was 82% for the fourth quarter, underscoring resilient cash generation despite top-line volatility.
Shareholder Returns and Buybacks
Total shareholder remuneration in 2025 of almost EUR 1.1bn; returned more than EUR 3.5bn to shareholders since 2020. 2025 buybacks totaled EUR 500.2m (7.3m shares, ~3.6% of company). Q4 buybacks EUR 93.7m for 1.6m shares.
Full-Year Revenue Stability
Net revenues for the full year were nearly flat at EUR 2,067m, up 0.2% YoY, demonstrating overall revenue resilience across the year.
Regional Growth: North America, Latin America, Africa
North America and Latin America reported all-time high revenues; Latin America showed accelerating growth quarter-on-quarter and year-on-year with Brazil a primary driver. Africa also showed growth in the quarter.
Product Momentum and Large 2026 Roadmap
Successful launches (Ice Fishing trending, Red Baron crash game) with Ice Fishing player numbers doubling over the last 3 months. Exclusive global Hasbro partnership and >110 new games planned for 2026 (including multiple MONOPOLY game shows and RNG titles).
Operational Expansion and Studio Footprint
Headcount up 5.8% YoY and 3.8% QoQ. Studio network expanded to 24 studios with recent openings in Brazil, Philippines, Romania and New Jersey; new studio planned in Michigan. Number of tables increased by ~300 during the year.
Reduced Customer Concentration
Customer base ~870 (increased during year). Revenue dependency on the top 5 customers reduced from 46% in 2024 to 39% in 2025; largest customer ~12% of revenues, indicating improved diversification.
R&D and Product Investment
R&D spend increased 1.7% to EUR 75.7m in the quarter, supporting the extensive 2026 product roadmap and long-term product differentiation.