Betsson Stock price
Compare with Peer Group
📊 Peer Group
📈 What is it?
The peer group consists of the companies with the most similar business model. They serve as a benchmark for putting a stock into context.
🧮 How is it selected?
Based on similarity of business model, meaning companies from the same industry with comparable products and a similar customer base. That's the only way to compare apples to apples.
🏛️ Why does it matter?
Whether a stock is cheap or expensive is best judged by comparison. A P/E of 18 or an EV/FCF of 20 can look cheap or expensive depending on the yardstick. The peer group gives you the most accurate one: companies with a similar business model that operate under the same conditions.
🎯 What does it mean for investors?
When a metric sits below the peer average, the stock is valued more cheaply relative to its competitors, and above the average more expensively. A discount to the peer group can be an opportunity, but it can also have a reason (for example lower growth). The comparison is a starting point, not a verdict.
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Invest better with AI
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👉 More detailed insights
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👉 Clear answers to your questions
Invest better with AI
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👉 More detailed insights
👉 Exclusive perspectives on opportunities & risks
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Key metrics
📘 Market Capitalization
📈 What is it?
Market capitalization shows how much a company is currently worth on the stock market.
🧮 How is it calculated?
🏛️ Why is it important?
It helps classify companies by size (Large, Mid, Small Cap) and indicates their market presence and relative stability.
🎯 What does this mean for investors?
- Large-cap companies tend to be more stable, often pay dividends, but may grow more slowly.
- Smaller firms may offer higher growth potential but come with more volatility.
- Market capitalization is a useful indicator of company size — but not a measure of whether a stock is undervalued or overvalued.
📘 Enterprise Value (EV)
📈 What is it?
Enterprise Value represents the total cost to acquire a company — including its debt and excluding its cash reserves.
🧮 How is it calculated?
(= Market Cap + Net Debt)
🏛️ Why is it important?
EV gives a more complete picture of a company's value than market cap alone and is used in key valuation ratios like EV/FCF or EV/Sales.
🎯 What does this mean for investors?
- Enterprise Value shows the true cost of buying a company, including all financial obligations.
- It is more accurate than just looking at market cap, especially when comparing companies with different levels of debt or cash.
- Professional investors prefer EV-based multiples because they better reflect the company’s full financial footprint.
📘 Net Debt
📈 What is it?
Net Debt shows how much debt remains after subtracting a company’s available cash reserves.
🧮 How is it calculated?
🏛️ Why is it important?
It indicates how dependent a company is on borrowed money and how easily it can service its debt in the short term.
🎯 What does this mean for investors?
- Low or negative net debt signals financial strength and flexibility.
- Companies with strong cash positions are better positioned in crises.
- High net debt increases financial risk — especially in environments with rising interest rates or economic downturns.
📘 Cash
📈 What is it?
Cash represents all liquid assets a company can access immediately — including cash, bank deposits, and short-term investments.
🧮 How is it calculated?
🏛️ Why is it important?
It reflects a company’s financial flexibility and resilience — enabling investments, buybacks, or buffer in downturns.
🧮 Calculation
🎯 What does this mean for investors?
- A strong cash position means greater room for maneuver and crisis resistance.
- Cash-rich companies can invest, pay down debt, or repurchase shares.
- But excess idle cash might indicate a lack of growth opportunities.
📘 Shares Outstanding
📈 What is it?
Shares outstanding represent the total number of a company’s shares currently held by investors — excluding treasury stock.
🧮 How is it calculated?
🏛️ Why is it important?
It’s the basis for key metrics like Earnings Per Share (EPS), Market Capitalization, or the Price/Earnings ratio (P/E).
🧮 Calculation
🎯 What does this mean for investors?
- Fewer shares in circulation typically increase earnings per share — making each share more valuable.
- Share buybacks reduce the number of shares and boost per-share metrics.
- Issuing new shares does the opposite — diluting shareholder value and lowering per-share figures.
📘 Price-to-Earnings Ratio (P/E)
📈 What is it?
The P/E ratio shows how many times a company's earnings per share are reflected in its current share price — in other words, how "expensive" the stock appears relative to its profits.
🧮 How is it calculated?
🏛️ Why is it important?
The P/E ratio is one of the most widely used valuation metrics. It helps investors assess whether a stock appears cheap or expensive compared to its earnings power.
🧮 Calculation
📊 P/E (TTM) = Based on earnings from the last 12 months (Trailing Twelve Months):🎯 What does this mean for investors?
- A low P/E may indicate undervaluation — or signal underlying issues.
- A high P/E may reflect strong growth expectations — or an overvalued stock.
📘 Price-to-Sales Ratio (P/S)
📈 What is it?
The P/S ratio shows how much investors are paying for $1 of the company’s revenue – regardless of profitability.
🧮 How is it calculated?
🏛️ Why is it important?
P/S is especially useful for evaluating growth companies or businesses not yet profitable. It reflects how the market values the company’s sales.
🧮 Calculation
Market Cap = kr13.36b | Revenue (TTM) = kr13.24b
Market Cap = kr13.36b | Estimated Revenue = kr13.47b
🎯 What does this mean for investors?
- A low P/S may indicate undervaluation — or low profitability.
- A high P/S can reflect strong growth expectations — or excessive optimism.
- Especially helpful when evaluating companies where profits are low, volatile, or negative.
📘 Enterprise Value to Sales (EV/Sales)
📈 What is it?
EV/Sales shows how much investors are paying for $1 of revenue — considering not just equity, but also debt and cash. It’s the capital structure–adjusted version of the P/S ratio.
🧮 How is it calculated?
🏛️ Why is it important?
It’s ideal for comparing companies with different levels of debt. It reflects a company's true cost relative to its revenue.
🧮 Calculation
Enterprise Value = kr11.87b | Revenue (TTM) = kr13.24b
Enterprise Value = kr11.87b | Forward Revenue = kr13.47b
🎯 What does this mean for investors?
- EV/Sales allows for capital structure–neutral company comparisons.
- A lower ratio may indicate undervaluation; a higher one may signal strong growth expectations or overvaluation.
- Especially helpful when evaluating high-growth companies with low or negative earnings.
📘 Enterprise Value to Free Cash Flow (EV/FCF) | ex SBC
📈 What is it?
EV/FCF compares a company’s enterprise value with its free cash flow. The metric therefore shows the multiple of current free cash flow at which a company is valued. EV/FCF ex SBC additionally accounts for stock-based compensation (SBC). While SBC does not represent a direct cash outflow, issuing shares as compensation can dilute existing shareholders. Therefore, SBC is deducted from free cash flow in this adjusted version.
🧮 How is it calculated?
EV/FCF ex SBC = Enterprise Value ÷ (Free Cash Flow (TTM) − SBC)
🏛️ Why is it important?
EV/FCF provides a valuation based on free cash flow and therefore complements earnings-based valuation metrics such as the P/E ratio. The ex SBC version additionally accounts for the economic impact of stock-based compensation and provides a more conservative view from a shareholder perspective.
🧮 Calculation
🎯 What does this mean for investors?
- A low EV/FCF means that enterprise value is low relative to current free cash flow. The reasons should always be considered in the context of the company and its industry.
- A high EV/FCF means that enterprise value is high relative to current free cash flow. This can, for example, reflect high growth expectations or temporarily weak cash generation.
- When SBC is positive and adjusted free cash flow remains positive, EV/FCF ex SBC is generally higher than the standard EV/FCF.
- The metric is particularly useful for companies with relatively stable and predictable cash flows.
- If free cash flow is negative or very low, EV/FCF has limited usefulness and should not be interpreted like a standard valuation multiple.
📘 Price-to-Book Ratio (P/B)
📈 What is it?
The P/B ratio compares a company’s market value to its book value — showing how much investors are paying for each dollar of net assets.
🧮 How is it calculated?
🏛️ Why is it important?
P/B is commonly used for asset-heavy industries like banks or industrials. It helps assess whether a stock is trading above or below its net asset value.
🎯 What does this mean for investors?
- A P/B below 1 may signal undervaluation — or weak profitability.
- A P/B above 1 implies the market expects future value creation (e.g., brand, IP, growth).
- Best used for companies with tangible assets and strong balance sheets.
📘 Dividend per Share (DPS)
📈 What is it?
Dividend per Share shows how much cash a company pays out to shareholders for each share they own – usually on an annual or quarterly basis.
🧮 How is it calculated?
🏛️ Why is it important?
DPS is the absolute value of the payout per share – crucial for income-focused investors and dividend strategies.
🎯 What does this mean for investors?
- A stable or growing DPS often signals a strong, shareholder-friendly business.
- DPS alone doesn’t tell you how attractive the payout is – the stock price also matters (→ see Dividend Yield).
- Long-term dividend growth is often a hallmark of high-quality companies – like the dividend aristocrats.
📘 Dividend Yield
📈 What is it?
Dividend yield shows how large a company’s dividend is in relation to its current share price.
🧮 How is it calculated?
🏛️ Why is it important?
It allows investors to compare dividend payouts across stocks, regardless of price or payout size.
🧮 Calculation
🎯 What does this mean for investors?
- A stable yield can reflect reliable distributions.
- Comparing 1Y and 5Y yield shows whether dividend growth keeps pace with stock price appreciation.
- A low yield isn’t always negative – it can signal strong past performance or growth focus.
📘 Dividend Growth
📈 What is it?
Dividend growth shows how much a company has increased its dividend per share over time.
🧮 How is it calculated?
5Y: Compound Annual Growth Rate (CAGR)
🏛️ Why is it important?
Consistently rising dividends are often a sign of financial strength and shareholder orientation – especially relevant for long-term investors.
🧮 Calculation
🎯 What does this mean for investors?
- Stable dividend growth is a sign of sustainable earning power.
- High dividend growth can significantly boost your total return:
- If a company pays $1 in dividends and increases it by 15% annually over 5 years, you’ll receive $2 per share in year 5 – twice as much as at the start!
📘 Payout Ratio
📈 What is it?
The payout ratio shows what percentage of a company’s earnings (per share) is distributed to shareholders as dividends.
🧮 How is it calculated?
🏛️ Why is it important?
It helps assess whether the dividend is sustainable – especially in relation to the company’s profitability.
🧮 Calculation
🎯 What does this mean for investors?
- A low payout ratio means the company retains more earnings for reinvestment – typical for growth companies.
- A moderate payout (e.g. 25–50%) indicates a healthy balance between returns and reinvestment.
- High payout ratios may seem attractive but can carry risk if earnings decline.
📘 Consecutive Dividend Increases
📈 What is it?
This metric shows how many consecutive years a company has raised its dividend per share – without any cuts or pauses.
🧮 How is it calculated?
(Special dividends are not considered.)
🏛️ Why is it important?
A long track record of increases reflects financial strength, consistency, and shareholder commitment.
🎯 What does this mean for investors?
- A long dividend increase streak builds confidence – especially in volatile markets.
- Such companies are seen as reliable and income-friendly investments.
- The longer the streak, the stronger the company’s dividend discipline.
📘 Revenue
📈 What is it?
Revenue shows how much a company earns in total from selling its products and services – the gross income before any costs are deducted.
🧮 How is it calculated?
🏛️ Why is it important?
Revenue is one of the key figures to assess a company’s size, market position, and growth potential.
🧮 Calculation
🎯 What does this mean for investors?
- Growing revenue indicates rising demand and can be an early signal of future earnings growth.
- Comparing actual and expected revenue reveals trends in the market environment and analyst sentiment.
- Note: Strong revenue alone isn’t enough – margins and profitability matter just as much.
📘 EBITDA
📈 What is it?
EBITDA stands for “Earnings Before Interest, Taxes, Depreciation, and Amortization.” It reflects a company’s operating profit before the effects of financing, taxes, and accounting depreciation.
🧮 How is it calculated?
🏛️ Why is it important?
EBITDA is widely used to evaluate a company’s operating performance – especially across capital-intensive sectors or international comparisons.
🧮 Calculation
🎯 What does this mean for investors?
- A high or growing EBITDA indicates strong operational profitability – independent of taxes, interest, or accounting methods.
- It’s especially useful for comparing companies across sectors or geographies.
- Important: EBITDA is not a net income figure – it excludes key costs like depreciation and interest.
📘 EBIT
📈 What is it?
EBIT stands for “Earnings Before Interest and Taxes.” It reflects a company’s operating profit after depreciation, but before interest and tax expenses.
🧮 How is it calculated?
🏛️ Why is it important?
EBIT is a core profitability metric that shows how well the company performs in its main business operations – independent of capital structure and tax environment.
🧮 Calculation
🎯 What does this mean for investors?
- A high EBIT indicates strong profitability from the company’s core business – before financial and tax effects.
- It allows better comparison between companies with different debt levels or tax structures.
- Compared to EBITDA, EBIT already accounts for depreciation and reflects capital intensity more clearly.
📘 Net Income
📈 What is it?
Net income is the company’s total profit – the amount left after all expenses, taxes, interest, and depreciation have been deducted.
🧮 How is it calculated?
🏛️ Why is it important?
Net income is the most comprehensive measure of a company’s profitability – showing how much actual profit remains after all business and financing costs.
🧮 Calculation
🎯 What does this mean for investors?
- Growing net income indicates that the company is managing all of its costs efficiently.
- It directly influences valuation metrics like P/E ratio and the company’s dividend capacity.
- Over time, net income trends reveal how resilient and profitable the business model really is.
📘 Free Cash Flow (FCF) | ex SBC
📈 What is it?
Free cash flow shows how much cash remains after a company has covered its operating and capital expenditures. FCF ex SBC additionally deducts stock-based compensation (SBC) to adjust the cash flow for the effect of non-cash SBC.
🧮 How is it calculated?
Free Cash Flow ex SBC = Operating Cash Flow − SBC − Capital Expenditures (CAPEX)
🏛️ Why is it important?
FCF reflects a company’s actual financial strength – independent of reported accounting earnings. It shows how much flexibility a company has for dividends, share buybacks, or debt reduction. FCF ex SBC also deducts stock-based compensation and shows how much cash generation remains after SBC.
🧮 Calculation
🎯 What does this mean for investors?
- High free cash flow indicates that a company has strong financial strength – independent of reported earnings.
- It is often a solid basis for sustainable dividends and share buybacks.
- Declining FCF can be a warning sign, even if reported earnings remain stable.
📘 Revenue Growth
📈 What is it?
Revenue growth shows how much a company’s sales have changed compared to the previous year – both on a trailing basis (TTM) and based on forward projections.
🧮 How is it calculated?
Forward = (Expected revenue ÷ Revenue in prior year − 1) × 100
Forward growth is based on analyst estimates for the current fiscal year.
🏛️ Why is it important?
Rising revenue signals growing demand, business expansion, and market share gains – especially important for growth-oriented companies.
🧮 Calculation
🎯 What does this mean for investors?
- Growth is the engine of long-term value creation – especially in tech and growth sectors.
- What matters is not just current growth, but its sustainability.
- Forward projections reflect whether analysts expect continued momentum – or a slowdown.
📘 EBITDA Growth
📈 What is it?
EBITDA growth shows how much a company’s operating profit (before interest, taxes, depreciation, and amortization) has increased or decreased compared to the previous year.
🧮 How is it calculated?
Forward = (Expected EBITDA ÷ EBITDA from prior year − 1) × 100
The forward estimate is based on analyst projections for the current fiscal year.
🏛️ Why is it important?
Growing EBITDA indicates improving operational profitability – regardless of financing or accounting effects.
🧮 Calculation
🎯 What does this mean for investors?
- Strong EBITDA growth signals operational efficiency and scalability – especially during growth phases.
- EBITDA growth can be an early indicator of margin and earnings expansion – but should be assessed alongside revenue and EBIT.
📘 EBIT Growth
📈 What is it?
EBIT growth shows how much a company’s operating profit (after depreciation, but before interest and taxes) has increased compared to the previous year.
🧮 How is it calculated?
Forward = (Expected EBIT ÷ EBIT from prior year − 1) × 100
The forward estimate is based on analyst projections for the current fiscal year.
🏛️ Why is it important?
EBIT growth is a direct indicator of a company’s business performance – taking into account capital intensity through depreciation.
🧮 Calculation
🎯 What does this mean for investors?
- Rising EBIT signals improving operating profitability – even after accounting for depreciation.
- It’s especially important for evaluating companies with significant capital expenditures.
- Combined with revenue and EBITDA growth, EBIT growth provides a well-rounded view of operational progress.
📘 Net Income Growth
📈 What is it?
Net income growth shows how much a company’s bottom-line profit has increased or decreased compared to the previous year – both on a trailing basis (TTM) and based on analyst projections.
🧮 How is it calculated?
Forward = (Expected net income ÷ Net income from prior year − 1) × 100
The forward estimate reflects analysts’ expectations for the current fiscal year.
🏛️ Why is it important?
Net income is the ultimate measure of profitability. Growing net income signals stronger efficiency, cost control, and sustainable earnings power.
🧮 Calculation
🎯 What does this mean for investors?
- Stronger net income boosts valuation, dividend potential, and investor confidence.
- If profits stall while revenue grows, it may signal margin pressure.
📘 Free Cash Flow Growth
📈 What is it?
Free cash flow (FCF) growth shows how a company’s available cash – after covering operating expenses and capital expenditures – has changed compared to the previous year.
🧮 How is it calculated?
🏛️ Why is it important?
Free cash flow reflects real financial strength. Growing FCF indicates more flexibility for dividends, share buybacks, and reinvestment.
🧮 Calculation
🎯 What does this mean for investors?
- Declining FCF may point to rising investments, increasing costs, or weaker operating performance.
- Especially for dividend investors, FCF growth is critical – since dividends are paid from actual available cash.
- A negative trend isn't always bad, but it deserves closer attention.
📘 Gross Margin
📈 What is it?
Gross margin shows how much of a company’s revenue remains after deducting the direct costs of goods sold (like materials and production). It represents the company’s “raw profit” before fixed costs, taxes, and interest.
🧮 How is it calculated?
Or simply: Gross Margin = Gross Profit ÷ Revenue × 100
🏛️ Why is it important?
Gross margin indicates how efficiently a company can produce or procure what it sells. It is a key measure of product-level profitability and pricing power.
🧮 Calculation
🎯 What does this mean for investors?
- A high gross margin suggests strong pricing power and efficient production.
- Falling margins may signal rising input costs or competitive pressure.
- Compared to peers, gross margin offers insights into the quality of a business model.
📘 EBITDA Margin
📈 What is it?
The EBITDA margin shows how much of a company’s revenue remains as operating profit before interest, taxes, depreciation, and amortization.It reflects operating efficiency without being distorted by financing or accounting factors.
🧮 How is it calculated?
🏛️ Why is it important?
The EBITDA margin reveals how much operating income a company generates per dollar of revenue – independent of capital structure and tax effects.
🧮 Calculation
🎯 What does this mean for investors?
- A high EBITDA margin reflects strong core profitability – before accounting distortions.
- It allows for effective comparisons across companies and sectors.
- A stable or growing margin signals efficient cost control and business scalability.
📘 EBIT Margin
📈 What is it?
The EBIT margin shows what percentage of revenue remains as operating profit after depreciation but before interest and taxes.
🧮 How is it calculated?
🏛️ Why is it important?
The EBIT margin reflects a company’s core profitability while accounting for capital intensity (e.g. machinery, infrastructure). It’s especially useful for comparing businesses with different levels of depreciation.
🧮 Calculation
🎯 What does this mean for investors?
- A high EBIT margin shows that the company remains efficient even after factoring in depreciation.
- It’s especially relevant for capital-intensive industries.
- Stable or rising EBIT margins over time are a strong indicator of pricing power and business quality.
📘 Net Margin
📈 What is it?
Net margin shows how much of a company’s revenue remains as bottom-line profit after deducting all costs, interest, taxes, and depreciation.
🧮 How is it calculated?
🏛️ Why is it important?
Net margin reflects a company’s overall efficiency – across operations, financing, and taxation. It shows how much actual profit is generated from each dollar of revenue.
🧮 Calculation
🎯 What does this mean for investors?
- A high net margin means the company is not only strong operationally but also manages financing and taxes efficiently.
- Peer comparisons reveal business quality and competitiveness.
- Declining margins despite revenue growth can be a red flag for rising costs or inefficiencies.
📘 Free Cash Flow Margin | ex SBC
📈 What is it?
The Free Cash Flow Margin shows how much free cash flow a company generates relative to its revenue. In simplified terms, free cash flow is calculated as operating cash flow minus capital expenditures. The Free Cash Flow Margin ex SBC additionally accounts for stock-based compensation (SBC). While SBC does not represent a direct cash outflow, issuing shares as compensation can dilute existing shareholders. Therefore, SBC is deducted from free cash flow in this adjusted metric.
🧮 How is it calculated?
Free Cash Flow Margin ex SBC = (Free Cash Flow − SBC) ÷ Revenue × 100
🏛️ Why is it important?
The Free Cash Flow Margin shows how efficiently a company converts its revenue into free cash flow. Strong free cash flow can provide financial flexibility for dividends, share buybacks, debt repayment, or further investments. The ex SBC version additionally accounts for the economic impact of stock-based compensation and therefore provides a more conservative view of cash generation from a shareholder perspective.
🧮 Calculation
🎯 What does this mean for investors?
- A high Free Cash Flow Margin shows that a company converts a high proportion of its revenue into free cash flow.
- This can provide greater financial flexibility for dividends, share buybacks, debt repayment, or investments.
- The Free Cash Flow Margin ex SBC additionally accounts for potential shareholder dilution from stock-based compensation.
- The long-term trend is particularly important. Declining margins can, for example, result from higher investments, changes in working capital, or weaker operating performance.
📘 Equity Ratio
📈 What is it?
The equity ratio indicates what portion of a company’s total assets is financed by shareholders’ equity – in other words, how much it relies on its own capital.
🧮 How is it calculated?
🏛️ Why is it important?
A high equity ratio reflects financial strength and stability, especially during downturns. It’s a key indicator of a company’s solvency and long-term risk profile.
🧮 Calculation
🎯 What does this mean for investors?
- Companies with high equity ratios are generally more resilient and less dependent on external debt.
- Low equity ratios can signal higher risk or aggressive financial strategies.
- Important: Always assess the equity ratio in combination with the return on equity (ROE). This shows not just how stable the company is – but also how efficiently it uses shareholder capital.
📘 Return on Equity (ROE)
📈 What is it?
Return on equity (ROE) shows how efficiently a company uses its shareholders’ equity to generate profit. In other words: how much net income is earned per dollar of equity.
🧮 How is it calculated?
🏛️ Why is it important?
ROE is a core profitability metric. It helps investors understand whether a company delivers attractive returns on the capital provided by its shareholders.
🧮 Calculation
🎯 What does this mean for investors?
- A high ROE indicates that the company is using its capital efficiently and profitably.
- It’s especially meaningful for capital-intensive businesses or firms with high equity bases.
- Important: A very high ROE can also result from high debt levels – always interpret it alongside the equity ratio to assess financial health.
📘 Return on Capital Employed (ROCE)
📈 What is it?
ROCE measures how efficiently a company generates profits from its total capital – including both equity and interest-bearing debt.
🧮 How is it calculated?
It evaluates the return on all capital employed, regardless of how it’s financed.
🏛️ Why is it important?
ROCE is ideal for comparing companies with different financing structures. It shows how well management uses capital to create value for both shareholders and creditors.
🎯 What does this mean for investors?
- A high ROCE means the company uses its capital efficiently – regardless of whether it's funded by debt or equity.
- The higher the ROCE compared to peers, the more value the company creates with its invested capital.
- Especially relevant for capital-intensive sectors like industrials, energy, or infrastructure.
📘 Return on Invested Capital (ROIC)
📈 What is it?
ROIC measures how efficiently a company generates returns from the capital invested in its core operations – regardless of whether the capital comes from equity or debt.
🧮 How is it calculated?
- NOPAT = Net Operating Profit After Taxes
- Invested Capital = Operating assets minus non-interest-bearing liabilities
🏛️ Why is it important?
ROIC is one of the most accurate indicators of capital efficiency. Unlike return on equity, it is not distorted by leverage and shows how much value is created for all capital providers.
🧮 Calculation
🎯 What does this mean for investors?
- A high ROIC shows how effectively a company uses the capital that is truly invested in its core operations.
- Unlike ROCE, ROIC focuses only on the capital that is actively used to run the business – and that requires a return (i.e. interest-bearing).
- Especially useful when comparing companies with large amounts of excess cash or non-interest-bearing liabilities – giving a more realistic picture of capital efficiency.
📘 Leverage Ratio (Debt-to-Equity)
📈 What is it?
The leverage ratio indicates how much a company relies on interest-bearing debt (such as loans and bonds) relative to its shareholders’ equity.
🧮 How is it calculated?
🏛️ Why is it important?
This ratio helps assess a company’s financial structure and risk profile. High leverage can enhance returns – but also increases exposure to interest rate changes and financial stress.
🎯 What does this mean for investors?
- A low leverage ratio signals financial strength and independence.
- A higher ratio can improve returns in good times but increases risk during downturns or rising interest rate periods.
- 👉 Always interpret in the context of industry, capital intensity, and interest rate environment.
📘 Earnings per share (EPS)
📈 What is it?
Earnings per Share (EPS) shows how much profit is attributable to a single share – and is one of the most important metrics for evaluating a company's performance.
🧮 How is it calculated?
The diluted share count reflects potential new shares that could be issued through options, convertible bonds, or other rights.
🏛️ Why is it important?
EPS is the basis for many key valuation metrics like P/E ratio, PEG ratio, or payout ratio. It enables comparisons of profitability across companies, regardless of their size.
🧮 Calculation
🎯 What does this mean for investors?
- EPS captures per-share profitability and is especially useful for comparisons over time or with analyst estimates.
- Rising EPS may signal consistent growth or share buybacks.
- Important: Always use diluted EPS for more realistic valuations – especially in companies with stock-based compensation.
📘 Free cash flow per share (FCF per share)
📈 What is it?
Free Cash Flow per Share shows how much free cash flow a company generates per outstanding share – after investments, but before dividends or debt repayments.
🧮 How is it calculated?
Free cash flow is calculated as operating cash flow minus capital expenditures (CapEx).
🏛️ Why is it important?
FCF per Share reveals how much real cash is available per share – useful for dividends, buybacks, or reducing debt. Unlike net income, free cash flow is harder to manipulate and often seen as a more reliable metric.
🧮 Calculation
🎯 What does this mean for investors?
- High FCF per share signals strong financial flexibility.
- It shows how much capital the company can effectively reinvest or return to shareholders.
- Particularly relevant for dividend payers and capital-efficient businesses.
📘 Short interest
📈 What is it?
Short interest indicates how many shares of a company are currently sold short – that is, borrowed and sold by investors who expect the price to decline.
🧮 How is it calculated?
It reflects the percentage of a company’s shares that are being shorted relative to the total shares available.
🏛️ Why is it important?
Short interest serves as a sentiment indicator: A high value may signal skepticism or bearish expectations – but also increases the potential for a short squeeze if prices rise unexpectedly.
🎯 What does this mean for investors?
- Low short interest usually indicates market confidence in the company.
- High short interest can be a warning sign – or an opportunity if sentiment shifts.
- Especially relevant in volatile markets or ahead of key earnings releases.
📘 Employees
📈 What is it?
The employee count shows how many people a company employs worldwide – offering insights into its size, structure, and business model.
🧮 How is it calculated?
🏛️ Why is it important?
It helps assess operational scale, labor intensity, and cost structure. Combined with revenue and profit, it enables key metrics like revenue per employee or productivity.
🧮 Calculation
🎯 What does this mean for investors?
- A high headcount can signal operational complexity – but also significant growth capacity.
- Revenue per employee is a key indicator of efficiency.
- Especially useful for comparing tech, industrial, or service-heavy companies.
📘 Revenue per employee
📈 What is it?
Revenue per employee indicates how much revenue a company generates on average per employee – a key measure of efficiency and productivity.
🧮 How is it calculated?
The employee count is typically taken from the most recent annual report.
🏛️ Why is it important?
This metric helps compare business models – especially between labor-intensive and technology-driven companies. A high value suggests automation, operational efficiency, or strong value creation per head.
🧮 Calculation
🎯 What does this mean for investors?
- A high revenue per employee indicates a scalable and margin-strong business model.
- A low figure may reflect labor-intensive operations or lower value-add.
- Especially helpful when comparing tech companies to industrial or service sectors.
Betsson Stock Analysis
Analyst Opinions
8 Analysts have issued a Betsson forecast:
Analyst Opinions
8 Analysts have issued a Betsson forecast:
Betsson Events
Past Events
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OCT
22
Q3 2026 Earnings Call
6 days ago
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JUL
17
Q2 2026 Earnings Call
3 months ago
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APR
24
Q1 2026 Earnings Call
6 months ago
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FEB
5
Q4 2025 Earnings Call
9 months ago
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OCT
24
Q3 2025 Earnings Call
about one year ago
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StocksGuide Free
Betsson — Q3 2026 Earnings Call
1. Management Discussion
Welcome to Betsson Q3 Report 2026. [Operator Instructions]
Now I will hand the conference over to CEO, Pontus Lindwall; and CFO, Martin Ohman. Please go ahead.
Thank you very much. Good morning, and welcome to Betsson's presentation of the third quarter 2026. I'm Pontus Lindwall, President and CEO of Betsson. And with me today is also our CFO, Martin Ohman.
The high level of customer activity continued during the third quarter, supported by the FIFA World Cup and the start of the major European football leagues. Customer deposits and total gaming turnover increased and the number of active customers rose by 40% to a new record. Group revenue also reached a new all-time high for a single quarter, up 10% year-over-year. This is particularly positive given that the Sportsbook margin was considerably lower than in the second quarter due to player-friendly results in the European football leagues and cups.
Growth during the quarter was instead driven by the casino product with casino revenue also at new record level. This performance demonstrates the strength of our diversified business model with a broad geographical presence, several strong brands and competitive offerings in both sports betting and casino that complement each other.
The strongest growth once again came from Latin America, where we grew by more than 50% to new record levels, largely due to the successful execution of marketing activities in connection with the FIFA World Cup. Our long-term investments in products, brands and locally adapted marketing continue to strengthen our positions in the region. At the beginning of August, the acquisition of Rhino Entertainment Group was completed. Rhino was subsequently consolidated into the group and made a positive contribution to revenue and earnings during the quarter. The acquisition strengthens our geographical and commercial diversification and provides additional opportunities to generate profitable growth over time.
Operating income or EBIT amounted to EUR 46 million, an increase compared with the previous quarter, marking the second quarter in a row with sequential growth in EBIT. The EBIT margin also improved quarter-on-quarter despite a considerably lower sportsbook margin than in the second quarter.
At the end of the quarter, our flagship brand, Betsson, was launched in Belgium through a rebranding from betFIRST. The rebranding strengthens Betsson as one of the industry-leading global brands and reflects our ambition to drive greater consistency and scalability across the business. During the quarter, new match kits were revealed for our 2 main jersey sponsorship partners in Europe, Inter and Club Brugge. Last week, these 2 clubs met in the thrilling Betsson Derby in Champions League with plenty of goals scored and Club Brugge walking away with 3 points.
In general, the third quarter was full of exciting news on the sponsorship front. In September, the group round was played in Davis Cup with Betsson as one of the sponsors. The Davis Cup finals will take place in Italy in November. And some other news worth mentioning, Inter's women qualified for the Women Champions League for the first time ever. There was also another Betsson Derby in Argentina as Racing Club and Boca Juniors went head-to-head in Argentine Cup, both featuring Betsson at the front of their match jerseys.
During the third quarter, the online slot game Gates of Inter was released. This is a casino game developed exclusively for Betsson based on the sponsorship with Inter. Bespoke content is a way to strengthen differentiation and to capitalize on our sponsorship assets. We have previously released exclusive online slot games based on our sponsorships with Boca Juniors and Athletic Nacional.
Betsson's gaming sites are largely operated on a proprietary platform that makes up the core of the offering and user experience. Our platform manages payments, customer information and account management as well as the games we offer. During the quarter, several new onboarding and payment solutions were integrated across some of our most important markets. For the sportsbook, several new functions were introduced, such as new betting opportunities during extra time in football matches as well as team and player pages for the main matches in Europe.
During the quarter, almost 500 new casino games were released, 40 of which came with some kind of exclusivity. We also integrated and launched new slot game suppliers in several markets. Another project was the migration of betFIRST in Belgium to our own platform. As mentioned before, the offering in Belgium was consequently relaunched under the Betsson brand in the quarter.
And now a brief update on our sportsbook. Just like most major international operators, we have invested and developed our own proprietary sportsbook over many years. This has been the right strategic decision, and it has paid off. Today, sportsbook revenue accounts for about 25% to 30% of group revenue, which provides revenue diversification. In recent years, our sportsbook has been further developed, utilizing the very latest frameworks and versions of the technologies used to develop and operate this product in the cloud environment.
So far in 2026, we have offered bets across more than 50 sports and categories. Football is by far the largest sport in our sportsbook, and this is where we have the broadest and deepest offering. Consistent benchmarking against industry peers shows that we are among the absolute market leaders in the number of betting markets offered, unique bet types, features and bet builder functionality. The World Cup was a great success for us. We served more than 800,000 customers, and we took more than 20 million bets during the tournament. Further, the uptime in our sportsbook was 100.0% during the World Cup. That means full uptime.
In September, we launched Betsson Foundation, a registered public benefit foundation that brings together and supports the group charitable community and sports-related initiatives under one organization. This is primarily a continuation of what we have already been doing. For many years, Betsson Group has contributed to a wide range of organizations and local communities across its markets and office locations from employee-led fundraising and graduates projects to community and CSR initiatives developed through our partnerships with leading football clubs and athletes.
The launch of the Betsson Foundation marks the next step in Betsson's long-standing commitment to create positive impact. The foundation will serve as the central organization for coordinating and scaling Betsson Group's social impact activities, working closely with employees, partners and local organization across Betsson's markets.
And now I'll hand over to Martin for a closer look at the financials.
Thanks, Pontus, and hello, everyone. The third quarter was a solid quarter with all-time high revenue and increased operating income compared to the previous quarter. The acquisition of Rhino Entertainment was finalized in the quarter and consolidated as from August and contributes with 2 months results to the quarterly figures. Many KPIs are trending the right way with a lot of all-time highs following increased activity subsequent to the FIFA World Cup this summer.
I will start this section of the presentation by focusing on some KPIs and after that, go into more details of the reported financial numbers. Customer deposits in all gaming solutions, including both B2B and B2C, are up 6% compared to the same period last year. And number of active customers in the -- is the highest number ever with an increase of 40% compared to last year and now sums up to close to 1.9 million customers in the quarter.
The gross turnover in sportsbook across all Betsson gaming solutions, including both B2B and B2C customers, was up by 8% compared to the same period last year and amounted to close to EUR 1.4 billion. Sportsbook margin was 8.1%, which is lower than the 8.8% margin in the third quarter last year and also lower than the 2-year rolling average margin of 9%. Sportsbook revenue increased by 1% compared to last year and amounted to EUR 72 million.
The casino turnover increased by 7% year-on-year and casino revenue increased by 14%, a new all-time high. The difference in growth numbers between turnover and revenue is explained by a shift in mix between B2B and B2C. Casino revenue represented 77% of the group's total revenue in the quarter and sportsbook jumped 22%.
Reported revenue for the quarter amounted to EUR 327 million, an increase of 10% and the highest revenue ever for a single quarter. The acquisition of Rhino Entertainment was consolidated as of August. Adjusted for the acquisition and FX impact, the organic growth year-on-year was 6%. Revenue from the B2C business has grown by 28% or EUR 61 million year-on-year, whilst the B2B business showed declining revenue year-on-year by 39% or by EUR 30 million, explained by decreased revenue from one of the group's B2B customers. B2B revenue is also slightly down quarter-on-quarter, mainly explained by a lower sportsbook margin in the third quarter compared to the second quarter this year. Revenue from the B2B business corresponds to 14% of the total revenue and B2C revenue to 86%. Revenue from locally regulated markets increased by 35% compared to last year and now constitutes 78% of total revenue compared to 64% last year.
Splitting revenue by region, we see growth compared to previous year in all regions apart from the Nordics and the Central and Eastern Europe and Central Asia region, the CEECA region, which both are down compared to last year. In the Nordic region, revenue decreased by 10% compared to the corresponding period last year. The decline is driven by decreased revenue across both sportsbook and the casino product and in both Sweden and Denmark. However, the revenue from the region increased quarter-on-quarter, and the third quarter shows the highest revenue levels so far this year, driven by the casino product. The Nordic region represented 10% of the group's total revenue in the third quarter.
Revenue from Western Europe increased by 14% year-on-year or by EUR 8 million and reported the highest revenue ever for the region in a single quarter. The Italian market reported all-time high revenue, and also reaching new record levels in both deposits and turnover. The growth compared to corresponding period last year is mainly driven by the casino product. France reported increased revenue compared to the corresponding period last year, but declined compared to the previous quarter due to lower sportsbook margin. Revenue from Belgium decreased compared to the corresponding period last year and compared to previous quarter, explained by a lower sportsbook margin and lower activity in the casino products. The Western Europe region represented 20% of the total revenue in the quarter.
Revenue from the CEECA region decreased by 17% or by EUR 20 million. Revenue was negatively impacted in the quarter by lower license revenue for system delivery to B2B customers in the region, explained by a lower activity in both sportsbook and the casino products. However, the B2C segment in the region contributed -- sorry, continued to perform well, where Croatia, Georgia, Poland, Latvia, Lithuania and Estonia all reported increased revenue compared with the corresponding period last year, driven by the casino product. The CEECA region represented 30% of the group's total revenue.
Revenue in the Latin America region increased by EUR 40 million or by 52% compared to the same period last year, which was the highest revenue ever for the region, driven by strong underlying activity in both the sportsbook and in the casino product with new record levels across sportsbook revenue, casino revenue, casino turnover and deposits. Argentina, Peru and Colombia all reported strong revenue growth in the third quarter, driven by solid performance across both the casino product and the sportsbook product. The Latin America region represented 36% of the group's total revenue and kept its position as the group's largest region.
The region Rest of the World increased by 106% in the third quarter following the acquisition of Rhino Entertainment in August with Canada being the main driver of the region's growth in the quarter. The region now represents 4% of total revenue.
This waterfall graph breaks down the different components in the profit and loss statement to display the development in operating income. Revenue is up year-on-year, but not as much as cost of sales, which has increased by EUR 39 million compared to last year. The increase is, to a large extent, explained by change in revenue mix between B2C and B2B in the quarter, where we, in this quarter, see yet a step down in the B2B revenue as a percentage of total revenue. Another impacting factor is increased revenue from locally regulated markets and following that increased gaming taxes by some EUR 28 million.
Increased cost of services provided is, apart from gaming taxes, also explained by higher payment provider fees following increased B2C revenue. Year-on-year, gross profit decreased by EUR 9 million and amounted to EUR 181 million, which corresponds to a gross profit margin of 56% compared to 64% last year. Marketing spend increased by EUR 7 million compared to last year and corresponds to 15% of total B2C revenue and to some 20% when including affiliate marketing costs as well. The increased marketing expenses are driven, as Pontus mentioned, by increased marketing activities in the Latin America region.
Personnel expenses is more or less flat compared to last year, although increased number of employees and maintained focus on investments in product and platform development. Depreciation and amortization costs increased by some EUR 1.5 million year-on-year as a result of increased capitalized development costs and increased amortization costs following acquisitions and rebranding of some local brands to Betsson.
Other items are slightly up year-on-year, where other external expenses increased due to increased costs for cloud technologies and software licenses. The increase is counteracted by increased capitalized development costs following more initiatives in product and technology development. Operating income amounts to EUR 46 million, a decrease of 31% compared to last year, but an increase of 9% compared to previous quarter. The EBIT margin was 14.1% compared to 13.6% last quarter and 22.6% last year.
Operating cash flow amounts to EUR 55 million compared to EUR 65 million in the same period last year. The deviation year-on-year is mainly explained by a lower operating income this year, which is somewhat counteracted by positive impact from changes in working capital in this quarter. Cash flow from investing activities sums up to EUR 75 million, where some EUR 59 million relates to the acquisition of Rhino Entertainment and remaining EUR 16 million to investments in own product and technology development.
Cash flow from financing activities impacted the cash flow by EUR 4 million, explained by dividend paid to noncontrolling interest and lease payments. Betsson has, as end of September, a net cash position of EUR 98 million and an equity ratio of 61%.
And now Pontus, back to you to take us through the remaining part of the presentation.
Thank you, Martin. Now let's look at how the fourth quarter has started, which I think has started quite strong actually. The average daily revenue in the fourth quarter so far, including the 18th of October, has been 11% higher than the average daily revenue of the whole fourth quarter of the last year. During the start of the fourth quarter of 2026, the sportsbook margin has been significantly lower than the average for the last 8 quarters.
Now let's quickly sum up the highlights of the third quarter 2026. We set new records in group revenue, casino revenue and active customers in the quarter. B2C continued to be the growth engine with all-time high revenue. The strong growth continued in Latin America with revenue up more than 50% year-over-year. Our investments in products, brands and marketing continue to strengthen our position in the region. EBIT and the EBIT margin improved quarter-on-quarter versus the second quarter. However, EBIT was negatively impacted compared to last year due to the revenue mix, higher gaming taxes and the lower sportsbook margin, which all led to a lower gross margin and drop-through to EBIT.
The acquisition of Rhino Entertainment Group was completed in August and contributed to revenue and earnings for the quarter. We've seen a positive strong start to the fourth quarter with average daily revenue up 11% versus Q4 last year, despite a significantly lower sportsbook margin than the historical average, indicating continued high customer activity.
Thanks, everyone, for listening to the presentation. Let's move over to Q&A.
[Operator Instructions] The next question comes from Nikola Kalanoski from ABG Sundal Collier.
2. Question Answer
Just a few questions from my end. So firstly, I'm a bit curious on the acquisition of Rhino. Could you perhaps help us understand how we should think about Rhino's geographical exposure today and maybe in the future? And is this acquisition also a way for you to diversify your B2B exposure geographically too? Or am I thinking about this in the wrong way?
Yes. As presented for the acquisition, we acquired mainly a Canadian B2C business from Rhino, but also several B2B assets such as technology, which will be utilized over a variety of markets by B2B customers to us. So in that way, it contributes to increased diversity.
Yes. Fair enough. And just maybe related on Rhino. Was there any acquisition-related cost in the P&L in this particular quarter just to get a sense of whether your P&L was impacted by the acquisition just in terms of costs, like one-off costs?
Yes. I'm going to leave that to Martin.
Yes, there is some cost for that, but it's not material and it's nothing that sticks out. So we haven't kind of mentioned that as a separate number.
Yes. That's fair. And just my final one. So the performance in LatAm was -- at the least, if we look at some news, however, related to the region, it seems like Chile has become a bit challenging. Have you been negatively impacted here? And if so, what alternatives are you considering for this particular country, if you can comment that?
I mean there are always things happening in certain markets. And for all of you that follow the gaming industry, there has been changes and happenings in many countries in Latin America, but we have seen no certain happenings for the market that you mentioned that has any impact of material for us.
The next question comes from Martin Arnell from DNB Carnegie.
Could you -- could we start just elaborating a little bit on the gross margin? Because despite you have revenues up, I mean, the gross margin is a little bit disappointing. Can you just go through the positives and negatives here in a little bit of an outlook perspective?
I mean we normally don't give any outlook, but we can comment a little bit more and give some more details on what we see in this quarter. I mean, we have seen for quite some time now that we are growing our locally regulated revenue, which come with increased gaming taxes. We have also seen a shift towards more B2C revenues rather than B2B revenues. So there is a mix effect in there. And B2C revenues also come with payment provider costs.
So what we have seen over quite some time now is a kind of negative shift in the gross margin. Whether that kind of -- whether that will continue, depends to see in the future. But as of right now, this is kind of a mirror of the revenue mix that we have.
And on that topic, what are you doing in order for this not to continue? What actions can you take? You talk a lot about product improvements. How are you implementing that in your B2B? And sort of what hopes do you have that you will actually start to see growth soon in the B2B business?
Yes. We have communicated that our B2B business has stabilized, and we are very grateful for that. And of course, we are working hard now to make the B2B business grow even further because, as you said, it has a good impact for the profitability of the company. But I also think that what we have seen over the past years where we have increased the amount of regulated B2C revenues is all expected. We know that these revenues are -- come with a different cost structure, and we pay a lot of tax. We have all-time high in gaming taxes this quarter amongst many other all-times high.
So this is no news to us. But we believe that we will be able to grow the B2B business as well going forward, which should have a positive impact on the gross margin.
On B2B and potential for growth, do you think -- if you're able to grow it, do you think it's sort of mainly driven by new or existing B2B business?
The actual portfolio is quite diversified, and it would be tough to say that we don't expect any growth from our existing customers. We expect them to grow going forward, but we also expect to add on new B2B clients that can add to the growth.
And the drivers of the growth, just so I understand, it's both product and market, the normal structural drivers? Or is there anything else?
No. Of course, our B2B clients, they will grow with the underlying growth of all the markets where they operate, and we will continue to serve them with good products, which will help them to be in good positions on the market where they operate. So it's a combination of everything that we do and also adding on hopefully new B2B clients on top of that.
Okay. And just on your casino revenue, which grew an impressive 14% in this quarter. Can you give some more color on why that number was so strong, so we can understand it?
Yes. As we mentioned in the presentation, it has been a lot of product development as always, and that's not but that's not something that really stands out for the quarter. But of course, you can see in the activity figures from the quarter that we have a very high customer activity. And it also comes natural when the sportsbook margin becomes a little bit weaker, some money from some customers tend to find their ways into the casino. So it's a combination of that.
But in a business like ours, it's very important for us to have a broad customer base and a lot of users. And as you can see on the numbers for this quarter, it was all-time high with close to 1.9 million active customers. So that, of course, helps a lot in the casino.
Okay. Just a final question for me. Do you expect to keep those new actives that you've taken in to capitalize on them in the coming quarters with lessons learned from other major events in the past? And then secondly, if you could mention something about Brazil, your strategy there and what you think about it going forward?
Yes. We usually see after a big tournament like the World Cup when we have a nice intake of customers, we see that we reach a new platform with the amount of active customers. Then again, not all customers that came in will continue to be customers forever. We have, as most companies and most industry, a level of churn, but it's up to us to make as good as we can out of the customers that we have brought in now. So we expect to see continued high activity and high customer levels even going forward.
On the Brazil side, we have stated many times that since regulation of the Brazil market started, we have been in the market, but we have also seen that it has looked a bit unstable. It has been very high competition on the marketing side. So I think we used the expression that we are on the grand stand a bit and we watch it from the sideline. Of course, we have invested small amounts of money to be in the market. But compared to some other operators, it's not even comparable what we have done. So I think we are in a good position where we didn't take a hit from what has happened in the Brazil market, which was a ban of Internet gaming more or less for you who don't know about that.
So looking in the rear mirror, this is not something that we regret that we have been careful in the market. It's actually the other way around. It puts us in a good position for whatever is going to happen in that market going forward. And our belief is that the market will not be closed forever as it is as of now because there are no good proof in the market that, that is a great way forward. So we think that the market will open up in one way or the other.
Martin, do you want to add something on that?
Martin, just no, not on the Brazil, but circling back a bit to your previous question, Martin, regarding the gross profit. I mean, the items in the gross profit are rather fixed for us. Some of them are things that we cannot impact such as gaming taxes, et cetera. But what we can do in order to kind of leverage our operational model is kind of increase the B2C revenue, which we have seen in the past quarters. And that will then trickle down on the kind of scalability of other operational costs.
There are no more phone questions at this time. So I hand the conference back to the speakers for any written questions or closing comments.
We don't have any written questions coming in here. Yes, they have been answered already in the Q&A session as far as we can see. So if there are no more questions, then thank you for listening in, and see you next time. Bye-bye.
Betsson — Q2 2026 Earnings Call
1. Management Discussion
Welcome to Betsson's Q2 Report 2026. [Operator Instructions] Now I will hand the conference over to CEO, Pontus Lindwall; and CFO, Martin Ohman. Please go ahead.
Hi, everyone, and welcome to Betsson's presentation of the second quarter 2026. I'm Pontus Lindwall, the President and CEO of Betsson. Presenting with me today is also our CFO, Martin Ohman. The second quarter featured high customer activity, boosted by the FIFA World Cup that kicked off on the 11th of June. Active customers in B2C were up 32% year-over-year at a new all-time high level. Group revenue amounted to EUR 310 million, which was also a new record. Customer deposits, including both B2C and B2B on a gross basis were down 7% year-over-year. As in previous quarters, the strongest growth came from Latin America, which grew by 32% to new record levels and is now our largest region. The increase was broad-based and boosted by the FIFA World Cup, which contributed to high activity among both new and existing customers.
Peru and Argentina were the region's strongest performers, thanks to continuous product investments, strong brands and well-targeted marketing activities linked to the World Cup. Revenue for the B2C operations increased by 14% year-on-year and also reached a new record level. B2B revenue, on the other hand, remained at a lower level than in the corresponding quarter last year. The trend has stabilized, but at a lower level than during the comparative period. Our strategy is based on a balanced mix of B2C and B2B initiatives, and we are working hard to return to growth in B2B with both existing and new customers. EBIT was EUR 42 million in the quarter, down versus last year, but significantly up from the previous quarter. The EBIT margin was 13.6%, lower than in Q2 last year, but up from the previous quarter. Casino revenue increased by 2%, while sportsbook revenue was up 1% year-over-year. The sportsbook margin was 10.5%, up from 9.5% in Q2 last year.
Our balance sheet remains strong. We ended the quarter with a net cash position of EUR 128 million. Our main marketing activities in the quarter were focused on the FIFA World Cup that kicked off in June. This is the largest event in football worldwide. Ahead of the event, we launched a new global ad campaign called the Betsson Football Festival, which is a concept built around the passion and energy of football fans worldwide. The campaign consists of a global TV commercial with a newly created Anthem specifically for Betsson, a song that is now available on Spotify. We also launched Pride of the Nation, which is an in-depth football talk show, featuring players from 4 of Betsson's sponsored top clubs Inter, Club Brugge, Atl tico Nacional and Racing Club. In addition, we launched a World Cup podcast for the Latin American region with experts, hosts and guests.
Betsson's engagement in Padel continued in the second quarter with 2 main sponsorships. We were the official sponsor of the Buenos Aires Premier Padel P1 in Argentina as well as an official partner of the BNL Italy Major Premier Padel in Rome. In the second quarter, we continued to advance our positions in Italy, gaining market shares in both casino and sports betting, supported by our sponsorship with Inter. Inter had an amazing season and won the Italian double, which means winning both the league and the cup in Italy.
Betsson's gaming sites are largely operated on a proprietary platform. The platform manages payments, customer information, account management as well as the games. Within Betsson, artificial intelligence, AI has been an important factor supporting, for example, customer services and various predictive tools. Lately, AI is being used to drive efficiency across all operations in the group, including marketing and product and technology development. Development work during the quarter was focused on preparations ahead of the FIFA World Cup.
For example, capacity within the platform and the sportsbook was expanded and stress-tested in various ways to be able to handle up to 5x more traffic than usual. For the sportsbook, several improvements to the customer experience were introduced, such as new multiplayer features based on the number of goals scored, Goal Rush as well as the option to let the player coming in from the bench take over a bet placed on the player who was substituted, thereby keeping the bet alive even after the substitution, Super Sub. 376 new casino games were launched during the quarter, of which 32 were exclusive to Betsson. Further, several new payment solutions were integrated across some of the group's most important markets.
And now I'll hand over to Martin for a closer look at the financials.
Thanks, Pontus, and hello, everyone. As we heard Pontus mentioning, the second quarter was a solid quarter with all-time high revenue and increased operating income compared to the previous quarter. Many KPIs are trending in the right way with a lot of all-time highs following increased activity related to the first part of the FIFA World Cup. And with that said, let's kick off this section by starting with some KPIs before we go into the details of the financial numbers.
Customer deposits in all gaming solutions, including both B2B and B2C, are down 7% compared to the same period last year, but number of active customers is the highest number ever and sums up to more than 1.8 million customers in the quarter, an increase of 32% compared to last year. The gross turnover in sportsbook across all Betsson's gaming solutions was down 12% compared to the same period last year, and amounts to approximately EUR 1.3 billion, and this number also includes both B2B and B2C.
Sportsbook margin was 10.5%, which is higher than the 9.5% margin in the second quarter last year and higher than the 2-year rolling average margin of 8.9%. Sportsbook revenue slightly increased by 1% compared to last year and amounted to EUR 91 million, which, together with the revenue in Q4 2024 is the highest sportsbook revenue ever for a single quarter. The casino turnover is down 9% year-on-year, but casino revenue increased by 2.5%. Casino revenue represented 70% of the group's total revenue in the quarter and sportsbook represented 29%. Reported revenue for the quarter amounted to EUR 310 million, an increase of 2% and the highest revenue ever for a single quarter. Organic growth year-on-year was 6%.
Revenue from B2C business has grown by 14% or EUR 33 million year-on-year, whilst the B2B business shows declining revenue year-on-year by 35% or by EUR 27 million, explained by decreased revenue from one of the group's B2B customers. Revenue from the B2B business corresponds to 16% of total revenue and B2C revenue to 84%. Revenue from locally regulated markets increased by 17% compared to last year and now constitutes 76% of total revenue compared to 66% last year.
Splitting revenue by region, we see growth compared to previous year in Western Europe and Latin America, whilst the Nordics and the Central and Eastern Europe and Central Asia region, the CEECA region, both are down compared to last year. In the Nordic region, revenue decreased both compared to the corresponding period last year and the previous quarter. The decline is primarily driven by reduced activity in the casino product. Both Denmark and Sweden reported lower revenue during the quarter, which is the outcome of an active decision to focus marketing activities where we see the best return on investments. The Nordic region represented 9% of the group's total revenue in the second quarter. Revenue from Western Europe increased by 8% year-on-year or by EUR 5 million and reported the highest revenue ever for the region in a single quarter.
The Italian market reported all-time high revenue in the second quarter and also reaching new record levels in both deposits and turnover. The growth compared to corresponding period last year is mainly driven by the casino product. The sportsbook product continued to show strong growth with increased revenue, both year-on-year and compared to the previous quarter, but the sportsbook revenue is still relatively smaller than the casino revenue in Italy. France reported increased revenue, both compared to corresponding period last year and compared to previous quarter. Revenue from Belgium decreased compared to the corresponding period last year, but slightly increased compared to the previous quarter. The decrease is mainly due to lower activity.
The Western Europe region represented 21% of the total revenue in the quarter. Revenue from the CEECA region decreased by 15% or by EUR 18 million. Revenue was negatively impacted in the second quarter by lower license revenue for system deliveries to B2B customers in the region, explained by lower activity in both the sportsbook and the Casino products. However, the B2C segment in the region continued to perform well, where Croatia, Greece, Georgia, Poland, Lithuania and Estonia all reported increased revenue compared with the corresponding period last year. The growth in Croatia and Greece was driven by the casino product, whilst the growth in Poland, Lithuania and Georgia was driven by the sportsbook product. The CEECA region represented 32% of the group's total revenue.
Revenue in the Latin America region increased by EUR 27 million or by 32% compared to the same period last year and was the highest revenue ever for the region, driven by strong underlying activity in both the sportsbook and the Casino with new record levels across sportsbook revenue, casino revenue, deposits and turnover. Argentina, Peru and Colombia also reported all-time high revenue in the second quarter, driven by solid performance across both the casino product and the sportsbook product. The Latin America region represented 36% of the group's total revenue and is now the largest region within the group.
Explaining the development in operating income, this picture breaks down the different components in the profit and loss statement to display the impact of the different line items. Revenue is up year-on-year, but not as much as cost of sales, which has increased by EUR 23 million compared to last year. The increase is, to a large extent, explained by the change in revenue mix between B2B and B2C in the quarter, where we in this quarter see yet a step down in the B2B revenue as a percentage of total revenue and increased revenue from locally regulated markets. And following that increased gaming taxes by some EUR 15 million. The increase in cost of services provided is, apart from gaming taxes, also impacted by higher payment provider fees following increased B2C revenue.
Year-on-year, gross profit decreased by EUR 16 million and amounted to EUR 178 million, which corresponds to a gross profit margin of 57% compared to 64% last year. Marketing spend increased by EUR 4 million compared to last year and corresponds to 16% of total B2C revenue and to some 21% when including affiliate marketing costs as well. Personnel expenses increased by some EUR 3 million compared to last year, explained by increased number of employees, yearly salary revisions and continued investments in product and technology development. Depreciation and amortization costs increased by EUR 1 million year-on-year as a result of increased capitalized development costs. Other items are slightly up year-on-year, where decreased other operating expenses and increased capitalized development costs are counteracting increased other external expenses.
Operating income amounts to EUR 42 million, a decrease of 39% compared to last year, but an increase of 24% compared to previous quarter. The EBIT margin was 13.6% compared to 22.7% last year. Operating cash flow amounts to EUR 60 million compared to EUR 41 million in the same period last year. The deviation year-on-year is mainly explained by changes in working capital, where we this quarter have a positive impact of EUR 21 million, mainly explained by increased short-term liabilities and increased account payables. Cash flow from investing activities sums up to EUR 14 million and relates to investments in own product and technology development.
Cash flow from financing activities impacted the cash flow by EUR 78 million, explained by share buybacks, dividend to shareholders of Betsson AB, dividend paid to noncontrolling interest, lease payments and external loans. Betsson, has as end of June, a net cash position of EUR 128 million and an equity ratio of 61%. And last but not least, Betsson has, in July, signed a long-term multi-currency revolving credit facility of EUR 75 million. The credit facility has a term of 2 years with an option to extend for an additional year. And the purpose of the RCF is to finance working capital requirements and general corporate purposes, including acquisitions.
Pontus, back to you to take us through the trading update.
Thank you very much, Martin. Now let's look at how the third quarter has started. The average daily revenue for the third quarter so far, including the 13th of July, has been 13.7% higher than the average daily revenue of the whole third quarter last year. During the start of Q3 in July, customer activity has been boosted by the FIFA World Cup.
And now a quick summary of the second quarter. In Q2, we saw record levels in group revenue, sportsbook revenue and active customers. We reported continued good growth in Latin America and Western Europe, but CEECA and Nordics declined year-over-year. B2C continued to be the growth engine, but again, there was a decline in B2B compared to last year. The share of revenue from locally regulated markets was at the highest level ever at 76%, driving higher gaming taxes compared to last year. The lower B2B revenue and the higher gaming taxes had a negative impact on profitability in the quarter compared to last year. EBIT and the EBIT margin declined year-over-year, but both increased compared to the previous quarter. We have seen a solid start to the third quarter with average daily revenue up 14% versus the full third quarter last year, boosted by the World Cup.
Thanks, everyone, for listening to the presentation. Let's move on to Q&A. We welcome your questions.
[Operator Instructions] The next question comes from Martin Arnell from DNB Carnegie.
2. Question Answer
I have a question on -- I remember when you reported Q1 numbers, you mentioned that you've seen a stabilization since December in the B2B license revenue. Would you say that, that is still the case where we are today?
Yes, that would be the same answer. We see stabilization there.
Okay. Can you give any color on the recent development in B2B license revenue and how it's done in June, for example, with the World Cup?
Not really, but we can only say that it has stabilized through the quarter compared to the last quarter. And yes.
Okay. And any color on the strong numbers in LatAm? How much of it is a World Cup boost? And how much is sort of your underlying progress there, would you say?
Of course, it's impacted by the FIFA World Cup. But then again, World Cup is only around 20 days of the quarter. So it has an impact, but it's also the underlying growth that we have in the region from the efforts that we made and from the product development that we do. And as we usually say, these big tournaments, they have a bigger impact on customer intake than on the revenues as such.
And on the World Cup, I know it's a hypothetical question, but do you think you would have been up in your trading if it weren't for the World Cup in the period?
That's a tricky one. I don't know if I can answer it.
No. Fair enough. I just wanted to try. But okay. And my final question is on -- when we look at your revenue, if we look at it -- if we try to look at this year-on-year, and I mean, it's obvious that the B2B license decline is impacting your profitability. It's a similar drop of your revenue in B2B license system as it is in your EBIT year-on-year. Have you discussed sort of taking any cost actions or putting a little bit more pressure on sort of cost reductions given where you are today compared to a year ago?
I would say that we are always very cautious about costs, and we have made cost reductions on the first half of this year, but more as a housekeeping thing that we always do. We have -- if you look at the big cost items that we could really impact, there's mainly marketing and staff costs. And we are in a good position. We spend the marketing money in markets where we see good traction. And we have a lot of good product development going on, which supports B2C, but also existing and new coming B2B. So it wouldn't be wise to cut those costs at the time being. And as I said in previous quarter, I'm still very optimistic for our future outlooks, and we need to march on and look forward.
Okay. And I just have one minor question on your sportsbook. Are you happy with the competitive edge of your sportsbook right now? And also, have you considered entering into prediction markets product, which there are signs of a traditional sportsbook like yourself is sort of monitoring and going into that area as well?
Yes. The first part, we're very satisfied with our -- with the performance of the sportsbook and also with the -- from a technical angle, what we can offer and the market depth and the special betting options that we have developed that we raised in this presentation. And also now we only have a few games left in the World Championship and the sportsbook has technically worked very, very well under very high pressure. So that is something that we can really be proud of and that we are happy about on the technical side. We also made a lot of, let's say, UX enhancements before the World Cup with a special World Cup lobby and things like that, made it easy for customers to find things to bet on. And I have received personal feedback from many people saying that this is a very good experience in the sportsbook that we have now. So we're happy about that.
Regarding prediction markets, something that we look into and follow with great interest. However, in most of the markets where we are strong, the prediction market model doesn't really fit in the same fashion as it does in the U.S., where they kind of follow a different gaming -- a different regulation than the gaming regulation. So in our markets, it would -- if it was to be allowed, it would fall under the gaming regulations. And then again, it's not much of the difference from normal sports betting. But it's something that we follow very closely and monitor some part of the user experience that we see there is definitely interesting to look at and monitor.
There are no more phone questions at this time. So I hand the conference back to the speakers for any written questions and closing comments.
Yes, there is a question from the credit analyst, Jonathan Anderson from Arctic Securities.
Pontus and Martin, congratulations on the report and the strong sequential growth. A few questions from my side. Could you provide some color on what the external loan payment in the quarter related -- is related to? First question.
Second question, could you also provide some color on the intended use of the RCF sign after the quarter end?
And third question, do you have any update on the expected timing for the Rhino acquisition?
Okay. Thank you for the questions. The first question regarding the external loan repayment, it's actually not the repayment. It's actually a granted loan to our B2B customers.
Secondly, the RCF, firstly, it is a complement to our existing bond financing. And the purpose of this is for working capital financing and general corporate purposes, including M&A.
Thirdly, expected timing of the Rhino acquisition. That is still the same as we said when we communicated -- when we signed the agreement. The intention is to close -- we said -- I think we said the intention is to close it end Q2 or beginning of Q3. And since we are now in the beginning of Q3, we are close to sign that. So most likely in the coming weeks or so.
I think that was the last question, Roland, no more questions?
No, no more questions.
Okay. Thank you very much for listening in, and see you next time. Bye-bye.
Betsson — Q1 2026 Earnings Call
1. Management Discussion
Welcome to Betsson Q1 Report 2026. [Operator Instructions] Now I will hand the conference over to CEO, Pontus Lindwall; and CFO, Martin Ohman. Please go ahead.
Thank you very much. Hello, everyone, and welcome to Betsson's presentation of the Q1 report for 2026. I'm Pontus Lindwall, President and CEO of Betsson. With me today is also our CFO, Martin Arman.
Hi, everyone.
In Q1, we saw continued good customer activity in our B2C business with active customers up 11% year-over-year at all new time -- all-time high levels. Group revenue amounted to EUR 285 million, and EBIT was EUR 34 million in the quarter. The EBIT margin was 11.9% for the period. Revenue for the B2C operations was increased by 15% year-on-year and reached a new record level. Growth was particularly strong in Latin America, primarily driven by positive performance in Peru. Western Europe also delivered double-digit growth with Italy as the main driver, where we continue to gain market share in both sports betting and casino. Overall, our B2C business continues to grow and contributes significantly to the group's earnings. In parallel, we keep on investing in several B2C markets, where we have not yet reached profitability, which reduces operating income by approximately EUR 10 million to EUR 15 million per quarter. We continue to believe that these markets have the potential to become profitable, while we closely monitor and evaluate their development and future prospects.
Revenue in the B2B operations decreased to EUR 51 million, driven by lower revenue from one customer. However, activity for these customers has stabilized since early December. Over the medium term, we are confident that we can increase our B2B revenue with both existing and new partners. Casino revenue declined by 4%, while Sportsbook revenue was up 1% year-over-year. The Sportsbook margin was 8.4%, slightly higher than in the first quarter last year. Our balance sheet is as strong as ever. We ended the quarter with a net cash position of EUR 165 million. In March, we entered into an agreement to acquire Rhino Entertainment Group's B2C business, including a license in Canada as well as some technology assets for our B2B business. The transaction is in line with our strategy to create long-term value through investments in both existing and new B2C markets and through further developing our B2B offering.
The acquisition is expected to deliver economies of scale, improved profitability and enhanced growth opportunities in both business areas. The total purchase price amounts to EUR 64.5 million and will be financed with existing cash. In 2025, the acquired assets, both B2C and B2B, generated an estimated EUR 13.7 million of EBITDA on a proforma basis. Completion of the deal is expected in Q2 or Q3 this year, subject to regulatory approvals. Betsson's engagement in sports continued in the first quarter. We entered into a multiyear sponsorship with Davis Cup, the classical annual international team competition in tennis. This partnership further strengthens Betsson's extensive global sponsorship portfolio across elite sports. Betsson is currently the main sponsor of football clubs Inter Milan, Club Brugge and Boca Juniors.
Now we look forward to following the National Davis Cup teams closely across our different regions. In Italy, a new campaign for Betsson Sport was unveiled in the quarter. The 2026 campaign introduces a new TV commercial and sees Roberto Baggio and Fabio Cannavaro join Francesco Totti as ambassadors for the brand.
Francesco Totti is the former captain of Roma and 2006 World Cup winner with Italy, and he's being joined by Roberto Baggio, winner of Ballon d'Or and one of Italy's most recognized footballers, and Fabio Cannavaro, the former Italy captain and 2006 World Cup winner. Betsson has also announced as the title sponsor of Betsson Summer Pro Padel 2026, one of the major sporting events of the summer in Argentina. Betsson's tech platform is a player account management system that makes up the core of the customer offering and user experience. The platform manages customer payments, customer data as well as the games offered to players. During the quarter, the implementation of the new proprietary front-end framework continued, which has been built for increased flexibility and performance and which strengthens the user experience by enabling faster and more efficient rollout of new features and updates going forward.
Betsson also runs a proprietary sportsbook. And during the quarter, several enhancements to the customer experience were introduced such as expanded bet builder functionality, AI-powered match previews and enriched live stats. These enhancements position our Sportsbook strongly ahead of peak events such as the upcoming FIFA World Cup.
Mobile adoption has remained a key focus, supported by a new app for Inkabet in Peru as well as expanded native app capabilities in other markets, designed to drive customer acquisition and retention. A number of new suppliers of slots, casino games were launched in various markets during the quarter. During the first quarter, Betsson participated in the sustainable gaming zone at ICE Gaming Trade Fair in Barcelona. Betsson sponsored the event for the fourth consecutive year, where all proceeds go to organizations working for safer gaming, and Betsson also participated in several panels to discuss responsible gaming and sustainability. More details about Betsson's sustainability framework and reporting can be found in the new sustainability report, which was recently published as part of the annual report for 2025.
This is the first sustainability report according to the EU directive on sustainability reporting called CSRD. At Club Brugge Champions League match in Madrid, Betsson choose to highlight the club's long-standing social message, No Heart No Glory. This initiative aimed to encourage blood and plasma donations in Flanders in Belgium.
And now I'll hand over to Martin for a closer look at the financials.
Thanks, Pontus. The first quarter was a quarter with more or less maintained revenue level, but decreased operating income year-on-year. In today's presentation, we will give you more details of the numbers released earlier in April. But before we go into the details of the financial numbers, we start with a few KPIs. Customer deposits in all gaming solutions are down by 40% compared to the same period last year, but number of active customers increased by 6%.
The gross turnover in Sportsbook across all bets in gaming solutions was down 21% compared to the same period last year and amounts to approximately EUR 1.5 billion. Sportsbook margin was 8.4%, which is higher than the 8.0% margin in the first quarter last year, but below the 2-year rolling average margin of 8.7%. Sportsbook revenue slightly increased by 1% compared to last year and amounted to EUR 80 million. The casino turnover is down 17% year-on-year and casino revenue decreased by 4%.
Casino revenue represented 72% of the group's total revenue in the quarter, and Sportsbooks up 27%. Reported revenue for the quarter amounted to EUR 285 million, a decrease of 3% year-on-year, but 4% organic growth. Revenue from locally regulated markets increased by 20% compared to last year and now constitutes 73% of total revenue compared to 59% last year. Revenue from the B2C business has grown by 15% or EUR 31 million year-on-year, whilst the B2B business shows declining revenue year-on-year by 43% or by EUR 39 million, explained by decreased revenue from one of the group's B2B customers. Revenue from the B2B business corresponds to 18% of total revenue and B2C revenue to 82%.
Splitting revenue by region, we see growth compared to previous year in all regions, except for the Nordics and the Central and Eastern Europe and Central Asia region, the CEECA region, which both are down compared to last year. In the Nordic region, revenue decreased both compared to the corresponding period last year and to the previous quarter. The decline is primarily driven by reduced activity in the casino products. Both Denmark and Sweden reported lower revenue during the quarter, which is the outcome of an active decision to focus marketing activities, where we see the best return on investments. The Nordic region represented 11% of the group's total revenue in the first quarter. Revenue from Western Europe increased by 10% year-on-year or by EUR 6 million and reported the highest revenue ever for the region in a single quarter.
As Pontus said, the Italian market reported all-time high revenue in the first quarter, reaching new record levels in both deposits and turnover. The growth compared to the corresponding period last year is mainly driven by the casino product. The Sportsbook product continued to show strong growth with increased revenue both year-on-year and compared to the previous quarter, but the Sportsbook revenue is still relatively smaller than the casino revenue in Italy.
France reported increased revenue, both compared to the corresponding period last year and compared to the previous quarter. Revenue from Belgium decreased compared to the corresponding period last year and previous quarter, explained by decreased Sportsbook revenue. The Western Europe region represented 21% of total revenue in the quarter. Revenue from the CEECA region decreased by 22% or by EUR 27 million. Revenue was negatively impacted in the first quarter by lower license revenue for system deliveries in the region with a decline primarily driven by the Casino products.
The B2C segment in the region continued to perform well. Croatia, Greece, Georgia, Poland, Lithuania and Latvia, all reported increased revenue compared with the corresponding period last year. The growth in Croatia and Greece was driven by the Casino product, whilst the growth in Poland and Georgia was driven by the Sportsbook products. The CEECA region represented 34% of the group's total revenue. Revenue in the Latin America region increased by EUR 19 million or by 21% compared to the same period last year and also increased compared to the previous quarter. Peru and Colombia reported increased revenue in the quarter, and the growth was driven by solid performance across both the Casino product and the Sportsbook product with underlying growth in both play deposits and turnover in both markets. Argentina reported in line with the corresponding period last year and the previous quarter. The reported revenue was significantly impacted by negative currency effects in the quarter. In local currency, Argentina continue to report strong growth across both Casino and Sportsbook. The Latin America region represented 33% of the group's total revenue in the first quarter.
Explaining the development in operating income, this picture breaks down the different components in the profit and loss statement to display the impact of the different line items. Revenue is slightly down year-on-year, impacting gross profits. However, revenue from locally regulated markets has increased and following that increased gaming taxes by some EUR 8 million. Increase of cost of services provided is apart from gaming taxes, also explained by higher payment provider fees, following increased B2C revenue and higher costs related to regulatory licenses. Gross profit is also impacted by the change in revenue mix between B2C and B2B in the quarter, where we, in this quarter, see a step down in the B2B revenue as percentage of total revenue.
Year-on-year, gross profit decreased by EUR 24 million compared to the same period last year and amounted to EUR 164 million, which corresponds to a gross profit margin of 58% compared to 64% last year. Marketing spend increased by EUR 1 million compared to last year and corresponds to 16% of total B2C revenue and to some 21% when including affiliate marketing cost as well. Personnel expenses increased by some EUR 3 million compared to last year, explained by increased number of employees following geographical expansion, increased investments in product and technology development.
Depreciation and amortization costs increased by EUR 2 million year-on-year as a result of increased capitalized development costs. Other items are flat year-on-year, where increased capitalized development costs are contracting increased other external expenses. Operating income amounts to EUR 34 million, a decrease of 47% compared to last year. The EBIT margin was 11.9% compared to 21.9% last year. Operating cash flow amounts to EUR 58 million compared to EUR 86 million in the same period last year.
The deviation year-on-year is mainly explained by lower operating income and increased taxes paid. Operating cash flow is also impacted by changes in working capital of EUR 17 million, mainly explained by decreased accounts receivable and lower payment provider balances. Cash flow from investing activities sums up to EUR 15 million and relates to investments in own product and technology development. Cash flow from financing activities impacted the cash flow by EUR 25 million, mainly driven by share buybacks of EUR 20 million, but also impacted by dividend paid to noncontrolling interest of EUR 2 million, loan to associated companies of EUR 1 million and lease payments of EUR 2 million. Betsson has, as end of March, a net cash position of EUR 165 million and an equity ratio of 66%.
Pontus, back to you to take us through the trading updates.
Thank you, Martin, for reading out all those figures. So let's look at how the second quarter has started. The average daily revenue for the second quarter to date up to and including 21st of April has been 3.7% higher than the average daily revenue of the full second quarter of 2025. During the period so far in April this year, the Sportsbook margin has been higher than the historical average.
Now a quick summary of the first quarter. We saw continued strong performance in B2C, but the B2B business declined. Regionally, growth was strong in Latin America and Western Europe, while the CEECA region and the Nordics both declined. The share of locally regulated markets was the highest ever at 73% and drove higher gaming taxes. Lower B2B revenue and higher gaming taxes impacted profitability in the quarter. In June, the FIFA World Cup will begin, which we expect to contribute to increased activity and customer intake. Our investments in recent years have strengthened our position and with a competitive offering, the strong brand and a proven strategy, we are well positioned to capitalize on opportunities in the global online gaming market.
Thanks, everyone, for listening to the presentation. And now it's time for Q&A. We welcome your questions.
[Operator Instructions] The next question comes from Georg Attling from Pareto Securities.
2. Question Answer
I have a couple of questions. So starting with B2B. You say that this customer that you have seen revenue stabilizing since December. Does that mean that we should expect B2B flat sequentially here in Q2?
It's very hard to see how the rest of the quarter is going to develop. But what we have seen so far since December last year, it has stabilized.
Okay. And you're writing the report that B2C contributes significantly to profits. We've seen what's happened to profits, obviously, now that B2B has come down. So just a bit curious how we should read that significant contribution. Is it -- do you say anything more? Is it more than half? A bit more detail there would be -- it would be great.
We're not in the position to give those figures out, but we can just reiterate that we have significant profits also from B2C. And as we mentioned in the report and during the presentation, we continue to invest in several B2C markets as well that looks promising for the future, but which comes with higher cost than revenues for the time being.
Okay. In these growth markets that you currently lose money on the B2C side, have your strategy at all changed in regards to those investments considering how B2B has developed?
No, it has not because we don't believe that the right -- that it's the right thing to try to fix one thing with working on another thing. I mean these are markets that we believe in long term. And all the markets that we have -- where we operate now profitable -- will profit in the B2C, they have taken many, many years to build up. So that's how business is made, and we have to keep investing in the markets that we believe in.
Okay. So is my interpretation correct and then -- that if B2B continues to decline, you're not going to change the strategy to protect the margin in the short term?
I mean this is something that we haven't really discussed because it's not the situation that we are in front of right now. As we say, the B2B has stabilized, and we are looking towards getting also new clients on to the B2B side. So we are more preparing for that kind of scenario going forward.
That's clear. I just have a final question on Rhino. If you could share some more details here on their turnover. How much is that? How much is B2B versus B2C in that pro forma EBITDA that you provided?
That's -- we haven't published those figures. So that's not something that we can go into.
Okay. But will it be accretive or not to the margin on the group level?
Yes, it will.
[Operator Instructions] There are no more phone questions at this time. So I hand the conference back to the speakers for any written questions and closing comments.
So there are no further questions. So thank you, everyone, for listening in, and see you at the next presentation. Bye-bye.
Buh-bye.
Betsson — Q4 2025 Earnings Call
1. Management Discussion
Welcome to Betsson Q4 Report 2025. [Operator Instructions]
Now I will hand the conference over to CEO, Pontus Lindwall; and CFO, Martin Ohman. Please go ahead.
Thank you. Good morning, and welcome to Betsson's presentation of the fourth quarter of 2025. I'm Pontus Lindwall, the President and CEO of Betsson. With me and presenting today is also our CFO, Martin Ohman.
In Q4, we saw continued good customer activity with an increased number of active players compared to the same period last year. Revenue amounted to EUR 304 million, and operating income was EUR 53 million in the quarter. The EBIT margin was 17.5% for the period.
Casino revenue was up 3% year-over-year, while Sportsbook revenue was down 9%. The Sportsbook revenue was negatively impacted by a lower Sportsbook margin in the quarter. We ended the year with a strong net cash position of EUR 158 million.
Regionally, Western Europe and Latin America continued to show revenue growth while revenue from Nordic region and CEECA declined. Revenue from our B2C operations continued to increase, thanks to successful product and marketing investments, while revenue from our B2B business was lower than the comparison period last year. The decline in the B2B was mainly due to one-off Betsson's customers having lower activity than in the corresponding period in the previous year.
The share of revenue from locally regulated markets continued to increase and reached an all-time high of 68%, which consequently drove higher gaming taxes. We continue to invest in the product and technology organization to strengthen the customer experience and our long-term competitiveness, which led to higher personnel costs.
Lower B2B revenue, higher gaming taxes and increased personnel costs had a negative impact on profitability and operating income during the quarter. Despite the lower profitability, Betsson stands strong operationally with a competitive product offering, increasing brand awareness and technology at the forefront.
Now let's have a quick look at the figures for the full year 2025. Group revenue was at an all-time high of EUR 1.197 billion, up 8% year-over-year. EBITDA, EBIT, net income and earnings per share were 1% lower year-over-year. The EBIT margin for the year was 21.1%.
Our strong financial position provides us with good conditions to invest in long-term profitable growth and to deliver returns to our shareholders. During the quarter, the Board of Directors initiated a share buyback program corresponding to EUR 40 million and an ordinary dividend of EUR 0.66 per share has been proposed for 2025.
Betsson's engagement in sport continued in the fourth quarter with several new sponsorships, for example, the basketball club Peristeri, the Football Club Iraklis and Volleyball Club Panionios, all in Greece. Also Betsson became the local official sponsor of the Volleyball League in Peru.
Betsson was also quite active with CSR and PR campaigns in Italy and Greece, together with our local partner clubs in those countries, supporting the causes of nonviolence against women and anti-bulling go above and beyond the pure campaign efforts and potential returns. It also feels like the right thing to do.
Betsson's tech platform, the Player Account Management System makes up the core of the customers' offering and user experience. The platform manages customer payments, customer data as well as the games offered to the players.
During the quarter, the introduction of the new front-end framework continued, which has been built for increased flexibility and performance and which strengthens the user experience by enabling faster and more efficient rollout of new features and updates going forward.
Within the Sportsbook, the user interface was further strengthened, while the BetBuilder feature was expanded with more betting opportunities and early win payouts in football continue to be implemented. Further, a number of new suppliers of slots, casino games were launched in various markets during the quarter.
Now I will hand over to Martin for a closer look at the financials in the fourth quarter.
Thanks, Pontus, and hello, everyone. The fourth quarter was a quarter with maintained revenue but decreased EBIT year-on-year. In today's presentation, we will give you more details about the reported numbers. But before we go into the financial numbers, we start by focusing on some KPIs.
Customer deposits in all gaming solutions are down by 6% compared to the same period last year, but at the same time, the number of active customers increased by 5%. The gross turnover in Sportsbook across all bets and gaming solutions was down 14% compared to the same period last year and amounts to approximately EUR 1.5 billion.
Sportsbook margin was 8.8%, which is lower than the 9.8% margin in the fourth quarter last year, but above the 2-year rolling average margin of 8.4%. Sportsbook revenue decreased by some 9% compared to last year and amounted to EUR 83 million.
The casino turnover is down 7% year-on-year, but casino revenue increased by 3% and is the second highest reported casino revenue ever. Casino revenue represented 72% of the group's total revenue in the quarter and Sportsbook some 27%.
Reported revenue for the quarter amounted to EUR 304 million, a slight decrease of 1% year-on-year, but 5% organic growth. Revenue from locally regulated markets increased by 13% compared to last year and now constitute 68% of total revenue compared to 60% last year.
Revenue from the B2C business has grown by 4% or EUR 9 million year-on-year, whilst the B2B business shows declining revenue year-on-year by 14% or by EUR 12 million, explained by decreased revenue from one of the group's B2B customers. Revenue from the B2B business corresponds to 23% of total revenue and B2C revenue to 77%.
Splitting revenue by region. We see growth compared to previous year in all regions, except for the Nordics and the Central and Eastern Europe and Central Asia region, the CEECA region, which both are down compared to last year.
In the Nordic region, Denmark reported decreased revenue in the fourth quarter, primarily driven [Audio Gap] increased turnover and growth in revenue in the fourth quarter. The growth is mainly explained by the casino product and somewhat negatively affected by a lower Sportsbook margin in Peru compared to the corresponding period last year. The Latin America region represented 28% of the group's total revenue in the fourth quarter.
Explaining the development in operating income, this picture breaks down the different components in the profit and loss statement to display the impact of the different line items. Revenue is more or less flat year-on-year, but revenue from locally regulated markets has increased and following that increased gaming taxes by some EUR 10 million, which increases cost of services provided.
Apart from increased gaming taxes, cost of services provided, is also impacted by the revenue mix with somewhat higher part coming from casino, which comes with lower contribution margin than Sportsbook revenue since Sportsbook is an in-house product.
We've increased casino revenue, follows then also increased license fees of some EUR 2 million in the quarter. Gross profit is also impacted by the change in revenue mix between B2C and B2B in the quarter where we, in this quarter, see a step down in B2B revenue as a percentage of total revenue. Year-on-year, gross profit decreased by EUR 16 million compared to the same period last year and amounted to EUR 184 million, which corresponds to a gross profit margin of 61% compared to 65% last year.
Marketing spend decreased by EUR 3 million compared to last year and corresponds to 17% of total B2C revenue and to some 22% when including affiliate marketing costs as well. Personnel expenses increased by some EUR 7 million compared to last year, explained by increased number of employees following geographical expansion and acquisitions, increased investments in product and technology development and also impacted by some nonrecurring personnel items of a couple of millions.
Depreciation and amortization costs were flat compared to last year. Other items include capitalized development costs, other external expenses and other operating income and expenses. The latter 2 are flat compared to last year. The movement in other items related to increased capitalized development costs following increased focus on product and tech development and also following the acquisition and sporting solution adding new employees within tech and product development.
Overall, operating expenses have remained constant year-on-year and changes in operating income are solely coming from gross profit impact. Operating income amounts to EUR 53 million, a decrease of 24% compared to last year. The EBIT margin was 17.5% compared to 23% last year.
Operating cash flow amounts to EUR 23 million compared to EUR 85 million in the same period last year. The deviation year-on-year comes from a series of independent events that have impacted the operating cash flow in the quarter. To start with, operating income has decreased, but taxes paid have increased by some EUR 13 million, partly explained by changes in government's tax collecting processes in some of the countries that Betsson operates in.
Operating cash flow is also negatively impacted by changes in working capital by EUR 30 million, mainly explained by a prepaid sponsorship deal due to cost savings, higher payment provider balances due to timing effects on settlements that occurred after the end of the quarter and jackpot win in Croatia are lowering the jackpot reserves.
Cash flow from investing activities sums up to EUR 28 million, where some EUR 14 million relates to investments in own product and technology development, and EUR 14 million comes from investment in new -- 2 new gaming licenses in Italy.
Cash flow from financing activities impacted the cash flow by EUR 61 million, mainly driven by dividend paid to shareholders of EUR 46 million and share buybacks of EUR 13 million, but also impacted by dividend paid to noncontrolling interest, loan to associated companies and lease payments.
In November, senior unsecured bonds were issued at a total amount of EUR 75 million under a framework of up to EUR 250 million. The bonds have a tenor of 4 years and a floating interest rate of Euribor 3 months plus 275 basis points. In connection with the bond issue, early voluntary redemption of the bonds in the 2023-2026 Series was offered. For those who refrain from this, a mandatory redemption was called for and remaining bonds in the 2023-2026 Series, that did not participate in the voluntary early redemption offer were redeemed in December.
The issue of the new bonds and the redemption of the bonds in the 2023-2026 Series means a significant step down in interest from Euribor plus 460 basis points down to Euribor plus 275 basis points, which will lower the group's interest cost going forward. Betsson has, as end of December, a net cash position of EUR 158 million and an equity ratio of 67%.
Now back to you, Pontus, to present the suggested dividend distribution and trading update.
Thank you, Martin. The cash flows of our business and our solid balance sheet allows us to continue paying out attractive dividends to our shareholders and at the same time, invest in future growth. For 2025, the Board has proposed an ordinary dividend of EUR 0.66 per share. The proposed ordinary dividend for 2025 amounts to approximately EUR 90.9 million. The dividend will be paid out in Swedish kroner in 2 parts in June and October.
Now let's look at how the first quarter of 2026 has started. The average daily revenue in the first quarter up to until and including the 3rd of February has been 0.6% higher than the average daily revenue of the entire first quarter of 2025. The organic growth has been 7.7% for the same period.
Thanks, everyone, for listening to the presentation. And now it's time for Q&A. We welcome your questions.
[Operator Instructions]
We have a question from the web audience about regulations. Basically, noting that taxes have increased -- gaming tax have increased and regulations are becoming stricter. How do you see the future for Betsson in a highly regulated market, are there still interesting levers to pull?
Yes, it's not a surprise that the gambling market goes into taxes once they regulate locally. That's part of the deal, and that is something that we have expected all the time. Still, we believe that there's room to run profitable operations as we can see that we do already. So we believe that Betsson has a great fit into this market also in the future.
There was another question from the web audience about consolidation taking place in the gaming sector. How do you look at this? Do you prefer to look at M&A opportunities? Are there still small, medium players to be acquired? Or do you prefer organic investments into product and technology?
That's a good question. And as we have already mentioned, we continue to invest in both technology and our organic growth. But we are still looking for M&As. And with the strong balance sheet that we have, we are in a very good position to be able to conduct the M&As. It's not thousands of companies out there that fit our needs, but once we find something that suits us, we are in a very good position to make M&A. So the answer is yes, we continue to look, and I'm sure we're going to conclude M&A.
There have been further questions from the web audience about the margins, looking at both the gross margin and the EBITDA margin in Q4? Are there one-offs? And what can we expect going forward?
I mean, the big impact on EBIT is coming from the gross profit, as we said. And on the OpEx side, we are more or less flat year-on-year. There are a few smaller one-offs in personnel costs. But all in all, OpEx is what we can expect, I believe, and gross profit, it's hard to tell going forward.
There was another question from the web audience about the B2B segment. Do you expect the share of revenue from B2B to be stable or increase or decrease going forward?
It's very hard for us to make predictions and we usually don't predict financial figures. But the only thing we can say is that as a company, we have ambitions to continue to grow our B2B business as well as our B2C business. So that's our ambition going forward.
There was another question from the web audience about prediction markets, what can you comment on that? And do you have any current plan of launching products into prediction markets?
We can say that it's a very interesting market segment that has been created in quite a short time span. We don't see that fit as well in our core markets regulations as it seems to fit in the U.S. as an example. So we have no plans to enter into that business as of now.
Yet another question from the web audience. Do you have any plans of issuing a new share buyback program after the current one is completed?
We're now into this program and we don't have any predictions to do about future share buybacks.
Okay. That was it from the web questions. Let's see if we should give someone on the phone another chance. If not, then we say thank you to all the listeners for listening in to this presentation and see you next time. Bye-bye.
Betsson — Q3 2025 Earnings Call
1. Management Discussion
I'm Pontus Lindwall, President and CEO of Betsson. With me today is also our CFO, Martin Ohman. The global online gaming market is driven by the shift from off-line to online gaming, and Betsson is well positioned to capture growth opportunities in this structurally attractive market. In the third quarter of 2025, we continue to create value for our customers, partners and shareholders. Total group revenue increased 6% and operating profit grew by 4% and compared to the corresponding period last year. Earnings per share increased by 10% year-over-year. We have a proven and successful product portfolio consisting of both casino and sports betting, as well as a well-diversified mix of revenues from geographical regions which lowers the risk of periodical and weaker developments in individual products or markets. In the third quarter, casino revenue was a new all-time high up 6% year-over-year, while sportsbook revenue was up 4% year-over-year. Revenue from locally regulated markets increased by 16% and accounted for 64% of total revenue during the quarter.
Geographically, the largest growth contribution during the quarter came from Western Europe, where revenue increased by 27%, mainly driven by continued strong growth in Italy where we continue to gain market share in both casino and sports betting. Latin America also continues to be an important growth region in the quarter, with 10% revenue growth year-over-year, driven by Casino. Our business continues to generate strong cash flows, and our balance sheet is very robust with a record net cash position of EUR 220 million. The Board of Directors has decided to initiate a share buyback program of up to EUR 40 million from today and up until the 30th of April 2026. Our strategic sponsorships form an important part of our marketing strategy and Betsson's commitment to sports in general, continues.
During the quarter, we entered into new sponsorships with the basketball clubs Aris BC and Mykonos BC in Greece. A new sponsorship also began with the Italian football club Bari in Serie B. Following the rebranding from Betsafe to our flagship brand, Betsson, the sponsorships of Žalgiris and the Basketball Association in Lithuania were extended under the Betsson brand. In addition, it was particularly nice to see that Club Brugge managed to qualify for the Champions League in football, which means that 2 clubs in this prestigious tournament will wear Betsson's name on their match jerseys decision. On the product and technology side, we continue to invest to deliver the best customer experience on the market. During the third quarter, the implementation of the new proprietary front-end framework continued. This has been built for increased flexibility and performance and strengthen the user experience by enabling faster and more efficient rollout of new features and updates going forward. The development of native apps continued mainly for the market in Argentina where new app was launched stepwise during the third quarter for the 3 provinces. Within the Sportsbook, the user interfaces were improved and an early payout feature was introduced for football, meaning that players can opt to receive winnings as soon as the team led by 2 goals. And now I will hand over to Martin, who will present our financials in more detail.
Thanks, Pontus, and hello, everyone. As Pontus said, the third quarter was a quarter with revenue and EBIT growth, supported by the highest casino revenue ever for an individual quarter and maintain cost control. The activity was somewhat lower in the third quarter in active customer and customer deposits in all gaming solutions about slightly down compared to the same period last year, with the latter decreased by 2%. The gross turnover in Sportsbook across all bets and Gaming Solutions was down by 19% compared to the same period last year and amounts to approximately EUR 1.3 billion.
Sportsbook margin was 8.8%, which is higher than the 7.4% margin in the third quarter last year and above the 2-year rolling average margin of 8.1%. Sportsbook revenue increased by some 4% compared to last year and amounted to EUR 72 million. The casino turnover is down 6% year-on-year, but casino revenue increased by 6% and is the highest reported casino revenue ever. Casino revenue represented 75% of the group's total revenue in the quarter and sport books 24%. Reported revenue for the third quarter amounted to EUR 296 million, an increase of 6% year-on-year and 11% organic growth. Revenue from locally regulated markets increased by 16% compared to last year and now constitutes 64% of total revenue compared to 58% last year. Revenue growth comes from both the B2C and the B2B business in the quarter, where the B2B business is the main growth driver with 15% year-on-year growth and amounts to EUR 77 million, representing 26% of total revenue.
Splitting revenue by region. We see growth compared to previous year in all regions, except for the Nordics, which is down by 20% compared to last year. All markets in the Nordic region reported decreased revenue in the quarter compared to the corresponding period last year. As a consequence of decreased marketing investments in the region and the decision to close down the B2C business in the Norwegian markets as of December last year. The Nordic region represented 12% of the group's total revenue in the third quarter. Revenue from Western Europe increased by 27% year-on-year or by EUR 12 million, and reported the second highest revenue ever for the region in a single quarter. The Italian market reported all-time high revenue in the third quarter, mainly driven by the casino product. The sportsbook product continued to show strong growth with increased revenue, both year-on-year and compared to the previous quarter but the sportsbook revenue is still relatively smaller than the casino in Italy. Revenue from Belgium decreased compared to the corresponding period last year and the previous quarter.
The decline is driven by lower activity in the Sportsbook product following some technical issues in connection with the migration from a third-party sportsbook provider to the Betsson Sportsbook. The Western Europe region represented 19% of the total revenue in the quarter. Revenue from Central and Eastern Europe and Central Asia region, the Sika region increased by 3%. Croatia and Greece reported all-time high revenue in the third quarter. The growth in Croatia is driven by the casino product, whilst Greece reported growth in both the casino and the sportsbook products. Lithuania and Latvia reported increased revenue compared to the same period last year but decreased revenue compared to the previous quarter. Georgia and Estonia reported decreased revenue, both compared to the same period last year and the previous quarter. The decline is primarily driven by the casino product. The Sika region represented 40% of the group's total revenue. Revenue in the Latin America region increased by 10% compared to the same period last year but decreased compared to previous quarter. The increase compared to last year is driven by the casino product. The decline compared to previous quarter is explained by reduced activity in the sportsbook product, mainly because of seasonal variations and a lower sportsbook margin.
Argentina continued to show strong underlying growth in customer deposits and increased turnover and reported higher revenue compared to the same period last year, although facing FX headwinds. Peru and Colombia reported growth compared to the same period last year but decreased revenue compared to the previous quarter. The growth is primarily driven by the casino product. The Latin America region represented 26% of the group's total revenue in the third quarter. Explaining the development in operating income, this picture breaks down the different components in the profit and loss statement to display the impact from the different line items. Revenue has increased by some EUR 16 million and following that, increased cost of services provided as well. The increase in customer services provided is a part from revenue growth, mainly explained by higher gaming taxes following a 64% share of total revenue coming from locally regulated markets. Gross profit increased by EUR 11 million compared to the same period last year and amounts to EUR 190 million, which corresponds to a gross profit margin of 64% equal to last year.
Marketing spend increased by EUR 2 million compared to last year and corresponds to 16% of total B2C revenue and to some 21% when including affiliate marketing costs as well. Increased marketing spend is primarily explained by enhanced marketing efforts in Western Europe. Personnel expenses increased by some EUR 10 million compared to last year, explained by increased number of employees following geographical expansion and acquisitions. This, in combination with organic focus on product and tech development explains the bulk of the increased number of headcounts in the group. Depreciation and amortization costs were flat compared to last year. Other items include capitalized development costs, other external expenses, and other operating income and expenses. The latter 2 are more or less flat compared to last year. The movement in other items relates to increased capitalized development costs following increased focus on product and tech development and also following the acquisition of Sporting Solutions, adding new employees within tech and product development.
Operating income amounts to EUR 67 million, an increase of 4% compared to last year. And the EBIT margin was 22.6% compared to 23.0% last year. Operating cash flow amounts to EUR 65 million compared to EUR 63 million in the same period last year. Operating cash flow is driven by increased operating income but negatively impacted by changes in working capital by some EUR 16 million, mainly explained by decreased accrued expenses. Cash flow from the investing activities is positive in the quarter. Investments in own product and technology development are maintained, but the total number is impacted by a reversal of the purchase consideration of the discontinued acquisition of Holland Gaming Technology and Holland Power Gaming. Cash flow from financing activities impacted the cash flow by EUR 8 million, mainly driven by dividend paid to shareholders with noncontrolling interest and lease payments. Betsson has, as end of September, a net cash position of EUR 220 million and an equity ratio of 60%.
Operating cash flow is slightly up year-to-date with a strong start in the first quarter in 2025, followed by a somewhat weaker second quarter and now in the third quarter, again, showing year-on-year growth with a total operating cash flow of close to EUR 200 million year-to-date as of end of September. When it comes to earnings per share, we can also conclude an increasing trend over time. And as of end of September, the EPS has increased by 12% compared to the same period last year and now amounts to EUR 1.05 per share compared to EUR 0.94 accumulated as for the same period last year.
And now back to you, Pontus to present a trading update and to give some more details on the share buyback program that was initiated earlier today.
Yes. Thank you, Martin. Now let's have a look at how the fourth quarter has started. The average daily revenue in the fourth quarter of 2025, up until and including the 19th of October was 2.1% higher than the average daily revenue of the full fourth quarter of 2024. And about the share buyback program, the Board of Directors has decided a share buyback program of EUR 40 million of Class B shares in Betsson. The buyback program starts the earliest today on the 24th of October 2025 and continues through 30th of April 2026. The buyback program will be carried out in accordance with the so-called safe harbor regulation.
So now let's quickly sum up the highlights of the third quarter of 2025. We saw continued profitable growth and strengthened market positions in the third quarter. Group revenue was up 6% year-over-year, driven by Western Europe and Latin America and the casino product. Casino revenue was at a new all-time high. EBIT was up 4% year-over-year. The growth figures should be seen against the backdrop of challenging comparative figures for third quarter last year, which included the European football championship and the Copa America. Also, we faced FX headwinds in the past quarter in both our B2C and B2B businesses.
The share of revenue from locally regulated markets was 64%. We have a strong balance sheet with record EUR 220 million in net cash. So now let's move over to Q&A, and we welcome your questions.
[Operator Instructions]
The next question comes from Georg Attling from Pareto Securities.
2. Question Answer
I have 2 questions, if I may. Just starting with the morning's news on the buybacks. Thanks for that. It's been long awaited. But I'm just wondering what's the reason for you actually pulling the trigger on this right now. Is it just merely a consequence of the net cash ballooning or is it fewer M&A opportunities on the line or the valuation or anything else?
No, this is -- I mean, as Pontus mentioned, we are now in a position where we have the highest net cash ever. And this is a decision taken by the Board. to kind of better reflect a nice and sound capital allocation. But we believe that this is not impacting at all any kind of future M&A agendas or any future organic growth initiatives. So this is just a way to kind of balance and look at the proper capital allocation.
Yes, correct, Martin. And we can add to that, that it's not in any way so that there are less M&A opportunities and that, that should be a reason for the buyback. We have a full box of cash, and we're investigating several opportunities as we speak, as we always do for M&A. So this has nothing to do with the climate for M&A.
That was very clear. My second question is just more high level on the strategy, the partnerships with sports clubs. They're becoming quite many. So it seems like you're shifting quite a bit of marketing maybe from casino to more sports focused marketing. Just wondering if this is what we should expect going forward also and how you balance your investments in sports versus casino?
Yes. I would say that sports is a very good way of marketing the brand. And it goes for both Casino and Sports. And I think the most clear example of that is what we can see now in Italy, where we do a very strong sports and very sports-oriented sponsorship with Inter, but still we see the casino marching on. And this is being able, as we are now to sponsor large clubs that has a global reach. It's a fantastic opportunity for us of building the brand and marketing our brand. And as we all know, there has been some challenges with restrictions in marketing in certain markets and taking that into account the sponsorship is a great way of building a good brand, both for casino and sports globally.
That's very clear. That was my questions.
There are no more phone questions at this time. So I hand the conference back to the speakers for any written questions and closing comments.
There are no written questions here. So thank you all for attending the conference. Bye-bye.
Financial data from Betsson
Revenue
Revenue is the sum of all sales generated by a company, e.g. for its products or services.
Revenue (TTM) metric explainedDirect Costs
Direct costs are the costs incurred directly in connection with the manufacture of the product or service.
Gross Profit
Gross Profit indicates how much of the revenue remains in the company after deducting direct production costs. If the percentage share of sales is calculated, this is referred to as the gross margin.
Gross Profit metric explainedSelling and Administrative Expenses
Selling, general and administrative expenses (SG&A) include all expenses for marketing and sales as well as the general administration of the company.
Research and Development Expense
Research and development costs (R&D) provide information on how much the company invests in the research and development of its products. The costs are particularly interesting as a percentage of revenue and in comparison to direct competitors.
EBITDA
EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) is the company's earnings before interest, taxes, depreciation and amortization. The EBITDA margin is calculated as a percentage of sales.
Depreciation and Amortization
Depreciation represents reductions in the value of the company's assets (e.g. due to wear and tear on machinery).
EBIT (Operating Income)
EBIT (Earnings Before Interest and Taxes) is the company's profit before interest and taxes, also known as the operating income. The EBIT Margin is calculated as a percentage of sales at
.
Net Profit
Net Profit represents the profit or loss after deduction of all costs.
Net Profit metric explainedStocksGuide Premium
| Jun '26 |
+/-
%
|
||
| Revenue | 13,236 13,236 |
1%
1%
100%
|
|
| - Direct Costs | 6,501 6,501 |
10%
10%
49%
|
|
| Gross Profit | 6,735 6,735 |
7%
7%
51%
|
|
| - Selling and Administrative Expenses | 3,868 3,868 |
8%
8%
29%
|
|
| - Research and Development Expense | - - |
-
-
|
|
| EBITDA | 2,882 2,882 |
21%
21%
22%
|
|
| - Depreciation and Amortization | 708 708 |
4%
4%
5%
|
|
| EBIT (Operating Income) EBIT | 2,174 2,174 |
27%
27%
16%
|
|
| Net Profit | 1,481 1,481 |
30%
30%
11%
|
|
In millions SEK.
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Betsson Stock News
Company Profile
Betsson AB is holding company, which engages in the investment in online gaming companies. It offers casino, sportsbook, and other games via gaming licences in countries in Europe, and Central Asia. It operates through the Betsson, Betsafe, Casino DK, Guts, Jackpot247 and Europebet brands. The company was founded by Per Gudmund Hamberg, Bill Lindwall and Rolf Lundström in 1963 and is headquartered in Stockholm, Sweden.
StocksGuide Premium
| Head office | Sweden |
| CEO | Mr. Lindwall |
| Employees | 2,928 |
| Founded | 1963 |
| Website | www.betssonab.com |
