Betsson AB year-end report 1 January - 31 December 2025

QUARTER OCTOBER - DECEMBER 2025

• Group revenue was EUR 303.9 (306.8) million, a decrease of 1%. Organic increase of 5%.
• Casino revenue increased by 3%. Sportsbook revenue decreased by 9% and the sportsbook margin was 8.8% (9.8%). 
• EBITDA was EUR 69.3 (86.4) million, a decrease of 20%. The EBITDA margin was 22.8% (28.2%).
• Operating income (EBIT) was EUR 53.2 (70.2) million, a decrease of 24%. The EBIT margin was 17.5% (22.9%).
• Net income was EUR 35.0 (53.1) million, corresponding to EUR 0.24 (0.38) per share.
• Operating cash flow was EUR 23.1 (84.6) million.
• Net debt was EUR -157.7 (-139.8) million.
• Active customers were 1.4 (1.3) million.

THE PERIOD JANUARY - DECEMBER 2025

• Group revenue was EUR 1,197.0 (1,106.6) million, an increase of 8%. Organic increase of 13%.
• EBITDA was EUR 313.7 (316.0) million, a decrease of 1%. The EBITDA margin was 26.2% (28.6%).
• Operating income (EBIT) was EUR 253.1 (256.7) million, a decrease of 1%. The EBIT margin was 21.1% (23.2%).
• Net income was EUR 182.4 (183.7) million, corresponding to EUR 1.29 (1.32) per share.
• Operating cash flow was EUR 215.6 (272.9) million.
• The Board of Directors proposes an ordinary dividend of EUR 0.66 (0.657) per share.

CEO COMMENT 

Lower B2B revenue, higher gaming taxes and continued investments in product and technology had a negative impact on profitability in the quarter

In the fourth quarter of 2025, we saw continued good customer activity with an increased number of active players compared to the same period last year. Revenue was EUR 304 (307) million and operating income was EUR 53 (70) million. 

Regionally, we saw continued good growth in Western Europe and Latin America, but a slowdown in the Nordic region and CEECA. B2C revenue continued to increase, thanks to successful product and marketing investments, while B2B revenue was lower than the comparison period last year. The decline was mainly due to one of Betsson's B2B customers having lower revenue than in the corresponding period in the previous year. Total Group revenue decreased by one percent in the quarter. 

The share of revenue from locally regulated markets continued to increase and reached an all-time high of 68 (60) percent, which consequently drove higher gaming taxes. We continued to invest in the product and technology organization to strengthen the customer experience and our long-term competitiveness, which meant higher personnel costs. 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. 

Betsson's commitment to tennis was further strengthened during the period. In October, we once again sponsored the ATP tournament in Stockholm, where Casper Ruud had an impressive run and won the tournament. 

In November, we successfully refinanced the 2023/2026 bond by issuing a new four-year senior unsecured bond of EUR 75 million. This transaction was executed at a credit spread of 275 basis points above EURIBOR - the lowest ever for Betsson - and marks a significant improvement compared to the previous bond. 

Our strong financial position provides us with good conditions to invest in long-term, profitable growth and to deliver returns for our shareholders. During the quarter, the Board of Directors initiated a share buy-back program corresponding to EUR 40 million, and an ordinary dividend of EUR 0.66 (0.657) per share has been proposed for 2025.

Looking ahead, we are entering 2026 with a number of activities that provide good conditions for growth. We are also looking forward with great anticipation to the FIFA World Cup, where a record number of matches and participating nations will create exciting opportunities for betting and for attracting new customers. The investments made in recent years as well as our pipeline of projects for 2026 support our ambition to continue to generate long-term shareholder value.

PRESENTATION OF THE YEAR-END REPORT

Today, 5 February 2026 at 09:00 CET, Betsson invites analysts, investors and media to participate in the presentation of the earnings report for the fourth quarter and full year of 2025. The report will be presented by CEO Pontus Lindwall and CFO Martin Öhman. The presentation will be held in English, followed by a Q&A session. Participants are welcome to join via the webcast or telephone conference.

Link to participate in the webcast: 
https://betsson.events.inderes.com/q4-report-2025/register

Written questions can be asked via the webcast.

Link to ask questions verbally via the teleconference:
https://events.inderes.com/betsson/q4-report-2025/dial-in

For further information, please contact:
Pontus Lindwall, President and CEO Betsson AB
pontus.lindwall@betssonab.com

Martin Öhman, CFO Betsson AB
martin.ohman@betssonab.com

Roland Glasfors, VP Communications & Investor Relations Betsson AB 
+46 760 024 863
roland.glasfors@betssonab.com

This information is information that Betsson AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 07:30 CET on 5 February, 2026.

ABOUT BETSSON AB
Betsson AB is an engaged owner of fast-growing companies in the online gaming industry. We are one of the leading online gaming groups worldwide and have the ambition to grow faster than the market, organically and through acquisitions. Growth should be generated in a profitable and sustainable manner. Betsson AB is listed on Nasdaq Stockholm Large Cap (BETS-B).