Total revenue for the full year 2025 reached €1.290 billion, a 17% increase from €1.076 billion in 2024. The rise was driven by a 15% growth in Betting Technology & Solutions and a 22% increase in Sports Content, Technology & Services, reflecting continued expansion in the U.S. market and the impact of the IMG Arena acquisition.
Adjusted EBITDA climbed to €297 million, up 33% from €222 million in 2024, and the margin expanded to 23% from 20% the previous year. The improvement is largely attributable to higher mix of high‑margin services and operational leverage as the company scales its AI‑driven platform, offsetting modest cost inflation in support functions.
Earnings per share fell to €0.01, missing the consensus estimate of $0.10 by $0.09, an 89% miss. The shortfall is largely due to higher-than‑expected operating expenses and the impact of one‑time charges related to the IMG Arena integration, which reduced profitability despite revenue growth.
Q4 2025 revenue was €369 million, slightly below the analyst consensus of approximately €376 million. The modest shortfall reflects a 1–2% decline in demand for certain legacy data products, partially offset by gains in premium sports content and betting technology services.
Management guided for 2026 revenue growth of 23% to 25% and adjusted EBITDA growth of 34% to 37% on a constant‑currency basis, signaling confidence in continued demand for its data and AI solutions. The guidance also indicates expectations of further margin expansion as the company continues to scale its platform.
The company expanded its share‑repurchase program to $1 billion and has already repurchased $171 million of shares, including $91 million in 2025. With a year‑end cash balance of €360 million, the buyback reflects management’s confidence in the firm’s cash‑flow generation and its ability to return value to shareholders while pursuing strategic investments.
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