Comment: Banijay Company Feedback

Research evidence excerpt

Comment: Banijay Company Feedback

30 June 2026

Annick Maas +44 20 7676 6683 annick.maas@bernsteinsg.com

Sabrina Blanc +33 1 42 13 47 32 sabrina.blanc@bernsteinsg.com

We just caught up with Banijay as we do from time to time to get an idea of recent market developments. The group reiterated its FY

guidance. Some of the learnings we took from our conversations are:

1. Content production & distribution: The group had previously guided for catalog deliveries to be even more back-end weighted this

year vs prior years. It confirmed this statement today and anticipates in 2Q similar Production trends as in 1Q, which was down 12%.

On the flip side the benefits seen in Distribution in 1Q, which was up 14%, will not be repeated in 2Q (due to the delivery schedule). Live

benefits from having done the World Cup ceremony but faces a tougher comp in 2Q due to a major ceremony done in 2Q25 in the Middle

East. Consequently, Live should see most of the WC benefits in 3Q as it is running a range of WC events throughout the competition.

2. Sports betting & gaming: While WC volumes are good (with many new players that can be monetized down the line) the group noted

that the margin benefits on sports betting are done mostly when results are different to expectations. However, for now the WC results

are loosely in line with expectations limiting the margin upside (in the 2nd half of June as the WC was launched). April and May margin

should therefore have benefited from the Champions League and National League matches. The main EBITDA margin component to

remember though for 2Q is the French tax headwind of c€12m in 2Q. The group will only start the integration with Tipico after the WC.

3. Refinancing: Earlier this week the group announced a new term loan facility of €760m at 2.75%.