Quick Take: Banijay 2Q - guidance reiterated / delivery in 2H

研报英文原文证据摘录

Quick Take: Banijay 2Q - guidance reiterated / delivery in 2H

29 July 2026

Annick Maas

+44 20 7676 6683

European Media annick.maas@bernsteinsg.com

Banijay Group Sabrina Blanc

+33 1 42 13 47 32

Rating sabrina.blanc@bernsteinsg.com

Market-Perform Christophe Cherblanc

Price Target +41 582 723 540

christophe.cherblanc@bernsteinsg.com

BNJ.NA 10.10 EUR

Christopher Pancur

+44 20 7676 7280

christopher.pancur@bernsteinsg.com

Banijay group reported this morning 2Q results marked by a reiteration of FY guidance with

Close Date 28 Jul 2026

a 2nd half improvement anticipated for the trends across its divisions. No news on liquidity BNJ.NA Close Price (EUR) 8.60

which remains the overhang of the stock and management remains focused on improving that Price Target (EUR) 10.10

situation. Conference call at 7h30am UK time; webcast link: https://edge.media-server.com/ Upside/(Downside) 17%

mmc/p/3tkk2qz5. 52-Week Range 10.65/7.87

EDME --

2Q results helped by Gaming as expected. Group revenues reached €1,436m, up 3.5% yoy FYE Dec

organically (vs 1Q +9.0%), with 1H25 adj. EBITDA reaching €503m, +0.1% yoy org. and +5%

Div Yield 0.5%

if adjusted for the gaming betting tax (19.5% margin). Divisionally, Content and Production

Market Cap (EUR) (M) 3,683

revenues were down c.8.7% org., to €658m (vs +3.0% org. in 2Q25) due to a softer market and

EV (EUR) (M) 6,461

distribution phasing with big deliveries only anticipated for 2H. Gaming and Betting revenues

rose by 14.8% org. yoy, to €778m (vs +7.3% in 2Q25) thanks to a continued strong growth in Performance YTD 1M 6M 12M

active players in 1H26 of 22% yoy (vs +25% in 1H25) helped by the World Cup. The leverage Absolute (%) 4.1 1.2 2.2 (0.7)

EDME (%)ratio stood at 3.8x vs Dec YE at 2.7x. The All3Media acquisition has been closed on July 9th