Betsson AB has published its interim report for the first quarter of 2026 (1 January – 31 March 2026).

Highlights of the Report

• Group revenue was EUR 285.3 (293.7) million, a decrease of 3%. Organic increase of 4%.

• Casino revenue decreased by 4%. Sportsbook revenue increased by 1% and the sportsbook margin was 8.4% (8.0%).

• EBITDA was EUR 50.0 (77.7) million, a decrease of 36%. The EBITDA margin was 17.5% (26.5%).

• Operating income (EBIT) was EUR 34.0 (64.0) million, a decrease of 47%. The EBIT margin was 11.9% (21.8%).

• Net income was EUR 25.5 (48.4) million, corresponding to EUR 0.18 (0.35) per share.

• Operating cash flow was EUR 58.1 (86.4) million.

• Net debt was EUR -165.0 (-177.8) million.

• Active customers were 1.5 (1.4) million.

CEO Comment:

“During the first quarter of the year, our B2C operations continued to perform well, with solid growth and strengthened market positions, while our B2B revenue continued to decline. Group revenue amounted to EUR 285 (294) million and operating income (EBIT) to EUR 34 (64) million.

“Revenue for the B2C operations increased by 15 percent year-on-year. Growth was particularly strong in Latin America, where revenue rose by 25 percent and accounted for one-third of total Group revenue, primarily driven by positive performance in Peru. Here, we have a competitive product offering and a long-established, strong brand. Western Europe also delivered double-digit growth, with Italy as the main driver, where we continued to gain market share in both sports betting and casino. In Central and Eastern Europe and Central Asia (CEECA), B2C revenue increased, with particularly strong growth in Croatia and Greece. Overall, our B2C business continues to grow and make a significant contribution to the Group’s earnings. We keep investing in several B2C markets where we have not yet reached profitability, which reduces operating income by approximately EUR 10–15 million on a quarterly basis. 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 (90) million, driven by lower revenue from one customer. However, activity for this customer 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.

“In March, we entered into an agreement to acquire Rhino Entertainment Group’s B2C business, including a license in Canada, as well as a number of 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 share of revenue from locally regulated markets amounted to 73 (59) percent, the highest level to date. Our strategy going forward continues to be based on a balanced mix of revenue from locally regulated markets and markets served through Point-of-Supply (POS) licenses. However, the increased share of locally regulated revenue is a key to explaining the lower profitability compared with the corresponding period last year.

“We have had a positive start to the second quarter. Average daily revenue, up to and including 21 April, has been 3.7 percent higher than the corresponding daily average for the full second quarter of 2025. However, it should be noted that the sportsbook margin at the start of the quarter has been above the average for the past eight quarters.

“On the product and technology side, we continue to enhance the customer experience with improvements across the entire customer journey—from seamless payment solutions to an attractive and engaging gaming offering. For example, new Bet Builder functionality, AI-powered match previews and enriched live stats were introduced for the sportsbook.

“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, a strong brand and a proven strategy, we are well positioned to capitalise on opportunities in the global online gaming market.”

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