FR0012612646
GROUPE PARTOUCHE: Income 1st Half-Year 2021/2022 – Solid 1st HY Income and resumption of growth investments
Income 1st Half-Year 2021/2022
Solid 1st HY Income
and resumption of growth investments
- Turnover: € 187.2 M (x4,0)
- EBITDA: € 34.2 M compared to – € 42.0 M at 1st HY 2021
- Net Income: € 24.6 M compared to – € 88.0 M at 1st HY 2021
- Healthy financial situation: gearing of 0.2x and leverage of 0.7x
Paris, 28th June 2022, 06:00 p.m. During its meeting held on the 28th June 2022 and after having reviewed the management report of Groupe Partouche Executive Board, the Supervisory Board examined the 1st Half-Year of financial year 2021-2022 (November 2021 to April 2022).
Good operational performance driven by the gradual normalization of activity
In a context of a gradual return to usual casino operations, the operating performance for the 1st half of 2022 improves significantly compared to the 1st half of the previous financial year. However, the health constraints still in place over the period continued to penalize the attendance1.
Otherwise, the data at 30th April 2022 take into consideration the scope’s following effects:
- cessation of the operations in Belgium (gaming & betting) and of the management of the Ostend casino starting 29th July 2021 (Belgium turnover of € 21.6 M at 1st half-year 2020 and € 41.4 M at 1st half-year 2021);
- assignment of the stake held in the Crans-Montana casino on 31st January 2022 (turnover of € 5.2 M at 1st HY 2019, the site being closed during the 1st HY 2020 and most of 1st HY 2021);
- end of the concession of the restaurant « Le Laurent » as from 7th March 2022 (turnover of € 2.2 M during 1st HY 2019 and € 1.2 M during 1st HY 2020, the restaurant being closed during the 1st HY 2021).
Gross Gaming Revenue (GGR) over the period increases very strongly at € 290.0 M (+ € 239.9 M compared to 1st half-year 2021) as well as the turnover at € 187.2 M (+ € 140.0 M).
The Group’ EBITDA is positive again at € 34.2 M, compared to -€ 42.0 M at 1st half-year 2021, while it is amputated from the Ostend Casino EBITDA (bricks and mortar games, online gaming and sports betting) which amounted to € 2.3 M at 1st half-year 2021.
The current operating income (COI) totals € 9.7 M compared to – € 73.2 M a year earlier, driven by the casinos’ division (COI of + € 16.0 M compared to – € 68.2 M in 2021) thanks to the reopening of all the casinos of the Group.
The COI of the hotels’ division increases slightly to – € 1.8 M compared to – € 2.2 M in 20212.
Finally, the COI of the division Other totals – € 4.6 M at 1st half-year 2022, compared to – € 2.8 M at 1st half-year 2021, impacted by the exit of the sports betting in Belgium (+ € 1.8 M in 2021).
Purchases and external expenses remain stable at – € 60.7 M:
- With the reopening of the sites and the increase in the turnover of other activities, the purchases of materials, the expenses of publicity/marketing and maintenance (- € 30.0 M in aggregated) increase respectively by + € 13.3 M, + € 9.4 M and + € 2.2 M;
- In the same time, the outsourcing expenses (- € 30.7 M) strongly decrease following the cessation in Belgium of the online casino and sports betting (a relief of € 35.1 M) and despite the increase in the outsourcing expenses (guarding, cleaning) up to € 3.4 M linked with the reopening of the casinos.
It may be noted the increase of € 3.9 M in expenses relating to the ramp-up of the online casino in Switzerland.
The reopening of the casinos led to employees’ expenses of € 81.9 M (compared to € 31.5 M at 1st HY 2021). As a reminder, during the 1st HY 2021, the Group profited from partial unemployment benefits and savings in employer contributions, as well as exemptions/aids under the business aid measures put in place by the government in the acute phase of the health crisis. In addition, some casinos are once again paying a contribution to their employees (+ €1.8 M).
The non-current operating income is a net profit of € 17.5 M, compared to a loss of – € 8.6 M at 1st HY 2021, due to the following:
- the assignment, at the end of January 2022, of the 57% stake held by Groupe Partouche in the casino of Crans-Montana in Switzerland, that generated an income of + € 14.1 M;
- no goodwill impairment test was performed this HY (in 1st HY 2021, impairments amounted to – € 15.0 M);
- conversely, in Belgium, the final resolution of old disputes against the Belgian State generated a non-recurring profit of € 3.4 M over this half-year, in addition to the € 5.8 M of the same nature recorded in the first half of 2021.
Finally, the net income is a profit of € 24.6 M compared to a loss of – € 88.0 M at 30th April 2021, after taking into consideration the following:
- a financial income of – € 1.3 M (compared to – € 2,3 M at 1st HY 2021), which benefits from a foreign exchange gain due to the reopening of casinos on both sides of the Franco-Swiss border and a favourable exchange rate;
- a tax expense (including CVAE) standing at – € 1.2 M (compared to – € 4.0 M in 1st HY 2021).
With a cashflow net of levies amounting to € 120.5 M, an equity of € 338.8 and a net debt of € 55.7 M (constructed in accordance with the terms of the syndicated loan contract, according to IAS 17, excluding IFRS 16), the Group’s financial structure is sound and solid; net debt is down € 31.3 M compared to the end of October 2021.
RECENT EVENTS & OUTLOOK
Since the lifting of the vaccination pass, gaming activities have regained momentum with a very satisfactory trend. At the same time, Groupe Partouche is intensifying its investment plan aimed at renovating and increasing the gaming offer of several of its casinos and will benefit from the entry into force of the concession for the Middelkerke casino in Belgium from 1st July.
End of Palavas renovation works
The casino restructuring project, a commitment of the new concession obtained for 20 years, began on 1st November 2021 and aims at increasing the gaming surface while enhancing the spaces, the building itself and the site. The project is located in three places in the casino: the entrance, the upstairs room and the restaurant, add to this, the façade and the parking.
The ground floor will be dedicated to slot machines, in a calm and cosy atmosphere, while the 1st floor will host the table games in their electronic and non-electronic form, in a younger and more festive atmosphere. These works are currently being completed.
Restructuring the casino Le Lyon Vert at la Tour-de-Salvagny
The Casino Le Lyon Vert is undertaking a major restructuring of the existing spaces and the creation of a major extension on two levels (ground floor and 1st floor). The project seeks to restore the initial qualities of the building. The interior spaces will be adapted to the operations and enhanced. The project develops new gaming spaces that are too cramped today and respond to the current operation of modern casinos, ensures a complete update of staff premises, brings clearances and emergency exits up to standard, makes the building accessible to all and increases the non-gaming offer (event rooms). The surroundings are upgraded with the creation of two car parks for the public and a car park to the North for staff. The works should be completed in the spring of 2023.
Launching of the extension works at Annemasse casino
Extensive work is underway at the Annemasse casino and will allow the opening of the left wing, the construction of an extension at the front, the creation of two outdoor rooms (smoking), the construction of a veranda for a restaurant room and the creation of a large hall starting from the entrance. These works are due to end in June 2023.
Upcoming events:
– 3rd quarter financial information: Tuesday 13th September 2022, after stock market closure
– 4th quarter turnover: Tuesday 13th December 2022, after stock market closure
Groupe Partouche was established in 1973 and has grown to become one of the market leaders in Europe in its business sector. Listed on the stock exchange, it operates casinos, a gaming club, hotels, restaurants, spas and golf courses. The Group operates 41 casinos and employs nearly 3,900 people. It is well known for innovating and testing the games of tomorrow, which allows it to be confident about its future, while aiming to strengthen its leading position and continue to enhance its profitability.
Groupe Partouche was floated on the stock exchange in 1995, and is listed on Euronext Paris, Compartment . ISIN : FR0012612646 – Reuters PARP.PA – Bloomberg : PARP:FP Reuters : PARP.PA – Bloomberg : PARP:FP
FINANCIAL INFORMATION
Groupe Partouche Phone : 01.47.64.33.45 – Fax : 01.47.64.19.20
Valérie Fort, Chief Financial Officer [email protected]
Annex
Consolidated Income statement
| In €M – At 30th April (6 months) | 2022 | 2021 | GAP | Var. |
| Turnover | 187.2 | 47.2 | 140.0 | 296.9% |
| Purchases & external expenses | (60.7) | (60.6) | (0.0) | 0.1% |
| Taxes & duties | (10.2) | (5.6) | (4.6) | 80.8% |
| Employees expenses | (81.9) | (31.5) | (50.4) | 160.0% |
| Depreciation, amortisation & impairment of fixed assets | (26.2) | (28.5) | 2.3 | –8.1% |
| Other current income & current operating expenses | 1.4 | 5.9 | (4.5) | -76.2% |
| Current Operating Income | 9.7 | (73.2) | 82.8 | n/a |
| Other non-current income & operating expenses | 3.4 | 6.4 | (3.0) | – |
| Gain (loss) on the sale of consolidated investments | 14.1 | – | 14.1 | – |
| Impairment of non-current assets | – | (15.0) | 15.0 | – |
| Non-current Operating Income | 17.5 | (8.6) | 26.1 | – |
| Operating Income | 27.2 | (81.8) | 108.9 | n/a |
| Financial Income | (1.3) | (2.3) | 0.9 | – |
| Income before tax | 25.8 | (84.0) | 109.8 | – |
| Corporate Income Tax | (0.4) | (3.6) | 3.2 | – |
| CVAE Tax | (0.7) | (0.4) | (0.3) | – |
| Income after Tax | 24.7 | (88.0) | 112.7 | – |
| Share in earnings of equity-accounted associates | (0.1) | (0.0) | (0.1) | – |
| Total Net Income | 24.6 | (88.0) | 112.6 | n/a |
| o/w Group Share | 24.2 | (81.6) | 105.8 | – |
| EBITDA (*) | 34.2 | (42.0) | 76.3 | n/a |
| Margin EBITDA / Turnover | 18.3% | n/a | n/a |
(*) Taking into consideration the application of IFRS 16 that has the mechanical effect of improving the EBITDA by € 7.0 M at 1st HY 2022 and € 7.3 M at 1st HY 2021.
Taxes & duties represent an expense of € 10.2 M compared to € 5.6 M at 1st half-year 2021.
The change in amortization and depreciation of fixed assets, down -8.1% to € 26.2 M, reflects the change in the scope of consolidation as well as the limitation of renewal investments during the health crisis.
The other current income and current operating expenses amount to a net income of € 1.4 M compared to € 5.9 M at 1st half-year 2021, mainly due to:
- the amount in half-year 2021 of operating subsidies received or to be received as aid obtained under the business aid measures put in place by the government during the health crisis, in particular aids at fixed costs at € 10.0 M;
- the amount in half-year 2022 of € 4.9 M in additional aids of the same nature (favourable effect linked to the increase in the aids’ ceiling and the implementation by the government of additional mechanisms due to the continuing health crisis).
Current operating income amounts to € 27.2 M compared to – € 81.8 M at 1st Half-Year 2021.
Income before tax totals a profit of € 25.8 M compared to a loss of € 84.0 M€ at 1st Half-Year 2021.
Tax expense (including CVAE) amounts to € 1.2 M compared to € 4.0 M at 1st half-year 2021 due to elements of various kinds related to the resumption of activity and the tax consequences of certain non-recurring items.
Share in earnings of equity-accounted associates is stable and not significant.
The consolidated net income of the half-year is a gain of € 24.6 M compared to a loss of € 88.0 M at 30th April 2021. In this net income, the Group’s share is a profit of € 24.2 M compared to a loss of € 81.6 M at 30th April 2021.
Balance sheet
Total net assets as of 30th April 2022 represent € 736.0 M compared to € 796.4 M as of 31st October 2021. The noteworthy changes over the period are as follows:
- a decrease in non-current assets of € 0.7 M mainly due to the reduction of tax receivables (the residual receivable from CICE 2018, i.e. € 3.2 M as of 31st October 2021, is now presented in current tax receivables for € 2.3 M, repayment expected in February 2023) and the net increase in property, plant and equipment of € 1.9 M, mainly made up of the volume of investments and depreciation charges;
- a decrease in current assets of € 45.2 M, mainly due to a drop in the “customers and other debtors” item of € 21.2M due in particular to the cessation of Belgian online activity (same finding hereafter on the liabilities side, at the level of “debts to suppliers and other creditors”) and a consumption of cash of € 28.5 M.
On the liabilities’ side, equity, including minority interests, go from € 315.4 M at 31st October 2021 to € 338.8 M at 30th April 2022, including profit for the period of € 24.2 M. Financial debt decreases by € 59.3 M (current and non-current portions). The following should be taken into consideration:
- the full repayment, mid-April 2022, of the second state guaranteed loan in the amount of – € 59.5 M;
- the two quarterly instalments of the syndicated loan settled on 31st January 2022 and 30th April 2022 for – € 5.4 M;
- the repayment of other bank loans in the amount of – € 6.3 M;
- the set-up of new bank loans for + € 8.9 M;
- as well as flows related to leases treated according to IFRS 16.
Financial structure – Summary of net debt
The Group’s financial structure can be assessed using the following table (constructed in accordance with the terms of the syndicated loan agreement, according to the old IAS 17 standard, excluding IFRS 16).
| In €M | 30/04/22 | 31/10/21 | 30/04/21 |
| Equity | 338.8 | 315.4 | 283.2 |
| Gross debt * | 176.3 | 239.1 | 253.7 |
| Cash less gaming levies | 120.5 | 152.1 | 104.1 |
| Net debt | 55.7 | 87.0 | 149.7 |
| Ratio Net debt / Equity (« gearing ») | 0.2x | 0.3x | 0.5x |
| Ratio Net debt / EBITDA (« leverage »)** | 0.7x | N/A *** | N/A *** |
(*) The gross deb includes bank borrowings, bond loans and restated leases (with the exception of other contracts restated according to IFRS 16, accrued interest, miscellaneous loans and financial debts, bank loans and financial instruments.
(**) The consolidated EBITDA used to determine the “leverage” is calculated over a rolling 12-months period, according to the old IAS 17 standard (that is to say before application of IFRS 16), at namely € 76.8 M at 30/04/2022.
(***) The bond and banking partners have waived the calculation of the “leverage ratio” expected at the closing dates of 30th April 2021 and 31st October due to a negative EBITDA over each period.
Glossary
The “Gross Gaming Revenue” corresponds to the sum of the various operated games, after deduction of the payment of the winnings to the players. This amount is debited of the “levies” (i.e. tax to the State, the city halls, CSG, CRDS).
The «Gross Gaming Revenue» after deduction of the levies, becomes the “Net Gaming Revenue “, a component of the turnover.
“Current Operating Income” COI includes all the expenses and income directly related to the Group’s activities to the extent that these elements are recurrent, usual in the operating cycle or that they result from specific events or decisions pertaining to the Group’s activities.
“Consolidated Ebitda” (EBITDA) is made up of the balance of income and expenses making up current operating income, excluding depreciation and provisions related to the operating cycle and one-off items related to the Group’s activities included in the current operating income but excluded from EBITDA due to their non-recurring nature.
1 In France, paid antigenic and PCR tests together with the “vaccination pass” until 13th March 2022. In Switzerland, introduction of the “vaccination pass” from 20th December 2021 to 17th February 2022.
2 This development takes into account the improvement of € 1.1 M of the Aquabella hotel ROI, but also the – € 0.6 M cumulated impact of the reclassification of the Forges, Saint Amand and Divonne hotel activities previously registered in the casinos’ activity and other activity for the later.
Attachment
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Solid Half-Year Income
in a period of significant growth investments
- Turnover: € 233.3 M (+5.7 %)
- EBITDA: € 55.3 M compared to 41.0 €M at 1st Half-year 2024
- Net Income: € 12.6 M compared to € 7.1 M at 1st Half-year 2024
- Financial situation: gearing of 0.5x and leverage of 2.4x
Paris, 24th June 2025, 06:00 p.m. – During its meeting held on the 24th June 2025 and after having reviewed the management report of Groupe Partouche Executive Board, the Supervisory Board examined the audited accounts of the 1st half-year 2024-2025 (November 2024 to April 2025).
Strong Business Momentum
The positive momentum of activity over the half-year was reflected in a Gross Gaming Revenue (GGR) increase of +4.2% to € 361.5 M and a revenue increase of +5.7% to € 233.5 M.
The Group’s EBITDA increased by +35.1% to € 55.3 M (i.e. 23.7% of turnover) compared with € 41.0 M (18.6% of turnover) in the first half of 2024.
The Group’s Current Operational Income (COI) came in € 24.3 M compared to € 15.5 M in the first half of 2024 (+56.9%) with this increase occurring across all three business segments (casinos, hotels and others).
The casinos COI reached € 30.8 M, compared with € 24.3 M in the first half of 2024 (+26.7%), notably driven by strong performance from:
- The casino of Aix-en-Provence (+€ 1.9 M) following substantial work on its cost structure;
- The casinos of Annemasse (+€ 1.3 M) and La Tour-de-Salvagny (+€ 0.3 M) demonstrating the relevance of the recent improvements;
- Online gaming in Middelkerke (Belgium), in operation since 29th January 2024 (+€0.9 M).
Conversely, the Royal Palm in Cannes (formerly known as Casino 3.14), which moved to the Palm Beach site on the 2nd December 2024, was penalized by strongly seasonal activity (-€ 1.6 M) prior to the start of the summer period.
The negative COI of the hotels has improved to –€1.2 M, compared with –€ 2.7 M in H1 2024.
Finally, for the first half of 2025, the negative COI of the « others » sector improved to –€ 5.3 M, versus –€ 6.2 M in H1 2024, despite including in this sector the real estate company (SCI) that holds the building of the avenue de la Grande Armée, whose COI is also in deficit (–€ 0.9 M).
Purchases and external expenses amounting to € 77.0 M rose by +€4.3 M (+5.9 %), notably due to:
- an increase in material purchases (–8.2 %) in line with the rise in catering and hotel’s revenue, in professional fees and related expenses (services and partnerships, commissions, fees…), and in subcontracting costs;
- conversely, a decrease in advertising/marketing expenses linked to better control of this category and the cessation of sport betting activities.
Personnel expenses amounted to € 83.9 M, down by € 6.7 M, notably due to the extinction of social security liabilities (+€ 12.2 M, see Annex). Excluding the impact of this settlement, personnel expenses increased by € 6.0 M. Salaries and social security contributions increased by € 5.4 M following, on the one hand, the increase in headcount of +5.3% (including the integration of the Casino Cannes 50 Croisette and the casino of Cotonou teams) and on the other hand, an agreement on minimum collective agreements and an increase in night-shift premiums from 1st February 2025. Also noteworthy is the increase in employee participation of € 0.5 M.
Net Income amounted to € 12.6 M, compared to € 7.1 M on 30th April 2024 (+77.2%), taking into account the following items:
- a non- recurring operating loss of – € 0.5 M compared with -€ 1.0 M in H1 2024, mainly due to accelerated depreciation charges on Club Berri in anticipation of its relocation in the building of the avenue de la Grande Armée (–€ 0.4 M);
- a financial result of – € 4.1 M (compared to – € 1.0 M in H1 2024). The cost of financial debt is up in line with the Group’s gross debt evolution, while the average annual interest rate remained relatively stable. In addition, investment income declined due to the Group’s cash consumption. Furthermore, financial expenses include a mark-to-market adjustment of the interest rate swap used to hedge the financing of the acquisition of the building avenue de la Grande Armée, amounting to –€ 0.7 M;
- A tax expense (CVAE included) of -€ 6.7 M (compared to -€ 6.1 M in H1 2024) which includes the use of deferred tax assets linked to the Group’s tax consolidation for –€ 1.9 M.
With net cash (after levies) of € 75.3 M, shareholders’equity of € 370.0 and net debt of € 172.0 M (constructed in accordance with the terms of the syndicated loan agreement, according to the former IAS 17 standards, excluding IFRS 16), the Group’s financial structure remains sound. The marked increase in net debt is linked to the financing of the building avenue de la Grande Armée acquisition.
RECENT EVENTS AND PERSPECTIVES
Execution of the Financière Partouche safeguard plan
Further to the amendment of Financière Partouche’s safeguard plan which took place on 26 May 20251, Financière Partouche made an early payment, to the plan’s execution commissioner, of the outstanding liabilities due under the said plan established by judgment dated 30th June 2014, using the proceeds of a bank loan. The court has been petitioned to acknowledge the proper execution of the plan.
AVAILABILITY OF THE 2025 HALF-YEAR FINANCIAL REPORT
The 1st half-year financial report as of 30th April 2025 is available today on the Group’s website www.groupepartouche.com under the Finance section.
Upcoming events:
– 3rd quarter financial information: Tuesday 9th September 2025, after stock market closure
– 4th quarter turnover: Tuesday 9th December 2025, after stock market closure
Groupe Partouche was established in 1973 and has grown to become one of the market leaders in Europe in its business sector. Listed on the stock exchange, it operates casinos, a gaming club, hotels, restaurants, spas and golf courses. The Group operates 41 casinos and employs nearly 4,050 people. It is well known for innovating and testing the games of tomorrow, which allows it to be confident about its future, while aiming to strengthen its leading position and continue to enhance its profitability. Groupe Partouche was floated on the stock exchange in 1995, and is listed on Euronext Paris, Compartment B. ISIN: FR0012612646 – Reuters PARP.PA – Bloomberg: PARP:FP
Annex
Consolidated income
| In €M – At 30th April (6 months) | 2025 | 2024 | Difference | Var. |
| Turnover | 233.3 | 220.6 | 12.7 | +5.7% |
| Purchases & External Expenses | (77.0) | (72.6) | (4.3) | +5.9% |
| Taxes & Duties | (10.5) | (10.2) | (0.3) | +2.8% |
| Employees Expenses | (83.9) | (90.6) | 6.7 | -7.4% |
| Depreciation, amortisation & impairment of fixed assets | (29.5) | (25.2) | (4.3) | +17.0% |
| Other current, income & current operating expenses | (8.2) | (6.5) | (1.7) | +26.0% |
| Current Operating Income | 24.3 | 15.5 | (8.8) | +56.9% |
| Other non-current income & operating expenses | (0.5) | (1.0) | 0.5 | – |
| Gain (loss) on the sale of consolidated expenses | – | – | – | – |
| Impairment of non-current assets | – | – | – | – |
| Non-current Operating Income | (0.5) | (1.0) | 0.5 | – |
| Operating Income | 23.8 | 14.5 | 9.3 | +64.4% |
| Financial Income | (4.1) | (1.0) | (3.0) | – |
| Income before tax | 19.7 | 13.4 | 6.3 | +46.9% |
| Corporate Income | (6.2) | (5.6) | (0.6) | – |
| CVAE Taxes | (0.4) | (0.4) | – | – |
| Income after Tax | 13.1 | 7.4 | 5.7 | +77.6% |
| Shares in earnings of equity-accounted associates | (0.4) | (0.2) | (0.2) | – |
| Total Net Income | 12.6 | 7.1 | 5.5 | +77.2% |
| o/w Group’ share | 12.6 | 5.1 | 7.5 |
| EBITDA (*) | 55.3 | 41.0 | 14.4 | +35.1% |
| Margin EBITDA / Turnover | 23.7% | 18.6% | +5.1 pt |
(*) considering the application of IFRS 16 which has the automatic effect of improving EBITDA by € 9.5 M in H1 2025 and by € 7.6 M in H1 2024.
Taxes and Duties represent an expense of € 10.5 M compared to € 10.2 M in the first half of 2024.
After maintaining in recent fiscal years the cautious position adopted as of 31st October 2021, due to certain uncertainties regarding the treatment of aids related to social security contributions received during the Covid health crisis, Groupe Partouche has adjusted its liabilities and reduced them by € 12.2 M as of 31st March 2025, thereby increasing its EBITDA and Current Operating Income by the same amount (under “personnel expenses” in the consolidated income statement). Excluding this effect, EBITDA stands at € 43.1 M (18.5% of revenue), up € 2.2 M (+5.3%) compared to the previous year.
The increase in depreciation and amortization on fixed assets, up +17.0% to € 29.5 M, reflects the robust investment program in the Group’s establishments as well as the acquisitions of the building avenue de la Grande Armée and of the casino Cannes 50 Croisette.
Other current operating income and expenses represent a net expense of – € 8.2 M compared to – € 6.5 M in the first half of 2024.
Operating income stands at € 23.8 M compared to € 14.5 M in HY 2024 and income before tax at € 19.7 M compared to € 13.4 M in HY 2024.
The consolidated net income for the half-year is a profit of € 12.6 M compared to € 7.1 M as at 30th April 2024, of which the Group’s share is a profit of € 12.6 M compared to € 5.1 M on 30th of April 2024.
Balance Sheet
Total net assets as of 30th April 2025 represent € 942.2 M compared to € 845.1 M as of 31st October 2024. The noteworthy changes over the period are as follows:
- an increase in non-current assets of € 92.4 M, mainly due to the net rise in property, plant and equipment of € 89.6 M, notably including the acquisition of the building avenue de la Grande Armée for € 68.1 M (including work-in-progress and considering the down payment made in the previous year), the recognition of a right-of-use asset related to the amendment of the real estate lease contract of casino Meyrin in Switzerland under IFRS 16 in connection with renovation works (€ 11.2 M), the IFRS 16 recognition of Casino Cannes 50 Croisette’s lease following its inclusion in the consolidation scope (€ 11.8 M), and the volume of ongoing capital expenditures (in particular in the casinos of La Tour-de-Salvagny (€ 4.1 M), Cotonou (€ 1.7 M) and Vichy (€ 1.5 M);
- a decrease in current assets of € 2.3 M, mainly due to consumption of cash of € 7.3 M offset by an increase in the items “customers and other debtors” of € 3.2 M and “other current assets” of € 2.2 M;
- reclassification of € 7.0 M under IFRS 5 to “assets held for sale,” corresponding to the real estate asset that housed the Hotel 3.14 then the Casino 3.14 in Cannes, for which the sale agreement is expected to be signed shortly.
On the liabilities side, shareholders’ equity, including minority interests, went from € 365.0 M on 31st October 2024 to € 370.0 M on 30th April 2025, including a profit for the period of € 12.6 M.
The financial debt on 30th April 2025, increased by € 84.0 M (current & non-current shares) compared to 31st October 2024, taking into account:
- The arrangement of new bank loans for + € 80.4 M including € 60.0 M for the financing of the acquisition of the builduing avenue de la Grande Armée, € 10.0 M drawn from the revolving credit facility, and various renovation-related financings;
- The repayment of bank borrowings totaling -€13.5 M, including the two quarterly installments of the syndicated loan paid on 31st January and 30th April 2025, amounting to -€ 5.4 M;
- as well as flows related to lease contracts accounted for under IFRS 16.
Financial structure – Summary of net debt
The Group’s financial structure can be assessed using the following table (constructed in accordance with the terms of the syndicated loan agreement, based on the former IAS 17 standards, excluding IFRS 16).
| In €M | 30/04/25 | 31/10/24 | 30/04/24 |
| Equity | 370.0 | 365.0 | 367.3 |
| EBITDA * | 72.5 | 60.0 | 61.9 |
| Gross Debt | 247.4 | 185.5 | 171.0 |
| Cash less gaming levies | 75.3 | 81.4 | 89.8 |
| Net Debt | 172.0 | 104.1 | 81.2 |
| Ratio Net Debt / Equity (« gearing ») | 0.5x | 0.3x | 0.2x |
| Ratio Net Debt / Consolidated EBITDA (« leverage »)** | 2.4x | 1.7x | 1.3x |
(*) The consolidated EBITDA used to determine the “leverage” is calculated over a rolling 12-months period, according to the old IAS 17 standard (that is to say before application of IFRS 16).
(**) The gross deb includes bank borrowings, bond loans, and finance leases accounted for under the former IAS 17 standard (excluding other leases accounted for under IFRS 16), accrued interest, other borrowings and financial liabilities, bank loans, and financial instruments.
Glossary
The “Gross Gaming Revenue” corresponds to the sum of the various operated games, after deduction of the payment of the winnings to the players. This amount is debited of the “levies” (i.e. tax to the State, the city halls, CSG, CRDS).
The «Gross Gaming Revenue» after deduction of the levies, becomes the “Net Gaming Revenue “, a component of the turnover.
Turnover excluding NGR, includes all non-gaming activities i.e. catering, hotels, shows ticketing, spas, etc.
“Current Operating Income” COI includes all the expenses and income directly related to the Group’s activities to the extent that these elements are recurrent, usual in the operating cycle or that they result from specific events or decisions pertaining to the Group’s activities.
The “Non-Current Operating Income” (NCOI) includes all non-current and unusual events of the operating cycle: it therefore includes the depreciation of fixed assets (Impairments), the result from the sale of consolidated investments, the result from the sale of asset, other miscellaneous non-current operating income and expenses not related to the usual operating cycle.
Consolidated EBITDA is made up of the balance of income and expenses of the current operating income, excluding depreciation (allocations and reversals) and provisions (allocations and reversals) linked to the Group’ business activity included in the current operating income but excluded from Ebitda due to their non-recurring nature.
Gearing is the ratio of net debt to equity.
« Leverage » is the ratio of net debt to EBITDA.
1 Cf Q2 2025 turnover press release, published on 10 June 2025 and available on groupe.partouche.com/Finance.
Attachment
FR0012612646
GROUPE PARTOUCHE: Solid growth in turnover in the first half of 2025: +5.7 % at € 233.3 M / Key step towards exiting Financière Partouche safeguard plan
Solid growth in turnover in the first half of 2025:
+5.7 % at € 233.3 M
Key step towards exiting Financière Partouche safeguard plan
Paris, 10th June 2025, 06:00 p.m. Groupe Partouche European leader in gaming, published this day its consolidated turnover for the 2nd quarter of fiscal year 2025 (February 2025 – April 2025) together with its consolidated turnover in the first half of 2025 (November 2024 – April 2025).
Sustained activity in the first half of 2025 with a turnover up +5.7% to € 233.3 M
The 1st half-year of 2025 shows a solid growth momentum of +5.7% to € 233.3 M (compared to € 220.6 M in 1HY 2024) with Net Gaming Revenue up +3.1% to € 185.3 M (compared to € 179.7 M in 1HY 2024).
The 2nd quarter 2025 turnover, up by +4.9% at € 106.9 M (compared to € 101.9 M at 2Q 2024), confirms the trend recorded in the 1st quarter (+6.5% vs Q1 2024).
The strong business performance of the Group is based on a Gross Gaming Revenue (GGR) in the 2nd quarter up +2.8% to € 178.7 M (compared to € 173.7 M in Q2 2024), which breaks down as follows:
- in France, the growth in GGR is +3.7% to € 160.6 M compared to Q2 2024 (€ 154.8 M), supported by a +2.7% increase in attendance. The GGR for all forms of gaming improves: +2.8% for the GGR of slot machines to € 128.0 M (vs. € 124.6 M in Q2 2024), +8.5% for the GGR of electronic table games to € 19.7 M (vs. € 18.1 M in Q2 2024) and +6.2% for the GGR of non-electronic table games to € 12.9 M (vs. € 12.1 M in Q2 2024). At constant scope, without the acquisition of Casino Partouche Cannes 50 Croisette which took place on 28th February 2025, the GGR in France increases by +2.4% to € 158.6 M;
- internationally, the GGR is down -4.3% compared to Q2 2024, at € 18.1 M. While the GGR from slot machines is generally stable at € 9.9 M compared to Q2 2024, the GGR from table games decreases at € 8.2 M (-9.4%). The GGR abroad also includes the Cotonou casino since 28th January 2025.
After levies, Net Gaming Revenue (NGR) increases by +2.0% to € 83.1 M, compared to € 81.5 M in Q2 2024. Non-gaming activity generates a revenue of € 24.5 M (+15.9%) compared to € 21.1 M in Q2 2024, thanks mainly to non-gaming casino activity (specially catering) which increases by +24.6% (the strong performance of the Pasino Grand in Aix-en-Provence (+81.4%) as well as the online gaming in Middelkerke in Belgium (+72,5%) are to be noted).
Amendment to Financière Partouche’s safeguard plan
On 26th May 2025, the Commercial Court of Valenciennes ordered the modification of Financière Partouche’s safeguard plan and authorized it to pay in advance, to the plan’s execution commissioner, the outstanding liabilities due under the said plan established by judgment dated 30th June 2014. Reimbursement will take place shortly through the drawing of the bank credit. Once reimbursement has been made, the court will be notified to confirm the proper execution of the plan.
Upcoming events:
Payment of dividend: Monday 30th June
1st Half-Year: Tuesday 24th June 2025, after stock market closing.
3rd quarter financial information: Tuesday 9th September 2025, after stock market closing.
Groupe Partouche was established in 1973 and has grown to become one of the market leaders in Europe in its business sector. Listed on the stock exchange, it operates casinos, a gaming club, hotels, restaurants, spas and golf courses. The Group operates 41 casinos and employs nearly 4,050 people. It is well known for innovating and testing the games of tomorrow, which allows it to be confident about its future, while aiming to strengthen its leading position and continue to enhance its profitability. Groupe Partouche was floated on the stock exchange in 1995, and is listed on Euronext Paris, Compartment. ISIN: FR0012612646 – Reuters: PARP.PA – Bloomberg: PARP:FP
ANNEX
1- Consolidated turnover
| In €M | 2025 | 2024 | Variation |
| 1st quarter (November – January) | 126.4 | 118.7 | +6.5% |
| 2nd quarter (February – April) | 106.9 | 101.9 | +4.9% |
| Total consolidated turnover | 233.3 | 220.6 | +5.7% |
2- Construction of consolidated turnover
2.1 – 2nd quarter
| In €M | 2025 | 2024 | Variation |
| Gross Gaming Revenue (GGR) | 178.7 | 173.7 | +2.8% |
| Levies | -95.6 | -92.2 | +3.6% |
| Net Gaming Revenue (NGR) | 83.1 | 81.5 | +2.0% |
| Turnover excluding NGR | 24.5 | 21.2 | +15.9% |
| Fidelity programme | -0.7 | -0.7 | +0.1% |
| Total consolidated turnover | 106.9 | 101.9 | +4.9% |
2.2 – Aggregate 6 months
| In €M | 2025 | 2024 | Variation |
| Gross Gaming Revenue (GGR) | 361.5 | 346.9 | +4.2% |
| Levies | -176.2 | -167.2 | +5.4% |
| Net Gaming Revenue (NGR) | 185.3 | 179.7 | +3.1% |
| Turnover excluding NGR | 49.6 | 42.4 | +16.8% |
| Fidelity programme | -1.5 | -1.4 | +7.1% |
| Total consolidated turnover | 233.3 | 220.6 | +5.7% |
3- Breakdown of consolidated turnover by activity
3.1 – 2nd quarter
| In €M | 2025 | 2024 | Variation |
| Casinos | 98.1 | 93.4 | +5.0% |
| Hotels | 6.3 | 6.5 | -2.8% |
| Other | 2.5 | 2.1 | +21.1% |
| Total consolidated turnover | 106.9 | 101.9 | +4.9% |
3.2 – Aggregate 6 months
| In €M | 2025 | 2024 | Variation |
| Casinos | 215.8 | 203.8 | +5.9% |
| Hotels | 12.8 | 12.7 | +0.9% |
| Other | 4.8 | 4.2 | +14.7% |
| Total consolidated turnover | 233.3 | 220.6 | +5.7% |
4- Glossary
The “Gross Gaming Revenue” corresponds to the sum of the various operated games, after deduction of the payment of the winnings to the players. This amount is debited of the “levies” (i.e. tax to the State, the city halls, CSG, CRDS).
The «Gross Gaming Revenue» after deduction of the levies, becomes the “Net Gaming Revenue “, a component of the turnover.
Attachment
FR0012612646
GROUPE PARTOUCHE: 1st quarter 2025 Turnover: +6.5% – Excellent dynamics across all activities – General Meeting of 26th March 2025 – Proposal for distribution of a stable dividend of € 0.32/share
1st quarter 2025 Turnover: +6.5%
Excellent dynamics across all activities
General Meeting of 26th March 2025
Proposal for distribution of a stable dividend of € 0.32/share
Paris, 11th March 2025, 06:00 p.m. Groupe Partouche European leader in gaming, published this day its consolidated turnover for the 1st quarter of fiscal year 2025 (November 2024 to January 2025).
A dynamic 1st quarter in all trades and all geographies
The Gross Gaming Revenue (GGR) stands at € 182.9 M at 1st quarter 2025 compared to € 173.2 M a year earlier, up by +5.6%.
In France, the 1st quarter 2025 GGR increases by 5.9% to € 162.8 M compared to € 153.8 M a year earlier, driven by all forms of gaming: +4.7% for slot machines, +7.5% for non-electronic table games and +11.7% for electronic forms of gaming.
Abroad, the GGR is up +3.6% compared to the 1st quarter of 2024, to € 20.1 M, compared to € 19.4 M in N-1. The GGR of Swiss online games continues to grow (+6.4% over one year).
In total, after levies, Net Gaming Revenue (NGR) increases by +4.1% to € 102.2 M in 1st quarter of 2025 (compared to € 98.1 M in Q1 2024).
The 1st quarter 2025 turnover records a very satisfactory increase of +6.5% over a year and reaches € 126.4 M compared to € 118.7 M a year earlier. It includes the turnover of the casinos for € 117.6 M (+6.6%), of the hotels for € 6.5 M (+4.8%) and € 2.3 M for the other activities (+8.4%).
General Meeting & Distribution of dividends
During the General Assembly Meeting addressing the 2024 financial statements which will be held on Wednesday, 26th March at 10 a.m.1, shareholders will be able to vote on the distribution of a dividend of € 3,080,650.88 (i.e. € 0.32 per share). This dividend will be paid no later than 31st July 2025.
Cannes
Groupe Partouche acquired on 28th February 2025, from Jesta Fontainebleau, 80% of the shares of the company Casino Les Princes which will become Casino Partouche Cannes 50 Croisette. This acquisition anchors and strengthens the Group’s Cannes strategy, by completing the offer of the Casino Royal Palm at Palm Beach.
Parisian Gaming Club
After a closure of two months and following the publication of legal texts authorizing the reopening of Parisian gaming clubs, the Punto Club has been again welcoming the public since 28th February 2025. The Club obtained its operating license valid until 31st December 2027, as well as its authorization to transfer to its future premises at 10 avenue de la Grande Armée – Paris2.
Upcoming events:
General Meeting: Wednesday 26th March 2025 at 10.00 a.m.
2nd quarter turnover: Tuesday 10th June 2025, after stock market closing.
Groupe Partouche was established in 1973 and has grown to become one of the market leaders in Europe in its business sector. Listed on the stock exchange, it operates casinos, a gaming club, hotels, restaurants, spas and golf courses. The Group operates 41 casinos and employs around 4,050 people. It is well known for innovating and testing the games of tomorrow, which allows it to be confident about its future, while aiming to strengthen its leading position and continue to enhance its profitability. Groupe Partouche was floated on the stock exchange in 1995, and is listed on Euronext Paris, Compartment B. ISIN: FR0012612646 – Reuters: PARP.PA – Bloomberg: PARP:FP
ANNEX
1- Construction of the 1st quarter consolidated turnover (November N-1 to January N)
| In €M | 2025 | 2024 | Variation |
| Gross Gaming Revenue (GGR) | 182.9 | 173.2 | +5.6% |
| Levies | -80.7 | -75.0 | +7.5% |
| Net Gaming Revenue (NGR) | 102.2 | 98.1 | +4.1% |
| Turnover excluding NGR | 25.0 | 21.3 | +17.7% |
| Fidelity programme | -0.8 | -0.7 | +14.6% |
| Total consolidated turnover | 126.4 | 118.7 | +6.5% |
2- Breakdown of 1st quarter Turnover by activity (November N-1 to January N)
| In €M | 2025 | 2024 | Variation |
| Casinos | 117.6 | 110.4 | +6.6% |
| Hotels | 6.5 | 6.2 | +4.8% |
| Other | 2.3 | 2.1 | +8.4% |
| Total consolidated turnover | 126.4 | 118.7 | +6.5% |
3- Glossary
The “Gross Gaming Revenue” corresponds to the sum of the various operated games, after deduction of the payment of the winnings to the players. This amount is debited of the “levies” (i.e. tax to the State, the city halls, CSG, CRDS).
The «Gross Gaming Revenue» after deduction of the levies, becomes the “Net Gaming Revenue “, a component of the turnover.
1 See press release entitled « Provision of preparatory documents for the GM », broadcasted on 10th March 2025 and available on www.groupe.partouche.com/Finance
2 See press release entitled « Acquisition of a building – Avenue de la Grande Armée », broadcasted on 15th January 2025 and available on www.groupe.partouche.com/Finance
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