The company has released its financial results for the year 2024, highlighting a post-tax profit of €157 million, which marks a 42% increase compared to the previous year. The overall performance across various segments was somewhat mixed, indicating a need for strategic realignment, particularly in light of the anticipated sale of the Snaitech unit.
Total revenues from both continuing and discontinued operations rose by 5% to €1.79 billion, up from €1.71 billion in 2023. Adjusted EBITDA also saw an upward trend, increasing by 11% to €480.4 million compared to €432.3 million reported a year earlier.
Significant growth was particularly evident in the B2B sector, particularly within core regulated markets like the Americas. B2B revenue grew by 10% to reach €754.3 million, compared to €684.1 million in 2023. Additionally, the segment’s Adjusted EBITDA surged by 22% to €222.0 million, up from €182.0 million.
The leadership commented on the impressive performance of the B2B business, achieving its medium-term targets ahead of schedule. The Americas contributed notably to this growth, especially through the Wplay operation in Colombia. Expansion efforts in the US and Canada are also reportedly progressing well, with an expanding roster of operator partnerships.
In the B2C segment, revenue experienced a modest boost of 2%, totaling €1,052.7 million, versus €1,037.0 million in the prior year. Adjusted EBITDA saw a 3% increase, settling at €258.4 million, up from €250.3 million. However, the Snaitech division within B2C faced adverse impacts due to customer-friendly outcomes in sporting events during the year.
On another note, a definitive agreement has been made to sell Snaitech to Flutter Entertainment, valued at €2.3 billion. Following the sale, there is an intention to distribute a special dividend ranging from €1.7 billion to €1.8 billion, expected to be completed by the second quarter of 2025. This sale is expected to enhance shareholder value significantly while allowing the firm to concentrate on its primary strength as a B2B-focused entity.
Additionally, a new strategic agreement has been established with Caliplay, a partner in Mexico, under which the company will retain a 30.8% equity interest in Caliente Interactive, Inc., the new holding company based in the US.
The company reported a robust performance in both the US and Canada, with revenue growth reaching 126% in 2024, amounting to €29.8 million. The firm continues to broaden its partnerships and enhance product offerings in these burgeoning markets.
In terms of future projections, new medium-term financial targets have been established for the continuing business. These include an Adjusted EBITDA target range of €250–300 million and a free cash flow goal of between €70 and €100 million.
Moreover, net debt has decreased significantly to €142.8 million as of December 31, 2024, down from €282.8 million the previous year. A partial repayment of €200 million towards the 2019 bond was conducted in December 2024.
Looking forward, early trading indications for 2025 appear promising, attributing to favorable underlying growth patterns in the B2B operations. However, challenges remain, notably the closure of the Austrian HAPPYBET business and ongoing regulatory changes affecting various markets.