Betsson AB (publ) (BTSNY) Q4 2025 Earnings Call Transcript

Operator

Welcome to Betsson Q4 Report 2025. [Operator Instructions]

Now I will hand the conference over to CEO, Pontus Lindwall; and CFO, Martin Ohman. Please go ahead.

Pontus Lindwall
CEO, President & Executive Director

Thank you. Good morning, and welcome to Betsson’s presentation of the fourth quarter of 2025. I’m Pontus Lindwall, the President and CEO of Betsson. With me and presenting today is also our CFO, Martin Ohman.

In Q4, we saw continued good customer activity with an increased number of active players compared to the same period last year. Revenue amounted to EUR 304 million, and operating income was EUR 53 million in the quarter. The EBIT margin was 17.5% for the period.

Casino revenue was up 3% year-over-year, while Sportsbook revenue was down 9%. The Sportsbook revenue was negatively impacted by a lower Sportsbook margin in the quarter. We ended the year with a strong net cash position of EUR 158 million.

Regionally, Western Europe and Latin America continued to show revenue growth while revenue from Nordic region and CEECA declined. Revenue from our B2C operations continued to increase, thanks to successful product and marketing investments, while revenue from our B2B business was lower than the comparison period last year. The decline in the B2B was mainly due to one-off Betsson’s customers having lower activity than in the corresponding period in the previous year.

The share of revenue from locally regulated markets continued to increase and reached an all-time high of 68%, which consequently drove higher gaming taxes. We continue to invest in the product and technology organization to strengthen the customer experience and our long-term competitiveness, which led