Betsson has posted mixed results for the fourth quarter of 2025 as increased gaming taxes, reduced B2B revenue and continued investment in product and technology contributed to lower profitability. The group reported Q4 revenue of €303.9m, a marginal decline from the €306.8m recorded in the same period a year earlier, though organic growth reached 5%.
Operating income fell to €53.2m compared with €70.2m last year, while EBITDA declined 20% to €69.3m. The company attributed much of this pressure to higher tax burdens in regulated markets and rising personnel costs linked to technology and product development. Net income for the quarter dropped to €35m.
Performance varied significantly by region. Western Europe and Latin America registered continued growth, but activity slowed in the Nordic region and in Central and Eastern Europe and Central Asia. B2C revenue rose, supported by marketing and product investments, while B2B revenue declined due to one major partner generating lower income than in the prior year.
Despite the quarterly softness, Betsson recorded solid full-year results. Group revenue for January to December 2025 reached €1.197bn, an 8% increase, with organic growth of 13%. EBITDA for the full year held broadly stable at €313.7m. The company also highlighted an increase in revenue generated from locally regulated markets, which reached a record 68%.
During the quarter, Betsson refinanced its 2023/2026 bond by issuing a new €75m four-year senior unsecured bond at its lowest credit spread to date. The Board also initiated a €40m share buy-back programme.
Looking to 2026, the company anticipates favourable conditions for growth, pointing to a strong project pipeline and increased customer acquisition opportunities around the FIFA World Cup.
Betsson’s Board has proposed an ordinary dividend of €0.66 per share for 2025
