France's Groupe Partouche net income drops on non-current operating loss

Overview

• EBITDA fell 13% yr/yr to €48.3 mln, impacted by prior-year liability reduction

• Net income declined to €7.2 mln from €12.6 mln a year earlier

• France casino operator's fiscal H1 turnover rose 3% yr/yr to €240.4 mln

Outlook

• Company did not provide specific guidance or forecasts for the current or future periods

Result Drivers

• CASINO PERFORMANCE - Adjusted operating income rose at several casinos, including Divonne, La Tour-de-Salvagny, Annemasse, Cannes Royal Palm, Middelkerke (Belgium), and Cotonou (Benin), driven by restructuring and streamlining efforts

• EMPLOYEE COSTS - Employee expenses increased due to new hiring for the Paris Gaming Club, full-period staffing at Cannes, and new wage agreements

• PARIS CLUB RELOCATION - Increased expenses at the Paris club ahead of its relocation weighed on operating income

• NET INCOME - Decreased as a result of a non-current operating loss, resulting from a divestment; an increase of the cost of financial debt and an income tax expense of € 3.8 M, compared to € 6.7 M in 1HY 2025

Company press release:

Key Details

Analyst Coverage

• The stock recently traded at 11 times the next 12-month earnings vs. a P/E of 11 three months ago

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