EBITDA surges over 35% as digital and property investments lay foundation for sustainable expansion
Solid Revenue Growth Driven by Gaming and Strategic Cost Control
Groupe Partouche has delivered a strong financial performance for the first half of its 2024/25 fiscal year, with turnover increasing 5.7% year-on-year to €233.3 million. This performance was underpinned by a 4.2% rise in gross gaming revenue, reaching €361.5 million, reflecting healthy customer demand and operational recovery across key venues.
The group’s EBITDA rose sharply by 35.1% to €55.3 million, representing 23.7% of turnover, a significant uplift from the prior year. This increase was notably supported by a reduction in personnel expenses following the resolution of historic social-security liabilities, as well as efficiency gains across casino properties.
Casino Division Powers Operating Profit Surge
Casino operating profit rose to €30.8 million, marking a 26.7% improvement over the previous year. Stronger contributions from venues such as Aix-en-Provence, Annemasse, and La Tour-de-Salvagny, along with early positive results from the group’s Middelkerke online casino operation in Belgium, were major contributors.
Partouche’s online strategy, particularly its presence in Belgium’s regulated market, positions the company to capitalize on potential legislative changes in France that could soon legalize online casino gaming—a development that would unlock significant domestic market potential.
Hotel and “Other” Segments Reduce Losses
The group’s hotel segment narrowed its losses to €1.2 million, while the “other” segment (which includes property and development projects) trimmed its deficit to €5.3 million. These improvements came despite continued expenditures related to the Paris property on Avenue de la Grande Armée, which was financed with a €60 million loan contributing to an overall net debt increase of €67.9 million, bringing total net debt to €172.0 million.
Cash reserves stood at €75.3 million post-gaming levies, maintaining a healthy gearing level of 0.5x and a leverage ratio of 2.4x on an IAS 17 basis, giving the group financial flexibility to pursue ongoing refurbishments and growth initiatives.
Long-Term Growth Strategy Anchored in Investment and Digital Expansion
With major refurbishment projects underway at La Tour-de-Salvagny, Vichy, and Cotonou, and the digital segment showing promise, Partouche is placing calculated bets on long-term sustainability. The recently confirmed sale of its former Cannes property on Rue François Einesy, following the relocation of Casino 3.14 to Palm Beach, reflects continued efforts to streamline and modernize its asset base.
Management has also reaffirmed its commitment to prudent capital allocation and digital readiness, especially as France considers legalising online casino gaming, a move that could further amplify Partouche’s already successful foray into the Belgian online market.
Outlook
Partouche will publish Q3 results on 9 September and Q4 turnover on 9 December 2025, with investors closely watching for continued momentum and updates on regulatory shifts. The group’s current trajectory, reinforced by operational agility and digital readiness, suggests it is well-positioned to maintain growth despite macroeconomic uncertainties.
In a transforming European gaming landscape, Groupe Partouche’s hybrid model—balancing physical assets, digital operations, and real estate ventures—may serve as a blueprint for post-pandemic casino resilience and growth.
