Turismo
GROUPE PARTOUCHE: Solid Half-Year Income in a period of significant growth investments
Solid Half-Year Income
in a period of significant growth investments
Paris, 24 June 2025, 06:00 p.m. - During its meeting held on the 24 June 2025 and after having reviewed the management report of Groupe Partouche Executive Board, the Supervisory Board examined the audited accounts of the 1 half-year 2024-2025 (November 2024 to April 2025).
Strong Business Momentum
The positive momentum of activity over the half-year was reflected in a Gross Gaming Revenue (GGR) increase of +4.2% to € 361.5 M and a revenue increase of +5.7% to € 233.5 M.
The Group’s EBITDA increased by +35.1% to € 55.3 M (i.e. 23.7% of turnover) compared with € 41.0 M (18.6% of turnover) in the first half of 2024.
The Group’s Current Operational Income (COI) came in € 24.3 M compared to € 15.5 M in the first half of 2024 (+56.9%) with this increase occurring across all three business segments (casinos, hotels and others).
The casinos COI reached € 30.8 M, compared with € 24.3 M in the first half of 2024 (+26.7%), notably driven by strong performance from:
Conversely, the Royal Palm in Cannes (formerly known as Casino 3.14), which moved to the Palm Beach site on the 2 December 2024, was penalized by strongly seasonal activity (-€ 1.6 M) prior to the start of the summer period.
The negative COI of the hotels has improved to –€1.2 M, compared with –€ 2.7 M in H1 2024.
Finally, for the first half of 2025, the negative COI of the « others » sector improved to –€ 5.3 M, versus –€ 6.2 M in H1 2024, despite including in this sector the real estate company (SCI) that holds the building of the avenue de la Grande Armée, whose COI is also in deficit (–€ 0.9 M).
Purchases and external expenses amounting to € 77.0 M rose by +€4.3 M (+5.9 %), notably due to:
Personnel expenses amounted to € 83.9 M, down by € 6.7 M , notably due to the extinction of social security liabilities (+€ 12.2 M, see Annex). Excluding the impact of this settlement, personnel expenses increased by € 6.0 M. Salaries and social security contributions increased by € 5.4 M following, on the one hand, the increase in headcount of +5.3% (including the integration of the Casino Cannes 50 Croisette and the casino of Cotonou teams) and on the other hand, an agreement on minimum collective agreements and an increase in night-shift premiums from 1 February 2025. Also noteworthy is the increase in employee participation of € 0.5 M.
Net Income amounted to € 12.6 M, compared to € 7.1 M on 30 April 2024 (+77.2%), taking into account the following items:
With net cash (after levies) of € 75.3 M, shareholders’equity of € 370.0 and net debt of € 172.0 M (constructed in accordance with the terms of the syndicated loan agreement, according to the former IAS 17 standards, excluding IFRS 16), the Group's financial structure remains sound. The marked increase in net debt is linked to the financing of the building avenue de la Grande Armée acquisition.
RECENT EVENTS AND PERSPECTIVES
Execution of the Financière Partouche safeguard plan
Further to the amendment of Financière Partouche's safeguard plan which took place on 26 May 2025 , Financière Partouche made an early payment, to the plan's execution commissioner, of the outstanding liabilities due under the said plan established by judgment dated 30 June 2014, using the proceeds of a bank loan. The court has been petitioned to acknowledge the proper execution of the plan.
AVAILABILITY OF THE 2025 HALF-YEAR FINANCIAL REPORT
The 1 half-year financial report as of 30 April 2025 is available today on the Group's website www.groupepartouche.com under the Finance section.
Upcoming events:
- 3 quarter financial information: Tuesday 9 September 2025, after stock market closure
- 4 quarter turnover: Tuesday 9 December 2025, after stock market closure
Groupe Partouche was established in 1973 and has grown to become one of the market leaders in Europe in its business sector. Listed on the stock exchange, it operates casinos, a gaming club, hotels, restaurants, spas and golf courses. The Group operates 41 casinos and employs nearly 4,050 people. It is well known for innovating and testing the games of tomorrow, which allows it to be confident about its future, while aiming to strengthen its leading position and continue to enhance its profitability. Groupe Partouche was floated on the stock exchange in 1995, and is listed on Euronext Paris, Compartment B. ISIN: FR0012612646 - Reuters PARP.PA - Bloomberg: PARP:FP
Annex
Consolidated income
(*) considering the application of IFRS 16 which has the automatic effect of improving EBITDA by € 9.5 M in H1 2025 and by € 7.6 M in H1 2024.
Taxes and Duties represent an expense of € 10.5 M compared to € 10.2 M in the first half of 2024.
After maintaining in recent fiscal years the cautious position adopted as of 31 October 2021, due to certain uncertainties regarding the treatment of aids related to social security contributions received during the Covid health crisis, Groupe Partouche has adjusted its liabilities and reduced them by € 12.2 M as of 31 March 2025, thereby increasing its EBITDA and Current Operating Income by the same amount (under “personnel expenses” in the consolidated income statement). Excluding this effect, EBITDA stands at € 43.1 M (18.5% of revenue), up € 2.2 M (+5.3%) compared to the previous year.
The increase in depreciation and amortization on fixed assets, up +17.0% to € 29.5 M, reflects the robust investment program in the Group’s establishments as well as the acquisitions of the building avenue de la Grande Armée and of the casino Cannes 50 Croisette.
Other current operating income and expenses represent a net expense of - € 8.2 M compared to - € 6.5 M in the first half of 2024.
Operating income stands at € 23.8 M compared to € 14.5 M in HY 2024 and income before tax at € 19.7 M compared to € 13.4 M in HY 2024.
The consolidated net income for the half-year is a profit of € 12.6 M compared to € 7.1 M as at 30 April 2024, of which the Group’s share is a profit of € 12.6 M compared to € 5.1 M on 30 of April 2024.
Balance Sheet
Total net assets as of 30 April 2025 represent € 942.2 M compared to € 845.1 M as of 31 October 2024 . The noteworthy changes over the period are as follows:
On the liabilities side, shareholders' equity, including minority interests, went from € 365.0 M on 31 October 2024 to € 370.0 M on 30 April 2025, including a profit for the period of € 12.6 M.
The financial debt on 30 April 2025, increased by € 84.0 M (current & non-current shares) compared to 31 October 2024, taking into account:
Financial structure – Summary of net debt
The Group's financial structure can be assessed using the following table (constructed in accordance with the terms of the syndicated loan agreement, based on the former IAS 17 standards, excluding IFRS 16).
(*) The consolidated EBITDA used to determine the “leverage” is calculated over a rolling 12-months period, according to the old IAS 17 standard (that is to say before application of IFRS 16).
(**) The gross deb includes bank borrowings, bond loans, and finance leases accounted for under the former IAS 17 standard (excluding other leases accounted for under IFRS 16), accrued interest, other borrowings and financial liabilities, bank loans, and financial instruments.
Glossary
The "Gross Gaming Revenue" corresponds to the sum of the various operated games, after deduction of the payment of the winnings to the players. This amount is debited of the "levies" (i.e. tax to the State, the city halls, CSG, CRDS).
The «Gross Gaming Revenue» after deduction of the levies, becomes the "Net Gaming Revenue ", a component of the turnover.
Turnover excluding NGR, includes all non-gaming activities i.e. catering, hotels, shows ticketing, spas, etc.
“Current Operating Income” COI includes all the expenses and income directly related to the Group's activities to the extent that these elements are recurrent, usual in the operating cycle or that they result from specific events or decisions pertaining to the Group's activities.
The "Non-Current Operating Income" (NCOI) includes all non-current and unusual events of the operating cycle: it therefore includes the depreciation of fixed assets (Impairments), the result from the sale of consolidated investments, the result from the sale of asset, other miscellaneous non-current operating income and expenses not related to the usual operating cycle.
Consolidated EBITDA is made up of the balance of income and expenses of the current operating income, excluding depreciation (allocations and reversals) and provisions (allocations and reversals) linked to the Group’ business activity included in the current operating income but excluded from Ebitda due to their non-recurring nature.
Gearing is the ratio of net debt to equity.
« Leverage » is the ratio of net debt to EBITDA.
1 Cf Q2 2025 turnover press release, published on 10 June 2025 and available on groupe.partouche.com/Finance.
Attachment
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