GROUPE PARTOUCHE: Solid Half-Year Income in a period of significant growth investments

Solid Half-Year Income in a period of significant growth investments

Turnover: € 233.3 M (+5.7 %)

EBITDA: € 55.3 M compared to 41.0 €M at 1st Half-year 2024

Net Income: € 12.6 M compared to € 7.1 M at 1st Half-year 2024

Financial situation: gearing of 0.5x and leverage of 2.4x

Paris, 24th June 2025, 06:00 p.m. - During its meeting held on the 24th June 2025 and after having reviewed the management report of Groupe Partouche Executive Board, the Supervisory Board examined the audited accounts of the 1st 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:

The casino of Aix-en-Provence (+€ 1.9 M) following substantial work on its cost structure;

The casinos of Annemasse (+€ 1.3 M) and La Tour-de-Salvagny (+€ 0.3 M) demonstrating the relevance of the recent improvements;

Online gaming in Middelkerke (Belgium), in operation since 29th January 2024 (+€0.9 M).

Conversely, the Royal Palm in Cannes (formerly known as Casino 3.14), which moved to the Palm Beach site on the 2nd 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:

an increase in material purchases (–8.2 %) in line with the rise in catering and hotel's revenue, in professional fees and related expenses (services and partnerships, commissions, fees…), and in subcontracting costs;

conversely, a decrease in advertising/marketing expenses linked to better control of this category and the cessation of sport betting activities.

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 1st 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 30th April 2024 (+77.2%), taking into account the following items:

a non- recurring operating loss of, € 0.5 M compared with -€ 1.0 M in H1 2024, mainly due to accelerated depreciation charges on Club Berri in anticipation of its relocation in the building of the avenue de la Grande Armée (–€ 0.4 M);

a financial result of - € 4.1 M (compared to - € 1.0 M in H1 2024). The cost of financial debt is up in line with the Group's gross debt evolution, while the average annual interest rate remained relatively stable. In addition, investment income declined due to the Group's cash consumption. Furthermore, financial expenses include a mark-to-market adjustment of the interest rate swap used to hedge the financing of the acquisition of the building avenue de la Grande Armée, amounting to, € 0.7 M;

A tax expense (CVAE included) of -€ 6.7 M (compared to -€ 6.1 M in H1 2024) which includes the use of deferred tax assets linked to the Group's tax consolidation for, € 1.9 M.

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 20251, 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 30th 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 1st half-year financial report as of 30th April 2025 is available today on the Group's website www.groupepartouche.com under the Finance section.

Upcoming events:

- 3rd quarter financial information: Tuesday 9th September 2025, after stock market closure

- 4th quarter turnover: Tuesday 9th 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

In €M - At 30th April (6 months)

2025

2024

Difference

Var.

Turnover

233.3

220.6

12.7

+5.7%

Purchases & External Expenses

(77.0)

(72.6)

(4.3)

+5.9%

Taxes & Duties

(10.5)

(10.2)

(0.3)

+2.8%

Employees Expenses

(83.9)

(90.6)

6.7

-7.4%

Depreciation, amortisation & impairment of fixed assets

(29.5)

(25.2)

(4.3)

+17.0%

Other current, income & current operating expenses

(8.2)

(6.5)