Sweden’s state operator Svenska Spel has ended 2025 on a stable footing, with results ‘exceeding’ financial targets in the words of CEO Anna Johnson.
Net gaming revenue for the full year rose 2% YoY with SEK 121m (£9.7m) for a total of SEK 7.7bn (£628mn) compared to 2024 (SEK 7.6bn). Online sales became a primary growth driver, with 8% YoY increase.
Operating profit was up 10% YoY (2024: SEK 2.3bn) for a total of SEK 2.5bn, with an operating margin of 33% (2024: 31%).
For the quarter ending 31 December, net gaming revenue stood at SEK 2.1bn, up 2% or SEK 37m from the same quarter in 2024.
The Group’s Sport and Casino segment grew 2% YoY, mainly driven by profitable online casino results, coupled with increasing customer activity in sportsbetting for Svenska Spel’s Oddset brand.
Online revenue in Q4 amounted to 62% of the total Group revenue for that quarter, up 2% from Q4 2024. Meanwhile, total online revenue grew 7% YoY compared to the year prior..
Quarterly operating profit went up by 16% to SEK 641m (Q4’24: SEK 555m) as a result of the positive revenue tailwinds.
Another revenue driver proved to be Svenska Spel’s Luck segment, which encompasses lottery games. The operator reported an increase of 2% YoY in quarterly NGR, boosted by a relaunch of the operator’s Lotto offer and new Lyckoplatsen game.
Interest in Eurojackpot has also remained high, with Sweden’s highest prize of SEK 1.25bn being paid out to a Eurojackpot player.
The only segment where Svenska Spel reported an YoY quarterly revenue decline was in its Vegas Video Lottery Terminal offer, where NGR dropped by 9% due to players migrating over to online and ongoing challenges within the nationwide restaurant sector.
Finally, results were also positively impacted by a decision from the Administrative Court to rule against a SEK 100m sanction issued to Svenska Spel by the regulator, Spelinspektionenen, over a duty of care investigation from 2021.
The FY25 and Q4 financial statements exclude land-based casino operations, which Svenska Spel now considers as discontinued. The last Casino Cosmopol property in Stockholm will be sold off to real estate agency Alecta Fastigheter effective 3 March.
Based on the group’s favourable financial standing, the Board of Directors have now proposed a dividend of SEK 1.8bn.
Anna Johnson, President and CEO of Svenska Spel, concluded: “The end of the year is characterized by continued positive earnings development and we are exceeding our financial targets for 2025.
“The proposed dividend to the owner of SEK 1.8bn is an important part of Svenska Spel’s contribution to society and reflects the Group’s long-term value creation.”