The ATG (AB Trav och Galopp) FY 2025 results reflect higher gaming tax and softer sports betting, despite steady horse betting – see more details:

  • For FY 2025 net gaming revenue reached SEK 5.25bn (ca. EUR 496m), down 2% from 2024 while operating profit decreased to SEK 1.54bn (ca. EUR 145m) from SEK 1.81bn (ca. EUR 171m). Net profit for the year was lower  with SEK 1.23bn (ca. EUR 116m), compared to SEK 1.48bn (ca. EUR 140m) in the prior year.

  • The ATG FY 2025 results were affected by the Swedish gaming tax increase from 18% to 22%, which lifted annual gaming tax costs to SEK 1.29bn (ca. EUR 122m). Operating expenses were broadly flat at SEK 3.13bn (ca. EUR 295m), although Q4 2025 included higher marketing costs linked to the V85 launch. A SEK 20m (ca. EUR 1.9m) legal cost related to a trademark dispute also weighed on the annual result.

  • Horse betting net gaming revenue rose 4% in Q4 2025, supported by higher jackpot activity. In contrast, sports betting revenue fell 16% year-on-year in the quarter, while casino declined 2%. For the full year, horse betting was down 1%, sports 2% and casino 7%.

  • Digital channels continued to dominate, generating SEK 4.8bn (ca. EUR 453m) in net gaming revenue for the year, compared to SEK448m (ca. EUR 43m) from retail. ATG ended 2025 with 1.4 million active customers, unchanged from the previous year. Cash flow from operating activities reached SEK 1.8bn (ca. EUR 170m) for the year, down from SEK2.11bn (ca EUR 199m).

  • During the year, ATG launched a joint venture in Finland with Suomen Hippos ahead of market liberalisation planned for 2027. In Sweden, the company introduced the updated horse racing betting product V85 Saturday  in October 2025, replacing V75 in the main slot. Chairman and acting CEO Peter Norman said the group ended the year “on a stable financial footing, with a renewed offering and clear direction forward”.

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