Bet-at-home: Mixed Q2 results: Strong net revenues, soft EBITDA - NuWays AG Research

On Monday, bet-at-home reported Q2 figures. The top line showed strong growth, while EBITDA was impacted by a litigation related one-off and additional expenses for new contracts with software providers.

Strong gross revenue growth. Gross betting and gaming revenue rose by 9.8% yoy to € 13.0m, supported by both segments and in line with expectations (eNuW: € 13m). This is seen to be largely carried by operator-favorable match outcomes and gaming acceleration. Net revenue exceeded expectations, rising 17% yoy to € 10.4m (eNuW: € 9.7m), as gaming taxes to sales ratio fell to 20.3% with taxes on sports betting GGR coming at only 17.9%.

The confirmed guidance of € 46-54m revenue and € 0-4m EBITDA is feasible in our view. Further upside potential comes from the launch of Casinoro and a potential positive ECJ ruling on the legacy legal proceedings. We reiterate BUY with an unchanged PT of € 5.0 based on FCFY ́26e.

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