Original-Research: bet-at-home.com AG (von NuWays AG): BUY

Classification of NuWays AG to bet-at-home.com AG

Company Name:	bet-at-home.com AG
ISIN:	DE000A0DNAY5
Reason for the research:	Update
Recommendation:	BUY
Target price:	EUR 5
Target price on sight of:	12 months
Last rating change:
Analyst:	Sarah Hellemann

Mixed Q2 results: Strong net revenues, soft EBITDA

Topic: 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. In detail:

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%.

Betting GGR came in 7.9% stronger yoy at € 11.1m (eNuW: € 11.2m). A 2pp higher betting margin at 16.1% (eNuW: 14.6%) compensated for a 5.6% yoy volume decrease to 68.6m (eNuW: 76.9m). While the decrease in volume was slowed compared to recent quarters, which we attribute to the support of the World Cup, it is seen to reflect lower customer engagement. At the same time match results proved more favorable to the operator than anticipated.

Gaming GGR came 22.4% ahead yoy at € 1.9m (eNuW: € 1.7m), driven by 15.5% yoy volume gains to 15.6m (eNuW: 14.7m) and raising its margin by 0.7pp to 12.3% (eNuW: 11.9%), as the segment accelerated on higher marketing intensity.

Reported EBITDA misses expectations. The reported EBITDA came in at € -1.5m (eNuW: € -0.3m), significantly below the € 1.2m in Q2 2025. In addition to the anticipated higher marketing expenses from intensified advertisement campaigns, including numerous promotional bonus campaigns in connection with the 2026 FIFA World Cup and higher personnel expenses, the company faced higher operating expenses due to a € 0.7m settlement with litigation funders and incurred expenses related to new contracts with software providers (€ 0.4m). Removing legal fees, customer claims and other expenses and income from previous years, EBITDA before special items came in at € -0.6m.

Stronger H2 on operational improvements ahead. We continue to project gross revenue at € 49m and EBITDA of € 0.5m, based on elevated brand visibility and a normalized cost base, with internal improvements contributing. Mind you, the company invested into new employees and contracts with software providers, which we expect to improve the betting and gaming experience. Notably, the NPS rose by 27 already to +17. Furthermore, payback on inflated marketing expenses usually materializes within 3-6 months. Given these developments, we anticipate stronger H2 volume developments to make up for the slow start of the year.

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.

You can download the research here: bet-at-homecom-ag-2026-09-23-previewreview-en-0a834
For additional information visit our website: https://www.nuways-ag.com/research

Contact for questions:
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
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Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben analysierten Unternehmen befindet sich in der vollständigen Analyse.
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