Original-Research: bet-at-home.com AG (von NuWays AG): BUY
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Original-Research: bet-at-home.com AG - from NuWays AG
Classification of NuWays AG to bet-at-home.com AG
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 ++++++++++ Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte. Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben analysierten Unternehmen befindet sich in der vollständigen Analyse. ++++++++++
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2403588 23.09.2026 CET/CEST
Boersengefluester.de (BGFL) provides an overview of the key figures on sales, earnings, cash flow and dividends to help you better assess the fundamental development of the respective companies. All information is entered manually in our database - the source is the respective annual reports. All estimates for future figures are provided by BGFL.
| The most important financial data at a glance | ||||||||
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026e | ||
| Sales1 | 126,93 | 59,35 | 53,53 | 46,18 | 52,30 | 48,03 | 50,00 | |
| EBITDA1,2 | 30,95 | 13,97 | 2,11 | 0,81 | -3,29 | 3,10 | 2,50 | |
| EBITDA-Margin3 | 24,38 | 23,54 | 3,94 | 1,75 | -6,29 | 6,45 | 5,00 | |
| EBIT1,4 | 28,92 | 11,67 | -0,11 | -0,84 | -4,53 | 2,28 | 1,80 | |
| EBIT-Margin5 | 22,78 | 19,66 | -0,21 | -1,82 | -8,66 | 4,74 | 3,60 | |
| Net Profit (Loss)1 | 23,29 | -16,31 | 11,91 | -1,51 | -4,45 | 2,27 | 1,20 | |
| Net-Margin6 | 18,35 | -27,48 | 22,25 | -3,27 | -8,51 | 4,73 | 2,40 | |
| Cashflow1,7 | 18,15 | 10,50 | -5,02 | 0,16 | 0,79 | -1,44 | 0,60 | |
| Earnings per share8 | 3,32 | -2,32 | 1,62 | -0,21 | -0,63 | 0,32 | 0,17 | |
| Dividend per share8 | 2,50 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | |
1 in Mio. Euro; 2 EBITDA = Earnings before interest, taxes, depreciation and amortisation; 3 EBITDA in relation to sales; 4 EBIT = Earnings before interest and taxes; 5 EBIT in relation to sales; 6 Net profit (-loss) in relation to sales; 7 Cashflow from operations; 8 in Euro; Source: boersengefluester.de
Auditor: Möhrle Happ Luther
All relevant valuation ratios, dates and other investor information on your share at a glance. Good to know: All data comes from boersengefluester.de and is updated daily. This means you are always up to date. You can get brief explanations of the key figures by moving the cursor or mouse over the relevant field.
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| bet-at-home.com | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| A0DNAY | DE000A0DNAY5 | AG | 22,18 Mio € | 23.05.2005 | Halten | 9F387Q37+87 |
| PE 2027e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 17,56 | 12,99 | 1,35 | 13,74 | 0,88 | -15,41 | 0,46 |
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Dividend '2024 in € |
Dividend '2025 in € |
Dividend '2026e in € |
Div.-Yield '2026e in % |
| 0,00 | 0,00 | 0,00 | 0,00% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 29.05.2026 | 11.05.2026 | 21.09.2026 | 05.11.2026 | 14.04.2026 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -3,86% | +14,62% | +47,66% | +15,33% | -9,71% |
Founded in 2013 by Gereon Kruse, the financial portal boersengefluester.de is all about German shares - with a clear focus on second-line stocks. In addition to traditional editorial articles, the site stands out in particular thanks to a large number of self-developed analysis tools. All tools are based on a completely self-maintained database for more than 650 shares. As a result, boersengefluester.de produces Germany's largest profit and dividend forecast.
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