bet-at-home (ACX) H1 2025 earnings summary

Executive summary

• Operates as an online sports betting and gaming provider with over 5.8 million registered customers, focusing on regulated markets in Germany and Austria and leveraging technological innovation and regulatory compliance.

• Pursues sustainable growth through customer acquisition, loyalty programs, and AI-driven personalization, while maintaining a strong commitment to responsible gaming and regulatory adherence.

Financial highlights

• Gross betting and gaming revenue for H1 2025 was EUR 25,337 thousand, nearly unchanged from H1 2024 (EUR 25,406 thousand).

• Net gaming revenue declined to EUR 19,670 thousand (H1 2024: EUR 20,163 thousand), mainly due to increased betting fees and new VAT obligations.

• EBITDA before special items rose to EUR 3,020 thousand (H1 2024: EUR 1,198 thousand), driven by lower marketing expenses.

• Profit for the period increased to EUR 1,803 thousand (H1 2024: EUR 649 thousand).

• Cash and cash equivalents at period end were EUR 29,279 thousand (31/12/2024: EUR 29,746 thousand).

• Equity ratio improved to 47.3% (31/12/2024: 43.6%).

Outlook and guidance

• Management expects FY 2025 gross betting and gaming revenue between EUR 46,000 thousand and EUR 54,000 thousand, and EBITDA before special items between EUR 0 and EUR 4,000 thousand.

• Focus remains on customer satisfaction, process efficiency, brand strengthening, and proactive regulatory adaptation.

• Anticipates increased seasonal fluctuations due to the absence of major sporting events and expects continued regulatory changes in core markets.