bet-at-home (ACX) H2 2024 earnings summary

Executive summary

• Gross betting and gaming revenue rose 13.3% year-over-year to €52.3m, driven by growth in both sports betting (+9.9%) and gaming (+50.7%).

• EBITDA before special items reached €4.8m, exceeding both the prior year and management's guidance.

• The year was marked by intensified marketing, platform optimization, and a focus on customer loyalty and regulatory compliance.

• Legal and regulatory uncertainties, especially in Germany and Austria, continued to pose significant challenges.

Financial highlights

• Net gaming revenue increased to €41.6m from €36.1m year-over-year.

• EBITDA before special items improved to €4.8m (2023: €2.4m), while reported EBITDA was -€3.3m due to special items.

• Net loss for the period was €-4.5m (2023: €-1.5m), with basic and diluted EPS at €-0.63.

• Cash and cash equivalents at year-end were €29.7m, with no long-term bank debt.

• Equity ratio declined to 43.6% (2023: 48.3%) as equity fell to €23.0m.

Outlook and guidance

• For 2025, gross betting and gaming revenue is forecasted between €46m and €54m, with EBITDA before special items expected in the range of €0m to €4m.

• The company plans to focus on customer satisfaction, process optimization, brand strengthening, and proactive regulatory adaptation.

• The increase in Austria's betting tax from 2% to 5% (effective April 2025) is expected to significantly impact net revenue.