bet-at-home (ACX) H2 2025 earnings summary

Executive summary

• Focused on customer management, satisfaction, process optimization, and brand strengthening in core markets during 2025.

• Implemented data-driven automation in CRM, risk management, and fraud prevention.

• Targeted investments in brand awareness and customer acquisition in Germany and Austria.

• Gross betting and gaming revenue declined 8.2% year-over-year to €48.0m, mainly due to higher Austrian betting tax and absence of major sporting events.

• Online gaming segment grew 14.8% year-over-year, while sports betting segment declined 11.0%.

Financial highlights

• Gross betting and gaming revenue: €48.0m (down 8.2% year-over-year).

• Net gaming revenue: €36.9m (down from €41.6m in 2024).

• EBITDA before special items: €2.6m (down from €4.8m in 2024).

• Net result: €2.3m (vs. -€4.5m in 2024).

• Basic and diluted EPS: €0.32 (vs. -€0.63 in 2024).

• Cash and cash equivalents: €27.9m (down from €29.7m in 2024).

• Equity ratio: 51.7% (up from 43.6% in 2024).

Outlook and guidance

• 2026 guidance: gross betting and gaming revenue expected between €46m and €54m.

• EBITDA before special items forecasted at €0m to €4m.

• Anticipates positive momentum from the 2026 FIFA World Cup, with higher customer activity and new registrations.

• No significant capital expenditures planned for 2026; liquidity expected to remain sufficient.