bet-at-home (ACX) Q1 2025 earnings summary

Executive summary

• Gross betting and gaming revenues rose 15.2% year-over-year to EUR 13,522 thousand, driven by growth in both online sports betting and online gaming.

• EBITDA before special items increased significantly to EUR 1,600 thousand from EUR 208 thousand in Q1 2024.

• Focus remains on customer satisfaction, process optimization, and brand strengthening in Germany and Austria.

• Regulatory changes in Germany and Austria, including a betting tax hike in Austria, are expected to impact future results.

Financial highlights

• Net betting and gaming revenues reached EUR 10,813 thousand, up from EUR 9,141 thousand year-over-year.

• Consolidated profit for the period was EUR 887 thousand, more than double the prior year's EUR 381 thousand.

• Marketing expenses increased 7.0% to EUR 4,848 thousand, while other operating expenses rose 18.9% to EUR 3,089 thousand.

• Cash and cash equivalents stood at EUR 28,662 thousand as of March 31, 2025.

Outlook and guidance

• Gross betting and gaming revenues for FY 2025 are expected between EUR 46,000 thousand and EUR 54,000 thousand.

• EBITDA before special items is forecasted in the range of EUR 0 thousand to EUR 4,000 thousand for 2025.

• Management anticipates increased seasonal fluctuations due to the dominance of sports betting and absence of major off-season events.