bet-at-home (ACX) Q1 2026 earnings summary

Executive summary

• Gross betting and gaming revenues fell 16.1% year-over-year to EUR 11,341 thousand, mainly due to a weaker online sports betting segment and the increased betting tax in Austria effective April 2025.

• Online gaming segment grew 13.1% year-over-year to EUR 1,713 thousand, partially offsetting declines in sports betting.

• EBITDA before special items was slightly negative at EUR -149 thousand, compared to EUR 1,600 thousand in the prior year.

• The Group is focusing on core markets (Germany and Austria) and expects the 2026 FIFA World Cup to drive increased customer activity and registrations.

Financial highlights

• Net betting and gaming revenues for Q1 2026 were EUR 8,595 thousand, down from EUR 10,813 thousand in Q1 2025.

• Consolidated loss for the period was EUR -461 thousand, compared to a profit of EUR 887 thousand in Q1 2025.

• Marketing expenses decreased 7.4% year-over-year to EUR 4,490 thousand.

• Other operating expenses dropped 20.88% year-over-year to EUR 2,444 thousand, due to lower service provider and legal costs, and reduced FX losses.

Outlook and guidance

• Projected gross betting and gaming revenues for FY 2026 are EUR 46.0–54.0 million.

• EBITDA before special items is expected to range from EUR 0.0–4.0 million for FY 2026.

• Anticipates positive impact from the 2026 FIFA World Cup, but notes ongoing regulatory, legal, and competitive uncertainties.