bet-at-home (ACX) Q3 2025 earnings summary

Executive summary

• Focus on strengthening brand presence in Germany and Austria, enhancing customer satisfaction, and adapting to regulatory changes.

• Sports betting segment experienced seasonal fluctuations and adverse results, leading to an 8.4% year-over-year decline in GGR.

• Online casino segment grew strongly, with GGR up 19.4% year-over-year.

• Overall gross betting and gaming revenues for the first three quarters of 2025 decreased by 5.4% year-over-year to EUR 35,583 thousand.

Financial highlights

• Net betting and gaming revenues fell 8.0% year-over-year to EUR 27,280 thousand.

• EBITDA before special items was EUR 2,121 thousand, down 25.2% year-over-year.

• Consolidated profit for the period was EUR 73 thousand, compared to a loss of EUR 3,252 thousand in the prior year.

• Cash and cash equivalents stood at EUR 28,832 thousand as of 30 September 2025.

Outlook and guidance

• Management expects gross betting and gaming revenues for FY 2025 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 FY 2025.