bet-at-home (ACX) Q3 2026 earnings summary

Executive summary

• 9M 2026 gross betting and gaming revenues fell 1.2% YoY to €35.153m, mainly due to lower customer activity after Austria raised betting tax; World Cup momentum and online gaming growth partly offset the decline.

• EBITDA before special items was -€0.842m; FY26 guidance remains €46m–€49m gross revenue and -€1.6m to €0 EBITDA before special items.

Financial highlights

• Net betting and gaming revenues were €27.099m versus €27.280m in 9M 2025.

• EBITDA was -€2.299m versus €0.657m; EBIT was -€2.669m versus €0.033m.

• Net loss for the period was €2.710m versus net income of €0.073m in 9M 2025.

• Marketing expenses rose 14.3% YoY to €14.328m; personnel expenses increased 4.2% to €6.510m and other operating expenses rose 6.8% to €9.098m.

Outlook and guidance

• FY26 gross betting and gaming revenue guidance is €46m–€49m; EBITDA before special items guidance is -€1.6m to €0.

• Management considers the ranges appropriate despite regulatory, legal and competitive uncertainties, with World Cup momentum and ongoing initiatives providing support.