Sportradar Group (SRAD) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue reached €347 million, up 11% year-over-year, driven by strong betting and gaming content, especially IMG ARENA rights integration and upsell to existing clients, partially offset by FX headwinds.

• Adjusted EBITDA was €66 million (19% margin), up 12% year-over-year, with margin expansion and free cash flow conversion improving to 67%.

• Free cash flow rose 38% to €44 million, with net cash from operating activities at €109 million.

• Announced a €250 million ($250 million) enhanced open market share repurchase program under the €1 billion authorization, with €90 million ($90 million) repurchased in Q1 and €228 million ($228 million) since inception.

• Reaffirmed 2026 full-year outlook, citing confidence in business fundamentals, growth strategy, and significant progress integrating IMG rights and launching new products.

Financial highlights

• Revenue grew 11% year-over-year to €347 million; would have been 16% on a constant currency basis.

• Adjusted EBITDA increased 12% to €66 million, with margin expanding to 19.0%.

• Net loss of €6 million, mainly due to €9 million in unrealized FX losses.

• Free cash flow conversion improved to 67% from 54% last year.

• Cash and cash equivalents at quarter-end were €322 million, with no debt and total liquidity at €542 million.

Outlook and guidance

• Reaffirmed 2026 guidance: constant currency revenue growth of 23%-25% (€1,557–1,582 million), adjusted EBITDA growth of 34%-37% (€390–400 million), and 200–225 bps margin expansion.

• Free cash flow conversion expected to remain above 56%.

• Strongest revenue growth expected in Q2 and Q3 due to sporting events and IMG content.

• FX headwinds to persist in Q2 but expected to ease in H2.

• Prediction markets and further IMG synergies seen as key growth drivers for the remainder of the year.