Sporttotal (WIG1) H2 2023 earnings summary

Executive summary

• Revenue decreased to €44.6m in 2023 from €49.9m in 2022, mainly due to lower sales in DIGITAL and LIVE segments; EBITDA improved to €0.3m from €-4.0m, driven by strong VENUES performance.

• Net loss reduced to €-8.6m from €-9.7m year-over-year; significant improvement in VENUES offset by continued losses in DIGITAL and LIVE.

• The company remains highly dependent on the performance of its subsidiaries, especially in the digital streaming business.

Financial highlights

• VENUES segment revenue reached €30.5m, driven by a major project in Lusail, Qatar; EBITDA for VENUES at €8.1m (prior year: €-0.2m).

• DIGITAL segment revenue fell to €14.1m (prior year: €25.4m), with EBITDA at €-7.1m (prior year: €-2.9m), reflecting ongoing losses in streaming and delayed US ramp-up.

• LIVE segment reported no revenue (prior year: €17.9m) and negative EBITDA of €-0.1m.

• Group EBITDA improved to €0.3m (prior year: €-4.0m); EBIT at €-6.5m (prior year: €-7.1m).

• Net financial result worsened to €-3.0m due to higher interest from new convertible bonds.

Outlook and guidance

• 2024 group revenue expected between €22m and €53m, with EBITDA guidance of €0m to €9m, reflecting high uncertainty in project timing and market conditions.

• VENUES segment revenue for 2024 projected at €2m–€22m, highly dependent on a major project award.

• DIGITAL segment expected to grow to €20m–€30m revenue, with EBITDA between €0m and €4m, driven by US expansion and new monetization in Germany.

• LIVE segment forecasted at €0m–€1m revenue, with breakeven EBITDA.