Original-Research: bet-at-home.com AG (von NuWays AG): BUY - T-Online

Original-Research: bet-at-home.com AG - from NuWays AG

The issuer is solely responsible for the content of this research. The

invitation to conclude certain stock exchange transactions.

Classification of NuWays AG to bet-at-home.com AG

Topic: On Monday, bet-at-home reported Q2 figures. The top line showed

additional expenses for new contracts with software providers. In detail:

Strong gross revenue growth. Gross betting and gaming revenue rose by 9.8%

yoy to EUR 13.0m, supported by both segments and in line with expectations

(eNuW: EUR 13m). This is seen to be largely carried by operator-favorable

match outcomes and gaming acceleration. Net revenue exceeded expectations,

rising 17% yoy to EUR 10.4m (eNuW: EUR 9.7m), as gaming taxes to sales ratio

fell to 20.3% with taxes on sports betting GGR coming at only 17.9%.

Betting GGR came in 7.9% stronger yoy at EUR 11.1m (eNuW: EUR 11.2m). A 2pp

higher betting margin at 16.1% (eNuW: 14.6%) compensated for a 5.6% yoy

volume decrease to 68.6m (eNuW: 76.9m). While the decrease in volume was

World Cup, it is seen to reflect lower customer engagement. At the same time

match results proved more favorable to the operator than anticipated.

Gaming GGR came 22.4% ahead yoy at EUR 1.9m (eNuW: EUR 1.7m), driven by 15.5%

yoy volume gains to 15.6m (eNuW: 14.7m) and raising its margin by 0.7pp to

12.3% (eNuW: 11.9%), as the segment accelerated on higher marketing

Reported EBITDA misses expectations. The reported EBITDA came in at EUR -1.5m

(eNuW: EUR -0.3m), significantly below the EUR 1.2m in Q2 2025. In addition to

higher operating expenses due to a EUR 0.7m settlement with litigation funders

0.4m). Removing legal fees, customer claims and other expenses and income

from previous years, EBITDA before special items came in at EUR -0.6m.

Stronger H2 on operational improvements ahead. We continue to project gross

revenue at EUR 49m and EBITDA of EUR 0.5m, based on elevated brand visibility

and a normalized cost base, with internal improvements contributing. Mind

providers, which we expect to improve the betting and gaming experience.

Notably, the NPS rose by 27 already to . Furthermore, payback on inflated

marketing expenses usually materializes within 3-6 months. Given these

our view. Further upside potential comes from the launch of Casinoro and a

potential positive ECJ ruling on the legacy legal proceedings. We reiterate

BUY with an unchanged PT of EUR 5.0 based on FCFY´26e.

https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=8fdffe5ce93423db68e0ad5a94fc3787

LinkedIn: https://www.linkedin.com/company/nuwaysag

analysierten Unternehmen befindet sich in der vollständigen Analyse.

Financial/Corporate News and Press Releases.

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