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

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



23.09.2026 / 09:00 CET/CEST
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Classification of NuWays AG to bet-at-home.com AG



     Company Name:                bet-at-home.com AG
     ISIN:                        DE000A0DNAY5



     Reason for the research:     Update
     Recommendation:              BUY
     Target price:                EUR 5
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Sarah Hellemann



Mixed Q2 results: Strong net revenues, soft EBITDA



Topic: On Monday, bet-at-home reported Q2 figures. The top line showed
strong growth, while EBITDA was impacted by a litigation related one-off and
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
slowed compared to recent quarters, which we attribute to the support of the
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
intensity.



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
the anticipated higher marketing expenses from intensified advertisement
campaigns, including numerous promotional bonus campaigns in connection with
the 2026 FIFA World Cup and higher personnel expenses, the company faced
higher operating expenses due to a EUR 0.7m settlement with litigation funders
and incurred expenses related to new contracts with software providers (EUR
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
you, the company invested into new employees and contracts with software
providers, which we expect to improve the betting and gaming experience.
Notably, the NPS rose by 27 already to +17. Furthermore, payback on inflated
marketing expenses usually materializes within 3-6 months. Given these
developments, we anticipate stronger H2 volume developments to make up for
the slow start of the year.



The confirmed guidance of EUR 46-54m revenue and EUR 0-4m EBITDA is feasible in
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 FCFYŽ26e.



You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=8fdffe5ce93423db68e0ad5a94fc3787
For additional information visit our website:
https://www.nuways-ag.com/research



Contact for questions:
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss
bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befindet sich in der vollständigen Analyse.
++++++++++



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2403588 23.09.2026 CET/CEST