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

29.04.2026 / 09:00 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group. The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

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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 5.5 Target price on sight of: 12 months Last rating change: Analyst: Frederik Jarchow

FY25 figures in line // change of control; chg. est.

bet-at-home recently published its final FY25 figures. The report broadly confirms the picture that had already emerged after Q3: a weaker betting segment under regulatory headwinds, but a dynamically growing gaming segment and an overall solid operational base. In detail:

Gross betting and gaming revenue (GGR) declined to EUR 48.0m (-8% yoy, vs eNuW: EUR 49.2m), landing at the lower end of the communicated guidance range of EUR 46-54m. The decline is entirely attributable to the betting segment, whose GGR fell -11% yoy to EUR 41.4m (vs eNuW: EUR 42.6m). This was driven by the absence of a revenue-relevant major sporting event outside the regular season and the increase in the Austrian sports betting tax from 2% to 5% effective since June 2025. On a positive note, higher margins in the betting segment of 13.8% (vs 13.0% in FY24 vs eNuW: 13.5%) partially compensated for lower volumes of EUR 300m (-16% yoy vs eNuW: EUR 316m). The gaming segment on the other hand continued its outperformance with +15% yoy growth, confirming the structural growth trend of recent quarters. Gaming margins also developed nicely with 11.6% vs 11.2% in FY24 (vs eNuW: 11.4%).

EBITDA before special items came in at EUR 2.6m (-46% yoy vs eNuW: EUR 2.0m), meeting the guidance of EUR 0-4m, indicating that the underlying operating business remains healthy. Thanks to a stable OPEX footprint, the bet-at-home achieved a solid EBITDA despite GGR decline. Reported EBITDA stand at EUR 3.1m (vs EUR -3.3m in FY24 vs eNuW: EUR 0.4m).

Going forward, we are cautiously optimistic on FY26. The FIFA World Cup 2026 in June and July is the dominant top-line event and should provide meaningful tailwinds to the betting segment after two event-light years. The gaming segment is expected to continue its organic growth trajectory. On the cost side, the Austrian tax increase remains a structural drag on per-bet profitability. But as OPEX should remain well under control and rather stable, we expect to see overall positive effects on the bottom line. In numbers we expect EUR 52m in revenues and EUR 3.6m in EBITDA.

Apart from that, Franz Ömer (founder and former CEO of bet-at-home) and Stefan Sulzbacher now own 29.7% bet-at-home (action in concert). In our view this is a positive for bet-at-home: 1) Franz Ömer has once formed bet-at-home into one on the leading betting companies in DACH and we are convinced that he can do it again; 2) Risks from customer claims are vanishing / under control, but valuation remains depressed. Such an event could trigger a rerating; 3) Without Betclic as main shareholder, we consider a regional expansion into attractive markets as likely.

We reiterate BUY with an unchanged price target of EUR 5.50 based on FCFY'26e.

You can download the research here: https://eqs-cockpit.com/c/fncls.ssp?u=cfed81c3e11047da0043a5c5aef4f2ce For additional information visit our website: https://www.nuways-ag.com/research-feed

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 ++++++++++ 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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2317270 29.04.2026 CET/CEST

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Quelle: dpa-Afx