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

23.09.2026 / 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 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 ++++++++++ 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

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Quelle: dpa-Afx