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

06.11.2026 / 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 4.7 Target price on sight of: 12 months Last rating change: Analyst: Sarah Hellemann

Q3'26: Setting the stage for a stronger performance from FY27e

Yesterday, bet-at-home.com reported Q3 figures: Online Gaming and the bottom line beat expectations, while Online Betting has yet to return to volume growth, leaving the top line slightly short. Management is seen to address this with additional digital marketing and customer management efforts highlighted in Tuesday's guidance adjustment. In detail:

Moderate GGR growth in seasonally weak quarter. GGR grew by 5.6% yoy to EUR 10.8m (eNuW: EUR 11.2m). Key growth driver was a strong Online Gaming performance, partially compensating for the shortfall in Online Betting. Net revenue increased by 7% yoy to EUR 8.1m (eNuW: EUR 8.5m), mainly driven by growth in GGR and a slight positive tax effect resulting from a lower tax burden on betting revenue.

Online Gaming GGR accelerated by 33.3% yoy to EUR 2.3m (eNuW: EUR 2.1m). Volumes rose 32% yoy to 18.5m (eNuW: 17.4m), positively impacted by a strong customer response to the regulatory change in maximum stake per virtual slot in Germany. The gaming margin improved by 0.2pp to 12.3% (eNuW: 12.1%), benefitting from the company's efforts to maintain its margin gains (Q2'26:12.3%).

Online Sports Betting GGR remained flat yoy at EUR 8.6m (eNuW: EUR 9.1m). While volumes continued on their trajectory towards stabilization, they still fell by 1.6% (eNuW: +2.5%) to 64.7m (eNuW: 67.4m). Despite increased Q2 marketing, an improved betting offering and better usability, customer response remained slower than anticipated during the seasonally weaker quarter. The betting margin rose 0.2pp yoy to 13.3%, slightly below our expectations (eNuW: 13.5%) due to unfavorable match outcomes.

Bottom-line ahead of expectations. EBITDA before special items improved to EUR -0.1m (eNuW: EUR -0.5m; Q3'25: EUR -0.9m), helped by more effective marketing, with the margin up 7.5pp to -1.3% (eNuW: -4.7%). Reported EBITDA stood at EUR -0.5m (eNuW: EUR -0.7m).

FY26 guidance adjusted. The company narrowed and lowered its FY26 GGR guidance from EUR 46-54m to EUR 46-49m (c. EUR 47m expected by management) and cut its EBITDA before special items guidance from EUR 0-4m to EUR -1.6-0m, to reflect the top-line adjustment and the EUR 0.8m in additional expenses related to optimizing digital marketing and existing customer management. While this weighs on near-term profitability, we view the initiatives as the foundation for a recovery from FY27e, when we expect GGR growth of 7.8%. Further upside stems from the launch of Casinoro and a potentially positive ECJ ruling on legacy legal proceedings.

Adjusting our estimates to reflect the new pace. We lower our FY26 GGR estimate to EUR 47.4m (previously EUR 49m) and EBITDA before special items to EUR -0.3m (previously EUR 0.5m). For FY27e, we reduce GGR to EUR 51.1m (previously EUR 53.9m) and EBITDA before special items to EUR 3.9m (previously EUR 5.3m). As FY26 FCF is burdened by the combination of the softer top line and additional investments, it is no longer a meaningful valuation basis. Hence, we roll forward to FCFY'27e. Maintaining BUY at a PT of EUR 4.7 (previously EUR 5.0).

You can download the research here: https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=8a41df35ae3781dc7c412dd31f5ecdfc 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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2429688 06.11.2026 CET/CEST

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Quelle: dpa-Afx