CORPORATE NEWS

bet-at-home.com AG: Group figures for the first half 2024

Düsseldorf, 31 July 2024. The bet-at-home.com AG Group announces financial results for the first six months of 2024.

Revenue development in the first half 2024

Gross betting and gaming revenue in the first half 2024 increased by 4.9% year-on-year to EUR 25,406 thousand (1H 2023: EUR 24,217 thousand), which is attributed to a stronger performance of the online sports betting segment in the second quarter 2024. The result was achieved through extensive initiatives and marketing measures relating to the European Football Championship 2024, which took place from mid-June to mid-July in the core market of Germany.  

Betting taxes, gaming levies and VAT on electronic supplied services in the first half 2024 were below the previous year’s level and amounted to EUR 5,243 thousand (1H 2023: EUR 5,386 thousand). Accordingly, the net gaming revenue increased by 7.1% to EUR 20,163 thousand (1H 2023: EUR 18,831 thousand).

Earnings development in the first half 2024

Personnel expenses decreased by 8.8% year-on-year to EUR 4,273 thousand (1H 2023: EUR 4,684 thousand).

Advertising expenses, amounting to EUR 10,285 thousand, were as planned above the previous year’s level (1H 2023: EUR 5,488 thousand). This year, the Group set its focus on investments relating to the European Football Championship 2024 in Germany. In contrast, the marketing focus in 2023 was made on advertising measures before the start of the football season 2023/2024 in the second half of the year. The Group continues to focus on expansion of its market position in the sports betting segment in the core markets of Germany and Austria, acquisition of new customers and reactivation of existing ones.

Other operating expenses reduced by 17.5% year-on-year to EUR 5,131 thousand (1H 2023: EUR 6,221 thousand).

EBITDA before special items[*] in the first half 2024 amounted to EUR 1,199 thousand and was below the level recorded in the same period of last year (1H 2023: EUR 4,291 thousand).

Asset and capital structure

The Group’s consolidated equity as of 30 June 2024 amounted to EUR 28,093 thousand (31 December 2023: EUR 27,444 thousand). Cash and cash equivalents within the bet-at-home.com AG Group totalled EUR 34,232 thousand as of 30 June 2024 (31 December 2023: EUR 34,645 thousand).

Outlook for the current financial year 2024

As a result of extensive initiatives and supported by the European Football Championship 2024, the Management Board expects the              Gross betting and gaming revenue to be in the range of EUR 45 million to EUR 53 million, and the EBITDA before special items[*] to be from EUR -1 million to EUR 2.5 million.

The outlook for EBITDA before special items* does not currently include any provisions for possible effects from the legal dispute regarding a potential obligation to pay VAT in Switzerland (see the ad hoc announcement dated 11 July 2024). Further information will be disclosed in the risk report of the half-year financial report 2024, which will be published on 23 September 2024.

About bet-at-home.com AG

The bet-at-home.com AG Group is active in the domain of online sports betting and online gaming. With 5.7 million registered customers, the company (which is listed on the Frankfurt stock exchange in the Prime Standard segment) represents together with its subsidiaries, one of the largest providers in Europe. The bet-at-home.com AG Group has companies in Germany, Austria, Malta and Gibraltar. The bet-at-home.com AG Group holds various licenses via its Maltese companies for online sports betting and online gambling. These licences authorise the company to organise and to sell online sports betting and online casinos in Germany as well as in other countries of the European Union. bet-at-home is certified according to ISO/IEC 27001:2013 for all Group companies in Germany, Austria and Malta.

Since 2009, bet-at-home.com AG has been part of the Betclic Everest SAS Group, a French group specialising in online gambling and online sports betting. FL Entertainment N.V. holds the majority of shares and voting rights in bet-at-home.com AG via Betclic Everest SAS. The bet-at-home.com AG Group is therefore included in the consolidated financial statements of FL Entertainment N.V., which are disclosed on a regular basis on the dates specified in the FL Entertainment N.V. financial calendar.

Forward-looking statements

This publication contains forward-looking statements. These are based on the current assumptions and forecasts of the Management Board of bet-at-home.com AG as well as on the information currently available. The forward-looking statements are not to be understood as binding predictions or guarantees that the future developments and results mentioned therein will occur. Future developments and results depend on a variety of factors; they involve various risks and uncertainties and are based on assumptions that may not prove to be accurate. Known and unknown risks, uncertainties and other factors could lead to material differences between the forward-looking statements made here and the actual development of bet-at-home.com AG Group, in particular its results, financial position and business. The risk factors include, in particular, the factors contained in the respective forecast, opportunity and risk report. The forecast, opportunity and risk report is part of the respective combined management report, which is included in the respective annual report. The annual reports are available at: https://www.bet-at-home.ag/de/financial-figures/download/. Beyond the statutory requirements, the company assumes no obligation to update the forward-looking statements made in this announcement.

Other financial information – EBITDA before special items as an alternative performance measure

The financial information included in this press release is prepared in accordance with the actual financial reporting standards. In addition to the information and key measures required therein, the BaH Group discloses in the financial year 2023 for the first time an EBITDA before special items as an alternative performance measure (Alternative Performance Measures = APM), which is not included in these reporting standards and for which there is no generally accepted reporting standard (non-IFRS measure). Although the data has been extracted or derived from the consolidated financial statements, neither this data nor the underlying assumptions have been audited or reviewed. This key measure should therefore only be regarded as supplementary information. EBITDA before special items represents the Group's operating result before special effects, i.e. the Group's result adjusted for special expenses and special income (i.e. effects that are special in terms of their nature and amount for management of the Group). Special items may include restructuring, legal cases in connection with customer claims, as well as closures or disposals of parts of the company.

The EBITDA before special items calculated in this manner applies to all periods and is used both internally to manage the business and externally to assess the performance and efficiency of the BaH Group starting 2023.

Contact

Investor Relations

ir@bet-at-home.com

+49 211 179 34 770

www.bet-at-home.ag

^[*] For the definition of the non-IFRS performance measure of „EBITDA before special items“ refer to the Section “Other financial information – EBITDA before special items as an alternative performance measure” of this press release  

^[*] For the definition of the non-IFRS performance measure of „EBITDA before special items“ refer to the Section “Other financial information – EBITDA before special items as an alternative performance measure” of this press release