CORPORATE NEWS

bet-at-home.com AG: Group figures for the first three quarters of 2024

Düsseldorf, 06 November 2024. The bet-at-home.com AG Group (hereinafter also referred to as “BaH Group”) announces financial results for the first three quarters of 2024.

Revenue development in the first three quarters 2024

Gross betting and gaming revenue in the first three quarters of 2024 increased by 8.9% year-on-year to EUR 37,624 thousand (1Q-3Q 2023: EUR 34,537 thousand), which is attributed to positive performance of the both online sports betting and online gaming business segments. The result was achieved through extensive initiatives and marketing measures relating to the major sporting events of the current year – the European Football Championship in Germany and the Summer Olympic Games in Paris.  

Earnings development in the first three quarters 2024

Personnel expenses decreased by 4.8% year-on-year to EUR 6,304 thousand.

Advertising expenses grew by 18.0% year-on-year to EUR 13,822 thousand (1Q-3Q 2023: EUR 11,709 thousand). The increase reflects investments in intensified advertising of the “bet-at-home” brand, acquisition of new customers and reactivation of existing ones in the core markets of Germany and Austria before the start of the European Football Championship 2024. In contrast to the 2023 financial year, the marketing focus in 2024 was made on the first half of the year.

Other operating expenses increased by 56.6% year-on-year to EUR 13,452 thousand, which is attributable to earlier announced events in previous financial years, in particular a provision of EUR 4.8 million due to a ruling in Switzerland according to which sports betting was classified as an electronically provided service and is therefore subject to Swiss VAT (refer to the ad hoc disclosure dated 5 September 2024), as well as expenses in connection with claims for the reimbursement of gambling losses (refer to the ad hoc disclosure dated 20 August 2024).

The consolidated net result for the period as of 30 September 2024 amounted to EUR -3,252 thousand (1Q-3Q 2023: EUR -231 thousand).

EBITDA before special items[*] in the first three quarters of 2024 amounted to EUR 2,837 thousand and was above the level recorded in the same period of last year (1Q-3Q 2023: EUR 2,392 thousand).

Asset and capital structure

The Group’s consolidated equity as of 30 September 2024 amounted to EUR 24,192 thousand (31 December 2023: EUR 27,444 thousand), due to the negative consolidated net result for the period. The equity ratio as of 30 September 2024 declined to 43.6% (31.12.2023: 48.3%). Cash and cash equivalents within the bet-at-home.com AG Group totalled EUR 34,165 thousand as of 30 September 2024 (31 December 2023: EUR 34,645 thousand).

Outlook for the current financial year 2024

The Management Board of the BaH Group continues to expect the Gross betting and gaming revenue to be in the range of EUR 45 million to EUR 53 million. The outlook for EBITDA before special items[*] was raised to the range from EUR 1.5 million to EUR 4.5 million (earlier: EUR -1 million to EUR 2.5 million).

Group quarterly statement for the first three quarters 2024

The detailed Group quarterly statement can be downloaded on the Group’s Investor Relations website at https://www.bet-at-home.ag/en/financial-figures/download/.

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