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

29.09.2025 / 09:00 CET/CEST

Dissemination of a Research, transmitted by EQS News - a service of EQ

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

from: 29.09.2025

Target price: EUR 5.50

Target price on sight of: 12 month

Last rating change:

Analyst: Frederik Jarchow

Mixed Q2 figures // ECJ ruling expected until year end, chg

Topic: Last week bet-at-home published mixed Q2 figures with a lower than

expected top line, burdened by the absence of a major events this year, but

stronger bottom line. In detail:

Q2 Sales came in at EUR 11.8m (-14% yoy, -13% qoq), below our estimate of EUR

13.6m, driven by a Betting GGR of only EUR 10.2m (-16% yoy, -15% qoq vs eNuW:

EUR 12.0m) while Gaming GGR grew as anticipated to EUR 1.6m (+12% yoy, +4% qoq

vs eNuW: EUR 1.6m). Especially the absence of major sport events like the

soccer EURO Championship last year burdened Q2 betting GGR. Note that Q2 i

in general a weaker quarter, characterized by the offseason of most sport

that are relevant for betting. Positively, margins improved significantly to

14.1% in the betting segment (vs 12.9% in Q2´24 vs eNuW: 13.2%) and to 11.4%

in the gaming segment (vs 10.9% in H1´24 vs eNuW: 11.2%).

EBITDA of EUR 1.2m (+61% yoy; +1% qoq) was above our estimates (eNuW: EUR 0.8m).

Lower than anticipated other operating expenses (EUR 2.5m vs eNuW: EUR 3.4m),

lower marketing spending (EUR 3.3m vs eNuW: EUR 4.9m) and personal expenses in

line with our estimates (EUR 2.2m vs eNuW: EUR 2.2m) compensated for softer net

gaming revenues. Undiluted operating performance measured with EBITDA before

special items (i.e. non-operating costs in connection with customer claim

and the liquidation of the Entertainment) came in at EUR 1.4m (vs EUR 1.0m in

Q2´24, vs eNuW: EUR 0.9m). In H1, bet-at-home realized a reported EBITDA of EUR

2.3m and an EBITDA before special items of EUR 3.0m.

Overall, the Q2 figures mark another solid quarter, proving that bet-at-home

is running a very healthy and profitable operating business. In light of

this, any positive news regarding the two events overshadowing the operating

performance (Customer claims and liquidation of the Entertainment) would

serve as a catalyst for the stock. Especially the pending ECJ ruling could

trigger such positive newsflow as it seems very likely that the ECJ i

ruling in favour of the betting providers. Such an event would have the

potential to eliminate the looming risk of new customer claims and related

legal costs.

For the moment, we have not modeled that in expecting EUR 52.8m sales in

FY25e, a reported EBITDA of EUR 2.5m and an EBITDA before special items of EUR

4.0m, in line with management guidance of EUR 46-54m sales and EUR 0-4m EBITDA

before special items.

As the operating business is developing positively and sources of risks are

likely to vanish soon, we reiterate BUY with an unchanged (but conservative)

PT of EUR 5.50 based on FCFY´25e.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=acb6a0d97ceff46228b531c74dd1adc7

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

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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschlu

bestimmter Börsengeschäfte.

Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben

analysierten Unternehmen befinden sich in der vollständigen Analyse.

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2204772 29.09.2025 CET/CEST

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