Märkte & Kurse

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

29.04.2026 / 09:00 CET/CEST
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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 5.5
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Frederik Jarchow

FY25 figures in line // change of control; chg. est.

bet-at-home recently published its final FY25 figures. The report broadly
confirms the picture that had already emerged after Q3: a weaker betting
segment under regulatory headwinds, but a dynamically growing gaming segment
and an overall solid operational base. In detail:

Gross betting and gaming revenue (GGR) declined to EUR 48.0m (-8% yoy, vs
eNuW: EUR 49.2m), landing at the lower end of the communicated guidance range
of EUR 46-54m. The decline is entirely attributable to the betting segment,
whose GGR fell -11% yoy to EUR 41.4m (vs eNuW: EUR 42.6m). This was driven by
the absence of a revenue-relevant major sporting event outside the regular
season and the increase in the Austrian sports betting tax from 2% to 5%
effective since June 2025. On a positive note, higher margins in the betting
segment of 13.8% (vs 13.0% in FY24 vs eNuW: 13.5%) partially compensated for
lower volumes of EUR 300m (-16% yoy vs eNuW: EUR 316m). The gaming segment on
the other hand continued its outperformance with +15% yoy growth, confirming
the structural growth trend of recent quarters. Gaming margins also
developed nicely with 11.6% vs 11.2% in FY24 (vs eNuW: 11.4%).

EBITDA before special items came in at EUR 2.6m (-46% yoy vs eNuW: EUR 2.0m),
meeting the guidance of EUR 0-4m, indicating that the underlying operating
business remains healthy. Thanks to a stable OPEX footprint, the bet-at-home
achieved a solid EBITDA despite GGR decline. Reported EBITDA stand at EUR 3.1m
(vs EUR -3.3m in FY24 vs eNuW: EUR 0.4m).

Going forward, we are cautiously optimistic on FY26. The FIFA World Cup 2026
in June and July is the dominant top-line event and should provide
meaningful tailwinds to the betting segment after two event-light years. The
gaming segment is expected to continue its organic growth trajectory. On the
cost side, the Austrian tax increase remains a structural drag on per-bet
profitability. But as OPEX should remain well under control and rather
stable, we expect to see overall positive effects on the bottom line. In
numbers we expect EUR 52m in revenues and EUR 3.6m in EBITDA.

Apart from that, Franz Ömer (founder and former CEO of bet-at-home) and
Stefan Sulzbacher now own 29.7% bet-at-home (action in concert). In our view
this is a positive for bet-at-home: 1) Franz Ömer has once formed
bet-at-home into one on the leading betting companies in DACH and we are
convinced that he can do it again; 2) Risks from customer claims are
vanishing / under control, but valuation remains depressed. Such an event
could trigger a rerating; 3) Without Betclic as main shareholder, we
consider a regional expansion into attractive markets as likely.

We reiterate BUY with an unchanged price target of EUR 5.50 based on FCFY'26e.


You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=cfed81c3e11047da0043a5c5aef4f2ce
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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 Abschluss
bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befindet sich in der vollständigen Analyse.
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