bet-at-home.com AG

Investor Presentation • May 3, 2021

GROUP QUARTERLY STATEMENT Q1 2021

bet-at-home.com AG – 3 May 2021

REPORT BY THE MANAGEMENT BOARD

Dear ladies and gentlemen, dear shareholders,

In addition to the award of national sports betting licenses in the core market of Germany, the new Interstate Gambling Treaty which enters into force in mid-2021 will also mark a significant step toward liberalization in the online gaming segment. Accordingly, a national licensing system is also envisaged for online slots in addition to the sports betting product for the first time from July 1, 2021. In addition, it will be possible to open up the market for classic online casino games such as roulette and blackjack at the level of the federal states from this date.

Although the implementation of the conditions of a transitional phase since the fourth quarter of 2020 have led to significant revenue losses in the online casino segment within the bet-at-home.com AG Group, the significantly increased legal certainty and the ability to plan the future development of bet-at-home as an established provider with a high profile in the core market of Germany outweigh this. Under the conditions of the current transitional phase, bet-at-home has also managed a successful start to the year under new circumstances in the first quarter of 2021. Taking into account the loss of significant revenue shares in the online gaming segment in the core market of Germany, gross betting and gaming revenue of EUR 30.5 million was generated in the first quarter of 2021. EBITDA amounted to EUR 6.9 million. In addition, the bet-at-home.com AG Group was able to increase both cash and cash equivalents and short-term time deposits to EUR 59.4 million as of the end of March 2021, as well as raise the equity ratio to 55.1% (December 31, 2020: 53.5%).

We would like to thank all those who have helped bet-at-home to make this successful start to the financial year 2021, first and foremost our employees. We would also like to thank our shareholders for the trust they have placed in us.

Franz Ömer CEO Michael Quatember CEO

Development of betting and gaming revenue in the first quarter 2021

• In addition to the awarding of national sports betting licenses in the core market of Germany, which has already taken place, the new State Treaty on Gaming which enters in force on July 1, 2021 also provides for a national licensing system for online slots for the first time.
• Since the fourth quarter of 2020, a transitional regulation has come into force, under which those gaming providers will remain exempt from enforcement measures and sanctions who comply with the licensing requirements for online casinos imposed in the future as of this date.
• Although the implementation of these requirements lead to significant revenue losses in the online casino segment within the bet-at-home.com AG Group, the significantly increased legal certainty and the ability to plan the future development of bet-at-home in Germany outweigh.
• Gross betting and gaming revenue in the first quarter of 2021 amounts to EUR 30.5 million and is thus 5.5% below the previous year's figure (Q1 2020: EUR 32.2 million).

Segment reporting

01/01-31/03/2021 ǀ in EUR 1,000	Online sports betting	Online gaming*	Total
Betting and gaming volume	138,998	376,216	515,214
Paid out winnings	-121,817	-362,934	-484,751
Gross betting and gaming revenue	17,181	13,282	30,463
Betting fees and gambling levies	-3,418	-3,080	-6,497
VAT on electronic services	-10	-311	-321
Net betting and gaming revenue	13,753	9,891	23,644

01/01-31/03/2020 ǀ in EUR 1,000	Online sports betting	Online gaming*	Total
Betting and gaming volume	114,427	563,412	677,839
Paid out winnings	-100,747	-544,847	-645,594
Gross betting and gaming revenue	13,680	18,565	32,245
Betting fees and gambling levies	-2,378	-3,210	-5,589
VAT on electronic services	-57	-1,072	-1,129
Net betting and gaming revenue	11,245	14,283	25,528

* includes casino, live casino, vegas games, poker and virtual sports

DEVELOPMENT OF MARKETING EXPENSES

Investments in brand awareness in the first quarter of 2021

• At EUR 7.4 million, marketing expenses in the first quarter of 2021 will be higher than in the same period of the previous year (Q1 2020: EUR 6.6 million) due to increased advertising and sponsoring activities.
• In the course of the upcoming European Football Championship from mid-June to mid-July 2021, bet-at-home will set the marketing focus of the financial year on the second quarter of 2021.

DEVELOPMENT OF EARNINGS

Earnings development in the first quarter of 2021

• Corresponding to the regulatory-induced decline in revenues in Germany, other operating expenses in particular were successfully reduced to EUR 4.7 million (Q1 2020: EUR 5.2 million).
• EBITDA in the first quarter of 2021 is EUR 6.9 million (Q1 2020: EUR 9.0 million).

STABLE ASSET AND CAPITAL STRUCTURE

Development of cash & cash equivalents and group equity

	70.000
	60.000	56,807	59,354
	50.000
	40.000
	30.000
	20.000
	10.000
	0
in EUR 1,000		31/12/2020	31/03/2021
Short-term fixed deposits		5,000	5,000
Liquid funds		51,807	54,354
Cash and cash equivalents		56,807	59,354
in EUR 1,000		31/12/2020	31/03/2021
Share capital		7,018	7,018
Capital reserves		7,366	7,366
Total comprehensive income		36,509	40,905

• As a result of the contribution to earnings made in the current reporting period, Group equity increased to EUR 55.3 million as of 31 March 2021 (31/12/2020: EUR 50.9 million), resulting in a consolidated equity ratio of 55.1% (31/12/2020: 53.5%).
• The bet-at-home.com AG Group also held liquid assets and shortterm time deposits in the amount of EUR 59.4 million as of 31 March 2021 (31/12/2020: EUR 56.8 million).

THE SHARE

Performance compared to the DAX and SDAX

CHARACTERISTICS

ISIN	DE000A0DNAY5
Stock exchange	Frankfurt
Market segment	Prime Standard
Number of shares	7,018,000

FUNDAMENTALS 31/03/2021

Market capitalisation	EUR 321.1 million
Cash & cash equivalents	EUR 59.4 million
Enterprise Value*	EUR 261.7 million

*) Enterprise Value = market capitalisation – cash & cash equivalents

SHAREHOLDER STRUCTURE

Betclic Everest SAS	53.90%
Freefloat	45.10%
Management	1.00%

Guidance Financial Year 2021

From the current perspective, the Management Board still expects a gross betting and gaming revenue between EUR 106 million and EUR 118 million in the financial year 2021.

Furthermore, the Management Board still expects EBITDA to amount between EUR 18 million and EUR 22 million for the financial year 2021.

INVESTOR RELATIONS

Klaus Fahrnberger

Head of Investor Relations

+49 211 179 34 770

ir@bet-at-home.com

www.bet-at-home.ag

FINANCIAL CALENDAR 2021
18/05/2021	Annual General Meeting 2021
02/08/2021	Interim Report January-June 2021
06/09/2021	Interim Financial Report 2021
08/11/2021	Quarterly Statement Q1-Q3 2021
07/03/2022	Full Year Results 2021

Appendix

Consolidated Financial Statements Q1 2021

Group quarterly statement Q1 2021 (unaudited) ǀ 3 May 2021 Classification: Public

CONSOLIDATED STATEMENT OF INCOME

Income Statement (in EUR 1,000)	01/01/- 31/03/2020	01/01- 31/03/2021	∆ in %
Gross betting and gaming revenue	32,245	30,463	-5.5%
Betting fees and gaming levies	-5,589	-6,497	16.2%
Value-added tax (VAT)	-1,129	-321	-71.6%
Net betting and gaming revenue	25,528	23,644	-7.4%
Other income	166	479	188.6%
Personnel expenses	-4,904	-5,034	2.7%
Advertising expenses	-6,573	-7,402	12.6%
Other operating expenses	-5,189	-4,740	-8.7%
EBITDA	9,029	6,947	-23.1%
Amortisation/Depreciation	-460	-527	14.6%
EBIT	8,569	6,421	-25.1%
Financial result	-25	-63	152.0%
EBT	8,544	6,358	-25.6%
Taxes on income and earnings	-2,709	-1,962	-27.6%
Consolidated profit for the period	5,835	4,396	-24.7%

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

This presentation is for information purposes only and contains written documentation or slides for a presentation on bet-at-home.com AG ("the company") and its operations. This presentation does not constitute a solicitation or offer to sell, purchase or subscribe to shares in the company. The information and opinions expressed therein do not form the basis of any contract or investment decision.

This presentation contains forward-looking statements, that means statements which are not historical facts, including statements about the beliefs and expectations of the company and the company's objectives in regards to the future development of the business. These statements are based on current plans, estimates as well as projections and therefore should not be excessively evaluated by investors. Forward-looking statements are only relevant as of the date in which they are made and the company is not obliged to make such statements in terms of new information, future developments up to the latest date and publish revised statements.

Although this presentation has been prepared with the utmost care with respect to the accuracy of the facts, the material within this presentation has not been checked by the company. Neither the company, its managers or any third party offer any guarantee, expressed or implied in underlying the accuracy or completeness of this presentation, information or opinions. Neither the company or any of its members, managers, representatives or employees or any third party shall have any liability for any damages arising from the use of this presentation or its contents or in connection therewith.