bet-at-home.com AG

Investor Presentation • Nov 4, 2019

Group Quarterly Statement Q3 2019

bet-at-home.com AG – 4 November 2019

REPORT BY THE MANAGEMENT BOARD

Dear ladies and gentlemen, dear shareholders,

with the start of the European football leagues 2019/20, the bet-at-home.com AG Group again set a marketing focus in August 2019 in the context of international advertising campaigns to further strengthen brand awareness in the European core markets. With exactly the same marketing investments as in the same period of the previous year, EBITDA increased by 12.8% to EUR 27.0 million in the first three quarters of the 2019 financial year.

The gross betting and gaming revenue in the first three quarters of 2019 was EUR 106.8 million, 2.5% higher than in the comparable period of 2018, which included the 2018 World Cup in Russia and thus higher seasonally earnings.

Thanks once again to all those who helped bet-at-home.com to achieve this success in the first three quarters of fiscal year 2019, above all our employees. Likewise, we would 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

Development of gross betting and gaming revenue in the first three quarters of 2019

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Quarterly Statement Q3 2019 (unaudited) ǀ 4 November 2019

DEVELOPMENT OF BETTING AND GAMING REVENUE

Segment reporting

01/01-30/09/2019 ǀ in EUR 1,000	Online sports betting	Online Gaming*	Total
Betting and gaming volume	390,988	2,046,413	2,437,401
Paid out winnings	-347,373	-1,983,222	-2,330,595
Gross betting and gaming revenue	43,615	63,190	106,805
Betting fees and gambling levies	-7,547	-7,884	-15,431
VAT on electronic services	-150	-3,329	-3,479
Net betting and gaming revenue	35,918	51,977	87,896

01/01-30/09/2018 ǀ in EUR 1,000	Online sports betting	Online Gaming*	Total
Betting and gaming volume	416,647	1,888,464	2,305,111
Paid out winnings	-371,990	-1,828,875	-2,200,865
Gross betting and gaming revenue	44,657	59,589	104,246
Betting fees and gambling levies	-7,355	-7,871	-15,226
VAT on electronic services	-947	-4,910	-5,857
Net betting and gaming revenue	36,355	46,808	83,163

* consists of casino, games, poker und virtual sports

DEVELOPMENT OF MARKETING EXPENSES

Further strengthening of the brand and development of the customer base

• In the current financial year 2019, bet-at-home.com is also strengthening its brand awareness through international advertising campaigns in the form of TV spots, print and online media as well as through sponsoring cooperations and extensive bonus promotions and is focusing its marketing activities on the second half of the year of 2019.
• Marketing expenses in the first three quarters of 2019 at EUR 29.3 million and without major sporting events exactly at the level of the same period of the previous year, which also included the 2018 Football World Cup in Russia (Q1-Q3 2018: EUR 29.3 million).
• As at 30 September 2019, the bet-at-home.com AG Group had 5.2 million registered customers (30.09.2018: 5.0 million).

DEVELOPMENT OF EARNINGS

Operating profit development in the first three quarters of 2019

• At EUR 27.0 million, EBITDA in the first three quarters of 2019 increased by 12.8% over the same period of the previous year, disproportionately higher than gross betting and gaming revenue (Q1-Q3 2018: EUR 23.9 million).
• Earnings before taxes (EBT) amounted to EUR 25.6 million in the first nine months of the financial year (Q1-Q3 2018: EUR 23.0 million).
• Corporation tax back payments for the assessment periods 2013 to 2018 as a result of an tax audit in the Austrian group company bet-at-home.com Entertainment GmbH, led to an additional burden of EUR 11.5 million on income taxes.

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Quarterly Statement Q3 2019 (unaudited) ǀ 4 November 2019

STABLE ASSET AND CAPITAL STRUCTURE

Development of cash & cash equivalents and group equity

in EUR 1,000	31/12/2018	30/09/2019
Share capital	7,018	7,018
Capital reserves	7,366	7,366
Total comprehensive income	54,904	15,121
Group equity	69,288	29,505

• Taking into account the equity-reducing distribution of a dividend in May 2019 in the amount of EUR 45.6 million - thus EUR 6.50 per share - the consolidated equity as at 30.09.2019 amounts to EUR 29.5 million (31.12.2018: EUR 69.3 million), resulting in a consolidated equity ratio of 37.4% (31/12/2018: 67.0%).

• The bet-at-home.com AG Group also held liquid assets and short-term time deposits in the amount of EUR 53.0 million as of 30 September 2019 (31/12/2018: EUR 78.3 million).

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BET-AT-HOME.COM SHARE

CHARACTERISTICS			FUNDAMENTALS 30/09/19		SHAREHOLDER STRUCTURE
ISIN	DE000A0DNAY5	Market capitalisation	EUR 328.2 million	Betclic Everest SAS	51,69%
Stock exchange	Frankfurt	Cash & cash equivalents	EUR 53.0 million	Free Float	47,31%
Market segment	Prime Standard	Enterprise Value*	EUR 275.2 million	Management	1,00%
Number of shares	7,018,000	*) Enterprise Value = market capitalisation – cash & cash equivalents

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Quarterly Statement Q3 2019 (unaudited) ǀ 4 November 2019

OUTLOOK

Guidance Financial Year 2019

• From the current perspective, and assuming an unchanging regulatory and tax law environment, the Management Board still expects a gross betting and gaming revenue between EUR 130 million and EUR 143 million in the fiscal year 2019. The decline in gross betting and gaming revenue compared to the financial year 2018 is attributable to legal uncertainties in Switzerland.
• For the financial year 2019, the Management Board still expects an EBITDA of between EUR 29 million and EUR 33 million.

INVESTOR RELATIONS

CONTACT

Klaus Fahrnberger

Head of Investor Relations

+49 211 179 34 770 ir@bet-at-home.com

www.bet-at-home.ag

FINANCIAL CALENDAR 2020

09/03/2020	Full Year Results 2019
30/03/2020	Annual Report 2019
04/05/2020	Quarterly Statement Q1 2020
20/05/2020	Annual General Meeting 2020
03/08/2020	Interim Report January-June 2020
14/09/2020	Interim Financial Report 2020
09/11/2020	Quarterly Statement Q1-Q3 2020
08/03/2021	Full Year Results 2020

Appendix

Consolidated Financial Statements Q3 2019

CONSOLIDATED STATEMENT OF INCOME

P&L in EUR 1,000	01/01/- 30/09/2018	01/01/- 30/09/2019	∆ in %
Gross betting and gaming revenue	104,246	106,805	2.5%
Betting fees and gaming levies	-15,226	-15,431	1.3%
Value-added tax (VAT)	-5,857	-3,479	-40.6%
Net betting and gaming revenue	83,163	87,896	5.7%
Other income	488	896	83.5%
Personnel expenses	-13,783	-14,389	4.4%
Advertising expenses	-29,303	-29,301	0.0%
Other operating expenses	-16,669	-18,140	8.8%
EBITDA	23,897	26,962	12.8%
Amortisation/Depreciation	-948	-1,400	47.7%
EBIT	22,949	25,562	11.4%
Financial result	34	9	-73.7%
EBT	22,983	25,571	11.3%
Taxes on income and earnings	-8,576	-19,737	130.2%
Consolidated profit for the period	14,407	5,833	-59.5%

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

Interim balance sheet (in EUR 1,000)	31/12/2018	30/09/2019
Non-current assets	3,406	7,609
Receivables from taxes	13,139	7,752
Own advance payments	1,533	2,595
Other receivables and assets	6,963	7,935
Short-term fixed deposits	9,525	5,000
Cash and cash equivalents	68,774	48,048
Current assets	99,934	71,330
Total ASSETS	103,339	78,939
Equity	69,288	29,505
Provisions for employee benefits	49	49
Lease liabilities	0	2,782
Non-current liabilities	49	2,830
Trade payables	3,303	4,997
Liabilities from taxes	16,534	26,940
Short-term provisions	2,639	1,646
Customer payables	7,705	7,882
Lease liabilities	0	840
Other liabilities	3,822	4,298
Current liabilities	34,003	46,604
Total EQUITY & LIABILITIES	103,339	78,939

Initial application of IFRS 16 in FY 2019: Lease rights (office space in Düsseldorf, Linz, Malta) in the amount of EUR 3.8 million

High cash position despite payment of a dividend of EUR 45.6 million - thus EUR 6.50 per share - in May 2019

Initial application of IFRS 16 in FY 2019: Non-current portion of liabilities from capitalized use rights under leases (> 12 months)

Increase in tax liabilities due to corporate tax back payments in the Group for the assessment periods 2013 to 2018

Initial application of IFRS 16 in FY 2019: Current portion of liabilities from capitalized use rights under leases (<12 months)

No bank liabilities

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DISCLAIMER

This presentation is for information purposes only and may not be copied in its entirety or in part, for any purpose or passed on to third parties or made public. This presentation 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.

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