bet-at-home.com AG

Quarterly Report • Apr 29, 2019

Quarterly Statement Q1 2019

bet-at-home.com AG – 29 April 2019

REPORT BY THE MANAGEMENT BOARD

Dear Ladies and Gentlemen, Dear Shareholders,

the results for the first quarter of 2019 reflect the success of the targeted marketing investments in the financial year 2018, as gross betting and gaming revenues as well as all key earnings figures increased significantly year-on-year. Due to the 12.1% increase in gross gaming and gaming revenue, EBITDA increased by 35.6% to EUR 12.7 million in the first quarter of 2019. In the current financial year 2019, bet-athome.com will continue to strengthen the awareness of the brand through international advertising campaigns in the form of TV spots, print and online media as well as sponsoring cooperations and extensive bonus promotions.

From the current perspective and assuming an unchanging regulatory and tax law environment, we expect 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. Furthermore, we expect EBITDA to amount between EUR 29 million and EUR 33 million in the fiscal year 2019.

We would like to thank all those who helped bet-at-home.com to achieve such a successful performance in the first quarter of the financial year 2019, above all among our employees. They contributed significantly to the positive development of the bet-at-home.com AG group through their great commitment and excellent work. We would also like to express our gratitude to the shareholders for their trust in us.

Franz Ömer CEO Michael Quatember CEO

DEVELOPMENT OF GROSS BETTING AND GAMING REVENUE

Positive development of revenues in Q1 2019

bet-at-home.com AG

DEVELOPMENT OF GROSS BETTING AND GAMING REVENUE

Segment reporting

01/01-31/03/2019 ǀ in EUR 1,000	Online sports betting	Online Gaming*	Total
Betting and gaming volume	142,916	684,342	827,258
Paid out winnings	-127,987	-662,034	-790,020
Gross betting and gaming revenue	14,929	22,308	37,237
Betting fees and gambling levies	-2,832	-2,473	-5,305
VAT on electronic services	-47	-804	-850
Net betting and gaming revenue	12,050	19,031	31,082

01/01-31/03/2018 ǀ in EUR 1,000	Online sports betting	Online Gaming*	Total
Betting and gaming volume	129,224	604,726	733,949
Paid out winnings	-115,412	-585,320	-700,732
Gross betting and gaming revenue	13,812	19,405	33,217
Betting fees and gambling levies	-2,624	-2,513	-5,136
VAT on electronic services	-414	-1,499	-1,913
Net betting and gaming revenue	10,774	15,393	26,168

* 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 will continue to strengthen the awareness of the brand through international advertising campaigns in the form of TV spots, print and online media as well as sponsoring cooperations and extensive bonus promotions.
• Marketing expenses of EUR 8.2 million in the first quarter of 2019 were as planned above the reference value of the previous year (Q1 2018: EUR 7.7 million).
• As at 31 March 2019, the bet-at-home.com AG Group had 5.1 million registered customers (31.03.2018: 4.9 million).

bet-at-home.com AG

DEVELOPMENT OF EARNINGS

Earnings performance in Q1 2019 significantly above the prior-year period

• EBITDA of EUR 12.7 million in the first quarter of 2019 was up 35.6% and hence significantly higher than in the previous year's period (Q1 2018: EUR 9.3 million), thus continuing the successful previous quarter of Q4 2018 (Q4 2018: EUR 12.3 million).
• Earnings before taxes amounted to EUR 12.2 million in the first three months of the financial year (Q1 2018: EUR 9.0 million).

bet-at-home.com AG

STABLE ASSET AND CAPITAL STRUCTURE

Development of cash & cash equivalents and group equity

Group equity	69,288	77,043
Total comprehensive income	54,904	62,659
Capital reserves	7,366	7,366
Share capital	7,018	7,018
in EUR 1,000	31/12/2018	31/03/2019

• The bet-at-home.com AG Group also held liquid assets and short-term time deposits in the amount of EUR 87.8 million as of 31 March 2019 (31.12.2018: EUR 78.3 million).
• As a result of the contribution to earnings made in the current reporting period, Group equity increased to EUR 77.0 million as of 31 March 2019 (31.12.2018: EUR 69.3 million), resulting in a consolidated equity ratio of 65.1% (31.12.2018: 67.0%).

bet-at-home.com AG

BET-AT-HOME.COM 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 31/03/19

Market capitalisation	EUR 407.0 million
Cash & cash equivalents	EUR 87.8 million
Enterprise Value*	EUR 319.2 million

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

SHAREHOLDER STRUCTURE

Betclic Everest SAS	51.69 %
Free Float	47.31 %
Management	1.00 %

bet-at-home.com AG

OUTLOOK

Guidance Financial Year 2019

• From the current perspective, and assuming an unchanging regulatory and tax law environment, the Management Board 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 also expects an EBITDA of between EUR 29 million and EUR 33 million.
• Due to the excellent liquidity and high level of cash and cash equivalents, Management and Supervisory Board proposed the distribution of a total dividend for the financial year 2018 of EUR 6.50 per share to the Annual General Meeting in May 2019. The payment will be effected in May 2019.

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 2019

22/05/2019 Annual General Meeting 2019

29/07/2019 Interim Report January-June 2019

09/09/2019 Interim Financial Report 2019

04/11/2019 Quarterly Statement Q1-Q3 2019

09/03/2020 Full Year Results 2019

Appendix

Consolidated Financial Statements Q1 2019

CONSOLIDATED FINANCIAL STATEMENTS

Initial application of IFRS 16: Leases

IFRS 16 regulates the recognition, measurement, disclosure and disclosure requirements of leases in the financial statements of companies that report in accordance with IFRS.

The accounting model of IFRS 16 requires the lessee to recognize assets and liabilities arising from lease agreements in the consolidated balance sheet. IFRS 16 is mandatory for financial years beginning on or after January 1, 2019, for the first time.

The initial application of IFRS 16 in the bet-at-home.com AG Group concerns the presentation of rental obligations for office space. A lease as defined by the standard exists if the lessor has contractually granted the lessee the right to control an identified asset for a specified period of time and the lessee in return receives consideration from the lessor.

In the first quarter of 2019, the Group recognized non-current assets as well as current and non-current liabilities for its operating leases in connection with the office space in Dusseldorf, Linz and Malta for a period of five years and presented them in the consolidated balance sheet. The effect of the initial application of IFRS 16 led to an increase in total assets of EUR 4.2 million as of January 1, 2019.

The income statement shows the initial application of IFRS 16 in the first quarter of 2019 through depreciation for right-of-use assets as well as interest expenses from leasing liabilities. As of December 31, 2018, the Group recognized operating lease expenses on a straight-line basis over the lease term (rental expenses). As a result, EUR 13 thousand burdened the consolidated result.

CONSOLIDATED STATEMENT OF INCOME

P&L in EUR 1,000	01/01/- 31/03/2018	01/01/- 31/03/2019	∆ in %
Gross betting and gaming revenue	33,217	37,237	+12.1%
Betting fees and gaming levies	-5,136	-5,305	+3.3%
Value-added tax (VAT)	-1,913	-850	-55.6%
Net betting and gaming revenue	26,168	31,082	+18.8%
Other income	170	408	+139.7%
Personnel expenses	-4,359	-4,605	+5.6%
Advertising expenses	-7,694	-8,223	+6.9%
Other operating expenses	-4,938	-5,986	+21.2%
EBITDA	9,347	12,676	+35.6%
Amortisation/Depreciation	-317	-460	+44.9%
EBIT	9,030	12,216	+35.3%
Financial result	13	-24	-282.8%
EBT	9,043	12,193	+34.8%
Taxes on income and earnings	-3,317	-4,438	+33.8%
Consolidated profit for the period	5,726	7,755	+35.4%

bet-at-home.com AG

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

Interim balance sheet (in EUR 1,000)	31/12/2018	31/03/2019
Non-current assets	3,406	7,383
Receivables from taxes	13,139	12,502
Own advance payments	1,533	2,455
Other receivables and assets	6,963	8,244
Short-term fixed deposits	9,525	6,000
Cash and cash equivalents	68,774	81,778
Current assets	99,934	110,978
Total ASSETS	103,339	118,361
Equity	69,288	77,043
Provisions for employee benefits	49	49
Lease liabilities	0	3,259
Non-current liabilities	49	3,307
Trade payables	3,303	3,590
Liabilities from taxes	16,534	19,212
Short-term provisions	2,639	1,991
Customer payables	7,705	8,888
Lease liabilities	0	707
Other liabilities	3,822	3,623
Current liabilities	34,003	38,011

Total EQUITY & LIABILITIES 103,339 118,361

Initial	application	of	IFRS	16	in Q1	2019:
Lease	rights	(office	space	in		Düsseldorf,
Linz,	Malta)

Initial application	of	IFRS	16 in	Q1	2019:
non-current	portion	of	liabilities		from
capitalized right	to use	of	leases
(> 12 months)

Initial application of IFRS 16 in Q1 2019:
current portion of liabilities from capitalized
right to use of leases (< 12 months)

bet-at-home.com AG

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.

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.