Quarterly Report • Nov 6, 2024
Quarterly Report
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06 November 2024
Dear ladies and gentlemen, dear shareholders,
Following the successful outsourcing of key corporate functions to the external service provider and the redesign of the customer platform and sports betting product, we are now increasingly focusing on efficient and effective customer management. With targeted marketing measures, we are pursuing the goal to sustainably expand our market position in the online sports betting segment in the core markets of Germany and Austria. This year before the start of the major sporting events, which have a significant impact on revenue - the European Football Championship in Germany and the Summer Olympics in Paris - we have invested in enhanced advertising of the "bet-at-home" brand, acquisition of new customers and reactivation of existing ones. As a result, the marketing expenses in the first three quarters of 2024 increased by $18.0 \%$ year-on-year to EUR 13.8 million.
The extensive customer engagement and marketing initiatives are reflected in the Group's figures: in the first three quarters of 2024, the gross betting and gaming revenue grew by $8.9 \%$ year-on-year to EUR 37.6 million. The growth is attributable to the positive development of the both sports betting and gaming business segments, which increased by $5.1 \%$ and $56.4 \%$, respectively.
Personnel expenses declined by $4.8 \%$ year-on-year to EUR 6.3 million, due to the reduction in internal complexity and minimization of resource requirements.
Other operating expenses of EUR 13.5 million were above the last year's level. This increase is mainly attributable to events, which happened in previous financial years. These required a provision as a result of a negative ruling in Switzerland, which classifies sports betting as electronically provided services and is therefore subject to Swiss VAT. In addition, expenses were recognized in connection with claims for the reimbursement of gambling losses.
EBITDA before special items was up by $18.6 \%$ compared to the first three quarters of 2023, to EUR 2.8 million. In the light of this, we raise our outlook for EBITDA before special item to the range from EUR 1.5 million to EUR 4.5 million.
Cash and cash equivalents within the bet-at-home.com AG Group amounted to EUR 34.2 million as of 30 September 2024.
Despite the positive revenue development in the first three quarters of 2024, we view the current financial year as demanding, due to the numerous challenges in the competitive environment. In particular, the existing legal uncertainty resulting from inconsistent and uncertain case law with regard to customer claims in Germany and Austria contributes to this sentiment.
CEO
[^0]
[^0]: *) For the definition of the non-IFRS performance indicator "EBITDA before special items " please refer to Section B.3.5 ("Other financial information - EBITDA before special items as an alternative performance indicator") of the combined management report.
| 01/01-30/09/2024 I in EUR 1,000 | Online sports betting | Online gaming* | Total |
|---|---|---|---|
| Betting and gaming volume | 268,629 | 35,985 | 304,614 |
| Paid out winnings | $-235,013$ | $-31,977$ | $-266,990$ |
| Gross betting and gaming revenue | 33,617 | 4,007 | 37,624 |
| Betting fees and gambling levies | $-6,039$ | $-1,645$ | $-7,684$ |
| VAT on electronic services | $-293$ | 0 | $-293$ |
| Net betting and gaming revenue | 27,285 | 2,362 | 29,647 |
| * includes casino and vegas games | |||
| 01/01-30/09/2023 I in EUR 1,000 | Online sports betting | Online gaming* | Total |
| Betting and gaming volume | 261,396 | 28,738 | 290,134 |
| Paid out winnings | $-229,422$ | $-26,175$ | $-255,597$ |
| Gross betting and gaming revenue | 31,974 | 2,563 | 34,537 |
| Betting fees and gambling levies | $-6,140$ | $-1,373$ | $-7,513$ |
| VAT on electronic services | $-24$ | 0 | $-24$ |
| Net betting and gaming revenue | 25,810 | 1,190 | 27,000 |
| ** includes casino, games and virtual sports |
| Income Statement (in EUR 1,000) | $\begin{gathered} 01 / 01 /- \ 30 / 09 / 2024 \end{gathered}$ | $\begin{gathered} 01 / 01 /- \ 30 / 09 / 2023 \end{gathered}$ |
|---|---|---|
| Gross betting and gaming revenue | 37,624 | 34,537 |
| Betting fees and gaming levies | $-7,684$ | $-7,513$ |
| Value-added tax (VAT) | $-293$ | $-24$ |
| Net betting and gaming revenue | 29,647 | 27,000 |
| Other income | 1,246 | 1,611 |
| Personnel expenses | $-6,304$ | $-6,620$ |
| Advertising expenses | $-13,822$ | $-11,709$ |
| Other operating expenses | $-13,452$ | $-8,590$ |
| EBITDA | $-2,685$ | 1,692 |
| Amortisation/Depreciation | $-1,000$ | $-1,259$ |
| EBIT | $-3,685$ | 433 |
| Financial result | 355 | $-406$ |
| EBT | $-3,330$ | 27 |
| Taxes on income and earnings | 78 | $-258$ |
| Consolidated profit for the period | $-3,252$ | $-231$ |
EBITDA before special items*
Group quarterly statement 3Q 2024 (unaudited) I 06 November 2024
Classification: Public
| in EUR 1,000 | $30 / 09 / 2024$ | $31 / 12 / 2023$ |
|---|---|---|
| Cash and cash equivalents | 34,165 | 34,645 |
| in EUR 1,000 | $30 / 09 / 2024$ | $31 / 12 / 2023$ |
| Share capital | 7,018 | 7,018 |
| Capital reserves | 7,366 | 7,366 |
| Total comprehensive income | 9,808 | 13,060 |
| Group equity | 24,192 | 27,444 |
[^0]
[^0]: *) For the definition of the non-IFRS performance indicator "EBITDA before special items " please refer to Section B.3.5 ("Other financial information - EBITDA before special items as an alternative performance indicator") of the combined management report.
bet-at-home.com AG
Group quarterly statement 3Q 2024 (unaudited) I 06 November 2024
Classification: Public
| ISIN | DE000A0DNAY5 |
|---|---|
| Stock exchange | Frankfurt |
| Market segment | Prime Standard |
| Number of shares | $7,018,000$ |
| Betclic Everest SAS | $53.9 \%$ |
|---|---|
| Free float | $46.1 \%$ |
[email protected]
+4921154559877
www.bet-at-home.ag
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.
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