Bet-at-home.com AG Sees Challenges and Opportunities in Q3 Report

Bet-at-home.com AG's recent Q3 results, below expectations, show mixed performance across segments. Sales of €10.2 million fell short of the expected €12.5 million, influenced by a lack of significant events like a World Cup or European Championship. Betting volumes and margins decreased, contributing to €8.5 million GGR, down 20% year-over-year. However, the Gaming segment grew with a €1.7 million GGR, up 12% year-over-year, yet still a minor portion of revenue.

EBITDA before special items was at €-0.9 million, missing the €1.0 million estimate. With personnel expenses lower and marketing expenses increased, overall operating expenses matched expectations. Q4 and Q1 2026 are anticipated to be stronger, driven by previous marketing strategies and seasonal trends.

The divestment by majority shareholder Betclic Everest of its 53.9% stake in bet-at-home could lead to strategic changes. Market developments and potential legal rulings may positively impact the company’s outlook. The recommendation remains a 'BUY' with a target price of €5.5.