bet-at-home (ACX) H1 2026 earnings summary

Executive summary

• Operates as a leading online sports betting and gaming provider in German-speaking countries, with 5.9 million registered customers as of 30 June 2026.

• Focuses on regulated markets, technological innovation, and customer loyalty, with a strong emphasis on compliance and responsible gaming.

• Major management changes occurred in H1 2026, including a new Chairman and Supervisory Board members.

• The FIFA World Cup in June/July 2026 positively impacted Q2 activity, but overall new customer acquisition declined year-over-year.

Financial highlights

• Gross betting and gaming revenue for H1 2026 was EUR 24.3 million, down from EUR 25.3 million in H1 2025.

• Net gaming revenue was EUR 19.0 million (H1 2025: EUR 19.7 million).

• EBITDA before special items was EUR -0.7 million (H1 2025: EUR 3.0 million), reflecting higher marketing and legal costs.

• Net result was a loss of EUR 2.2 million (H1 2025: profit of EUR 1.8 million).

• Cash and cash equivalents at 30 June 2026 were EUR 27.7 million (31 December 2025: EUR 27.9 million).

• Equity ratio declined to 47.4% (31 December 2025: 51.7%).

Outlook and guidance

• Management expects FY 2026 gross betting and gaming revenue between EUR 46–54 million and EBITDA before special items between EUR 0–4 million.

• No significant capital expenditures planned for H2 2026; liquidity expected to remain sufficient.

• New digital marketing strategy aims to boost customer acquisition in H2 2026.