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Original-Research: bet-at-home.com AG - from NuWays AG

29.09.2025 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
invitation to conclude certain stock exchange transactions.

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Classification of NuWays AG to bet-at-home.com AG

Company Name: bet-at-home.com AG
ISIN: DE000A0DNAY5

Reason for the research: Update
Recommendation: BUY
from: 29.09.2025
Target price: EUR 5.50
Target price on sight of: 12 months
Last rating change:
Analyst: Frederik Jarchow

Mixed Q2 figures // ECJ ruling expected until year end, chg

Topic: Last week bet-at-home published mixed Q2 figures with a lower than
expected top line, burdened by the absence of a major events this year, but
stronger bottom line. In detail:

Q2 Sales came in at EUR 11.8m (-14% yoy, -13% qoq), below our estimate of EUR
13.6m, driven by a Betting GGR of only EUR 10.2m (-16% yoy, -15% qoq vs eNuW:
EUR 12.0m) while Gaming GGR grew as anticipated to EUR 1.6m (+12% yoy, +4% qoq
vs eNuW: EUR 1.6m). Especially the absence of major sport events like the
soccer EURO Championship last year burdened Q2 betting GGR. Note that Q2 is
in general a weaker quarter, characterized by the offseason of most sports
that are relevant for betting. Positively, margins improved significantly to
14.1% in the betting segment (vs 12.9% in Q2Ž24 vs eNuW: 13.2%) and to 11.4%
in the gaming segment (vs 10.9% in H1Ž24 vs eNuW: 11.2%).

EBITDA of EUR 1.2m (+61% yoy; +1% qoq) was above our estimates (eNuW: EUR 0.8m).
Lower than anticipated other operating expenses (EUR 2.5m vs eNuW: EUR 3.4m),
lower marketing spending (EUR 3.3m vs eNuW: EUR 4.9m) and personal expenses in
line with our estimates (EUR 2.2m vs eNuW: EUR 2.2m) compensated for softer net
gaming revenues. Undiluted operating performance measured with EBITDA before
special items (i.e. non-operating costs in connection with customer claims
and the liquidation of the Entertainment) came in at EUR 1.4m (vs EUR 1.0m in
Q2Ž24, vs eNuW: EUR 0.9m). In H1, bet-at-home realized a reported EBITDA of EUR
2.3m and an EBITDA before special items of EUR 3.0m.

Overall, the Q2 figures mark another solid quarter, proving that bet-at-home
is running a very healthy and profitable operating business. In light of
this, any positive news regarding the two events overshadowing the operating
performance (Customer claims and liquidation of the Entertainment) would
serve as a catalyst for the stock. Especially the pending ECJ ruling could
trigger such positive newsflow as it seems very likely that the ECJ is
ruling in favour of the betting providers. Such an event would have the
potential to eliminate the looming risk of new customer claims and related
legal costs.

For the moment, we have not modeled that in expecting EUR 52.8m sales in
FY25e, a reported EBITDA of EUR 2.5m and an EBITDA before special items of EUR
4.0m, in line with management guidance of EUR 46-54m sales and EUR 0-4m EBITDA
before special items.

As the operating business is developing positively and sources of risks are
likely to vanish soon, we reiterate BUY with an unchanged (but conservative)
PT of EUR 5.50 based on FCFYŽ25e.

You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=acb6a0d97ceff46228b531c74dd1adc7
For additional information visit our website:
https://www.nuways-ag.com/research-feed

Contact for questions:
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
++++++++++
Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss
bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befinden sich in der vollständigen Analyse.
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2204772 29.09.2025 CET/CEST

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