SRAD · Sportradar Group AG

Sportradar's Q1 2026 results demonstrated resilient growth with revenue up 11% to €347 million, primarily propelled by a 15% increase in Betting Technology & Solutions to €288 million. This was fueled by 20% growth in Betting & Gaming Content, attributed to the IMG ARENA acquisition, heightened content uptake, and U.S. market expansion, though tempered by foreign currency headwinds, especially the strong U.S. dollar against the euro. Managed Betting Services dipped 2% due to unfavorable sporting outcomes offsetting higher turnover, while Sports Content, Technology & Services fell 4% on reduced marketing campaigns, partially mitigated by 81% growth in Integrity Services. Geographically, Rest of World surged 14%, with U.S. revenue at 26% of total, up 4% but down from 28% prior year. The €6 million loss contrasted with last year's €24 million profit, driven by a €9 million foreign currency loss versus a €28 million gain, plus higher depreciation from IMG ARENA and finance costs. Adjusted EBITDA's 12% rise to €66 million and margin expansion to 19.0% highlight efficient scaling and infrastructure leverage. CEO Carsten Koerl emphasized the IMG content's customer resonance and pursuits in prediction markets and iGaming. Strong liquidity of €542 million, including undrawn credit, supports the enhanced $250 million buyback atop the $1 billion program, with $117 million repurchased YTD 2026. The COO appointment of Sameer Deen, with 25+ years from Entain and Univision, bolsters commercial execution. Reiterated FY2026 guidance signals confidence in 23-25% constant currency revenue growth and 34-37% Adjusted EBITDA growth, underscoring strategic momentum amid industry transformation.