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6-K 1 tm2529856d2_6k.htm FORM 6-K

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of November 2025
Commission File Number: 001-40799

 

 

SPORTRADAR GROUP AG

(Translation of registrant’s name into English)

 

 

Feldlistrasse 2

CH-9000 St. Gallen

Switzerland

(Address of principal executive office)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F  x            Form 40-F  ¨

 

 

 

 


 

EXPLANATORY NOTE

 

On November 5, 2025, Sportradar Group AG (the “Company”) issued a press release reporting its third quarter 2025 financial results.

 

A copy of the press release is furnished as Exhibit 99.1 herewith. The IFRS financial information contained in the (i) consolidated statements of profit or loss and other comprehensive income, (ii) consolidated statements of financial position, and (iii) consolidated statements of cash flows included in the press release attached as Exhibit 99.1 hereto is hereby incorporated by reference into the Company’s Registration Statements on Form S-8 (File No. 333-259885) and Form F-3 (File No. 333-286679), including any prospectuses forming a part of such Registration Statements, and to be a part thereof from the date on which this report is filed, to the extent not superseded by documents or reports subsequently filed or furnished.

 

Exhibit No.   Description
99.1   Press Release of Sportradar Group AG, dated November 5, 2025.

 

 


 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Date: November 5, 2025

 

  SPORTRADAR GROUP AG
   
  By: /s/ Craig Felenstein
  Name: Craig Felenstein
  Title: Chief Financial Officer

 

 

 

EX-99.1 2 tm2529856d2_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

 

 

SPORTRADAR REPORTS THIRD QUARTER FINANCIAL RESULTS, RAISES FULL YEAR 2025 OUTLOOK AND ANNOUNCES INCREASE IN SHARE REPURCHASE PROGRAM TO $300 MILLION

 

Third Quarter 2025 Highlights

 

· Revenue increased 14% to €292 million

 

· Generated profit for the period of €22 million, 7.7% as a percentage of revenue

 

· Adjusted EBITDA1 increased 29% to €85 million and Adjusted EBITDA margin1 expanded to a record 29.0%

 

· Generated net cash from operating activities of €115 million and Free cash flow1 of €65 million

 

· Achieved a Customer Net Retention Rate1 of 114%

 

· Raised 2025 full year outlook to revenue of at least €1,290 million, or 17% growth, and Adjusted EBITDA of at least €290 million, or 30% growth

 

· Announced $100 million increase in share repurchase program, bringing total authorization to $300 million

 

ST. GALLEN, Switzerland, November 5, 2025 – Sportradar Group AG (NASDAQ: SRAD) (“Sportradar” or the “Company”), a leading global sports technology company focused on creating immersive experiences for sports fans and bettors, today announced financial results for its third quarter ended September 30, 2025.

 

Carsten Koerl, Chief Executive Officer of Sportradar, said: "We delivered another quarter of strong topline growth and increasing flow through, including record EBITDA margins and substantial cash flow generation. The results reflect our sustained operating performance and the durability of our growth strategy. Our continued momentum is driven by our premium content and product portfolio, and leading technology and AI, which is enabling us to consistently drive above market growth and deliver increasing value for our clients and partners. We are very pleased to augment that growth with the completion of the acquisition of IMG ARENA, further bolstering our competitive position, including our unmatched rights offering, industry leading product suite and the depth and breadth of our global relationships. The acquisition of IMG provides additional growth avenues and we are excited by the opportunity to drive meaningful additional value for our shareholders going forward."

 

THIRD QUARTER AND YEAR TO DATE FINANCIAL RESULTS

 

Revenue

 

    Three-Month Period Ended
September 30,
    Nine-Month Period Ended
September 30,
 
in € thousands (unaudited)   2025     2024     Change     %     2025     2024     Change     %  
Revenue by product                                                                
Betting & Gaming Content     176,471       162,769       13,702       8 %     569,857       515,337       54,520       11 %
Managed Betting Services     56,336       47,295       9,041       19 %     171,737       144,726       27,011       19 %
Betting Technology & Solutions     232,807       210,064       22,743       11 %     741,594       660,063       81,531       12 %
                                                                 
Marketing & Media Services     43,957       32,944       11,013       33 %     131,559       102,637       28,922       28 %
Sports Performance     11,127       10,116       1,011       10 %     34,760       29,314       5,446       19 %
Integrity Services     4,163       2,048       2,115       103 %     13,162       7,472       5,690       76 %
Sports Content, Technology & Services     59,247       45,108       14,139       31 %     179,481       139,423       40,058       29 %
Total Revenue     292,054       255,172       36,882       14 %     921,075       799,486       121,589       15 %
                                                                 
Revenue by geography                                                                
Rest of World     225,452       200,296       25,156       13 %     680,405       611,493       68,912       11 %
United States     66,602       54,876       11,726       21 %     240,670       187,993       52,677       28 %
Total Revenue     292,054       255,172                       921,075       799,486                  

 

1 Non-IFRS measure. See the sections captioned “Non-IFRS Financial Measures and Operating Metric” and “IFRS to Non-IFRS reconciliations” for more details.

 

1


 

 

Revenue

 

Total revenue for the third quarter was €292 million, up €37 million, or 14% year-over-year, driven by 11% growth in Betting Technology & Solutions, and 31% growth in Sports Content, Technology & Services.

 

Betting Technology & Solutions revenues of €233 million were up 11% year-over-year primarily driven by an 8% increase in Betting & Gaming Content due to both existing and new customer uptake of our content and products, as well as strong U.S. market growth, partially offset by the impact of foreign currency movements. Managed Betting Services revenues of €56 million were up 19% driven by strong growth in Managed Trading Services due to increased turnover, higher trading margins and new customers.

 

Sports Content, Technology & Services revenues of €59 million increased 31% year-over-year primarily driven by 33% growth in Marketing & Media Services, due to increased spending from new and existing technology and media customers and contributions related to our expanded affiliate marketing capabilities. Integrity Services revenues more than doubled in the quarter driven by uptake of products and services from league partners and the addition of new customers, while Sports Performance revenues increased 10% largely due to higher pricing.

 

The Company generated strong revenue growth globally with the United States up 21% and Rest of World up 13%. As a percentage of total Company revenues, United States revenue represented 23% of total Company revenue in the third quarter as compared to 22% in the prior year quarter, due to continued market growth and customer uptake of our premium content and solutions.

 

Customer Net Retention Rate of 114% further demonstrates our ability to cross sell and up sell to our clients, as well as the continued market growth in the United States.

 

Profit for the period

 

Profit for the period was €22 million, a decrease of €15 million, compared to €37 million in the same quarter in 2024, as strong operating results were offset principally by a €22 million lower foreign currency gain in the quarter related to unrealized currency fluctuations mainly associated with U.S. dollar-denominated sports rights.

 

Adjusted EBITDA

 

Third quarter Adjusted EBITDA was €85 million, up €19 million, or 29% compared to €66 million in the same quarter in 2024. The increase was largely driven by the 14% revenue growth, primarily offset by increased sport rights costs related to the continued success of the ATP partnership deal and our renewed partnership with Major League Baseball, as well as by higher adjusted purchased services driven by growth in Marketing and Media Services revenue.

 

Business Highlights

 

· Entered into partnership with DAZN providing data and broadcast services across their global media platform, spanning more than 30 sports and 8 languages.

 

· Developed Performance View, a customized 4Sight product for NBC Universal for Peacock's streamed NBA games, giving fans a new way to experience the action on the court by providing an on-screen layer of data and deep analytics.

 

· Renewed agreement with Spanish Football Federation to exclusively sell international media rights for the Spanish Super Cup until 2032, ensuring long-term control of global broadcast sales and continuity as the Real Federación Española de Fútbol's trusted partner.

 

· Extended and expanded partnerships with Google and Yahoo, providing live game day sports statistics for Google and extending our relationship as a primary provider of sports data for both Yahoo Sports and Yahoo Fantasy.

 

· Introduced Bettor Sense, the Company's proprietary, AI-powered responsible gaming solution, and launched with Underdog in the U.S. and BETesporte in Brazil.

 

· Awarded 2025 American Gambling Awards Data Service Provider of the Year, our second consecutive win, reaffirming leadership in delivering trusted data solutions to the U.S. sports betting market.

 

1 Non-IFRS measure. See the sections captioned “Non-IFRS Financial Measures and Operating Metric” and “IFRS to Non- IFRS reconciliations” for more details.

 

2


 

 

IMG ARENA Acquisition

 

On November 1, 2025, Sportradar completed its acquisition of IMG ARENA and its global sports betting rights portfolio. The closing of this transaction marks a milestone in Sportradar’s growth strategy, further strengthening and differentiating its position as a leading technology and content provider in the most bet upon global sports, including soccer, tennis and basketball.

 

Sportradar is not providing any financial consideration as part of the acquisition. Instead, the deal includes total financial consideration of $225 million comprised of approximately $122 million in cash prepayments by the seller to certain sports rightsholders and approximately $103 million to Sportradar. The payments to Sportradar, which are subject to customary purchase price adjustments, will be made over a two-year period. Given the unique transaction structure, the acquisition is expected to be accretive to Sportradar’s Adjusted EBITDA margins and free cash flow conversion, while accelerating the Company’s revenue, Adjusted EBITDA, and free cash flow growth.

 

The acquired portfolio encompasses strategic relationships with over 70 rightsholders, delivering approximately 38,000 official data events and 29,000 streaming events across 14 global sports on six continents. Sportradar sports coverage now totals more than one million matches annually. The acquisition enhances the Company's content distribution and will further fuel product development. Sportradar expects to seamlessly integrate and monetize these rights across its highly scalable technology platform and client network.

 

Balance Sheet and Liquidity

 

The Company’s cash and cash equivalents were €360 million as of September 30, 2025, as compared with €348 million as of December 31, 2024. Net cash generated from operating activities for the nine-months ended September 30, 2025 of €315 million due to strong operating performance was partially offset by net cash used in investing activities of €166 million, primarily from payments related to sport rights licenses, and by net cash used in financing activities of €102 million. Financing activities included $65.5 million in share repurchases related to the April 2025 secondary offering and €15 million of payments related to the acquisition of the remaining non-controlling interest in a subsidiary. Free cash flow for the nine-months ended September 30, 2025 was €149 million, an increase of €28 million from €122 million in the same period in 2024.

 

Including an undrawn credit facility, the Company had total liquidity of €580 million as of September 30, 2025, as compared to €568 million as of December 31, 2024, and no debt outstanding.

 

2025 Full Year Financial Outlook

 

Sportradar is increasing its fiscal 2025 outlook as follows:

 

· Revenue of at least €1,290 million, representing year-on-year growth of at least 17%

 

· Adjusted EBITDA of at least €290 million, representing year-on-year growth of at least 30%

 

· Adjusted EBITDA margin expansion of approximately 240 basis points

 

· Free cash flow conversion1 rate still expected to be above the 2024 level of 53%

 

The 2025 guidance reflects the acquisition of IMG ARENA, which closed on November 1, 2025, as well as the anticipated impact of foreign currency fluctuations.

 

Share Repurchase Plan

 

In March 2024, the Board of Directors approved a $200 million share repurchase plan and in October 2025 the Board of Directors increased the authorized share repurchase plan to a total of $300 million. As of September 30, 2025 the Company has repurchased 4.8 million shares under the plan for a total of $85.8 million, including $65.5 million in 2025.

 

Conference Call and Webcast Information

 

Sportradar will host a conference call to discuss the third quarter results today, November 5, 2025 at 8:30 a.m. Eastern Time. Those wishing to participate via webcast should access the earnings call through Sportradar’s Investor Relations website. An archived webcast with the accompanying slides will be available at the Company’s Investor Relations website for one year after the conclusion of the live event.

 

1 Non-IFRS measure or Operating Metric. See the sections captioned “Non-IFRS Financial Measures and Operating Metric” and “IFRS to Non-IFRS reconciliations” for more details.

 

3


 

 

 

About Sportradar

 

Sportradar Group AG (NASDAQ: SRAD), founded in 2001, is a leading global sports technology company creating immersive experiences for sports fans and bettors. Positioned at the intersection of the sports, media and betting industries, the Company provides sports federations, news media, consumer platforms and sports betting operators with a best-in-class range of solutions to help grow their business. As the trusted partner of organizations like the ATP, NBA and WNBA, NHL, MLB, MLS, PGA TOUR, UEFA, FIFA, CONMEBOL, AFC, and the Bundesliga, Sportradar covers more than a million events annually across all major sports. With deep industry relationships and expertise, Sportradar is not just redefining the sports fan experience, it also safeguards sports through its Integrity Services division and advocacy for an integrity-driven environment for all involved.

 

For more information about Sportradar, please visit www.sportradar.com

 

_______________________________________________________________________

 

CONTACT:

 

Investor Relations:

Jim Bombassei

j.bombassei@sportradar.com

 

Media:

Sandra Lee

sandra.lee@sportradar.com

 

4


 

 

Non-IFRS Financial Measures and Operating Metric

 

We have provided in this press release financial information that has not been prepared in accordance with IFRS, including Adjusted EBITDA, Adjusted EBITDA margin, Adjusted purchased services, Adjusted personnel expenses, Adjusted other operating expenses, Free cash flow, and Free cash flow conversion, as well as our operating metric, Customer Net Retention Rate. We use these non-IFRS financial measures internally in analyzing our financial results and believe they are useful to investors, as a supplement to IFRS measures, in evaluating our ongoing operational performance. We believe that the use of these non-IFRS financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing our financial results with other companies in our industry, many of which present similar non-IFRS financial measures to investors.

 

Non-IFRS financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with IFRS. Investors are encouraged to review the reconciliation of these non-IFRS financial measures to their most directly comparable IFRS financial measures provided in the financial statement tables included below in this press release.

 

· “Adjusted EBITDA” represents earnings for the period adjusted for finance income and finance costs, income tax expense or benefit, depreciation and amortization (excluding amortization of capitalized sport rights licenses), foreign currency gains or losses, and other items that are non-recurring or not related to the Company’s revenue-generating operations, including share-based compensation, restructuring costs, non-routine litigation costs, certain transaction-related costs, and secondary offering costs.

 

License fees relating to sport rights are a key component of how we generate revenue and one of our main operating expenses. Only licenses that meet the recognition criteria of IAS 38 are capitalized. The primary distinction for whether a license is capitalized or not capitalized is the contracted length of the applicable license. Therefore, the type of license we enter into can have a significant impact on our results of operations depending on whether we are able to capitalize the relevant license. As such, our presentation of Adjusted EBITDA reflects the full costs of our sport right's licenses. Management believes that, by including amortization of sport rights in its calculation of Adjusted EBITDA, the result is a financial metric that is both more meaningful and comparable for management and our investors while also being more indicative of our ongoing operating performance.

 

We present Adjusted EBITDA because management believes that some items excluded are non-recurring in nature and this information is relevant in evaluating the results relative to other entities that operate in the same industry. Management believes Adjusted EBITDA is useful to investors for evaluating Sportradar’s operating performance against competitors, which commonly disclose similar performance measures. However, Sportradar’s calculation of Adjusted EBITDA may not be comparable to other similarly titled performance measures of other companies. Adjusted EBITDA is not intended to be a substitute for any IFRS financial measure.

 

Items excluded from Adjusted EBITDA include significant components in understanding and assessing financial performance. Adjusted EBITDA has limitations as an analytical tool and should not be considered in isolation, or as an alternative to, or a substitute for, profit for the period, revenue or other financial statement data presented in our consolidated financial statements as indicators of financial performance. We compensate for these limitations by relying primarily on our IFRS results and using Adjusted EBITDA only as a supplemental measure.

 

· “Adjusted EBITDA margin” is the ratio of Adjusted EBITDA to revenue.

 

The Company is unable to provide a reconciliation of Adjusted EBITDA to profit (loss) for the period, or Adjusted EBITDA margin to Profit (loss) for the period as a percentage of revenue (in each case, the most directly comparable IFRS financial measure) on a forward-looking basis without unreasonable effort because items that impact these IFRS financial measures are not within the Company’s control and/or cannot be reasonably predicted. These items may include, but are not limited to, foreign exchange gains and losses. Such information may have a significant, and potentially unpredictable, impact on the Company’s future financial results.

 

5


 

 

We present Adjusted purchased services, Adjusted personnel expenses, and Adjusted other operating expenses (together, "Non-IFRS expenses") because management utilizes these financial measures to manage its business on a day-to-day basis and believes that they are the most relevant measures of expenses. Management believes these adjusted expense measures provide expanded insight to assess revenue and cost performance, in addition to the standard IFRS-based financial measures. Management believes these adjusted expense measures are useful to investors for evaluating Sportradar’s operating performance against competitors. However, Sportradar’s calculation of adjusted expense measures may not be comparable to other similarly titled performance measures of other companies. These adjusted expense measures are not intended to be a substitute for any IFRS financial measure.

 

· “Adjusted purchased services” represents purchased services less capitalized external development costs.

 

· “Adjusted personnel expenses” represents personnel expenses less share-based compensation awarded to employees, restructuring costs, and capitalized personnel compensation.

 

· “Adjusted other operating expenses” represents other operating expenses plus impairment loss on trade receivables, less non-routine litigation, share-based compensation awarded to third parties, certain transaction-related costs, and secondary offering costs.

 

We consider Free cash flow and Free cash flow conversion to be liquidity measures that provide useful information to management and investors about the amount of cash generated by the business after the purchase of property and equipment, the purchase of intangible assets and payment of lease liabilities, which can then be used, among other things, to invest in our business and make strategic acquisitions, as well as our ability to convert our earnings to cash. A limitation of the utility of Free cash flow and Free cash flow conversion as measures of liquidity is that they do not represent the total increase or decrease in our cash balance for the year.

 

· “Free cash flow” represents net cash from operating activities adjusted for payments for lease liabilities, acquisition of property and equipment, and acquisition of intangible assets.

 

· “Free cash flow conversion” represents Free cash flow as a percentage of Adjusted EBITDA.

 

The Company is unable to provide a reconciliation of Free cash flow to net cash from operating activities or Free cash flow conversion to net cash from operating activities as a percentage of profit (loss) for the period (in each case, the most directly comparable IFRS financial measure) on a forward-looking basis without unreasonable effort because items that impact these IFRS financial measures are not within the Company’s control and/or cannot be reasonably predicted. These items may include, but are not limited to, changes in working capital, the timing of customer payments, the timing and amount of tax payments, and other items that are non-recurring or unusual. Such information may have a significant, and potentially unpredictable, impact on the Company’s future financial results.

 

In addition, we define the following operating metric as follows:

 

· “Customer Net Retention Rate” is calculated for a given period by starting with the reported Trailing Twelve Month revenue from our top 200 customers as of twelve months prior to such period end, or prior period revenue. We then calculate the reported trailing twelve-month revenue from the same customer cohort as of the current period end, or current period revenue. Current period revenue includes any upsells and is net of contraction and attrition over the trailing twelve months but excludes revenue from new customers in the current period. We then divide the total current period revenue by the total prior period revenue to arrive at our Net Retention Rate.

 

6


 

 

Safe Harbor for Forward-Looking Statements

 

Certain statements in this press release may constitute “forward-looking” statements and information within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 that relate to our current expectations and views of future events, including, without limitation, statements regarding future financial or operating performance, planned activities and objectives, anticipated growth resulting therefrom, market opportunities, strategies and other expectations, the IMG ARENA acquisition and its accretive nature and our guidance and outlook, including expected performance for the full year 2025. In some cases, these forward-looking statements can be identified by words or phrases such as “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “seek,” “believe,” “estimate,” “predict,” “potential,” “projects”, “continue,” “contemplate,” “confident,” “possible” or similar words. These forward-looking statements are subject to risks, uncertainties and assumptions, some of which are beyond our control. In addition, these forward-looking statements reflect our current views with respect to future events and are not a guarantee of future performance. Actual outcomes may differ materially from the information contained in the forward-looking statements as a result of a number of factors, including, without limitation, the following: economy downturns and political and market conditions beyond our control, including the impact of the Russia/Ukraine and other military conflicts such as acts or war or terrorism and foreign exchange rate fluctuations; pandemics could have an adverse effect on our business; dependence on our strategic relationships with our sports league partners; effect of social responsibility concerns and public opinion on responsible gaming requirements on our reputation; potential adverse changes in public and consumer tastes and preferences and industry trends; potential changes in competitive landscape, including new market entrants or disintermediation; potential inability to anticipate and adopt new technology and products, including efficiencies achieved through the use of artificial intelligence; potential errors, failures or bugs in our products; inability to protect our systems and data from continually evolving cybersecurity risks, security breaches or other technological risks; potential interruptions and failures in our systems or infrastructure; difficulties in our ability to evaluate, complete and integrate acquisitions successfully; our ability to comply with governmental laws, rules, regulations, and other legal obligations, related to data privacy, protection and security; ability to comply with the variety of unsettled and developing U.S. and foreign laws on sports betting; dependence on jurisdictions with uncertain regulatory frameworks for our revenue; changes in the legal and regulatory status of real money gambling and betting legislation on us and our customers; our inability to maintain or obtain regulatory compliance in the jurisdictions in which we conduct our business; our ability to obtain, maintain, protect, enforce and defend our intellectual property rights; our ability to obtain and maintain sufficient data rights from major sports leagues, including exclusive rights; any material weaknesses identified in our internal control over financial reporting; inability to secure additional financing in a timely manner, or at all, to meet our long-term future capital needs; and other risk factors set forth in the section titled “Risk Factors” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2024, and other documents filed with or furnished to the SEC, accessible on the SEC’s website at www.sec.gov and on our website at https://investors.sportradar.com. These statements reflect management’s current expectations regarding future events and operating performance and speak only as of the date of this press release. One should not put undue reliance on any forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

 

7


 

 

SPORTRADAR GROUP AG

CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

(Unaudited)

 

    Three-Month Period Ended
September 30,
    Nine-Month Period Ended
September 30,
 
in €'000 and in thousands of shares   2025     2024     2025     2024  
Revenue     292,054       255,172       921,075       799,486  
Personnel expenses     (93,958 )     (87,966 )     (298,095 )     (256,668 )
Sport rights expenses (including amortization of capitalized sport rights licenses)     (72,548 )     (63,002 )     (282,772 )     (249,861 )
Purchased services     (46,080 )     (42,770 )     (143,193 )     (125,565 )
Other operating expenses     (29,220 )     (23,391 )     (86,074 )     (67,388 )
Impairment (loss) reversal on trade receivables, contract assets and other financial assets     (543 )     397       (3,875 )     (3,473 )
Internally-developed software cost capitalized     13,282       13,269       37,172       36,186  
Depreciation and amortization (excluding amortization of capitalized sport rights licenses)     (16,338 )     (12,970 )     (49,787 )     (37,600 )
Foreign currency gain, net     341       22,380       81,713       88  
Finance income     2,531       2,738       7,153       6,687  
Finance costs     (20,375 )     (19,969 )     (63,369 )     (57,986 )
Net income before tax     29,146       43,888       119,948       43,906  
Income tax expense     (6,679 )     (6,786 )     (24,026 )     (8,988 )
Profit for the period     22,467       37,102       95,922       34,918  
                                 
Other comprehensive income                                
Items that will not be reclassified subsequently to profit or (loss)                                
Remeasurement of defined benefit liability     (2 )           (8 )     (2 )
Related deferred tax (expense) benefit     (35 )           2       (2 )
      (37 )           (6 )     (4 )
Items that may be reclassified subsequently to profit or (loss)                                
Foreign currency translation adjustment attributable to the owners of the company     (2,722 )     (4,163 )     (19,394 )     2,321  
Foreign currency translation adjustment attributable to non-controlling interests           (3 )     (105 )     (5 )
      (2,722 )     (4,166 )     (19,499 )     2,316  
Other comprehensive (loss) income for the period, net of tax     (2,759 )     (4,166 )     (19,505 )     2,312  
Total comprehensive income for the period     19,708       32,936       76,417       37,230  
                                 
Profit (loss) attributable to:                                
Owners of the Company     22,468       37,261       95,921       35,239  
Non-controlling interests     (1 )     (159 )     1       (321 )
      22,467       37,102       95,922       34,918  
Total comprehensive income (loss) attributable to:                                
Owners of the Company     19,709       33,098       76,521       37,556  
Non-controlling interests     (1 )     (162 )     (104 )     (326 )
      19,708       32,936       76,417       37,230  
                                 
                                 
Profit per Class A share attributable to owners of the Company                                
Basic     0.07       0.12       0.32       0.12  
Diluted     0.07       0.11       0.30       0.11  
Profit per Class B share attributable to owners of the Company                                
Basic     0.01       0.01       0.03       0.01  
Diluted     0.01       0.01       0.03       0.01  
                                 
Weighted-average number of shares                                
Weighted-average number of Class A shares (basic)     221,979       210,467       217,584       210,202  
Weighted-average number of Class A shares (diluted)     240,930       227,805       236,916       226,284  
Weighted-average number of Class B shares (basic and diluted)     783,671       903,671       829,995       903,671  

 

8


 

 

SPORTRADAR GROUP AG

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(Unaudited)

 

in €'000   September 30,
2025
    December 31,
2024
 
Assets                
Current assets                
Cash and cash equivalents     360,383       348,357  
Trade receivables     69,661       77,106  
Contract assets     93,419       93,562  
Other assets and prepayments     32,455       46,601  
Income tax receivables     6,983       7,624  
Total current assets     562,901       573,250  
Non-current assets                
Property and equipment     78,226       66,240  
Intangible assets and goodwill     1,739,111       1,607,057  
Other financial assets and other non-current assets     10,203       11,718  
Deferred tax assets     27,608       36,376  
Total non-current assets     1,855,148       1,721,391  
Total assets     2,418,049       2,294,641  
Liabilities and equity                
Current liabilities                
Loans and borrowings     10,791       10,022  
Trade payables     300,659       259,742  
Other liabilities     60,760       68,271  
Contract liabilities     31,481       30,200  
Income tax liabilities     9,067       5,599  
Total current liabilities     412,758       373,834  
Non-current liabilities                
Loans and borrowings     51,894       36,697  
Trade payables     914,916       895,679  
Contract liabilities     34,327       37,711  
Other non-current liabilities     2,197       1,830  
Deferred tax liabilities     16,696       19,043  
Total non-current liabilities     1,020,030       990,960  
Total liabilities     1,432,788       1,364,794  
Equity                
Ordinary shares     27,582       27,551  
Treasury shares     (60,303 )     (18,813 )
Additional paid-in capital     684,200       668,254  
Retained earnings     326,961       221,942  
Other reserves     6,820       26,220  
Equity attributable to owners of the Company     985,260       925,154  
Non-controlling interest1     1       4,693  
Total equity     985,261       929,847  
Total liabilities and equity     2,418,049       2,294,641  

 

1 - During the second quarter of 2025, the Company acquired the remaining non-controlling interest in a subsidiary, reducing the NCI balance accordingly. The Company continues to recognize non-controlling interests in other subsidiaries. No income statement impact was recognized as this was an equity transaction in accordance with IFRS 10.

 

9


 

 

SPORTRADAR GROUP AG

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

    Nine-Month Period Ended
September 30,
 
in €'000   2025     2024  
OPERATING ACTIVITIES:                
Profit for the period     95,922       34,918  
Adjustments to reconcile profit for the period to net cash provided by operating activities:                
Income tax expense     24,026       8,988  
Interest income     (7,153 )     (6,818 )
Interest expense     63,165       58,081  
Foreign currency gain, net     (81,713 )     (88 )
Depreciation and amortization (excluding amortization of capitalized sport rights licenses)     49,787       37,600  
Amortization of capitalized sport rights licenses     186,370       166,603  
Equity-settled share-based payments     41,058       26,052  
Other     5,903       (8,048 )
Cash flow from operating activities before working capital changes, interest and income taxes     377,365       317,288  
Decrease (increase) in trade receivables, contract assets, other assets and prepayments     2,821       (24,555 )
Decrease in trade and other payables, contract and other liabilities     2,627       36,095  
Changes in working capital     5,448       11,540  
Interest paid     (62,622 )     (57,287 )
Interest received     7,153       6,823  
Income taxes paid, net     (12,689 )     (7,510 )
Net cash from operating activities     314,655       270,854  
INVESTING ACTIVITIES:                
Acquisition of intangible assets     (156,332 )     (140,165 )
Acquisition of property and equipment     (3,238 )     (3,090 )
Acquisition of subsidiaries, net of cash acquired     (6,942 )     (8,240 )
Proceeds from sale of intangible assets     45        
Change in loans receivable and deposits     30       (187 )
Net cash used in investing activities     (166,437 )     (151,682 )
FINANCING ACTIVITIES:                
Payment of lease liabilities     (5,608 )     (5,898 )
Purchase of treasury shares     (81,219 )     (19,795 )
Principal payments on bank debt           (150 )
Acquisition of non-controlling interests     (15,000 )      
Other     (3 )     (47 )
Net cash used in financing activities     (101,830 )     (25,890 )
Net increase in cash     46,388       93,282  
Cash and cash equivalents at beginning of period     348,357       277,174  
Effects of movements in exchange rates     (34,362 )     (2,077 )
Cash and cash equivalents at end of period     360,383       368,379  

 

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Additional disclosures related to sport rights expenses

 

The following table shows the composition of sport rights expenses (unaudited):

 

    Three-Month Period Ended
September 30,
    Nine-Month Period Ended
September 30,
 
in €'000   2025     2024     2025     2024  
Non-capitalized sport rights expenses     32,386       28,272       96,402       83,258  
Amortization of capitalized sport rights     40,162       34,730       186,370       166,603  
Total sport rights expenses     72,548       63,002       282,772       249,861  

 

IFRS to Non-IFRS Reconciliations

 

The following table reconciles Adjusted EBITDA to the most directly comparable IFRS financial performance measure, which is Profit for the period (unaudited), and Adjusted EBITDA margin to the most directly comparable IFRS financial performance measure, which is Profit for the period (unaudited) as a percentage of revenue:

 

    Three-Month Period Ended
September 30,
    Nine-Month Period Ended
September 30,
 
in €'000   2025     2024     2025     2024  
Revenue     292,054       255,172       921,075       799,486  
                                 
Profit for the period     22,467       37,102       95,922       34,918  
Finance income     (2,531 )     (2,738 )     (7,153 )     (6,687 )
Finance costs     20,375       19,969       63,369       57,986  
Depreciation and amortization (excluding amortization of capitalized sport rights licenses)     16,338       12,970       49,787       37,600  
Foreign currency gain, net     (341 )     (22,380 )     (81,713 )     (88 )
Share-based compensation     13,714       12,088       42,785       25,095  
Restructuring costs                 1,342       1,620  
Non-routine litigation costs     5,480       1,989       10,547       2,391  
Transaction-related costs     1,811             6,413        
Secondary offering costs     586             2,046        
Income tax expense     6,679       6,786       24,026       8,988  
Adjusted EBITDA     84,578       65,786       207,371       161,823  

 

Profit for the period as a percentage of revenue     7.7 %     14.5 %     10.4 %     4.4 %
Adjusted EBITDA margin     29.0 %     25.8 %     22.5 %     20.2 %

 

11


 

 

The most directly comparable IFRS measure of Free cash flow is Net cash from operating activities, and the most directly comparable IFRS measure of Free cash flow conversion is Net cash from operating activities conversion, which is measured as Net cash from operating activities as a percentage of Profit for the period. Calculations for these measures are disclosed below (unaudited):

 

    Three-Month Period Ended
September 30,
 
in €'000   2025     2024  
Net cash from operating activities     115,060       118,222  
Acquisition of intangible assets     (47,048 )     (53,552 )
Acquisition of property plant and equipment     (983 )     (717 )
Payment of lease liabilities     (1,636 )     (1,741 )
Free cash flow     65,393       62,212  

 

    Nine-Month Period Ended
September 30,
 
in €'000   2025     2024  
Net cash from operating activities     314,655       270,854  
Acquisition of intangible assets     (156,332 )     (140,165 )
Acquisition of property plant and equipment     (3,238 )     (3,090 )
Payment of lease liabilities     (5,608 )     (5,898 )
Free cash flow     149,477       121,701  
Net cash from operating activities conversion     328 %     776 %
Free cash flow conversion     72 %     75 %

 

The following tables show reconciliations of IFRS expenses included in Profit for the period to expenses included in Adjusted EBITDA (unaudited):

 

    Three-Month Period Ended
September 30,
    Nine-Month Period Ended
September 30,
 
in €'000   2025     2024     2025     2024  
Purchased services     46,080       42,770       143,193       125,565  
Less: capitalized external services     (4,574 )     (6,490 )     (14,304 )     (15,758 )
Adjusted purchased services     41,506       36,280       128,889       109,807  
                                 
Personnel expenses     93,958       87,966       298,095       256,668  
Less: share-based compensation     (14,617 )     (12,767 )     (45,037 )     (27,077 )
Less: restructuring costs                 (1,342 )     (1,620 )
Less: capitalized personnel compensation     (7,580 )     (5,865 )     (19,948 )     (17,743 )
Adjusted personnel expenses     71,761       69,334       231,768       210,228  
                                 
Other operating expenses     29,220       23,391       86,074       67,388  
Less: non-routine litigation     (5,480 )     (1,987 )     (10,547 )     (2,389 )
Less: share-based compensation     (225 )     (237 )     (668 )     (705 )
Less: transaction-related costs     (1,811 )           (6,413 )      
Less: secondary offering costs     (586 )           (2,046 )      
Add: impairment loss (gain) on trade receivables     543       (397 )     3,875       3,473  
Adjusted other operating expenses     21,661       20,770       70,275       67,767  

 

12