Sportradar has lowered its full-year 2026 adjusted EBITDA forecast to between €360 million and €368 million ($415 million to $424 million), from a previous range of €390 million to €400 million ($450 million to $461 million), despite second-quarter revenue rising 19 percent.
The sports technology provider also cut its revenue forecast to €1.52 billion to €1.53 billion ($1.75 billion to $1.77 billion), down from €1.56 billion to €1.58 billion ($1.80 billion to $1.82 billion).
Constant-currency revenue growth is now expected at 19 percent to 21 percent, down from 23 percent to 25 percent. The adjusted EBITDA growth forecast was reduced to 24 percent to 27 percent from 34 percent to 37 percent.
Sportradar did not specify what prompted the revisions. The update came as the company cited moderating US growth and continued foreign-exchange headwinds, while sports-rights and operating expenses increased.
Q2 revenue rises 19%
Second-quarter revenue reached €377.8 million ($436 million), while adjusted EBITDA increased 19.5 percent to €76.3 million ($88 million). The adjusted EBITDA margin stood at 20.2 percent, compared with 20.1 percent a year earlier.
Betting Technology & Solutions revenue rose 21.2 percent to €313.6 million ($362 million). Betting & Gaming Content grew 27 percent, supported by sports data and betting streaming rights acquired through Sportradar’s acquisition of IMG ARENA, as well as new customer uptake.
Sports Content, Technology & Services revenue increased 8.8 percent to €64.2 million ($74 million), supported by growth in Marketing & Media Services. Sports Performance revenue declined 13 percent, mainly due to currency movements.
Deutsche Bank’s comparison showed that Sportradar’s revenue and adjusted EBITDA were below both its estimates and market consensus. The largest shortfall against the bank’s forecast came from Sports Content, Technology & Services, while Deutsche Bank had expected the company to remain profitable.
FX losses offset operating growth
Sportradar recorded a net loss of €3.5 million ($4 million), compared with a €49.1 million ($57 million) profit a year earlier.
The company attributed the reversal primarily to a €9 million ($10 million) foreign-exchange loss, compared with a €54 million ($62 million) gain a year earlier. The movement was mainly linked to unrealized currency fluctuations involving US dollar-denominated sports rights.
The quarter also included severance costs related to cost-efficiency initiatives.
Sports-rights expenses increased 29.7 percent to €137.8 million ($159 million), mainly due to rights added through the IMG ARENA acquisition.
Adjusted other operating expenses rose 41.8 percent to €34.6 million ($40 million). Sportradar attributed the increase to costs in Brazil and legal expenses partly related to expansion into adjacent markets.
These pressures were partly offset by adjusted personnel expenses, which declined 3.6 percent to €76.8 million ($89 million).
Revenue outside the US rose 20 percent, while US revenue increased 16 percent amid what Sportradar described as moderating market growth.
CEO Carsten Koerl said: “Strong demand for our premium content, data and technology solutions, including increased monetization of our IMG ARENA rights portfolio, drove double-digit growth.”
