Sportradar Group AG (1M4) Q2 2026 Earnings Report

The call conveyed solid operational and financial progress—notably double-digit revenue growth, EBITDA expansion, strong free cash flow conversion, balance sheet strength and aggressive share repurchases—alongside strategic wins in IMG monetization, prediction markets and iGaming. Near-term headwinds include FX losses, restructuring costs, higher sports rights and operating expenses, moderation in the U.S. market and regulatory/tax pressures in some countries, which prompted a modestly revised near-term outlook. On balance, the execution and growth initiatives outweigh the transitory challenges, supporting a constructive view for medium-term growth.

Sportradar updated 2026 guidance to constant‑currency revenue growth of 19%–21% (reported revenue at current FX of €1.518–€1.533 billion) and adjusted EBITDA growth of 24%–27% (reported €360–€368 million); management expects strongest revenue growth in Q3 (driven by IMG seasonality) and an acceleration of adjusted EBITDA margin in the back half, though adjusted EBIT margins are expected to be down year‑over‑year in Q3 due to IMG seasonality. The company reiterated strong cash generation (H1 free cash flow €103 million, +23% YoY; H1 free cash flow conversion 73% vs 68% a year ago) and expects full‑year free cash flow conversion above last year’s 56% excluding a legal payment; it closed Q2 with €251 million cash, no debt, an amended €250 million RCF maturing 2031, and continued accelerated buybacks (year‑to‑date ~20 million shares repurchased for ~$311 million).