Sportradar Posts €66M Q1 EBITDA With 19% Margin, Marketing Services Down 9%
Sportradar delivered adjusted EBITDA of €66 million in Q1, with a 19% margin and 67% free cash flow conversion, while revenue grew 16% on constant-currency despite forex headwinds. Marketing Services revenue declined 9% due to operator spend pullbacks, but management maintains full-year guidance bolstered by ads and prediction markets.
1. Q1 Financial Results
Sportradar reported a 16% constant-currency revenue increase in Q1, although reported revenue was softer due to foreign exchange headwinds. The company achieved adjusted EBITDA of €66 million, a 19% margin, and converted 67% of EBITDA into free cash flow.
2. Marketing Services Revenue Decline
Marketing Services revenue fell 9% as operators delayed or reduced spending due to World Cup campaign timing. Management remains confident in full-year guidance, citing growth in its ad business and expanding prediction market opportunities.
3. Content Integration and Streaming Expansion
The integration of IMG content into Sportradar’s core suite was completed, with over 75% of core betting clients now consuming IMG content. Sports coverage expanded, with the company set to stream over 700,000 matches globally in 2026, up from 525,000 last year.
4. Strategic Initiatives
Sportradar is in advanced talks with prediction market exchanges, market makers and brokers, expecting to finalize agreements that will diversify its customer base. AI tools have been deployed across engineering, operations and product offerings, enhancing efficiency and accelerating lead times.