Sportradar Group AG

Thank you for joining the Sport Trader Q1 2026 earnings call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. I would now hand the conference over to Jim Bombasi, Head of Investor Relations and Corporate Finance.

Thank you, operator. Hello, everyone, and thank you for joining us for Sport Radar's earnings call for the first quarter of 2026. Please note that the slides we will reference during this presentation can be accessed via the webcast on our website at investors.sportradar.com, and will be posted on our website at the conclusion of this call. A replay of today's call will also be available on our website. After our prepared remarks, we will open the call to questions from analysts and investors. In the interest of time, please limit yourself to one question and one follow-up. Please note that some of the information you will hear during our discussion today will consist of forward-looking statements, including without limitation those regarding revenue and future business outlook. These statements involve risks and uncertainties that may cause actual results or trends to differ materially from our forecast. For more information, refer to the risk factors discussed in our annual report on Form 20F and Form 6K filed with the SEC along with the associated earnings release. We assume no obligation to update any forward-looking statements or information we speak as of their respective dates. Also during today's call, we will present IFRS and non-IFRS financial measures and operating metrics. Additional disclosures regarding these measures and metrics, including a reconciliation of IFRS and non-IFRS measures, are included in the earnings release, supplemental slides, and our findings with the SEC, each of which is posted to our investor relations website. We may also discuss certain forward-looking non-IFRS financial measures that cannot be reconciled to the most directly comparable IFRS financial measure without unreasonable efforts. Joining me today are Karsten Kurl, our CEO, and Craig Fellenstein, our CFO. And now I'll turn the call over to Karsten.

Good morning, everyone, and thanks for joining us. Today, I will discuss our Q1 results and operations, which reflect our premier position as a scaled leader in the expanding global sports data ecosystem. I will also highlight the accelerating business momentum we anticipate over the course of this year. The appointment of Sami Adin as COO, the Enhanced Open Market Repurchase Programme, and reaffirming of our 26 full-year financial outlook. This reflects the great confidence we have in our business model, the integrity of our people and operations, and our company's very bright prospectus for profitable growth and outsized value creation. Before we get into the results, I want to address directly the recent self-interested reports published by known short-sellers, with the intent of driving down our company's stock price. For more than four years as a public company and over the past two and a half decades before that, we have built Sportradar to give bookmakers and fans the tools they need to engage with and wager safely on their favorite sports markets. To be clear, Sportradar and I reject the unfounded and misinformed allegations contained in the reports. As the global leader in sports technology, trusted by leagues, operators and regulators around the world, we place integrity, transparency, professionalism at the heart of everything we do. For 25 years, Sportradar has maintained regulatory licenses in jurisdictions around the world. In order to maintain the respect and trust of our stakeholders, and ensure the long-term vitality of our industry, we continue to conduct our business in a manner consistent with the highest standards. Unfortunately, these actors strive on misinformation and repackaging historical allegations to drive down companies' stock prices at the expense of long-term focused investors. the company takes very seriously our obligation to our stakeholders. To be clear, the company maintains a robust compliance framework with oversight from the board of directors that is designed to assist the company and its offices to navigating the complex business and regulatory landscape. This morning, we filed a 6K that speaks to our strong compliance and KYC framework and we encourage investors to read it for additional details. Given our strong conviction in the long-term value of our business, during quarter one, we repurchased approximately 90 million worth of shares, bringing our total repurchases since inception of the program through last week to approximately $228 million. Also this morning, we announced that we have entered into a 250 million enhanced open market repurchase program to be executed under our previously authorized $1 billion share repurchase program. I believe the company's current valuation does not reflect the strength of our business and our long-term prospects, and I'm confident in the paths we are on. Accordingly, I intend to personally purchase $10 million worth of shares in Sportradar when our trading window opens. Before turning to our results, I want to take a moment to welcome Samir Deen, who will be joining Sportradar as Chief Operating Officer on May 18th. Samir brings extensive experience across sports betting, gaming, and digital media, including most recently from his time at Entain, where he served as chief commercial officer. The executive leadership team and I look forward to partnering with Samir, who will be instrumental in driving our commercial efforts and optimizing our operations. Now turning to our first quarter results. Sport Raider delivered Q1 revenues of €347 million, an 11% increase year-over-year. This was driven by strong performance in betting and gaming content, including continued strong progress monetizing IMG Arena rights. We generated adjusted EBITDA of €66 million, which translated to a margin of 19%. From a button line perspective, we continue to drive strong free cash flow as we expanded cash conversion to 67% in the quarter. In terms of our competitive position, we are the sports technology leader, covering over 1 million matches annually. The unique breadth of our offering powers more data and odds generation, enables us to stream more videos than our peers, and helps grow our MTS trading liquidity. It is this scale and expertise, as well as the depth of our global client base, that is enabling us to make great progress integrating the IMG rights portfolio and capitalizing on revenue synergies. Demand across our global client base has been strong, with more than 75% of our core betting clients now consuming IMG content, including all Tier 1 operators. Of our clients who were previously not customers of IMG, nearly 60% are now purchasing IMG content from us. Our partnership expansion with Hard Rock Bet to include official content from the PGA Tour and UFC is a clear example for this. We are excited to continue unlocking incremental value through cross-selling, giving our tremendous operating leverage as we capitalize on our existing infrastructure and capabilities. From a product perspective, we have integrated IMG content into our core product suite and are now integrating it into our next-gen offerings for both golf and the tennis grand slams. The continued strong progress and rapid integration underscore our ability to monetize sport rights across our larger global client base and product suite to deliver significant accretive revenue growth. Our increased sports coverage combined with our product innovation and the deeper engagement this foster is helping to boost our streaming activities. Last year, we streamed over 525,000 matches globally and in 26, we anticipate to stream over 700,000 across our global footprint. Switching to our managed trading services, we continue to scale the business with turnover up 24% in the quarter. While turnover was strong, our revenues in the quarter were impacted by player-friendly outcomes. Trading margins should normalize over the time, given the diversity of our clients and sports coverage on the platform. And we expect the business will continue to be a core growth driver for us going forward. Turning into iGaming, we recently launched PlayRadar, our dedicated iGaming brand, which will serve us as a natural extension for our core business. PlayRadar capitalizes on our unique position as well as our sports data expertise to offer hybrid products that blend the sports betting and iGaming experiences. We are doing this organically and cost-effectively using existing resources. We are already live across Latin America, including Brazil, and over the remainder of the year anticipate launching in a number of European markets, including the UK, Greece, Sweden, and Denmark, as well as several US states and Canada. Now touching on the prediction markets in light of the evolving environment, and moderating US market growth, we see prediction markets as a significant opportunity where Sport Radar is uniquely positioned to lead given our premium content, global scale, and unmatched product portfolio. Prediction markets expand the US TAM by opening up new states, attracting new demographies, and increasing engagement with sports. Similar to our position in online sports betting, we will power key players in the prediction market ecosystem. Sport Radar Prediction Service will provide our exclusive data products and services to exchanges, market makers, and brokers. For Sport Radar, this opportunity diversifies our customer base, expands our SEM, and promotes a shift to live engagement. all of which should drive higher revenue over time. We are in an active commercial discussion with a number of prediction market players for the use of official data and products related to MLB, NHL, MLS, and UFC, amongst other global leagues and competitions. While we expect to announce agreements soon, we are being deliberate in our discussions to ensure we maximize economics given the value we will bring to this ecosystem. Now turning to the remainder of the year, we see a number of drivers for our business. The FIFA World Cup in June is expected to generate significant batting turnover, which should contribute to our MTS business. With our new visualization and with operators expecting to take advantage of the event to launch marketing campaigns, this should also contribute to our performance. Additionally, as we progress through the year, we believe we will increasingly benefit from prediction markets as we enter into agreements with exchanges, market makers, and brokers. All of this contributes to confidence in our full year's guidance and increasing momentum in our business over the course of the year. In closing, Sportradar is well positioned to take advantage of an evolving sports market and has momentum heading into the rest of the year. We are uniquely positioned to benefit from both online sports betting and prediction markets, by leveraging our long-term rights agreements and unmatched product portfolio. We will continue to drive innovation across our business, uphold the highest levels of integrity and transparency, while delivering increasing value to our clients, our partners, and our shareholders. The underlying fundamentals of the business remain strong, and we are confident in our growth strategy and the opportunities ahead. Thank you. I will now hand over the call to Greg, who will discuss our financial results in greater detail.