AG Releases First Quarter 2024 Financial Results

The AG Group has announced its financial results for the first quarter of 2024. The BaH Group continues its strategic transformation in 2024, focusing on technological advancements such as an innovative customer loyalty program that utilizes real-time data processing and machine learning. The online casino and sports betting products, as well as the customer platform, are being continuously refined in collaboration with EveryMatrix to meet customer needs and comply with the regulatory requirements of the German-speaking market.

In 2024, the BaH Group has concentrated its marketing efforts on the first half of the year, particularly in preparation for the European Football Championship 2024, scheduled from mid-June to mid-July in Germany. As a result, marketing expenses in the first quarter of 2024 were higher than in the previous year.

Gross betting and gaming revenue for the first quarter of 2024 was €11.7 million (£10 million/US$12.7 million), reflecting an 11.7% decrease from the same period last year (€13.3 million). This decline was mainly due to regulatory changes in Germany, including the introduction of cross-product and cross-provider monthly betting limits and the obligation to report increased deposit limits from the second quarter of 2023.

Personnel expenses decreased by 17.3% year-on-year to €2.1 million. Advertising expenses increased by €1.8 million compared to the previous year, totaling €4.5 million in the first quarter of 2024, driven by investments to boost brand awareness in Germany and Austria ahead of the European Football Championship. Other operating expenses fell by 25.4% to €2.6 million. EBITDA before special items for the first quarter of 2024 was €208 thousand, down from €2.5 million in the same period last year.

As of March 31, 2024, the Group’s consolidated equity was €27.8 million, up from €27.4 million on December 31, 2023. Cash and cash equivalents totaled €34.6 million, slightly down from €34.7 million at the end of 2023.

The Management Board anticipates that extensive initiatives and the European Football Championship 2024 will drive gross betting and gaming revenue to be between €45 million and €53 million for the year. EBITDA before special items is expected to range from €-1 million to €2.5 million.

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