The Germany-listed betting group pferdewetten.de AG has posted a sharp year-on-year lift in first-half revenue. pferdewetten.de H1 2025 results were led by retail sports betting while horse wagering remained a cash engine. Management maintained full-year guidance and flagged further cost and financing moves.

• Handle in H1 2025 reached 266.3m (H1 2024: 230.4m) while Gross Gaming Revenue (GGR) hit €36.4m, up 9% year on year.

• Group revenue (NGR) rose 32.8% to €28.0m in H1 2025;  EBITDA was slightly positive at €11k (H1 2024: -€4.3m), with EBIT at -€1.6m for the half (H1 2024: -€5.6m).

• Retail sports betting drove the step-up, delivering €21.4m GGR from €74.0m handle and a break-even EBITDA. The network counted 213 live shops at period end, including four owned sites, with around six openings per month guided.

• Online sports betting generated €1.7m GGR on €7.6m handle and achieved an EBITDA turnaround to €0.1m from a €1.4m loss.  The company expects activity to normalise with domestic leagues’ return.

• Horse betting posted a €13.2m GGR and €1.8m EBITDA, remaining the cash-generative base for investment across segments.

• Outlook kept for 2025: revenue €59m–€62m and EBITDA €0.7m–€1.2m; 2026 targeted at €75m–€85m revenue and €5m–€10m EBITDA. “We aim to confirm the operational turnaround and operate sustainably back in the profit zone,” said CEO Pierre Hofer, alongside the guidance. pferdewetten.de H1 2025 guidance assumes continued retail expansion,  reiterating a 300-location goal by year-end 2025.

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