Sportradar delivered a strong second-quarter revenue performance in 2026, but the Swiss sports technology firm simultaneously cut its full-year financial outlook, unsettling analysts.
The company reported revenue of €378m for the three months ending 30 June, a 19% increase compared with €318m recorded in the same period a year earlier.
Adjusted EBITDA also rose 19% to €76m, with the margin edging slightly higher to 20.2% during the quarter.
CEO Carsten Koerl said: “Strong demand for our premium content, data and technology solutions, including increased monetisation of our IMG ARENA rights portfolio, drove double-digit growth while deepening our relationships across our unparalleled global distribution network.”
Koerl added: “As we benefit from new avenues of growth, we remain focused on innovating across our core product suite to drive additional value for our partners, and clients as well as our shareholders.”
Despite the positive revenue figures, Sportradar recorded a €4m loss, a sharp reversal from the €49m profit it posted in the corresponding quarter of the previous year.
That swing was largely driven by currency movements, with Sportradar booking a €9m foreign-exchange loss after recording a €54m gain one year earlier.
The Betting Technology and Solutions division remained the group’s largest business, with revenue climbing 21% to €314m, driven significantly by IMG ARENA contributions and demand from new customers.
Within that segment, Betting and Gaming Content revenue climbed 27%, while Sports Content, Technology and Services revenue rose a more modest 9% to €64m.
US revenue grew 16% despite slower market growth and adverse exchange-rate movements, while Rest of World revenue increased 20% across the quarter.
Operating cash flow improved 20% to €117m, with free cash flow rising 14% to €59m, and the company repurchased $140m of shares as part of its $1bn authorised buyback programme.
Management revised its 2026 revenue growth expectation to between 19% and 21%, with reported revenue now forecast at €1.52bn to €1.53bn, down from the previous guidance range of €1.56bn to €1.58bn.
Adjusted EBITDA guidance was also reduced, now expected between €360m and €368m compared with the prior forecast of €390m to €400m issued in the first quarter.
Recent commercial agreements have added further momentum, with Sportradar signing a multi-year global partnership with Kalshi covering data, odds, customer acquisition and integrity services.
A separate deal with Polymarket includes ATP Tour streaming rights, official data, live odds and integrity products, while Sportradar also renewed its Wimbledon data and audiovisual betting rights.
Those agreements extend Sportradar’s reach into prediction markets while reinforcing its established relationships with traditional sportsbooks and rights holders globally.
The company also expanded its iGaming offering, Playradar, and secured new licences and certifications across South America, Europe and Canada during the period.
Stifel analyst Jeffrey Stantial said he viewed the guidance cut as more troubling than the quarterly performance itself, noting the scale of the downgrade caught the brokerage off-guard.
Stantial highlighted that improving currency conditions made the reduction particularly difficult to justify, and the absence of a clear explanation from management compounded concerns.
He noted the revised outlook was difficult to square with wider market trends and Stifel’s own industry checks, with the brokerage’s financial model and $20 price target now under review.
