Sportradar Group (SRAD) Q2'26 Review Near Term Headwinds Weigh on Results & Guidance

Equity Research 4 August 2026 | 12:01AM EDT

Sportradar Group (SRAD) Q2’26 Review: Near-Term Headwinds Weigh on Results & Guidance; Management Reiterates Optimism on Long-Term Growth Opportunities

SRAD 12m Price Target: $14.50 Price: $12.34 Upside: 17.5% NEUTRAL Eric Sheridan In its Q2’26 earnings report, Sportradar (SRAD) highlighted a few | Goldman Sachs & Co. LLC key themes: 1) Q2 revenue and Adj. EBITDA came in below Alex Vegliante, CFA expectations (with mgmt citing a combination of slower US OSB | Goldman Sachs & Co. LLC growth and FX headwinds) and with the company lowering its prior FY26 revenue guidance as these headwinds (i.e. moderation in US Emma Huang | Goldman Sachs & Co. LLC market growth, increased tax regulation, FX) are expected to persist in the back half of the year; 2) mgmt remains constructive on the long-term opportunity in prediction markets, highlighting new Key Data _____________________________________ Market cap: $3.8bn partnerships with Kalshi and Polymarket (framing as a scaling Enterprise value: $3.7bn 3m ADTV: $37.8mn opportunity starting in 2H26 and potential upside driver to United States revenues in ’27 and beyond) while acknowledging deal negotiations Americas Internet M&A Rank: 3 have taken longer than initially anticipated and several agreements GS Forecast __________________________________ remain in progress; 3) the company continues to see a muted US 12/25 12/26E 12/27E 12/28E

sports betting environment, with limited expectations for a Revenue (€ mn) New Revenue (€ mn) Old 1,290.0 1,290.0 1,532.6 1,559.9 1,716.6 1,774.5 1,920.6 2,005.6 meaningful acceleration in 2H26 absent major new state launches, EBITDA (€ mn) EBIT (€ mn) in parallel with growing prediction markets; 4) steady progress with EPS (€) New the integration of its prior IMG acquisition (strong uptake of IMG EPS (€) Old P/E (X) content and cost efficiency initiatives providing operating leverage); Dividend yield (%) -- -- -- -- & 5) reiterated confidence in the company’s ability to expand Net debt/EBITDA (X) (1.0) (0.4) (0.4) (0.7)

margins and FCF conversion longer term, citing a largely fixed sports 6/26 9/26E 12/26E 3/27E rights cost base, ongoing restructuring initiatives, and AI-driven EPS (€) (

productivity gains as drivers of sustained operating leverage. GS Factor Profile ______________________________ Growth

Short-term, we expect investors to remain focused on how several Financial Returns factors both within (i.e. materializing prediction markets Multiple opportunities, execution against IMG synergies, customer renewals, etc.) and outside (i.e. events calendar and overall macro Integrated

environment across the sports gambling landscape) of the Percentile 20th 40th 60th 80th 100th company’s control impact the revenue growth trajectory for the remainder of the year and into 2027. Longer term, we continue to SRAD relative to Americas Coverage SRAD relative to Americas Internet see Sportradar as a company: 1) that can compound revenue well into the double-digits (in terms of YoY growth) as it benefits from Source: Company data, Goldman Sachs Research estimates. See disclosures for details. the expansion of Online Sports Betting (OSB) and from emerging growth vectors in prediction markets and iGaming; 2) Having better

Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to Analysts employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S.

Goldman Sachs Sportradar Group (SRAD)

Sportradar Group (SRAD) Balance Sheet (€ mn) _______________________________________ NEUTRAL Rating since Jul 21, 2025 12/25 12/26E 12/27E 12/28E Cash & cash equivalents Accounts receivable Inventory -- -- -- -- Ratios & Valuation __________________________________________ Other current assets /25 12/26E 12/27E 12/28E Total current assets P/E (X) Net…