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What changed in Sportradar Group AG's 20-F — 2024 vs 2025

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Paragraph-level year-over-year comparison of Sportradar Group AG's 2024 and 2025 20-F annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+438 added−440 removedSource: 20-F (2026-03-27) vs 20-F (2025-03-20)

Top changes in Sportradar Group AG's 2025 20-F

438 paragraphs added · 440 removed · 320 edited across 6 sections

Item 2. Properties

Properties — owned and leased real estate

1 edited+0 added−0 removed0 unchanged
Biggest changeITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE 6 ITEM 3. KEY INFORMATION 6 A. [Reserved.] 6 B. Capitalization and Indebtedness 6 C. Reasons for the Offer and Use of Proceeds 6 D. Risk Factors 6 ITEM 4. INFORMATION ON THE COMPANY. 43 A. History and Development of the Company 43 B. Business Overview 43 C. Organizational Structure 59 D.
Biggest changeITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE 6 ITEM 3. KEY INFORMATION 6 A. [Reserved.] 6 B. Capitalization and Indebtedness 6 C. Reasons for the Offer and Use of Proceeds 6 D. Risk Factors 6 ITEM 4. INFORMATION ON THE COMPANY. 44 A. History and Development of the Company 44 B. Business Overview 44 C. Organizational Structure 60 D.

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

118 edited+60 added−51 removed382 unchanged
Biggest changeFurther, as the industry grows, jurisdictions legalize sports betting and current operational jurisdictions progress toward maturity, we expect the competitive landscape will continue to change in a variety of ways, including: ● rapid and significant changes in technology, resulting in new and innovative sports entertainment and content options, that could place us at a competitive disadvantage and reduce the use of our products and services; ● direct competitors, such as sports data and solution providers and indirect competitors, such as the sports betting bookmakers and media companies we serve or the league partners we rely on for (live) data and streaming rights, other industry participants and/or new market entrants (including technology and social media companies) may develop products and services that compete with or replace our products and services; and ● participants in the sports media, entertainment and betting industries may undergo disintermediation of service providers and establish direct business relationships with sports leagues and teams for data, statistics and content.
Biggest changeIn addition, direct competitors, such as sports data and solution providers and indirect competitors, such as the sports betting bookmakers and media companies we serve or the league partners we rely on for (live) data and streaming rights, other industry participants and/or new market entrants (including technology and social media companies) may develop products and services that compete with or replace our products and services.
Should any of our existing or future relationships with such strategic partners fail to provide official (live) data and streaming rights in accordance with the terms of our arrangements, we are unable to renew such contracts on commercially acceptable terms, or at all, or we are not able to find suitable alternatives, we may lose our competitive advantage or be required to discontinue or limit our offerings or services.
Should any of our existing or future relationships with such strategic partners fail to provide official (live) data and streaming rights in accordance with the terms of our arrangements, or we are unable to renew such contracts on commercially acceptable terms, or at all, or we are not able to find suitable alternatives, we may lose our competitive advantage or be required to discontinue or limit our offerings or services.
Moreover, failure to successfully settle or defend against claims that we have infringed, misappropriated or otherwise violated the intellectual property or similar proprietary rights of others may require us to stop using certain intellectual property or commercializing certain products and services, obtain licenses, modify our services and technology while we develop non-infringing substitutes, incur substantial damages or settlement costs, or face a temporary or permanent injunction prohibiting us from marketing or providing the affected products and services.
Moreover, failure to successfully settle or defend against claims that we have infringed, misappropriated, diluted or otherwise violated the intellectual property or similar proprietary rights of others may require us to stop using certain intellectual property or commercializing certain products and services, obtain licenses, modify our services and technology while we develop non-infringing substitutes, incur substantial damages or settlement costs, or face a temporary or permanent injunction prohibiting us from marketing or providing the affected products and services.
As a result, we may not be able to prevent competitors or parties from commercializing competitive products and services. In spite of our best efforts, our licensors might conclude that we have materially breached our license agreements and might therefore terminate the license agreements, thereby removing our ability to commercialize our products and services covered by these license agreements.
As a result, we may not be able to prevent competitors or other parties from commercializing competitive products and services. In spite of our best efforts, our licensors might conclude that we have materially breached our license agreements and might therefore terminate the license agreements, thereby removing our ability to commercialize our products and services covered by these license agreements.
If we do not effectively deploy, update or upgrade our products, succeed in helping our clients quickly resolve post-deployment issues and provide effective ongoing services, our ability to sell additional products and services to existing clients could be adversely affected, we may face negative publicity and our reputation with potential clients could be damaged.
If we do not effectively deploy, update or upgrade our products and technology, succeed in helping our clients quickly resolve post-deployment issues and provide effective ongoing services, our ability to sell additional products and services to existing clients could be adversely affected, we may face negative publicity and our reputation with potential clients could be damaged.
Other factors include, but are not limited to, delays between the live event in the stadium and the visualization at the clients’ end, as well as any significant interruption in our systems, including as a result of unauthorized entry and computer viruses, fire, natural disaster, power loss, data loss, software vulnerabilities, systems breakdowns of information technology or infrastructure, telecommunications failure, military conflicts, terrorism, or other international hostilities, vendor failure or disruptions in our workforce, including as a result of pandemics and any breach, or reported breach, of our computer systems or other data storage facilities, or of certain of our third-party providers, resulting in a compromise of personal or other data. 12 Table of Contents We are subject to reputational risks related to betting-related match fixing, doping and other sports integrity threats.
Other factors include, but are not limited to, delays between the live event in the stadium and the visualization at the clients’ end, as well as any significant interruption in our systems, including as a result of unauthorized entry and computer viruses, fire, natural disaster, power loss, data loss, software vulnerabilities, systems breakdowns of information technology or infrastructure, telecommunications failure, military conflicts, terrorism, or other international hostilities, vendor failure or disruptions in our workforce, including as a result of pandemics and any breach, or reported breach, of our computer systems or other data storage facilities, or of certain of our third-party providers, resulting in a compromise of personal or other data. 13 Table of Contents We are subject to reputational risks related to betting-related match fixing, doping and other sports integrity threats.
We may also have to redesign our services and technologies so they do not infringe, misappropriate or otherwise violate third-party intellectual property or similar proprietary rights, which may not be possible or may require substantial monetary expenditures and time, during which our technology may not be available for commercialization or use.
We may also have to redesign our services and technologies so they do not infringe, misappropriate, dilute or otherwise violate third-party intellectual property or similar proprietary rights, which may not be possible or may require substantial monetary expenditures and time, during which our technology may not be available for commercialization or use.
Whether merited or not, we have faced, and may in the future face, claims of infringement, misappropriation or other violation of third-party intellectual property or similar proprietary rights that could interfere with our ability to market and promote our brands, products and services.
Whether merited or not, we have faced, and may in the future face, claims of infringement, misappropriation, dilution or other violation of third-party intellectual property or similar proprietary rights that could interfere with our ability to market and promote our brands, products and services.
We may not be able to register our intellectual property rights in all jurisdictions where we do business, and in certain circumstances, we may determine that it is not commercially desirable to obtain registered protection for our products, software, databases or other technology.
We may not be able to register our intellectual property rights in all jurisdictions where we do business, and in certain circumstances, we may determine that it is not commercially desirable to obtain registered protection for our inventions, products, software, databases or other technology.
For example, the competitive position of our extensible markup language (“XML”) and application programming interface (“API”) feeds depends in part on their ability to integrate, operate and share data with the visualization tools, software and technology infrastructure of our clients.
For example, the competitive position of our extensible markup language (“XML”) and application programming interface (“API”) feeds depends in part on the ability to integrate, operate and share data with the visualization tools, software and technology infrastructure of our clients.
While we endeavor to mitigate joint venture and minority investment risks through legally enforceable partnership agreements and other instruments, our minority status may expose us to risks beyond our control and unique to investments in joint ventures and minority investments, including: ● potential disagreements with our partner about how to manage the business; ● the lack of full control of the venture’s management, and therefore its actions; ● the possibility that our partner might have or develop business interests or strategies that are contrary to ours; ● the potential need for us to fund future capital to the business, as loans to the business, as capital contributions to the joint venture, or otherwise; ● the possible financial distress or insolvency of our partner, which could lead to us having to contribute the partner’s share of additional capital to the business; 36 Table of Contents ● the cost of litigation or arbitration (including damage to reputation) in the event of a dispute with our partner; ● negative business and financial performance of the business because of substantial disagreements with our partner; and ● preemptive dissolution of the business because we or our partner choose, or become obligated, to acquire the equity interests of the other in the business.
While we endeavor to mitigate joint venture and minority investment risks through legally enforceable partnership agreements and other instruments, our minority status may expose us to risks beyond our control and unique to investments in joint ventures and minority investments, including: ● potential disagreements with our partner about how to manage the business; ● the lack of full control of the venture’s management, and therefore its actions; ● the possibility that our partner might have or develop business interests or strategies that are contrary to ours; ● the potential need for us to fund future capital to the business, as loans to the business, as capital contributions to the joint venture, or otherwise; ● the possible financial distress or insolvency of our partner, which could lead to us having to contribute the partner’s share of additional capital to the business; ● the cost of litigation or arbitration (including damage to reputation) in the event of a dispute with our partner; ● negative business and financial performance of the business because of substantial disagreements with our partner; and ● preemptive dissolution of the business because we or our partner choose, or become obligated, to acquire the equity interests of the other in the business.
The failure of our third-party vendors to perform their obligations and provide the products and services we obtain from them in a timely manner for any reason, including as a result of damage or interruption from, among other things, fire, natural disaster, pandemics, power loss, telecommunications failure, unauthorized entry, computer viruses, denial-of-service attacks, military conflicts, acts of terrorism, other international hostilities, human error, vandalism or sabotage, financial insolvency, bankruptcy and similar events, could adversely affect our operations and profitability due to, among other consequences: ● loss of revenue; ● loss of clients; ● loss of clients’ data; ● loss of sports league partnerships; ● harm to our business or reputation resulting from negative publicity; ● exposure to fraud, losses or other liabilities; ● additional operating and development costs; or ● diversion of management, technical and other resources. 13 Table of Contents For information on risks relating specifically to our computing infrastructure, see “Risk Factors—Technology Risks—We depend on computing infrastructure operated by Amazon Web Services (“AWS”), Microsoft, Oracle and other third parties to support some of our clients and any errors, disruption, performance problems, or failure in their or our operational infrastructure could adversely affect our business, financial condition or results of operations.” Indemnity provisions in client and other third-party agreements potentially expose us to substantial liability for intellectual property infringement and other losses.
The failure of our third-party vendors to perform their obligations and provide the products and services we obtain from them in a timely manner for any reason, including as a result of damage or interruption from, among other things, fire, natural disaster, pandemics, power loss, telecommunications failure, unauthorized entry, computer viruses, denial-of-service attacks, military conflicts, acts of terrorism, other international hostilities, human error, vandalism or sabotage, financial insolvency, bankruptcy and similar events, could adversely affect our operations and profitability due to, among other consequences: ● loss of revenue; ● loss of clients; ● loss of clients’ data; ● loss of sports league partnerships; ● harm to our business or reputation resulting from negative publicity; ● exposure to fraud, losses or other liabilities including service level contractual penalties; ● additional operating and development costs; or ● diversion of management, technical and other resources. 14 Table of Contents For information on risks relating specifically to our computing infrastructure, see “Risk Factors—Technology Risks—We depend on computing infrastructure operated by Amazon Web Services (“AWS”), Microsoft, Oracle and other third parties to support some of our clients and any errors, disruption, performance problems, or failure in their or our operational infrastructure could adversely affect our business, financial condition or results of operations.” Indemnity provisions in client and other third-party agreements potentially expose us to substantial liability for intellectual property infringement and other losses.
Further, our ability to provide effective ongoing support, or to provide such support in a timely, efficient or scalable manner, may depend in part on our clients’ willingness and ability to upgrade to the latest versions of our products and participate in our centralized product management and services. 11 Table of Contents In addition, our ability to provide effective client services is largely dependent on our ability to attract, train and retain qualified personnel with experience in supporting clients globally at scale.
Further, our ability to provide effective ongoing support, or to provide such support in a timely, efficient or scalable manner, may depend in part on our clients’ willingness and ability to upgrade to the latest versions of our products and participate in our centralized product management and services. 12 Table of Contents In addition, our ability to provide effective client services is largely dependent on our ability to attract, train and retain qualified personnel with experience in supporting clients globally at scale.
Failure to adequately address these risks and challenges could harm our business, financial condition or results of operations. 15 Table of Contents Technology Risks Our potential inability to anticipate and adopt new technology and develop and gain market acceptance of new and enhanced products and services in response to changing industry and regulatory standards and evolving client needs may adversely affect our competitiveness.
Failure to adequately address these risks and challenges could harm our business, financial condition or results of operations. 16 Table of Contents Technology Risks Our potential inability to anticipate and adopt new technology and develop and gain market acceptance of new and enhanced products and services in response to changing industry and regulatory standards and evolving client needs may adversely affect our competitiveness.
In addition, each ten shares of Class B ordinary shares will convert automatically into one Class A ordinary share upon: ● death of the Founder; ● dismissal of the Founder as Chief Executive Officer for good cause, being any dismissal and/or replacement of the Chief Executive Officer pursuant to article 340c para. 2 of the Swiss CO; 38 Table of Contents ● September 30, 2028; or ● the holder of Class B ordinary shares ceases to hold, directly or indirectly, shares with an aggregate nominal value representing 15% or more of the aggregate nominal value of the total issued and outstanding share capital of the Company, from time to time.
In addition, each ten shares of Class B ordinary shares will convert automatically into one Class A ordinary share upon: ● death of the Founder; ● dismissal of the Founder as Chief Executive Officer for good cause, being any dismissal and/or replacement of the Chief Executive Officer pursuant to article 340c para. 2 of the Swiss CO; ● September 30, 2028; or ● the holder of Class B ordinary shares ceases to hold, directly or indirectly, shares with an aggregate nominal value representing 15% or more of the aggregate nominal value of the total issued and outstanding share capital of the Company, from time to time.
If we do not effectively identify and address legacy risks through our comprehensive modernization program, the remaining legacy systems could expose us to: ● security vulnerabilities, as legacy systems could lack modern security features and are more susceptible to cyberattacks; ● obsolescence, as older technologies in our estate may become incompatible with newer systems and applications, making it difficult to integrate with modern tools and platforms; 20 Table of Contents ● limited scalability, as they may not be designed to handle the increased demands of modern business operations.
If we do not effectively identify and address legacy risks through our comprehensive modernization program, the remaining legacy systems could expose us to: ● security vulnerabilities, as legacy systems could lack modern security features and are more susceptible to cyberattacks; ● obsolescence, as older technologies in our estate may become incompatible with newer systems and applications, making it difficult to integrate with modern tools and platforms; ● limited scalability, as they may not be designed to handle the increased demands of modern business operations.
As a public company, we are required to maintain, evaluate and report the effectiveness of our internal control over financial reporting. As disclosed in our Annual Report on Form 20-F as of December 31, 2022, we identified a material weakness in our internal control over financial reporting relating to insufficient design and implementation of controls and segregation of duties.
As a public company, we are required to maintain, evaluate and report the effectiveness of our internal control over financial reporting. As disclosed in our Annual Report on Form 20-F as of December 31, 2021, we identified a material weakness in our internal control over financial reporting relating to insufficient design and implementation of controls and segregation of duties.
Unfavorable changes in general economic conditions, including recessions, economic slowdowns, rising interest rates, inflation, bank failures, slowing economic growth, sustained high levels of unemployment and rising prices or the perception by consumers of weak or weakening economic conditions, may reduce our clients’ needs for our products due to lower users’ disposable income or fewer individuals engaging in entertainment and leisure activities such as daily fantasy sports, sports betting and consumption of sports media and content.
Unfavorable changes in general economic conditions, including recessions, economic slowdowns, rising interest rates, inflation, bank failures, slowing economic growth, sustained high levels of unemployment, rising prices, reduced discretionary spending by consumers, or the perception by consumers of weak or weakening economic conditions, may reduce our clients’ needs for our products due to lower users’ disposable income or fewer individuals engaging in entertainment and leisure activities such as daily fantasy sports, sports betting and consumption of sports media and content.
A number of our clients have adopted, or may adopt, procurement policies that include ESG provisions or requirements that their suppliers should comply with, or they may seek to include such provisions or requirements in their procurement terms and conditions. An increasing number of investors are also requiring companies to disclose ESG-related policies, practices and metrics.
A number of our clients have adopted, or may adopt, procurement policies that include ESG provisions or requirements that their suppliers should comply with, or they may seek to include such provisions or requirements in their procurement terms and conditions. A number of investors are also requiring companies to disclose ESG-related policies, practices and metrics.
For example, it could: ● limit our ability to pay distributions and repurchase capital stock; ● increase our vulnerability to general adverse economic and industry conditions; ● require us to dedicate a material portion of our cash flow from operations to make payments on our indebtedness, thereby reducing the availability of our cash flow for working capital, capital expenditures and other general corporate purposes; ● limit our flexibility in planning for, or reacting to, changes in our business and industry; and ● limit our ability to incur additional indebtedness.
For example, it could: ● limit our ability to pay distributions and repurchase capital stock; ● increase our vulnerability to general adverse economic and industry conditions; 36 Table of Contents ● require us to dedicate a material portion of our cash flow from operations to make payments on our indebtedness, thereby reducing the availability of our cash flow for working capital, capital expenditures and other general corporate purposes; ● limit our flexibility in planning for, or reacting to, changes in our business and industry; and ● limit our ability to incur additional indebtedness.
In addition, to the extent we pursue acquisition of foreign businesses and assets, these potential acquisitions often involve additional or increased risks, including: ● managing geographically separated organizations, systems and facilities; ● integrating personnel with diverse business backgrounds and organizational cultures; ● complying with additional regulatory and other legal requirements, including the requirement to maintain or transfer licenses and authorizations following a change of control in the acquired business or obtain new licenses or authorizations; ● addressing financial and other impacts to our business resulting from fluctuations in currency exchange rates, inflation and unit economics across multiple jurisdictions; ● obtaining, maintaining, protecting and enforcing intellectual property rights internationally; ● difficulty entering new international markets due to, among other things, client acceptance and business knowledge of these markets; and ● general economic and political conditions. 35 Table of Contents In addition, our ability to realize the benefits we anticipate from our acquisition activities, including any anticipated sales growth, cost synergies and other anticipated benefits, will depend in large part upon whether we are able to identify and integrate key employees of the acquired companies and integrate such businesses efficiently and effectively.
In addition, to the extent we pursue acquisition of foreign businesses and assets, these potential acquisitions often involve additional or increased risks, including: ● managing geographically separated organizations, systems and facilities; ● integrating personnel with diverse business backgrounds and organizational cultures; ● complying with additional regulatory and other legal requirements, including the requirement to maintain or transfer licenses and authorizations following a change of control in the acquired business or obtain new licenses or authorizations; ● addressing financial and other impacts to our business resulting from fluctuations in currency exchange rates, inflation and unit economics across multiple jurisdictions; ● obtaining, maintaining, protecting and enforcing intellectual property rights internationally; ● difficulty entering new international markets due to, among other things, client acceptance and business knowledge of these markets; and ● general economic and political conditions. 35 Table of Contents In addition, our ability to realize the benefits we anticipate from our acquisition activities, including of the IMG Arena business that we acquired in November 2025, such as anticipated sales growth, cost synergies and other anticipated benefits, will depend in large part upon whether we are able to identify and integrate key employees of the acquired companies and integrate such businesses efficiently and effectively.
Any litigation to enforce our intellectual property rights or defend ourselves against oppositions or other proceedings regarding our registered or applied-for intellectual property could be costly, divert attention of management and may not ultimately be resolved in our favor.
Any litigation to enforce our intellectual property rights or defend ourselves against oppositions or other proceedings regarding our registered or applied-for intellectual property could be costly, divert attention of management and may not ultimately be resolved in our favor, which claims may not be resolved in our favor.
The determination of foreign private issuer status is made annually on the last business day of an issuer’s most recently completed second fiscal quarter, and, accordingly, the next determination will be made with respect to us on June 30, 2025.
The determination of foreign private issuer status is made annually on the last business day of an issuer’s most recently completed second fiscal quarter, and, accordingly, the next determination will be made with respect to us on June 30, 2026.
Additionally, subject to specified exceptions, including exceptions explicitly described in our Articles, Swiss law grants pre-emptive rights to existing shareholders to subscribe for new issuances of shares. Swiss law also does not provide as much flexibility in the various rights and regulations that can attach to different categories of shares as do the laws of some other jurisdictions.
Additionally, subject to specified exceptions, including exceptions explicitly described in our Articles, Swiss law grants pre-emptive rights to existing shareholders to subscribe for new issuances of shares. 41 Table of Contents Swiss law also does not provide as much flexibility in the various rights and regulations that can attach to different categories of shares as do the laws of some other jurisdictions.
Laws and regulations in the United States and around the world restrict and regulate how personal information is collected, processed, stored, used and disclosed, including by setting standards for its security, implementing notice requirements regarding privacy practices, and providing individuals with certain rights regarding the use, storage, disclosure and sale of their protected personal information.
Laws and regulations in the United States and around the world restrict and regulate how personal information is collected, processed, stored, used, disclosed, and transmitted across borders, including by setting standards for its security, implementing notice requirements regarding privacy practices, and providing individuals with certain rights regarding the use, storage, disclosure and sale of their protected personal information.
On October 5, 2023, Sportscastr, Inc. d/b/a PANDA (“PANDA”) filed an action in the Eastern District of Texas alleging patent infringement against the Company. The complaint alleged that Sportradar branded products involving the provision of live data and content in live video streams infringe certain claims of three asserted patents.
As previously reported, on October 5, 2023, Sportscastr, Inc. (d/b/a PANDA (“PANDA”)) filed an action in the Eastern District of Texas alleging patent infringement against the Company. The complaint alleged that Sportradar branded products involving the provision of live data and content in live video streams infringe certain claims of three asserted patents.
Real or perceived errors, failures or bugs in our products could materially and adversely affect our financial conditions or results of operations. We provide data feeds regarding schedules, results, performance and outcomes of sporting events to our wide array of clients, who rely on our data to settle bets, create content and generate analysis.
Real or perceived errors, failures or bugs in our products could materially and adversely affect our financial conditions or results of operations. We provide data feeds regarding schedules, results, performance and outcomes of sporting events to our wide array of clients, who rely on our data to settle bets, create content and generate analysis, among other things.
The rights of our shareholders and the responsibilities of members of our board of directors may be different from the rights and obligations of shareholders and directors of companies governed by the laws of U.S. jurisdictions. ​ 41 Table of Contents Specifically, Swiss law reserves for approval by shareholders certain corporate actions over which a board of directors would have authority in some other jurisdictions.
The rights of our shareholders and the responsibilities of members of our board of directors may be different from the rights and obligations of shareholders and directors of companies governed by the laws of U.S. jurisdictions. Specifically, Swiss law reserves for approval by shareholders certain corporate actions over which a board of directors would have authority in some other jurisdictions.
Our existing and future competitors, which could include technology companies new to our industry, may have or may in the future obtain greater name recognition, larger client bases, or better technology or data, thus providing cheaper services and better offers to operators, organizations and partners, or greater financial, technical or marketing resources, allowing them to respond more quickly to new or emerging technologies or changes in user requirements.
Our existing and future competitors, which could include technology companies, leagues and their affiliates or others new to our industry, may have or may in the future obtain greater name recognition, larger client bases, or better technology or data, thus providing cheaper services and better offers to operators, organizations and partners, or greater financial, technical or marketing resources, allowing them to respond more quickly to new or emerging technologies or changes in user requirements.
These risks and difficulties include our ability to, among other things: ● retain an active client base and attract new clients; ● avoid interruptions or disruptions in our service; ● improve the quality of the client experience on our platforms; ● earn and preserve our clients’ trust with respect to the quality of our products and services; ● process, store and use personal client data in compliance with governmental regulation and other legal obligations related to data privacy, data protection and data security; ● comply with extensive existing and new laws and regulations, including licensing requirements for B2B suppliers to the gambling and betting industry; ● effectively maintain a scalable, high-performance technology infrastructure that can efficiently and reliably handle our client’s needs globally; ● successfully deploy new or enhanced features and services; ● compete with other companies that are currently in, or may in the future enter, the sports data business; ● hire, integrate and retain world-class talent; and ● expand our business into new markets.
These risks and difficulties include our ability to, among other things: ● retain an active client base and attract new clients; ● avoid interruptions or disruptions in our service; ● improve the quality of the client experience on our platforms; ● earn and preserve our clients’ trust with respect to the quality of our products and services and mitigate any reputational risks related to betting-related match fixing, doping and other sports integrity threats and schemes; ● process, store and use personal client data in compliance with governmental regulation and other legal obligations related to data privacy, data protection and data security; ● comply with extensive existing and new laws and regulations, including licensing requirements for B2B suppliers to the gambling and betting industry; ● effectively maintain a scalable, high-performance technology infrastructure that can efficiently and reliably handle our client’s needs globally; ● successfully deploy new or enhanced features and services; ● compete with other companies that are currently in, or may in the future enter, the sports data business; ● hire, integrate and retain world-class talent; and ● expand our business into new markets.
If we are unable to successfully integrate the operations of acquired businesses into our business, we may be unable to realize the sales growth, cost synergies and other anticipated benefits of such transactions, and our business, financial condition or results of operations could be adversely affected.
If we are unable to successfully integrate the operations of acquired businesses, including the IMG Arena business, into our business, we may be unable to realize the sales growth, cost synergies and other anticipated benefits of such transactions, and our business, financial condition or results of operations could be adversely affected.
Because we qualify as a foreign private issuer under the Exchange Act, we are exempt from certain provisions of the Exchange Act that are applicable to U.S. domestic public companies, including (i) the sections of the Exchange Act regulating the solicitation of proxies, consents or authorizations in respect of a security registered under the Exchange Act, (ii) the sections of the Exchange Act requiring insiders to file public reports of their share ownership and trading activities and liability for insiders who profit from trades made in a short period of time and (iii) the rules under the Exchange Act requiring the filing with the SEC of quarterly reports on Form 10-Q containing unaudited interim condensed consolidated financial statements and other specified information.
Because we qualify as a foreign private issuer under the Exchange Act, we are exempt from certain provisions of the Exchange Act that are applicable to U.S. domestic public companies, including (i) the sections of the Exchange Act regulating the solicitation of proxies, consents or authorizations in respect of a security registered under the Exchange Act, (ii) the sections of the Exchange Act imposing liability for insiders who profit from trades made in a short period of time and (iii) the rules under the Exchange Act requiring the filing with the SEC of quarterly reports on Form 10-Q containing unaudited interim condensed consolidated financial statements and other specified information.
Current and proposed regulation addressing privacy and data protection could also increase our costs of operations. Further, we make public statements about our use and disclosure of personal information through our privacy notice, information provided on our website and press statements.
Current and proposed regulation addressing privacy and data protection could also increase our costs of operations. 27 Table of Contents Further, we make public statements about our use and disclosure of personal information through our privacy notice, information provided on our website and press statements.
Future transfers by the holder(s) of Class B ordinary shares will result in those shares converting into 90,367,070 shares of Class A ordinary shares.
Future transfers by the holder(s) of Class B ordinary shares will result in those shares converting into 78,367,070 shares of Class A ordinary shares.
We attempt to protect our intellectual property and proprietary information by (i) implementing industry-standard administrative, technical and physical practices, including source code access controls, to secure our proprietary information, and (ii) requiring all of our employees and consultants and certain of our contractors to execute confidentiality and invention assignment agreements.
We attempt to protect our intellectual property and proprietary information by (i) implementing industry-standard administrative, technical and physical practices, including source code access controls, that are designed to secure our proprietary information, and (ii) requiring employees and consultants and certain of our contractors to execute confidentiality and invention assignment agreements.
As a leading supplier of integrity solutions, we have faced, and will likely continue to face, increased scrutiny related to our solutions and consulting services, and our reputation and the value of our brands can be materially adversely harmed if a user of our solutions is involved in a major match-fixing or doping scandal.
As a leading supplier of integrity solutions, we have faced, and will likely continue to face, increased scrutiny related to our solutions and consulting services, and our reputation and the value of our brands can be materially adversely harmed if a user of our solutions is involved or alleged to be involved in a major match-fixing, doping scandal or other illegal gambling scheme.
Since December 2020, third- parties, including a group of United Kingdom football players, issued data subject access requests under the GDPR to various participants in the sports data and sports betting industries, including us. In August 2024 we received a substantial amount of data subject access requests from the entity behind these third parties.
Since December 2020, third- parties, including a group of United Kingdom football players, issued data subject access requests under the GDPR to various participants in the sports data and sports betting industries, including us. From time to time, we receive a substantial amount of data subject access requests from the entity behind these third parties.
Environmental, social and governance (“ESG”) matters may adversely affect our relationships with clients and investors and increase compliance costs. There is an increasing focus from lawmakers, regulators, investors, clients, employees and other stakeholders concerning ESG matters, including environment, climate, water, diversity and inclusion, human rights and governance transparency.
Environmental, social and governance (“ESG”) matters may adversely affect our relationships with clients and investors and increase compliance costs. There is a continued focus from certain lawmakers, regulators, investors, clients, employees and other stakeholders concerning ESG matters, including environment, climate, water, diversity and inclusion, human rights and governance transparency.
As a result, they can become bottlenecks in performance, limiting the ability to scale operations, accommodate growth, or adapt to changing market conditions; ● higher maintenance costs; and ● degraded performance and/or increased downtime.
As a result, they can become bottlenecks in performance, limiting the ability to scale operations, accommodate growth, or adapt to changing market conditions; 22 Table of Contents ● higher maintenance costs; and ● degraded performance and/or increased downtime.
In 2024 and 2023, the Company recorded impairment charges to goodwill and intangible assets in the total amount of €0.2 million and €9.9 million, respectively. The impairment charges were related to the impact of changes related to our business strategy.
In the years ended December 31, 2024 and 2023, the Company recorded impairment charges to goodwill and intangible assets in the total amount of €0.2 million and €9.9 million, respectively. The impairment charges were related to the impact of changes related to our business strategy.
Some services relating to our business, such as cloud-based software service providers, software application support, data centers, parts of development, hosting and maintenance of our operating systems, providing player tracking services, call center services and other operating activities are outsourced to third-party vendors.
Some products and services relating to our business, such as cloud-based software service providers, software application support, data centers, parts of development, hosting and maintenance of our operating systems, providing player tracking services, call center services and other operating activities are outsourced to third-party vendors or rely on products and services provided by third-party vendors.
Any interruption in our service, whether as a result of an internal or third party issue, could damage our brand and reputation, cause our clients to terminate or not renew their contracts with us or decrease use of our platforms and services, require us to indemnify our clients against certain losses, result in our issuing credit or paying penalties or fines, subject us to other losses or liabilities, cause our platforms to be perceived as unreliable or unsecure, and prevent us from gaining new or additional business from current or future clients, any of which could harm our business, financial condition or results of operations.
Any interruption in our service, whether as a result of an internal or third party issue, could damage our brand and reputation, cause our clients to terminate or not renew their contracts with us or decrease use of our platforms and services, require us to indemnify our clients against certain losses, result in our issuing credit or paying penalties or fines, subject us to other losses or liabilities, including service level agreement contract penalties for failure to meet agreed upon performance standards, cause our platforms to be perceived as unreliable or unsecure, and prevent us from gaining new or additional business from current or future clients, any of which could harm our business, financial condition or results of operations.
We have policies and procedures designed to comply with applicable anti-corruption, economic sanctions and export control laws and regulations.
We have policies, procedures and controls designed to comply with applicable AML, CTF, anti-corruption, economic sanctions and export control laws and regulations.
Our ability to provide our products and services would be harmed and in turn adversely affect our business operations, financial condition or results of operations. Increased competition for league partnerships could result in higher costs to secure the relationships, lower revenue and greater expenses generally, which would reduce our profitability.
Our ability to provide our products and services would be harmed and in turn adversely affect our business operations, financial condition or results of operations. Increased competition for league partnerships, including from prediction market exchanges and their participants, could result in higher costs to secure the relationships, lower revenue and greater expenses generally, which would reduce our profitability.
For the fiscal years ended December 31, 2024 and 2023, we generated 6.5% and 5.8% of total revenue from a single client, respectively, and 28.9% and 26.1% of total revenue from our top ten clients combined, respectively.
For the fiscal years ended December 31, 2025 and 2024, we generated 6.6% and 6.5% of total revenue from a single client, respectively, and 26.3% and 28.9% of total revenue from our top ten clients combined, respectively.
If we are unable to retain or obtain new clients, respond to competition from an expanding array of choices facilitated by technological developments in the delivery of sports content, or maintain or develop relationships with sports organizations, our revenue and profitability could decline. 10 Table of Contents If we fail to attract new clients, if the revenue generated by new customers differs significantly from our experiences, or if our client acquisition costs increase, our business, revenue and growth will be harmed.
If we are unable to retain or obtain new clients, effectively respond to competition from an expanding array of choices facilitated by technological developments in the delivery of sports content, including from prediction markets and their participants, enforce our contracts, or maintain or develop relationships with sports organizations, our revenue and profitability could decline. 11 Table of Contents If we fail to attract new clients, if the revenue generated by new customers differs significantly from our experiences, or if our client acquisition costs increase, our business, revenue and growth will be harmed.
Negative publicity in the industry, including related to fixed-odds betting terminals, gambling by minors and gambling online, even if not directly or indirectly connected with us or our products and services, may adversely impact our reputation and the willingness of the public to participate in sports betting.
Negative publicity in the industry, including related to fixed-odds betting terminals, gambling by minors and gambling online, and allegations of illegal gambling schemes perpetrated by athletes and other industry participants, even if not directly or indirectly connected with us or our products and services, may adversely impact our reputation and the willingness of the public to participate in sports betting.
Failure to keep up with the evolving AI regulatory framework due to insufficient or ineffective governance may also adversely affect our ability to leverage AI benefits and impact our reputation.
Failure to keep up with the evolving AI regulatory framework due to insufficient or ineffective governance may also adversely affect our ability to leverage AI benefits and impact our reputation. Use of AI has inherent risks.
As of December 31, 2024, our Founder, Carsten Koerl, holds all of the issued and outstanding shares of our Class B ordinary shares, which, together with his outstanding Class A ordinary shares, constitutes 81.4% of the total voting power of our outstanding share capital.
As of December 31, 2025, our Founder, Carsten Koerl, holds all of the issued and outstanding shares of our Class B ordinary shares, which, together with his outstanding Class A ordinary shares, constitutes 78.5% of the total voting power of our outstanding share capital.
Some open-source licenses may require licensees that incorporate open-source code into their proprietary software, or that distribute their proprietary software with or link their proprietary software to open-source code, to publicly disclose their proprietary source code, or may prohibit the licensees from charging a fee to other parties for use of such software.
Some open-source licenses may require licensees that incorporate open-source code into their proprietary software, or that distribute their proprietary software with or link their proprietary software to open-source code, to publicly disclose their proprietary source code, or to license proprietary code under the same license terms or for the purpose of creating derivative works, or may prohibit the licensees from charging a fee to other parties for use of such software.
Any of the foregoing may have a material adverse effect on our business, financial condition and results of operations. 27 Table of Contents From time to time, we have been and may in the future be subject to various legal proceedings and investigations, including class action litigation, and regulatory investigations and actions, which could result in settlements, judgments, fines or penalties that adversely affect our business, financial condition or results of operations.
From time to time, we have been and may in the future be subject to various legal proceedings and investigations, including class action litigation, and regulatory investigations and actions, which could result in settlements, judgments, fines or penalties that adversely affect our business, financial condition or results of operations.
Our suppliers may also incorporate generative artificial intelligence tools into their offerings without disclosing this use to us, and the providers of these generative artificial intelligence tools may not meet existing or future regulatory or industry standards with respect to privacy and data protection. AI algorithms may be flawed. Datasets may be insufficient, of poor quality, or contain biased information.
Our suppliers may also incorporate generative artificial intelligence tools into their offerings without disclosing this use to us, and the providers of these generative artificial intelligence tools may not meet existing or future regulatory or industry standards with respect to intellectual property infringement, privacy and data protection. AI algorithms may be flawed.
For example, under the EU General Data Protection Regulation (“GDPR”) we may be subject to fines of up to €20.0 million or up to 4% of the total worldwide annual group turnover of the preceding financial year (whichever is higher).
For example, under the GDPR we may be subject to fines of up to €20.0 million or up to 4% of the total worldwide annual group turnover of the preceding financial year (whichever is higher).
The partners with whom we have arrangements also provide data and statistics to other companies, including other sports intelligence and software solutions platforms with whom we compete.
The partners with whom we have arrangements may also provide data and statistics to other companies, including other sports intelligence and software solutions platforms with whom we compete, or to prediction markets or similar exchanges.
Other countries have also passed or are considering passing laws on AI. While we have developed specific processes to govern the use and applications of AI in our operations, any failure to comply with applicable AI regulatory frameworks would have a detrimental impact on our reputation and our ability to leverage AI in the future.
While we have developed specific processes to govern the use and applications of AI in our operations, any failure to comply with applicable AI regulatory frameworks would have a detrimental impact on our reputation and our ability to leverage AI in the future.
In particular, some jurisdictions have introduced regulations attempting to restrict, monopolize or prohibit online gambling and/or betting, while others have taken the position that online gaming and/or betting should be licensed and regulated and have adopted or are in the process of considering legislation and regulations to enable that to happen.
Some jurisdictions have restricted, monopolized or prohibited online gambling and/or betting, while others have taken the position that online gaming and/or betting should be licensed and regulated and have adopted or are in the process of considering legislation and regulations to enable that to happen.
In particular, investors should be aware that there is uncertainty as to whether the courts of Switzerland or any other applicable jurisdictions would recognize and enforce judgments of U.S. courts obtained against us or our directors or our management predicated upon the civil liability provisions of the securities laws of the United States, or any state in the United States or entertain original actions brought in Switzerland or any other applicable jurisdictions’ courts against us, our directors or our management predicated upon the securities laws of the United States or any state in the United States.
As a result, it may be difficult or impossible for investors to effect service of process upon us within the United States or other jurisdictions, including judgments predicated upon the civil liability provisions of the U.S. federal securities laws. 42 Table of Contents In particular, investors should be aware that there is uncertainty as to whether the courts of Switzerland or any other applicable jurisdictions would recognize and enforce judgments of U.S. courts obtained against us or our directors or our management predicated upon the civil liability provisions of the securities laws of the United States, or any state in the United States or entertain original actions brought in Switzerland or any other applicable jurisdictions’ courts against us, our directors or our management predicated upon the securities laws of the United States or any state in the United States.
These laws and regulations are constantly evolving and it is possible that they may be interpreted and applied in a manner that is inconsistent with our practices and our efforts to comply with the evolving data protection rules may be unsuccessful. We must devote significant resources to understanding and complying with this changing landscape.
These laws and regulations are constantly evolving and it is possible that they may be interpreted and applied in a manner that is inconsistent with our practices and our efforts to comply with the evolving data protection rules may be unsuccessful.
Changes to existing forms of regulation may include the introduction of punitive tax regimes, requirements for large bonds or other financial guarantees, limitations on product offerings, requirements for ring-fenced liquidity, requirements to obtain licenses and/or caps on the number of licensees, restrictions on permitted marketing activities or restrictions on third-party service providers to sports betting operators.
Changes to existing forms of regulation may include punitive tax regimes, large bonds or financial guarantees, limitations on product offerings, requirements for ring-fenced liquidity caps on licensees, restrictions on marketing activities or restrictions on third-party service providers.
As such, we could fail to continue to effectively scale and grow our technical infrastructure to accommodate increased demands. 18 Table of Contents We depend on computing infrastructure operated by Amazon Web Services (“AWS”), Microsoft, Oracle and other third parties to support some of our clients and any errors, disruption, performance problems, or failure in their or our operational infrastructure could adversely affect our business, financial condition or results of operations.
We depend on computing infrastructure operated by Amazon Web Services (“AWS”), Microsoft, Oracle and other third parties to support some of our clients and any errors, disruption, performance problems, or failure in their or our operational infrastructure could adversely affect our business, financial condition or results of operations.
None of these assets were impaired during the year ended December 31, 2022. 37 Table of Contents In the future, if we make changes in our business strategy or if market or other conditions continue to adversely affect our business operations, we may be forced to record additional impairment charges related to these intangible assets, which would adversely impact our results of operations.
In the future, if we make changes in our business strategy or if market or other conditions continue to adversely affect our business operations, we may be forced to record additional impairment charges related to these intangible assets, which would adversely impact our results of operations.
We may in the future experience, disruptions, failures, data loss, outages, and other performance problems with our infrastructure and cloud-based offerings due to a variety of factors, including infrastructure changes, introductions of new functionality, human or software errors, employee misconduct, capacity constraints, denial of service attacks, phishing attacks, computer viruses, malicious or destructive code, or other security-related incidents, and our disaster recovery planning may not be sufficient for all situations.
Many of these third-party providers attempt to impose limitations on their liability for such errors, disruptions, defects, performance deficiencies, or failures, and if enforceable, we may have additional liability to our clients or third-party providers. 20 Table of Contents We have in the past and may in the future experience, disruptions, failures, data loss, outages, and other performance problems with our infrastructure and cloud-based offerings due to a variety of factors, including infrastructure changes, introductions of new functionality, human or software errors, employee misconduct, capacity constraints, denial of service attacks, phishing attacks, computer viruses, malicious or destructive code, or other security-related incidents, and our disaster recovery planning may not be sufficient for all situations.
As of December 31, 2024 and December 31, 2023, we had €1,607.1 million and €1,697.3 million of intangible assets and goodwill on our consolidated statements of financial position, respectively, of which €1,086.4 million and €1,231.2 million, respectively, were related specifically to sport league license rights.
As of December 31, 2025 and December 31, 2024, we had €2,033.7 million and €1,607.1 million of intangible assets and goodwill on our consolidated statements of financial position, respectively, of which €1,086.4 million and €1,231.2 million, respectively, were related specifically to sport league license rights. None of these assets were impaired during the year ended December 31, 2025.
If we are unable to maintain the proprietary nature of our technologies, our business, financial condition and results of operations could be materially adversely affected.
If we are unable to maintain the proprietary nature of, and intellectual property protections for, our technologies, offerings, databases, software or features, our business, financial condition and results of operations could be materially adversely affected.
Any failure to adequately enforce or provide these protective measures or otherwise comply with our obligations could result in liability, protracted and costly litigation, governmental intervention and fines and, with respect to misuse of personal information of our clients, lost revenue, lost sports league partnerships and reputational harm. 17 Table of Contents Any type of security breach, attack or misuse of data, whether experienced by us or an associated third party, could harm our reputation or deter existing or prospective clients or leagues from using our services, increase our operating expenses in order to contain and remediate the incident, expose us to unbudgeted or uninsured liability, disrupt our operations (including potential service interruptions), divert management focus away from other priorities, increase our risk of regulatory scrutiny or result in the imposition of penalties and fines under domestic or foreign laws.
Any type of security breach, attack or misuse of data, whether experienced by us or an associated third party, could harm our reputation or deter existing or prospective clients or leagues from using our services, increase our operating expenses in order to contain and remediate the incident, expose us to unbudgeted or uninsured liability, disrupt our operations (including potential service interruptions), divert management focus away from other priorities, increase our risk of regulatory scrutiny or result in the imposition of penalties and fines under domestic or foreign laws.
Competition in these markets is increasing and may be further exacerbated if economic conditions or other circumstances cause customer bases and customer spending to decrease and service providers to compete for fewer client resources.
The markets for sports data, media, entertainment and betting are competitive and rapidly changing. Competition in these markets is increasing and may be further exacerbated if economic conditions or other circumstances, including regulatory changes, cause customer bases and customer spending to decrease and service providers to compete for fewer client resources.
A material weakness is a deficiency, or a combination of deficiencies, in internal controls over financial reporting, such that there is a reasonable possibility that a material misstatement in our annual or interim consolidated financial statements will not be prevented or detected on a timely basis. 33 Table of Contents Significant progress was made to strengthen our internal control over financial reporting and to remediate the segregation of duties deficiencies relating to the prior year material weakness.
A material weakness is a deficiency, or a combination of deficiencies, in internal controls over financial reporting, such that there is a reasonable possibility that a material misstatement in our annual or interim consolidated financial statements will not be prevented or detected on a timely basis. 33 Table of Contents We have made significant progress in strengthening our internal control over financial reporting, including improvements to the design and operating effectiveness of certain business process controls including remediation of deficiencies relating to segregation of duties and IT general controls over internal control relevant IT applications.
Any such consequences could potentially indirectly reduce our revenue in the European Union. 26 Table of Contents We are subject to evolving governmental regulations and other legal obligations, particularly related to privacy, data protection and information security, and consumer protection laws across different markets where we conduct our business.
These developments could indirectly adversely affect our revenue in the European Union by reducing clients’ market access and overall betting volumes. 26 Table of Contents We are subject to evolving governmental regulations and other legal obligations, particularly related to privacy, data protection and information security, and consumer protection laws across different markets where we conduct our business.
A decrease in client acquisition growth would harm our business, financial conditions or results of operations. Our ability to retain our clients is dependent on the quality of our products and services, and our failure to offer high quality products and services could have a material adverse effect on our sales and results of operations.
Any failure to successfully expand may have a material adverse effect on our business, financial condition or results of operations. Our ability to retain our clients is dependent on the quality of our products and services, and our failure to offer high quality products and services could have a material adverse effect on our sales and results of operations.
We may face difficulty in competing with providers that take a more aggressive approach to regulation and are consequently able to generate revenue in markets from which we do not accept clients or in which we do not advertise. We may also face operational difficulties in successfully entering new markets, even where regulatory issues do not materially restrict such entity.
We may face difficulty in competing with providers that take a more aggressive approach to regulation and are consequently able to generate revenue in markets from which we do not accept clients or in which we do not advertise.
If these remediation efforts do not prove effective and control deficiencies and material weaknesses persist or occur in the future, the accuracy and timing of the Company’s financial reporting may be materially and adversely affected.
Financial Statements”. If our remediation efforts do not prove effective, or if additional material weaknesses are identified in the future, the accuracy and timing of our financial reporting may be materially and adversely affected.
This information may include account access credentials, credit and debit card numbers, bank account numbers, social security numbers, driver’s license numbers, names and addresses and other types of sensitive business or personal information. 16 Table of Contents In addition, as a provider of real-time sports data and content, our products and services may themselves be targets of cyber-attacks that attempt to intercept, breach, sabotage or otherwise disable or gain access to them or the data processed thereby, and the defensive and preventative measures we take ultimately may not effectively detect, prevent, or protect against or otherwise mitigate losses from all cyber-attacks.
In addition, as a provider of real-time sports data and content, our products and services may themselves be targets of cyber-attacks that attempt to intercept, breach, sabotage or otherwise disable or gain access to them or the data processed thereby, and the defensive and preventative measures we take ultimately may not effectively detect, prevent, or protect against or otherwise mitigate losses from all cyber-attacks.
Any change in existing regulations or their interpretation or the regulatory climate could adversely impact our ability to operate our business or decrease the demand for our products and services.
The approach to regulation and the legality of sports betting varies from jurisdiction to jurisdiction and is subject to uncertainties. Any change in existing regulations or their interpretation or the regulatory climate could adversely impact our ability to operate our business or decrease the demand for our products and services.
To the extent a pandemic adversely affects our business and financial results, it may also have the effect of heightening many of the other risks described in this “Risk Factors” section, such as those relating to our liquidity, business interruptions and market expansion opportunities. 8 Table of Contents Business Model Risks We depend on the success of our strategic relationships with our sports league partners.
To the extent a pandemic adversely affects our business and financial results, it may also have the effect of heightening many of the other risks described in this “Risk Factors” section, such as those relating to our liquidity, business interruptions and market expansion opportunities. 8 Table of Contents Business Model Risks We depend on the success of our strategic relationships with our sports league partners, and our inability to maintain, extend, or establish new relationships may cause loss of competitive advantage, unanticipated costs, or require us to modify, limit, or discontinue certain offerings, which could materially affect our business, financial condition, and results of operations.
AI and machine learning is enabled by or integrated into some of our products, such as simulated sports reality, an AI-driven product for professional sports matches and a range of pre-match and live (in-play) betting opportunities. As with many developing technologies, AI presents risks and challenges that could affect its further development, adoption, and use, and therefore our business.
AI and machine learning is enabled by or integrated into some of our products, such as simulated sports reality, an AI-driven product for professional sports matches and a range of pre-match and live (in-play) betting opportunities.
However, we may not be able to obtain these agreements in all circumstances. Furthermore, we cannot guarantee that all employees, consultants and contractors will comply with the terms of these agreements, or that the agreements will effectively protect our proprietary information or protect our ownership of our intellectual property rights.
Furthermore, we cannot guarantee that all employees, consultants and contractors will comply with the terms of these agreements, or obtain an adequate remedy in the event of such unauthorized disclosure or use, or that the agreements will effectively protect our proprietary information or protect our ownership of our intellectual property rights.
Risks Related to Ownership of our Class A Ordinary Shares The dual class structure of our ordinary shares has the effect of concentrating voting power with our Founder, which will limit a shareholder’s ability to influence the outcome of important transactions, including a change in control.
In such a circumstance, we may incur additional substantial impairment charges, which would adversely affect our financial results. 37 Table of Contents Risks Related to Ownership of our Class A Ordinary Shares The dual class structure of our ordinary shares has the effect of concentrating voting power with our Founder, which will limit a shareholder’s ability to influence the outcome of important transactions, including a change in control.
We cannot assure that key personnel, including our executive officers, will continue to be employed or that we will be able to attract and retain qualified personnel in the future and failure to do so could adversely affect our business, financial condition or results of operations.
We cannot assure that key personnel, including our executive officers, will continue to be employed or that we will be able to attract and retain qualified personnel in the future and failure to do so could adversely affect our business, financial condition or results of operations. 15 Table of Contents Our business is not fully mature, and our industry is evolving, which makes it difficult to evaluate our future prospects and may increase the risk that we will not be successful.
Even if we are not determined to have violated these laws, government investigations into these issues typically require the expenditure of significant resources and generate negative publicity.
Even if we are not determined to have violated these laws, government investigations into these issues typically require the expenditure of significant resources and generate negative publicity. Any of the foregoing may have a material adverse effect on our business, financial condition and results of operations.
Monitoring unauthorized uses and disclosures is difficult and costly, and we do not know whether the steps we have taken to protect our proprietary technologies and information will be effective. In addition, courts outside the United States are sometimes less willing to protect trade secrets, know-how and other proprietary information.
Monitoring unauthorized uses and disclosures is difficult and costly, and we do not know whether the steps we have taken to protect our proprietary technologies and information will be effective.

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Item 4. Mine Safety Disclosures

Mine Safety Disclosures — required of mining issuers

73 edited+25 added−22 removed138 unchanged
Biggest changeAdditional Regulatory Developments Various legislatures and regulatory agencies continue to examine a wide variety of issues, including antitrust, competition, anti-money laundering, consumer protection, anti-corruption and anti-bribery, cybersecurity, and marketing and advertising that may impact our industry, business and operations. 58 Table of Contents Employees We believe that our culture is built on global collaboration, integrity, innovation and sportsmanship.
Biggest changeOur actual or perceived failure to comply with such obligations could have a material adverse effect on our reputation, results of operations or financial condition, or have other adverse consequences. ” Additional Regulatory Developments Various legislatures and regulatory agencies continue to examine a wide variety of issues, including antitrust, competition, anti-money laundering, consumer protection, anti-corruption and anti-bribery, cybersecurity, and marketing and advertising that may impact our industry, business and operations.
Our value proposition to each of our key constituents is clear: Betting & Gaming Operators: ● Fast, accurate and reliable data married with deep analytics and technology to enable sports betting and drive bettors’ engagement ● Access to the broadest global coverage of sports betting data and content ● Administration of the bookmaking risk of the client by offering odds and risk management services for the client 45 Table of Contents ● State-of-the-art technology to automate processes that would otherwise be conducted manually ● Leading marketing solutions that increase brand awareness, efficiently acquire clients and create personalized experiences to keep operator’s client(s) engaged ● Speed to market, cost efficiency and reduction of operational risk or complexity Sports Leagues and Teams: ● Trusted intermediary to the sports betting and media ecosystem ● Gateway to the end users of sports betting and media companies ● Innovator in sports data and analytics enabling deeper fan engagement ● Partner in ensuring integrity of the game and allowing sports leagues to monetize their data without becoming directly regulated ● Providers of sports technology and analytics to professional sports teams ● Proprietary state-of-the-art solutions to acquire, engage and monetize sports fans with technology designed for brands, rights holders and media companies Media and Broadcasting Companies: ● Extensive live data and event coverage, married with deep analytics to better engage sports fans ● Innovative solutions at the intersection of media, betting and technology ● Extensive media rights and new forms of interactive content to drive personalization and improve the fan experience Our Data Engine Sports data is at the core of everything we do.
Our value proposition to each of our key constituents is clear: Betting & Gaming Operators: ● Fast, accurate and reliable data married with deep analytics and technology to enable sports betting and drive bettors’ engagement ● Access to the broadest global coverage of sports betting data and content ● Administration of the bookmaking risk of the client by offering odds and risk management services for the client ● State-of-the-art technology to automate processes that would otherwise be conducted manually ● Leading marketing solutions that increase brand awareness, efficiently acquire clients and create personalized experiences to keep operator’s client(s) engaged 46 Table of Contents ● Speed to market, cost efficiency and reduction of operational risk or complexity Sports Leagues and Teams: ● Trusted intermediary to the sports betting and media ecosystem ● Gateway to the end users of sports betting and media companies ● Innovator in sports data and analytics enabling deeper fan engagement ● Partner in ensuring integrity of the game and allowing sports leagues to monetize their data without becoming directly regulated ● Providers of sports technology and analytics to professional sports teams ● Proprietary state-of-the-art solutions to acquire, engage and monetize sports fans with technology designed for brands, rights holders and media companies Media and Broadcasting Companies: ● Extensive live data and event coverage, married with deep analytics to better engage sports fans ● Innovative solutions at the intersection of media, betting and technology ● Extensive media rights and new forms of interactive content to drive personalization and improve the fan experience Our Data Engine Sports data is at the core of everything we do.
These coaching and scouting products are powered by human and computer vision generated player and ball tracking data and sport specific deep event level data, with additional AI generated optimizations and insights that allow for more informed front office and coaching decision making. ● Integrity Services: Sportradar Integrity services is a leading provider of monitoring, intelligence, education, consultancy, rights protection, and regulatory solutions for sports organizations, government authorities, and law enforcement agencies.
These coaching and scouting products are powered by human and computer vision generated player and ball tracking data and sport specific deep event level data, with additional AI generated optimizations and insights that allow for more informed front office and coaching decision making. ● Integrity Services: Our Sportradar Integrity services is a leading provider of monitoring, intelligence, education, consultancy, rights protection, and regulatory solutions for sports organizations, government authorities, and law enforcement agencies.
Our Clients Our clients include many of the largest U.S. and global sports betting operators such as Bet365, Caesars, DraftKings, Entain, FanDuel, Flutter and William Hill; leading internet and digital companies such as Apple, Meta Platforms, Google, and Amazon; and broadcasters and other media companies such as CBS Sports, ESPN, Fox Sports and Rogers Media.
Our Clients Our clients include many of the largest U.S. and global sports betting operators such as Bet365, Caesars, DraftKings, Entain, FanDuel, Flutter and William Hill; leading internet and digital companies such as Apple, OpenAI, Meta Platforms, Google, and Amazon; and broadcasters and other media companies such as CBS Sports, ESPN, Fox Sports and Rogers Media.
Property, Plants and Equipment We are a multinational company headquartered in Switzerland with worldwide operations, including business operations in North America, South America, Europe, Africa, Middle East and the Asia Pacific. Our principal facility is our headquarters located in St. Gallen, Switzerland, which consists of approximately 528 square meters (approximately 5,683 square feet) of leased office space.
Property, Plants and Equipment Corporate Offices We are a multinational company headquartered in Switzerland with worldwide operations, including business operations in North America, South America, Europe, Africa, Middle East and the Asia Pacific. Our principal facility is our headquarters located in St. Gallen, Switzerland, which consists of approximately 528 square meters (approximately 5,683 square feet) of leased office space.
These solutions are comprised of Betting & Gaming Content and Managed Betting Services (MBS) further described as follows. ● Betting & Gaming Content : We provide reliable and comprehensive pre-match and real-time sports data and our broad portfolio includes exclusive access to data and content from sporting events across the world, as well as virtual sports, casino and draw based games.
These solutions are comprised of Betting & Gaming Content and Managed Betting Services (“MBS”) further described as follows. ● Betting & Gaming Content : We provide reliable and comprehensive pre-match and real-time sports data and our broad portfolio includes exclusive access to data and content from sporting events across the world, as well as virtual sports, casino and draw based games.
Our deep relationships with global sports betting and media companies allow us to serve as an important gateway for leagues and teams to connect with millions of fans and bettors around the world. 48 Table of Contents Powerful network effects accelerate our value proposition We benefit from powerful network effects, which further accelerate our value proposition.
Our deep relationships with global sports betting and media companies allow us to serve as an important gateway for leagues and teams to connect with millions of fans and bettors around the world. 49 Table of Contents Powerful network effects accelerate our value proposition We benefit from powerful network effects, which further accelerate our value proposition.
Our technology enables us to move quickly with minimal risk of system interruption. 51 Table of Contents We are focused on continuously improving our technology. We believe that by leveraging our data across new and automated processes, we can further increase our operational scale while decreasing the cost per unit.
Our technology enables us to move quickly with minimal risk of system interruption. 52 Table of Contents We are focused on continuously improving our technology. We believe that by leveraging our data across new and automated processes, we can further increase our operational scale while decreasing the cost per unit.
Market leading portfolio of sports data and content We collect and process data from a range of sports leagues around the world, from Tier 1 leagues such as the NBA, MLB, NHL, and UEFA as well as high-volume leagues such as the UTR tour. Additionally, we have the infrastructure to efficiently capture open source content.
Market leading portfolio of sports data and content We collect and process data from a range of sports leagues around the world, from Tier 1 leagues such as the NBA, MLB, NHL, the PGA Tour, MLS and UEFA. as well as high-volume leagues such as the UTR tour. Additionally, we have the infrastructure to efficiently capture open source content.
This will be critical for sports betting operators both in new markets, where they will be competing to acquire and retain new users, as well as in more mature markets, where the ability to differentiate is paramount to gaining share. 49 Table of Contents Grow Top of Funnel Capabilities and Offerings.
This will be critical for sports betting operators both in new markets, where they will be competing to acquire and retain new users, as well as in more mature markets, where the ability to differentiate is paramount to gaining share. 50 Table of Contents Grow Top of Funnel Capabilities and Offerings.
We also provide essential services to our media partners, leveraging the power of our data to provide engaging content for their audiences. 47 Table of Contents Our proprietary technology engine We have been investing into our data, models and technology platforms for the past two decades and we will continue to do so.
We also provide essential services to our media partners, leveraging the power of our data to provide engaging content for their audiences. 48 Table of Contents Our proprietary technology engine We have been investing into our data, models and technology platforms for the past two decades and we will continue to do so.
We believe we compete favorably based on the following competitive factors: ● breadth of operator relationships, ● advance and comprehensive integrations between leagues, betting operators and media companies, ● size and depth of data and content portfolio, ● expansive network of data journalists and specialized data operators, ● breadth of software solutions, ● strong relationships with sports league partners, ● proprietary technology and odds models, ● early investment into virtual sports and iGaming, and ● early and continued investment to build our U.S. presence.
We believe we compete favorably based on the following competitive factors: ● breadth of operator relationships, ● advance and comprehensive integrations between leagues, betting operators and media companies, 55 Table of Contents ● size and depth of data and content portfolio, ● expansive network of data journalists and specialized data operators, ● breadth of software solutions, ● strong relationships with sports league partners, ● proprietary technology and odds models, ● early investment into virtual sports and iGaming, and ● early and continued investment to build our U.S. presence.
We complement that with extensive use of market leading tools and services to quantify and validate our security postures, validating code at every step of the way from development all the way through to running in production. 52 Table of Contents ● Rapid Updates and Agile Development .
We complement that with extensive use of market leading tools and services to quantify and validate our security postures, validating code at every step of the way from development all the way through to running in production. 53 Table of Contents ● Rapid Updates and Agile Development .
From the graphics and statistics seen in sports broadcasting through to the data points and results which sports fans view daily on mobile phones and digital channels, we provides fan engagement solutions that enable companies to connect with and unlock commercial value from sports fans.
From the graphics and statistics seen in sports broadcasting through to the data points and results which sports fans view daily on mobile phones and digital channels, we provide fan engagement solutions that enable companies to connect with and unlock commercial value from sports fans.
This is a critical solution for our league partners who are able to gather more data and insights on their sports with these systems. Sportradar’s Scout Applications are used for real-time data collection by rightsholders or competitions such as the Universal Tennis Rating (UTR) Pro Tennis Tour, the European Table Tennis Union (ETTU) and the European Handball Federation (EHF).
This is a critical solution for our league partners who are able to gather more data and insights on their sports with these systems. Sportradar’s Scout Applications are used for real-time data collection by rights holders or competitions such as the Universal Tennis Rating (UTR) Pro Tennis Tour, the European Table Tennis Union (ETTU) and the European Handball Federation (EHF).
For information on risks relating to increased competition in our industry, see “ Risk Factors—Risks Related to Our Business and Industry—Potential changes in competitive landscape, including new market entrants or disintermediation by participants in the industry, could harm our business. ” 54 Table of Contents Seasonality We have experienced, and expect to continue to experience, some degree of seasonal fluctuations in our revenue, which can vary by region.
For information on risks relating to increased competition in our industry, see “ Risk Factors—Risks Related to Our Business and Industry—Potential changes in competitive landscape, including new market entrants or disintermediation by participants in the industry, could harm our business. ” Seasonality We have experienced, and expect to continue to experience, some degree of seasonal fluctuations in our revenue, which can vary by region.
MTS is flexible and modular, enabling clients of all sizes and maturities to configure service components according to their need. We also offer bespoke odds management capabilities and trading strategies, which enable odds differentiation between operators.
MTS is flexible and modular, enabling clients of all sizes and maturities to configure service components according to their needs. We also offer bespoke odds management capabilities and trading strategies, which enable odds differentiation between operators.
For a description of our principal capital expenditures and divestitures for the three years ended December 31, 2024 and for those currently in progress, see Item 5. “ Operating and Financial Review and Prospects .” B.
For a description of our principal capital expenditures and divestitures for the three years ended December 31, 2025 and for those currently in progress, see Item 5. “ Operating and Financial Review and Prospects .” B.
Since our founding in 2001, we have been at the forefront of innovation in the sports betting industry and we continue to be a global leader in understanding, leveraging and monetizing the power of sports data. 43 Table of Contents We offer one of the most robust platforms with seamless integrations between leagues, betting operators and media companies.
Since our founding in 2001, we have been at the forefront of innovation in the sports betting industry and we continue to be a global leader in understanding, leveraging and monetizing the power of sports data. We offer one of the most robust platforms with seamless integrations between leagues, betting operators and media companies.
A U.K. only adaptation of the GDPR took effect on January 1, 2021 under the U.K. Data Protection Act of 2018 and the U.K. General Data Protection Regulation (as defined by the U.K.
A U.K. specific adaptation of the GDPR took effect on January 1, 2021 under the U.K. Data Protection Act of 2018 and the U.K. General Data Protection Regulation (as defined by the U.K.
All of the above leases expire or are up for renewal between 2025 and 2038. We believe that our facilities are adequate to meet our needs for the immediate future, and that, should it be needed, suitable additional space will be available to accommodate any such expansion of our operations. 59 Table of Contents Item 4A. Unresolved Staff Comments None.
All of the above leases expire or are up for renewal between 2026 and 2038. We believe that our facilities are adequate to meet our needs for the immediate future, and that, should it be needed, suitable additional space will be available to accommodate any such expansion of our operations. 60 Table of Contents Item 4A. Unresolved Staff Comments None.
The lease for this facility is extended annually for 12-month terms. As of December 31, 2024, we also lease offices in multiple additional countries, including Austria, Brazil, Belgium, Bosnia, Cyprus, Estonia, Germany, Greece, Gibraltar, Luxembourg, Norway, the Philippines, Poland, Russia, Singapore, Slovenia, South Africa, Spain, Taiwan, the United Kingdom, the United States and Uruguay.
The lease for this facility is extended annually for 12-month terms. As of December 31, 2025, we also lease offices in multiple additional countries, including Austria, Brazil, Belgium, Bosnia, Cyprus, Estonia, Germany, Greece, Gibraltar, Luxembourg, Norway, the Philippines, Poland, Singapore, Slovenia, South Africa, Spain, the United Kingdom, the United States and Uruguay.
Our top 200 clients contributed approximately 83% of our total revenue for the year ended December 31, 2024, and represent the core of our business. Our Go-to-Market Strategy As a global leader in our industry, our commercial organization consistently identifies and capitalizes on growth opportunities worldwide, driven by evolving regulatory frameworks.
Our top 200 clients contributed approximately 79% of our total revenue for the year ended December 31, 2025, and represent the core of our business. Our Go-to-Market Strategy As a global leader in our industry, our commercial organization consistently identifies and capitalizes on growth opportunities worldwide, driven by evolving regulatory frameworks.
According to the H2 Report, these more developed sports betting markets are expected to grow at 6% per year through 2029, as a result of increasing accessibility of sports betting on mobile and online, intensifying client engagement from expansion of sports betting, coverage to more events, enhanced consumer technologies and new forms of sports betting such as virtual sports.
According to the H2 Report, these more developed sports betting markets are expected to grow at 5% per year through 2030, as a result of increasing accessibility of sports betting on mobile and online, intensifying client engagement from expansion of sports betting, coverage to more events, enhanced consumer technologies and new forms of sports betting such as virtual sports.
We are also utilizing audio recognition technology to augment visual detection of certain events. Our objective is to automate data collection and production of live events, using computer vision plus visual and audio understanding techniques.
We are also utilizing audio recognition technology to augment visual detection of certain events. 54 Table of Contents Our objective is to automate data collection and production of live events, using computer vision plus visual and audio understanding techniques.
Following the repeal of the Professional and Amateur Sports Protection Act (PASPA) in 2018, the sports betting industry has benefited from rapid growth. According to the Vixio Gambling Compliance U.S. Sports Betting Outlook, as of January 15, 2025, thirty-nine states and the District of Columbia have legalized and regulated sports betting.
Following the repeal of the Professional and Amateur Sports Protection Act (PASPA) in 2018, the sports betting industry has benefited from rapid growth. According to the Vixio Gambling Compliance U.S. Sports Betting Outlook, as of January 19, 2026, thirty-nine states and the District of Columbia have legalized and regulated sports betting.
We have 46 subsidiaries as of December 31, 2024. Refer to Note 31 – List of consolidated entities , within our consolidated financial statements included elsewhere in this Annual Report for a listing of our subsidiaries, including legal name, country of incorporation, and proportion of ownership interest. D.
We have 53 subsidiaries as of December 31, 2025. Refer to Note 31 – List of consolidated entities , within our consolidated financial statements included elsewhere in this Annual Report for a listing of our subsidiaries, including legal name, country of incorporation, and proportion of ownership interest. D.
We are the official partner of the NBA for realistic motion capture simulations and for virtual baseball with MLB and soccer and Bundesliga. 50 Table of Contents ● Managed Betting Services: Managed Betting Services (“MBS”) consist of MTS and our Sports Betting & Gaming platform (formerly referred to as Managed Sportsbook Solutions or MSS). ● Managed Trading Services : Our MTS offering is a sophisticated trading, risk, and liability management solution, natively embedding all Sportradar odds services and products.
We are the official partner of the NBA for realistic motion capture simulations and for virtual baseball with MLB and soccer with Bundesliga. ● Managed Betting Services: MBS consists of MTS and our Sports Betting & Gaming platform (formerly referred to as Managed Sportsbook Solutions or MSS). 51 Table of Contents ● Managed Trading Services : Our MTS offering is a sophisticated trading, risk, and liability management solution, natively embedding all Sportradar odds services and products.
Our range of services includes data feeds and APIs, sports audiovisual content, broadcasting solutions, digital services, research and analytics, over-the-top streaming solutions and programmatic advertising solutions. We also leverage our highly diversified sport rights partnerships as a key competitive advantage for our product offerings and client solutions.
Our range of services includes data feeds and APIs, sports audiovisual content, broadcasting solutions, digital services, research and analytics, over-the-top streaming solutions and marketing and advertising solutions. 44 Table of Contents We also leverage our highly diversified sport rights partnerships as a key competitive advantage for our product offerings and client solutions.
Europe and Asia (including the Middle East), the two biggest regional sports betting markets, are forecasted to remain the dominant markets, contributing to approximately 59% of the global revenue market in 2029, according to the H2 Report.
Europe and Asia (including the Middle East), the two biggest regional sports betting markets, are forecasted to remain the dominant markets, contributing to approximately 61% of the global revenue market in 2030, according to the H2 Report.
Our failure, or certain of our clients’ or service providers’ failure, to comply with any of these laws, regulations, or rules or their interpretation could result in regulatory action, the imposition of civil and criminal penalties, including fines and restrictions on our ability to offer services or products, the suspension, revocation or non-renewal of, or placing of a restriction on, a license, registration, or other authorization required to provide our services or products, the limitation, suspension, or termination of services or products, changes to our business model, loss of consumer confidence, litigation, including private class action litigation, the seizure or forfeiture of our assets and/or reputational damage.
These descriptions are not exhaustive, and these laws, regulations and rules frequently change and are increasing in number. 56 Table of Contents Our failure, or certain of our clients’ or service providers’ failure, to comply with any of these laws, regulations, or rules or their interpretation could result in regulatory action, the imposition of civil and criminal penalties, including fines and restrictions on our ability to offer services or products, the suspension, revocation or non-renewal of, or placing of a restriction on, a license, registration, or other authorization required to provide our services or products, the limitation, suspension, or termination of services or products, changes to our business model, loss of consumer confidence, litigation, including private class action litigation, the seizure or forfeiture of our assets and/or reputational damage.
For certain services and solutions, our primary competition are other sports data and software solution companies and sports content providers, including Genius Sports, Stats Perform, IMG Arena and BetConstruct.
For certain services and solutions, our primary competition are other sports data and software solution companies and sports content providers, including Genius Sports, Stats Perform, Infront Sports & Media and BetConstruct.
Our 24/7 live coverage is complemented by a fully hosted player solution, offering low deployment and setup costs, along with rapid market integration. Through our live streaming content, our clients garner over 200 million views per month from sports fans.
Our 24/7 live coverage is complemented by a fully hosted player solution, offering low deployment and setup costs, along with rapid market integration. Through our live streaming content, our clients garner close to one billion views per month from sports fans.
We have also built a global, market-leading portfolio of relationships with over 400 leagues and federations. 53 Table of Contents Our top 10 clients contributed 29% of total revenue for the year-ended December 31, 2024. We serve a wide range of companies, from large, multi-nationals to small start-ups.
We have also built a global, market-leading portfolio of relationships with over 400 leagues and federations. Our top ten clients contributed 27% of total revenue for the year-ended December 31, 2025. We serve a wide range of companies, from large, multi-nationals to small start-ups.
We have strategically cultivated sport partnerships that include a range of exclusive rights with many Tier 1 properties, including, but not limited to, National Basketball Association (“NBA”), Major League Baseball (“MLB”), the National Hockey League (“NHL”), Association of Tennis Professionals (“ATP”), the South American Football Confederation (“CONMEBOL”), Union of European Football Associations (“UEFA”), the Asian Football Confederation (“AFC”), and the Deutsche Fußball Liga (“DFL”) beginning in the 2025/2026 season.
We have strategically cultivated sport partnerships that include a range of exclusive rights with many Tier 1 properties, including, but not limited to, the National Basketball Association (“NBA”), Major League Baseball (“MLB”), the National Hockey League (“NHL”), the PGA Tour, Major League Soccer (“MLS”), Association of Tennis Professionals (“ATP”), Fédération Internationale des Associations de Football (“FIFA”), the South American Football Confederation (“CONMEBOL”), Union of European Football Associations (“UEFA”), the Asian Football Confederation (“AFC”), and the Deutsche Fußball Liga (“DFL”).
We have built a proprietary real-time data analytic and AI inferencing pipeline coupled with a global low-latency data distribution network that allows us to ingest, process, enrich and distribute large amounts of content to our clients with minimal latency. ● Reliability : our consistent and reliable data is essential for our clients to transact with their clients and ensure a trusted experience. 46 Table of Contents Our platform is underpinned by high quality and fast data, which we have collected for over two decades.
We have built a proprietary real-time data analytic and AI inferencing pipeline coupled with a global low-latency data distribution network that allows us to ingest, process, enrich and distribute large amounts of content to our clients with minimal latency. ● Reliability : our consistent and reliable data is essential for our clients to transact with their clients and ensure a trusted experience.
This enables us to provide valuable insights into client behavior and effectively differentiate between client preferences. Our Products We provide mission-critical B2B products and services to a diverse and global client base of betting operators, sport leagues and media companies.
This enables us to provide valuable insights into client behavior and effectively differentiate between client preferences. Our Products We provide mission-critical B2B products and services to a diverse and global client base of betting operators, sport leagues and media companies. Our products are unparalleled in depth and quality due to our propriety technology and comprehensive data infrastructure.
As of December 31, 2024, we own 31 patents on a global basis and have seven pending applications, and approximately 40 registered trademarks in the United States and several other countries, with eight pending.
As of December 31, 2025, we own 32 patents on a global basis and have six pending applications, and approximately 58 registered trademarks in the United States and several other countries, with five pending.
Sports betting was the fastest growing gambling segment between 2019-2024 (CAGR of 17%), and it is forecasted to remain the fastest growing segment until 2029, according to data from the H2 Report.
Sports betting was the fastest growing gambling segment between 2020-2025 (CAGR of 22%), and it is forecasted to remain the fastest growing segment until 2030, according to data from the H2 Report.
The Customer Net Retention Rate of our top 200 clients, who represent approximately 83% of our revenue, was 127% in 2024 and 111% in 2023, which demonstrates our ability to expand within our client base as well as our ability to grow alongside our clients.
The Customer Net Retention Rate of our top 200 clients, who represent approximately 79% of our revenue, was 109% (excluding any contribution from IMG) in 2025 and 127% in 2024, which demonstrates our ability to expand within our client base as well as our ability to grow alongside our clients.
These developments have greatly influenced the compliance actions we must engage in to transfer personal data from Europe to other jurisdictions. 57 Table of Contents In the United States, both the federal and various state governments have adopted or are considering laws, guidelines or rules for the collection, distribution, processing, transmission, storage and other use of personal information collected from or about clients or their devices.
In the United States, both the federal and various state governments have adopted or are considering laws, guidelines or rules for the collection, distribution, processing, transmission, storage and other use of personal information collected from or about clients or their devices.
Several of the largest states in the United States are still yet to legalize sport betting. While the speed of regulation is uncertain, the desire for new avenues of growth is apparent for both governments and professional sports leagues. This movement to de-regulation is expected to unlock a significant total addressable market (TAM) opportunity in the medium-term.
While the speed of regulation is uncertain, the desire for new avenues of growth is apparent for both governments and professional sports leagues. This movement to de-regulation is expected to unlock a significant total addressable market (TAM) opportunity in the medium-term. Sportradar Platform Our platform simplifies the complex, fragmented and, in the case of betting, regulated, sports ecosystem.
Our systems are built to be secure on the basis of a defense in depth approach to software development. We work to ensure that our developers are aware of best practices, new risks and other security patterns that aid them in building market leading security into our products.
We work to ensure that our developers are aware of best practices, new risks and other security patterns that aid them in building market leading security into our products.
Sports betting has also been legalized in Missouri but regulations have not yet been adopted. Additionally, thirty-one states and the District of Columbia have legalized online/mobile sports betting. As more states legalize sports betting and the volume of sports betting in currently operational states increases, we expect significant market opportunity in the United States.
Additionally, thirty-two states and the District of Columbia have legalized online/mobile sports betting. As more states legalize sports betting and the volume of sports betting in currently operational states increases, we expect significant market opportunity in the United States. Several of the largest states in the United States are still yet to legalize sports betting.
Our wide portfolio of products and services can be categorized into the following two product groups: · Betting Technology & Solutions, and · Sports Content, Technology & Services Our products are unparalleled in depth and quality due to our propriety technology and comprehensive data infrastructure.
Our wide portfolio of products and services can be categorized into the following two product groups: Betting Technology & Solutions and Sports Content, Technology & Services.
Our primary methods for real-time data capture are: ● Computer Vision : we are at the forefront of implementing computer vision technology, a form of AI that teaches models to interpret visual and audio signals.
Our infrastructure allows us to gather, consolidate, quality check, transfer, distribute and analyze sports data in real-time, globally. 47 Table of Contents Our primary methods for real-time data capture are: ● Computer Vision : we are at the forefront of implementing computer vision technology, a form of AI that teaches models to interpret visual and audio signals.
Including the U.S. market, which is undergoing rapid legalization, the global sports betting market is projected to grow from $94.1 billion in 2024 to $150.0 billion in 2028, growing at a compound annual growth rate (“CAGR”) of 10%, according to data from the H2 Report.
Including the U.S. market, which has undergone rapid legalization in a short period of time, the global sports betting market is projected to grow from $127.1 billion in 2025 to $192.7 billion in 2030, growing at a compound annual growth rate (“CAGR”) of 9%, according to data from the H2 Report.
In achieving this objective, we shall at the same time: ● Lower data acquisition costs based upon a reduction of labor. ● Create new industry-leading betting markets and increase availability of live betting markets. ● Increase our ability to scale sports event coverage. ● We have developed one of the most realistic virtual sports products designed to simulate actual matches and races.
In achieving this objective, we shall at the same time: ● Lower data acquisition costs based upon a reduction of labor. ● Create new industry-leading betting markets and increase availability of live betting markets. ● Increase our ability to scale sports event coverage. ● Deepen our understanding of sports and derive unique, actionable insights for sports performance, media and betting.
Such laws and regulations include those regulating gaming, sports betting, iGaming, competition, consumer privacy, data protection, cybersecurity and information security. These descriptions are not exhaustive, and these laws, regulations and rules frequently change and are increasing in number.
Such laws and regulations include those regulating gaming, sports betting, iGaming, competition, consumer privacy, data protection, cybersecurity and information security.
Sportradar Platform Our platform simplifies the complex, fragmented and, in the case of betting, regulated, sports ecosystem. While sports leagues, betting operators and media companies focus on their respective core competencies, we focus on leveraging data and technology to help our clients run their businesses efficiently and create more engaging experiences.
While sports leagues, betting operators and media companies focus on their respective core competencies, we focus on leveraging data and technology to help our clients run their businesses efficiently and create more engaging experiences. We are experts in sports data and building technology-enabled solutions empowered by that data.
Today, our clients, which include private B2C gambling and betting operators as well as state-owned monopoly operators, are subject to licensing in several European and EU jurisdictions. 55 Table of Contents Although the legislation and regulation on the provision of facilities for taking part in betting activities differ widely across jurisdictions in Europe, the protection of the betting customers from compulsive gambling behavior and overspending is one of the main legislative objectives of gambling and betting laws in most European jurisdictions.
Although the legislation and regulation on the provision of facilities for taking part in betting activities differ widely across jurisdictions in Europe, the protection of the betting customers from compulsive gambling behavior and overspending is one of the main legislative objectives of gambling and betting laws in most European jurisdictions.
These streaming services are enhanced with Live Odds and other betting engagement tools to deliver a comprehensive and immersive fan experience. ● iGaming : We build realistic motion capture and real video footage simulations to help bookmakers keep fans engaged during off-seasons. We currently offer virtual soccer, horse and dog racing, basketball, tennis, baseball and cricket.
These streaming services are enhanced with Live Odds and other betting engagement tools to deliver a comprehensive and immersive fan experience. ● iGaming : Our innovative iGaming entertainment blends live sports, casino games, slots and hybrid content. We build and offer realistic motion capture and real video footage simulations to help bookmakers keep fans engaged.
In the United States alone, sport betting has grown from a $1.7 billion market in 2019 to a forecasted $16.6 billion market in 2024 (57% CAGR), and is anticipated to expand further to a $38.2 billion market in 2028, growing at a CAGR of 18%, according to the H2 Report.
In the United States alone, sports betting has grown from a $2.2 billion market in 2020 to a forecasted $19.7 billion market in 2025 (55% CAGR), and is anticipated to expand further to a $35.7 billion market in 2030, growing at a CAGR of 13%, according to the H2 Report.
We use machine learning and AI, trained on historical data, to enrich our datasets, reduce costs via automation, and enable new use cases. For example, we leverage computer vision to automate in-game data collection powering Live Odds and other betting and media use cases in several sports.
For example, we leverage computer vision to automate in-game data collection powering Live Odds and other betting and media use cases in several sports.
We are experts in sports data and building technology-enabled solutions empowered by that data. We offer the most comprehensive solution in the marketplace which positions us to cover the end-to-end needs of our clients.
We offer the most comprehensive solution in the marketplace which positions us to cover the end-to-end needs of our clients.
We recognize that rewarding employees fairly, providing equitable and competitive rewards, along with providing workplace flexibility, is crucial to attracting and maintaining a motivated workforce. We believe that we maintain a good relationship with our employees. For additional detail regarding the number of our employees by geography and category, see Item 6.D “Directors, Senior Management and Employees—D.
We believe that we maintain a good relationship with our employees. For additional detail regarding the number of our employees by geography and category, see Item 6.D “Directors, Senior Management and Employees—D. Employees .” C.
In case of the regulatory environment becoming unfavorable or unfeasible for our clients to continue offering sports betting in certain jurisdictions, this may result in closure of certain markets and thus in a loss of revenue due to a decreased demand for our products and services.
In case of the regulatory environment becoming unfavorable or unfeasible for our clients to continue offering sports betting in certain jurisdictions, this may result in closure of certain markets and thus in a loss of revenue due to a decreased demand for our products and services. 57 Table of Contents U.S. laws and regulations The gaming industry (inclusive of our sports wagering and iGaming product offerings) in the United States is highly regulated, and we must maintain our licenses to continue our gaming-related operations.
In addition to constant internal monitoring of our applications to evaluate their performance and reliability, we also utilize synthetic transaction monitoring. This allows us to monitor the service as if we were an end user of our products and efficiently test services across the full spectrum of plausible usage scenarios and load factors. ● Embed security at every level .
This allows us to monitor the service as if we were an end user of our products and efficiently test services across the full spectrum of plausible usage scenarios and load factors. ● Embed security at every level . Our systems are built to be secure on the basis of a defense in depth approach to software development.
Interactive betting, i.e., online and mobile betting, according to H2 Gambling Capital’s Global Gaming Data Summary, dated January 16, 2025 (the “H2 Report”), accounts for 66% of total sports betting in 2024, versus 34% at retail or land-based operations and the “interactive” contribution percentage, and is anticipated to exceed 70% by 2027. 44 Table of Contents Within sports betting, recent product innovations such as cash out products, super live products, odds boost products and combination/parlay products, are further increasing sports bettor engagement.
Interactive betting, i.e., online and mobile betting, according to H2 Gambling Capital’s Global Gaming Data Summary, dated January 15, 2026 (the “H2 Report”), accounts for 70% of total sports betting in 2025, versus 30% at retail or land-based operations and the “interactive” contribution percentage, and is anticipated to exceed 75% by 2030.
This is a strength and a key differentiator for our business. We recognize that our people are integral to our continued success, as their skills and dedication enable us to fulfill our vision and goals. We are committed to fostering a safe, fair and dynamic working environment that is collaborative, client-focused and results-driven.
Employees We believe our culture is built on global collaboration, integrity, innovation and sportsmanship. This is a strength and a key differentiator for our business. We recognize that our people are integral to our continued success, as their skills and dedication enable us to fulfill our vision and goals.
Live betting, also known as in-play betting, allows users to bet on specific plays and other events or outcomes within a game.
Within sports betting, recent product innovations such as cash out products, super live products, odds boost products and combination/parlay products, are further increasing sports bettor engagement. Live betting, also known as in-play betting, allows users to bet on specific plays and other events or outcomes within a game.
Our media clients may also use our services to target jurisdictions where they are not permitted to advertise, and our risk mitigation controls may fail to identify and/or prevent this, which could cause our business to suffer adverse legal and reputational effects.
Our media clients may also use our services to target jurisdictions where they are not permitted to advertise, and our risk mitigation controls may fail to identify and/or prevent this, which could cause our business to suffer adverse legal and reputational effects. 59 Table of Contents See “ Risk Factors—Risks Related to Our Business and Industry—We are subject to evolving governmental regulations and other legal obligations, particularly related to privacy, data protection and information security, and consumer protection laws across different markets where we conduct our business.
These are also under reform and might be replaced by a regulation that could provide consistent requirements across the European Union. 56 Table of Contents The GDPR introduced more stringent requirements (which will continue to be interpreted through guidance and decisions over the coming years) and requires organizations to erase an individual’s information upon request and limit the purposes for which personal data may be used.
The GDPR introduced more stringent requirements (which will continue to be interpreted through guidance and decisions over the coming years) and requires organizations to erase an individual’s information upon request and limit the purposes for which personal data may be used. The GDPR also imposed mandatory data breach notification requirements and additional new obligations on service providers.
We believe that the depth and breadth of this data makes us uniquely placed in the market to deliver innovative products. We employ experts dedicated to AI, computer vision and machine learning based innovation. We additionally employ quantitative analysts who focus on developing mathematical statistical models of sports.
For example, we collect the locations of players on a playing field, detailed player statistics, and a vast library of video footage for past sporting events. We believe that the depth and breadth of this data makes us uniquely placed in the market to deliver innovative products. We employ experts dedicated to AI, computer vision and machine learning based innovation.
As such, our revenue has historically been strongest during the first and fourth quarters when many playoffs and championship games occur and has historically seen decreased or stalled growth rates during off-seasons. Our revenue may also be affected by the scheduling of major sporting events that do not occur annually, or the cancellation or postponement of sporting events and races.
As such, our revenue has historically been strongest during the first and fourth quarters when many playoffs and championship games occur and has historically seen decreased or stalled growth rates during off-seasons, including in the second and third quarters with respect to European soccer.
Similarly, our API Standards initiative aims to ensure seamless service interoperability while also providing tooling and infrastructure to streamline API development and API security. Leveraging Our Unique Data Assets Each element of data we process is stored within our data lake where it can be easily retrieved.
Similarly, our API Standards initiative aims to ensure seamless service interoperability while also providing tooling and infrastructure to streamline API development and API security.
If one node goes down, then the network automatically reconfigures and redirects data traffic to the next closest working node. We believe this type of sophisticated ring topology is unique in the market as follows. ● Observability ensures we are delivering .
If one node goes down, then the network automatically reconfigures and redirects data traffic to the next closest working node. ● Observability ensures we are delivering . In addition to constant internal monitoring of our applications to evaluate their performance and reliability, we also utilize synthetic transaction monitoring.
Supporting our employees as they embody these values is essential to our continued growth, as is providing opportunities for personal and professional development. Ongoing learning and career progression are the key to our approach, ensuring that our people have the tools and support they need to thrive.
Providing opportunities for ongoing learning and career progression are the key to our employees’ personal and professional development, ensuring that our people have the tools and support they need to thrive. We recognize that rewarding employees fairly, providing equitable and competitive rewards, along with providing workplace flexibility, is crucial to attracting and maintaining a motivated workforce.
On October 23, 2024, the Data (Use and Access) Bill was proposed in the U.K. to update the current U.K. data protection regime.
The European Commission initially adopted an adequacy decision in favor of the United Kingdom in 2021, enabling data transfers from the EEA to the United Kingdom without the need for additional transfer safeguards. On October 23, 2024, the Data (Use and Access) Bill was proposed in the U.K. to update the current U.K. data protection regime.
Over the years, we have moved beyond just the basic sports statistics, such as scores, goals and line-ups, to also capture and store a diverse range of other datasets. For example, we collect the locations of players on a playing field, detailed player statistics, and a vast library of video footage for past sporting events.
Leveraging Our Unique Data Assets Each element of data we process is stored within our data lake where it can be easily retrieved. Over the years, we have moved beyond just the basic sports statistics, such as scores, goals and line-ups, to also capture and store a diverse range of other datasets.
These changes may lead to additional costs and increase our overall risk exposure. Other countries have also passed or are considering passing laws requiring local data residency and/or restricting international data transfers. For instance, the China Personal Information Protection Law (“PIPL”) imposes strict requirements for cross-border data transfer by companies that collect personal information within the territory of China.
For instance, the China Personal Information Protection Law (“PIPL”) imposes strict requirements for cross-border data transfer by companies that collect personal information within the territory of China.
Our expansive network, in-depth data collecting infrastructure and scale of our historical data, is a significant barrier to our competitors. Our infrastructure allows us to gather, consolidate, quality check, transfer, distribute and analyze sports data in real-time, globally.
Our platform is underpinned by high quality and fast data, which we have collected for over two decades. Our expansive network, in-depth data collecting infrastructure and scale of our historical data, is a significant barrier to our competitors.
By continuously investing in employee development and prioritizing diversity, we aim to be an employer of choice. We value feedback and encourage the sharing of ideas, as we believe listening to our employees and recognizing their contribution are vital for collective growth.
We value feedback and encourage the sharing of ideas, as we believe listening to our employees and recognizing their contribution are vital to drive innovation and collective growth. Supporting our employees as they embody these values is essential to our company culture and continued success, as is defining our uniqueness.
Removed
Sports betting legalization is rapidly accelerating, globally. Sports betting is the fastest growing category within the broader gambling market.
Added
In addition to our ATP partnership, we have tennis partnerships with the US Open Tennis Championships, Roland-Garros (commonly referred to as the French Open) and the Wimbledon Championships via the tournament organizers, the United States Tennis Association (“USTA”), French Tennis Federation (“FFT”), and All England Lawn Tennis Club (“AELTC”), respectively.
Removed
Our simulations and visualizations were developed on the back of Sportradar’s data expertise and utilize advanced 3D graphics technology. Our proprietary gaming platform offers a simple e-wallet integration for zero development effort on the client-side when integrating additional virtual sports. These products are optimized for multiple channels, including online and mobile, and we provide flexible customization and integration options.
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In addition, the launch and rollout of prediction markets represent both a potential complement to and disruption of the traditional betting model.
Removed
On this basis, we currently hold B2B supplier licenses in Belgium, United Kingdom, Malta, Gibraltar, Greece, Romania, Denmark and Sweden.
Added
While still evolving and subject to regulatory debate, prediction markets are becoming a notable development in the broader sports ecosystem and may influence how consumers interact with the industry over time. 45 Table of Contents Sports betting continues to rapidly accelerate, globally. Sports betting is the fastest growing category within the broader gambling market.
Removed
U.S. laws and regulations The gaming industry (inclusive of our sports wagering and iGaming product offerings) in the United States is highly regulated, and we must maintain our licenses to continue our gaming-related operations.

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Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

57 edited+13 added−24 removed59 unchanged
Biggest changeCorresponding information for historic periods has been restated for comparability with the current presentation. 68 Table of Contents Comparison of Results for the Fiscal Years Ended December 31, 2024 and 2023 The following table sets forth the consolidated statements of profit or loss in Euros for the periods presented. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ ​ 2024 2023 € Change Change ​ ​ (In thousands) Revenue ​ € 1,106,556 ​ € 877,621 ​ € 228,935 26.1 % Personnel expenses ​ (349,669) ​ (326,031) ​ (23,638) 7.3 % Sport rights expenses (including amortization of capitalized sport rights licenses) ​ (352,435) ​ (214,189) ​ (138,246) 64.5 % Purchased services ​ (175,582) ​ (151,705) ​ (23,877) 15.7 % Other operating expenses ​ (93,537) ​ (89,443) ​ (4,094) 4.6 % Internally-developed software cost capitalized ​ ​ 50,008 ​ ​ 28,301 ​ ​ 21,707 ​ 76.7 % Depreciation and amortization (excluding amortization of capitalized sport rights licenses) ​ ​ (50,782) ​ ​ (46,344) ​ ​ (4,438) ​ 9.6 % Impairment loss on trade receivables, contract assets and other financial assets ​ (5,699) ​ (6,179) ​ 480 (7.8) % Share of loss of equity-accounted investees ​ ​ — ​ ​ (3,699) ​ ​ 3,699 ​ (100.0) % Loss on disposal of equity-accounted investee ​ — ​ (13,604) ​ 13,604 (100.0) % Impairment loss on goodwill and intangible assets ​ (167) ​ (9,854) ​ 9,687 (98.3) % Foreign currency (loss)gains, net ​ (38,223) ​ 23,205 ​ (61,428) (264.7) % Finance income ​ 10,952 ​ 12,848 ​ (1,896) (14.8) % Finance cost ​ (78,870) ​ (33,731) ​ (45,139) 133.8 % Net income before tax ​ 22,552 ​ 47,196 ​ (24,644) (52.2) % Income tax benefit (expense) ​ 11,060 ​ (12,551) ​ 23,611 (188.1) % Profit for the year from continuing operations ​ 33,612 ​ 34,645 ​ (1,033) (3.0) % Discontinued operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loss from discontinued operations, net of tax ​ — ​ (751) ​ ​ 751 (100.0) % Profit for the year ​ € 33,612 ​ € 33,894 ​ € (282) (0.8) % ​ Revenue Revenue was €1,106.6 million for the year ended December 31, 2024, an increase of €228.9 million, or 26.1%, compared to €877.6 million for the year ended December 31, 2023.
Biggest changeComparison of Results for the Fiscal Years Ended December 31, 2025 and 2024 The following table sets forth the consolidated statements of profit or loss in Euros for the periods presented. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ € Change ​ ​ ​ Change ​ ​ (In thousands) Revenue ​ € 1,289,965 ​ € 1,106,556 ​ € 183,409 17 % Personnel expenses ​ (402,221) ​ (349,669) ​ (52,552) 15 % Sport rights expenses (including amortization of capitalized sport rights licenses) ​ (404,319) ​ (352,435) ​ (51,884) 15 % Purchased services ​ (190,928) ​ (175,582) ​ (15,346) 9 % Other operating expenses ​ (146,015) ​ (93,537) ​ (52,478) 56 % Internally-developed software cost capitalized ​ ​ 46,746 ​ ​ 50,008 ​ ​ (3,262) ​ (7) % Depreciation and amortization (excluding amortization of capitalized sport rights licenses) ​ ​ (66,951) ​ ​ (50,782) ​ ​ (16,169) ​ 32 % Impairment loss on trade receivables, contract assets and other financial assets ​ (9,393) ​ (5,699) ​ (3,694) 65 % Impairment loss on goodwill and intangible assets ​ (935) ​ (167) ​ (768) 460 % Foreign currency gains (losses), net ​ 78,814 ​ (38,223) ​ 117,037 (306) % Finance income ​ 10,532 ​ 10,952 ​ (420) (4) % Finance cost ​ (86,531) ​ (78,870) ​ (7,661) 10 % Net income before tax ​ 118,764 ​ 22,552 ​ 96,212 427 % Income tax (expense) benefit ​ (18,440) ​ 11,060 ​ (29,500) (267) % Profit for the year ​ € 100,324 ​ € 33,612 ​ € 66,712 198 % ​ Revenue Revenue was €1,290.0 million for the year ended December 31, 2025, an increase of €183.4 million, or 17%, compared to €1,106.6 million for the year ended December 31, 2024. 69 Table of Contents Betting Technology & Solutions revenues of €1,047.1 million were up 15% year-over-year primarily driven by a 16% increase in Betting and Gaming Content due to customer uptake of our content and products, contributions related to the acquisition of IMG ARENA, as well as from U.S. market growth, partially offset by the impact of foreign currency movements.
The most directly comparable IFRS measure of Free cash flow is Net cash from operating activities, and the most directly comparable IFRS measure of Free cash flow conversion is Net cash from operating activities conversion, which is measured as a percentage of Profit for the period from continuing operations.
The most directly comparable IFRS measure of Free cash flow is Net cash from operating activities, and the most directly comparable IFRS measure of Free cash flow conversion is Net cash from operating activities conversion, which is measured as Net cash from operating activities as a percentage of Profit for the period from continuing operations.
As summarized in Item 4.B “Business Overview—Our Products,” the products within this revenue category primarily serve betting operators. These revenue streams are generated through the delivery of live sports data, pre-match odds, live odds, streaming and betting engagement, and outsourced bookmaking services through our Sports Betting & Gaming platform.
As summarized in Item 4.B “Business Overview—Our Products, the products within this revenue category primarily serve betting operators. These revenue streams are generated through the delivery of live sports data, pre-match odds, live odds, streaming and betting engagement, and outsourced bookmaking services through our Sports Betting & Gaming platform.
Management believes that, including amortization of sport rights in its calculation of Adjusted EBITDA, the result is a financial metric that is both more meaningful and comparable for management and our investors while also being more indicative of our ongoing operating performance.
Management believes that by including amortization of sport rights in its calculation of Adjusted EBITDA, the result is a financial metric that is both more meaningful and comparable for management and our investors while also being more indicative of our ongoing operating performance.
Trend Information Other than as disclosed elsewhere in this Annual Report, we are not aware of any trends, uncertainties, demands, commitments or events since December 31, 2024 that are reasonably likely to have a material effect on our net sales, income from continuing operations, profitability, liquidity or capital resources, or that would cause the disclosed financial information to be not necessarily indicative of future operating results or financial conditions.
Trend Information Other than as disclosed elsewhere in this Annual Report, we are not aware of any trends, uncertainties, demands, commitments or events since December 31, 2025 that are reasonably likely to have a material effect on our net sales, income from continuing operations, profitability, liquidity or capital resources, or that would cause the disclosed financial information to be not necessarily indicative of future operating results or financial conditions.
As summarized in Item 4.B “Business Overview—Our Products,” the products within this revenue category serve betting operators, media companies, technology companies and sport leagues and federations.
As summarized in Item 4.B “Business Overview—Our Products, the products within this revenue category serve betting operators, media companies, technology companies and sport leagues and federations.
Certain information called for by this Item 5, including a discussion of the year ended December 31, 2023 compared to the year ended December 31, 2022 has been reported previously in Item 5 of Form 20-F filed on March 20, 2024 under the section entitled “Operating and Financial Review and Prospects” and is incorporated by reference into this Annual Report.
Certain information called for by this Item 5, including a discussion of the year ended December 31, 2024 compared to the year ended December 31, 2023 has been reported previously in Item 5 of Form 20-F filed on March 20, 2025 under the section entitled “Operating and Financial Review and Prospects” and is incorporated by reference into this Annual Report.
We present Adjusted EBITDA because our management believes that some excluded items are non-recurring in nature and this information is relevant in evaluating the results of the Company relative to other entities that operate in the same industry. Management believes Adjusted EBITDA is useful to investors for evaluating Sportradar’s operating performance against competitors, which commonly disclose similar performance measures.
We present Adjusted EBITDA because our management believes that some excluded items are non-recurring in nature and this information is relevant in evaluating the results relative to other entities that operate in the same industry. Management believes Adjusted EBITDA is useful to investors for evaluating Sportradar’s operating performance against competitors, which commonly disclose similar performance measures.
Impairment loss on goodwill and intangible assets Impairment of intangible assets is recognized where we determine that the investment made in the respective intangible assets is not fully recoverable. 67 Table of Contents Impairment loss on trade receivables, contract assets and other financial assets Impairment loss on trade receivables, contract assets and other financial assets consist primarily of impairment on loans granted by us to clients and management and the provision for expected credit losses in respect of trade receivables and contract assets.
Impairment loss on goodwill and intangible assets Impairment of intangible assets is recognized where we determine that the investment made in the respective intangible assets is not fully recoverable. 68 Table of Contents Impairment loss on trade receivables, contract assets and other financial assets Impairment loss on trade receivables, contract assets and other financial assets consist primarily of impairment on loans granted by us to clients and management and the provision for expected credit losses in respect of trade receivables and contract assets.
With the number one market share in the United States, significant investments in place, and deeply embedded relationships, we are well-positioned for sustained U.S. market leadership. 60 Table of Contents We intend to continue to invest in our international operations to grow our business outside of our existing markets as legalization progresses.
With the number one market share in the United States, significant investments in place, and deeply embedded relationships, we are well-positioned for sustained U.S. market leadership. 61 Table of Contents We intend to continue to invest in our international operations to grow our business outside of our existing markets as legalization progresses.
Components of our Results of Operations The following briefly describes the components of revenue and expenses as presented in our consolidated statements of profit or loss and other comprehensive income. Revenue We generate revenue through the delivery of products and services to clients in the following product categories: Betting Technology & Solutions and Sports Content, Technology & Services.
Components of our Results of Operations The following briefly describes the components of revenue and expenses as presented in our consolidated statements of profit or loss and other comprehensive income. Revenue We generate revenue through the delivery of products and services to clients in the following product categories: (i) Betting Technology & Solutions and (ii) Sports Content, Technology & Services.
The minimum guarantee amounts are generally recognized over the life of the contract on a straight-line basis, while generally variable fees based on profit sharing and per event overage fees are recognized as earned. 66 Table of Contents Sports Content, Technology & Services.
The minimum guarantee amounts are generally recognized over the life of the contract on a straight-line basis, while generally variable fees based on profit sharing and per event overage fees are recognized as earned. 67 Table of Contents Sports Content, Technology & Services.
Borrowings As of December 31, 2024 and 2023, the Company had access to €220.0 million in revolving credit facilities (“RCF”) through a credit agreement (together with its amendments, the “Credit Agreement”), with no outstanding commitments under the RCF.
Borrowings As of December 31, 2025 and 2024, the Company had access to €220.0 million in revolving credit facilities (“RCF”) through a credit agreement (together with its amendments, the “Credit Agreement”), with no commitments outstanding under the RCF.
We define such terms as follows: ● “Adjusted EBITDA” represents earnings for the period from continuing operations adjusted for finance income and finance costs, income tax expense or benefit, depreciation and amortization (excluding amortization of capitalized sport rights licenses), foreign currency gains or losses, and other items that are non-recurring or not related to the Company’s revenue-generating operations, including share-based compensation, impairment charges or income, management restructuring costs, non-routine litigation costs, losses related to equity-accounted investee (SportTech AG), and professional fees for the Sarbanes Oxley Act of 2002 and enterprise resource planning implementations.
We define such terms as follows: ● “Adjusted EBITDA” represents earnings for the period from continuing operations adjusted for finance income and finance costs, income tax expense or benefit, depreciation and amortization (excluding amortization of capitalized sport rights licenses), foreign currency gains or losses, and other items that are non-recurring or not related to the Company’s revenue-generating operations, including share-based compensation, impairment charges or income, restructuring costs, non-routine litigation costs, certain transaction-related costs, secondary offering costs, losses related to equity-accounted investee (SportTech AG), and professional fees for the Sarbanes Oxley Act of 2002 and enterprise resource planning implementations.
However, our calculation of Adjusted EBITDA may not be comparable to other similarly titled performance measures of other companies. Adjusted EBITDA is not intended to be a substitute for any IFRS financial measure. 62 Table of Contents Items excluded from Adjusted EBITDA include significant components in understanding and assessing financial performance.
However, Sportradar’s calculation of Adjusted EBITDA may not be comparable to other similarly titled performance measures of other companies. Adjusted EBITDA is not intended to be a substitute for any IFRS financial measure. 63 Table of Contents Items excluded from Adjusted EBITDA include significant components in understanding and assessing financial performance.
Research and Development, Patents and Licenses, Etc. We continue to make substantial investments in research and development in key areas of technology and innovation. Our technology categories are aligned to business domains and work to deliver new strategic features and capabilities for Sportradar as well as supporting the existing product suite.
We continue to make substantial investments in development in key areas of technology and innovation. Our technology categories are aligned to business domains and work to deliver new strategic features and capabilities for Sportradar as well as supporting the existing product suite.
We then calculate the reported trailing twelve month revenue from the same client cohort as of the current period end, or current period revenue. Current period revenue includes any upsells and is net of contraction and attrition over the trailing twelve months, but excludes revenue from new clients in the current period.
We then calculate the reported trailing twelve-month revenue from the same customer cohort as of the current period end, or current period revenue. Current period revenue includes any upsells and is net of contraction and attrition over the trailing twelve months, but excludes revenue from new customers in the current period.
These contracts typically have fixed fees where revenue is primarily recognized on a straight-line basis over the contract term. For the year ended December 31, 2024, 68% of our total revenue was generated from fixed-fee recurring arrangements. The remaining 32% of revenue for the year ended December 31, 2024 was generated from revenue sharing arrangements.
These contracts typically have fixed fees where revenue is primarily recognized on a straight-line basis over the contract term. For the year ended December 31, 2025, 67% of our total revenue was generated from fixed-fee recurring arrangements. The remaining 33% of revenue for the year ended December 31, 2025 was generated from revenue sharing arrangements.
For the year ended December 31, 2023, 69% of our total revenue was generated from fixed-fee recurring arrangements. The remaining 31% of revenue for the year ended December 31, 2023 was generated from revenue sharing arrangements. Costs and expenses Personnel expenses .
For the year ended December 31, 2024, 68% of our total revenue was generated from fixed-fee recurring arrangements. The remaining 32% of revenue for the year ended December 31, 2024 was generated from revenue sharing arrangements. Costs and expenses Personnel expenses .
Capital Expenditures Our capital expenditures consist primarily of payments for capitalized sport rights and capitalized personnel expenditures and external vendor costs for self-developed software. Our capital expenditures during the fiscal year ended December 31, 2024 were €227.7 million, an increase of €27.4 million, or 13.7%, from €200.3 million for the year ended December 31, 2023.
Capital Expenditures Our capital expenditures consist primarily of payments for capitalized sport rights and capitalized personnel expenditures and external vendor costs for self-developed software. Our capital expenditures during the fiscal year ended December 31, 2025 were €228.3 million, an increase of €0.6 million, or 0.3%, from €227.7 million for the year ended December 31, 2024.
We remain committed to closely monitoring currency markets and implementing strategies to mitigate the impact of these fluctuations on our financial results. 61 Table of Contents Key Financial and Operational Performance Indicators The following table sets forth our key financial and operational performance indicators for the years ended December 31, 2024, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ ​ (in thousands) ​ 2024 2023 2022 Revenue ​ € 1,106,556 ​ € 877,621 ​ € 730,188 ​ Profit for the year from continuing operations ​ € 33,612 ​ € 34,645 ​ € 10,491 ​ Adjusted EBITDA ​ € 222,418 ​ € 166,799 ​ € 125,846 ​ Profit for the year from continuing operations as a percentage of revenue ​ 3.0 % 3.9 % 1.4 % Adjusted EBITDA margin ​ 20.1 % 19.0 % 17.2 % Customer Net Retention Rate ​ 127 % 111 % 119 % ​ See “Non-IFRS Financial Measures and Operating Metric” below for a definition, explanation and, as applicable, reconciliation of these measures.
We remain committed to closely monitoring currency markets and implementing strategies to mitigate the impact of these fluctuations on our financial results. 62 Table of Contents Key Financial and Operational Performance Indicators The following table sets forth our key financial and operational performance indicators for the years ended December 31, 2025, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ ​ (in thousands) ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 Revenue ​ € 1,289,965 ​ € 1,106,556 ​ € 877,621 ​ Profit for the year from continuing operations ​ € 100,324 ​ € 33,612 ​ € 34,645 ​ Adjusted EBITDA ​ € 296,787 ​ € 222,418 ​ € 166,799 ​ Profit for the year from continuing operations as a percentage of revenue ​ 7.8 % 3.0 % 3.9 % Adjusted EBITDA margin ​ 23.0 % 20.1 % 19.0 % Customer Net Retention Rate ​ 109 % 127 % 111 % ​ See “Non-IFRS Financial Measures and Operating Metric” below for a definition, explanation and, as applicable, reconciliation of these measures.
The following table details the Adjusted EBITDA margin for the years ended December 31, 2024, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2024 2023 2022 ​ ​ (in thousands) Adjusted EBITDA ​ € 222,418 ​ € 166,799 ​ € 125,846 ​ Revenue ​ € 1,106,556 ​ € 877,621 ​ € 730,188 ​ Adjusted EBITDA margin ​ 20.1 % 19.0 % 17.2 % ​ The most directly comparable IFRS measure of profit for the year from continuing operations as a percentage of revenue is disclosed below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2024 2023 2022 ​ ​ (in thousands) Profit for the year from continuing operations ​ € 33,612 ​ € 34,645 ​ € 10,491 ​ Revenue ​ € 1,106,556 ​ € 877,621 ​ € 730,188 ​ Profit for the year from continuing operations as a percentage of revenue ​ 3.0 % 3.9 % 1.4 % ​ ● “ Adjusted purchased services ” represents purchased services less capitalized external development costs. ● “ Adjusted personnel expenses ” represents personnel expenses less share-based compensation awarded to employees, management restructuring costs, and capitalized personnel compensation. ● “ Adjusted other operating expenses ” represents other operating expenses plus impairment loss on trade receivables, less non-routine litigation, share-based compensation awarded to third parties, and certain professional fees.
The following table details the Adjusted EBITDA margin for the years ended December 31, 2025, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ (in thousands) Adjusted EBITDA ​ € 296,787 ​ € 222,418 ​ € 166,799 ​ Revenue ​ € 1,289,965 ​ € 1,106,556 ​ € 877,621 ​ Adjusted EBITDA margin ​ 23.0 % 20.1 % 19.0 % ​ The most directly comparable IFRS measure of profit for the year from continuing operations as a percentage of revenue is disclosed below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ (in thousands) Profit for the year from continuing operations ​ € 100,324 ​ € 33,612 ​ € 34,645 ​ Revenue ​ € 1,289,965 ​ € 1,106,556 ​ € 877,621 ​ Profit for the year from continuing operations as a percentage of revenue ​ 7.8 % 3.0 % 3.9 % ​ ● “ Adjusted purchased services ” represents purchased services less capitalized external development costs. ● “ Adjusted personnel expenses ” represents personnel expenses less share-based compensation awarded to employees, restructuring costs, and capitalized personnel compensation. ● “ Adjusted other operating expenses ” represents other operating expenses plus impairment loss on trade receivables, less non-routine litigation, share-based compensation awarded to third parties, impairment charges or income, certain transaction-related costs, and secondary offerings costs.
Income tax benefit (expense) Income tax benefit was €11.1 million for the year ended December 31, 2024 compared to an expense position of €12.6 million for the year ended December 31, 2023. This year-over-year difference was primarily driven by the recognition of deferred tax assets for unused tax losses in 2024 and lower net income.
Income tax (expense) benefit Income tax expense was €18.4 million for the year ended December 31, 2025 compared to a benefit position of €11.1 million for the year ended December 31, 2024. This year-over-year difference was primarily driven by the recognition of deferred tax assets for unused tax losses in 2024.
Finance costs Finance costs was €78.9 million for the year ended December 31, 2024, an increase of €45.1 million, or 133.8%, compared to €33.7 million for the year ended December 31, 2023. This increase was primarily related to interest costs related to capitalized sport rights licenses.
Finance costs Finance costs was €86.5 million for the year ended December 31, 2025, an increase of €7.7 million, or 10%, compared to €78.9 million for the year ended December 31, 2024. This increase was primarily related to interest costs related to capitalized sport rights licenses.
We then divide the total current period revenue by the total prior period revenue to arrive at our Customer Net Retention Rate. For the year ended December 31, 2024, the top 200 clients represented approximately 83.0% of our revenue, an increase from 77.6% as of December 31, 2023.
We then divide the total current period revenue by the total prior period revenue to arrive at our Customer Net Retention Rate. For the year ended December 31, 2025, the top 200 customers represented approximately 79% of our revenue, a decrease from 83% as of December 31, 2024.
Cash Flows The following table presents the summary consolidated cash flow information for the periods presented. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2024 2023 2022 ​ ​ (in thousands) Net cash from operating activities ​ € 353,011 ​ € 258,645 ​ € 168,077 Net cash used in investing activities ​ (254,883) ​ (202,090) ​ (246,567) Net cash used in financing activities ​ (36,751) ​ (17,632) ​ (459,848) ​ Net cash from operating activities Net cash from operating activities was €353.0 million for the year ended December 31, 2024, an increase of €94.4 million from €258.6 million for the year ended December 31, 2023.
Cash Flows The following table presents the summary consolidated cash flow information for the periods presented. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ (in thousands) Net cash from operating activities ​ € 403,015 ​ € 353,011 ​ € 258,645 Net cash used in investing activities ​ (231,951) ​ (254,883) ​ (202,090) Net cash used in financing activities ​ (127,773) ​ (36,751) ​ (17,632) ​ Net cash from operating activities Net cash from operating activities was €403.0 million for the year ended December 31, 2025, an increase of €50.0 million from €353.0 million for the year ended December 31, 2024.
Calculations for these measures are disclosed below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ in €‘000 2024 2023 2022 ​ Net cash from operating activities ​ € 353,011 ​ € 258,645 ​ € 168,077 ​ Acquisition of intangible assets ​ (222,288) ​ (185,493) ​ (154,266) ​ Acquisition of property plant and equipment ​ (5,367) ​ (14,786) ​ (8,288) ​ Payment of lease liabilities ​ (7,830) ​ (7,983) ​ (5,958) ​ Free cash flow ​ € 117,526 ​ € 50,383 ​ € (435) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash from operating activities conversion ​ 1,050 % 747 % 1,602 % Free cash flow conversion ​ 53 % 30 % — % ​ 65 Table of Contents In addition, we define our operating metric as follows: ● “Customer Net Retention Rate” is calculated for a given period by starting with the reported trailing twelve month revenue from our top 200 clients as of twelve months prior to such period end, or prior period revenue.
The following table shows reconciliations of IFRS Net cash from operating activities and IFRS Net cash from operating activities conversion to Free cash flow and Free cash flow conversion: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ in €‘000 ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ Net cash from operating activities ​ € 403,015 ​ € 353,011 ​ € 258,645 ​ Acquisition of intangible assets ​ (223,377) ​ (222,288) ​ (185,493) ​ Acquisition of property plant and equipment ​ (4,902) ​ (5,367) ​ (14,786) ​ Payment of lease liabilities ​ (7,555) ​ (7,830) ​ (7,983) ​ Free cash flow ​ € 167,181 ​ € 117,526 ​ € 50,383 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash from operating activities conversion ​ 402 % 1,050 % 747 % Free cash flow conversion ​ 56 % 53 % 30 % ​ 66 Table of Contents In addition, we define our operating metric as follows: ● “Customer Net Retention Rate” is calculated for a given period by starting with the reported trailing twelve month revenue from our top 200 customers as of twelve months prior to such period end, or prior period revenue.
These adjusted expense measures are not intended to be a substitute for any IFRS financial measure. 64 Table of Contents The following tables show reconciliations of IFRS expenses included in profit for the period from continuing operations to expenses included in Adjusted EBITDA: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, in €‘000 2024 2023 2022 Purchased services ​ € 175,582 ​ € 151,705 ​ € 129,185 Less: capitalized external services ​ (21,616) ​ (6,528) ​ (2,170) Adjusted purchased services ​ € 153,966 ​ € 145,177 ​ € 127,015 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Personnel expenses ​ € 349,669 ​ € 326,031 ​ € 265,984 Less: share-based compensation ​ (40,460) ​ (40,776) ​ (27,517) Less: management restructuring ​ (1,620) ​ (8,005) ​ (5,528) Less: capitalized personnel compensation ​ (24,775) ​ (19,703) ​ (15,560) Adjusted personnel expenses ​ € 282,814 ​ € 257,547 ​ € 217,379 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other operating expenses ​ € 93,537 ​ € 89,443 ​ € 95,891 Less: non-routine litigation ​ (3,381) ​ — ​ (19,046) Less: share-based compensation ​ (932) ​ (1,006) ​ (1,120) Less: other ​ — ​ (707) ​ (4,341) Add: impairment (gain) loss on trade receivables ​ 5,699 ​ 6,179 ​ 1,552 Adjusted other operating expenses ​ € 94,923 ​ € 93,909 ​ € 72,936 ​ ● “ Free cash flow ” represents net cash from operating activities adjusted for payments for lease liabilities, acquisition of property and equipment, and acquisition of intangible assets. ● “ Free cash flow conversion ” represents Free cash flow as a percentage of Adjusted EBITDA.
These adjusted expense measures are not intended to be a substitute for any IFRS financial measure. 65 Table of Contents The following tables show reconciliations of IFRS expenses included in profit for the period from continuing operations to expenses included in Adjusted EBITDA: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, in €‘000 ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 Purchased services ​ € 190,928 ​ € 175,582 ​ € 151,705 Less: capitalized external services ​ (17,195) ​ (21,616) ​ (6,528) Adjusted purchased services ​ € 173,733 ​ € 153,966 ​ € 145,177 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Personnel expenses ​ € 402,221 ​ € 349,669 ​ € 326,031 Less: share-based compensation ​ (58,960) ​ (40,460) ​ (40,776) Less: management restructuring ​ (6,676) ​ (1,620) ​ (8,005) Less: capitalized personnel compensation ​ (25,781) ​ (24,775) ​ (19,703) Adjusted personnel expenses ​ € 310,804 ​ € 282,814 ​ € 257,547 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other operating expenses ​ € 146,015 ​ € 93,537 ​ € 89,443 Less: non-routine litigation ​ (35,156) ​ (3,381) ​ — Less: share-based compensation ​ (958) ​ (932) ​ (1,006) Less: transaction-related costs ​ (11,636) ​ — ​ — Less: secondary offering costs ​ ​ (2,191) ​ ​ — ​ ​ — Less: impairment loss on other financial assets ​ ​ (1,145) ​ ​ — ​ ​ (707) Add: impairment (gain) loss on trade receivables ​ 9,393 ​ 5,699 ​ 6,179 Adjusted other operating expenses ​ € 104,322 ​ € 94,923 ​ € 93,909 ​ ● “ Free cash flow ” represents net cash from operating activities adjusted for payments for lease liabilities, acquisition of property and equipment, and acquisition of intangible assets. ● “ Free cash flow conversion ” represents Free cash flow as a percentage of Adjusted EBITDA.
The following table reconciles Adjusted EBITDA to the most directly comparable IFRS financial performance measure, which is profit for the year from continuing operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2024 2023 2022 ​ ​ (in thousands) Profit for the year from continuing operations ​ € 33,612 ​ € 34,645 ​ € 10,491 Finance income ​ (10,952) ​ (12,848) ​ (5,250) Finance cost ​ 78,870 ​ 33,731 ​ 41,447 Income tax (benefit) expense ​ (11,060) ​ 12,551 ​ 7,299 Depreciation and amortization (excluding amortization of capitalized sport rights licenses) ​ 50,782 ​ 46,344 ​ 44,613 Foreign currency losses (gains), net ​ 38,223 ​ (23,205) ​ (26,690) Share-based compensation 1 ​ 37,775 ​ 39,712 ​ 28,637 Restructuring costs 2 ​ 1,620 ​ 8,005 ​ 5,528 Non-routine litigation costs 3 ​ 3,381 ​ — ​ 19,045 Losses related to equity-accounted investee 4 ​ — ​ 17,303 ​ 3,985 Impairment of goodwill and intangible assets ​ 167 ​ 9,854 ​ — Impairment loss on other financial assets ​ — ​ 202 ​ (5) Remeasurement of previously held equity-accounted investee 5 ​ — ​ — ​ (7,698) Professional fees for SOX and ERP implementations 6 ​ — ​ 505 ​ 4,298 One-time charitable donation for Ukrainian relief activities ​ — ​ — ​ 146 Adjusted EBITDA ​ € 222,418 ​ € 166,799 ​ € 125,846 1 Includes restricted share units and stock options granted to employees, non-employee, and directors (including related employer payroll taxes).
The following table reconciles Adjusted EBITDA to the most directly comparable IFRS financial performance measure, which is profit for the year from continuing operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ (in thousands) Profit for the year from continuing operations ​ € 100,324 ​ € 33,612 ​ € 34,645 Finance income ​ (10,532) ​ (10,952) ​ (12,848) Finance cost ​ 86,531 ​ 78,870 ​ 33,731 Income tax expense (benefit) ​ 18,440 ​ (11,060) ​ 12,551 Depreciation and amortization ​ 66,951 ​ 50,782 ​ 46,344 Foreign currency (gains) losses, net ​ (78,814) ​ 38,223 ​ (23,205) Share-based compensation 1 ​ 56,148 ​ 37,775 ​ 39,712 Restructuring costs 2 ​ 6,676 ​ 1,620 ​ 8,005 Non-routine litigation costs 3 ​ 35,156 ​ 3,381 ​ — Transaction-related costs 4 ​ ​ 11,636 ​ ​ — ​ ​ — Secondary offering costs 5 ​ ​ 2,191 ​ ​ — ​ ​ — Losses related to equity-accounted investee 6 ​ — ​ — ​ 17,303 Impairment of goodwill and intangible assets ​ 935 ​ 167 ​ 9,854 Impairment loss on other financial assets ​ 1,145 ​ — ​ 202 Professional fees for SOX and ERP implementations 7 ​ — ​ — ​ 505 Adjusted EBITDA ​ € 296,787 ​ € 222,418 ​ € 166,799 1 Includes restricted share units and stock options granted to employees, non-employee, and directors (including related employer payroll taxes).
Depreciation and amortization (excluding amortization of capitalized sport rights licenses) Depreciation and amortization (excluding amortization of capitalized sport rights licenses) was €50.8 million for the year ended December 31, 2024, an increase of €4.4 million, or 9.6%, compared to €46.3 million for the year ended December 31, 2023.
Depreciation and amortization (excluding amortization of capitalized sport rights licenses) Depreciation and amortization (excluding amortization of capitalized sport rights licenses) was €67.0 million for the year ended December 31, 2025, an increase of €16.2 million, or 32%, compared to €50.8 million for the year ended December 31, 2024.
The following table below further details the Company’s revenue split by product groups for the years ended December 31, 2024, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, in €‘000 2024 2023 2022 Betting Technology & Solutions ​ Betting and Gaming Content ​ 707,119 530,099 444,280 Managed Betting Services ​ 199,871 173,391 135,157 Total Betting Technology & Solutions ​ 906,990 703,490 579,437 Sports Content, Technology & Services ​ Marketing & Media Services ​ 146,919 126,629 105,478 Sports Performance ​ 40,366 39,758 37,412 Integrity Services ​ 12,281 7,744 7,861 Total Sports Content, Technologies & Services ​ 199,566 174,131 150,751 Total Revenue ​ 1,106,556 877,621 730,188 ​ Betting Technology & Solutions .
The following table below further details the Company’s revenue split by product groups for the years ended December 31, 2025, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, in €‘000 ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 Betting Technology & Solutions ​ ​ ​ ​ Betting and Gaming Content ​ 817,295 707,119 530,099 Managed Betting Services ​ 229,775 199,871 173,391 Total Betting Technology & Solutions ​ 1,047,070 906,990 703,490 Sports Content, Technology & Services ​ ​ ​ ​ Marketing & Media Services ​ 181,568 146,919 126,629 Sports Performance ​ 43,692 40,366 39,758 Integrity Services ​ 17,635 12,281 7,744 Total Sports Content, Technologies & Services ​ 242,895 199,566 174,131 Total Revenue ​ 1,289,965 1,106,556 877,621 ​ Betting Technology & Solutions.
The difference between the fair value of the previous held interest in NSoft on the date of acquisition and the carrying value of the additional interest resulted in a gain of €7.7 million, which we do not consider indicative of our ongoing operations. 6 Includes external consultancy costs related to SOX and ERP implementation, as we do not consider these costs indicative of our ongoing operations. 63 Table of Contents ● “Adjusted EBITDA margin” is the ratio of Adjusted EBITDA to revenue.
The difference between the carrying amount of the investment on May 31, 2023 and the fair value of proceeds received resulted in a loss on disposal of equity-accounted investee of €13.6 million, which we do not consider indicative of our ongoing operations. 7 Includes external consultancy costs related to SOX and ERP implementation, as we do not consider these costs indicative of our ongoing operations. 64 Table of Contents ● “Adjusted EBITDA margin” is the ratio of Adjusted EBITDA to revenue.
We believe our top 200 clients represent a good proxy for analyzing trends in our business and client behavior. The Customer Net Retention Rate was 127% in 2024 and 111% in 2023.
We believe our top 200 customers represent a good proxy for analyzing trends in our business and customers behavior. The Customer Net Retention Rate was 109% in 2025, which excludes any contribution from IMG, and 127% in 2024.
The Credit Agreement contains customary covenants that, among other things, restricts the borrower and its subsidiaries ability to: ● incur indebtedness, ● create liens, ● engage in mergers or consolidations, ● make investments, loans and advances, ● pay dividends and distributions and repurchase capital stock, ● sell assets and subsidiary stock, ● engage in certain transactions with affiliates, and ● make prepayments on junior indebtedness. 72 Table of Contents The Credit Agreement also contains, solely for the benefit of the RCF lenders, a springing financial covenant that requires the borrower to ensure that the senior secured net leverage ratio will not exceed 6.50:1.
The Credit Agreement contains customary covenants that, among other things, restricts the borrower and its subsidiaries ability to: ● incur indebtedness, ● create liens, ● engage in mergers or consolidations, ● make investments, loans and advances, ● pay dividends and distributions and repurchase capital stock, ● sell assets and subsidiary stock, ● engage in certain transactions with affiliates, and ● make prepayments on junior indebtedness.
Impairment loss on trade receivables, contract assets and other financial assets Impairment loss on trade receivables, contract assets and other financial assets was €5.7 million for the year ended December 31, 2024, a decrease of €0.5 million, or 7.8%, compared to €6.2 million for the year ended December 31, 2023.
Impairment of goodwill and intangible assets Impairment of goodwill and intangible assets was €0.9 million for the year ended December 31, 2025 compared to €0.2 million for the year ended December 31, 2024. 70 Table of Contents Impairment loss on trade receivables, contract assets and other financial assets Impairment loss on trade receivables, contract assets and other financial assets was €9.4 million for the year ended December 31, 2025, an increase of €3.7 million, or 65%, compared to €5.7 million for the year ended December 31, 2024.
The decrease was primarily driven by the development of U.S. dollars to Euros exchange rate on trade payables denominated in U.S. dollars related to sport rights licenses. Finance income Finance income was €11.0 million for the year ended December 31, 2024, a decrease of €1.9 million, or 14.8%, compared to €12.8 million for the year ended December 31, 2023.
The increase was primarily driven by the depreciation of the U.S. dollar against the Euro, impacting trade payables denominated in U.S. dollars related to sport rights licenses. Finance income Finance income was €10.5 million for the year ended December 31, 2025, a decrease of €0.4 million, or 4%, compared to €11.0 million for the year ended December 31, 2024.
Foreign currency (loss) gain, net Foreign currency (loss) gain, net, was €38.2 million for the year ended December 31, 2024, a decrease of €61.4 million, or 264.7%, compared to a €23.2 million gain for the year ended December 31, 2023.
Foreign currency gain (loss), net Foreign currency gain (loss), net, was €78.8 million for the year ended December 31, 2025, an increase of €117.0 million, or 306%, compared to a €38.2 million loss for the year ended December 31, 2024.
Managed Betting Services of €199.9 million were up 15% driven by strong growth in Managed Trading Services from higher trading margins and increased betting activity from existing and new clients.
Managed Betting Services revenues of €229.8 million were up 15% driven by strong growth in Managed Trading Services due to higher turnover and new clients.
Our current working capital needs relate mainly to sport rights fees and IT costs, as well as compensation and benefits of our employees.
Our current working capital needs relate mainly to sport rights fees and IT costs, as well as compensation and benefits of our employees. Our ability to expand and grow our business will depend on many factors, including our working capital needs and the evolution of our operating cash flows.
These restructuring measures were completed in January 2024, following the announcement of our new global organization and leadership structure. In connection with these organizational changes, we reassessed our segment identification analysis under IFRS 8 Operating Segments guidance. We concluded that discrete financial information was available to allocate resources solely on a consolidated basis.
In connection with these organizational changes, we reassessed our segment identification analysis under IFRS 8 Operating Segments guidance. We concluded that discrete financial information was available to allocate resources solely on a consolidated basis. Effective January 1, 2024, our company is one operating and reportable segment. Corresponding information for historic periods has been restated for comparability with the current presentation.
This increase was primarily driven by certain sport rights and internal software development projects. For additional information regarding our contractual commitments and contingencies, see Note 25 to our consolidated financial statements, which are included elsewhere in this Annual Report.
For additional information regarding our contractual commitments, see Note 26 to our consolidated financial statements, which are included elsewhere in this Annual Report.
Finance costs Finance costs consist primarily of interest expense on sport rights license payables fees. Segments In October 2023, we implemented several measures to enhance efficiency and realign our business and strategic priorities to better serve our clients and partners, drive global innovation and product development, and fuel long-term growth and profitability.
Segments In October 2023, we implemented several measures to enhance efficiency and realign our business and strategic priorities to better serve our clients and partners, drive global innovation and product development, and fuel long-term growth and profitability. These restructuring measures were completed in January 2024, following the announcement of the new global organization and leadership structure.
Net cash used in financing activities Net cash used in financing activities was €36.8 million for the year ended December 31, 2024, compared to net cash used in financing activities of €17.6 million for the year ended December 31, 2023. The change was mainly due to repurchasing of shares pursuant to our share repurchase program. C.
Net cash used in financing activities Net cash used in financing activities was €127.8 million for the year ended December 31, 2025, compared to net cash used in financing activities of €36.8 million for the year ended December 31, 2024.
Internally-developed software cost capitalized Internally-developed software cost capitalized was €50.0 million for the year ended December 31, 2024, an increase of €21.7 million, or 76.7%, compared to €28.3 million for the year ended December 31, 2023.
Internally-developed software cost capitalized Internally-developed software cost capitalized was €46.7 million for the year ended December 31, 2025, a decrease of €3.3 million, or 7%, compared to €50.0 million for the year ended December 31, 2024. This decrease was primarily driven by a decrease in intrusion detection service projects in 2025 compared to 2024.
Any future financing requirements will depend on many factors including our growth rate, revenue, and the timing and extent of spending to support our business and any acquisitions. In the event we require additional financing, we may not be able to raise such financing on terms acceptable to us or at all.
In the event we require additional financing, we may not be able to raise such financing on terms acceptable to us or at all.
These plans are not reflective of the Company’s ongoing operational costs for a given period. 3 Includes legal costs in connection with matters related to one-time litigation and settlement costs. 4 Represents non-cash losses of €3.7 million that are unrelated to our core businesses as the equity-accounted investee, SportTech AG, operated on a business-to-consumer model as opposed to our core businesses that operate on a business-to-business model.
As such, they are not indicative of the Company’s ongoing operating performance. 5 Includes costs recognized under IAS 34 that arise from discrete or non-recurring events and are not reflective of the Company’s normal, ongoing operating cost structure. 6 Represents non-cash losses of €3.7 million that are unrelated to our core businesses as the equity-accounted investee, SportTech AG, operated on a business-to-consumer model as opposed to our core businesses that operate on a business-to-business model.
Other operating expenses Other operating expenses were €93.5 million for the year ended December 31, 2024, an increase of €4.1 million, or 4.6%, compared to €89.4 million for the year ended December 31, 2023. These increases are primarily driven by an increase in marketing and travel expenses.
Other operating expenses Other operating expenses were €146.0 million for the year ended December 31, 2025, an increase of €52.5 million, or 56%, compared to €93.5 million for the year ended December 31, 2024. These increases were primarily driven by incremental legal and consulting costs related to the proposed IMG ARENA acquisition and non-routine litigation.
This is mainly due to profit from continuing operations of €34.2 million, a net increase of €12.2 million from equity-settled share-based payments activity and a €11.0 million increase related to foreign currency translation reserves within other comprehensive income.
This is offset by €10.4 million related to the acquisition of a non-controlling interest, a net decrease of €50.3 million from equity-settled share-based payments activity and a €20.6 million decrease related to foreign currency translation reserves within other comprehensive income.
Personnel expenses Personnel expenses were €349.7 million for the year ended December 31, 2024, an increase of €23.6 million, or 7.3%, compared to €326.0 million for the year ended December 31, 2023.
Sport rights expenses (including amortization of capitalized sport rights licenses) Sport rights expenses (including amortization of capitalized sport rights licenses) were €404.3 million for the year ended December 31, 2025, an increase of €51.9 million, or 15%, compared to €352.4 million for the year ended December 31, 2024.
Additionally, the Credit Agreement contains certain customary representations and warranties, affirmative covenants and events of default. If an event of default occurs, the lenders are entitled to take various actions, including the acceleration of amounts due and the exercise of the available remedies under the Credit Agreement.
If an event of default occurs, the lenders are entitled to take various actions, including the acceleration of amounts due and the exercise of the available remedies under the Credit Agreement. 72 Table of Contents Equity For the year ended December 31, 2025, our shareholders’ equity increased by €53.2 million to €978.3 million, compared to shareholders’ equity of €925.2 million for the year ended December 31, 2024.
Purchased services Purchased services were €175.6 million for the year ended December 31, 2024, an increase of €23.9 million, or 15.7%, compared to €151.7 for the year ended December 31, 2023. This increase was primarily driven by an increase of €25.1 million due to higher cloud and IT development costs to support growth initiatives.
This increase was primarily related to the continued success of the ATP partnership deal, our renewed partnership with MLB and additional costs related to IMG ARENA acquired sport rights. Purchased services Purchased services were €190.9 million for the year ended December 31, 2025, an increase of €15.3 million, or 9%, compared to €175.6 for the year ended December 31, 2024.
Our ability to expand and grow our business will depend on many factors, including our working capital needs and the evolution of our operating cash flows. 71 Table of Contents Since our inception, we have financed our operations primarily through cash generated by our operating activities, from borrowings under our credit facilities, and from proceeds of issuances of equity.
Since our inception, we have financed our operations primarily through cash generated by our operating activities, from borrowings under our credit facilities, and from proceeds of issuances of equity. As of December 31, 2025 and 2024, we had cash and cash equivalents of €365.3 million and €348.4 million, respectively.
These included a €78.4 million increase in amortization and depreciation related to sport rights partnerships with ATP and NBA, a €46.0 million rise in finance costs due to interest on capitalized sport rights licenses, and a €61.4 million foreign currency loss caused by fluctuations in the U.S. dollar-to-euro exchange rate on U.S.-denominated trade payables.
These increases were partially offset by a decrease of €117.0 million foreign currency gain resulting from fluctuations in the U.S. dollar-to-euro exchange rate on U.S.-denominated trade payables.
Additionally, there was a €9.7 million decrease in impairment of intangible assets and a €13.6 million reduction in one-time losses incurred during 2023 from the disposal of an equity-accounted investee SportTech AG. 73 Table of Contents Net cash used in investing activities Net cash used in investing activities was €254.9 million for the year ended December 31, 2024, an increase of €52.8 million from €202.1 million for the year ended December 31, 2023.
Net cash used in investing activities Net cash used in investing activities was €232.0 million for the year ended December 31, 2025, a decrease of €22.9 million from €254.9 million for the year ended December 31, 2024.
As of December 31, 2024 and 2023, we had cash and cash equivalents of €348.4 million and €277.2 million, respectively. Our cash consists of cash in bank accounts and highly liquid investments. We believe that our sources of liquidity and capital will be sufficient to meet our existing business needs for at least the next 12 months.
We believe that our sources of liquidity and capital will be sufficient to meet our existing business needs for at least the next 12 months. 71 Table of Contents Any future financing requirements will depend on many factors including our growth rate, revenue, and the timing and extent of spending to support our business and any acquisitions.
This increase was primarily driven by an increased amortization of €3.1 million from internally generated intangible assets. Impairment of goodwill and intangible assets Impairment of goodwill and intangible assets was €0.2 million for the year ended December 31, 2024, a decrease of €9.7 million or 98.3%, compared to €9.9 million for the year ended December 31, 2023.
This increase was primarily driven by an increased amortization from internally generated intangible assets.
Sports Content, Technology & Services revenues of €199.6 million, increased 15% year-over-year primarily driven by a 16% increase in Marketing & Media Services with strength in both European and North American ad:s revenue, with a variety of Sportsbooks investing in marketing campaigns during 2024.
Sports Content, Technology & Services revenues of €242.9 million increased 22% year-over-year primarily driven by a 24% increase in Marketing & Media Services due to increased spending from technology and media customers and contributions related to our expanded affiliate marketing capabilities.
Removed
The difference between the carrying amount of the investment on May 31, 2023 and the fair value of proceeds received resulted in a loss on disposal of equity-accounted investee of €13.6 million, which we do not consider indicative of our ongoing operations. 5 Prior to April 28, 2022, Sportradar held 40% of the shares of NSoft d.o.o. (“NSoft”).
Added
These plans are not reflective of the Company’s ongoing operational costs for a given period.
Removed
On April 29, 2022, the Company acquired an additional 30% of the shares in NSoft, thereby increasing its ownership to 70%.
Added
The expense primarily relates to restructuring activities associated with the integration of the acquired IMG business, including employee separations. 3 Includes legal costs in connection with matters related to one-time litigation and settlement costs. 2025 amounts primarily relate to the PANDA case. 4 Includes acquisition and integration expenses incurred that are discrete in nature, arise from specific events, and are not considered part of the Company’s normal recurring operating cost structure.
Removed
These items may include but are not limited to foreign exchange gains and losses. Such information may have a significant, and potentially unpredictable, impact on the Company’s future financial results.
Added
Finance income Finance income consists primarily of interest income from loans and bank account deposits. Finance costs Finance costs consist primarily of interest expense on sport rights license payables fees.
Removed
Share of loss of equity-accounted investees Share of loss of equity-accounted investees consist primarily of our share of the results of operations of associates and investees over which we have significant influence but not control or joint control.
Added
Personnel expenses Personnel expenses were €402.2 million for the year ended December 31, 2025, an increase of €52.6 million, or 15%, compared to €349.7 million for the year ended December 31, 2024. The increase was driven primarily by a rise in headcount to support revenue growth initiatives, year-over-year merit increases and the cumulative impact of shared-based compensation tranches.
Removed
Loss on disposal of equity-accounted investee Loss on disposal of equity-accounted investee consists of the difference between the carrying amount of the investment on the date the Company exists a joint venture and the fair value of proceeds received. Finance income Finance income consists primarily of interest income from loans and bank account deposits.
Added
This increase reflects higher variable shared revenue and media traffic costs consistent with revenue growth and additional scout costs driven by the expansion of product offerings and data collection. The increase were partially offset by lower one-time consulting fees as certain production and clouding servicing costs were transitioned in-house.
Removed
Effective January 1, 2024, our company is one operating and reportable segment.
Added
The increase was primarily driven by higher allowances resulting from increased trade receivable balances and adjustments to the allowance applied to loan receivables.
Removed
Betting Technology & Solutions revenues of €907.0 million were up 29% year-over-year primarily driven by a 33% increase in Betting and Gaming Content benefiting from existing and new customer uptake of products and premium pricing from NBA and new ATP product offerings, as well as from overall strong U.S. market growth.
Added
Our cash consists of cash in bank accounts and highly liquid investments.
Removed
The increase was driven primarily by higher salaries and wages expense and social security taxes due in large part to bonus and share-based compensation tied to Company performance, as well as increased headcount to support growth initiatives.
Added
The Credit Agreement also contains, solely for the benefit of the RCF lenders, a springing financial covenant that requires the borrower to ensure that the senior secured net leverage ratio will not exceed 6.50:1. Additionally, the Credit Agreement contains certain customary representations and warranties, affirmative covenants and events of default.
Removed
These increases were partially offset by a decrease of severance obligations in connection with restructuring actions taken during 2023. 69 Table of Contents Sport rights expenses (including amortization of capitalized sport rights licenses) Sport rights expenses (including amortization of capitalized sport rights licenses) were €352.4 million for the year ended December 31, 2024, an increase of €138.2 million, or 64.5%, compared to €214.2 million for the year ended December 31, 2023.
Added
This is mainly due to profit from continuing operations of €100.3 million and an increase of €34.2 million due to MLB sport rights equity grants in 2025.
Removed
This increase was primarily driven by additional sport rights licenses including a full year of the ATP and NBA partnerships, which started at the beginning of 2024 and the fourth quarter of 2023 respectively.
Added
The increase in net cash from operating activities primarily reflects higher profit for the period of €66.7 million from improved operating performance.
Removed
This increase was primarily driven by continued investment in new product offerings which has resulted in an increase of €6.6 million capitalized personnel expenses and €15.1 million increased capitalized external vendor costs primarily for software development projects, in addition to expanding product offerings and services unique to certain sport rights licenses.
Added
In reconciling the change to net cash from operating activities under the indirect method, we recorded non-cash adjustments, including a €29.5 million increase in income tax expense, a €52.4 million increase in amortization and depreciation primarily related to capitalized sport rights associated with our renewed partnership with MLB, a €8.9 million rise in finance costs due to interest on capitalized sport rights licenses, and a €15.7 million increase in equity-settled compensation from additional vesting tranches.
Removed
The impairment in 2023 was triggered by the strategic decision to divest or ramp-down certain products and client contracts, which did not reoccur in 2024.

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Biggest changeAlso, since September 2016 he has served on the board of directors of Verint Systems Inc., a Nasdaq-listed analytics company, and he currently serves as lead independent director since June 2024 and as a member of its audit committee and the nominating and governance committee, and since February 2024, he has served on the board of directors and the audit committee of LightForce Orthodontics, Inc.
Biggest changeFrom September 2016 to November 2025, he served on the board of directors and as Chair of the Audit Committee and a member of the governance committee of Verint Systems Inc., a Nasdaq-listed analytics company, and was the lead independent director from June 2024 until November 2025 when the company was sold. Prior to 2008, Mr.
Awards under the bonus plan for 2024 were generally based on Company-wide financial Adjusted EBITDA, revenue and cash flow metrics and individual contributions and were determined by the board of directors for the Chief Executive Officer and the compensation committee for the other officers. 78 Table of Contents In 2024, to further incentivize performance and align our executive officers’ interests with the interests of our shareholders, we implemented a new performance stock unit (“PSU”) program under which our then executive officers each received grants of PSUs in March 2024.
Awards under the bonus plan for 2025 were generally based on Company-wide financial Adjusted EBITDA, revenue and cash flow metrics and individual contributions and were determined by the board of directors for the Chief Executive Officer and the compensation committee for the other officers. 78 Table of Contents In 2024, to further incentivize performance and align our executive officers’ interests with the interests of our shareholders, we implemented a new performance stock unit (“PSU”) program under which our then executive officers each received grants of PSUs in March 2024.
The audit committee is responsible for: ● selecting and recommending the appointment of the independent auditor to the general meeting of shareholders; ● the supervision, compensation, retention and oversight of any accounting firm engaged for the purpose of preparing or issuing an audit report or performing other audit services; ● pre-approving the audit services and non-audit services to be provided by the independent auditor before the independent auditor is engaged to render such services; ● evaluating the independent auditor’s qualifications, performance and independence; ● reviewing and discussing with the board and the independent auditor our annual audited financial statements and any quarterly financial statements prior to the filing of the respective annual and quarterly reports; ● reviewing our compliance with laws and regulations, including major legal and regulatory initiatives and also reviewing any major litigation or investigations against us that may have a material impact on our financial statements; ● overseeing enterprise risk management policies and guidelines, including cybersecurity; ● reviewing material legal issues and matters affecting the Company; 84 Table of Contents ● establishing procedures for the treatment of financial whistleblower and similar submissions; and ● approving or ratifying any related party transaction (as defined in our related party transaction policy) in accordance with our related party transaction policy.
The audit committee is responsible for: ● selecting and recommending the appointment of the independent auditor to the general meeting of shareholders; ● the supervision, compensation, retention and oversight of any accounting firm engaged for the purpose of preparing or issuing an audit report or performing other audit services; ● pre-approving the audit services and non-audit services to be provided by the independent auditor before the independent auditor is engaged to render such services; ● evaluating the independent auditor’s qualifications, performance and independence; ● reviewing and discussing with the board and the independent auditor our annual audited financial statements and any quarterly financial statements prior to the filing of the respective annual and quarterly reports; ● reviewing our compliance with laws and regulations, including major legal and regulatory initiatives and also reviewing any major litigation or investigations against us that may have a material impact on our financial statements; ● overseeing enterprise risk management policies and guidelines, including cybersecurity; ● reviewing material legal issues and matters affecting the Company; 83 Table of Contents ● establishing procedures for the treatment of financial whistleblower and similar submissions; and ● approving or ratifying any related party transaction (as defined in our related party transaction policy) in accordance with our related party transaction policy.
In addition, in the event of certain non-reciprocal transactions with our stockholders, the plan administrator will make equitable adjustments to awards outstanding under the 2021 Plan as it deems appropriate to reflect the transaction. 82 Table of Contents Plan Amendment and Termination Our board of directors may amend or terminate the 2021 Plan at any time; however, no amendment, other than an amendment that increases the number of shares available under the 2021 Plan, may materially and adversely affect an award outstanding under the 2021 Plan without the consent of the affected participant and stockholder approval will be obtained for any amendment to the extent necessary to comply with applicable laws.
In addition, in the event of certain non-reciprocal transactions with our stockholders, the plan administrator will make equitable adjustments to awards outstanding under the 2021 Plan as it deems appropriate to reflect the transaction. 81 Table of Contents Plan Amendment and Termination Our board of directors may amend or terminate the 2021 Plan at any time; however, no amendment, other than an amendment that increases the number of shares available under the 2021 Plan, may materially and adversely affect an award outstanding under the 2021 Plan without the consent of the affected participant and stockholder approval will be obtained for any amendment to the extent necessary to comply with applicable laws.
The nominating and corporate governance committee is responsible for: ● identifying selection criteria and appointment procedures for board members; ● reviewing and evaluating the composition, function and duties of our board; ● recommending nominees for election to the board and its corresponding committees; ● making recommendations to the board as to determinations of board member independence; 85 Table of Contents ● developing and recommending to the board our rules governing the board, our organizational regulations, and the Code of Business Conduct and Ethics and reviewing and reassessing the adequacy of such and recommending any proposed changes to the board; ● overseeing an annual self-evaluation of the board and its committees; ● overseeing the Company’s environmental, social and governance (“ESG”) program, policies and practices; and ● overseeing management succession.
The nominating and corporate governance committee is responsible for: ● identifying selection criteria and appointment procedures for board members; ● reviewing and evaluating the composition, function and duties of our board; ● recommending nominees for election to the board and its corresponding committees; ● making recommendations to the board as to determinations of board member independence; 84 Table of Contents ● developing and recommending to the board our rules governing the board, our organizational regulations, and the Code of Business Conduct and Ethics and reviewing and reassessing the adequacy of such and recommending any proposed changes to the board; ● overseeing an annual self-evaluation of the board and its committees; ● overseeing the Company’s environmental, social and governance (“ESG”) program, policies and practices; and ● overseeing management succession.
Executive Officers The following is a brief summary of the business experience of our executive officers. Carsten Koerl has served as our Founder and Chief Executive Officer since our founding in 2001. Prior to founding Sportradar, Mr.
Executive Officers The following is a brief summary of the business experience of our executive officers. Carsten Koerl has served as our Founder and Chief Executive Officer since 2001. Prior to founding Sportradar, Mr.
Compensation We set out below the amount of compensation paid and benefits in kind provided by us or our subsidiaries to our executive officers and members of our board for services in all capacities to us or our subsidiaries for the year ended December 31, 2024, as well as the amount we contributed to retirement benefit plans for our executive officers and members of our board. 2024 Executive Officer and Board Member Compensation In 2024, we incentivized our executive officers to attain short-term company and individual performance goals in the form of annual cash bonuses specific to each officer and desired results.
Compensation We set out below the amount of compensation paid and benefits in kind provided by us or our subsidiaries to our executive officers and members of our board for services in all capacities to us or our subsidiaries for the year ended December 31, 2025, as well as the amount we contributed to retirement benefit plans for our executive officers and members of our board. 2025 Executive Officer and Board Member Compensation In 2025, we incentivized our executive officers to attain short-term company and individual performance goals in the form of annual cash bonuses specific to each officer and desired results.
Insofar as indemnification of liabilities arising under the Securities Act may be permitted to executive officers and board members or persons controlling us pursuant to the foregoing provisions, we have been informed that, in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable. 83 Table of Contents C.
Insofar as indemnification of liabilities arising under the Securities Act may be permitted to executive officers and board members or persons controlling us pursuant to the foregoing provisions, we have been informed that, in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable. 82 Table of Contents C.
Doran, George Fleet, William Kurtz, Rajani Ramanathan and Marc Walder do not have a relationship that would interfere with the exercise of independent judgment in carrying out the responsibilities of director and that each of these directors is “independent” as that term is defined under the Nasdaq rules.
Doran, George Fleet, Pascal Keutgens, William Kurtz, Rajani Ramanathan and Marc Walder do not have a relationship that would interfere with the exercise of independent judgment in carrying out the responsibilities of director and that each of these directors is “independent” as that term is defined under the Nasdaq rules.
In addition, she has served on the boards of directors of Slice since July 2019 where she has been Chair of the Compensation Committee since November 2023, and Recorded Future since July 2020 until December 2024. Ms. Bigley holds a Bachelor of Arts from West Chester University. We believe Ms.
In addition, she has served on the boards of directors of Slice since July 2019 where she has been Chair of the Compensation Committee since November 2023, and Recorded Future from July 2020 to December 2024. Ms. Bigley holds a Bachelor of Arts from West Chester University. We believe Ms.
The burden of proof for a violation of these duties is with the company or with the shareholder bringing a suit against the director. 86 Table of Contents Corporate Governance Practices and Foreign Private Issuer Status For information regarding our corporate governance practices and foreign private issuer status, see Item 16G. “ Corporate Governance .” D.
The burden of proof for a violation of these duties is with the company or with the shareholder bringing a suit against the director. 85 Table of Contents Corporate Governance Practices and Foreign Private Issuer Status For information regarding our corporate governance practices and foreign private issuer status, see Item 16G. “ Corporate Governance .” D.
Since June 2021, she has served on the board of Guidewire Software Inc., a NYSE listed company offering an industry platform for property and casualty insurance carriers. She has served on their Compensation Committee and Risk Committee since June 2021 and as Chairperson of the Risk committee since October 2022. Since July 2022, Ms.
Since June 2021, she has served on the board of Guidewire Software Inc., a NYSE listed company offering an industry platform for property and casualty insurance carriers. She has served on their Compensation Committee and Risk Committee since June 2021 and as Chairperson of the Risk Committee since October 2022.
Compensation Committee The compensation committee, which consists of Deirdre Bigley, John A. Doran, and Marc Walder assists the board in establishing and reviewing the Company’s compensation philosophy and policy and determining executive officer compensation (other than the chief executive officer which is reserved for the board of directors). Marc Walder serves as Chair of the committee.
Compensation Committee The compensation committee, which consists of Deirdre Bigley, John A. Doran, Pascal Keutgens and Marc Walder assists the board in establishing and reviewing the Company’s compensation philosophy and policy and determining executive officer compensation (other than the chief executive officer which is reserved for the board of directors). Marc Walder serves as Chair of the committee.
Yabuki was also the Chief Executive Officer from December 2005 to July 2020. Before joining Fiserv, Mr. Yabuki spent six years at H&R Block where he was the Chief Operating Officer. He also held various leadership roles at American Express for 12 years. Mr.
Yabuki was also the Chief Executive Officer from December 2005 to June 2020. Before joining Fiserv, Mr. Yabuki spent six years at H&R Block where he was the Chief Operating Officer. He also held various leadership roles at American Express for 12 years. Mr.
Yabuki has served since 2017 as a member of the board of directors of Royal Bank of Canada, currently serving on the Human Resources Committee and the Risk Committee, and has served on the board of directors of Nasdaq Inc. since June 2023 where he is the Chair of the Management Compensation Committee and a member of the Nominating & ESG Committee.
Yabuki has served since 2017 as a member of the board of directors of Royal Bank of Canada, currently serving on the Human Resources Committee and the Risk Committee, and has served on the board of directors of Nasdaq Inc. since June 2023 where he is the Chair of the Management Compensation Committee and a member of the Nominating and Governance Committee.
The members of our board of directors, the Chairman as well as the members of the Compensation Committee are elected annually by the general meeting of shareholders for a period until the completion of the subsequent ordinary general meeting of shareholders and are eligible for re-election. Each member of the board of directors must be elected individually.
The members of our board of directors, the Chairman, and the members of the Compensation Committee are elected annually by the general meeting of shareholders for a period until the completion of the subsequent ordinary general meeting of shareholders and are eligible for re-election. Each member of the board of directors must be elected individually.
The term of a stock option or SAR may not be longer than 10 years (or five years in the case of ISOs granted to certain significant stockholders). 81 Table of Contents ● Restricted Stock and RSUs.
The term of a stock option or SAR may not be longer than 10 years (or five years in the case of ISOs granted to certain significant stockholders). 80 Table of Contents ● Restricted Stock and RSUs.
Felenstein holds a B.S in Accounting from Binghamton University. Michael C. Miller has served as our Chief Administrative Officer, Chief Legal Officer and Secretary since October 2024. Prior to joining Sportradar, Mr. Miller served since April 2017 as Executive VP, Corporate Development & Affairs and Chief Legal Officer of Barnes & Noble Education, Inc.
Felenstein holds a B.S in Accounting from Binghamton University. 75 Table of Contents Michael C. Miller has served as our Chief Administrative Officer, Chief Legal Officer and Secretary since October 2024. Prior to joining Sportradar, Mr. Miller served since April 2017 as Executive VP, Corporate Development & Affairs and Chief Legal Officer of Barnes & Noble Education, Inc.
Kurtz has most recently served as the Interim Chief Executive Officer at Ripcord, Inc., a records management and document intelligence company, from June 2021 to January 2022, and previously served as Chief Commercial & Financial Officer from January 2020 to June 2021. Prior to that, Mr.
Kurtz served as the Interim Chief Executive Officer at Ripcord, Inc., a records management and document intelligence company, from June 2021 to January 2022, and previously served as Chief Commercial & Financial Officer from January 2020 to June 2021. Prior to that, Mr.
Bigley has served as a member of the board of directors of various public companies as follows: (i) since May 2016, as a member of the board of directors and the Chair of the Compensation Committee, and member of the Nominating and Governance Committee of Shutterstock Inc.; (ii) since November 2017, as a member of the board of directors and a member of the Compensation, Nominating and Governance, and Audit Committees of Wix.com Ltd.; and (iii) since April 2021, as a member of the board of directors and a member of the Audit Committee of Taboola.com Ltd.
Bigley has served as a member of the board of directors of various public companies as follows: (i) since May 2016, as a member of the board of directors and the Chair of the Compensation Committee, and member of the Nominating and Governance Committee of Shutterstock Inc.; (ii) since November 2017, as a member of the board of directors and a member of the Compensation, Nominating and Governance, and Audit Committees of Wix.com Ltd.; and (iii) from April 2021 to June 2025, as a member of the board of directors and a member of the Audit Committee of Taboola.com Ltd.
Nominating and Corporate Governance Committee The nominating and corporate governance committee, which consists of George Fleet, Deirdre Bigley, and Marc Walder, assists our board in identifying individuals qualified to become (or be re-elected as) members of our board consistent with criteria established by our board and in developing our corporate governance principles. George Fleet serves as Chair of the committee.
Nominating and Corporate Governance Committee The nominating and corporate governance committee, which consists of George Fleet, Deirdre Bigley, Pascal Keutgens and Marc Walder, assists our board in identifying individuals qualified to become (or be re-elected as) members of our board consistent with criteria established by our board and in developing our corporate governance principles.
Each officer had an annual target bonus for 2024 expressed as a percentage of his or her annual base salary.
Each officer had an annual target bonus for 2025 expressed as a percentage of his or her annual base salary.
Kurtz’s financial expertise, as well as his extensive business and leadership experience, including his prior service as the chief financial officer of public companies and his service on the audit committees of several companies, qualifies Mr.
We believe that Mr. Kurtz’s financial expertise, as well as his extensive business and leadership experience, including his prior service as the chief financial officer of public companies and his service on the audit committees of several companies, qualifies Mr.
The aggregate compensation awarded to, earned by and paid to our current directors and executive officers who were employed by or otherwise performed services for us for the fiscal year ended December 31, 2024 was CHF 16.5 million, which is an aggregate amount that includes any salary, bonuses, equity compensation and applicable social security and pension contributions.
The aggregate compensation awarded to, earned by and paid to our current directors and executive officers who were employed by or otherwise performed services for us for the fiscal year ended December 31, 2025 was CHF 13.6 million, which is an aggregate amount that includes any salary, bonuses, equity compensation and applicable social security and pension contributions.
Fleet’s profound experience in investment banking, with particular focus in complex public and private acquisitions, mergers and dispositions and the betting and gaming sector, make him well-qualified to serve as a member of our board of directors. William Kurtz has served as a member of our board of directors since May 2023. Mr.
Fleet’s profound experience in investment banking, with particular focus in complex public and private acquisitions, mergers and dispositions and the betting and gaming sector, make him well-qualified to serve as a member of our board of directors. Pascal Keutgens has served as a member of our board of directors since May 2025. Mr.
Kurtz as a financial expert and further qualifies him to serve as a director. 77 Table of Contents Rajani Ramanathan has served as a member of our board of directors since May 2023. Ms. Ramanathan currently serves as an advisor and director to several public and private technology companies in the AI, VR, Blockchain, and connected (IoT) technology space.
Kurtz as a financial expert and further qualifies him to serve as a director. 77 Table of Contents Rajani Ramanathan has served as a member of our board of directors since May 2023. She currently serves as a director or as an advisor/investor in several public and private companies in the AI and Blockchain technology space.
He also serves on several boards of directors, including as Chairman of Admeira AG, Ringier Sports AG and Ringier Africa AG, as Vice Chairman of Ticketcorner AG and Ringier Axel Springer Schweiz AG, and as member of the board of directors of SMG Swiss Marketplace Group, JobCloud AG and Grupa Ringier Axel Springer Polska AG.
He also serves on several boards of directors, including as Chairman of Admeira AG, and as member of the board of directors of SMG Swiss Marketplace Group (SWX: SMG), Ticketcorner AG, JobCloud AG and Grupa Ringier Axel Springer Polska AG.
Our board of directors currently consists of eight members. Our board has determined that Jeffrey W. Yabuki, Deirdre Bigley, John A.
Our board of directors currently consists of ten members. Our board has determined that Jeffrey W. Yabuki, Deirdre Bigley, Breon Corcoran, John A.
The table below sets out the number of full-time equivalents (“FTEs”) (permanent full time and part time employees, including contingent workers) by geography as of December 31, 2024: ​ ​ ​ ​ ​ As of ​ ​ December 31, Number of FTE by Geography 2024 EMEA/LATAM 3,577 APAC 739 North America 450 Total 4,766 ​ We have never experienced labor-related work stoppages or strikes and believe that our relations with our employees are satisfactory.
The table below sets out the number of full-time equivalents (“FTEs”) (permanent full time and part time employees, including contingent workers) by geography as of December 31, 2025: ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ December 31, Number of FTE by Geography ​ ​ ​ 2025 EMEA/LATAM 3,904 APAC 743 North America 443 Total 5,090 ​ We have never experienced labor-related work stoppages or strikes and believe that our relations with our employees are satisfactory.
Doran has served on the board of directors of Mambu B.V. since December 2020, FlixMobility GmbH (Flixbus) since August 2019, RELEX Solutions since January 2019, SuperVista AG (Brillen.de) since July 2016, Grupa Pracuj SA since August 2017, Zepz (formerly World Remit) since June 2019 and Adevinta ASA since June 2024.
Doran has served on the board of directors of Believe SA since May 2018, Adevinta ASA since May 2024, Mambu B.V. since December 2020, FlixMobility GmbH (Flixbus) since August 2019, RELEX Solutions since January 2019, Grupa Pracuj SA since August 2017, and Zepz (formerly World Remit) since June 2019.
Executive officers hired following March 31, 2024 also were granted initial equity grants consisting of PSUs with the same or similar terms. The PSUs vest in one-third installments each year beginning on the second anniversary of the grant date.
Executive officers hired following March 31, 2024 also were granted initial equity grants consisting of PSUs with the same or similar terms. The PSU compensation scheme was continued in 2025 with select PSU grants to our executive officers in March 2025. The PSUs generally vest in one-third installments each year beginning on the second anniversary of the grant date.
Consistent with our emphasis on performance-based pay, the PSUs granted in 2024 made up 70% of the grant-date value of the long-term incentive compensation awarded to our executive officers. The remaining 30% consisted of time-vesting restricted stock units.
Consistent with our emphasis on performance-based pay, the PSUs granted in 2025 made up 70% of the grant-date value of the long-term incentive compensation awarded to our executive officers (other than our CEO) and the remaining 30% consisted of time-vesting restricted stock units. For our CEO, his grant in March 2025 consisted 100% of PSUs.
He has served as an observer on the board of directors of Revolut Ltd since February 2020 and Trade Republic Bank GmbH since June 2021. Mr. Doran served on the board of directors of Perefecto Mobile Inc. from August 2015 until December 2018. Mr. Doran led TCV’s investments in Revolut Ltd, Klarna Bank AB, and Mollie B.V. Mr.
He has served as an observer on the board of directors of Revolut Ltd since February 2020, Trade Republic Bank GmbH since June 2021 and Allica Bank Limited since December 2022. Mr. Doran led TCV’s investments in Revolut Ltd, Klarna Bank AB, and Mollie B.V. Mr.
Doran 46 Director George Fleet 55 Director William Kurtz ​ 67 ​ Director Rajani Ramanathan 57 Director Marc Walder 59 Director ​ Unless otherwise indicated, the current business addresses for our executive officers and the members of our board of directors is c/o Sportradar, Feldlistrasse 2, CH-9000 St. Gallen, Switzerland.
Doran 47 Director George Fleet ​ 56 ​ Director Pascal Keutgens 51 Director William Kurtz 68 Director Rajani Ramanathan 58 Director Marc Walder ​ 60 ​ Director ​ Unless otherwise indicated, the current business addresses for our executive officers and the members of our board of directors is c/o Sportradar, Feldlistrasse 2, CH-9000 St. Gallen, Switzerland.
Employees As of December 31, 2024 and 2023, we had 4,582 and 4,383 permanent employees, respectively. As of December 31, 2024 and 2023, we had 439 and 453 contingent workers, respectively.
Employees As of December 31, 2025 and 2024, we had 4,882 and 4,582 permanent employees, respectively. As of December 31, 2025 and 2024, we had 466 and 439 contingent workers, respectively.
Kurtz is a senior financial and operations executive with over 30 years of experience operating as chief financial officer or chief operating officer at several private and public technology companies. Mr.
William Kurtz has served as a member of our board of directors since May 2023. Mr. Kurtz is a senior financial and operations executive with over 30 years of experience operating as chief financial officer or chief operating officer at several private and public technology companies. Mr.
Item 6. Directors, Senior Management and Employees A. Directors and Senior Management Executive Officers and Board Members The following table presents information about our current executive officers and board members, including their ages as of March 1, 2025: ​ ​ ​ ​ ​ ​ Name Age Position Executive Officers Carsten Koerl 60 Chief Executive Officer and Director Eduard H.
Directors and Senior Management Executive Officers and Board Members The following table presents information about our current executive officers and board members, including their ages as of March 1, 2026: ​ ​ ​ ​ ​ ​ Name ​ ​ ​ Age ​ ​ ​ Position Executive Officers ​ ​ Carsten Koerl 61 Chief Executive Officer and Director Michael C.
Koerl’s experience and insight, as well as his deep knowledge of Sportradar, gained through service as our Chief Executive Officer, make him well qualified to serve as a member of our board of directors. Eduard H. Blonk has served as our Chief Commercial Officer since December 2020. Mr.
Koerl’s experience and insight, as well as his deep knowledge of Sportradar, gained through service as our Chief Executive Officer, make him well qualified to serve as a member of our board of directors. Craig Felenstein has served as our Chief Financial Officer since June 2024. Prior to joining Sportradar, Mr.
Ramanathan served in a variety of leadership roles at Salesforce, a cloud software company, most recently as its Chief Operating Officer and Executive Vice President – Technology and Products.
Ramanathan served in a variety of roles at Salesforce, a public cloud software company, and her last position with Salesforce was as its Chief Operating Officer and Executive Vice President, Technology and Products. Ms.
Blonk 54 Chief Commercial Officer Craig Felenstein 52 Chief Financial Officer Michael C. Miller 53 Chief Administrative Officer, CLO, and Secretary ​ ​ ​ ​ ​ Non-Employee Board Members ​ ​ Jeffery W. Yabuki 65 Chairman Deirdre Bigley 56 Director John A.
Miller 54 Chief Administrative Officer, CLO, and Secretary Craig Felenstein 53 Chief Financial Officer ​ ​ ​ ​ ​ Non-Employee Board Members ​ ​ Jeffery W. Yabuki 66 Chairman Deirdre Bigley 57 Director Breon Corcoran 54 Director John A.
Bigley’s public and private company board experience and extensive expertise in business marketing makes her well-qualified to serve as a member of our board of directors. 76 Table of Contents John A. Doran has served as a member of our board of directors since October 2018. Mr.
Bigley’s public and private company board experience and extensive expertise in business marketing makes her well-qualified to serve as a member of our board of directors. Breon Corcoran has served as a member of our board of directors since December 2025.
Shares Available for Awards We initially reserved an aggregate of 29,239,091 Class A ordinary shares for issuance (e.g., out of conditional or authorized capital) under the 2021 Plan. As of December 31, 2024, approximately 14,570,974 of the reserve of 29,239,091 shares have been granted and the remaining shares remain available for future grant.
Shares Available for Awards We initially reserved an aggregate of 29,239,091 Class A ordinary shares for issuance (e.g., out of conditional or authorized capital) under the 2021 Plan. As of December 31, 2025, approximately 13,464,879 shares are available for future grant.
Since October 2021, she has also served on the board of Hayden AI, a private company providing smart city solutions that developed the world’s first autonomous traffic management platform. From June 2014 to January 2024, Ms.
Since October 2021, she has served on the board of Hayden AI, a privately held company that provides smart city solutions and developed the world’s first autonomous traffic management platform. From July 2022 to July 2025, Ms.
Prior to 2008, Mr. Kurtz held the Chief Financial Officer or other senior finance roles for Novellus Systems (now Lam Research), Engenio Information Technologies, 3PARdata (now part of Hewlett Packard Enterprise), Scient Corporation, and AT&T Corporation. Mr.
Kurtz held the Chief Financial Officer or other senior finance roles for Novellus Systems (now Lam Research), Engenio Information Technologies, 3PARdata (now part of Hewlett Packard Enterprise), Scient Corporation, and AT&T Corporation. Mr. Kurtz previously served as the chairman of the audit committees of Violin Memory, PMC-Sierra (now part of Microsemi Corporation), and Redback Networks (now part of Ericsson).
Doran — George Fleet 112,901 William Kurtz ​ — Hafiz Lalani — Rajani Ramanathan ​ — Marc Walder 225,833 All Other MPP Participants 6,973,704 ​ 80 Table of Contents Omnibus Stock Plan – the 2021 Plan We adopted and our shareholders approved, in a consultative vote, the Sportradar Group AG Omnibus Stock Plan (the “2021 Plan”), under which we may grant cash and equity-based incentive awards to eligible individuals in order to attract, retain and motivate the persons who make important contributions to us and our subsidiaries.
We reimburse each director for out-of-pocket expenses incurred in connection with attending our board and committee meetings. 79 Table of Contents Equity Incentive Programs Omnibus Stock Plan – the 2021 Plan We adopted and our shareholders approved, in a consultative vote, the Sportradar Group AG Omnibus Stock Plan (the “2021 Plan”), under which we may grant cash and equity-based incentive awards to eligible individuals in order to attract, retain and motivate the persons who make important contributions to us and our subsidiaries.
Ramanathan served as a member of the board of directors of ESI Group, a French publicly traded company providing virtual prototyping software solutions and services. From July 2015 to July 2022, she chaired ESI’s Technology and Marketing Committee and from September 2022 to October 2023, she chaired ESI’s Compensation Committee and the Nomination and Governance Committee.
Ramanathan served on the board of directors of ESI Group, a French company providing virtual prototyping software solutions and services. She chaired its technology and marketing committee, compensation committee, and nomination and governance committee at various points in her tenure and also served on its audit committee. From June 2000 to March 2014, Ms.
Doran joined Technology Crossover Ventures UK, LLP (TCV) in 2012 and serves as a General Partner. Mr. Doran has served on the board of directors and on the Appointments and Renumeration Committee of Believe SA since May 2018. Mr.
Doran joined Technology Crossover Ventures UK, LLP (TCV) in 2012 and currently serves as a General Partner and Executive Committee member in TCV’s Menlo Park office. Mr.
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Blonk leads our Global Commercial organization, consisting of Global Sales, Commercial Excellence & Operations, Sport Rights and Partnerships, and Marketing & Communications. He has been with Sportradar since 2015, predominantly as the Managing Director of Global Sales.
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Item 6. Directors, Senior Management and Employees A.
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Prior to joining Sportradar, he spent 18 years in a range of global sales and marketing management roles, working within the telecommunication and data communications industry across B2B and B2C organizations in the Netherlands, Germany, and the U.S., including Siemens Mobile, Siemens Communications, and Gigaset Communications. Mr.
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He is currently the Chief Executive Officer and member of the board of directors of IG Group (LSEG:IGG), a global business providing online trading platform solutions, having served in that role since January 2024. Previously, Mr.
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Blonk holds a Bachelor of Electrical Engineering and Business Economics degree from the Hague University of Applied Sciences. 75 Table of Contents Craig Felenstein has served as our Chief Financial Officer since June 2024. Prior to joining Sportradar, Mr.
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Corcoran served in Chief Executive Officer roles at Zepz (formerly WorldRemit Group), an international payments firm, from October 2018 to August 2022, Paddy Power Betfair plc (now Flutter Entertainment plc (NYSE: FLUT)), a leading online sports betting and iGaming operator, from February 2016 to January 2018, and Betfair plc from August 2012 to February 2016.
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Kurtz previously served as the chairman of the audit committees of Violin Memory, PMC-Sierra (now part of Microsemi Corporation), and Redback Networks (now part of Ericsson). We believe that Mr.
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From August 2022 to August 2024, he served as Chairman of the board of directors of Auction Technology Group (ATG), a leading digital marketplace/auction house. Mr. Corcoran holds a BA in Mathematics from Trinity College Dublin and an MBA from INSEAD. We believe that Mr.
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Ramanathan has served on the board of Faro Technologies, Inc., a Nasdaq listed global leader in 4D digital reality solutions. Since June 2024 to present, she has served on its Nominating, Governance and Sustainability Committee and on the Financial Audit Committee and previously served as a member of the Talent Development and Compensation Committee.
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Corcoran’s extensive industry expertise as well as his business and leadership experience make him well-qualified to serve as a member of our board of directors. 76 Table of Contents John A. Doran has served as a member of our board of directors since October 2018. Mr.
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Since the acquisition of ESI Group by Keysight Technologies in October 2023, she continued to chair its Compensation Committee and also served as member of the Audit Committee, until the acquisition formalities were completed and the company was acquired and delisted in January 2024. From June 2000 to March 2014, Ms.
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Keutgens joined Canada Pension Plan Investment Board (“CPP Investments”) in 2019 and is currently Head of Direct Private Equity in Europe. Prior to joining CPP Investments, he was a Partner at Bregal Freshstream, a mid-market European Private Equity firm, where he was responsible for their Private Equity activities in France and the Benelux.
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In 2014, she was awarded the YWCA TWIN (Tribute to Women and Industry) Award, which has long been considered one of Silicon Valley’s most prestigious awards honoring women who exemplify leadership excellence in executive-level positions. We believe that Ms.
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Previously, he was a Partner at Doughty Hanson, a London based Private Equity firm, where he spent 13 years focusing on mid-market buyouts across Europe. Since 2023, Mr. Keutgens has served on the board of Ascot Insurance Limited, a global specialty (re) insurance company, where he sits on the audit committee, renumeration committee, risk committee and investment committee.
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We reimburse each director for out-of-pocket expenses incurred in connection with attending our board and committee meetings. 79 Table of Contents Equity Incentive Programs Management Participation Program Prior to our initial public offering, certain of our directors and executive officers participated in our Management Participation Program (the “MPP”), under which participants indirectly purchased participation certificates of Sportradar Holding AG on a leveraged basis through Slam InvestCo S.à r.l.
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He has also served as a director since 2023 of Galileo Global Education, a European for-profit higher education provider, serving on the audit and renumeration committees. Mr. Keutgens trained as an accountant at PwC in London and Luxembourg.
Removed
(“MPP Co”), a special purpose vehicle established to hold participation certificates of Sportradar Holding AG for the MPP. Shares of MPP Co held by MPP participants were generally non-transferable other than via a call right triggered by the occurrence of specific circumstances set forth in the MPP plan as “Leaver” events (i.e., “Good” Leaver, “Intermediate” Leaver, and “Bad” Leaver events).
Added
He holds a BA in Finance from HEC Business School in Liège, Belgium, and a MA in International Business from the University of Leicester (UK). We believe Mr. Keutgen’s expertise in private equity, as well as his knowledge in finance and his managerial experience, make him well-qualified to serve as a member of our board of directors.
Removed
In connection with our initial public offering, MPP Co became a subsidiary of Sportradar and MPP participants contributed their MPP Co shares to Sportradar, in exchange for receiving Class A ordinary shares.
Added
Kurtz is currently serving as the Chief Financial Officer, since October 2024, and as a member of the Board of Directors, since February 2024, of Lightforce Orthodontics Inc., a privately held medical device company. Prior to that, Mr.
Removed
A portion of the shares received were not subject to repurchase by the Company and a portion of which remained subject to repurchase upon a termination of employment in certain circumstances.
Added
Ramanathan served on the board of Faro Technologies, a publicly traded company serving 3D Metrology, AEC (Architecture, Engineering & Construction), O&M (Facilities Operations & Maintenance), and Public Safety Analytics markets. She served on its audit committee, talent and compensation committee and nomination and governance committee at various points in her tenure. From June 2014 to January 2024, Ms.
Removed
These repurchase provisions generally provided for the repurchase restrictions to lapse as to 35% of each participant’s Class A ordinary shares immediately upon the consummation of our initial public offering and for the repurchase restrictions on the remaining 65% to lapse in three equal installments on each of December 31, 2022, 2023 and 2024.
Added
Ramanathan holds a B.A. in Psychology from University of Madras and a postgraduate diploma in Marketing and Sales Management from Rajendra Prasad Institute of Communication and Management. We believe that Ms.
Removed
If a participant terminated employment with us under circumstances not most aligned with furthering the Company’s best interests (generally, referenced in the MPP Plan as “Intermediate” Leaver and/or “Bad” Leaver events) prior to vesting, the participant’s shares will be subject to repurchase, at the election of the Company, for an amount equal to the excess, if any, of the amount such participant paid for his or her MPP Co shares under the MPP over the sum of the value previously received by such participant in respect of his or her participation in the MPP.
Added
Further, our CEO did not participate in the PSU scheme in 2024, the first year of its implementation.
Removed
The Company had the option to choose to exercise such repurchase right, depending on the circumstances of the participant’s termination of employment or service.
Added
George Fleet serves as Chair of the committee.
Removed
If a participant terminated employment or service under circumstances most aligned with furthering the Company’s best interest (generally, referenced in the MPP Plan as “Good” Leaver), the repurchase restrictions on his or her shares would fully lapse and the shares would not be subject to repurchase.
Removed
Shares received by the MPP participants in exchange for their MPP Co shares were not issued pursuant to (and did not reduce the number of shares available for issuance under) our 2021 Plan, which is described below.
Removed
The following table identifies the amount of Class A ordinary shares initially received pursuant to the MPP by our directors and executive officers as of December 31, 2024 who participated in the MPP in 2021. ​ ​ ​ ​ Class A Ordinary ​ ​ Shares Received Name Pursuant to MPP Executive Officers Carsten Koerl — Eduard H.
Removed
Blonk 225,833 Craig Felenstein ​ — Michael C. Miller — Non-Employee Board Members ​ Jeffery W. Yabuki 370,602 Deirdre Bigley — John A.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

24 edited+6 added−5 removed18 unchanged
Biggest changeHolders of our Class A ordinary shares are entitled to one vote per share, and holders of our Class B ordinary shares are entitled to one vote per share. (3) Based on information available to the Company, Canada Pension Plan Investment Board (“CPP Investments”) has shared voting and dispositive power over 79,555,080 of our Class A ordinary shares.
Biggest change(3) Based on information reported on a Schedule 13G/A filed on May 14, 2025, reflecting holdings as of May 5, 2025, Canada Pension Plan Investment Board (“CPP Investments”) has shared voting and dispositive power over 68,171,745 of our Class A ordinary shares. These shares are directly held by CPP Investment Board Europe Inc.
Related Party Transactions The following is a description of related party transactions we have entered into from January 1, 2024 to December 31, 2024. Relationship with Carsten Koerl Mr. Koerl holds a 33% beneficial ownership interest in UAB TV Zaidimai, with which we generated revenue of €0.1 million in 2024.
Related Party Transactions The following is a description of related party transactions we have entered into from January 1, 2025 to December 31, 2025. Relationship with Carsten Koerl Mr. Koerl holds a 33% beneficial ownership interest in UAB TV Zaidimai, with which we generated revenue of €0.1 million in 2025.
Compensation—Executive Officer and Board Member Arrangements .” 90 Table of Contents Indemnification Agreements For a description of the management participation program in which certain of our board members and executive officers are involved in, please see Item 6.B. “ Directors, Senior Management and Employees—B.
Compensation—Executive Officer and Board Member Arrangements .” Indemnification Agreements For a description of the management participation program in which certain of our board members and executive officers are involved in, please see Item 6.B. “ Directors, Senior Management and Employees—B.
Under such rules, beneficial ownership includes any shares over which the individual has sole or shared voting power or investment power as well as any shares that the individual has the right to acquire within 60 days of March 1, 2025 through the exercise of any option, warrant or other right (including a vesting event pertaining to restricted stock units).
Under such rules, beneficial ownership includes any shares over which the individual has sole or shared voting power or investment power as well as any shares that the individual has the right to acquire within 60 days of March 12, 2026 through the exercise of any option, warrant or other right (including a vesting event pertaining to restricted stock units).
Major Shareholders The following table sets forth information relating to the beneficial ownership of our ordinary shares as of March 1, 2025, unless otherwise indicated, by: ● each person, or group of affiliated persons, known by us to beneficially own 5% or more of our outstanding Class A or Class B ordinary shares; ● each of our executive officers and our board of directors; and ● all of our executive officers and our board of directors as a group. 87 Table of Contents The number of Class A ordinary shares and/or Class B ordinary shares beneficially owned by each entity, person, executive officer or board member is determined in accordance with the rules of the SEC, and the information is not necessarily indicative of beneficial ownership for any other purpose.
Major Shareholders The following table sets forth information relating to the beneficial ownership of our ordinary shares as of March 12, 2026, unless otherwise indicated, by: ● each person, or group of affiliated persons, known by us to beneficially own 5% or more of our outstanding Class A or Class B ordinary shares; ● each of our executive officers and our board of directors; and ● all of our executive officers and our board of directors as a group. 86 Table of Contents The number of Class A ordinary shares and/or Class B ordinary shares beneficially owned by each entity, person, executive officer or board member is determined in accordance with the rules of the SEC, and the information is not necessarily indicative of beneficial ownership for any other purpose.
Compensation—Management Participation Program .” Related Party Transaction Policy Our board has adopted a written related party transaction policy to set forth the policies and procedures for the review and approval or ratification of related party transactions.
Compensation—Management Participation Program .” 89 Table of Contents Related Party Transaction Policy Our board has adopted a written related party transaction policy to set forth the policies and procedures for the review and approval or ratification of related party transactions.
Compensation—Management Participation Program .” Shareholders’ Agreement On May 6, 2021, we entered into the Eighth Accession and Amended Agreement to the Shareholders Agreement with certain of our existing shareholders (together, as amended, the “Pre-IPO Shareholders’ Agreement”). The Pre-IPO Shareholders’ Agreement terminated upon completion of our initial public offering.
Shareholders’ Agreement On May 6, 2021, we entered into the Eighth Accession and Amended Agreement to the Shareholders Agreement with certain of our existing shareholders (together, as amended, the “Pre-IPO Shareholders’ Agreement”). The Pre-IPO Shareholders’ Agreement terminated upon completion of our initial public offering.
(2) The percentage reported under “Combined Voting Power” represents the voting power with respect to all of our Class A and Class B ordinary shares outstanding as of March 1, 2025, voting as a single class.
(2) The percentage reported under “Combined Voting Power” represents the voting power with respect to all of our Class A and Class B ordinary shares outstanding as of March 12, 2026, voting as a single class.
Each of TCV IX, L.P (“TCV IX”), TCV IX (A), L.P. (“TCV IX (A)”), TCV IX (B), L.P. (“TCV IX (B)”), TCV Member Fund, L.P. and TCV Sports, L.P.
(“TCV IX”), TCV IX (A), L.P. (“TCV IX (A)”), TCV IX (B), L.P. (“TCV IX (B)”), TCV Member Fund, L.P. and TCV Sports, L.P.
The business address for each of CPP Investments and CPP Europe is One Queen Street East, Suite 2500, Toronto, Ontario M5C 2W5, Canada. 88 Table of Contents (4) Based on information reported on a Schedule 13G/A filed on November 14, 2024, reflecting holdings as of September 30, 2024, TCV IX Sports Corp.
The business address for each of CPP Investments and CPP Europe is One Queen Street East, Suite 2500, Toronto, Ontario M5C 2W5, Canada. 87 Table of Contents (4) Based on information reported on a Schedule 13G/A filed on July 18, 2025, reflecting holdings as of June 30, 2025, TCV IX Sports Corp.
Pursuant to the Shareholders’ Agreement, the shareholders agreed to grant Carsten Koerl Class B ordinary shares that grant Carsten Koerl ten times more voting power with the same amount of capital invested as Class A shareholders, and establish certain board composition requirements.
Pursuant to the Shareholders’ Agreement, the shareholders agreed, among other things, to grant Carsten Koerl Class B ordinary shares that grant Carsten Koerl ten times more voting power with the same amount of capital invested as Class A shareholders, establish certain board composition requirements and provide for director nomination rights under certain conditions.
(“TCV IX Sports”) is the direct beneficial holder of 34,079,496 of our Class A ordinary shares. TCV IX Sports has the sole power to dispose or direct the disposition of the Class A ordinary shares that it holds directly and has the sole power to vote or direct the vote of such shares.
(“TCV IX Sports”) is the direct beneficial holder of 29,203,147 of our Class A ordinary shares. TCV IX Sports has the sole power to dispose or direct the disposition of the Class A ordinary shares that it holds directly and has the sole power to vote or direct the vote of such shares. Each of TCV IX, L.P.
“ Major Shareholders and Related Party Transactions—Related Party Transactions .” ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class A ordinary shares Class B ordinary shares (1) Combined Name of beneficial owner Number Percent Number Percent voting power (2) ​ 5% or Greater Shareholders ​ Canada Pension Plan Investment Board (3) 79,555,080 38.4 % — — 7.2 % Technology Crossover Management IX, Ltd.
“ Major Shareholders and Related Party Transactions—Related Party Transactions .” ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class A ordinary shares ​ ​ ​ Class B ordinary shares (1) ​ ​ ​ Combined Name of beneficial owner ​ ​ ​ Number ​ ​ ​ Percent ​ ​ ​ Number ​ ​ ​ Percent ​ ​ ​ voting power (2) ​ 5% or Greater Shareholders ​ ​ ​ ​ ​ ​ Canada Pension Plan Investment Board (3) 68,171,745 31.8 % — — 6.8 % Technology Crossover Management IX, Ltd.
Registration Rights Agreement On the closing of our initial public offering, we entered into a Registration Rights Agreement with CPP Investment Board Europe S.à r.l., TCV Luxco Sports S.à r.l., Carsten Koerl and Sportradar Group AG (the “Registration Rights Agreement”), pursuant to which such investors will have certain demand registration rights, short-form registration rights and piggyback registration rights in respect of any registrable securities and related indemnification rights from us, subject to customary restrictions and exceptions.
Registration Rights Agreement We are party to a Registration Rights Agreement entered into with CPP Investment Board Europe S.à r.l., TCV Luxco Sports S.à r.l., Carsten Koerl and NBA Ventures 1, LLC (as amended, the “Registration Rights Agreement”), pursuant to which such investors have certain demand registration rights, short-form registration rights and piggyback registration rights in respect of any registrable securities and related indemnification rights from us, subject to customary restrictions and exceptions.
(5) Based on information reported on a Schedule 13G filed on February 2, 2022, reflecting holdings as of December 31, 2021, each of Radcliff SR I LLC (“Radcliff”), Radcliff SPV Manager LLC (the “Managing Member”), Eli Goldstein and Evan Morgan have shared voting and dispositive power over 15,265,392 of our Class A ordinary shares, which are held of record by Radcliff.
(5) Based on information reported on a Schedule 13G/A filed on August 14, 2025, reflecting holdings as of June 30, 2025, each of Radcliff SR I LLC (“Radcliff”), Radcliff SPV Manager LLC (the “Managing Member”), Eli Goldstein and Evan Morgan have shared voting and dispositive power over 13,135,000 of our Class A ordinary shares, which are held of record by Radcliff.
The amounts and percentages are based upon 209,092,856 Class A ordinary shares outstanding (but excluding treasury shares) and 903,670,701 Class B ordinary shares outstanding as of March 1, 2025. Class B ordinary shares have ten times more voting power than Class A ordinary shares.
The amounts and percentages are based upon 221,390,294 Class A ordinary shares outstanding and 903,670,701 Class B ordinary shares outstanding as of March 12, 2026 (but in each case excluding Class A and Class B shares held in treasury). Class B ordinary shares have ten times more voting power than Class A ordinary shares.
These shares are wholly owned by CPP Investment Board Europe Inc. (“CPP Europe”), a wholly-owned subsidiary of CPP Investments who may be deemed to beneficially own such shares.
(“CPP Europe”), a wholly-owned subsidiary of CPP Investments that may be deemed to beneficially own such shares.
Change in Control Arrangements We are not aware of any arrangement that may at a subsequent date, result in a change of control of the Company. 89 Table of Contents Registered Holders Based on a review of the information provided to us by our transfer agent, as of March 1, 2025, there were approximately 34 registered holders of our Class A ordinary shares, approximately 25 of which (including Cede & Co., the nominee of the Depositary Trust Company) are registered holders with addresses in the United States, holding approximately 61.4% of our outstanding Class A ordinary shares, and there was one registered holder of our Class B ordinary shares.
Registered Holders Based on a review of the information provided to us by our transfer agent, as of March 1, 2026, there were approximately 11 registered holders of our Class A ordinary shares, approximately 8 of which (including Cede & Co., the nominee of the Depositary Trust Company) are registered holders with addresses in the United States, holding approximately 67.3% of our outstanding Class A ordinary shares, and there was one registered holder of our Class B ordinary shares (excluding the Company, which holds Class B ordinary shares in a treasury account).
Voting Rights No major shareholders listed above have voting rights with respect to their ordinary shares that are different from the voting rights of other holders of our ordinary shares.
Voting Rights No major shareholders listed above have voting rights with respect to their ordinary shares that are different from the voting rights of other holders of our ordinary shares. 88 Table of Contents Change in Control Arrangements We are not aware of any arrangement that may at a subsequent date, result in a change of control of the Company.
(7) Includes (i) 117,905 Class A ordinary shares held through The Yabuki Family Foundation and (ii) 370,602 Class A ordinary shares held through Lion Sky LLC. Mr.
(8) Includes 3,412 Class A ordinary shares underlying RSUs vesting on March 31, 2026. (9) Includes 3,412 Class A ordinary shares underlying RSUs vesting on March 31, 2026. (10) Includes (i) 317,905 Class A ordinary shares held through The Yabuki Family Foundation and (ii) 170,602 Class A ordinary shares held through Lion Sky LLC. Mr.
Yabuki exercises voting and investment power over the Class A ordinary shares held by the Yabuki Family Foundation and Lion Sky LLC and may be deemed to have beneficial ownership of those Class A ordinary shares. (8) Includes 34,079,496 Class A ordinary shares indirectly held by TCV IX Sports identified in footnote (4) above. Mr.
Yabuki exercises voting and investment power over the Class A ordinary shares held by the Yabuki Family Foundation and Lion Sky LLC and may be deemed to have beneficial ownership of those Class A ordinary shares. (11) Includes 9,957 Class A ordinary shares held through the Deirdre M Bigley 2021 Rev Trust. Mrs.
Doran (8) 34,079,496 16.5 % — — 3.1 % George Fleet 134,229 * — — * ​ William Kurtz 8,875 * — — * ​ Rajani Ramanathan ​ 11,094 ​ * ​ — ​ — ​ * ​ Marc Walder 253,642 * — — * ​ All executive officers and board members as a group (11 persons) (9) 35,218,330 16.5 % 903,670,701 100 % 84.5 % * Indicates beneficial ownership of less than 1% of the total outstanding ordinary shares.
Doran (12) 29,203,147 13.2 % — — 2.9 % George Fleet 145,554 * — — * ​ Pascal Keutgens — — — — — ​ William Kurtz 14,710 * — — * ​ Rajani Ramanathan ​ 23,475 ​ * ​ — ​ — ​ * ​ Marc Walder 269,094 * — — * ​ All executive officers and board members as a group (12 persons) (13) 32,074,624 15.0 % 783,607,701 100 % 81.7 % * Indicates beneficial ownership of less than 1% of the total outstanding ordinary shares.
Doran disclaims beneficial ownership except to the extent of his pecuniary interest in TCM, Management and Member Fund. (9) Consists of 35,218,330 Class A ordinary shares held by all our current directors and executive officers as a group.
(13) Consists of 32,074,624 Class A ordinary shares held by all our current directors and executive officers as a group.
Goldstein and Morgan is c/o The Radcliff Companies, 408 Greenwich Street, 2nd Floor, New York, NY 10013. (6) Consists of 90,398,189 Class A ordinary shares, which consists of (i) 31,199 Class A ordinary shares and (ii) 90,367,070 Class A ordinary shares underlying Class B ordinary shares.
Goldstein and Morgan is c/o The Radcliff Companies, 408 Greenwich Street, 2nd Floor, New York, NY 10013. (6) Based on information reported on a Schedule 13G filed on February 17, 2026, reflecting holdings as of December 31, 2025, which indicates that T. Rowe Price Investment Management, Inc. (“T.
Removed
(4) 34,079,496 16.5 % — — 3.1 % Radcliff SR I LLC (5) 15,265,392 7.4 % — — 1.4 % Executive Officers and Board Members ​ ​ ​ ​ Carsten Koerl (6) 31,119 * ​ 903,670,701 100 % 81.4 % Eduard H. Blonk 137,959 * — — * ​ Craig Felenstein — — — — — ​ Michael C.
Added
(4) 29,203,147 13.6 % — — 2.9 % Radcliff SR I LLC (5) 13,135,000 6.1 % — — 1.3 % T. Rowe Price Investment Management, Inc.
Removed
Miller — — — — — ​ Jeffery W. Yabuki (7) 533,073 * — — * ​ Deirdre Bigley 28,764 * — — * ​ John A.
Added
(6) ​ 12,080,674 ​ 5.6 % — ​ — ​ 1.2 % Executive Officers and Board Members ​ ​ ​ ​ ​ ​ Carsten Koerl (7) 1,840,883 * ​ 783,607,701 100 % 78.7 % Craig Felenstein (8) 6,556 * — — * ​ Michael C. Miller (9) 3,412 * — — * ​ Jeffery W.
Removed
Relationship with Bayes The Company generated total revenue of €nil in 2024 from Bayes Esports Solutions GmbH, an enterprise in which the Company held greater than a 10% beneficial ownership interest (“Bayes JV”).
Added
Yabuki (10) 557,836 * — — * ​ Deirdre Bigley (11) 9,957 * — — * ​ Breon Corcoran — — — — — ​ John A.
Removed
On September 10, 2024, the Company exited the Bayes JV by transferring its beneficial ownership interests to the other Bayes JV owner and paying €1.5 million to the Bayes JV to resolve certain disputes.
Added
Holders of our Class A ordinary shares are entitled to one vote per share, and holders of our Class B ordinary shares are entitled to one vote per share.
Removed
Management Participation Program For a description of the management participation program in which certain of our board members and executive officers are involved in, please see Item 6.B. “ Directors, Senior Management and Employees—B.
Added
Rowe Price”) has sole voting and dispositive power over 12,080,674 of our Class A ordinary shares. The business addresses of T. Rowe Price is 1307 Point Street, Baltimore, MD 21231. (7) Consists of 90,398,189 Class A ordinary shares, which consists of (i) 1,840,883 Class A ordinary shares and (ii) 78,367,070 Class A ordinary shares underlying Class B ordinary shares.
Added
Bigley exercises voting and investment power over such shares and may be deemed to have beneficial ownership over the shares. (12) Includes 29,203,147 Class A ordinary shares indirectly held by TCV IX Sports identified in footnote (4) above. Mr. Doran disclaims beneficial ownership except to the extent of his pecuniary interest in TCM, Management and Member Fund.