Sportradar Group (SRAD) Q4 2024 earnings summary

Executive summary

• Achieved record 2024 revenue of €1,107 million, up 26% year-over-year, with strong U.S. growth and margin expansion driven by a robust content portfolio and technology investments.

• Adjusted EBITDA grew 33% to €222 million for the year, with Q4 up 53% to €61 million and margin expanding to 20.1%.

• Announced acquisition of IMG ARENA for $225 million, expected to be immediately accretive and to close in Q4 2025, enhancing the global sports rights portfolio.

• Extended MLB partnership through 2032, with MLB taking an equity stake, and expanded partnerships with UEFA and UTR Sports.

• U.S. revenue grew 58% to €263 million, now 24% of total revenue, reflecting strong cross-sell and upsell performance.

Financial highlights

• Full-year 2024 revenue reached €1,107 million, up 26% year-over-year; Q4 revenue was €307 million, up 22%.

• Adjusted EBITDA for 2024 was €222 million, up 33%, with margin at 20.1%; Q4 Adjusted EBITDA was €61 million, up 53%.

• Free cash flow for 2024 was €118 million, up 133% year-over-year, with a 53% conversion rate.

• Net cash from operating activities was €353 million, up 36% year-over-year.

• Q4 net loss of €1 million due to €38 million in foreign currency losses; full-year profit steady at €34 million.

Outlook and guidance

• 2025 revenue guidance of at least €1,273 million, representing 15% year-over-year growth, excluding IMG ARENA impact.

• Adjusted EBITDA expected at least €281 million, up 26%, with margin expansion of at least 200 basis points.

• Free cash flow conversion rate expected above 53% in 2025.

• Targeting long-term Adjusted EBITDA margin of 25–30%.

• Guidance excludes impact from pending IMG ARENA acquisition.