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- **Record Q3 Growth**: EUR 292 million revenue (+14% YoY), 29% EBITDA margin, and EUR 149 million free cash flow highlight strong execution.
- **IMG Synergies**: EUR 225 million financial benefit and 2026 EBITDA margin expansion of 250bps via 700+ new client integrations.
- **AI Innovation**: Generative basketball models and 4Sight Streaming drive engagement, with MTS managing EUR 48 billion annually.
- **Guidance Raise**: 2025 revenue to EUR 1.29 billion (+17%), EBITDA to EUR 290 million (+30%), with 2026 growth of 23-25% (constant currency).
- **Share Buyback**: EUR 300 million program reflects confidence in long-term value creation.

**【CEO Summary Section】**
- Q3 2025 revenue reached EUR 292 million, up 14% YoY, driven by organic growth and the IMG Arena acquisition. Adjusted EBITDA rose 29% to EUR 85 million, with a record 29% margin.
- IMG Arena adds EUR 225 million in financial considerations, enhancing content and AI-driven products like generative basketball models.
- Managed Trading Services (MTS) turnover grew 25% YoY, managing EUR 48 billion annually, with a 11% margin advantage.
- Expanded media partnerships (e.g., DAZN, NBC) and AI innovations (e.g., 4Sight Streaming) boost engagement and monetization.
- Share repurchase program increased to EUR 300 million, reflecting confidence in long-term growth.

**【CFO Financial Commentary】**
- Full-year 2025 guidance raised to EUR 1.29 billion revenue (+17%) and EUR 290 million EBITDA (+30%), with 240bps margin expansion.
- Q3 free cash flow of EUR 149 million (72% conversion) supports growth and M&A, with 2026 revenue growth expected at 23-25% (constant currency).
- IMG Arena is margin-accretive, with 2026 EBITDA margin expansion of 250bps, driven by synergies across 800+ clients.
- Cost control maintained, with personnel expenses down 260bps as a percentage of revenue.

**【Q&A Highlights】**
- **IMG Integration**: Early discussions with leagues like NHL and MLB show interest in new AI products; 2026 revenue synergies expected from 700+ new clients.
- **Prediction Markets**: Sportradar sees limited share in exchanges but offers data and risk management services to licensed operators.
- **iGaming Expansion**: Testing holistic client acquisition in Brazil, with potential U.S. expansion leveraging existing sports betting infrastructure.
- **Integrity Services**: AI-driven GenAI tools detect anomalies, supporting leagues and regulators, though not a major profit driver.
- **FX Impact**: 2025 revenue growth headwinds from USD/EUR weakness, but 2026 guidance excludes FX for clarity.

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