A. Operating Results The following discussion of our operating and financial review and prospects should be read in conjunction with our consolidated financial statements and the related notes included elsewhere in this Annual Report. The following discussion is based on our financial information prepared in accordance with IFRS Accounting Standards, as issued by the International Accounting Standards Board. This discussion contains forward-looking statements and involves numerous risks and uncertainties, including, but not limited to, those described in the “Risk Factors” section of this Annual Report. See “Cautionary Statement Regarding Forward-Looking Statements.” Our actual results could differ materially from those contained in any forward-looking statements. 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. Overview Sportradar is a leading technology platform company enabling next generation engagement in sports, and the number one provider of B2B solutions to the global sports betting industry based on revenue. We provide mission-critical products, data and content to sports leagues and federations, betting operators and media companies. Our proprietary technology and data capabilities provide end-to-end solutions, from traffic generation to data processing, odds computation, risk management, visualization, and platform services. We believe we are well-positioned for global growth, with strategic market investments and continuous product development. By integrating new technologies like computer vision and data visualization, we maintain high-velocity development, allowing quick market adaptation and new product launches. Through our strong operating leverage and interconnected products, we believe we will generate significant long-term revenue. Our Clients and Business Model We sell our products to a diverse client base of betting operators, sports leagues and media companies globally. While we have an extensive product portfolio to meet the needs of our clients, our major product groups are Betting Technology & Solutions and Sports Content, Technology & Services. All Sportradar products are developed using our in-depth data collection infrastructure and our innovative proprietary technology. For additional discussion related to our clients and business model, see Item 4.B “Business Overview—Our Products” and “Business Overview—Our Clients.” Key Factors Affecting Our Business We believe that the growth and future success of our business depends on many factors, including the following: Capturing Share in New Legalized Sports Betting Markets by Expanding into New Geographies with Existing Clients and Adding New Clients The continued legalization of sports betting in the United States and abroad is a growth driver that is expanding the addressable market for our solutions. Although the legalization of sports betting is still in its early days, we believe there is promising regulatory momentum, particularly in the United States. 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. We believe that the global demand for sports data, content and technology will continue to increase. As we expand our geographic footprint, we expect to acquire new clients in new geographies and expand into new geographies with our existing clients. Developing New Innovative Products to Sell to Our Existing Client Base for Base Market Growth We intend to extend our leadership position and base market growth by continuing to innovate and bring new products and technologies to market. We have a history of introducing successful new capabilities on our platform and extending our value proposition with clients. Given the rapidly changing nature of the sports ecosystem, we expect to invest in product development to expand the value of our offerings for our clients. We leverage our wide breadth of sports, betting liquidity, and fan data to create value-add products for our existing relationships with sports leagues, betting operators and media companies. We are recognized as innovators at the forefront of sports data and continue to invest heavily in new capabilities such as computer vision, personalization, AI-driven immersive technologies, odds trading, risk management solutions and fully integrated platform services. Expanding Our Partnerships with Sports Leagues We have valuable relationships with sports leagues across the globe. We intend to continue to expand the breadth and depth of our partnership with sports leagues, including by pursuing new partnerships with sports leagues, big and small, in existing geographies, as well as in new geographies and in new sports categories. To our existing league partners, we provide critical technology and infrastructure allowing for the collection, analyzation and distribution of data to the media, teams and league analysts and the sports betting ecosystem generally. Our deep integrations into both the supply (leagues) and demand (betting operators and media companies) allow us to serve as a trusted, mission-critical partner. We plan to continue to use our strong positioning with many leagues to accelerate innovation and to expand the scope and value proposition of the services that we provide. Acquisition Strategy and Integration As part of our growth strategy, we have made and expect to continue to make targeted acquisitions of, and investments in, complementary businesses, products and technologies, and believe we are well-positioned to successfully execute on our acquisition strategy by leveraging our scale, global reach and data assets. Our management team has a proven track record of executing value accretive transactions and such acquisitions have expanded our footprint into new geographies and have added to, or improved upon, a range of our capabilities such as platform services, video distribution and solutions we provide to sports leagues. Our ability to acquire complementary technologies for our portfolio and integrate these acquisitions into our business will be important to our success and may affect comparability of our results of operations from period to period. Foreign Currency Strategy As a global company operating with multiple functional currencies, fluctuations in foreign currency exchange rates present a potential risk to profitability. The timing of currency fluctuations, whether a strengthening or weakening of the reporting currency, may lead to volatility in the recognition of both unrealized and realized gains and losses on our financial statements. While such fluctuations may impact profitability, they do not reflect the underlying operational performance of our business. 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. Non-IFRS Financial Measures and Operating Metric We have provided in this Annual Report financial information that has not been prepared in accordance with IFRS, including Adjusted EBITDA, Adjusted EBITDA margin, Adjusted purchased services, Adjusted personnel expenses, Adjusted other operating expenses, Free cash flow, and Free cash flow conversion (together, the “Non-IFRS financial measures”), as well as our operating metric, Customer Net Retention Rate. We use these non-IFRS financial measures internally in analyzing our financial results and believe they are useful to investors, as a supplement to IFRS measures, in evaluating our ongoing operational performance. We believe that the use of these non-IFRS financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends, and in comparing our financial results with other companies in our industry, many of which present similar non-IFRS financial measures to investors. Non-IFRS financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with IFRS. Investors are encouraged to review the reconciliation of these non-IFRS financial measures to their most directly comparable IFRS financial measures provided in the tables included below. 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. License fees relating to sport rights are a key component of how we generate revenue and one of our main operating expenses. Only licenses that meet the recognition criteria of IAS 38 are capitalized. The primary distinction for whether a license is capitalized or not capitalized is the contracted length of the applicable license. Therefore, the type of license we enter into can have a significant impact on our results of operations depending on whether we are able to capitalize the relevant license. As such, our presentation of Adjusted EBITDA reflects the full costs of our sport rights licenses. 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. 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. 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. Adjusted EBITDA has limitations as an analytical tool and should not be considered in isolation, or as an alternative to, or a substitute for, profit for the period from continuing operations, revenue or other financial statement data presented in our consolidated financial statements as indicators of financial performance. We compensate for these limitations by relying primarily on our IFRS results and using Adjusted EBITDA only as a supplemental measure. 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 compensation1 ​ 56,148 ​ 37,775 ​ 39,712 Restructuring costs2 ​ 6,676 ​ 1,620 ​ 8,005 Non-routine litigation costs3 ​ 35,156 ​ 3,381 ​ — Transaction-related costs4 ​ ​ 11,636 ​ ​ — ​ ​ — Secondary offering costs5 ​ ​ 2,191 ​ ​ — ​ ​ — Losses related to equity-accounted investee6 ​ — ​ — ​ 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 implementations7 ​ — ​ — ​ 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). This does not include the share-based compensation related to warrants granted to certain licensors as these expenses are included within the amortization of sport rights. 2 Includes employee severance and other exit costs associated with discrete restructuring plans, which are distinct in terms of their scale, strategic objectives, planning requirements, and irregular frequency. These plans are not reflective of the Company’s ongoing operational costs for a given period. 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. 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. On May 31, 2023, the Company sold its 49% interest in a joint venture to the majority shareholder, Ringier, and as a result exited the joint venture. 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. 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. We present Adjusted purchased services, Adjusted personnel expenses, and Adjusted other operating expenses (together, “Non-IFRS expenses”) because management utilizes these financial measures to manage its business on a day-to-day basis and believes that they are the most relevant measures of expenses. Management believes these adjusted expense measures provide expanded insight to assess revenue and cost performance, in addition to the standard IFRS-based financial measures. Management believes these adjusted expense measures are useful to investors for evaluating Sportradar’s operating performance against competitors. However, Sportradar’s calculation of adjusted expense measures may not be comparable to other similarly titled performance measures of other companies. 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. We consider Free cash flow and Free cash flow conversion to be liquidity measures that provide useful information to management and investors about the amount of cash generated by the business after the purchase of property and equipment, the purchase of intangible assets and payment of lease liabilities, which can then be used, among other things, to invest in our business and make strategic acquisitions, as well as our ability to convert our earnings to cash. A limitation of the utility of Free cash flow and Free cash flow conversion as measures of liquidity is that they do not represent the total increase or decrease in our cash balance for the year. 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. 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. 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. 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. 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. 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 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. 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. Client contracts are typically based on either: (i) a “fixed-fee recurring” basis, requiring clients to pay a guaranteed minimum recurring fee for a specified number of events, with incremental per-event fees thereafter, or (ii) a variable “revenue share” basis, based on a percentage share of the client’s gross gaming revenue (“GGR”), typically with minimum payment guarantees. Our recurring revenue is generally contracted for terms of one to five years with minimum guarantees and usage-based surcharges. 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. 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. These revenue streams are generated through a broad range of products and solutions that include, but are not limited, to the following: personalized marketing and advertising (ad;s) campaigns, digital and video fan engagement, content and solutions for broadcasters and technology companies, coaching and scouting services, performance analysis for competition management and sports integrity monitoring to prevent corrupt betting practices. For marketing and ad;s revenue, clients generally agree to marketing commitments, either on a per campaign basis or for a fixed period commitment. Revenue is recognized at the point in time when the services are performed or equally over the contract term. The remaining revenue streams within these product groups are typically subscription based through services and data host platforms. 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, 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. Personnel expenses consist primarily of salaries and bonus compensation, share-based compensation, payroll taxes, social benefits and expenses for pension plans. Personnel expenses are expensed as incurred. Personnel expenses include internally-developed software meeting the qualifying criteria for capitalization and are recognized as part of the capitalized internally developed software cost. Share-based compensation cost related to employees and directors of the Company is recognized on a graded vesting basis over the applicable vesting period. Sport rights expenses (including amortization of capitalized sport rights licenses). Sport rights expenses (including amortization of capitalized sport rights licenses) consist of the amortization expenses related to the capitalized sport rights licenses, non-capitalized sport rights expenses and sport rights revenue sharing expenses. The capitalized sport rights amortization is recognized on a straight-line basis over the life of the sport right contract. The other costs are primarily expensed as they are incurred. Purchased services. Purchased services consist of the costs of delivering the service to our clients, which includes fees paid to data journalists and freelancers for gathering sports data, fees to sales agents, production costs, revenue shares for third-party content, advertising costs and operational fees, consultancy fees and IT development costs and other external service costs. These costs are primarily expensed as they are incurred. Internally-developed software cost capitalized. Internally-developed software cost capitalized consists primarily of personnel costs and purchased services involved in software development and which meet the qualifying criteria for capitalization. Such costs are capitalized as part of the corresponding intangible asset as incurred. Other operating expenses. Other operating expenses consist primarily of legal and other consulting expenses, telecommunications and IT expenses, advertising and marketing expenses, travel expenses, and other expenses, all of which are recognized on an accrual basis, being expensed as incurred. Depreciation and amortization (excluding amortization of capitalized sport rights licenses) Depreciation primarily relates to the depreciation of IT and office equipment and buildings. Property and equipment are depreciated on a straight-line basis over the estimated useful lives of the assets, which are estimated between three to 15 years. Amortization expense relates to the amortization of intangible assets over their estimated useful life. Our amortization expense primarily relates to client base, technology, brand name, capitalized software cost and other rights and contract costs. 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. 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. 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. 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. Comparison 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. This increase was primarily driven by an increased amortization from internally generated intangible assets. 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 increase was primarily driven by higher allowances resulting from increased trade receivable balances and adjustments to the allowance applied to loan receivables. 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. 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. 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. 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. Recent Accounting Pronouncements Recently issued and adopted accounting pronouncements are described in Note 2.1—New and amended standards and interpretations, to our consolidated financial statements included elsewhere in this Annual Report. These pronouncements have not had an impact on the Company’s consolidated financial statements. B. Liquidity and Capital Resources We measure liquidity in terms of our ability to fund the cash requirements of our business operations, including working capital and capital expenditure needs, future acquisitions and general corporate purposes, with cash flows from operations and other sources of funding. 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. 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. 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. 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. In the event we require additional financing, we may not be able to raise such financing on terms acceptable to us or at all. If we are unable to raise additional capital or generate cash flows necessary to expand our operations and invest in continued innovation, we may not be able to compete successfully, which would adversely affect our business, financial condition and results of operations. 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. The Company’s wholly-owned subsidiary, Sportradar Capital S.à r.l., is the borrower under the Credit Agreement and the obligations are guaranteed by other subsidiaries of the Company and secured by certain assets of the borrower and its subsidiaries. Borrowings under the RCF bear interest at a maximum annual rate of EURIBOR (or, as the case may be, Term SOFR or SONIA) plus 3.75% per annum and are subject to a margin ratchet as set out below: ​ ​ ​ Senior Secured Net Leverage Ratio ​ ​ ​ RCF Margin (% per annum) Greater than 4.50:1.00 3.75 Greater than 4.00:1.00 but equal to or less than 4.50:1.00 3.50 Greater than 3.50:1.00 but equal to or less than 4.00:1.00 3.25 Greater than 3.00:1.00 but equal to or less than 3.50:1.00 ​ 3.00 Equal to or less than 3.00:1.00 2.75 ​ For the unutilized RCF, a commitment fee is payable of currently 0.825% which is 30% of the applicable margin for the RCF. The applicable margin for the RCF is currently 2.75% per annum and is determined based on the senior secured net leverage ratio of the Company. 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. 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. 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. 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. 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. 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. For additional information regarding our contractual commitments, see Note 26 to our consolidated financial statements, which are included elsewhere in this Annual Report. 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. The increase in net cash from operating activities primarily reflects higher profit for the period of €66.7 million from improved operating performance. 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. 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. 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. This decrease was primarily driven by a shift from a net cash outflow to a net cash inflow, reflecting cash acquired in the IMG ARENA acquisition, partially offset by cash payments to settle contingent consideration related to prior acquisitions. This net decrease was offset by cash used of €11.5 million for issuance of a loan (receivable) to a third-party. 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. The change was mainly due to an increase of €76.5 million cash used in repurchasing of shares pursuant to our share repurchase program and €15.0 million cash used for the acquisition of a non-controlling interest. 73 Table of Contents C. Research and Development, Patents and Licenses, Etc. 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 operate a ‘hub and spoke’ governance model so that decisions are taken as close to the context of the problem as possible. Our primary focus is on both the development of existing and new innovations in several areas such as automated data processing and enrichment using artificial intelligence, machine learning and computer vision that leverages our unique data assets. In addition, we continue to evolve our products and services to enhance value to our clients including optimizing our platforms to provide rapid data ingestion with low latency and developing innovative products. D. 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. E. Critical Accounting Estimates Our consolidated financial statements are prepared in conformity with IFRS Accounting Standards, as issued by the IASB. The preparation of these historical financial statements in conformity with IFRS requires management to make estimates, assumptions and judgments in certain circumstances that affect the reported amounts of assets, liabilities and contingencies as of the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. We evaluate our assumptions and estimates on an ongoing basis. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. Our critical accounting estimates are described in Note 2 —Material accounting policy information to our consolidated financial statements included elsewhere in this Annual Report. 74 Table of Contents