DEAG Deutsche Entertainment AG-Q1 2026 in line with expectations, outlook unchanged-06/09/2026

研报英文原文证据摘录

DEAG Deutsche Entertainment AG-Q1 2026 in line with expectations, outlook unchanged-06/09/2026

24 2025 2026e 2027e

Bond " 48 48 49 72 73 25 46 47 72 72 72

Bank " 20 32 36 18 17 (3) 30 39 18 18 18

Other debt (ex lease) " 18 14 12 22 22 4 15 22 22 22 22

Gross debt (ex lease) " 86 95 96 112 112 27 91 108 112 112 112

Cash " 96 87 67 127 99 3 90 116 127 114 117

Net debt (ex. lease) " (11) 8 29 (15) 13 24 1 (8) (15) (2) (5)

Leasing (quarterly est.) " 26 26 26 26 26 (0) 25 27 26 26 26

Net debt (incl. lease) " 15 34 56 11 39 24 27 19 11 24 21

Source: Company and Pareto Securities

Seasonal revenue decline in line with expectations, margin improvement noteworthy

• Q1 is a seasonally small quarter for DEAG

• Group revenue declined 7.2% year-on-year to EUR 62.1m (Q1 2025: EUR 67.0m), reflecting the cyclical event calendar rather than

structural deterioration

• Gross profit margin improved by 2.7 percentage points to 21.0% (Q1 2025: 18.3%), with absolute gross profit rising to EUR 13.0m (Q1

2025: EUR 12.3m) despite the revenue shortfall, pointing to a favourable event mix

• EBITDA of EUR 2.1m (Q1 2025: EUR 3.5m) came in slightly ahead of management expectations; D&A declined to EUR 3.4m from EUR

4.3m. Consolidated net loss widened to EUR 3.7m (Q1 2025: EUR 2.7m), with the financial result broadly stable at EUR -1.8m (Q1 2025:

EUR -1.9m)

Minority buyouts and portfolio additions advance buy-and-build agenda

• DEAG acquired the remaining minority interest in Wizard Live GmbH and increased its stake in the Airbeat One EDM festival from 55% to

75%, both consistent with the stated strategy of consolidating ownership in performing assets

• A majority stake in Juicy Beats festival and in conneccted: Events & Live Marketing GmbH were added, extending the Group's footprint