Performance exceeded Investor Day targets, driven by record revenue and Adjusted EBITDA alongside a 400 basis point margin expansion over the past two years.

The IMG acquisition, closed in November, is delivering immediate revenue synergies by leveraging Sportradar's global distribution network of 600-800 operators compared to IMG's legacy 50-60.

Managed Trading Services (MTS) achieved 26% turnover growth to $52 billion, utilizing AI-driven risk management to deliver an 11% margin for operator clients.

Strategic pivot toward interactive fan experiences is powered by a first-of-its-kind generative AI basketball foundation model that predicts player movements and game flow in real-time.

The ads and media business saw 35% DSP volume growth, reflecting high demand for data-driven advertising solutions as sports viewership transitions from linear to digital platforms.

Management attributes scaling success to a 'flywheel' effect where premium sports rights are monetized across a broader customer base and more sophisticated product tiers.

Anticipate 2026 revenue growth of 23%-25% on a constant currency basis, driven by IMG synergies and the 2026 FIFA World Cup opportunity.

The FIFA World Cup is expected to exceed $35 billion in turnover, supported by a 100-match schedule and expanded betting markets including Player Props and Micro Markets.

Guidance assumes significant operating leverage with Adjusted EBITDA growth of 34%-37% on a constant currency basis and 200-225 basis points of margin expansion.

Strategic roadmap for AI includes expanding the basketball foundation model to soccer and tennis to enhance predictive insights for streaming and market-making.

Free cash flow conversion is projected to grow above the 56% achieved in 2025 as the company benefits from stable, long-term sports rights costs.

Board authorized a significant increase in share repurchases, raising total capacity from $300 million to $1 billion to exploit the 'valuation gap' in the current share price.

Foreign currency fluctuations, particularly the U.S. dollar against the Euro, remain a primary headwind, impacting reported growth rates by approximately 2% in Q4.

Management confirmed that all major sports rights deals are locked in long-term, providing high visibility into the company's largest cost bucket through 2026.

Potential MLB lockout in 2027 is noted as a risk, though management claims contract protections and replacement content like PGA and ATP would limit financial impact.

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Management identifies market makers as the 'sweet spot' for monetization, requiring real-time AI models to price liquidity and predict risk streams.

Confirmed that NHL, MLS, and UFC have established frameworks allowing Sportradar to deploy official data to exchanges in the coming weeks.

Revenue models will likely be based on a share of the take rate from exchanges and market makers.

Revenue synergies are trending ahead of the 25% target for 2026, with all tier-one partners already signed onto IMG data and AV products.

Synergies are driven by moving IMG content into Sportradar's 'engine,' which has 10x the distribution reach of the standalone IMG business.

100% of engineering code is now AI-supported, which has already increased development lead times by 20%.

Management has already achieved 50% of content production through the use of AI agents and computer vision to extract data points, contributing to the company's significant margin expansion.

Brazil is being used as a test market to connect live sports betting with iGaming via the 'iPlayer' installed on 600+ sites.

Management views sports betting as an acquisition channel for iGaming, where player value is approximately 4x higher than traditional sports bettors.

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