Coming on the heels of our Investor Day, our first quarter earnings demonstrate what continues to set Sportradar apart in the industry. We are a mission critical technology leader embedded in a fast-growing industry that is shifting toward more personalized and interactive experiences. We are capitalizing on our strengths and building on our momentum from last year by delivering increased value for our clients, partners and shareholders.

This past quarter, Sportradar delivered record total company revenue of €311 million, an increase of 17% compared with the first quarter a year ago as we continue to outpace overall market growth. This growth was driven by higher uptake across our leading products and solutions. Our consistent ability to deliver returns significantly ahead of market growth is a testament to how our high-demand content and products resonate with our customers.  Our U.S. revenues expanded to 28% of our total revenues, demonstrating our strong position and ability to capitalize on this fast-growing market.

Our top-line performance also flowed through to our bottom line with Adjusted EBITDA* increasing by 25%, as we continued to deliver increasing operating leverage with Adjusted EBITDA margin* expanding 120 basis points to nearly 19% for the first quarter, and Free cash flow* growing to €32 million translating to a conversion rate of 54%.

Given the positive first quarter results and the operating momentum across our business, we continue to see strong and durable growth ahead and are reiterating our 2025 guidance, reflecting the strength and resilience of our business.

Our growth expectations are underscored by the approximately €2 billion of contractual revenue commitments we have locked in over the next two years. Combined with strong visibility on our key costs, including our locked-in sports rights, we are at an inflection point for multi-year margin expansion and increasing cash generation.