ATG reports Q2 2026 revenue decline as horse betting weighs on results

Sweden’s AB Trav och Galopp (ATG) reported a weaker second quarter in 2026, with net gaming revenue declining 4% year on year to approximately €117.9 million. The result was mainly shaped by softer horse betting performance, which continues to represent the largest part of ATG’s business.

For the three months ended 30 June 2026, total revenue fell 3% to about €136.1 million. Net profit declined 11% to approximately €31.9 million, highlighting the pressure faced by the operator during the quarter.

The latest figures show that ATG remains heavily dependent on horse betting while also benefiting from continued growth in casino. The company’s first-half figures were more resilient than the second-quarter performance alone suggests, with stronger profitability during the opening quarter helping to limit the overall decline.

Horse betting remains the main revenue driver

Horse racing was the clearest source of pressure in the quarter. Horse racing NGR fell 7% year on year to approximately €85.0 million, meaning the segment accounted for around 72% of ATG’s total NGR during the period.

That share was lower than the 76% recorded in the corresponding quarter of the previous year. Even so, horse betting remained by far the largest contributor to ATG’s gaming revenue and continued to play a central role in the company’s wider financial structure.

Horse betting turnover in Sweden declined 8% to approximately €265.8 million. International horse betting provided some offset, with turnover outside Sweden increasing 13% to about €90.7 million. Combined horse betting turnover therefore fell 4% to approximately €358.4 million.

The figures indicate that international activity provided some support but was not sufficient to fully counter weaker Swedish performance.

Sports betting also experienced a decline during the quarter. Sports betting NGR fell 3% to roughly €8.1 million, adding further pressure to the overall gaming result.

Casino growth provides partial offset

Casino was the strongest of ATG’s principal gaming areas during the second quarter. Casino NGR increased 10% year on year to approximately €16.1 million.

The growth helped reduce the impact of declines in horse betting and sports betting, although casino remained considerably smaller than horse betting in terms of its contribution to total NGR.

The contrasting performance between the segments also illustrates the importance of diversification for ATG. While casino delivered stronger growth, horse betting continues to account for the majority of gaming revenue and therefore has a significant influence on the group’s quarterly results.

Swedish market remains under pressure

ATG’s Swedish business recorded a decline in NGR during the second quarter. Overall NGR in Sweden fell 6% to approximately €108.9 million.

Swedish sports NGR decreased 4% to around €15.8 million. Casino NGR in Sweden was broadly unchanged at approximately €10.9 million.

Denmark produced a more positive result. NGR in the Danish market increased 25% to approximately €9.4 million. Danish casino performance was particularly strong, with casino NGR rising 39% to approximately €5.2 million. Sports NGR in Denmark also edged higher to around €1.4 million.

The geographical figures show that ATG’s performance was not uniform across its markets. Sweden generated the majority of group NGR but also experienced the sharper decline while Denmark delivered growth during the period.

Digital channels continue to dominate

Digital channels remained the primary source of ATG’s NGR in the second quarter. Digital NGR reached approximately €109.8 million despite declining 3% year on year.

Retail NGR fell more sharply, decreasing 17% to approximately €8.8 million.

The continued dominance of digital channels reflects the changing structure of gambling consumption and ATG’s ongoing reliance on online customer activity. At the same time, the decline in digital NGR shows that online distribution was not immune to the broader pressures seen during the quarter.

ATG has previously highlighted the importance of responding to changing customer behaviour, competition for attention and the need to provide products within a regulated and responsible gambling framework.

Profit measures decline in Q2

The weaker revenue performance was reflected in ATG’s profitability metrics.

Operating profit declined 11% to approximately €32.8 million while pre-tax profit fell 12% to about €33.0 million. Operating costs remained broadly stable compared with the same period in 2025.

The combination of lower NGR and relatively unchanged operating costs meant that the quarterly decline in revenue had a direct effect on the company’s operating performance.

Despite this, ATG remained profitable and continued to report a stronger position for the first six months of the year as a whole.

Leadership transition continues

The second quarter also came during a period of management transition at ATG.

Hasse Lord Skarplöth left the position of CEO in February 2026 after more than 13 years in the role. Jörgen Forsberg was subsequently appointed acting CEO in March and has continued to lead ATG while a permanent successor is prepared to take over.

Anna Romboli, who previously served as a business area manager at Svenska Spel, has been selected as ATG’s incoming CEO. She is expected to take up the position in December 2026.

Jörgen Forsberg, acting CEO at ATG, commented:

“Horse betting remains the hub of our business and ATG is the engine in financing Swedish horse racing.”

The statement underlines the importance of horse betting not only to ATG’s commercial model but also to its broader role within Sweden’s horse racing ecosystem.

First-half performance remains comparatively resilient

Looking beyond the second quarter, ATG’s financial performance for the first six months of 2026 was more stable.

NGR for the first half declined 2% year on year to approximately €228.6 million. Total revenue decreased 1% to around €262.5 million.

Operating profit increased 2% to approximately €62.3 million as operating costs declined over the first six months. Pre-tax profit also rose 2% to about €62.9 million.

Comprehensive net profit reached approximately €60.7 million compared with €59.2 million in the first half of 2025.

These figures show why the full-year picture cannot be assessed solely from the second-quarter decline. ATG entered the second quarter after a relatively stable first quarter, allowing the company to maintain modest growth in several profitability measures during the first half despite weaker second-quarter revenue.

Jörgen Forsberg, acting CEO at ATG, commented:

“The first quarter developed overall on a par with the previous year, meaning the decline is mainly attributable to the second quarter,” Forsberg said. “Competition for customers’ time, attention and disposable income remains high. It comes from both other gaming operators – licensed and unlicensed – and from an ever-increasing range of other digital services and experiences. It is up to us to offer attractive products within the framework of a safe and responsible gaming market.”

The comments place the quarterly figures within a broader competitive environment while also emphasizing ATG’s stated focus on regulated operations and responsible gambling.

What the Q2 results mean for ATG

The second-quarter figures present a mixed picture for ATG. Horse betting remains the company’s financial cornerstone but experienced a clear decline during the period. Sports betting also moved lower while casino continued to grow at a faster rate.

The performance in Denmark provided another positive element and international horse betting activity increased, although neither was enough to fully offset the decline in Sweden.

At the same time, ATG’s first-half profitability remained relatively robust. Higher operating profit and pre-tax profit for the six-month period suggest that cost control and the stronger first quarter helped cushion the impact of the weaker second quarter.

The company now enters the latter part of 2026 with a changing leadership structure and continued pressure to compete for customer attention in a highly regulated market. For ATG, the central challenge will be maintaining the strength of its horse betting franchise while continuing to develop other gaming segments and digital channels.

Conclusion

ATG’s Q2 2026 results underline the importance of horse betting to the company’s financial performance while also showing the risks associated with such a concentrated revenue base. A 7% decline in horse racing NGR contributed materially to the 4% fall in overall NGR, while sports betting also weakened. Casino growth and stronger international horse betting activity offered some balance but did not fully reverse the quarterly decline.

The first-half numbers provide a more measured perspective. NGR and total revenue were only modestly lower while operating and pre-tax profit increased. That resilience gives ATG a solid financial platform as it prepares for the next phase of its leadership transition.

With Anna Romboli scheduled to become CEO in December and horse betting still at the centre of the business, the company’s future performance will depend on how effectively it responds to changing customer behaviour, competitive pressure and the demands of Sweden’s regulated gambling market. The Q2 figures therefore represent not simply a weaker quarter but an important indicator of where ATG will need to focus as it moves through the remainder of 2026.

FAQs

What did ATG report for Q2 2026?
ATG reported net gaming revenue of approximately €117.9 million for the second quarter of 2026, representing a 4% year-on-year decline.

Why did ATG’s revenue decline in the second quarter?
The main pressure came from weaker horse betting performance. Horse racing NGR fell 7% year on year while sports betting NGR also declined.

How much did ATG’s horse racing NGR fall?
Horse racing NGR decreased 7% year on year to approximately €85.0 million in Q2 2026.

Did ATG’s casino business grow?
Yes. Casino NGR increased 10% year on year to approximately €16.1 million during the second quarter.

How did ATG perform in Sweden?
ATG’s overall NGR in Sweden declined 6% to approximately €108.9 million during Q2 2026.

Did ATG perform better in Denmark?
Yes. NGR in Denmark increased 25% to approximately €9.4 million. Danish casino NGR rose 39% to approximately €5.2 million.

What happened to ATG’s digital revenue?
Digital channels generated approximately €109.8 million of NGR, representing a 3% year-on-year decline.

Who is the acting CEO of ATG?
Jörgen Forsberg has served as acting CEO since March 2026 after Hasse Lord Skarplöth left the company in February.

Who is expected to become ATG’s next CEO?
Anna Romboli has been appointed as ATG’s incoming CEO and is expected to take up the position in December 2026.

How did ATG perform during the first half of 2026?
For the first six months of 2026, ATG’s NGR declined 2% while operating profit and pre-tax profit both increased 2% year on year.