===== SIDA 1 ===== February 25, 2026 Better Collective A/S Sankt Annæ Plads 28, Copenhagen www.bettercollective.com CVR NO.: 27 65 29 13 ===== SIDA 2 ===== Annual report Page 2 2026 guidance • Organic revenue growth 7 - 12% • EBITDA * growth 8 - 18% • Annual share buyback s of 40 mEUR • Net debt to EBITDA * below 3x 2027 - 2028 guidance • Organic revenue growth • EBITDA * margin of 35 - 40% • Continued strong cash conversion • Net debt to EBITDA below 3x Full year revenue 337 mEUR • FY guidance 320 - 350 mEUR Full year EBITDA * 102 mEUR • FY guidance 100 - 120 mEUR Full year free cash flow 38 mEUR • FY guidance 55 - 75 mEUR • Impacted by working capital deviations into 2026 and investments in strategic partnerships Net debt to EBITDA * 2.5x • FY guidance below 3x Q4 revenue 94 mEUR • - 2% y ear - over - y ear • +2% in constant currencies Q4 EBITDA * 37 mEUR • The highest EBITDA * ever recorded in a quarter Value of deposits all time high 820 mEUR Q4 Financial Summary Full - Year Financial Summary Financial T argets *EBITDA before special items ===== SIDA 3 ===== Annual report Page 3 Overview 7 Founder statement: 8 Co - CEO & Chair Letter: A word to our shareholders 10 A year of strategic transformation, disciplined execution, and renewed momentum 10 2025 highlights 14 Five - year summary 20 2025 financial performance 22 Business review and financial performance 24 Strategy 32 Better Collective’s clear vision and strategy 33 Corporate Matters 37 Better Collective’s corporate governance 38 Remuneration to the Board of Directors and Executive Management 44 Internal controls 46 Risk management 47 The BETCO share and shareholders 53 Sustainability 55 General disclosures 57 Social 77 Governance 98 Environment 104 Statements 116 Statement by Management 117 Independent Auditors’ Report 118 Independent Auditors’ limited assurance report on Sustainability Statements 122 Group 125 Statement of profit and loss 126 Statement of comprehensive income 126 Balance sheet 127 Statement of changes in equity 128 Cash flow statement 129 Notes 131 Parent company 167 Statement of profit and loss 168 Statement of comprehensive income 168 Balance sheet 169 Statement of changes in equity 170 Cash flow statement 171 Notes 172 Other 187 Alternative Performance Measures and Definitions 188 Appendix 190 March 24 , 202 6 AGM May 2 0 , 202 6 Interim Financial report Q1 August 2 0 , 202 6 Interim Financial report Q2 November 1 8 , 202 6 Interim Financial report Q3 Annual Report Webcast A live webcast and presentation for Better Collective’s stakeholders will be held on February 26 th, 202 6 , at 10:00 CET and can be joined online here . To participate by phone, follow this link . Once signed up, you will receive an email with a phone number and a personal dial - in code for the call. The presentation material for the webcast will be avail- able after market close on February 25 th, 202 6 , via: https://bettercollective.com/ Table of contents Management review Financial Statements Financial calendar ===== SIDA 4 ===== Annual report Page 4 Our vision Annual report Page 4 Our vision is to become the leading digital sports media group; Better Collective owns and operates global and national sports media, sports betting media, and Esports & gaming communities. We are on a mission to excite fans and foster passionate communiti es worldwide. Our House of Brands attracts more than 112 million unique users, generating more than 450 million sessions and 2.7 billion pageviews a month. Our combined offerings include everything from quality sports content, communities, data insights, and apps, to video content, podcast, and innovative technology. *The size of the logos reflects the relative audience size ===== SIDA 5 ===== Annual report Page 5 From affiliate to leading digital sports media group Today, our House of Brands commands a premier posi- tion across digital sports media, betting media , and global esports communities. Leveraging our massive global audience, we drive value through a diversified revenue mix spanning affiliation, brand activations, pre- mium sponsorships, advertising , and subscription ser- vices. As our business model has evolved, so too must the way we measure and communicate audience scale. Historically, we reported million monthly visits as our primary reach metric. Visits remain an important indica- tor of distribution strength and engagement frequency. However, as we have transitioned from a performance - focused affiliate into a diversified d igital sports media group, additional audience metrics provide a more com- plete and economically relevant view of our position and reach. Going forward, we will report three complementary on - platform engagement metrics across our owned - and - operated websites and apps. Each metric captures a dis- tinct dimension of our media platform. Average monthly unique users represent the total number of distinct individuals engaging with our owned brands each month , capturing the scale and breadth of our audience reach. These users form the foundation of our first - party data ecosystem and power our FanReach capabilities. Better Collective’s House of Brands attracts m ore than 112 million unique users on a month ly basis . Average monthly sessions represent the total number of visits , where a singl e user may account for multiple sessions. High session frequency serves as a primary indicator of brand strength and the loyalty of our recurring audience. Better Collective powers over 450 million monthly sessions , totaling more than 5. 4 billion sessions annually . Average monthly page views represent the total number of pages loaded or reloaded across our owned brands. This measures the depth of content consumption and monetisation capacity across affiliation, advertising, and sponsorships. Better Collective ’s House of Brands drives 2.7 billion monthly page views , totaling more than 32 billion page views annually . Beyond our owned platforms, Better Collective has es- tablished a dominant omnichannel presence by meeting sports fans where they live and consume content: Across third - party social and audio ecosystems where our brands and shows have more than 200 million f ol- lowers. Moving beyond destination - based traffic, our talent - led strategy leverages high - profile athletes and personalities to build authentic engagement across plat- forms such as YouTube, Instagram, TikTok, and X, as well as Spotify and Apple Podcast s . Th is approach de- livers massive scale and unique activation opportunities for brands. Throughout 2025, Playmaker HQ’s portfolio of premier sports and culture shows generated more than 1.6 billion views across social media, proving our ability to command atten tion and drive influence in a fragmented digital media landscape. By including unique users and page views alongside ses- sions, we provide greater transparency into the true scale, engagement , and monetization capacity of Better Collective as a leading global digital sports media and adtech powerhouse. ===== SIDA 6 ===== Annual report Page 6 ===== SIDA 7 ===== Annual report Page 7 Founder statement: 8 Co - CEO & Chair Letter: A word to our shareholders 10 A year of strategic transformation, disciplined execution, and renewed momentum 10 2025 highlights 14 Five - year summary 20 Overview This is our detailed 202 5 annual report of the Better Collective group’s financial and sustainability performance, risks, strategy and governance. It includes our Consolidated Financial Statements and Sustainability Statements. To align with the European Sustainability Reporting S tandards (ESRS) under the EU Corporate Sustainability Reporting Di- rective (CSRD), we have integrated our financial and sustainability reporting into a single, unified report. This approach enhances transparency and offers stakeholders a holistic view of ou r group’s overall performance and long - term value creation. Further, our statutory corporate governance report is incorporated into the “Corporate matters” chapter of the Man- agement Review. In our separate Remuneration Report, you can get a transparent and comprehensive overview of the remuneration of our Board of Directors and Executive management team. To get an overview of all of our reporting material you are welcome to download our reports and investor presentations via our corporate website www.Bettercollective.com ===== SIDA 8 ===== Annual report Page 8 Founder statement: Building for long - term sustainable growth Since founding Better Collective in 2004, our journey has been one of continuous reinvention. What began as a two - person initiative has evolved into one of the lead- ing global digital sports media groups. Despite the scale we have achieved, the culture remains anchored in the entrepreneurial mindset that originally defined us. Our focus has always been to build a compa ny that endures: one we are proud of, one that contributes positively to society, and one that is positioned for long - term sus- tainable growth. Today, our brands, products , and platforms reach more than 11 2 million unique sports fans every month, trans- lating into more than 450 million monthly visits across our global portfolio of sports media and sports betting media brands. This scale is a privilege, but also a respon- sibility. Engaging audiences at this mag nitude requires editorial integrity, high - quality content, diverse and transparent moneti z ation, strong data protection, and an unwavering commitment to responsible gam bling . We view our reach not simply as a commercial asset, but as a trust relationship w ith millions of sports fans world- wide. We have consistently chosen to build Better Collective with transparency and responsibility at its core. Early in our history, we made the strategic decision to maintain our headquarters and corporate registration in Den- mark. This reflects our commitment t o operating re- sponsibly, paying taxes where value is created, and con- tributing to the communities in which we operate. As our global footprint has expanded, so too has our in- volvement in local community initiatives and product in- vestments that make high - qu ality sports content acces- sible to fans worldwide. Over the past two decades, we have continuously strengthened our governance foundation. We have built a diverse, experienced, and internationally oriented Board of Directors and leadership team, while also intro- ducing a Co - CEO structure. Th e latter follows the imple- mentation of The New Better Collective operating model, designed to increase focus, scalability, and global execution. Our three global business units re- move complexity and sharpen our focus on building and investing in scalable brands with globa l growth poten- tial. By concentrating resources behind our strongest platforms, we are creating a more focused, agile, and growth - oriented organization capable of accelerating innovation and expanding our leadership across key markets. Annual report Page 8 ===== SIDA 9 ===== Annual report Page 9 We are now leveraging AI in a meaningful way across Mindway AI, data segmentation and audience modeling, content creation, and internal process optimization. This strengthens both our commercial precision and opera- tional efficiency, while enhancing user ex periences. Talent development remains central to our identity. Our BC Academies in areas such as Search Engine Optimiza- tion, Search Engine Marketing, technology, and com- mercial excellence continue to attract and develop top talent, supporting both our own future grow th and the broader digital ecosystem in the markets where we op- erate. With more than 40 nationalities represented across 26 countries, we remain committed to providing an equitable, safe, and inclusive culture through ongo- ing DEI initiatives and employee p rograms. Equally important is our commitment to compliance and safer gambling. We collaborate exclusively with licensed operators in regulated markets and have been repeat- edly recognized with industry awards for our compli- ance efforts. Through Mindway AI , we apply advanced behavioral analytics and AI - driven risk detection to sup- port safer gambling practices across the betting ecosys- tem. Combined with our sports media brands, this ena- bles us to promote responsible engagement while strengthening regulatory alignment i n key markets. AI will be a defining force in the evolution of digital me- dia and sports engagement. We see AI not as a threat to our model, but as a catalyst for both operational effi- ciency and long - term growth. By combining authorita- tive sports media with AI - driven personalization, data intelligence, and scalable automation, we are expanding our monetization capabilities, strengthening partner value, and unlocking new growth opportunities across our platforms. At the same time, we are increasingly building proprie- tary advertising and data capabilities through initiatives such as FanReach and AdVantage. By combining first - party audience data, segmentation intelligence, and scalable ad solutions across our owned i nventory, we are expanding our role in the value chain beyond media and performance marketing. This evolution strengthens monetization precision, deepens partner relationships, and positions Better Col- lective at the intersection of sports media and sports - focused adtech. As we look toward the next decade, our ambition is un- changed: to build the leading digital sports media group. We are well - positioned with strong brands, a global au- dience, advanced technology capabilities, diversified business models, and a more scalable operational struc- ture. Combining authoritative sports media with data, community, conversion excellence, and recurring reve- nue models unlocks significant synergies - many of which are still ahead of us. We enter 2026 with confidence , and t he foundation we have built ensures that Better Collective is not just growing but evolving into a more robust, innovative dig- ital sports media and adtech group for the next decade ahead. Jesper Søgaard & Christian Kirk Rasmussen Co - founders & Co - CEOs ===== SIDA 10 ===== Annual report Page 10 Co - CEO & Chair Letter: A word to our shareholders A year of strategic transformation, disciplined execution, and renewed momentum 2025 was a defining year for Better Collective. Beyond navigating external market transitions, it was a year in which we took decisive steps to reshape the company for the decade ahead. We sharpened our strategic focus, simplified our operating model, and continued to build a more scalable , global organization, while maintaining disciplined investments in technology, data, and new business models that will underpin our long - term growth. These actions are already translating into im- proved earnings quality an d a more predictable growth profile. Against a complex backdrop of regulatory change in Brazil, shifting marketing dynamics in the US, and a tough comparison versus the 2024 sports calendar , our teams executed with discipline and focus. Despite sig- nificant external headwinds, including a low sports win margin, we delivered on the guidance set at the begin- ning of the year and made tangible progress on our strategic priorities. We exit the year as a stronger, more agile, and increasingly future - proof company. As a result, our relative competitive position has strengthened materially over the past year. In several key areas, including scale, data capabilities, recurring revenue, financing, and operational discipline, we be- lieve our relative strength versus peers is stronger today than at any point in the company’s history. Importantly, Q4 marked a return to growth in constant currencies. When further adjusting for the unusually low sports win margins in both Q3 and Q4 , driven by cus- tomer - friendly sports results, the underlying business delivered growth for two consecutive quarters and re- ported operational earnings growth in Q4. Moreover , the value of deposits reached an all - time high , with 820 mEUR deposited in Q4 alone . This is a strong indicator of the underlying health and future value of our revenue share database. Strengthening our foundation as the leading digital sports media group Our long - term vision remains unchanged: to build the leading digital sports media group. Greater scale strengthens our operational efficiency, enhances mone- tization capabilities, and increases our strategic rele- vance to partners . At the same time, disciplined execution and profitability remain paramount, as they allow us to reinvest in innovation and differentiated con- tent. In 2025, we made significant progress in advancing this strategy. Unlike traditional media groups, our scale is built on a mix of owned audiences, performance - driven monetiza- tion , and deep data capabilities. Better Collective oper- ates at the intersection of sports media , sports betting , and advertising technology , combining world - class af- filiation expertise with ownership of leading sports me- dia brands and audiences. This unique position gives us multiple levers for growth and monetization , while al- lowing us to capture value across both audience en- gagement and long - term c ustomer economics. Expanding our KPI framework to reflect audience scale and quality As Better Collective has evolved from a traditional affil- iate business into a diversified digital sports media group, we continuously refine our performance meas- urement . W e are th erefore introducing global unique us- ers and page views as new core KPI s , complementing our existing operational and financial metrics. Across our House of Brands , we engage more than 11 2 million unique users, translating into more than 450 mil- lion monthly visits , and more than 2.7 billion monthly page views . This scale reflects the strength of our brands, our global distribution, and our relevance among sports fans worldwide. It also represents a stra- tegic asset that underpins both recurring revenue growth and the expansion of new monetization models, includ ing advertising and technology - driven solutions such as FanReach. Operational efficiency, scala- bility, and disciplined capital allocation Following the mentioned complex backdrop of external headwinds, in late 2024 , we committed to a 50 mEUR annual efficiency program, which we fully delivered in 2025. This required difficult but necessary decisions to streamline our cost base and ensure we operate with the scalability required to stay agile . The result is a leaner, faster, and more focused company with stronger operational leverage. Combined with our new organizational structure, this positions us well to in- tensify our focus on organic growth, execution of syner- gies, and disciplined capital de ployment. This discipline allows us to reinvest selectively in growth areas with the highest long - term returns. Our capital allocation framework continued to evolve in 2025. Early in the year, we cancelled 1.8% of the com- pany’s share capital, and throughout the year , we ===== SIDA 11 ===== Annual report Page 11 executed a series of share buyback programs that in- creased our ownership of treasury shares. In line with our commitment to returning capital to shareholders, we have cancelled an additional 5 .17 % of the share cap- ital in early 2026. Our capital allocation priorities remain focused on organic growth investments, disciplined M&A, and returning excess capital to shareholders. Navigating the Brazilian regu- latory transition and prepar- ing for renewed growth Few markets have contributed as significantly to our growth in recent years as Brazil. As expected, the regu- latory framework that took effect on January 1, 2025, also brought short - term headwinds for revenue share income and new customer acquisition, espec ially due to restriction on bonus offerings. Still, the fundamental dy- namics of the market remain highly attractive. Encouragingly, we saw stronger - than - anticipated player retention and wagering, demonstrating the high quality of our player base. So, while 2025 has been a re- basing year with lower revenue share income, we remain confident that Brazil will return to growth from 2026 and continue to be a major long - term contributor to Better Collective. Accelerating recurring reve- nue and maturing our US reve- nue share model Our strategic shift toward recurring, high - quality reve- nue continued to gain momentum in 2025. The transi- tion toward revenue share in North America, initiated in 2022, is now translating into clear and tangible financial results. At the beginning of the ye ar, we expected to generate 10 - 15 mEUR in pure revenue share from the market. We are pleased to have exceeded this expecta- tion, delivering approximately 17 mEUR in pure revenue share from North America in 2025 - and even more in constant currencies . This development marks an important step toward building a more stable and resilient North American business. It is underpinned by a substantial, still largely unrecognized revenue share database accumulated over the past three years, which we expect to continue ramping gradually over the coming quarters and years. This data base represents future revenue that is already earned in terms of customer value, but not yet fully rec- ognized in reported revenue. The improving quality of earnings is already evident i n reported profitability. While we expected for North American margins to re- turn to above 20%, we delivered a reported margin of 28%, exceeding expectations. Beyond improving predictability, this transition strengthens our strategic positioning. A higher share of recurring revenues allows us to participate more directly in the long - term value creation of the users we deliver to partners, while providing structural upside as addi- tional states regulate iGaming and go live. As the North American market matures and sportsbooks increasingly focus on profitable growth, our alignment through re- curring revenue models represents a clear and sustaina- ble competitive advant age. Innovation powering the next chapter: Playbook and Fan- Reach Innovation remains a core pillar of our long - term strat- egy and a key driver of future value creation. In 2025, we successfully launched Playbook, our AI - powered betting solution designed to integrate seam- lessly into how sports fans already engage with content. With millions of bets already sent to partners, Playbook demonstrates how advanced technology can enhance user engagement, improve conversion, and open new growth avenues. Based on the early traction, we will continue to invest with confidence in further product development and international expansion. Alongside Playbook, we invested throughout 2025 in building FanReach, which was launched in early 2026. FanReach is a core pillar in our AdVantage ecosystem by combining proprietary first - party data with ad- vanced audience segmentation, enabling more tar- geted, measurable, and scalable media solutions for ad- vertising partners. It represents an important step in evolving our commercial model beyond traditional per- formance marketing, while remaining closely aligned with our core strengths in audience ownership and dis- tribution. Together, Playbook and FanReach strengthen Better Collective’s position at the intersection of sports media, technology, and AI, reinforcing our ability to innovate, diversify revenue streams, and capture long - term growth opportunities as the industry cont inues to evolve. Expanding the total addressa- ble market through Prediction Markets During 2025, prediction markets have rapidly emerged as a structurally important addition to the broader sports and event - based wagering ecosystem. For Better Collective, this development is not a disruption, but an expansion of our total addressable marke t. Prediction markets introduce a new product format and attract incremental user segments, while overlapping meaningfully with our existing sports and sports betting ===== SIDA 12 ===== Annual report Page 12 audience. As a performance - driven digital sports media group operating at the intersection of sports content and wagering, we are structurally well - positioned to support this evolution. Our scalable publishing network and paid media capabilities enable us to work seam- lessly with all relevant players in the ecosystem. We have established commercial relationships across the industry and are already collaborating with relevant prediction market operators. It remains early days. Only a limited number of platforms are currently live, and we expect a lot of additional player s to enter the market over the coming quarters - improving the position of an affiliate even further as competition increases. We view prediction markets as a natural extension of our core business. As the ecosystem matures, we expect it to further diversify our revenue streams, strengthen our partner relationships, and expand our long - term growth opportunit ies . Artificial intelligence: oppor- tunity, discipline, and long - term resilience Artificial intelligence represents one of the most signifi- cant structural shifts in the digital landscape in decades. For Better Collective, AI is first and foremost a powerful enabler. We have already integrated AI across product development, content auto mation, data analysis, and commercial optimization. Playbook is a clear example of how AI can enhance user engagement and conversion, while , internally , AI - driven tools are improving produc- tivity, scalability, and execution speed across markets and brands. At the same time, we continuously assess the structural risks AI may pose to digital traffic flows and monetiza- tion models. Importantly, we remain unaffected by the recent AI - driven shifts in search and discovery patterns. Our traffic development and comme rcial performance continue to demonstrate resilience, reflecting the strength of our brands, diversified acquisition channels, and long - standing expertise in search and content opti- mization. Most of our existing revenue base is resilient by design. Once acquired , recurring revenue share is not directly affe cted by changes in search behavior. Our Paid Media business is inherently adaptable and built on perfor- mance marketing principles, enabl ing budgets and channels to pivot as user behavior evolve s . Our Esports segment, driven by strong community brands and direct audience engagement, also remains structurally less ex- posed to search - driven disruption. From a portfolio perspective, the revenue stream most potentially affected by AI - driven changes in search and discovery is future revenue share growth and CPA within the Publishing segment. We do not underesti- mate this risk. However, it is important to rec ognize that Better Collective has successfully navigated multiple fundamental shifts in the search and digital ecosystem s over the past 20 years, including major algorithm changes, platform policy updates, and evolving user be- havior. Each time, adaptation and innovation have strengthened our competitive position and relative strength. We therefore approach AI with both realism and confi- dence. Realism, because technological change requires continuous investment, agility, and strategic discipline. Confidence, because our scale, diversified revenue mix, proprietary data, and strong brands provide structural advantages in adapting to the next generation of digital consumption. We expect the search and discovery land- scape to evolve materially in the coming years, and we also expect Better Collective to continue evolving alongside it, just as we have for more than two decades. Looking ahead: entering 2026 with confidence and momen- tum Over the past several years, Better Collective has navi- gated significant industry change and structural trans- formation. This includes the regulatory transition of the Brazilian market, which resulted in a materially lower revenue impact than initially anti cipated, yet still led to a negative bottom - line impact of approximately 22 mEUR in 2025 alone, compared with previously commu- nicated expectations of 35 to 55 mEUR. Following this transition, 100% of the Group’s revenue is now gener- ated in regulated market s. In parallel, Better Collective has executed a substantial transition to revenue share agreements in the U S market, establishing a more sus- tainable and recurring revenue base , and building a lot of future value still to be harvested . Furthermore, we have navigated the impact of multiple tax increases across markets, significant changes in the media part- nership landscape following Google policy updates, a nd continued headwinds from foreign exchange move- ments of approximately 9 mEUR and an adverse sports win margin impact of approximately 17 mEUR in 2025 alone . Despite these combined headwinds, Better Collective has successfully offset a substantial portion of the im- pact through alternative growth avenues, while main- taining a high pace of innovation. During this period, ===== SIDA 13 ===== Annual report Page 13 Better Collective has launched Playbook and FanReach, continued to scale its Paid Media and Publishing activi- ties, and strengthened its technology and data capabili- ties. At the same time, the Group has protected its earn- ings base and delivered in line with its full - year guid- ance. Following a comprehensive rebasing of the busi- ness and a reorganization of the operating model, Better Collective is now well positioned for renewed growth from 2026 and beyond. This is reflected in our guidance of 7 to 12 % organic revenue growth in 2026 , including the UK and Brazilian tax impacts . This is followed by a guidance of continued organic growth in 2027 and 2028, alongside margin expansion, continued high cash conversion, and disciplined leverage levels. During 2026, we look forward, both as shareholders and as sports enthusiasts, to what is expected to be the larg- est World Cup in history, played across most of Better Collective’s core markets. Beyond its global appeal, the tournament is expected to provide a meaningful acqui- sition tailwind, as well as significant reactivation and in- creased underlying activity across the existing user base. The year 2025 demanded adaptability and persever- ance, both of which were demonstrated in abundance across the organization . Despite volatile conditions, teams executed with focus and determination, and in doing so prepared Better Collective for the opportuni- ties ahead. We extend our sincere gratitude to all colleagues whose commitment and passion continue to drive the company forward. We also thank our shareholders, partners, and broader stakeholder community for your continued trust and support. Together, we are building a stronger, more scalable, and more innovative Better Collective, de- signed to deliver sustainable long - term value with peo- ple, technology, and AI at its core. Jens Bager, Chair of Better Collective Jesper Søgaard, Co - founder & Co - CEO of Better Collective Annual report Page 13 Annual report Page 13 Jesper Søgaard , Co - founder & Co - CEO Jens Bager , Chair of Better Collective ===== SIDA 14 ===== Annual report Page 14 2025 highlights Q1 The new Brazilian regulation officially launched on January 1st, 2025, com- pleting its first quarter as a fully regulated market. The transition of revenue share databases progressed better than expected, supported by higher - than - anticipated player migration, lower churn, and stronger wagering activity, de- spite slower new customer acquisition due to regulatory marketing re- strictions. The quarter was impacted by comparison effects from the North Carolina state launch in 2024, which had provided a temporary uplift in activity in the prior year. Group costs decreased year - on - year, reflecting continued execution of the 50 mEUR cost - efficiency program initiated in October 2024. Better Collective hosted its annual HLTV Award Show , bringing together the global Counter - Strike community and further strengthening the Group’s lead- ing esports position. Q2 The Annual General Meeting 2025 was held on April 22, 202 5 . Thomas Plen- borg, current Chairman of DSV A/S, was elected as a new member of the Board following Petra von Rohr ’s deci sion to step down. On 22 April 2025, Better Collective completed a 10 mEUR share buyback, re- sulting in treasury shares corresponding to approximately 3.3% of the Com- pany’s outstanding share capital. On the same day, shareholders approved the cancellation of approximately 1.8 % of the share capital. By the end of April, Better Collective implemented an organizational restruc- turing to align with its long - term strategic objectives, including the introduc- tion of a Co - CEO leadership model with Christian Kirk Rasmussen joining Jesper Søgaard as Co - CEO. Chr istian focuse s on innovation, business devel- opment, and operational execution, while Jesper continue s to lead external strategic initiatives and manage stakeholder engagement . Following this transition, Sofie Ejlersen was appointed as Chief Operating Offic er (COO). The restructuring also includes the establishment of three global business units: Publishing, Paid Media, and Esports. Better Collective once again took first place at the EGR Power Affiliates awards for the eighth consecutive year. On 21 May 2025, Better Collective announced the initiation of a new buyback of up to 10 mEUR to be executed before 26th of August 2025, or until it is completed. Q3 North American revenue share income continued to ramp up during the quar- ter, reflecting the ongoing build - up of deferred revenue share following the transition away from upfront payments initiated in 2022. On August 27th, 2025, Better Collective completed its ongoing share buyback program of approximately 10 mEUR. In addition, the Board of Directors re- solved to initiate a new share buyback program of up to 20 mEUR, running until March 4th, 2026. On September 12th, 2025, Better Collective launched Playbook, an AI - pow- ered betting solution designed to embed betting functionality directly into existing fan engagement environments. Playbook enables users to explore, build, and place bets through conver sational and content - driven interfaces, supporting a more integrated and seamless betting experience across Better Collective’s media platforms and partner ecosystems. On September 30th, 2025, Better Collective entered a new three - year com- mitted club facility of 319 mEUR with Nordea and Nykredit, including an ac- cordion option of 80 mEUR, extending financial flexibility through October 2028. ===== SIDA 15 ===== Annual report Page 15 Q4 highlights Revenue in Q4 amounted to 94 mEUR, corresponding to a decline of 2% year - over - year, while increasing 2% in constant currencies. Revenue growth of 7% was in line with expectations when adjusting for currency effects and a lower sports win margin compared to Q4 2024 . The main year - over - year drivers were as follows: 1. Foreign exchange: FX movements negatively im- pacted reported revenue by 4 mEUR. 2. Sports win margin: The year - on - year develop- ment in Q4 was negatively impacted by a difficult comparison base, as Q4 2024 benefited from an unusually high sports win margin . This resulted in a 5 mEUR negative revenue impact compared to the same period last year. 3. Brazilian market: Revenue share income from Brazil continued to develop ahead of expecta- tions. However, the ongoing regulatory transition had a negative impact of approximately 3 mEUR , compared to Q4 2025 . 4. Growth: The underlying business performance re- mained strong, with several areas contributing to growth of 10 mEUR. The primary growth drivers were Paid Media, Talent - led Media, and Sports Me- dia. Recurring revenue declined 13% year over year, primar- ily d ue to currency effects and lower sports win margin compared to the same quarter last year, as well as the ongoing regulatory transition in Brazil. Since Q3 2022, Better Collective has been transitioning the North American business towards revenue share agreements. While this shift has temporarily impacted reported revenue, it has established a strong foundation for future recurring revenue to be recognized in the coming quarters and years. During Q4, underlying reve- nue share income in North America continued to de- velop positively . However, reported growth was modest due to a difficult comparison base , as Q4 2024 benefited from an unusually high sports win margin and a higher share of upfront payments under hybrid contracts. In addition, the share of clean revenue share was higher in Q4 2025 compared to last year. Management expects revenue share income in North America to continue growing steadily over time, supporting a more stable and higher - quality recurring revenue base, in line with the Group’s established model in other regions. At the beginning of the year, Better Collective commu- nicated an expectation of generating approximately 10 - 15 mEUR in clean revenue share from the North Ameri- can market in 2025. Of the 22 mEUR reported for the year, 17 mEUR represented pure revenue share – and even more in constant currencies - thereby exceeding the communicated expectations and underscoring the continued maturation of the revenue share model in the region. Better Collective continues to see gradual improvement in CPM revenues following several initiatives launched within AdVantage during 2025 , our audience monetiza- tion ecosystem. This positive trend is expected to con- tinue and accelerate following the launch of FanReach in 2026 , our audience intelligence and activation plat- form that enables partners to access, segment , and ac- tivate high - intent sports audiences more effectively across our House of Brands. ===== SIDA 16 ===== Annual report Page 16 Costs decreased 8% year over year , while Paid Media spend increased by 5 mEUR . Given that the Paid Media model is fundamentally driven by data modelling and re- turn - based investment decisions, increased spend re- flects management’s confidence in the business's scala- bility and attractive returns. The overall cost reduction reflects the continued execution of the 50 mEUR cost - efficiency program initiated in 2024, which remains a key contributor to improved operational leverage. EBITDA before special items amounted to 37 mEUR, representing an increase of 10 % year - over - year and corresponding to a margin of 39%. This was the highest EBITDA before special items ever recorded for Better Collective. The strong profitability was supported by the cost - efficiency program and satisfactory underly- ing business growth. Free cash flow was 38 mEUR for 2025, with a guidance of 55 - 75 mEUR, primarily due to adverse working capital timing into Q1 2026 and strategic partnership invest- ments in Q4 supporting growth from 2026 and onwards. Cash flow from operations before special items was 61 mEUR with a cash conversion of 92% in 2025 . On October 1, Better Collective announced a strategic partnership with X to launch Playbook (@Playbook), the Group’s AI - driven betting solution designed to transform how fans place bets by acting as a premier sports betting bot in the US market. Playbook c ontinued its momentum throughout the year, having sent millions of bets to partners. The launch of online sports betting in Missouri on December 1, 2025, marked another milestone in the expansion of regulated markets in the United States. While Missouri is a relatively small state and all neighbouring states were already regulated prior to launch, Better Collective experienced solid performance and encouraging momentum throughout the launch period. ===== SIDA 17 ===== Annual report Page 17 New Depositing Customers growth QoQ New Depositing Customers (NDCs) developed in line with expectations when excluding the impact of the Bra- zilian regulatory transition. During the quarter, total NDCs amounted to 305 ,000, of which 73 % were gener- ated under revenue share agreements. This corresponds to a 25% year - over - year decline and a 9% quarter - over - quarter increase . Activity levels remain impacted by the regulatory framework in Brazil, where the prohibition of welcome bonuses has redirected a portion of new player activity to offshore sportsbooks. Value of Deposits all time high Introduced as an external KPI in Q2 2025, Value of De- posits (VoD) measures the total amount deposited into revenue share accounts by referred users across partner platforms during the period. The KPI provides a clear in- dication of traffic quality and player value. The contin- ued positive development of VoD underscores Better Collective’s ability to deliver high - quality traffic, with re- ferred players demonstrating increasing lifetime value despite lower NDC volumes. This reflects the Group’s strategic focus o n attracting fewer but higher - value cus- tomers for its partners. For clarity, VoD represents deposits generated within the quarter and is not a cu- mulative metric. During Q4 , Value of Deposits reached a record high of 820 mEUR, corresponding to year - over - year growth of 6% and quarter - over - quarter growth of 13%, despite the regulatory transition in Brazil and lower NDC volumes . This strong development further demonstrates the in- creasing lifetime value of referred customers and con- firms the continued strength and health of the underly- ing revenue share database . Value of deposit development, global, Q1 2020 - Q4 2025 (mEUR) Value of deposit development, global, Q1 2020 - Q4 2025 (mEUR) NDCs development, quarterly, global, 2020-2025 (‘000) ===== SIDA 18 ===== Annual report Page 18 Events after the close On January 5, 2026, Mindway AI will integrate its Gama- lyze tool into the DraftKings Responsible Gaming Cen- ter. Mindway AI’s integration of Gamalyze into DraftKings’ Responsible Gaming Center underscores its commitment to delivering personalized, behavior - based insights and pr omoting responsible gaming. On January 9 , 2026, Better Collective convened an Ex- traordinary General Meeting to resolve to cancel 3,204,020 t reasury shares , equal to 5.17 % , held by the c ompany following the surpassing of the 5% ownership threshold. In late January, Google tightened gambling advertising rules. This is a positive structural development for our Paid Media business. The stricter verification require- ments are expected to limit the presence of unlicensed and black - market operators on the platform, thereby improving auction quality and reducing non - compliant competition. As a fully compliant and regulated media partner, this supports more efficient acquisition pricing, stronger return on ad spend, and a healthier competitive landscape over t ime. On February 2, 2026, Better Collective officially launched FanReach in the US, offering brands a unified, privacy - first platform that currently reaches over 50 million highly engaged sports fans through first - and zero - party data, AI - driven insig hts, and a scalable fan graph across its media brands and channels. With Fan- Reach, Better Collective now operates the only open - end ecosystem at scale in the US , built primarily on au- thenticated first - party data, supplemented by zero - party data collected directly from its owned media br ands and products. On February 6, 2026, Lind Invest disclosed a 6.53% stake in Better Collective, exceeding the 5% major shareholder threshold . Annual report Page 18 ===== SIDA 19 ===== Annual report Page 19 2026 G uidance • Organic revenue growth 7 - 12% • EBITDA before special items growth 8 - 18% • Annual share buyback s of 40 mEUR • Net debt to EBITDA below 3x 2026 G uidance implications Revenue is expected to return to organic growth in 2026, with Better Collective guiding for organic growth of 7 - 12%. The year will benefit from normalized year - over - year comparisons versus 2025, and management expects underlying growth across all business seg- ments, including Publishing, Paid Media, and Esports. In addition, the FIFA World Cup will take place during the summer across several of Better Collective’s core markets, providing a meaningful tailwind to user acqui- sition, reactivation, and overall activity levels. The UK and Brazilian tax increases are exp ected to negatively impact EBITDA before special items by approximately 8 mEUR. The Board of Directors has decided to guide for a n an- nual 40 mEUR share buyback s . Net debt to EBITDA is to stay below 3x. 202 7 - 202 8 Guidance • Organic revenue growth • EBITDA - margin before special items at 35 - 40% • Continued strong cash conversion • Net debt to EBITDA below 3x Capital a llocation p olicy • Reduction of net interest - bearing debt when lev- erage exceeds 3x net debt/EBITDA level. • Investments in organic growth initiatives and se- lective, value - accretive acquisitions. • Distribution to shareholders, primarily through share buybacks and, secondarily, dividends. Disclaimer This report contains certain forward - looking statements and opinions. Forward - looking statements are state- ments that do not relate to historical facts and events. Such statements or opinions pertaining to the future, for example wording like; “believes”, “ deems”, “estimates”, “anticipates”, “aims’, and “forecasts” or similar expres- sions are intended to identify a statement as forward - looking. This applies to statements and opinions con- cerning the future financial returns, plans and expecta- tions with respect to the business and management of the group, future growth, profitability, general eco- nomic and regulatory environment, and other matters affecting Better Collective. Forward - looking statements are based on current esti- mates and assumptions made according to the best of the group’s knowledge. These statements are inherently associated with both known and unknown risks, uncer- tainties, and other factors that could cause t he results, including the group’s cash flow, financial condition, and operations, to differ materially from the results, or fail to meet expectations expressly or implicitly, assumed or described in those statements or to turn out to be less favorable than the results expressly or implicitly as- sumed or described in those statements. Better Collec- tive can give no assurance regarding the future accuracy of the opinions set forth herein or as to the actual occur- rence of any predicted developments and/or targets. Considering the risks, uncertainties and assumptions as- sociated with forward - looking statements, it is possible that certain future events may not occur. Moreover, for- ward - looking estimates derived from third - party studies may prove to be inaccurate. Actua l results, performance or events may differ materially from those in such state- ments e.g. due to changes in general economic condi- tions, in particular economic conditions in the markets in which the group operates, changes affecting interest rate levels, c hanges affecting currency exchange rates, changes in competition levels, changes in laws and reg- ulations, and occurrence of accidents or environmental damages and systematic delivery failures. We undertake no obligation to update or revise any forward - look ing statements, whether because of new information, future events or otherwise, except to the extent required by law. ===== SIDA 20 ===== Annual report Page 20 Five - year summary For definitions of terminology, please refer to the section on page 188 . tEUR Q4 2025 Q4 2024 2025 2024 2023 2022 2021 Income statements Revenue 94,268 96,182 336,669 371,487 326,686 269,297 177,051 Recurring revenue 54,997 63,074 206,484 230,735 191,118 127,573 79,879 Revenue Growth (%) - 2% 13% - 9% 14% 21% 52% 94% Organic Revenue Growth (%) - 2% - 2% - 11% - 2% 13% 34% 29% Operating profit before depreciation, amortization, and special items (EBITDA before special items) 36,884 33,522 102,053 113,403 111,080 85,075 55,775 Operating profit before depreciation and amortization (EBITDA) 33,538 26,065 91,642 102,517 109,132 85,021 39,030 Depreciation 1,528 1,607 6,864 6,990 3,958 2,321 1,764 Operating profit before amortization and special items (EBITA before special items) 35,356 31,915 95,189 106,413 107,122 82,754 54,011 Special items, net - 3,346 - 7,457 - 10,411 - 10,886 - 1,948 - 54 - 16,746 Operating profit before amortization (EBITA) 32,010 24,458 84,777 95,527 105,174 82,700 37,265 Amortization and impairment 9,695 7,250 33,807 34,080 24,283 12,347 8,516 Operating profit before special items (EBIT before special items) 25,661 24,665 61,382 72,334 82,839 70,407 45,495 Operating profit (EBIT) 22,315 17,208 50,971 61,447 80,891 70,353 28,749 Result of financial items - 2,969 - 824 - 19,790 - 18,583 - 22,881 - 5,389 - 2,522 Profit before tax 19,346 16,385 31,18 1 42,865 58,010 64,964 26,227 Profit after tax 13,029 15,047 23,590 34,014 39,835 48,075 17,292 Earnings per share (in EUR) 0.24 0.24 0. 41 0.55 0.74 0.88 0.34 Diluted earnings per share (in EUR) 0.23 0.24 0. 39 0.53 0.70 0.85 0.33 ===== SIDA 21 ===== Annual report Page 21 *Changes of segmen tation for Esports has not been adjusted for the period 2021 - 2023 ** In 2024 Better Collective provided guidance on free cash flow and since been included as a key financial figure from 2024 . tEUR Q4 2025 Q4 2024 2025 2024 2023 2022 2021 Balance sheet Balance Sheet Total 1,074,121 1,172,119 1,074,121 1,172,119 937,862 785,229 597,379 Equity 631,004 685,929 631,004 685,929 435,273 412,917 344,848 Current assets 100,841 110,472 100,841 110,472 105,812 95,025 62,898 Current liabilities 62,671 73,235 62,671 73,235 103,493 65,068 55,452 Net interest bearing debt 258,428 238,953 258,428 238,953 221,133 177,879 95,290 Cash flow Cash flow from operations before special items 20,285 19,738 94,453 101,009 119,384 69,816 51,204 Cash flow from operations 17,769 14,413 81,595 82,619 114,639 68,423 45,207 Investments in tangible assets - 38 924 - 347 - 3,942 - 5,143 - 1,788 - 285 Cash flow from investment activities - 9,033 - 7,176 - 34,679 - 154,829 - 106,248 - 112,632 - 219,219 Cash flow from financing activities - 11,866 - 7,149 - 40,557 99,154 29,334 65,737 188,759 Free cash flow** 5,923 18,824 38,260 62,480 - - - Financial ratios Operating profit before depreciation, amortization (EBITDA) and special items margin (%) 39% 35% 30% 31% 34% 32% 32% Operating profit before amortization margin (EBITDA) (%) 36% 27% 27% 28% 33% 32% 22% Operating profit margin (%) 24% 18% 15% 17% 25% 26% 16% Publishing EBITDA before special items margin (%) 46% 36% 32% 32% 37% 38% 43% Paid media EBITDA before special items margin (%) 21% 32% 24% 27% 29% 16% 8% Esports EBITDA before special items margin (%)* 57% 68% 53% 60% 0% 0% 0% Net interest bearing debt / EBITDA before special items 2.53 2.11 2.53 2.11 1.99 2.09 1.71 Liquidity ratio 1.61 1.51 1.61 1.51 1.02 1.46 1.13 Equity to assets ratio (%) 59% 59% 59% 59% 46% 53% 58% Cash conversion rate before special items (%) 55% 60% 92% 86% 103% 80% 92% Average number of full - time employees 1,390 1,765 1,504 1,773 1,252 878 635 NDCs (thousand) 305 407 1,200 1,754 1,916 1,683 858 ===== SIDA 22 ===== Annual report Page 22 2025 financial performance Revenue Revenue showed a decline versus 2024 of 9% and amounted to 337 mEUR (2024: 371 mEUR). The perfor- mance was in line with expectations when adjusting for the impact of foreign exchange rates, a lower sports win margin compared to the same quarter last year, and the regulatory transition in the Brazilian mar- ket. Revenue share accounted for 47% of the revenue , with 24% coming from CPA, 5% from subscription sales, and 24% from other income. Cost The decrease in costs compared to 2024 is primarily driven by our cost savings initiatives and restructuring process in 2025. Total direct costs relating to revenue decreased by 5 mEUR to 102 mEUR (2024: 107 mEUR) , corresponding to a decrease of 5%. Staff costs decreased by 13 mEUR, primarily driven by a reduction in the average number of employees from 1,773 in 2024 to 1,504 in 2025, following the cost - sav- ing initiatives initiated in Q4 2024. Personnel cost decreased 11% to 100 mEUR in 2025 (2024: 113 mEUR) due to the decrease in the number of employees. Personnel costs include costs related to share - based payments of 3 mEUR (2024: 1 mEUR). Other external costs decreased 6 mEUR or 14% to 32 mEUR (2024: 38 mEUR) primarily due to other promo- tion costs and decreased cost base due to the impact of cost reductions. Depreciation and amortization amounted to 41 mEUR (2024: 41 mEUR). Special items Special items amounted to an expense of 10 mEUR (2024: 11 mEUR). The net expense of 10 mEUR is pri- marily related to restructuring of 7 mEUR, M&A ex- penses of 1 mEUR , and other costs of 3mEUR not con- sidered part of ordinary business. Earnings Operational earnings (EBITDA) before special items decreased 10% to 102 mEUR (2024: 113 mEUR). The EBITDA margin before special items was 30% (2024: 31%). Including special items, the reported EBITDA was 92 mEUR (2024: 103 mEUR). EBIT before special items decreased 15% to 61 mEUR (2024: 72 mEUR). Including special items, the reported EBIT was 51 mEUR (2024: 61 mEUR). Net financial items Net financial costs amounted to 20 mEUR (2024: 19 mEUR) and included net interest, fees relating to bank credit lines, refinancing, unrealized losses on shares , and exchange rate adjustments. Net f inancial ex- penses paid during the year announced to 1 4 mEUR (2024: 16 mEUR ) and mainly relate to paid interest and cost s related to external financing. Income tax Better Collective has a tax presence in the places where the Group is incorporated. Income tax amounted to 8 mEUR (2024: 9 mEUR). The Effective Tax Rate was 24.3% (2024: 20.6%) , mainly due to the Brazil ian market regulation . Net profit Net profit after tax was 24 mEUR (2024: 40 mEUR). Earnings per share (EPS) was EUR/share 0.41 (2024: 0.55 EUR ) . Equity The equity decreased to 631 mEUR as of December 31, 2025, from 686 mEUR on December 31, 2024. Be- sides the positive net profit of 24 mEUR, the equity has decreased primarily due to the acquisition and disposal of treasury shares of 36 mEUR and foreign exchange rates of 47 mEUR. On 22 April 2025, 1,117,757 treasury shares were cancelled each with a nominal value of EUR 0.01. The cancelled shares rep- resent a total nominal amount of 11,177.57 EUR. Balance sheet Total assets amounted to 1,074 mEUR (2024: 1,172 mEUR), with an equity of 631 mEUR (2024: 686 mEUR). This corresponds to an equity to assets ratio of 59% (2024: 59%). The liquidity ratio was 1.61 , result- ing from current assets of 101 mEUR and current liabil- ities of 63 mEUR. The ratio of net interest - bearing debt to EBITDA before special items was 2 . 53 . Investments Investments in 2025 consist of deferred payments from acquisitions in previous years of 9 mEUR and partnerships of 23 mEUR. Cash flow and financing Cash flow from operations before special items was 94 mEUR (2024: 101 mEUR), with a cash conversion of 92%. On September 30, 2025, Better Collective reestab- lished its 3 - year financing agreement with Nordea and Nykredit Bank with a total committed facility of 319 mEUR and a 80 mEUR higher accordion option. By the end of December 2025, capital reserves stood at 72 ===== SIDA 23 ===== Annual report Page 23 mEUR , consisting of cash of 13 mEUR and unused bank credit facilities of 59 mEUR. Financial performance against original guidance In the 2024 Annual Report, Better Collective provided guidance for 2025, projecting revenue of 320 - 350 mEUR and EBITDA before special items of 100 - 120 mEUR. The year concluded with revenue of 337 mEUR and EBITDA of 102 mEUR. Free cash flow was 38 mEUR for 2025, with a guidance of 55 - 75 mEUR, primarily due to adverse working cap- ital timing into Q1 2026 and strategic partnership in- vestments in Q4 supporting growth from 2026 and on- wards. The parent company Better Collective A/S is the parent company of the group. Revenue decreased by 17% to 107 mEUR (2024: 129 mEUR). Total costs, including depreciation and amortization, were 105 mEUR (2024: 116 mEUR). Profit after tax was a loss of 5 mEUR (2024: 71 mEUR). The change in profit after tax is primarily due to decreased income, including revenue and net financials. Total eq- uity ended at 66 9 mEUR by December 31, 2025 (2024: 706 mEUR). Annual report Page 23 Annual report Page 23 ===== SIDA 24 ===== Annual report Page 24 Business review and financial performance Group Revenue in Q4 amounted to 94 mEUR, corresponding to a decline of 2% year - over - year, while increasing 2% in constant currencies. Revenue growth of 7% was in line with expectations when adjusting for currency ef- fects and a lower ve compared to Q4 2024. When assessing the revenue split growth figures pre- sented below, it is important to consider the impact of foreign exchange movements. In total, currency fluc- tuations had a negative effect of approximately 4 mEUR at Group level. Adjusting for this impact, under- lying performance by revenue stream would have been as follows: • Revenue share would have declined by 13% rather than the reported 15% • CPA would have increased by 22% rather than 16% • Subscriptions would have declined by 11% rather than 19% • Sponsorships would have increased by 29% ra- ther than 23% • CPM would have increased by 12% rather than 5% These constant - currency adjustments provide a more accurate reflection of the underlying operational de- velopment across the Group ’s diversified revenue mix. The main year - over - year Q4 drivers were as follows: 1. Foreign exchange: FX movements negatively im- pacted reported revenue by 4 mEUR. 2. Sports win margin : The year - on - year develop- ment in Q4 was negatively impacted by a difficult comparison base, as Q4 2024 benefited from an unusually high sports win margin. This resulted in a 5 mEUR negative revenue impact compared to the same period last year. 3. Brazilian market : Revenue share income from Brazil continued to develop ahead of expecta- tions. However, the ongoing regulatory transition had a negative impact of approximately 3 mEUR, compared to Q4 2025. 4. Growth: The underlying business performance remained strong, with several areas contributing to growth of 10 mEUR. The primary growth driv- ers were Paid Media, Talent - led Media, and Sports Media. Recurring revenue declined 13% year over year, pri- marily due to currency effects and lower sports win margins in the quarter versus last year as well as the ongoing regulatory transition in Brazil. Since Q3 2022, Better Collective has been transitioning the North American business towards revenue share agreements. While this shift has temporarily impacted reported revenue, it has established a strong founda- tion for future recurring revenue to be reco gnized in the coming quarters and years. During Q4, underlying revenue share income in North America continued to develop positively. However, reported growth was modest due to a difficult comparison base, as Q4 2024 benefited from an unusually high sports win margin and a higher share of upfront payments under hybrid contracts. In addition, the share of clean revenue share was higher in Q4 2025 compared to last year. Manage- ment expects revenue share income in North America to continue growing steadily over time, supporting a more stable and higher - quality recurring revenue base, in line with the Group’s established model in other regions. At the beginning of the year, Better Collective commu- nicated an expectation of generating approximately 10 - 15 mEUR in clean revenue share from the North American market in 2025. Of the 22 mEUR reported for the year, 17 mEUR represented pure revenue share – and even more in constant currencies - thereby Key figures for the group tEUR Q4 2025 Q4 2024 Growth 2025 2024 Growth Revenue Share 40,696 48,061 - 15% 157,484 180,283 - 13% CPA 22,520 19,477 16% 80,040 92,323 - 13% Subscription 4,945 6,123 - 19% 18,031 18,326 - 2% Sponsorships 16,200 13,182 23% 48,781 47,326 3% CPM 9,356 8,890 5% 30,969 32,126 - 4% Other 551 450 22% 1,364 1,103 24% Revenue 94,268 96,182 - 2% 336,669 371,487 - 9% Cost 57,383 62,660 - 8% 234,616 258,084 - 9% Operating profit before depreciation and amortization and special items 36,885 33,522 10% 102,053 113,403 - 10% EBITDA - Margin before special items 39% 35% 30% 31% Operating profit before depreciation and amortization 33,539 26,065 29% 91,642 102,517 - 11% EBITDA - Margin 36% 27% 27% 28% Organic Growth - 2% - 2% - 11% - 2% ===== SIDA 25 ===== Annual report Page 25 exceeding the communicated expectations and under- scoring the continued maturation of the revenue share model in the region. Better Collective continues to see gradual improve- ment in CPM revenues following several initiatives launched within AdVantage during 2025, our audience monetization ecosystem. This positive trend is ex- pected to continue and accelerate following the launch of FanReach in 2026, our audience intelligence and ac- tivation platform that enables partners to access, seg- ment and activate high - intent sports audiences more effectively across our House of Brands. Costs decreased 8% year over year , while Paid Media spend increased by 5 mEUR . Given that the Paid Media model is fundamentally driven by data modelling and return - based in vestment decisions, increased spend reflects management’s confidence in the business's scalability and attractive returns. The overall cost re- duction reflects the continued execution of the 50 mEUR cost - efficiency program initiated in 2024, which remains a key contributor to improved operational lev- erage. EBITDA before special items amounted to 37 mEUR, representing an increase of 10% year - over - year and corresponding to a margin of 39%. This was the high- est EBITDA before special items ever recorded for Bet- ter Collective. The strong profitability was supported by the cost - efficiency program and satisfactory under- lying business growth. Annual report Page 25 ===== SIDA 26 ===== Annual report Page 26 Publishing: Trusted content and brands engaging sports fans worldwide ===== SIDA 27 ===== Annual report Page 27 Publishing Publishing revenue declined by 7% in Q4. Revenue share income decreased by 15%, primarily driven by the regulatory transition in Brazil and a low er sports win margin versus the prior year . CPA revenue de- clined by 26%, reflecting currency headwinds , lower CPA activity in the North American market, a nd a shift in partner mix toward a higher proportion of New Depositing Customers referred under revenue share agreements. Subscription revenue declined, mainly due to currency headwinds . Sponsorship revenue increased by 20%, driven by strong performance within the Playmaker HQ brand, supported by the signing of several new high - profile talents and strategic partnerships. CPM - based reve- nue increased by 21%, reflecting higher demand for media inventory, as well as increased moneti z ation across social media channels, including YouTube within the Talent - led media portfolio. Costs decreased by 25% year on year, reflecting the execution of the cost efficiency program. EBITDA be- fore special items increased by 29%, driven by the im- pact of the efficiency program and the continued ramp - up of underlying revenue share income in the N orth American market. For the full year 2025, Publishing revenue declined by 14%, amid currency headwinds , regulatory changes , and an adverse sports win margin. Key figures for the Publishing segment tEUR Q4 2025 Q4 2024 Growth 2025 2024 Growth Revenue Share 29,255 34,403 - 15% 110,995 125,676 - 12% CPA 5,497 7,390 - 26% 19,950 40,485 - 51% Subscription 4,945 6,122 - 19% 18,031 18,326 - 2% Sponsorships 12,018 9,979 20% 36,809 35,358 4% CPM 7,292 6,028 21% 24,094 23,390 3% Other 550 450 22% 1,364 1,099 24% Revenue 59,558 64,372 - 7% 211,243 244,334 - 14% Share of Group 63% 67% 63% 66% Cost 32,323 43,334 - 25% 144,668 172,179 - 16% Share of Group 56% 69% 62% 67% Operating profit before depreciation and amortization and special items 27,235 21,038 29% 66,575 72,155 - 8% Share of Group 74% 63% 65% 64% EBITDA - Margin before special items 46% 33% 32% 30% Operating profit before depreciation and amortization 22,853 13,602 68% 56,262 61,306 - 8% EBITDA - Margin 38% 21% 27% 25% Organic Growth - 7% - 6% - 16% - 3% Publishing The Publishing business generates rev- enue from Better Collective’s owned and operated sports media network and its partnerships. The audience mainly comes from direct traffic and organic search results. * Selection of brands (not exhaustive): ===== SIDA 28 ===== Annual report Page 28 Annual report Page 28 ===== SIDA 29 ===== Annual report Page 29 Paid Media Paid Media revenue increased by 11% in Q4. This per- formance was achieved despite a 16% decline in reve- nue share income, which was adversely impacted by the Brazilian regulatory transition and a lower sports win margin compared to the same quarter last year. CPA revenues continued their strong momentum, in- creasing by 41% year on year. The Paid Media business continued to perform strongly, with particularly strong results delivered in North America and the UK . A further indicator of the underlying strength of the business was the increase in Paid Media spend, which rose by 29% during the quarter. Given that the Paid Media model is fundamen- tally driven by data modelling and return - based in- vestment decisions, increased spend reflects manage- ment’s confidence in the scalability and attractive re- turns of the business. EBITDA before special items declined by 27%, primar- ily driven by the impact from Brazil, the low sports win margin, and the increased level of investment in Paid Media. For the full year 2025, Paid Media revenue was flat year on year. Considering the regulatory and sports win margin headwinds during the year, this development demonstrates the resilience of the Paid Media business model. Key figures for the Paid Media segment tEUR Q4 2025 Q4 2024 Growth 2025 2024 Growth Revenue Share 11,195 13,255 - 16% 45,441 52,598 - 14% CPA 17,012 12,075 41% 60,049 51,804 16% Subscription 0 0 0% 0 0 0% Sponsorships 19 0 - 19 2,382 - CPM 0 0 0% 0 0 0% Other 0 1 - 0 4 - Revenue 28,227 25,330 11% 105,510 106,789 - 1% Share of Group 30% 26% 31% 29% Cost 22,292 17,225 29% 80,504 77,767 4% Share of Group 39% 27% 34% 30% Operating profit before depreciation and amortization and special items 5,935 8,105 - 27% 25,006 29,022 - 14% Share of Group 16% 24% 25% 26% EBITDA - Margin before special items 21% 32% 24% 27% Operating profit before depreciation and amortization 6,970 8,084 - 14% 24,908 28,985 - 14% EBITDA - Margin 25% 32% 24% 27% Organic Growth 11% - 7% - 1% - 7% Paid Media The Paid Media business involves purchas- ing advertising on search engines, social media, and third - party sports media plat- forms. Because this requires upfront pay- ments for advertising on external plat- forms, the gross margin is typically lower than that of the Publishing business, due to substantial direct costs, and may fluc- tuate with the level of activity and invest- ments into revenue share NDCs . ===== SIDA 30 ===== Annual report Page 30 Esports: Leading gam ing communities connecting fans worldwide ===== SIDA 31 ===== Annual report Page 31 Esports Esports revenue was flat in Q4. Sponsorship revenue increased by 30%, reflecting the continued strong per- formance of the HLTV brand. CPM - based revenue de- clined by 28%, primarily due to the lower - than - ex- pected performance of the new EAFC game launch , impacting the FUTBIN brand. Several initiatives have been initiated to mitigate this development and sup- port future monetization . Costs increased by 32% during the quarter, driven by higher investment levels across several projects. As a result, EBITDA before special items declined, reflecting both the weaker performance within FUTBIN and the increased cost base . For the year, esports revenue declined by 2%, reflect- ing strong sponsorship performance driven by HLTV, partly offset by weaker performance in the FUTBIN brand and lower CPM revenue, in line with the trends described in the quarterly performance. Key figures for the Esports segment tEUR Q4 2025 Q4 2024 Growth 2025 2024 Growth Revenue Share 246 403 - 39% 1,048 2,009 - 48% CPA 11 12 - 9% 41 33 26% Subscription 0 0 0% 0 0 0% Sponsorships 4,162 3,203 30% 11,952 9,586 25% CPM 2,064 2,862 - 28% 6,875 8,736 - 21% Other 0 0 0% 0 0 0% Revenue 6,483 6,480 0% 19,916 20,365 - 2% Share of Group 7% 7% 6 % 5% Cost 2,768 2,101 32% 9,444 8,137 16% Share of Group 5% 3% 4% 3% Operating profit before depreciation and amortization and special items 3,715 4,379 - 15% 10,472 12,227 - 14% Share of Group 10% 13% 10% 11% EBITDA - Margin before special items 57% 68% 53% 60% Operating profit before depreciation and amortization 3,715 4,379 - 15% 10,472 12,227 - 14% EBITDA - Margin 57% 68% 53% 60% Organic Growth 0% - 10% - 2% - 16% Esports Reported for the first time as a stand ‑ alone segment in Q2   2025, Esports encompasses Better   Collective’s flagship community platforms HLTV (Counter ‑ Strike) and FUTBIN (EA   Sports   FC). The business mon- etizes primarily through programmatic and direct advertis ing, sponsorships, and an emerging layer of premium data products. ===== SIDA 32 ===== Annual report Page 32 Better Collective’s clear vision and strategy 33 Strategy and performance ===== SIDA 33 ===== Annual report Page 33 Better Collective’s clear vision and strategy Becoming the leading digital sports media group Better Collective remains firmly committed to its vision of becoming the leading digital sports media group. In 2025, we strengthened this ambition through the imple- mentation of a more scalable global operating model and a renewed focus on execution, innov ation, and sus- tainable long - term value creation. Our mission continues to center on exciting sports fans through engaging, trustworthy, and data - driven con- tent, while developing vibrant sports communities across our broad House of Brands. With more than 450 million monthly visits, our global reach provid es a strong foundation for generating value through engagement, technological excellence, economies of scale , and stra- tegic partnerships. This year marked the introduction of The New Better Collective, which reorganized our company into three global business units - Publishing, Paid Media, and Es- ports. This structure enhances scalability, sharpens ac- countability, and allows us to better leve rage shared ca- pabilities across markets. It also reflects how our business has evolved: toward larger brands, increasingly global audiences, diversified revenue models, and prod- ucts with significant cross - market synergies. Our diversified revenue mix - spanning affiliate market- ing, advertising, sponsorships, subscription products, and increasingly AdTech - enabled monetization - re- mains a strategic strength. The continued growth of re- curring revenues, driven by the expansion of revenue share across both North America and South America, supports a more predictable and resilient business model. The launch of Playbook, our AI - powered betting solution, and the rollout of our AdTech platform Ad- Vantage further extend our technologica l edge and open new avenues for monetization. Our strategy continues to place trust at the center of our operations. We prioritize our responsibilities to users, employees, customers, regulators, investors, and com- munities by collaborating exclusively with licensed sportsbooks in regulated markets. Mi ndway AI contin- ues to provide sophisticated, safer gambling tools that support responsible play across the iGaming ecosystem. These elements - innovation, compliance, and user pro- tection - remain essential to the long - term sustainability of our business. Inside Better Collective’s value chain excellence A scalable, technology - driven, and people - powered ecosystem Better Collective’s value chain in 2025 reflects an in- creasingly global, integrated, and technology - enabled operation. Upstream, we continue to invest in best - in - class infra- structure, including cloud environments, content man- agement systems, data pipelines, AI capabilities, and AdTech integrations that support real - time engagement across our digital sports media brands. These technolo- gies underpin the hosting, personalization, and delivery of content to millions of users daily. Our workforce remains the cornerstone of our opera- tions. With around 1, 4 00 employees across 27 countries and more than 45 nationalities, our teams span content creation, product development, paid media, CRO, SEO, engineering, commercial partnerships, analytics, es- ports production, and creative studios. The BC Academy continues to strengthen our talent pipeline, supporting long - term capability development within areas such as SEM, SEO, AI, and engineering. Operationally, we produce a broad range of sports and betting content - written journalism, video, livestream formats, podcasts, interactive tools, and trading insights - across our own brands, including HLTV, FUTBIN, Ac- tion Network, AceOdds, Playmaker HQ, and multiple market - leading European and South American sports communities. The growth of our Esports unit, now re- ported separately, highlights our unique position with in high - engagement digital fan verticals. Our Paid Media activities leverage third - party platforms such as Google, Meta, and X to reach new audiences at scale. While this business operates at a lower gross mar- gin due to media spend, it remains an essential strategic engine for growth and customer acquisition. In parallel, the rollout of AdVantage , together with FanReach, is gradually enabling more direct, data - driven monetiza- tion of advertising across our owned inventory , leverag- ing first - party audience data and proprietary technol- ogy to improve ta rgeting, performance, and yield . Downstream, we focus on delivering engaging, ethical, and safe user experiences. Our platforms reach more than 450 million monthly visits and more than 11 2 million unique users with user protection embedded through educational resources, responsible gambling content, as well as tools developed by Mindway AI. Our reporting segments - Publishing, Paid Media, and Esports - ensure transparent performance insights across the Group. Our geographic revenue split remains broadly diversi- fied: North America continues to grow through the ex- pansion of recurring revenue, while Europe & ROW ===== SIDA 34 ===== Annual report Page 34 remain key contributors to audience scale and moneti- zation. Distribution occurs through a combination of proprie- tary platforms, media partnerships, applications, and so- cial media channels, ensuring strong engagement and reach across regions. Pioneering sustainable value creation and driving responsible growth Integrating ethics, compliance, and long - term resili- ence Sustainable value creation is at the core of Better Col- lective’s long - term strategy. Our ecosystem depends on responsible relationships with sportsbook partners, ad- vertisers, data providers, technology suppliers, regula- tors, and communities. These relation ships are actively managed to mitigate risks and unlock opportunities - all within a framework that prioritizes compliance, data pri- vacy, and user protection. Partnering exclusively with licensed operators in regu- lated markets remains a fundamental principle of our business. This approach reduces legal and reputational risk while supporting the development of sustainable digital betting ecosystems. The 2025 regu latory transi- tion in Brazil illustrates this commitment: despite short - term financial impacts, a regulated market strengthens consumer protection, improves transparency, and aligns our business with long - term market health. Technological dependencies remain significant, includ- ing areas such as data analytics, cybersecurity, and cloud infrastructure. Our investments in AI, automation, and AdTech - including our Playbook and AdVantage platforms - further highlight the strategic importance of innovation for maintaining competitive advantage and operational resilience. Our revenue model continues to evolve in line with con- sumer preferences and industry trends. Publishing and Esports now contribute a larger share of recurring and advertising - driven income, while the maturing US reve- nue - share model adds predictability over time. Paid Me- dia remains closely tied to operator budgets but pro- vides valuable reach and diversification. These models are transparently reported to ensure full stakeholder clarity. Risk and opportunity assessments remain integral to our decision - making, particularly in light of increasing digi- talization, regulatory changes, and data protection re- quirements. Technological advances offer significant upside, while ongoing market shifts underscore the im- portance of agility, compliance, and sustainability. Sustainability remains embedded across the Group, re- flected in our environmental footprint management, in- clusive workforce practices, community engagement, and commitment to safer gambling. Initiatives include: • Mindway AI’s continued development of safer gambling technologies • Responsible and ethical advertising practices • Transparent collaboration with licensed sportsbooks • Investment in low - impact digital infrastruc- ture • Community involvement across our global of- fices These efforts align Better Collective with evolving sus- tainability standards and upcoming reporting require- ments, ensuring that we grow responsibly and transpar- ently. Looking ahead Better Collective enters 2026 with a strengthened stra- tegic foundation, a more scalable business model, and a sharper focus on operational excellence, organic growth, and sustainable value creation. By leveraging our technological expertise, expanding our audience , deepening strategic partnerships, and maintaining our commitment to responsible digital sports media prac- tices, we remain firmly on course toward our vision of becoming the leading digital sports media group. ===== SIDA 35 ===== Annual report Page 35 ===== SIDA 36 ===== Annual report Page 36 ===== SIDA 37 ===== Annual report Page 37 Better Collective’s corporate governance 38 Remuneration to the Board of Directors and Executive Management 44 Internal controls 46 Risk management 47 Board of Directors 49 Executive Management 52 The BETCO share and shareholders 53 Corporate matters ===== SIDA 38 ===== Annual report Page 38 Better Collective’s corporate g overnance Better Collective A/S is a Danish public limited liability company governed by the provisions of the Danish Companies Act. Our registered office and headquarters are in Copenhagen, Denmark. Better Collective has been listed on Nasdaq Stockholm since June 8, 2018, and on Nasdaq Copenhagen since November 17, 2023. Corporate governance aims to ensure that our company is run sustainably, responsibly, and as efficiently as pos- sible. In Better Collective, good corporate governance is about earning the confidence of shareholders, business partners, and legislators by creating transparency in de- c ision - making and business processes. A well - defined and structured distribution of roles and areas of respon- sibility between shareholders, the Board, and the Exec- utive Management secure efficiency at all levels. Partic- ularly, it al lows the management team to focus on busi- ness development and , thereby , the creation of share- holder value. The Board of Directors serves as a highly qualified dialogue partner for the management team , supporting the outlined growth strategy and securing a tight risk management setup and optimal capital struc- ture. The group’s corporate governance is based on applica- ble Danish legislation and other external rules and in- structions, including the Danish Companies Act, Nasdaq Nordic Main Market Rulebook, and Better Collective’s in- ternal guidelines, which include the Art icles of Associa- tion, various policies, and other guidelines. Following the Company’s Annual General Meeting in 2025, Better Collective generally aligns its corporate governance practices and reporting with the Danish Recommenda- tions on Corporate Governanc e and applies these in ac- cordance with the “comply or explain” principle. ===== SIDA 39 ===== Annual report Page 39 Cross - listing Better Collective is dual listed on Nasdaq Stockholm and Nasdaq Copenhagen. Better Collective complies with applicable requirements arising from both listings. Cor- porate governance reporting is primarily based on the Danish Recommendations on Corporate Governance, with any deviations disclosed and explained in accord- ance with the “comply or explai n” principle. Shareholder engagement Better Collective seeks to maintain an open and constructive dialogue with its shareholders. Shareholder engagement takes place through the Annual General Meeting, extraordinary general meetings when convened, investor relations activities, and ongoing com munication in accordance with applicable disclosure requirements and the Company’s information policy. Election of C hair of the Annual General Meeting (AGM) The B oard of D irectors appoints the C hair of the general meeting in accordance with the Company’s Articles of Association . Minutes of the A nnual G eneral M eeting Minutes of the general meeting are prepared and signed by the C hair of the general meeting in accordance with the Danish Companies Act . Policies According to the Danish Recommendations on Corpo- rate Governance , listed companies are encouraged to adopt relevant policies and procedures . Better Collec- tive has adopted , among other things, an information policy governing both internal and external communica- tions, including those with investors. Proc e dures and tasks of the B oard of D irectors Participation in daily management According to the Danish Recommendations on Corpo- rate Governance , any participation by a member of the B oard of D irectors in the daily management of Better Collective must be approved by the B oard and publicly disclosed. None of the members of the B oard of D irec- tors currently participates in the daily management of Better Collective. Board composition and B oard c ommittees Incorporation by reference of disclosure requirements ESRS 2 , GOV - 1 , 19 , on the B oard composition and B oard committees . Independence of B oard members To be considered independent , a B oard member must not be a representative of or be associated with a con- trolling shareholder. Chair of the B oard The Chair and Vice C hair of the B oard of Directors are elected by the general meeting in accordance with the Company’s Articles of Association. The tasks and re- sponsibilities of the Chair are set out in the Board’s rules of procedure and are aligned with the Danish Recom- mendations on Corporate Governance . Board C ommittees According to the Danish Recommendations on Corpo- rate Governance, a company should establish an Audit Committee and a Remuneration Committee. Better Col- lective has established these committees as Board com- mittees elected by and among the members of the Boar d of Directors . Management remuneration The Danish Recommendations on Corporate Govern- ance contain provisions relating to management remu- neration criteria, b oard compensation , and incentive programs . Better Collective has adopted a remuneration policy and prepares a remuneration report in accord- ance with applicable regulations ===== SIDA 40 ===== Annual report Page 40 The share and shareholders Better Collective A/S was listed on Nasdaq Stockholm on June 8, 2018 , and dual - listed on Nasdaq Copenhagen on November 17, 2023. The number of shares outstand- ing on December 31, 2025 , was 61,958,870 . Each share entitles the holder to one vote. The number of share- holders on December 31, 2025 , was 5,055 . The largest shareholders on December 31, 2025 , were J. Søgaard Holding ApS and Chr Dam Holding ApS (the co - founders of Better Collective ), with 10,671,179 shares each , repre- senting 17.22 % of the votes and sha re capital in the com- pany ( 34.44 % in total) . Further information on the Better Collective share and shareholders is available in the section “ The BETCO share and shareholders ” as well as on the Group’s web- site. General meeting According to the Danish Companies Act, the general meeting is the group’s superior decision - making body. The general meeting may resolve every issue for Better Collective that does not specifically fall within the scope of the exclusive powers of another corporate body. For example, the power to appoint executive management falls within the scope of the Board of Directors . At the general meeting, shareholders exercise their vot- ing rights on key issues such as amendments to the Articles of Association, approval of the annual report, appropriation of profit or loss , discharge of the Board of Directors and Executive Management from liability, ap- pointment and removal of Board members and auditors , and determination of their remuneration. Time and place The A nnual G eneral M eeting (AGM) must be held on a date that allows sufficient time to submit the audited and adopted annual report to the Danish Business Au- thority within four months of the end of the financial year. According to the Articles of Association, general meetings must be held in G reater Copenhagen. Notice General meetings must be convened by the Board of Di- rectors by written notice no earlier than five weeks and no later than three weeks before the meeting. Notices are published on the Company’s website in accordance with the Danish Companies Act. Extraordinary general meetings may be convened upon request from the B oard of D irectors , the auditor , or shareholders holding at least 5% of the share capital. Right to attend general meetings A shareholder’s right to attend and vote at a general meeting is determined based on the shareholding at the registration date , which is one week before the meeting . The shareholding is based on the Company’s share reg- ister maintained by Euronext Securities Copenhagen (VP Securities A/S). Attendance is subject to timely reg- istration in accordance with the Articles of Association. Shareholders may attend in person, by proxy , or by postal vote and may be accompanied by an advisor. All attending shareholders a re entitled to speak at general meetings. Voting rights & shareholders initiatives Each share entitles the holder to one vote. All matters addressed at the general meeting must be decided by a simple majority vote unless otherwise stipulated by the Danish Companies Act or the A rticles of A ssociation. Amendments to the Articles of Association require a qualified majority. Shareholders may submit proposals for inclusion on the agenda in accordance with statutory deadlines . General meeting 202 5 The A nnual G eneral M eeting (AGM) 2025 was held on April 22, 2025, as an electronic general meeting , and ap- proved the audited annual report and consolidated fi- nancial statements for the financial year 2024, the ap- propriation of profit or covering of loss as recorded in the approved annual report , and discharged the Board of Directors and Executive Management from liability. The shareholders further approved the proposals from the Nomination Committee regarding re - election of Jens Bager as Chair of the Board of Directors, Therese Hillman as Vice Chair of the Board of Directors, re - elec- tion of René Rechtman, Leif Nørgaard, Britt Ingrid Boeskov, and Todd Dunlap as members of the Board of Directors, and the election of Thomas Plenborg as a new member of the Board of Directors, as well as remunera- tion to the Board of Directors for the current financial year . The shareholders also approved the re - appointment of Ernst & Young Godkendt Revisionspartnersselskab as auditor and extended the audit engagement to include assurance on sustainability reporting. The shareholders further approved proposals from the Board o f Directors to reduce the Company’s share capital through cancel- lation of treasury shares, amended the Articles of Asso- ciation, including deletion of provisions regarding the shareholder - appointed Nomination Committee, and re- new ed authorizations to the Board of Directors to in- crease the share capital, issue convertible loan instru- ments, and acquire treasury shares. In addition, amend- ments to the Company’s remuneration policy and the grant of stock options to a newly elected Board m ember were approved. The shareholders adopted the remuner- ation report based on an advisory vote. Electro nic general meeting The Board of Directors is authorized to decide that gen- eral meetings are held as fully electronic or partially electronic meetings. Annual General Meeting (AGM) 202 6 The AGM 202 6 will be held on March 2 4 , 202 6 , at 12 : 00 p.m. CET . For more information, please see the section on the AGM on Better Collective’s corporate website. ===== SIDA 41 ===== Annual report Page 41 Board of D irectors After the general meeting, our Board of Directors is the Better Collective group’s most superior decision - mak- ing body. The duties of the Board are outlined in the Danish Companies Act, our Articles of Association, the Danish Recommendations on Corporate Governance , and the written rules of procedure adopted by the Board of Directors, which are revised annually. The rules of procedure regulate, inter alia, the practices of the Board of Directors, the tasks and decision - making within the group, the Board of Directors’ meeting agenda, the Chair’s duties, and the allocation of responsibiliti es be- tween the Board of Directors and the Executive Man- agement. Rules of procedure for Executive M anage- ment, including instructions for financial reporting and sustainability reporting to the Board of Directors, are also adopted by the Board of Directors. Our Board of Directors supervises the work of Executive Management and is responsible for the overall and stra- tegic management and proper organization of Better Collective’s activities. The Board has the ultimate re- sponsibility for reviewing, monitoring , and guiding Bet- ter Collective's strategy and conduct. Our Board mem- bers provide constructive challenges, strategic guid- ance, and specialist advice, bringing their diverse expe- rience to discussions and decision - making. The Board has overall accountability fo r the management and guidance of impacts, risks, and opportunities, including those associated with aspects of sustainability, such as operating a compliant business, promoting safer gam- bling, implementing socially responsible conduct , envi- ronmental responsibility, and ethical behavior. Sustain- ability priorities are integral to the Board of Directors' decision - making governance , and updates on Better Collective’s sustainability conduct and progress are pre- sented to the Board regularly. Our Board meets according to a predetermined annual schedule, with at least five ordinary Board meetings be- tween A nnual G eneral Meetings (AGMs). In addition to these meetings, extraordinary meetings can be held to process matters that cannot be referred to any of the ordinary meetings. In 2025, seven meetings were held. Oversight of impacts, risks, and opportunities In accordance with ESRS 2 GOV - 1, the Board of Directors is the supervisory body responsible for overseeing Bet- ter Collective’s impacts, risks, and opportunities, includ- ing those related to sustainability matters. The Board is supported in this oversight by the Audit Committee, which monitors sustainability reporting, internal con- trols, and risk management processes. Executive Man- agement is responsible for the day - to - day management of impacts, risks, and opportunities and reports regu- larly to the Board of Di rectors on these matters. Composition of the B oard Board members are elected annually at the AGM for a term ending at the next AGM. According to the Articles of Association, the Board consists of no fewer than three and no more than seven members. As of December 31, 2025, the Board of Directors con- sisted of Jens Bager (Chair), Therese Hillmann (Vice Chair), Britt Boeskov, Todd Dunlap, Leif Nørgaard, René Rechtman, and Thomas Plenborg. The Board attended Nasdaq’s stock market training course before t he listing in 2018. Todd Dunlap and Britt Boeskov received Nasdaq training after joining the Board. Thomas Plenborg, Chairman of DSV A/S, had previously completed Nasdaq training. 86% of the Board members are regarded as independ- ent. As Britt Boeskov has been a senior employee at Bet- ter Collective within the past five years, with her role as SVP of Strategy ending in September of 2022, she can- not be considered independent. The composition of the Board is intended to ensure rel- evant and complementary competencies and diversity. This approach is instrumental in supporting Better Col- lective’s strategic goals and vision while ensuring well - considered, diverse, and judicious deci sion - making. Cur- rently, the Board of Directors comprises only profes- sional members (ESRS 2 GOV - 1, 19). See our Board and Executive members’ CVs on page s 49 - 52 . Evaluation of B oard performance The Board of Directors regularly evaluates its work through a structured process. The Chair is responsible for evaluating and presenting the results to the Board of Directors. In 2025 , an external management consultancy ===== SIDA 42 ===== Annual report Page 42 again assessed the Board’s work, including the collabo- ration with Executive Management. The assessment was based on a questionnaire. The questionnaire is com- bined with personal interviews with each Board and Ex- ecutive Management member every other year . The evaluation was presented to and discussed by the Board of Directors. The overall conclusion was that the Board’s performance and efficiency were satisfactory and that the Board had a well - balanced mix of competencies. Board C ommittees The Board of Directors has established two committees : an Audit Committee and a Remuneration Committee . The committees are appointed by and among the Board members and operate under written rules of procedure . Audit C ommittee The Audit Committee consists of Leif Nørgaard (Chair), Therese Hillman, and Thomas Plenborg, and the com- mittee reports to the Board of Directors. The Audit C ommittee’s role includes overseeing the in- tegrity of the financial and sustainability reporting, mon- itoring the Group’s financial position as well as the ef- fectiveness of the Group’s internal control and risk man- agement, being informed about the audit of the annual report , including the sustainability statement and the consolidated financial statements, monitoring the qual- ity of the external audit, reviewing and monitoring the auditor’s impartiality and independence , and monitoring the Group’s compliance with laws and regulations re- lated to financial and sustainability - related matters. As such, the Audit Committee also consults the Board of Directors on environmental, social, and governance de- cisions, including identifying and assessing material im- pacts, risks, and opportunities and integrating the re- sults into governance processes and controls. These structures aim to facilitate the effective management of Better Collective’s risks and uphold high standards of business conduct. The Audit Committee has an annual work plan and held five meetings in 2025 . Remuneration C ommittee The Remuneration Committee comprises Jens Bager (Chair), Todd Dunlap, and Britt Boeskov. The Remuneration C ommittee’s role is primarily to pre- pare matters regarding remuneration and other terms of employment for the Executive Management and other key employees. Tasks include ensuring compliance with the Remuneration policy, aligning it with sustainability commitments when relevant, setting specific targets, and preparing the Remuneration report. The Remuneration C ommittee also monitors and evalu- ates ongoing and completed programs for variable re- muneration to the Group’s management , and monitors and evaluates the implementation of the guidelines for remuneration to the Executive Management that the A nnual G eneral M eeting (AGM) has adopted. The Remu- neration Committee has an annual work plan and held four meetings in 2025. The Remuneration Committee is responsible for , among other things, incentive schemes and remuneration. More information can be found in our Remuneration report. Executive M anagement Executive Management is appointed and dismissed by the Board of Directors and is responsible for the day - to - day management of Better Collective. As of December 31, 2025, Executive Management con- sisted of Co - Founders and Co - CEOs Jesper Søgaard and Christian Kirk Rasmussen, a nd CFO Flemming Pedersen (ESRS 2 GOV - 1). The Danish Companies Act governs the duties and re- sponsibilities of the Executive Management, together with the Company’s Articles of Association, the rules of procedure for the Executive Management adopted by the Board of Directors, other instructions giv en by the Board of Directors, and other applicable laws and regu- lations. Executive Management’s duties and responsibilities in- clude, inter alia, ensuring that Better Collective maintains adequate accounting records and procedures, that the resolutions of the Board of Directors are imple- mented in the g roup’s daily management, that the Board of Directors is kept informed of all matters of material importance to the g roup, and that the day - to - day man- agement of Better Collective is carried out in accord- ance with the Board’s guidelines and instructions. Furthermore, Better Collective has an SVP and VP team consisting of seven men (78%) and three women (22%) (ESRS 2 GOV - 1). The team members are responsible for the day - to - day operations of their respective business areas and form part of Better Collective’s overall leader- ship. Selected members are also part of the Better Col- lective Sustainability Board. Read more about management responsibilities as re- lated to sustainability and oversight of IROs from page 59 . ===== SIDA 43 ===== Annual report Page 43 Diversity of the B oard of Directors and Executive Managem ent The composition of the Board of Directors must be appropriate to the g roup’s operations and stage of development and collectively reflect diversity in terms of gender, age, nationality, experience, professional background, and business expertise. The Board of Directors has been composed with due regard to the competencies re quired to support Better Collective’s operations and strategic development and, as a whole, exhibits diversity across these dimensions. The Board of Directors is responsible for assessing and reviewing its own composition and competencies on an ongoing basis, including diversity considerations. Better Collective’s diversity objectives for the Board of Directors are embedded in the g roup’s Diversity, Equity, and Inclusion (DEI) policy, which aims to achieve gender balance among Board members. In addition, the Board considers diversity in terms of age, nationality, experience, and a broad range of educational and professional backgroun ds. I n accordance with Section 107f of the Danish Financial Statements Act, the Company has set a target to achieve at least 40% representation of the underrepresented gender on the Board of Directors. As of the reporting date, this target has not been met. The composition of the Board reflects continuity considerations and the competencies required to support the Company's strategic priorities. When nominating and appointing new Board members, the Company applies a structured selection process that explicitly c onsiders gender balance alongside experience, qualifications, and independence. Where candidates are assessed as equally qualified, preference is given to candidates from the underrepresented gender. The Company does not intend to alter the size of the Boa rd solely to meet the statutory target, but expects the gender balance to improve over time as part of the ordinary Board renewal process. To see a full account of gender distribution in our other management level s , see page 87 . Accounting principles D iversity of the Board of Directors and Executive Management Only the two legal genders (male / female) are considered when calculating the share of the un- derrepresented gender (female) on the Board of Directors. The share of female members on the Board of Directors is found by calculating the per- centage of the number of female board members out of t he total number of board members. The number of female board members is found by counting the number of females on the Board of Directors in the period from the Annual General Meeting in March until the end of the financial year. Board of Directors 2025 2024 Number of executive members 0 0 Number of non - executive members 7 7 % of underrepresented gender (female) 29% 43% Executive Management 2025 2024 Executive members 3 3 % of underrepresented gender (female) 0% 0% ===== SIDA 44 ===== Annual report Page 44 Remuneration to the B oard of D irectors and E xecutive M anagement Remuneration to the B oard of D irectors Fees and other remuneration to B oard members elected by the general meeting are resolved at the A nnual G en- eral M eeting (AGM ) . At the AGM held on April 2 2 , 202 5 , it was resolved that a fee of 1 41 , 75 0 EUR is to be paid to the C hair and 9 4 , 5 00 EUR to the Vice Chair and that 4 7 , 25 0 EUR is to be paid to each of the other B oard members. Work in a B oard committee is remunerated with 32 , 2 00 EUR for a chair position in the Audit Com- mittee and the Remuneration Committee , respectively, and an annual remuneration of EUR 16,100 for a regular membership of the Audit Committee and an annual re- muneration of EUR 10,750 for a regular membership of the Remuneration Committee. Following approval at the AGM on April 2 2 , 202 5 , the B oard fee in 202 5 was paid in cash. For the financial year 202 5 , the B oard of D irectors re- ceived remuneration as set out in note 5 on page 1 40 . For additional details , see also the remuneration report for 202 5 available from bettercollective.com. Remuneration for E xecutive M anagement Remuneration to the E xecutive M anagement consists of basic salary, variable remuneration, pension benefits, share - related incentive programs , and other benefits. For the financial year 202 5 , the E xecutive M anagement received remuneration as set out in note 5 on page 140 . Remuneration policy The current r emuneration p olicy was adopted at the AGM on April 2 2 , 202 5 , in compliance with sections 139 and 139a in the Danish Companies Act . Executive Management Name and position Holdings at beginning of year Bought during the year Sold during the year Holdings at end of the year Market value* tEUR Jesper Søgaard, CEO 10,671,179 0 0 10,671,179 1 13 , 228 Flemming Pedersen, CFO 311,966 0 0 311,966 3,01 0 Christian Kirk Rasmussen, COO 10,671,179 0 0 10,671,179 1 12 , 228 Executive Management, total 21,654,324 0 0 21,654,324 2 29 , 767 Board of Directors Name and position Holdings at beginning of year Bought during the year Sold during the year Holdings at end of the year Market value* tEUR Jens Bager, Chair 851 ,229 0 0 851,229 9,032 Therese Hillman, Vice Chair 1,375 0 0 1,375 15 Leif Nørgaard , member 447,300 0 0 447,300 4,746 Thomas Stig Plenborg ** 0 34,830 0 34,830 370 Todd Dunlap, member 475 0 0 475 5 René Efraim Rechtman, member 11,000 0 0 11,000 117 Britt Ingrid Boeskov, member 13,027 0 0 13,027 138 Petra von Rohr, member 22,037 0 0 22,037 234 Board of Directors, total 1, 346 ,443 34 , 830 0 1, 381 , 273 14, 656 Total 23, 000 ,767 34 , 830 0 23, 0 35 , 597 244, 423 * The end - of - year market values are based on the official share prices prevailing December 31, 202 5 . ** Thomas Stig Plenborg was appointed to the Board of Directors on March 22, 2025. His personal shareholdings at the time of app ointment are presented under 'Bought during the year . ===== SIDA 45 ===== Annual report Page 45 Better Collective’s B oard of Di rectors and Executive Management members receive a fixed annual remuner- ation. In addition, Executive Management members may receive incentive - based remuneration consisting of share - based rights. Finally, Executive Management members may receive incentive - based remuneration consisting of a cash bonus (including cash bonuses based on development in the share price) on both an ongoing, single - based, and event - based basis. Cash bo- nus schemes for E xecutive M anagement may consist of an annual bonus, which the individual Executive Man- agement member can receive if specific targets of the group and other possible personal targets for the rele- vant year are met. The maximum cash bonus shall be equivalent to 100 % of the fixed base salary of each eligible Executive Man- agement participant . A bonus payment is only relevant when conditions and targets have been fully or partly met (as determined by the B oard of D irectors). If no tar- gets are met, no bonus is paid out. The B oard of D irec- tors and the Executive Management shall agree upon targets for the E xecutive M anagement. The general meeting will decide whether to establish a long - term in- centive program (LTI program). Annual report Page 45 ===== SIDA 46 ===== Annual report Page 46 Internal controls The Board of Directors and Executive Management are responsible for Better Collective’s internal control and risk management systems concerning the financial and sustainability reporting process. The main purpose of the internal control is to ensure that Better Collective’s strategies and objectives can be implemented within the business and that there are adequate systems for moni- toring and controlling the g roup’s business and the risks associated with the g roup and its business , as well as ensuring that t he financial and sustainability reporting has been prepared in accordance with applicable laws, accounting standards , and other requirements imposed on listed companies (ESRS 2 GOV - 5, 36a). T he Danish Financial Statements Act, the Danish Com- panies Act , and the Danish Recommendations on Cor- porate Governance govern the Board of Directors’ inter- nal control and reporting responsibility . In addition, the Board of Directors has implemented an internal control framework based on the COSO standard, which focuses on five areas: control environment, risk assessment, control activities, information and communication , and monitoring . Control environment The g roup’s internal control framework identifies key processes, inherent risks , and control procedures to reduce and mitigate financial and sustainability risks and ensure reliable financial and sustainability reporting. The Audit Committee assists the Board of Directors in super- vising the financial and sustainability reporting process and monitoring the effectiveness of the internal control and risk management systems. Executive Management is responsible for maintaining and strengthening the overall control environm ent, identifying weaknesses , and ensuring that necessary steps are taken to mitigate financial and sustainability risks through standardization and process optimization (ESRS 2 GOV - 5, 36d). To create and maintain a functioning control environ- ment, the Board of Directors has adopted several steer- ing documents and policies, including rules of procedure for the Board of Directors, the Board Committees, and the Executive Management, with instruct ions for finan- cial reporting to the Board of Directors. The policies in- clude a tax policy, a treasury policy, an IT policy, an in- formation policy, an insider policy, instructions for in- sider lists, and a C ode of C onduct. Better Collective also has a group accounting manual containing principles, guidelines, and accounting and financial reporting pro- cesses. The division of roles and responsibilities within the rules of procedure for the Board of Directors and the Execu- tive Management aims to facilitate effective manage- ment of Better Collective’s risks. The Board of Directors has also established an Audit Comm ittee whose main tasks are to monitor the effectiveness of the Group’s in- ternal controls, internal audit, and risk management, to be informed about the audit of the annual report and consolidated financial statements, and to review and monitor the auditor’ s impartiality and independence. The Board of Directors evaluates the need for an internal audit function annually. In 2025, given the group’s size and organizational structure, it was decided that an in- ternal audit function is not currently required. Better Collective applies an internal “signing and ap- proval” framework to ensure a precise and formalized distribution and limitation of authority. Furthermore, the Group has established an IT governance structure to en- sure that all major IT projects suppo rt Better Collective’s business goals and that existing IT systems and re- sources are used optimally. The Group has also imple- mented a whistleblower scheme that allows employees to quickly and anonymously report observations of po- tentially destructive, unet hical, or illegal activities re- lated to Better Collective. Better Collective continues to strengthen its internal controls related to sustainability reporting in alignment with the Corporate Sustainability Reporting Directive (CSRD). Following the initial implementation of CSRD reporting in 2024, the g roup has further developed and enhanced its internal control systems to support sus- tainability reporting in 2025. The approach is to align sustainability reporting controls with established finan- cial reporting structures, ensuring a structured and reli- able framework o ver time. As the scope of sustainability reporting continues to evolve, Better Collective actively assesses risks related to data accuracy and complete- ness and works to establish appropriate controls through ongoing evaluations in collaboration with inter- n al data owners and external auditors (ESRS 2 GOV - 5, 36d). Risk assessment Risk assessment includes identifying risks to the Group’s business, assets, financial and sustainability reporting , and assessing the impact and probability of those risks to ensure that actions to reduce or eliminate them are analyzed and implemented. Within the Board of Direc- tors, the Audit Committee is responsible for continu- ously assessing the g roup’s risks. Annually, Executive Management prepares an internal risk management assessment , which is reported to the Audit Committee and subsequently to the Board of Di- rectors. The risk management assessment includes a fol- low - up on the previous year’s work and a review of any changes to procedures, control systems, and risk - miti- gating actions concerning financial and sustainability re- porting. The CFO and the Finance department annually prepare a report for the Audit Committee, including a review of ===== SIDA 47 ===== Annual report Page 47 items subject to significant risks and key accounting es- timates and judgments, allowing the Audit Committee to monitor the financial reporting process. The Audit Committee also annually evaluates the need for an in- ternal audit function and makes recommenda tions to the Board of Directors (ESRS 2 GOV - 5, 36b). Control activities Control activities are performed to prevent, detect, and correct errors and irregularities, including fraud. Control activities are implemented in the Group’s systems and procedures, including financial reporting systems and processes. These activities inc lude, for example, physi- cal and electronic access controls related to sensitive and confidential information, IT - based controls limiting system access, joint approval procedures for electronic bank transfers, and detective controls. Financial control activ ities are performed in accordance with the g roup accounting manual, carried out monthly, and docu- mented . Sustainability - related control activities con- tinue to be further developed as part of the g roup’s on- going alignment with CSRD requirements. Monitoring Compliance with and the effectiveness of internal con- trols are continuously monitored. Executive Manage- ment ensures that the Board of Directors receives regu- lar reporting on the Group’s activities, including financial performance, financial position, and significant events such as key contracts. E xecutive M anagement also re- ports on such matters at each Board meeting. The Board of Directors and the Audit Committee review annual and interim reports and conduct financial evaluations in ac- cordance with established business plans. The Audit Committee reviews changes in accounting policies and assesses their appropriateness , including consistency across the Group. The effectiveness of key controls is evaluated at regular intervals and reported to the Board of Directors , including a ny identified deviations requir- ing management action . Information and communication Internal communication to employees occurs, inter alia, through policies, instructions, and internal communica- tions , including a Code of Conduct serving as an over- arching guiding principle, an information policy govern- ing internal and external communications, and an insider policy ensuring appropriate handling of insider infor- mation prior to public disclosure. The Group’s Co - CEO s are responsible for handling matters relating to insider information. The Group’s investor relations function is led and supervis ed by the CFO and the VP of Investor Relations. The primary tasks of the investor relations function are to support capital market activities and as- sist in the preparation of financial and sustainability re- ports, general meetings, capital market presentations , and other investor - related communications . External audit The Group’s auditor is appointed by the A nnual G eneral M eeting (AGM) until the end of the next AGM . The audi- tor audits the financial statements and reviews the sus- tainability statement prepared by the Board of Directors and Executive Management. Following each financial year, the auditor submits an audit report to the AGM and reports observations from the audit and assessments of the Group’s internal control to the Board of Directors. At the AGM held on April 22, 2025, Ernst & Young God- kendt Revisionspartnerselskab was re - appointed as the Group’s auditor , with Mikkel Sthyr as lead auditor. The audit engagement includes limited assurance on the Sustainability Stat ements . It was resolved that the fees to the auditor should be paid under the usual charging standards and approved invoices . The total fee paid to the group’s auditor for the financial year 2025 amounted to 7 0 1 tEUR, all of which related to the audit assignment. R isk man a gement Better Collective’s management continuously monitors and assesses risk developments across the Group. Through an enterprise risk management process, signif- icant risks are identified , described, and assessed, in- cluding existing and planned mitigating actions. Each risk is evaluated based on the probability of occurrence and the potential impact on earnings and cash flows (ESRS 2 GOV - 5, 36c). Risk control The risk evaluation is presented to the Board of Direc- tors annually for discussion of any further mitigating ac- tions required . The Board evaluates risk dynamically to cater to this variation in risk impact. The policies and guidelines in place stipulate how Better Collective’s management must work with risk management. Sustain- ability risks are assessed annually, and insights from the 2024 DMA (review in 2025 and conclusions remain valid) are incorporated into the enterprise risk manage- ment calibration process and reporting. Key g roup risks and mitigating actions are described on the following page (ESRS 2 GOV - 5, 36d). ===== SIDA 48 ===== Annual report Page 48 AREA RISK DESCRIPTION IMPACT MITIGATION MARKET REGULATION Changes to applicable laws and regulations could lead to an increased compliance burden. Contractual risk and legal risk related to regulatory requirements are critical. Failure to meet or implement regulatory requirements concerning, for instance, data pr otection, confidentiality agreements, IPR, and fraud constitutes a risk. Higher operational costs, potential fines, legal disputes, and reputational damage. Gaming regulation provides transparency to the legal framework, which in turn enhances predictability. Better Collective has established a central legal function that, together with the commercial and business development operations, ensures a stage - gate a pproach when new contracts are made and when new regulations or compliance are being imposed. CYBERCRIME As a digital software company with a core business based on modern information technology, Better Collective’s failure to adequately pro- tect itself against IT risk represents a distinct risk. Cybercrime, including unauthorized access to Better Collective’s network and data, could en- danger applications, the infrastructure, and the technical environment stored on Better Collective’s network. Data breaches, operational disruptions, financial loss, and reduced user trust. The IT department continuously monitors our infrastructure to identify and minimize risks to our production and performance. Better Collective can quickly restore critical business operations through well - established procedures and solutions. RECRUITMENT AND RETENTION People remain the key drivers in everything we do at Better Collective since our business is based on specialized expertise and innovation. Failure to attract and retain skilled employees may impact innova- tion, scalability, and overall performance. Better Collective’s values and employer branding are strong tools for talent recruitment. We monitor employee performance and engagement through bi - annual development talks and annual workplace evaluations, including DEI training. ACQUISITION With our acquisition focus increasingly turned to larger companies, the overall risk profile of Better Collective has changed, and regulatory as well as financial risk has increased. Especially when entering new mar- kets by way of M&A and in the following i ntegration with the rest of the group. Financial exposure, integration inefficiencies, regulatory chal- lenges, and underperformance risks. • We engage regulatory bodies in the licensing process for newly established entities when applicable. Acquired entities are evaluated, and local governance is established for those of a certain size. Where relevant, we implement dedicated local Finance, HR, and Legal teams for these entities. We aim to implement a performancebased valuation of the acquired entities and to establish local governance / management for entities of a certain size. We implement local Finance, HR, and Legal organizations dedicated to the entities when relevant. SEARCH ENGINE AND RANKING Better Collective’s Publishing business relies in part on organic traffic generated through search engines. Changes to search engine algo- rithms, ranking methodologies, or referral traffic mechanisms may ad- versely affect the visibility and discoverability o f the Group’s content. The increasing use of AI - driven search features and large language models may alter user search behavior and reduce traffic being referred from search engines to third - party websites. Reduced organic traffic, lower audience reach, higher acquisition costs, and increased uncertainty in traffic patterns, which could negatively impact revenue generation and commercial perfor- mance. Better Collective continuously monitors search engine developments, algorithm changes, and emerging AI - driven search trends. The Group invests in brand - led traffic initiatives, diversified content formats, and alternative acquisition channels to reduce rel iance on search engine traffic. Ongoing testing, performance analysis, and knowledge sharing across the organization support timely adaptation to changes in search behavior and traffic dynamics. ESG The primary sustainability risks lie within the social and governance spaces and less within the environment space. Concerns related to problematic gambling and reputational risk from not being perceived as acting responsibly or within the regulatory frame works. Regulatory scrutiny, financial penalties and reputational damage. Regulatory compliance is systemized by the Legal team. We are educating ourselves on safer gambling, on advertising standards and developing resources to help our users navigate the sports betting ecosystem. Deploying Mindway AI solutions further aids the safer gambling agenda. Transitioning to becoming a media group gradually makes us less dependent on gambling - related activities. FINANCIAL Market risks, foreign exchange fluctuations, interest rate changes, and credit risks may impact financial stability. Revenue volatility, increased borrowing costs, and potential finan- cial losses. Financial risk management policies described in no te 19 of consolidated financial statements. ===== SIDA 49 ===== Annual report Page 49 Therese Hillman Vice Chair and member of the Audit Committee Born 1980, Swedish First elected to the BoD in 2021 Education : M.Sc. in Accounting and Finance from the Stockholm School of Eco- nomics with exchange terms at the University of Virginia and the University of North Georgia Current assignments : NOD - Network of Design (CEO); Nordnet Bank AB (board member) Previous assignments : NetEnt. (Group CEO), Gymgrossisten.com (CEO) ; Actic Group (board member ) Special competencies : ESG · Executive leadership · Finance · Investor and capital market relationships · Industry knowledge · Strategy · Risk Management · M&A · US Market · Digital · Affiliate / aggregator Independence in relation to : – Shareholders – The company Yes Yes Britt Boeskov Board member and member of the Remuneration Committee Born 1978, Danish First elected to the BoD in 2023 Education : M.Sc. in Intercultural Communication and Management from Copenha- gen Business School Current assignments : Board member at MAG Interactive, Mindway AI, GAMING1 and Racecourse Media Group; 4see Advice (Principal Owner) Previous assignments : Kindred Group (C hief Experience Officer , Chief Program Officer, COO), Better Collective (SVP of Group Strategy and Execution) Special competencies : ESG · Executive leadership · Investor and capital market re- lationships · Industry knowledge · Strategy · Risk Management · Affiliate / aggre- gator · Finance · M&A · US Market · Digital Independence in relation to : – Shareholders – The company Yes No Board of D irectors Jens Bager Chair of the Board and of the Remuneration Committee Born 1959, Danish First elected to the BoD in 2016 Education : M.Sc. in Economics and Business Administration from Copenhagen Business School Current assignments : Member of the Executive Board of Apto Invest ApS, Apto Advisory ApS, Marleybones Ltd, and Tandlægen.dk; Impilo AB (Industrial Partner), Scantox Holding ApS (Chair) Previous assignments : ALK - Abelló A/S (CEO), Ambu A/S (COB), Heatex AB (COB), and Poul Due Jensens Foundation (COB), Chr. Hansen (EVP ) and various boards in Denmark, Sweden, and France Special competencies : Executive leadership · Investor and capital market relation- ships · Strategy · M&A · US Market · ESG · Finance · Industry knowledge · Risk Man- agement · Digital · Affiliate / aggregator Independence in relation to: – Shareholders – The company Yes Yes ===== SIDA 50 ===== Annual report Page 50 Todd Dunlap Board member and member of the Remuneration Committee Born 1966, USA First elected to the BoD in 2020 Education : BBA from Park University, B.S. in Aerospace, aeronautical and astro- nautical engineering from Arizona State, M.Sc. in Technology innovation from Uni- versity of Washington, and an Executive Education in Business administration from Stanford University Current assignments : OfferUp (CEO and Board Chair), Guest lecturer and mentor at the University of Washington’s Foster School of Business, and investor in Seat- tle - area SaaS AI/ML, data and eCommerce startups as a founding LP of Ascend.vc Previous assignments : Booking.com (CEO North America), Microsoft (VP and COO, Consumer & Online Division), Better Collective (Board Advisor), WRQ (Group Marketing Manager, Internet Business Division) Special competencies : ESG · Executive leadership · Investor and capital market re- lationships · Strategy · US Market · Digital · Affiliate / aggregator · Finance · Industry knowledge · Risk Management · M&A Independence in relation to : – Shareholders – The company Yes Yes Leif Nørgaard Board member and Chair of the Audit Committee Born 1955, Danish First elected to the BoD in 2014 Education : M.Sc. in Economics and Business Administration from Aarhus Business School and is a state authorized public accountant Current assignments : Board Chair of Zerv Aps, DM Greenkeeping Danmark A/S; Member of the executive board of AnnoAnno ApS, Fenerum Aps (NY), Ooono A/S, Propbinder Aps (NY), Turf Tank A/S (NY), Hubb Kitchen Aps, Robo Invest 2020 ApS, ONG Invest Aps, and SNG Invest ApS; Board of Directors in Holdingselskabet af 9. december 2025 A/S; Professional investor in start - up companies Previous assignments : Chr. Hansen Group (CFO), Dako Group (CFO), Teleca Group (CFO); Board member of Teklatech A/S, 2XL2016 ApS, Actimo LATAM Holdco ApS, DTU Science Park A/S, Dialægt/Citatplakat Aps, K/S Sunset Boule- vard, Komplementarsel, and Landshut Aps, Chair of the board o f K/S SDR. Fasan- vej, Frederiksberg, and MuteBox ApS, Myselfie ApS, Partner of ApS Komplemen- tarselskabet SDR. Fasanvej, Frederiksberg; served on boards in several countries Special competencies : Executive leadership · Finance · Investor and capital market relationships · Strategy · Risk Management · M&A · US Market · ESG · Industry knowledge · Digital · Affiliate / aggregator Independence in relation to : – Shareholders – The company Yes Yes René Rechtman Board member and member of the Remuneration Committee Born 1970, Danish First elected to the BoD in 2023 Education : M.Sc. in Politics and International Relations from the University of Co- penhagen Current assignments : Moonbug Entertainment (Co - founder & CEO), Board mem- ber of The Guardian, Blast Aps, and Podimo Previous assignments : JP/Politikens Hus (Board member), The Walt Disney Com- pany (Non - Linear Media), Maker Studios (Investor & President), GoViral (CEO), TradeDoubler (VP & MD) Special competencies : Executive leadership · Investor and capital market relation- ships · Industry knowledge · Strategy · US Market · ESG · Finance · Risk Management · M&A · Digital Independence in relation to : – Shareholders – The company Yes Yes ===== SIDA 51 ===== Annual report Page 51 Thomas Plenborg Board member and member of the Audit Committee Born 1967, Danish First elected to the BoD in 2025 Education : Thomas Plenborg holds a M.Sc. (Economics and Business Administra- tion) and a PhD in Accounting from Copenhagen Business School (CBS). Current assignments : Thomas Plenborg currently serves as Chairman of the Board of Directors at DSV A/S and ECIT AS, as a Member of the Board of Directors at Menzies Aviation, and is a Member of Fonden CBS Academic Housing. Previous assignments : Thomas Plenborg has been a professor at Copenhagen Business School’s Department of Accounting for over 25 years. Before his current roles, he held numerous board and advisory positions across the finance, infra- structure, and education sectors. Special competencies : Executive leadership · Investor and capital market relation- ships · Strategy · Finance · Risk Management · M&A · Digital · Affiliate / aggregator Independence in relation to : – Shareholders – The company Yes Yes ===== SIDA 52 ===== Annual report Page 52 Jesper Søgaard Co - CEO & Co - Founder Born 1983, Danish Co - founded Better Collective together with Christian Kirk Rasmussen in 2004 and has been working with and developing the group’s operations since then Education : M.Sc. in Political Science from the University of Copenhagen Current assignments : Member of the Board of Directors of Rådhusholmen A/S, MM PROPERTIES, Over Bølgen A/S, and Centerholmen A/S, J. Søgaard Holding ApS (CEO), Dreamcraft Ventures Management ApS (founding member), Member of the executive board of Better Holding 2012 A/S and J . Søgaard Holding A/S Previous assignments : Board member of BetterNow WORLDWIDE ApS; Member of the board of directors of Bumble Ventures General Partners ApS, Bumble Ven- tures Management ApS, Bumble Ventures Invest ApS, Ejendomsselskabet Algade 30 - 32 A/S, Symmetry Invest A/S, Shiprs Danmark ApS, Scatter Web ApS, Ploomo ApS, Gedoe A/S, and VIGGA.us A/S; Member of the executive board Bumble Ven- tures SPV ApS Sustainability expertise : Digitalization · Impacts on consumers and end - users · Value creation through digitalization · Safer g ambling · Corporate culture · Corpo- rate g overnance · DEI · Working conditions Christian Kirk Rasmussen Co - CEO & Co - Founder Born 1983, Danish Co - founded Better Collective together with Jesper Søgaard in 2004 and has been working with and developing the group’s operations since then Education : Bachelor of Commerce from Copenhagen Business School Current assignments : Member of the Board of Directors Omnigame ApS and MM Properties ApS; Member of the Executive Board Chr. Dam Holding ApS, and Better Holding 2012 A/S; Dreamcraft Ventures Management ApS (Founding member) Previous assignments : Board member of Bumble Ventures General Partners ApS, Bumble Ventures Management ApS, Bumble Ventures Invest ApS, and Ejendoms- selskabet Algade 30 - 32 A/S; Member of the executive board Yellowsunmedia ApS and Bumble Ventures SPV ApS Sustainability expertise : Digitalization · Impacts on consumers and end - users · Value creation through digitalization · Safer gambling · Corporate culture · Corpo- rate governance · DEI · Working conditions Flemming Pedersen CFO & EVP Born 1965, Danish Present position since 2018 Education : M.Sc. (cand. merc. aud.) and HD (Bachelor of Business Administration) from Copenhagen Business School Current assignments : Naapster ApS ( Principal owner ), Thornæs Distillery A/S (Member of the Board), Qlife AB (Chair of the Board) Previous assignments : ALK - Abelló A/S (CFO), Neurosearch A/S (CEO & Presi- dent), Mindway AI ApS (Chair of the Board); Board positions in both public and private companies in Denmark as well as internationally Sustainability expertise : Corporate culture · Safer gambling · Financial and non - financial reporting · Risk management · Compliance Executive Management ===== SIDA 53 ===== Annual report Page 53 The BETCO share and shareholders Better Collective A/S has been listed since June 8, 2018 , and is traded on the Nasdaq Stockholm and Nasdaq Copenhagen . The group’s tickers are BETCO and BETCO DKK , respectively . Share price and trading The closing price on December 31, 202 5 , for the BETCO :STO was 11 2 . 6 0 SEK / 7 8 . 2 0 DKK , corresponding to a total market cap of approximately 6 , 977 m SE K / 4, 910 m DKK . From January 1, 202 5 , to December 31, 202 5 , a total of 50,934,356 shares were traded at a total value of 6,0 81 m SEK / 4,111 m DKK . The average number of shares traded per trading day was approximately 204, 555 , corresponding to a total value of 2 4 m SEK / 17 m DKK . The highest price paid for BETCO from January 1, 202 5 , to December 31, 202 5 , was 148.30 SEK / 99.95 DKK on July 25, 202 5 . The lowest price was 95.35 SEK / 64.30 DKK on April 7, 2025 . From January 1, 202 5 , to December 31, 202 5 , BETCO share price in creased by 1 . 4 % , and BETCO DKK price increased by 8. 6 %, while the OMX Copenhagen All shares index in creased by 3. 1 %. Shareholders On December 31, 202 5 , most of the share capital was owned by the company’s founders and institutions , predominantly in Sweden, Denmark, and the rest of Eu- rope. On December 31, 202 5 , Better Collective had 5,055 known shareholders, corresponding to a 7% de crease from January 1, 202 5 . Shareholders owning more than 5 % of the votes and share capital together own 55% of shares . The members of Better Collective’s Board of Di- rectors held a total of 1,3 81 , 273 Better Collective shares. The executive management held a total of 21,654,324 Better Collective shares. Share capital and capital structure On 31 December 202 5 , the share capital amounted to 619, 589 EUR , and the total number of issued shares was 61,958,870 . The company has one (1) class of shares. Each share entitles the holder to one vote at the general meetings. All shares in the market hold equal voting rights and equal rights to the company’s earnings and capital. Share price and trading Closing price 202 5 BETCO 114.70 SEK Closing price 202 5 BETCO DKK 79.25 DKK Corresponding MCAP 7,107 mSEK Total number of shares traded on Nasdaq Stockholm & Copenhagen exchange 50,934,356 Traded total value on Nasdaq Stockholm exchange 6,081 mSEK Traded total value on Nasdaq Copenhagen exchange 4 , 111 m DKK Avg. shares traded on Nasdaq Stockholm & Copenhagen exchange per day 2 04 , 555 Avg. traded total value per day Nasdaq Stockholm exchange (SEK) 24,419,776 Avg. traded total value per day Nasdaq Copenhagen exchange ( DKK ) 16 , 50 8, 900 Total number of trades on Nasdaq Stockholm exchange 1 46 , 739 Total number of trades on Nasdaq Copenhagen exchange 45 , 752 Avg. trades per day on Nasdaq Stockholm exchange 589 Avg. trades per day on Nasdaq Copenhagen exchange 184 Highest price paid between 202 5 - 01 - 01 to 202 5 - 12 - 31: (202 5 - 0 7 - 23 ) BETCO (SEK) 148.30 Highest price paid between 202 5 - 01 - 01 to 202 5 - 12 - 31: ( 202 5 - 0 7 - 2 5 ) BETCO DKK (DKK ) 99 . 9 5 Lowest price paid between 202 5 - 01 - 01 to 202 5 - 12 - 31: ( 202 5 - 04 - 0 3 ) BETCO (SEK) 95.35 Lowest price paid between 202 5 - 01 - 01 to 202 5 - 12 - 31 : ( 202 5 - 04 - 07 ) BETCO DKK (DKK) 64 . 3 0 Share price change from closing 2024 - 12 - 29 to 202 5 - 12 - 30 BETCO SEK + 3 . 0 % Share price change from closing 202 4 - 12 - 29 to 202 5 - 12 - 30 BETCO DKK + 10 . 1 % OMX Copenhagen All shares index change from closing 202 4 - 12 - 30 to 202 5 - 12 - 29 +2 . 0 % Shareholders: Known shareholders December 202 5 5 . 055 Change in number of known shareholders between 202 5 - 01 - 01 to 202 5 - 12 - 31: ( 5,433 -- > 5, 055 ) - 7 % Source: Modular Finance AB. Data compiled from Euroclear, Morningstar, Finansinspektionen, Nasdaq ===== SIDA 54 ===== Annual report Page 54 Dividend policy Better Collective has historically focused on an acquisi- tion strategy, completing 35+ acquisitions since 2017. However, the company's near - term focus has shift ed to- ward driving organic growth and safeguarding the busi- ness's robust cash flow to reduce debt and buy back its own shares. Therefore, the company does not expect to pay dividends until further. The Board of Directors will annually revisit the Group’s capital structure and evalu- ate whether to pay dividends. The decision to pay divi- dends will be based on the company’s financial position, investment needs, liquidity position , and general eco- nomic a nd business conditions. Given the shift towards organic expansion and disciplined capital allocation , dividend payout s will be partially or wholly replac ed by share buy backs . The Board of Directors has proposed that no dividend is paid out for the financial year of 202 5 . Individuals with insider positions Listed companies must record a logbook of individuals employed or contracted by the company and have ac- cess to insider information relating to the company. These can include insiders and other individuals who have obtained inside information. Better Collective rec- ords a logbook for each financial report or regulatory re- lease containing information that could affect the share price. Analysts’ coverage ABG Sundal Collier Nikola Kalanoski nikola.kalanoski@abgsc.se Cantor Fitzgerald Edward James edward.james@cantor.com Danske Bank Poul Ernst Jessen poul.jessen@danskebank.dk Jefferies James Wheatcroft jwheatcroft@jefferies.com Nordea Markets Sebastian Grave peter.sebastian.grave@nordea.com Redeye Hjalmar Ahlberg hjalmar.ahlberg@redeye.se L argest shareholders (holding +5% , as of December 31, 202 5 ) Owners Num. of shares Capital and votes Jesper Søgaard 10.671.179 1 7 , 2 2 % Christian Kirk Rasmussen 10.671.179 1 7 , 2 2 % BLS Capital Fonds mæglerselskab A/S 9,172,586 14.80% Better Collective A/S 3,267,020 5.27% Top four largest shareholders 33,781,964 54.52% Other shareholders 28,176,906 45 .48 % Total number of shares 61,958,870 100% Contact Mikkel Munch - Jacobsgaard VP of Investor Relations & Corpo- rate Communications investor@bettercollective.com ===== SIDA 55 ===== Annual report Page 55 General disclosures 57 Social 77 Governance 98 Environment 104 Sustainability S tatements ===== SIDA 56 ===== Annual report Page 56 Sustainability as part of our game plan At Better Collective, we aim to excite sports fans through engaging content and foster passionate com- munities worldwide. As a leader at the intersection of sports, media, entertainment and iGaming, we know that with influence comes responsibility. Just as every successful team needs discipline and long - term vision, sustainable practices are an integral part of how we in- novate, engage and create lasting value for our group and stakeholders. 2025 marks the second year we com- ply with the CSRD, a process that h as been central to optimizing and developing our business processes and enhancing our understanding of what is critical for Bet- ter Collective’s success. Since our first sustainability report in 2018, we have worked to strengthen our reporting and integrate sus- tainability into our business. We recognize that this is not a one - off tournament but an ongoing season where progress requires consistent effort, ad aptation and col- laboration across the group. The extensive collaboration across our departments of Finance, People & Culture, Technology, Legal, Investor Relations and Sustainability has been important in optimizing our business pro- cesses and data collecti on for our CSRD reporting. Un- der CSRD, we adhere to specific standards that cover a wide range of sustainability topics. These standards ensure that reported information is consistent and com- parable across different organizations and industries. One of the key components of CSRD is the Double Ma- teriality Assessment (DMA), which requires us to iden- tify material sustainability matters relevan t to our busi- ness and value chain. In 2025, we conducted a review of our 2024 Double Materiality Assessment. As part of this process, we collaborated closely with subject matter experts and functional leads to reassess both material and non - material topics, as well as the Im- pact, Risk, and Opportunity (IRO) areas previously iden- tified . We also incorporated insights into emerging sus- tainability trends and feedback from customers and in- vestors. Importantly, these updates did not lead to any changes in our material topics, which continue to in- clude: • General disclosures • Own workforce • Consumers and end - users • Business conduct • Climate change Following the review, we refined our IROs to ensure they reflect the latest developments and stakeholder expec- tations. Identifying IROs involves assessing the potential impacts of our activities on the environment and people, the risks posed by sustainability matters to Better Col- lective , as well as the opportunities that sustainability matters can create. This streamlined approach reflects that while our game plan remains the same, we con- stantly check our position to ensure alignment with evolving regulations, stakeholder expectations, and in- dustry dynamics. We have structured our Sustainability Statements into four overall sections : General disclosures, Social, Gov- ernance and Environment , while applying “incorporated by reference” for certain cross - cutting disclosures, which we believe are best presented alongside other sections of our consolidated annual report . A full over- view of the ESRS structure and disc losure locations can be found in the appendix “Disclosure requirements” on pages 197 - 201 . The S ustainability S tatements show how envi- ronmental, social and governance impacts, risks, and opportunities are managed in the Better Collective group. Our reporting ap- proach i s based on the CSRD framework and the criteria established using the UN Global Compact as guiding tools. ===== SIDA 57 ===== Annual report Page 57 Basis for preparation (BP - 1) 58 Specific circumstances (BP - 2) 58 Management responsibilities & IRO oversight (GOV - 1) 59 Sustainability matters addressed by management (GOV - 2) 60 Incentive schemes (GOV - 3) 61 Statement on due diligence (GOV - 4) 62 Sustainability reporting risk management (GOV - 5) 62 Strategy & business model (SBM - 1) 63 Interests & views of stakeholders (SBM - 2) 64 DMA results (SBM - 3) 66 Identification & assessment of material IROs (IRO - 1) 70 Policy overview (MDR - P) 73 General disclosures ===== SIDA 58 ===== Annual report Page 58 Basis for preparation (BP - 1) Better Collective’s Sustainability Statements are pre- pared with reference to the ESRS issued by the Euro- pean Financial Reporting Advisory Group (EFRAG). In- formation in the Sustainability Statement includes the Better Collective group and all its subsidiari es and has been prepared on the same consolidated basis as the Better Collective group’s 2025 Financial Statements. Our DMA forms the basis for our sustainability reporting, addressing our own operations as well as the main parts of our upstream and downstream value chain concern- ing impacts, risks, and opportunities (IROs). Particularly, the utilization of data centers in our upstream value chain and downstream on our workforce and users. The extent to which policies, actions, metrics and targets go beyond our own operations varies depending on the na- ture of the topics which are disclosed in the topical ESRS . Specific circumstances (BP - 2) Use of estimates Where estimates are used to provide consolidated group - wide reporting, such estimates and practices are described in the accounting principles applicable to the data or information, including any related measurement uncertainty. Naturally, the reliance on indirect sources and proxies introduces some degree of outcome uncer- tainty. We are committed to refining our data collection meth- ods, including exploring ways to, e.g., increase survey participation and collaborating with partners to obtain more precise data. For further information on the key estimates, judgments, and assumptions applied, please refer to the individual pages where quantitative sustain- ability - related data tables are presented. For 2025, we have applied estimations in energy consumption for some offices, which affects Scopes 1 and 2. For Scope 3, we use spend - based emission calculations which have inherently higher uncertainty. Changes & errors In 2024, we presented our first CSRD - aligned report, wherein new calculation methodologies were adopted to align with ESRS requirements. In 2025, we have maintain ed those same methodologies, and where com- parative numbers now exist, they have b e e n provided. N ew KPIs introduced in 2025 include a Safer gambling metric for the topic Consumers and end - users, as well as metrics relating to the topic “O wn workforce ” (em- ployee turnover resignations vs. dismissals, a djusted gender paygap and a breakdown of the gende r pay gap across our biggest offices) . For these KPIs , 2025 repre- sents the first baseline year . Energy and emission - related KPIs have been adjusted with corresponding corrections applied retroactively to 2024 ( page 108 ) . Specifically, our Serbian office’s en- ergy consumption now reflects only the office’s propor- tional share of the building rather than the entire build- ing, which also has a corresponding impact in the KPI “Fuel - and energy - related activities”. T he calculation methods for “ Employee commuting ” and “ Use of sold products ” have been updated, and the same changes have been applied retroactively . T&D losses have been excluded from categories where the GHG Protocol does not explicitly require inclusion, and the estimation approach for “Use of sold products” has been revised due to data availability . External review Better Collective’s Sustainability Statements are cov- ered by limited assurance performed by independent group auditor. Disclosures from other legislation and standards Disclosures relating to our policy on data ethics (99d) and our objectives, policy and reporting on the gender balance in management (107d and 107f) are required un- der the Danish Financial Statements Act. The statutory disclosures pursuant to these sections are presented in the Corporate Matters chapter , with further details in the Sustainability Statement s . Incorporated by reference We have incorporated by reference certain cross - cut- ting disclosures, as we believe these are best read alongside the management review and our core busi- ness activities. DISCLOSURE REQUIREMENT AND PARAGRAPH(S) CHAPTER PAGE(S) SBM - 1: 38, 40, 42, AR.14 Strategy 4 - 6 , 33 - 3 6 GOV - 1: 5, 19, 21, 22 Corporate matters 39 , 41 - 42 49 - 52 GOV - 3 : 27, E1.13 Corporate matters 44 - 45 GOV - 5 : 36 Corporate matters 46 - 48 IRO - 2 Appendix 191 - 195 ===== SIDA 59 ===== Annual report Page 59 Management responsibilities & IRO oversight (GOV - 1) The governance of our sustainability efforts defines the role of the Board and its Committees as well as specify- ing the powers the Board delegates to Executive Man- agement. Sustainability and ethical business conduct are integrated into our strategic direction , how we run our business , and are governed at the highest level by the Board and its C ommittees. Responsibility for the oversight of IROs lies within the Board, while business conduct policies, including Better Collective’s Code of Conduct, are partially embedded within the Audit Com- mittee. The Board has the overall accountability for the management and guidance of IROs, including those as- sociated with aspec ts of sustainability. For more infor- mation about the identity of the administrative, man- agement and supervisory bodies see pages 3 9 - 4 3 and 49 - 52 . The following depicts management’s role in the control and management of IROs by outlining their re- porting lines and their integration with other internal functions. T he Board and its C ommittees determine whether appropriate skills and expertise are available. If not, external consultancy is used. Executive Management Executive Management regularly meets informally with the Chair of the Board of Directors, and the CFO regu- larly meets with the Chair of the Audit Committee. The CFO is the individual within the Executive Management responsible for the disclosure and reporting of fi nancial and non - financial matters. The Executive Management employ their knowledge and expertise, supported by group departments and the Sustainability board, to guide the Board of Directors and enable them to make informed decisions on sustainability matt ers. Final deci- sions on IROs are made by the Board of Directors. Sustainability Board Responsibility for the execution of the strategic sustain- ability priorities is delegated to Better Collective’s Sus- tainability Board. The Sustainability Board is responsible for strategic priorities and integrating sustainability into business decisions an d processes within their respective functions, and the chair of the Sustainability Board re- ports to the Audit Committee and Board of Directors. The Sustainability Board is chaired by Better Collective’s Head of Sustainability and consists of a cross - functi onal team with representatives from Sustainability, Finance, People and Culture, Safer Gambling, and Executive Man- agement. Making up a total of nine members. The Sus- tainability board meets quarterly to address sustainabil- ity matters and IROs relating to Be tter Collective’s oper- ations. ===== SIDA 60 ===== Annual report Page 60 Group Finance & Sustainability These are the primary bodies within management levels responsible for identifying, managing, and communi- cating Better Collective’s IROs. Group Finance and Sus- tainability jointly oversee the financial and non - financial compliance of Better Collective’s sust ainability report- ing, ensuring alignment with relevant standards and regulatory requirements. While processes for sustaina- bility data collection continue to evolve, disclosures on environmental matters, social impacts across our value chain, and broader su stainability topics are coordinated between the two functions to support transparency and compliance. The sustainability team oversees and man- ages CSRD implementation and compliance within the group and is responsible for the management and com- munication of Better Collective’s IROs. The team reports to the Sustainability Board, which reports to the Group M anagement, which further reports to the Board of Di- rectors, which ultimately has the final responsibility. Group Legal Disclosures of governance matters are anchored within Group Legal, which provides information on governance structures, policies, and procedures. Group Legal ser- vices business units to ensure services, products, and platforms comply with applicable sustain ability legisla- tion and guidelines. Group People & Culture Disclosures on social matters concerning our workforce are anchored within People and Culture, which reports data about our employees and social activities for Dou- ble Materiality Assessment (DMA) and reporting pur- poses. Business units The individual business units are responsible for the re- search and development of products, platforms, and projects. Targets The Board of Directors, and by extension, the Audit Committee, utilize the DMA processes, controls, and re- sults to guide the setting of targets concerning our ma- terial IROs whenever relevant. When targets are set, these are to be tracked using appropriate qualitative and quantitative indicators. Currently, Better Collective only has group level targets relating to gender diversity. We continue to focus on achieving a sound data foundation and establishing and building efficient control environments, as we are con- sidering how and where to set strat egic targets to fur- ther accelerate business strategy and sustainability per- formance. Expertise & skills The Nomination Committee assists the Board of Direc- tors by nominating candidates and determining whether appropriate strategic, industry as well as sustainability - related skills and expertise are available within the Board of Directors and Executive Management. Each year, the Board of Directors evaluates the skills, diver- sity, knowledge, and experience of its members and the Executive Management. This includes assessing whether the Board collectively possesses and can effectively lev- erage sustainability exp ertise. The evaluation confirmed that each Board member holds competencies relevant to our material IROs, the broader industry landscape, and the geographical scope of our operations. Additionally, Executive Management possesses deep expertise in various aspects of sustain- ability directly linked to our material IROs, ensuring alignment between business objectives and sustainabil- ity commitments. Any knowledge that the Board of Directors or Executive Management does not directly possess is leverageable from internal support functions, including Group Fi- nance and Group Legal, in addition to external advisors for specific topics. For more information on the Board and the Executive M anagement skills and expertise see pages 49 - 52 . Sustainability matters addressed by management (GOV - 2) The Board of Directors and its C ommittees are regularly informed of and address sustainability matters. This in- cludes communication regarding annual reporting, IRO identification, reporting requirements, and updates on significant actual and potential negative impacts from value chain ac tivities. The reporting line for information on material IROs are disclosed under “Management re- sponsibilities & IRO oversight”. Based on the DMA, we track actions taken to prevent, mitigate, or remediate identified impacts and present these alongside our financial risk assessments, ensuring that sustainability is fully integrated into our risk man- agement framework. Beyond quarterly updates, the Executive Management is continuously informed of Better Collective’s sustaina- bility activities, ensuring oversight and alignment with business objectives. The agenda below reflects our 2025 initiatives and process . ===== SIDA 61 ===== Annual report Page 61 Q1 - Annual r eporting In the first quarter, the Board of Directors reviewed and approve d the Annual Report, including the material IROs of the previous year. The Annual Report informs shareholders and other stakeholders of the results and effectiveness of the policies, actions, as well as metrics and related targets if and when applicable. Q2 - IRO r eporting In the second quarter, the Sustainability Board com- municates, based on the results of re - review of the DMA, Better Collective’s list of identified material IROs and af- fected stakeholders to the Audit Committee, who in turn presents this information, with related recommenda- tions, to the Board of Directors. These insights help guide the Board’s decision - m aking moving forward. Q3 - IRO d eep dive In the third quarter, the Audit Committee receives de- tailed information on Better Collective’s material IROs. This includes how the results inform the reporting scope of the Annual Report, with a complete overview of all ESRS topical standards, disclosure requirements, and data points to be disclosed in the Annual Report. Q4 - Impact & policy review IIn the fourth quarter, the Audit Committee and Board of Directors assess the effectiveness of mitigation and preventive measures implemented throughout the year. They also evaluate whether further actions are neces- sary and determine if any policies should be updated or revised. The Remuneration Committee assesses remuneration to the Executive Management according to their perfor- mance during the year, including the sustainability KPIs referred to in the incentive schemes. The Nomination Committee evaluates the profiles of the members of the Board of Directors and subsequently makes recommendations to the Board of Directors re- garding gender composition, targets, and policies for the Board of Directors and other managerial fu nctions. A list of the material IROs addressed by the Board of Di- rectors and Executive Management during the reporting period is disclosed alongside the relevant disclosures . Incentive schemes (GOV - 3) Better Collective does not currently have a formal incen- tive scheme with sustainability components. Annual report Page 61 ===== SIDA 62 ===== Annual report Page 62 Statement on due diligence (GOV - 4) As a corporate citizen, Better Collective is committed to respecting, protecting, and advancing human rights across our operations. Guided by the ten principles of the United Nations Global Compact (UNGC), our four sustainability focus areas integrate the core principles related to human rights (inc luding labor rights), the en- vironment (including climate), and anti - corruption, as reflected in the UN Guiding Principles for Business and Human Rights and the OECD Guidelines for Multina- tional Enterprises. These frameworks underpin our ap- proach, ensuring that respect for human rights is fully integrated into our policies and business actions. To re- inforce our commitment, we uphold our Human Rights policy, which extends to our entire value chain. We con- tinue to work on our human rights due diligence pro- cess es to move us from commitment to tangible action. Currently, our most salient human rights issues pertain to our workforce. Should we happen to cause or contrib- ute to adverse impacts, we commit to active remedia- tion, and if adverse impacts are linked to us through our business relationships, we will leverage our influence to promote appropriate solutions. We recognize that our ability to influence human rights impacts spans the en- tire value chain, and we are dedicated to addressing our responsibilities with integrity, transparency, and a focus on long - term impact. Sustainability reporting risk management (GOV - 5) Better Collective is in the early stages of aligning with the Corporate Sustainability Reporting Directive and acknowledges the absence of developed internal con- trols tailored to sustainability reporting. We are commit- ted to ensuring the accuracy of our su stainability report- ing going forward. Following the initial implementation of the CSRD in 2024, we have begun developing more robust internal control systems to ensure our data re- mains accurate, consistent, and fully aligned with stake- holders’ needs. Our approach aims to align sustainability reporting con- trols with financial reporting structures, ensuring a structured and reliable framework over time. As our sus- tainability reporting matures , we are actively assessing the risks related to data accuracy and completeness and working to establish appropriate internal controls through ongoing evaluations in collaboration with inter- nal data owners and external auditors. For more infor- mation on Better Collective’s main features of its risk management and inter nal control systems relating to its reporting process see pages 4 6 - 4 8 . CORE ELEMENTS OF SUSTAINABILITY DUE DILIGENCE PARAGRAPHS IN THE SUSTAINABILITY STATEMENT a) Embedding sustainability due diligence in governance, strat- egy, and business model. GOV - 1 Management responsibilities and IRO oversight GOV - 2 Sustainability matters addressed by management GOV - 3 Incentive schemes SBM - 3 Double materiality assessment b) Engaging with affected stakeholders in all key steps of the sustainability due diligence. SBM - 2 Interests an d views of stakeholders IRO - 1 Double materiality assessment process GOV - 2 Sustainability matters addressed by management MDR - P Policy overview c) Identifying and assessing adverse impacts IRO - 1 Double materiality assessment process SBM - 3 Double materiality assessment and results IRO - 1 Double materiality process d) Taking actions to address those adverse impacts GOV - 5 Risk management and internal control S1 - 4 Our approach S4 - 4 Our approach e) Tracking the effectiveness of these efforts and communi- cating GOV - 2 Sustainability matters addressed by management an d IRO oversight ===== SIDA 63 ===== Annual report Page 63 Strategy & business model (SBM - 1) Read more about our strategy, business model, and value chain on pages 4 - 6 and 33 - 36 . Better Collective is guided by a commitment to deliver compelling and immersive sports content to our users. This focus has shaped our vision of becoming the lead- ing digital sports media group, aiming to excite sports fans through engaging content and fost ering passionate communities worldwide. Positioned at the crossroads of media, entertainment, sports, and iGaming, we deliver content, advertising, and safer gambling resources to hundreds of millions of sports fans. This scale brings a profound responsibi lity to approach our operations with transparency and accountability at the core of our strat- egy. Our value chain spans upstream procurement, internal operations, and downstream distribution, enabling safer user experiences while maintaining operational effi- ciency. In our upstream value chain, we depend on IT in- frastructure, i ncluding data centers, which are funda- mental to our business model but present material IROs relating to energy consumption and responsible sourc- ing. Within our operations, our success is driven by a skilled workforce specializing in content creation, pub- l ishing, paid media, and digital marketing. Ensuring employee well - being, fostering diversity and inclusion, and retaining talent are key priorities while de- livering transparent and ethical services in compliance with regulations , remain s central to our user and gov- ernance approach. Downstream, we engage millions of sports fans through our sports media platforms, offering engaging experi- ences , transparent content, and safer gambling re- sources. With + 450 million monthly visits across our global House of Brands , we prioritize user protection, data privacy , and ethical marketing to uphold trust and compliance across regions. While we cannot control what our partnering sports- books do, we support them by holding them to high standards during customer acquisition and the CRM pro- cess by providing them with a chance to set the bar higher through safer gambling tools and software. As such, extending our influence in the value chain. By in- tegrating more sustainable practices into our value chain, Better Collective ensures responsible business growth while addressing critical environmental, social, a nd governance challenges within our industry. Our de- pendencies described above were carefully considered when performing our DMA. ===== SIDA 64 ===== Annual report Page 64 Inter e sts & views of stakeholders (SBM - 2) At Better Collective, our key stakeholders include both internal and external parties who contribute to and ben- efit from the value we create. Engaging with these stakeholders in a structured way is essential to shaping our strategy, ensuring responsible bu siness conduct, and addressing material IROs . As such, s takeholder engagement is a fundamental part of our strategic decision - making and integral to our daily operations. We assess our stakeholders' needs, concerns, and expectations to remain agile and respon- sive to changing market trends, regulatory develop- ments, and user preferences. By fostering open dia- logue, we identify our business model's positive and negative impacts and proactively take action to mitigate risks and maximize opportunities. Our engagement process is embedded across our group. Stakeholder insights are continuously discussed within relevant departments and business units to en- sure alignment with strategic priorities. The Board of Di- rectors is updated regularly during DMA reviews via Ex- ecutive M anagement to ensure that stakeholder inter- ests are considered when shaping our long - term vision and business model. Our approach to engagement varies depending on the stakeholder group, and we utiliz e a mix of formal and informal channels to ensure that feedback is consist- ently gathered, assessed, and integrated into decision - making. Each stakeholder group has unique needs and perspectives, influencing how we operate and create value. • Our workforce seek s an inclusive and motivating work environment, fair treatment, growth opportu- nities, and a commitment to responsible employ- ment practices . • Our u sers expect accurate and responsible content, safer gambling resources, and a transparent and safe approach to digital engagement . • Our p artners and suppliers value strong business relationships, compliance with ethical and respon- sible advertising standards , and shared commit- ments to industry - wide ethical conduct. • Our s hareholders expect sustainable growth, finan- cial transparency, and strong governance struc- tures that align with market expectations . • Regulators require compliance with local laws and ethical advertising standards while expecting iGaming affiliates to uphold responsible gaming practices . Our workforce The interests, views, and rights, as well as human rights , of our workforce are a key input into our strategy and business model. Respect for the rights of our workforce , including non - discrimination, equal opportunity, fair working conditions, safe and healthy workplaces , and human rights are embedded in our policies and ways of working. Our strategy and business model create both positive and negative impacts on our workforce. Posi- tive impacts include skills development, career progres- sion, and flexible working arrangements. Potential neg- ative impacts include workload intensity, mental well - being risks related to exposure to gambling content, and diversity and inclusion challenges in a male - dominated industry. Where these impacts may be created o r wors- ened, we adjust our approach through measures such as structured performance management, employee well - being initiatives, flexible and remote working arrange- ments, and o ngoing monitoring of employee engage- ment and turnover . Better Collective considers the views of workers through workers’ representatives where such represen- tation is required by law. Where workers’ representa- tives are not legally required, we gather workers’ views through alternative mechanisms, as described o n the next page . Consumers & end - users The interests, views, and rights of consumers and end - users are a key input into our strategy and business model. Respect for consumer and end - user rights is em- bedded in our policies and operations. Insights into c onsumer and end - user behaviour and ex- pectations as well as impacts related to privacy, safer gambling, and responsible marketing inform strategic priorities and guide adjustments to our business model. These considerations influence our editorial standards, data governance frameworks, advertising controls, and investments in safer - gambling tools and education . Our DMA and the information in the S ustainability State- ments underscore the most important topics for our stakeholders as it consider s the identified interdepend- encies and IROs related to our value chain and business activities. Through active stakeholder engagement, con- tinuous feedback loops, and monitoring mechanisms, we ensure that Better Collective remains a trusted and responsible leader in the digital sports media and sports betting industry. ===== SIDA 65 ===== Annual report Page 65 KEY STAKEHOLDER HOW WE ENGAGE WHY WE ENGAGE VALUE CREATION OWN WORKFORCE We participate in two - way responsive dialogue. We engage through: • Intranet updates • Performance and development dialogues • Annual workplace survey • Manager check - ins • Group - wide “town halls” • Social events • Informal communication channels to raise open questions to the group or in specific work group form People are the core of our business, and we engage to: • Learn about employees’ values, engagement, and concerns • To understand employees’ perceptions and experiences • Professional development • Sense of inclusion • Job satisfaction and well - being • To maintain a fair workplace for all • Internal policy • Employee - driven initiatives • Career advancement and skills development • Enhancing employee well - being, inclusion, and a safe work environment USERS We engage with our users in various ways through: • Our sports media, like articles, commentary, communities, videos, and podcasts • Through website feedback tools • Analysis of user behavior and feedback • User interaction with products We engage to: • Building trust • Understand users’ preferences and behavior • Enhancing users’ experience and safety • User education and empowerment • Safeguarding users • Community building • Offering safer gambling resources, including a Betting Academy and Mindway AI solutions • Data collection and processing within the GDPR framework • Ensure quality in Better Collective’s deliveries PARTNERS AND SUPPLIERS We engage through formal and informal channels: • Daily operations and collaborative projects • Reviews • Industry networking and conferences • Through contracts and partner / supplier due diligence As a digital sports media group relying on our partnerships we engage to: • Build trusted partnerships • Ensure compliance with our partners and suppliers • Learn about trends and insights related to our industry. • Streamlined operations and alignment on sustainability standards with partners • Fostering shared responsibility for advancing sustainability and safer gambling practices • Supporting partners by holding them to high standards during the customer acquisition and ongoing CRM process • The development and integration of AdVantage ensures unparalleled engagement and value for both our partners and audiences CAPITAL PROVIDERS (SHAREHOLD- ERS AND FINANCIAL INSTITUTIONS) We engage through formal and informal channels through a dedicated Investor Relations team and the Executive management: • Quarterly roadshows • Conference calls • Regular 1 - 1 meetings • Capital Markets Day • Annual general meeting As a dual - listed company, we naturally engage with our share- holders to: • Ensure efficient financial allocation • Understand shareholders’ interests • Ensure accurate communication • Ensure shareholder value • Secure financing • Increased investor confidence • Building and maintaining strong relationships and transparency INDUSTRY ASSOCIATIONS AND REGULATORS We participate in industry - wide dialogue through: • Joint initiatives and programs • Conferences and meetings • Inputs into strategic directions • Knowledge sharing • Promoting and implementing safer gambling frameworks • Ensure compliance • Educating regulators about the affiliate business model and its role in the sports and iGaming ecosystem • Contributing to voluntary frameworks and best practices • Safer gambling week • Co - founder of RAiG (Responsible Affiliates in Gambling) and RGAA (Responsible Gamblig Affiliate Association) • Systemized regulatory compliance through our Legal team ===== SIDA 66 ===== Annual report Page 66 DMA results (SBM - 3) Better Collective’s material IROs are defined through our DMA and detailed under each topic in the Sustaina- bility Statements. The IROs reflect the nature of our business model as a digital sports media group, posi- tioned between users and licensed sportsboo ks in the gambling and sports entertainment ecosystem. M aterial IROs primarily occur within our own operations and downstream activities, reflecting our position as a digital sports media group connecting users to licensed sportsbooks. They are closely linked to our strategic ob- jectives, including promoting saf er gambling, delivering transparent and engaging content, ensuring workforce well - being and inclusiveness , championing responsible business conduct, and minimizing environmental im- pact. We operate in a digital first ecosystem, where the utili- zation of data center services plays a fundamental role in our infrastructure. While we do not identify environ- mental risks or opportunities explicitly relating to the environment, we recognize our actual negative environ- mental impact. Our upstream activities impact our over- all environmental footprint, highlighting the importance of working with sustainable data center providers. In practice, this means selecting providers that operate data centers tha t match electricity consumption with renewable energy or work to reduce energy intensity using energy - efficient hardware and system design. Although our direct emissions are limited, our overall impact relates to the strain our operations and business models put on the environment regarding carbon emis- sions and energy consumption. The negative effect of these environmental impacts cannot be limited to the countries where we operate, as climate change is a global phenomenon. The identified social impacts for Better Collective are both negative and positive, actual and potential, and are primarily shaped by industry - specific challenges and opportunities. Possible negative impacts arise from our proximity to gambling and sports betting, work environ- ments, and gaps in diversity and inclusion. Mitigating ac- tions are in place to address these risks, including re- sponsible gambling initiatives, flexible work models, and diversity and inclusion efforts. For the purposes of the DMA, we have considered only the gross risk, before mitigating actions. If these measures were discontinued, potential negative impacts could affect employees’ well - being, user trust, and safety. As a digital sports media group, we also generate posi- tive social impacts. We provide value to employees through inclusivity, continuous learning, and flexible working opportunities while fostering a culture of re- sponsible and ethical engagement. Additionally, we enhance transparency in the sports me- dia and betting industry, helping consumers and end - us- ers make informed decisions through educational con- tent, community - driven insights, and compliance - driven marketing practices. Our business is built on strict data privacy protocols, ethical marketing standards, and a commitment to safer gambling. By prioritizing ethical practices and sustaina- ble operations, we aim to create a positive and lasting impact on our employees, users, a nd the wider industry. Better Collective’s governance and business conduct also have a direct influence on our IROs. A strong corporate culture fosters engagement, produc- tivity, and cohesion across offices and regions, while maintaining ethical standards, compliance, and account- ability. Potential risks related to corruption, bribery, or inconsistent culture are mitigated through policies, and ongoing monitoring. Our approach to tax transparency and contribution to local communities further supports ethical conduct, stakeholder trust, and long - term value creation. The ESRS disclosure requirements cover all identified material IROs. However, Better Collective also reports entity - specific metrics on impacts not explicitly cap- tured under ESRS, reflecting our commitment to leading practices in the industry: • The material positive impact and opportunity re- lated to safer gambling is reported as an entity - specific disclosure under “Consumers & end - users”. • The material positive impact and opportunity from contribution to local communities is reported as an entity - specific disclosure under “Governance”. • Tax transparency is reported as an entity - specific disclosure under “Governance”. In summary, our material IROs are categorized under S1 (Our workforce), S4 (Consumers and end - users), G1 (Business conduct), and E1 (Climate change). By embed- ding our sustainability strategy into daily operations, governance structures, and partnerships, we ensure that our approach to double materiality strengthens resili- ence, drives ethical and responsible business conduct, and creates long - term value for our employees, users, stakeholders, and the wider industry. ===== SIDA 67 ===== Annual report Page 67 IMPACT MATERIALITY IMPACT AREA TYPE OF IMPACT WHERE IN VALUE CHAIN ORIGINATES FROM OR CONNECTS TO REASONABLE TIME HORIZON INVOLVED THROUGH DESCRIPTION OF LINK S1 – OWN WORKFORCE: WORKING CONDITIONS Secure and transparent employment Positive potential Own operations Impact originates from busi- ness model Short - medium term Own operations Arises from Better Collective’s employment model, which provides employees with long - term stability and compensation structures that strengthen their financial security and overall well - being Work - life balance Positive potential Own operations Impact originates from busi- ness model Short - medium term Own operations Derives from Better Collective’s strategic focus on flexibility and employee welfare, enabling healthy work - life boundaries that impact employee satisfaction Health and safety Negative potential Own operations Impact connects to business model Short - medium term Own operations and business rela- tionships Connects to Better Collective’s operations and partnerships where limited social interaction and expo- sure to betting - related content may negatively influence employees’ mental health and social con- nectedness S1 – OWN WORKFORCE: EQUAL TREATMENT AND OPPORTUNITIES FOR ALL Gender equality and equal pay for work of equal value Negative potential Own operations Impact connects to business model Short - medium term Own operations Connects to Better Collective’s operating context in a male - dominated industry. Gender imbalance can affect recruitment, pay equity, and promotion opportunities, reducing equal treatment and ad- vancement prospects for employees Diversity Positive potential Own operations Impact originates from busi- ness model Short - medium term Own operations Stems from Better Collective’s commitment to creating an inclusive workplace that values diverse perspectives. This foster belonging, innovation, and motivation among employees, strengthening both individual development and collective success S4 – CONSUMERS AND END - USERS: INFORMATION RELATED IM- PACT Privacy Negative potential Upstream and own operations Impact connects to business model Sh o rt term Own operations and business rela- tionships Connects to Better Collective’s affiliate business model, where at - risk users may access betting - re- lated content or be referred to partner sportsbooks. Such exposure can lead at - risk users or end - users to develop or worsen harmful gambling behaviours Access to information Positive potential Downstream Impact originates from busi- ness model Short term Own operations and business rela- tionships Originates from Better Collective’s focus on education, harm prevention, and responsible engagement across its platforms and partnerships. Through advanced monitoring, intervention measures, and edu- cational initiatives, these efforts drive positive impacts that help reduce gambling - related harm and promote responsible engagement among users across the betting ecosystem S4 – CONSUMERS AND END - USERS: PERSONAL SAFETY Security of a person Negative potential Upstream and own operations Impact connects to business model Short term Own operations and business rela- tionships Connects to Better Collective’s affiliate business model, where at - risk users may access betting - re- lated content or be referred to partner sportsbooks. Such exposure can lead at - risk users or end - users to develop or worsen harmful gambling behaviours Safer gambling Positive actual Upstream and own operations Impact originates from busi- ness model Short - medium term Own operations and business rela- tionships Originates from Better Collective’s focus on education, harm prevention, and responsible engagement across its platforms and partnerships. Through advanced monitoring, intervention measures, and edu- cational initiatives, these efforts drive positive impacts that help reduce gambling - related harm and promote responsible engagement among users across the betting ecosystem ===== SIDA 68 ===== Annual report Page 68 IMPACT MATERIALITY IMPACT AREA TYPE OF IMPACT WHERE IN VALUE CHAIN ORIGINATES FROM OR CONNECTS TO REASONABLE TIME HORIZON INVOLVED THROUGH DESCRIPTION OF LINK S4 – CONSUMERS AND END - USERS: SOCIAL INCLUSION Responsible marketing Negative potential Own operations Impact originates from business model Short - medium term Own operations Connects to Better Collective’s marketing and affiliate activities. If not carefully managed, advertising may expose users to misleading or overly persuasive content that can influence betting behaviour or encourage excessive play G1 - BUSINESS CONDUCT Corporate culture Positive actual Own operations Impact originates from business model Short term Own operations Strong and consistent shared culture enhances employees’ sense of belonging and purpose, support- ing well - being, inclusion, and responsible governance practices across the group Corporate culture Negative potential Own operations Impact connects to busi- ness model Short term Own operations Connects to Better Collective’s growth and acquisition activities, where cultural misalignment or weak internal cohesion could reduce employee engagement and collaboration, creating disconnects across offices and negatively affecting workplace cohesion and well - being Corruption and bribery Negative potential Own operations Impact connects to busi- ness model Short term Own operations and business re- lationships Connects to Better Collective’s global operations and relationships with partners in regions with var- ying corruption risk. Employees may face unethical proposals, potentially cause discomfort, reputa- tional harm, and erosion of trust if not properly address ed Tax transparency Positive potential Downstream Impact originates from business model Short - medium term Own operations Paying taxes in all operating countries supports public services and economic development, strengthens community well - being, and builds stakeholder trust Contribution to development of local communities Positive actual Own operations and downstream Impact originates from business model Short - medium term Own operations Through educational academies, local partnerships, and employee volunteer initiatives, Better Collec- tive supports job creation, skills development, and community well - being. These activities improve livelihoods, enhance social inclusion, and foster employe e pride in the areas where the company op- erates E1 - CLIMATE CHANGE Climate change mitigation Negative actual Upstream, own op- erations, and down- stream Impact connects to busi- ness model Short - medium - long term Own operations and business re- lationships GHG emissions generated across Better Collective’s value chain — primarily from data - centre opera- tions, digital infrastructure, and international travel contribute to global warming and the intensifica- tion of climate change Energy Negative actual Upstream, own op- erations, and down- stream Impact connects to busi- ness model Short - medium - long term Own operations and business re- lationships Energy used to power operations results in indirect GHG emissions that contribute to climate change ===== SIDA 69 ===== Annual report Page 69 The financial effect The current financial effects of the identified material risks and opportunities are limited. As our material IROs are primarily related to our core business activities and ability to grow, our initiatives to improve opportunities and mitigate impacts and risks are embedded in already established governance structures. Consequently , our resilience is deemed high within the time horizons ap- plied in our DMA. Our financial resilience analysis is based on qualitative input by internal subject matter ex- perts, in cluding an overall assessment of the mitigating factors across all IROs, gathered in the DMA process. Changes to material IROs In 2024, we updated our DMA process to ensure align- ment with the European Sustainability Reporting Stand- ards (ESRS), marking our first year with a fully compliant Double Materiality Assessment. The material topics de- scribed were assessed considering sub - a nd sub - sub - topics as required. Since the 2024 assessment, there have been no changes to the identified material IROs, and our methodology and focus areas remain con- sistent. While the IROs themselves have not changed, we con- tinue to monitor and evaluate emerging trends, risks, and opportunities within our industry. Moving forward, our focus is on deepening our understanding of poten- tial sector - specific impacts and enhancement of the FINANCIAL MATERIALITY RISK OR OPPORTUNITY DESCRIPTION OF RISK/OPPORTUNITY WHERE IN VALUE CHAIN S1 – OWN WORKFORCE Diversity Opportunity A diverse and inclusive workforce fosters innovation, collaboration, and stronger decision - mak- ing. This enhances competitiveness, profitability, and global talent attraction and retention Own operations S4 – CONSUMERS AND END - USERS Privacy Risk Risks from cybercrime and unauthorized access that could compromise user data and disrupt services. Data breaches may expose users to privacy violations and result in regulatory fines and loss of stakeholder trust, directly affecting financial performance Upstream and own operations Access to information Opportunity Reliable content strengthens user trust and retention, directly supporting recurring revenue and long - term business growth Own operations Safer gambling Opportunity Integrating safer - gambling tools and messaging across platforms and partnerships strengthens Better Collective’s reputation, attracts investors and employees, and supports long - term, re- sponsible growth by enhancing regulatory trust and industry standards Own operations and downstream G1 - BUSINESS CONDUCT Corporate culture Opportunity Integrating rather than imposing culture during acquisitions ensures smooth M&A transitions, preserves key leadership, and secures engagement and continuity across the group Own operations Tax transparency Opportunity Responsible tax practices strengthen stakeholder trust and reinforce Better Collective’s reputa- tion as an accountable business. Transparent tax payments across all operating markets pro- vide a competitive advantage by securing favorable banking relationship s and investor confi- dence Own operations and downstream Contribution to development of local communities Opportunity Community engagement strengthens Better Collective’s social license to operate and supports the development of local talent pipelines. Investing in community well - being and employability enhances reputation, secures access to skilled labor, and reinforces sustainable growth in the regions where Better Collective operates Own operations and downstream ===== SIDA 70 ===== Annual report Page 70 management of existing IROs, ensuring that our sustain- ability practices remain responsive and aligned with our strategic priorities. While the set of material IROs re- mained unchanged, we have introduced new KPIs to en- hance monitoring and measurement of mat erial IROs and their effectiveness. The KPIs in question ar e clearly introduced alongside their respective topics. Identification & assessment of material IROs (IRO - 1) Since 2022, we have conducted an annual DMA . In 2024 , we conducted a comprehensive DMA in accordance with CSRD and ESRS requirements, including the implemen- tation of a structured methodology for identifying and assessing material IROs. For the 2025 Sustainability Statements , the results of last year’s DMA were carried over following a structured review. The review was per- formed to confirm whether the 2024 DMA conclusions remain valid and applicable , considering developments in our business model, strategy, opera tions, value chain, stakeholder landscape, geographic footprint and key dependencies. 1. Revisiting 2024 DMA As the 2024 DMA forms the foundation for the current reporting period, it was revisited as part of the 2025 DMA review. The structured scoring system, thresholds, and assessment criteria implemented in 2024 were re- tained to ensure methodological consistency a nd com- parability. 2. Evaluation of core elements Core elements crucial to conducting our DMA were re- assessed by the sustainability reporting team. These in- cluded our business model, strategy, value chain, stake- holders, geographic locations, and dependencies , to identify any material changes that could affect the out- come of the review . 3. DMA review for each topical ESRS The sustainability team led the review process for each topical ESRS. The Head of Sustainability conducted in- terviews with internal stakeholders across Finance, Le- gal, Technology, People & Culture, IR & Communica- tions . All topics were reviewed to assess whether the un- derlying IROs remain valid, whether new IROs should be considered, and whether any additional sustainability matters should be identified as material. 4. Internal review The outcomes of the DMA review were subject to inter- nal review by the Head of Sustainability in close dialogue with the Sustainability Board, prior to escalating to the Audit Committee . 5. Audit Committee review & approval The Audit Committee was presented with the results of the DMA review, including the list of material IROs and supporting documentation. The methodology, review process, and outcomes were discussed, enabling the Audit Committee to raise questions and feedback be- fore approving the DMA for the 2025 reporting period. Methodology & thresholds Better Collective’s DMA methodology encompasses the Group’s own operations as well as its upstream and downstream value chain. The process identifies and as- sesses actual and potential positive and negative im- pacts , as well as sustainability - related risks and oppor- tunities , across short - , medium - and long - term time ho- rizons. In line with ESRS requirements, the methodology combines qualitative and quantitative inputs derived from internal data, expert judgement, external research, and stakeholder insights. The assessment considered the sustainability matters prescribed in ESRS 1 (Article 16) , as well as other rele- vant topics identified through the DMA process. Impacts were assessed based on their severity and, where applicable, their likelihood. Severity was assessed for both actual and potential impacts , based on their scale, scope, and remendability. Likelihood was as- sessed only for potential impacts , reflecting the proba- bility of their occurrence. Each impact was rated on a scale from 1 to 5. In line with ESRS requirements, the methodology combines qualitative and quantitative in- put derived from internal data, expert judgment, exter- nal research, and stakeholde r insights. In our DMA we considered the topics prescribed in the regulation ESRS 1 (Article 16) and other relevant topics when assessing IROs. Risks and opportunities were assessed separately according to their probability of occurrence and poten- tial financial magnitude. Ratings were informed by internal data and, where avail- able and feasible, third - party quantitative data, as well as qualitative input from internal and external stake- holders. Location - specific factors were considered where relevant. Additional sources, inc luding pre - exist- ing records, self - assessments, document analysis, and academic research, were used to further substantiate the assessment. ===== SIDA 71 ===== Annual report Page 71 Financial risks and opportunities were identified and as- sessed in relation to the identified actual and potential impacts. The assessment considered impacts from past events, informed by Better Collective’s own financial data, as well as potential impacts from future events af- fecting assets, performance, and value creation, based on scientific peer - reviewed publications, best practices, and available guidance. This approach ensures that ma- terial gross risks and opportunities are assessed in align- ment with o ur ERM framework and financial perfor- mance evaluations (page s 47 - 48 ). Decisions making process In accordance with Better Collective’s sustainability governance framework, the sustainability reporting team managed the double materiality assessment (DMA) process in close collaboration with internal sub- ject - matter experts and, where relevant, external advis- ers. The DMA methodology and process are centrally defined and overseen by the sustainability team to en- sure consistent application of scoring criteria, thresh- olds, and expert judgement across the group. To ensure a shared understanding of the CSRD regula- tory framework and the identified IROs, the Audit Com- mittee was provided with a comprehensive walkthrough of the DMA methodology, thresholds, process, and out- comes prior to approving the final DMA for the reporting period . Stakeholder perspectives remain a key component of Better Collective’s DMA process. The approach distin- guishes between stakeholders directly affected by the group’s activities, such as users, employees, and busi- ness partners, and stakeholders with a broade r interest in the group’s sustainability performance, including in- vestors, regulators, and industry peers. While the 2025 DMA review did not include new direct consultations with external stakeholders , insights from internal subject - matter experts who maintain continu- ous engagement with these stakeholder groups were considered . This ensured that evolving stakeholder ex- pectations, sector - specific impacts, and emerging sus- tainability - related risks were appropriately reflected in the evaluation of material sustainability matters. The DMA process is depicted on the next page to pro- vide an overview of the ESRS sustainability matters as- sessed, the responsible internal functions involved, and the key input parameters applied. The DMA covers the entire Better Collective group. When preparing disclo- sures under the ESRS , we assess all data points on a point - by - point basis , mapping material disclosure re- quirements. Non - material data points are also evalu- ated , considering their significance to the group’s activ- ities , and relevance for reader s of the Annual Report . ===== SIDA 72 ===== Annual report Page 72 ESRS DMA PERFORMED BY INTERNAL SUBJECT MATTER EXPERTS EXTERNAL ADVISORY & INPUT INPUT PARAMETERS USED FIRST REVIEW CONDUCTED BY FINAL REVIEW &AP- PROVAL BY MATERIALS FOR AC APPROVED BY FINAL DMA APPROVED BY E1, E2, E3, E4, E5 Sustainability team SVP Technology, IT team, Di- rector of Group Finance External expertise developing environmental analysis and consultations with server host- ing facilities Policies, interviews, workshops and questionnaires Head of Sustainability Director of Group Finance SVP Finance and CFO Audit Committee and Board of Di- rectors S1 Sustainability team SVP People & Culture, HR managers N/A Policies, interviews, workshops and questionnaires Head of Sustainability Director of Group Finance SVP Finance and CFO Audit Committee and Board of Di- rectors S2, S3 Sustainability team N/A Advisory by external expert Policies and interviews Head of Sustainability Director of Group Finance SVP Finance and CFO Audit Committee and Board of Di- rectors S4 Sustainability team SVP technology, VP IR & Comms., VP Legal, Director of Regulatory Compliance, Direc- tor IT N/A Policies, interviews, workshops and questionnaires Head of Sustainability Director of Group Finance SVP Finance and CFO Audit Committee and Board of Di- rectors G1 Sustainability team VP Legal, Director of Regula- tory Compliance, VP IR & Comms., SVP People & Culture N/A Policies, hard and soft law ap- plying to the Better Collective Group and value chain actors Head of Sustainability Director of Group Finance SVP Finance and CFO Audit Committee and Board of Di- rectors ===== SIDA 73 ===== Annual report Page 73 Polic y overvie w (MDR - P) Our policies for our identified material sustainability matters are in place to prevent, mitigate, and remediate actual and potential impacts, address risks, and pursue opportunities. The most senior person accountable for implementation continuously monitors effectiveness, with actions re- ported alongside the relevant disclosures. Policies re- lated to specific sustainability matters are disclosed un- der each topic on the following pages. Annual report Page 73 ===== SIDA 74 ===== Annual report Page 74 POLICY SCOPE OF COVERAGE SCOPE OF POLICY RESPONSIBLE FOR IMPLEMENTATION INTERNATIONALLY RECOGNIZED INSTRUMENTS AVAILABILITY MATERIAL TOPIC COVERED ANTI - HARASSMENT • Zero - tolerance stance on discrimination and harassment • Framework addressing/preventing workplace harassment (verbal, visual or physical) • Emphasizes confidentiality and allows anonymous reporting • Protects affected and reporting parties • Disciplinary actions Group SVP People & Culture Corporate intranet • Working conditions • Equal treatment and opportunities for all • Corporate culture CODE OF CONDUCT • Sets minimum standards for integrity based on international principles • Violations reported through various channels, including anonymous whistleblower system • Respects human and labour rights • Promotes anti - discrimination and anti - harassment standards • Prohibits corruption and complies with anti - bribery laws • Prioritizes data privacy and confidentiality in adherence to relevant laws • Ensures the highest standards of ethical behavior • Fosters a respectful, inclusive, and safe working environment • Promotes and supports safer gambling and prevention of gambling - related harm Group, business partner- ships Board of Directors • The OECD Guidelines for Multilateral Enterprises • The UN Guiding Principles on Business and Human Rights • The International Bill of Human Rights • ILO Declaration on Fundamental principles and Rights at work • General Data Protection Regulation (GDPR) Corporate intranet and corporate website • Working conditions • Equal treatment and opportunities for all • Corporate culture • Corruption and bribery • Information related impacts consumers and end - users • Personal safety of consumers and end - users • Safer gambling • DATA ETHICS • Commits to legal compliance, ethical values, and transparency in all data practices • Prioritizes user welfare, dignity, fairness, and non - discrimination in data processing • Protects privacy and both personal and non - personal data in line with EU and national laws • Implements robust technical and organizational measures to ensure data security • Establishes clear accountability and integrates data ethics values into IT services and partnerships • Promotes responsible innovation and safer gambling through ethical data use Group Board of Directors The group’s voluntary commit- ment to ethical principles re- garding data use. Influenced by OECD principles, existing pri- vacy legal framework and cor- porate social responsibility. Corporate intranet and corporate website • Corporate culture • Information related impacts consumers and end - users • Personal safety of consumers and end - users • Social inclusion of consumers and end - users • Safer gambling D IVERSITY, EQUITY AND INCLUSION • Promote diversity, equity, and inclusion across all entities within the Better Collective group • Gender balance at Board and management levels • Equal opportunity and non - discrimination • Inclusive recruitment, development, and workplace practices • Comply with the Danish Gender Balance Act and Danish Recommendations on Cor- porate Governance Group Board of Directors Corporate intranet and corporate website • Working conditions • Equal treatment and opportunities for all GAMBLING ADVERTISING • Ensures adherence to all compliance and regulatory requirements in all active regions • Upholds the highest standards of social responsibility and prohibits targeting of vulnerable groups • Requires transparency, honesty, and clarity in all advertising • Prohibits misleading claims, false information, and any suggestion of guaranteed winnings • Provides oversight and guidance with monitoring and enforcement by compliance teams Group Director of Regulatory Compliance Varies based on local regula- tions Corporate intranet • Corporate culture • Personal safety of consumers and end - users • Social inclusion of consumers and end - users ===== SIDA 75 ===== Annual report Page 75 POLIC Y SCOPE OF COVERAGE SCOPE OF POLICY RESPONSIBLE FOR IMPLEMENTATION INTERNATIONALLY RECOGNIZED INSTRUMENTS AVAILABILITY MATERIAL TOPIC COVERED HEALTH AND SAFETY • Ensures a safe and healthy working environment for employees • Committed to compliance with relevant health and safety legislation and regulations • Focuses on preventing workplace injuries: both physical and sociopsychological Local level SVP People & Culture Local laws related to labor, em- ployment, etc. Corporate i ntranet • Working conditions HUMAN RIGHTS • Respects human and labor rights: prohibits forced labor, child labor, and human traffick- ing Group and business part- ners SVP People & Culture • The OECD Guidelines for Multilateral Enterprises • The UN Guiding Principles on Business and Human Rights • The International Bill of Human Rights • ILO Declaration on Fundamental principles and Rights at work Corporate intranet and corporate website • Working conditions • Equal treatment and opportunities for all • Personal safety • Corporate culture • Social inclusion PRIVACY EXTERNA L • Safeguards individual privacy: Outlines measures to protect individuals' privacy rights and freedoms by ensuring responsible data handling • Transparent data practices: Describes the processes for collecting and using personal data with transparency, aiming to secure consent whenever feasible • Data protection framework: Establishes the mechanisms and arrangements in place to ensure the secure and lawful handling of personal data Group Director of Regulatory Compliance • General Data Protection Regulation (GDPR) Corporate website • Information - related impacts • Corporate culture PRIVACY INTERNAL • Empowers employee privacy rights: Outlines the rights of employees under GDPR, en- suring they are informed about how their personal data is collected, used, and pro- tected within the organization. • Outlines employee responsibilities: Provides clear guidelines on employees’ roles in safeguarding personal data, emphasizing the importance of compliance with GDPR principles when handling data. • Ensures compliance and accountability: Establishes procedures and practices to align with GDPR requirements, promoting a culture of compliance and accountability in data processing activities. • Promotes security and best practices: Highlights the need for robust data security measures and encourages adherence to best practices, ensuring the protection of per- sonal data in all business operations. Group Director of Regulatory Compliance • General Data Protection Regulation (GDPR) Corporate intranet • Working conditions • Corporate culture SAFER GAMBLING EXTERNAL • Educates users on safer gambling, emphasizing gambling as entertainment, not income • Provides guidance and resources to identify and prevent gambling - related harm • Promotes responsible gambling through educational content, disclaimers, and age - gat- ing • Uses Mindway AI tools to monitor, profile, and identify at - risk users, supporting safer gambling interventions • Collaborates with operators, regulators, and suppliers to enhance user protection and industry standards • Supports industry - wide initiatives and partnerships to promote safer gambling globally • Encourages users showing signs of gambling harm to seek professional help Group and business part- ners Senior Director of Group Media Varies based on local regula- tions Corporate website • Safer gambling • Personal safety ===== SIDA 76 ===== Annual report Page 76 POLIC Y SCOPE OF COVERAGE SCOPE OF POLICY RESPONSIBLE FOR IMPLEMENTATION INTERNATIONALLY RECOGNIZED INSTRUMENTS AVAILABILITY MATERIAL TOPIC COVERED SAFER GAMBLING INTERNAL • Educates employees about gambling risks and how to seek support • Encourages responsible gambling practices, emphasizing entertainment over finan- cial necessity • Provides resources for employees to recognize signs of problem gambling • Offers tools like self - exclusion and self - tests to help manage gambling habits • Promotes a supportive environment for employees to discuss gambling concerns confidentially • Supports employees struggling with gambling issues via HR and management assis- tance • Regular training on safer gambling for all employees, including new hires • Ensures continuous improvement of the policy through the Safer Gambling Compli- ance Council • Provides access to external help through country - specific resources Group Senior Director of Group Media Corporate intranet • Working conditions • Safer gambling SUSTAINABILITY • Commitment to sustainable actions across environmental, social, and governance ar- eas • Contributes positively to societies we operate in • Fosters an inclusive, fair and diverse workplace, eliminating discriminatory practices • Support user welfare through education, safer gambling support and partnerships • Helps users navigate the iGaming world responsibly • Contributes positively to local communities through engagement and education • Ensures ethical operations and compliance with laws and standards • Maintains transparency and long - term ESG performance Group Board of Directors • UN Global Compact • OECD Guidelines for Multinational Enterprises • UN Guiding Principles on Business and Human Rights Corporate website and corporate intranet • Working conditions • Equal treatment and opportunities for all • Corporate culture • Personal safety of consumers and end - users • Information related impacts • Social inclusion • Safer gambling • Tax transparency • Contribution to local communities TAX POLICY • Ensures full compliance with national and international tax laws and guidelines • Manages and mitigates financial and reputational tax risks through transparent tax governance • Pursues a responsible, competitive tax level aligned with genuine business activities and economic substance • Prohibits tax avoidance, use of tax shelters, or high - reputation - risk structures • Promotes open communication and engagement with tax authorities, ensuring trans- parency of the group’s effective tax rate • Reviewed annually, material risks reported periodically • Developed considering stakeholder expectations for transparency and responsible conduct Group Board of Directors Corporate website and corporate intranet • Tax transparency • Corporate culture • Contribution to local communities WHISTLEBLOWER • Encourages confidential reporting of legal violations and misconduct • Covers issues like fraud, harassment, and financial crimes • Excludes personal employment matters • Allows anonymous reports, but names are encouraged for follow - up • Protects whistleblowers from retaliation • Reports are handled by the Chair of the Audit Committee Group Board of Directors Corporate website and corporate intranet • Working conditions • Equal treatment and opportunities for all • Corporate culture • Personal safety of consumers and end - users • Corruption and bribery ===== SIDA 77 ===== Annual report Page 77 Workforce IROs (SBM - 3) 78 Policies (S1 - 1) 78 Engaging with our workforce about impacts (S1 - 2) 80 Process to remediate impacts (S1 - 3) 80 Acting on material IROs (S1 - 4) 81 Targets (S1 - 5) 83 Gender distribution (S1 - 6) 84 Geographic distribution (S1 - 6) 84 Employment characteristics (S1 - 6) 85 Employee turnover (S1 - 6) 86 Gender distribution other management (S1 - 9) 87 Age distribution (S1 - 9) 87 Health & safety (S1 - 14) 88 Work - life balance (S1 - 15) 89 Compensation (S1 - 16) 90 Discrimination reports & complaints filed (S1 - 17) 91 Consumers & end - users IROs (SBM - 3) 92 Policies (S4 - 1) 93 Engaging with consumers & end - users (S4 - 2) 93 Process to remediate impacts & channels to raise concern (S4 - 3) 94 Acting on material IROs (S4 - 4) 94 Targets (S4 - 5) 97 Social ===== SIDA 78 ===== Annual report Page 78 W orkfor ce (S1) Workforce IROs (SBM - 3) Our business is based on specialized expertise and inno- vation, which is why we consider people a core element in everything we do. Therefore, we are committed to fostering and upholding an inclusive, professional, and diverse workplace by implementing socially responsible conduct and eliminating all discriminatory practices. Our workforce may be and are exposed to different impacts due to our operations, as shown in the IRO overview on pages 67 - 69 . Particularly, the challenges and opportuni- ties of our industry may introduce potential negative im- pacts, while our initiatives aim to benefit our workforce. Most of our impacts originate from our business model, which is built on direct employment and kn owledge - based work, while others connect to the operational context of a fast - paced, digital, and male - dominated in- dustry. The material topics covered in this ESRS include secure and transparent employment, work – life balance, health and safety, gender equality, and diversity, all identified as impacting our workforce. Secure and transparent em- ployment and work – life balance imp acts originate from our business model, which emphasizes long - term em- ployment relationships and flexibility, whereas health and safety and gender - equality impacts connect to our business model through the industry environment in which we operate. We priori tize secure and transparent work opportunities that align with regional and local conditions and legal requirements. This approach im- pacts job stability and foster s a supportive and moti- vated work environment. Our approach aligns with our core values and allow our group to reduce turnover rates, increase employee satisfaction, reduce reputa- tional risks, and enhance productivity. Our workforce benefits from high flexibility in choosing when and where to work, supported by clear workplace guidelines and remote work options. These practices produce positive impacts such as improved work – life balance and job satisfaction for employees . These rela- tionships illustrate how workforce - related risks and op- portunities directly influence our strategic resilience and operational performance. While insights from the iden- tified impacts inform how we adapt our employment practices and strengthen f lexibility to ensure that our business model continues to evolve with workforce ex- pectations. Understanding the importance of health and safety, we are committed to continuously fostering safe working environments. Our potential negative health - and - safety impacts connect to our business model through expo- sure to betting - related content and limited social inter- action in remote roles . Better Collective has assessed that employees working daily with sports - and betting - related content may face higher risks of harm. While the overall negative impact on physical health is low, the de- mands of a high - paced work environment may also neg- atively impact mental well - being. These impacts interact with our strategy and business model, potentially influ- encing employee satisfaction and productivity. Findings from our DMA are used to adjust workload management and we llbeing programmes, thereby integrating work- force - impact results into our strategic planning and op- erations . Operating in the digital sports - media sphere, we are part of a male - dominated industry, which presents im- pacts related to gender equality and diversity. These im- pacts interact with our strategy and highlight structural challenges in recruitment and guide our diversity and in- clusion initiatives to attract and retain talent. At the same time, our strategic commitment to diversity en- hances our competitive edge by leveraging creativity and innovation from diverse perspectives. We have as- sessed our business mode l, activities, and geographic operations and found no risks of labor or child labor , and none of the identified negative impacts are assessed to be systemic. The scope of this disclosure includes all Better Collective employees — both full - time and part - time , who can be materially impacted by our operations and business relationships. Policies ( S1 - 1 ) Anchored in our values is a steadfast commitment to re- specting and protecting the human and labor rights of our workforce. Our human - rights commitments are set out in the Human Rights Policy, Sustainability Policy, and Code of Conduct, which together defin e the princi- ples that guide employment - related decisions. Further information on our human rights commitments is pro- vided on pages 62 and 1 97 of the appendices . O ur workforce - related policies collectively govern the material topics identified — secure and transparent em- ployment, work - life balance, health and safety, gender equality, and diversity. For a ful overview of our policies see pages 74 - 76 . Our policy framework applies group - wide and governs how we manage workforce IROs , and w e are committed to ensuring that our policies adhere to internationally recognized standards. ===== SIDA 79 ===== Annual report Page 79 Ou r Code of Conduct sets expectations of integrity, re- spect, and accountability in daily operations, including fair and transparent employment conditions and the promotion of inclusion and diversity. Our Human Rights Policy explicitly recognizes our corporate responsibility to operate with respect for human rights, ensuring equal treatment and dignity for all employees and prohibiting any form of discrimination. Our Sustainability Policy em- beds social responsibility in our business model, com- mitting us to long - term employment stability and flexi- bility that supports work - life balance. We take all re- ports of discrimination, harassment, unlawful actions, or any misconduct that does not align with our Code of Conduct and Human Rights Policy seriously. Where ad- verse human - rights impacts are identified, we seek to provide or enable access to remedy. This is supported by the Whistleblower Policy, which of- fers confidential, anonymous reporting channels under the oversight of the Audit Committee Chair and guaran- tees protection from retaliation. Reports can also be submitted through HR representatives. Th rough both channels, investigations are conducted, impacts are mit- igated, and insights are integrated into our policies and management systems to support future prevention. We maintain a management system for workplace accident prevention and well - being th rough the Health and Safety Policy and our Safer Gambling Policy, which spe- cifically mitigate risks associated with exposure to gam- bling - related content. These policies directly address the negative potential impacts connected to our busi- ness model and outline preventive measures, training, and access to professional support for employees. We also uphold our Internal Privacy Policy, which de- fines employees’ rights and responsibilities regarding personal data in compliance with the GDPR. The policy ensures that data processing related to employment, performance, and well - being follows strict standards of confidentiality and security. Our Anti - Harassment Policy, together with the Code of Conduct and Human Rights Policy, demonstrates our zero - tolerance ap- proach to discrimination, harassment, and any form of disrespectful behaviour. These policies establish clear principles for appropriate workplace conduct, reporting and investigation proce- dures, and managerial responsibilities. Inclusion and equal - opportunity commitments are further embedded in the Sustainability Policy and the DEI Policy , which articulates our shared commitment to fostering a di- verse workforce and inclusive culture where all perspec- tives are welcomed and respected. We hav e not identified specific groups within our work- force at particular risk of vulnerability and therefore no additional policies are established in this regard. All em- ployees are covered by the policies described above, which together govern the management of material IROs identified under ESRS S1. POLICY SCOPE SECURE AND TRANSPARENT EMPLOYMENT WORK - LIFE BALANCE HEALTH AND SAFETY GENDER EQUALITY DIVERSITY Anti - harassment Group X X X Code of Conduct Group X X X X X Diversity, equity and inclusion Group X X Health and safety Group X X Human rights Group X X X X Privacy internal Group X Safer gambling internal Group X Sustainability Group X X X X Whistleblower Group X X X X X ===== SIDA 80 ===== Annual report Page 80 E ngag ing with our workforce about impacts ( S1 - 2) W e are committed to continuous engagement with our workforce, ensuring that employees have a voice in shaping our workplace environment and informing de- cisions that affect them. Our approach is built on struc- tured engagement processes, transparency, and ope n communication, allowing us to identify and address ac- tual and potential impacts on our workforce. Engage- ment occurs through formal and informal channels , in- cluding surveys, events, and workshops. Regular touch- points such as our quarterly “Huddle”, onboarding as well as exit surveys, and leadership Q&A sessions further strengthen our commitment to listening and acting on employee input. New employees, including those welcomed from ac- quired companies, are introduced to Better Collective and our policies through an extensive onboarding pro- gram. We conduct biannual development dialogues (Better Development Dialogue BDD) between managers and employees to discuss each employee's performance and further development. Our leadership development initiative ensures our managers’ continuous professional development , enabling them to identify and address challenges in their teams. By investing in lead ership ca- pabilities, we strengthen communication and the quality of engagement at team level. The People & Culture team , supported by Group Management, holds opera- tional responsibility for employee engagement and en- sures that feedback is integrated into decision - making . Engagement survey We use multiple channels to gather insights directly from employees. The Better Workplace Evaluation, which is common for all our offices, helps determine im- provement areas and shape our people - focused priori- ties. In 2025, participation reached 82%, exceed ing benchmarks for similar - sized companies, and produced an engagement score of 52% indicating mixed employee experiences, which provide valuable input for prioritiz- ing improvement actions. Following the survey, the People & Culture team consol- idates results into actionable reports shared with man- agement and employees. The consolidated report is dis- tributed group - wide, while managers with four or more team respondents receive team - level reports and guid- ance on discussing results. Workshops are optional but encouraged. Feedback is incorporated into project plan- ning, workplace priorities, and strategic decision - mak- i ng by the People & Culture team in collaboration with the Executive team . Effectiveness of these actions are assessed by comparing year - on - year results, tracking trends and participation rates over time. Engagement groups We have four Employee Resource Groups (ERGs) fo- cused on mental well - being and community building , culture and celebrations , gender balance , and the iGam- ing industry and partnerships . These groups have been temporarily inactive while we strengthen our sustaina- bility framework and establish new structures for meas- uring success and impact. We acknowledge their value in fostering employee - driven initiatives and are assessing how to relaunch structured engagement groups aligned with our strate- gic priorities. Currently, we do not have dedicated mechanisms to gather insights specifically from poten- tially vulnerable or marginalized groups. Process to remediate impacts (S1 - 3) We maintain structured processes to remediate nega- tive impacts on our workforce and to ensure that em- ployees have accessible and confidential channels to raise concerns. These processes include internal griev- ance mechanisms and an externally operated whist le- blower system, both designed to address issues related to working conditions, conduct, or other employment matters in a fair and timely manner. Grievance mecha- nisms are managed by the People & Culture team, allow- ing employees to raise concerns directly o r through local HR representatives. Employees can also submit feed- back through the Better Workplace Evaluation or con- tact People & Culture at any time. Each case is assessed individually, and the Legal team is involved when appro- priate. All cases are tracked and documente d, and ag- gregated data is periodically reviewed to identify trends and strengthen preventive measures. Our Whistleblower System, operated by an independent third party, provides a confidential and anonymous channel for reporting serious concerns such as discrimi- nation, harassment, or breaches of the Code of Conduct. The system is available via the intranet, company web- site, and employee handbooks, ensuring equal access across all locations. The Audit Committee Chair over- sees the process and ensures that cases are docu- mented, investigated, and remediate in collaboration with the People & Culture and Legal tea ms. We apply a zero - retaliation policy that protects all employees who raise concerns in good faith. Managers and leaders are required to report any concerns they observe or are made aware of, ensuring consistent accountability throughout the organization . Effectiveness of our griev- ance and whistleblower channels is monitored through employee surveys, qualitative feedback, and training completion data, which help assess awareness, trust, and accessibility. Results are reviewed annually by the People & Cult u re and Legal teams to ensure continuous improvement and compliance with local legislation. ===== SIDA 81 ===== Annual report Page 81 Acting on material IROs ( S1 - 4) We manage our material impacts, risks, and opportuni- ties through coordinated actions that align with our group policies and engagement processes, ensuring that workplace practices support employee well - being, inclusion, and transparency. The following sect ions de- scribe key actions, how effectiveness is monitored, and how resources are allocated to address the identified IROs. While we have not yet established formalized ac- tions across all material IROs , we intend to implement these , where relevant , in the coming years. Working conditions We are committed to ensuring good working conditions and safe - guarding work - related rights in compliance with existing regulations and recognized human rights standards. Our focus is on maintaining a high standard of workplace practices that align with legal require- ments and ethical guidelines, ensuring that all employ- ees are treated fairly and respectfully . Secure & transparent employment Our business model supports secure and transparent employment by providing long - term stability, fair com- pensation, and opportunities for professional growth. This impact originates from how we operate, ensuring that employment relationships contribute posi tively to employees’ financial security and overall well - being. Most of our workforce consists of full - time, trained em- ployees on long - term contracts, which minimizes poten- tial negative impacts on employment security. All em- ployees receive written contract s with clear terms and benefits aligned with local legislation and market bench- marks. Compensation structures are tailored to regional economic realities and support financial stability, includ- ing hybrid - working arrangements adapted to local con- ditions. We maintain transparency in employment terms through consistent communication and biannual devel- opment dialogues, which align professional ambitions with company goals. Managers are trained to support performance and career progression, promoting a cul- ture o f feedback and continuous learning. We monitor job stability through employee turnover and qualitative employee feedback. In 2025, we ex- panded our reporting on workforce turnover to distin- guish between dismissals and voluntary resignations , providing a more nuanced understanding of employ- ment dynamics and working conditions. This distinction supports a clearer assessment of whether workforce changes are primarily driven by organizational decisions or employee - initiated mobility, which is rele vant for evaluating job security and employment pra ctices. I n- sights guide improvements in our HR processes and are reviewed by the People & Culture team. Resources for these initiatives are embedded within the People & Cul- ture budget and managed locally to ensure consistency. Work - life balance We promote a work culture that enables employees to maintain healthy boundaries between their professional and personal lives while supporting productivity and collaboration. Our approach is structured through group - wide Work - from - Home (WFH) Guiding Princi ples that define expectations for hybrid work. These princi- ples ensure that flexibility is applied consistently across teams, balancing individual preferences with collective efficiency. Employees coordinate remote work with their managers, spend at least part of the week in the office, and uphold our values and policies regardless of work location. To support a sustainable home - working environment, employees receive office equipment such as screens, keyboards, and chairs, and a monthly internet allow- ance. Our WFH Abroad Policy allows employees to work temporarily from another country under clearly de fined conditions regarding eligibility, insurance, and compli- ance, ensuring that flexibility remains compatible with legal and tax frameworks. E mployees are also entitled to family - related leave in accordance with their employ- ment terms and conditions. N o new initiatives were launched in 2025, however, we continue to apply and refine our established framework for flexibility and work - life balance, which contributes to high satisfaction, retention, and reduced turnover costs. Effectiveness is monitored through engagement surveys, employee feedback, absent eeism, and turnover metrics. Health & safety We promote a safe, healthy, and supportive workplace that prioritizes the physical and mental well - being of employees. As a digital company without physical pro- duction activities, the overall risk of work - related inju- ries is low, yet health and well - being remain essential for engagement and retention. Our groupwide health and safety approach combines global governance with local implementation. Each office follows policies aligned with national regulations and market standards, while trained staff oversee f irst - aid preparedness, fire preven- tion, workplace evaluations, and evacuation procedures. Managers receive training to recognize early signs of stress and to promote balanced workloads through reg- ular check - ins and open dialogue, supporting early in- tervent ion and a healthy work culture. Our People & Culture team manages a centralized health - and safety management system that tracks inci- dents across all offices and maintains a shared reposi- tory for documentation. Local office teams optimize workspace arrangements to meet safety standards, and, where legally required, employee - elected representa- tives support compliance and a culture of prevention. Health management includes mandatory insurance cov- erage and collaboration with external experts to ensure legal compliance and competitive benefit s. In certain re- gions, additional coverage is provided to match local market standards. ===== SIDA 82 ===== Annual report Page 82 In 2025 we continued to strengthen our approach through the Better Workplace Evaluation, and through the Workplace Assessment (APV) in our Copenhagen office. Both surveys identify risks and improvement op- portunities related to psychosocial and physical con di- tions. Results are reviewed by the People & Culture team with Senior Management, leading to action plans shared with employees. Confidentiality is ensured through anonymized reporting. Mental - health protection remains a key focus, especially for employees exposed to gambling - related content. To mitigate these risks, all employees complete mandatory Safer Gambling training and have access to the Gama- lyze self - assessment tool, confidential HR support, and anonymous whistleblowing channels. Absence and well - being indicators are monitored to identify trends and guide action. Where needed, HR and managers hold di- alogues to adjust workloads or conditions. All data col- lected through health, safe ty, and well - being programs is processed under our Internal Privacy Policy to ensure compliance with GDPR and to protect employees’ per- sonal information, thereby reinforcing trust and psycho- logical safety. Equal treatment & opportunities for all Gender equality & equal pay for work of equal value Operating within a male - dominated industry, we con- tinue to address gender imbalance and promote trans- parency in pay and progression. Actions include uphold- ing the DI Gender Diversity Pledge and UN Women’s Empowerment Principles and conducting periodic pay - gap analyses to identify areas for improvement. Recruit- ment practices emphasize inclusivity through gender - neutral job language, structured assessments, and man- datory bias - awareness training for hiring managers. In 2025, we strengthened the quality and comparability of our pay transparency disclosures by introducing ad- justed gender pay gap and adjusted annual remunera- tion ratio calculations . These adjusted measures normal- ize the data by excluding outliers, including the Execu- tive Leadership Team and non - standard severance pay- ments that are not representative of regular remunera- tion practices. This approach improves the reliability of pay gap insights and supports a clearer assessment of pay equity across the workforce. To further enhance comparability and actionability, the adjusted gender pay gap is disaggregated by country , reflecting differences in local labor markets, role com- position, and pay practices that influence the overall group average. Th ese refinements provide a more accu- rate basis for identifying structural drivers of pay differ- ences , and the enhanced breakdown supports more tar- geted dialogue and actions at the local level, while main- taining an aggregated group - level overview. Diversity criteria are also integrated into succession - planning to strengthen equal access to advancement. Progress is tracked through diversity metrics, leadership representation, and employee - survey results. While no new gender - specific initiatives were introduced in 2025, our established framework continues to guide gender equality practices and to support measurable progress toward gender balance at all levels of the Better Collec- tive group. Diversity We advance diversity through structured, ongoing ac- tions that foster a diverse and inclusive workplace where different perspectives strengthen creativity, collabora- tion, and collective success. Building on our DEI Policy , we embed inclusivity into every stage of the employee experience, from recruitment and onboarding to devel- opment and engagement. Key actions include diversity - aware recruitment prac- tices that ensure inclusive job advertisements, balanced shortlists, and bias - free assessments through structured interviews and personality testing. Hiring managers and HR teams receive mandatory unconsc ious - bias training, while all employees complete mandatory unconscious - bias and anti - harassment training within their first year of employment, reinforcing inclusive conduct across all levels. While no new global initiatives were introduced in 2025, we mai ntained our established framework of di- versity actions and awareness initiatives such as diver- sity campaigns , ensuring continuous progress through engagement tracking and leadership accountability. Despite our efforts, gender representation in “ other management level ” remains below our target, with 14% of leadership positions held by the underrepresented gender, while women made up 3 2 % of our total work- force in 2025. Results that underscore the need for con- tinued action. Our targets are aligned with policy goals to improve di- versity and gender equality. The developments are available for all employees to track the status of the tar- gets on the intranet. However, they are not involved oth- erwise. Nevertheless, by embedding gende r equality and diversity into our business strategy, we remain com- mitted to fostering a workplace where all employees have equal opportunities to succeed while we seek to leverage the benefits of diversity to drive long - term business growth and innovati on. ===== SIDA 83 ===== Annual report Page 83 Targets (S1 - 5) Targets have been established to address the identified IROs related to the topic of equal treatment and oppor- tunities for all . Better Collective has updated its targets for gender diversity at Board and “Other management” levels to align with Danish statutory requirements, as described in the Corporate Matters chapter. Accord- ingly, Better Collective has set a target of at least 40% representation of the underrepresented gender on the Board and 35% representation of the underrepresented gender at “Other management” levels by 2026 , bringing the timeline forward from the previously stated target year of 2027. The gender diversity target for the group remains unchanged . The Executive Management, the Sustainability Board, and the respective policy owners conduct qualitative re- views to assess the effectiveness of policies and actions addressing IROs. These reviews ensure ongoing align- ment with evolving priorities and suppor t continuous improvement in the management of sustainability - re- lated matters. We have not established specific targets for other identified IROs as priorities and strategic focus may evolve over time in response to business needs and industry - specific deve lopments. This approach reflects our commitment to maintaining a targeted and materi- ality - driven sustainability strategy . ===== SIDA 84 ===== Annual report Page 84 Gender distribution (S1 - 6) Geographic distribution (S1 - 6) Number of own employees (head count) by gender 2025 2024 Male 943 1,079 Female 44 8 478 % of underrepresented gender 32% 31% Total e mployees 1,391 1,557 Number of own employees (head count) 2025 2024 United States 197 202 Serbia 368 422 Denmark 187 229 Others 639 704 Total e mployees 1,391 1,557 Accounting principles Gender distribution The total headcount of employees at Better Col- lective is determined by summing the active em- ployee numbers across all countries of operation, excluding freelancers and contractors. Active em- ployee s include employees whose contract has been terminated and employees on garden leave. This data is as of 31 December 202 5 . Gender distribution refers to the number of em- ployees whose legally recognized gender is female or male. At Better Collective A/S, the gender dis- tribution is calculated by adding the total head- count of women and men separately across all countries of opera tion while excluding freelancers and contractors. These totals are then divided by the overall headcount for women and men, re- spectively. This data is as of 31 December 202 5 . Geographic distribution The total number of employees by country for countries where Better Collective has 50 or more employees represents at least 10% of its total num- ber of employees. “ Other s ” covers countries with less than 50 employees and representing less than 10% of the total number of employees combined. The geographic distribution of employees is deter- mined by summing the total headcount across the specific geographical locations where we operate and is based on data from 31 December 202 5 . ===== SIDA 85 ===== Annual report Page 85 Employment characteristics (S1 - 6) Our workforce consists of permanent employees, which helps attract and retain top talent, creating a knowl- edgeable and experienced team. This allows us to invest continuously in employee development, and the recip- rocal approach ensures continuity and operational ef- fectiveness. Accounting principles Employment characteristics Permanent employees are defined as employ- ees with an indefinite employment contract. This category includes student assistants and trainees but excludes freelancers and contrac- tors. The total number of permanent employees at Better Collective is calculated by summing the count of permanent employees across all our locations. This calculation is based on data from 31 December 202 5 . Temporary employees are categorized as em- ployees whose employment is tied to the com- pletion of a specific project or has a predeter- mined duration. This category includes interns but excludes freelancers and contractors. The total number of temporary employees at Better Collective is calcula ted by aggregating the num- bers of temporary employees across all our lo- cations. This calculation is based on data from 31 December 202 5 . Non - guaranteed employees are defined as em- ployees who are employed without a guarantee of a minimum or fixed number of working hours. Employment characteristics 2025 2024 Total employees (head count) 1,391 1,557 - Female 448 478 - Male 943 1,079 Permanent employees (head count) 1,372 1,556 - Female 439 478 - Male 933 1,078 Number of temporary employees (head count) 19 1 - Female 9 0 - Male 10 1 ===== SIDA 86 ===== Annual report Page 86 Employee turnover (S1 - 6) Overall employee turnover was lower compared to 2024, during which a reorganization was initiated, and workforce reductions were implemented. In 2025, Bet- ter Collective enhanced its reporting methodology by introducing a breakdown of total employee turnover into dismissals and resignations. As 2025 represents the base year for this revised categorization yoy compari- sons by exit type are not avai lable for 2024. D ismissals and resignations occurred at broadly compa- rable levels. Dismissals primarily reflect organizational changes related to the reorganization initiated during 2024 and further implemented in 2025 . This distribution indicates that workforce changes during 2025 were in- fluenced both by organizational adjustments and by employee - driven transitions . Employee turnover (head count) 2025 2024 Employee turnover 378 441 Dismissals 191 - Resignations 187 - Employee turnover % 26% 28% Accounting principles Employee turnover Employee turnover is defined as the cumulative headcount of employees who have departed from Better Collective g roup, whereas the em- ployee turnover rate is defined as the proportion of employees who have left the group expressed as a percentage. The total turnover is calculated by aggregating departures across all locations of operation dur- ing the reporting period, including resignations, dismissals and retirement or death in service. Employee turnover is further presented by res- ignations or dismissals . R esignations are defined as e mployees who leaves the group either vol- untarily , due to retirement or death in s ervice. Dismissals are defined as employees who leaves the group involuntarily . To determine the employee turnover rate , the total number of departing employees (the "turn- over number") is divided by the average number of employees (the "average headcount") during the same period . Aligned with the annual report- ing method , t he average headcount is calculated by aggregating the month - end headcount of ac- tive employees (permanent employees) for each month in the reporting period and dividing by the total number of months in the reporting pe- riod. ===== SIDA 87 ===== Annual report Page 87 Gender distribution other management (S1 - 9) Age distribution (S1 - 9) 2025 2024 Gender distribution in top management Head count Share Head count Share Male 12 86% 12 86% Female 2 14% 2 14% Total e mployees 14 100% 14 100% Age distribution of employees (head count) 2025 2024 Unknown 1 0 Under 30 years old 408 510 Between 30 and 50 years old 948 1,017 Above 50 years old 34 30 Total employees 1,391 1,557 Accounting principles Gender distr ibution “ Other management ” is defined as executive management and their direct reports. Executive management comprises the highest administra- tive and supervisory level. Direct reports are employees reporting directly to executive man- agement with managerial responsibilities at the v ice president and senior vice president job lev- els who are part of the group management team. Gender distribution within “other management ” is calculated by dividing the number of male and female employees in the management by the to- tal number of employees in management, re- spectively. Accounting principles Age distribution The age distribution of employees is determined by summing the total headcount of employees under 30 (29 or younger), those between 30 and 50 (30 to 49), and those aged 50 or older, ex- cluding freelancers and contractors. This calculation is based on data from 31 Decem- ber 202 5 . ===== SIDA 88 ===== Annual report Page 88 Health & safety (S1 - 14) Work - related injuries are infrequent in our workplace, as the nature of our tasks does not impose significant phys- ical demands on employees. No occupational fatalities were reported among our employees or any personnel working on our sites during 2025. Health and safety 2025 2024 Percentage of people in own workforce (head count basis) who are covered by health and safety management system based on legal requirements and (or) recognised standards or guidelines 100% 100% Number of fatalities as result of work - related injuries and work - related ill health 0 0 Number of fatalities as result of work - related injuries and work - related ill health (other workers working on undertaking's sites) 0 0 Number of recordable work - related accidents for own workforce 0 3 Rate of recordable work - related accidents for own workforce 0.0% 1.3% Accounting principles Health & safety Number of work - related accidents: a shared document serves as the central record for health and safety documentation. Local HR teams con- tribute relevant input in the designated docu- ment that then consulates into the group over- view reported, this ensures ac curate and com- prehensive reporting. The consolidated number of accidents occurred for employees within the reporting period are based on the numbers re- ported by local HR. The work - related accident rate is expressed as the number of recorded incidents per one mil- lion hours worked. It is determined by dividing the total number of registered cases during the reporting period by the cumulative hours worked across Better Collect ive, then multiply- ing the result by one million. Percentage of people covered by H&SMS The percentage covers the employees who are covered by our Health and safety management system, which as a minimum contains the legal requirements ===== SIDA 89 ===== Annual report Page 89 Work - life balance (S1 - 15) All employees – except from our US interns - are entitled to take family - related leave in accordance with employ- ment terms and conditions described in employee hand- books and contracts. Work - life balance Men Women 2025 Men Women 2024 Percentage of employees entitled to take family - related leave - - 100 % - - 100% Percentage of entitled employees that took fam- ily - related leave by gender 5% 10% 7% 7% 9% 8% Accounting principles Work - life balance Family - related leave refers to time off granted for responsibilities such as maternity or pater- nity leave, parental leave, caring for sick rela- tives. It does not include time off for personal medical appointments, pregnancy - related ill- nesses outside of par ental leave, or absences due to funerals or bereavements. Additionally, unspecified leave of absence is not considered part of family - related leave. The calculation for family - related leave is based on the number of unique individuals of each gender who have taken this type of leave, di- vided by the total number of eligible employees of the same gender. Eligible employees refer to employees who have the legal right, as defined by applicable national laws and Better Collective policies, to temporarily step away from their professional duties to address family - related re- sponsibilities covered by the definition of fam- ily - related leave. Eligible employees are determined using the same criteria as the "total headcount" as all em- ployees in Better Collective , except for interns in the United States, are eligible for family related leave. Employees who take family - related leave in multiple months within the same reporting year are counted only once. As family - related leave is not consistently reg- istered in our internal system, data is gathered from responsible members of the People & Cul- ture team . All instructed to provide reported figures broken down by gender . Account- ing principles ===== SIDA 90 ===== Annual report Page 90 Compensation (S1 - 16) The reported gender pay gap at Better Collective g roup is influenced by the employee population being pre- dominantly male which inherently skews the average pay gap. This effect is particularly pronounced due to the concentration of male employees in upper - level roles. The higher compensation associated with these roles contributes to a higher average pay for male em- ployees. The annual total remuneration ratio was 1:39 , amplified by geographical differences. Adjusted pay gap and adjusted annual remuneration ra- tios have been included to normalize the data by ac- counting for outliers. As positions and pay practices vary by country and affect the overall g roup average, the adjusted pay gap is further broken down by country, showing the countries with greater than 10% employee populations with the Rest of World (Row) in aggregate. Adjusted gender pay gap by country 2025 United States 23% Serbia 18% Denmark 9% Rest of World (RoW) 2 1 % Compensation 2025 2024 Gender pay gap 36% 33% Adjusted gender pay gap 3 3 % - Annual total remunera- tion ratio 1:39 1:45 Adjusted annual total re- muneration ratio 1:3 6 - Accounting princip les Gender pay gap The gender pay gap is defined as the difference in average gross hourly pay between male and female employees at Better Collective. The gen- der pay gap is calculated by subtracting the av- erage gross hourly pay level for female employ- ees from the average gro ss hourly pay level for male employees, dividing the result by the aver- age gross hourly pay level for male employees, and then multiplying by 100. The average gross hourly pay level is calculated by aggregating gross pay (the sum of guaran- teed, short - term, and non - variable cash com- pensation) and variable pay (benefits in cash, which is the sum of cash allowances, bonuses, commissions, cash profit - sha ring, and other forms of variable cash payments) and dividing by the total number of paid hours. "Paid hours" are defined as the aggregate of the number of paid hours in the reporting period, which include worked hours, and any hours paid at the gross hour ly rate, such as vacation, sick leave, or other types of paid time off. The adjusted pay gap calculations exclude the executive leadership team as well as non - stand- ard severance payments, which is severance paid to an individual beyond what is required by law, internal policy, standard market practice, or similar. These payments often include one - time leave agreement bonuses, payout settlements, or similar contractual leave payout agreements not typically provided to employees. The ad- justed pay gap uses the same gender pay gap calculation as presented in the accounting prin- cipl e and with these exclusions applied. Accounting pr inciples Remuneration ratio Annual total remuneration ratio is defined as the ratio of the annual total remuneration of the highest - paid employee to the median annual to- tal remuneration of all other employees at Bet- ter Collective Group. The ratio is calculated by dividing the annual total remuneration of the highest - paid employee by the median annual total remuneration of all other employees (ex- cluding the highest - paid employee). Annual total remuneration includes direct remu- neration, which is the sum of benefits in cash (variable pay, which is the sum of cash allow- ances, bonuses, commissions, cash profit - shar- ing, and other forms of variable cash payments), benefits in kind (employ er - paid benefits, such as cars, private health insurance, life insurance, wellness programs, pension contributions, and any other employer - paid benefits), and the total fair value of all annual long - term incentives granted during the reporting period (for exam- ple, stock option awards, performance stock shares or units ). The adjusted annual total remuneration ratio uses the same remuneration ratio calculation as presented in the accounting principles and in- clude the same exclusions applied in the ad- justed gender pay gap . ===== SIDA 91 ===== Annual report Page 91 Discrimination repor ts & complaints filed (S1 - 17) We had 19 cases reported in the Better Workplace eval- uation covering the period from summer 202 4 to sum- mer 202 5 . An internal policy for handling these cases has been established. We handle every discrimination and harassment incident and complaint within our or- ganization through our internal procedures. Due to the sensitive nature of these matters, we do not share any specific details about the incidents. Each report or com- plaint is treated with utmost confidentiality. Our pr oce- dures are designed to ensure that empl oyees can confi- dently and securely report any incident. In 202 5 , 0 records of fines or penalties were associated with discrimination. Furthermore, no human rights inci- dents involving our workforce took place in 202 5 , and as a result, no fines, penalties, or compensations related to such incidents were recorded. Incidents, complaints and severe human rights impacts 2025 2024 Number of incidents of discrimination including harrasment 19 13 Number of complaints filed through channels for people in own workforce to raise concerns 0 0 Number of complaints filed to National Contact Points for OECD Multinational Enterprises 0 0 Amount of fines, penalties, and compensation for damages as result of incidents of discrimination, including harassment and complaints filed 0 0 Number of severe human rights issues and incidents connected to own workforce 0 0 Number of severe human rights issues and incidents connected to own workforce that are cases of non respect of UN Guiding Principles and OECD Guidelines for Multinational Enterprises 0 0 Amount of fines, penalties, and compensation for severe human rights issues and incidents con- nected to own workforce 0 0 Accounting principles Discrimination incidents reported and complaints filed Number of complaints filed through channels for people in our own workforce to raise concerns: Channels for own workforce follow the local le- gal requirements. Common for all countries are the Better Workplace Evaluation, HR, and own manager. Whistleblower cases are included in these num- bers. Based on the current available data collec- tion methodology, we include all cases raised in the Better Workplace evaluation as of end of survey. Human rights, complaints, fines, and penalties: We monitor these elements locally and data from each location are reported into g roup HR where the numbers are consolidated based on the input given at the end of year . ===== SIDA 92 ===== Annual report Page 92 Consumers & end - user s (S4) Consumers & end - users IROs (SBM - 3) Our business model directly involves consumers and end - users who interact with our platforms and may be referred to partnering sportsbooks. All user groups that may be materially affected are included in the scope of this disclosure. None of the identified IROs are consid- ered widespread or systemic, and the impacts and de- pendencies identified under ESRS 2 IRO - 1, including pri- vacy, access to accurate information, security of a per- son, safer gambling, and responsible marketing inform our strategic priorities and guide adjustments to our business model. Thesre impacts and dependencies give rise to material risks and opportunities for Better Collec- tive arising from our interactions with consumers and end - users. Users potentially affected include individuals engaging with gambling - related content, users whose personal data we process, users dependent on reliable infor- mation to avoid harmful decisions, and individuals who may be particularly vulnerable to gambling harm o r mar- keting influence. Our understanding of which users may be at greater risk of harm is informed by internal assessments, regulatory expectations , and behavioral insights from Mindway AI. Where potential negative im- pacts occur, these are man - aged through GDPR compli- ance structures, responsible - communication frame- works, and content and advertising controls. Positive impacts include access to accurate information and safer - gambling resources, supported by educational in- itiatives and tools such as Mindway AI ’s GameScanner and Gamalyze, ben ef iting users across our brands and partnerships. Where risks or opportunities specific to certain user groups arise, these are incorporated into our operational and strategic response . From a risk and opportunity, the risk relating to cybercrime and unauthorized access to personal data arises primarily from impacts on users whose personal data we process, as incidents affecting this group may result in legal or reputational conse- quences . The opportunity relating to safer gambling ap- plies across our broader user base but arises more di- rectly from positive impacts on vulnerable users engag- ing with safer gambling content and tools , ultimately support ing user trust, regulatory alignment, and long - term value creation for Better Collective. Through this approach, consumer and end - user IROs are systematically integrated into Better Collective’s strat- egy and business model, supporting responsible en- gagement and long - term value creation. Annual report Page 92 ===== SIDA 93 ===== Annual report Page 93 Policies (S4 - 1) We have established a set of group - wide policies to manage the material IROs related to consumers and end - users. These policies apply across our operations and relevant business relationships and cover all mate- rial consumer topics identified in our assessm ent. The policies governing these topics are also listed and further described in the “Policy Overview” on pages 74 - 76 . These policies outline the principles for managing the negative potential impacts associated with privacy breaches, misleading or inappropriate marketing, and at risk - users’ exposure to betting related content, as well as the positive potential impact linked to access to ac- curate information, and the positive actual impact iden- tified for safer gambling. Togeth er, these policies estab- lish how we manage material IROs across all consumer and end - user groups. The policies further define our general approach to en- gaging with consumers and end - users, including re- quirements for transparent communication about data use, content classification, and the nature of commercial relationships. Better Collective’s policy f ramework is aligned with internationally recognized instruments. Better Collective has not identified material human - rights - related IROs specifically relating to consumers or end - users, why it is not relevant to have developed des- ignated policies on human rights commitments related to consumers and end - users. We have had no reported cases of non - respect for these international instruments. Should a human - rights im- pact relate to consumers or end - users occur, Executive Management will assess and address the matter. E nga ging with consumers & end - users ( S4 - 2 ) At present, we have not implemented standardized gen- eral processes for consumer and end - user engagement across all our operations. However, we acknowledge the importance of consumer and end - user input in shaping our strategies and products. We engage indir ectly through data analytics, user behavior tracking, and ad- herence to regulatory feedback mechanisms. Better Col- lective actively explores structured consumer engage- ment initiatives, including user feedback platforms, con- sumer advisory panels, and direct s urveys. These measures enhance our understanding of con- sumer expectations, improve safer gambling practices, and align with evolving regulatory and ethical stand- ards. Our commitment remains to ensuring transpar- ency, accountability, and continuous improvement in co nsumer and end - user interactions. POLICY SCOPE PRIVACY ACCESS TO INFORMATION SECURITY OF A PERSON RESPONSIBLE MARKETING SAFER GAMBLING Code of Conduct Group X X X X X Data ethics Group X Gambling advertising Group X X X Human rights Group X Privacy external Group X Safer gambling external Group X X X X Sustainability Group X X X X X Whistleblower Group X X X X X ===== SIDA 94 ===== Annual report Page 94 Process to remediate impacts & channels to raise concern (S4 - 3) We have processes in place to provide for and cooper- ate in the remediation of negative impacts on consum- ers and end - users. If we identify that we relate to a ma- terial negative impact, our general approach is to assess the issue, address it in line with our policy commitments, and cooperate with relevant partners or regulatory bod- ies when appropriate. Consumers and end - users have access to specific chan- nels to raise concerns directly with Better Collective’s brands, including dedicated contact forms, support email addresses, and our Whistleblower channel, which also offers independent and confidential r eporting op- tions. We support the availability of these channels through group - wide policies, internal guidelines, and re- quirements for all business units to maintain accessible complaint and reporting mechanisms. All issues raised through these channels are logged and monitored, and we regularly review the operation and effectiveness of these processes to ensure concerns are handled in a timely and consistent manner. Effective- ness assessments include reviewing resp onse times, tracking trends in reported concerns, and adjusting pro- cesses where needed. We communicate the availability of these channels through our websites, privacy notices, help center articles, partnerships with consumer advo- cacy groups and policy dis closures. We further assess whether consumers and end - users are aware of and trust these mechanisms by monitoring engagement lev- els with available channels and reviewing feedback where available. In areas where a remediation frame- work has not been establis hed, we work to develop structured processes that align with industry best prac- tice and consumer protection standards. Acting on material IROs (S4 - 4) As a global digital sports media group with sports bet- ting affiliate operations, we interact directly with con- sumers and end - users through digital content, targeted advertisements, and affiliate partnerships. Our services and operations create actual and p otential impacts, which we work actively to manage through policies, technological solutions, and industry collaboration. In addition to managing impacts, we act on positive im- pacts and pursue opportunities relating to consumers and end - users through actions that are already under- way and embedded in operations, rather than through separate standalone action plans . The material actual and potential negative and positive effects we address relate to safer gambling, personal safety, data privacy, social inclusion, and access to accurate information. Resources allocated to the management of impacts on consumers and end - users are embedded within Better Collective’s existing operational and governance struc- tures. These include dedicated compliance, legal, data protection, editorial, product, and technology functions, as well as resources allocated to the development and maintenance of safer - gambling tools, content govern- ance processes, and data - protect ion systems. Re- sources are allocated on an ongoing basis through busi- ness - as - usual activities rather than through separately defined budgets for individual IROs . Information related impacts Privacy We take action to ensure that personal data is handled responsibly and securely across our operations. To pro- vide users with tailored and educational experiences, we process various categories of user - related and personal data. This processing is governed by our Data Ethics Pol- icy - developed in accordance with s ection 99d of the Danish Financial Statements Act - and supported by our GDPR compliance framework. We assess and identify where data handling may carry elevated exposure to cyberattacks, human erro r, or other vulnerabilities. We act by implementing and maintaining our Data Ethics Policy, reinforcing GDPR compliance structures, and strengthening internal data - processing and cybersecu- rity controls across relevant operations and business re- lationships. Information collected from users varies by brand, reflecting differences in services offered and the extent to which registration is required. Our larger global sites operate with fully automated end - of - year data deletion processes, whereas more local bra nds fol- low the same data - protection principles, although dele- tion procedures require more manual effort. In all cases, users have the possibility to manage their data through cookie consent settings, and data collection is per- formed only when users allow i t. Effectiveness is monitored through periodic internal au- dits, incident reporting systems, and continuous evalua- tion of IT and data - management processes. Incident monitoring enables us to identify patterns or system weaknesses, and corrective actions are tak en to reduce the likelihood of recurrence. Where concerns or breaches arise, users may seek remedy through estab- lished contact channels or our Whistleblower line, which provides a structured escalation mechanism that en- sures matters are addressed appropria tely. Where breaches occur, remediation includes timely notification to affected users and implementation of corrective measures. These measures mitigate privacy - related risks and support responsible data use across our oper- ations. Access to information For access to accurate and transparent information, we take action to ensure that users receive reliable, educa- tional and fact - based content across all platforms. These ===== SIDA 95 ===== Annual report Page 95 actions form part of our broader content strategy and are supported by structured editorial and compliance processes that guide planning and resource allocation. Our content strategy prioritizes transparency, educa- tion, and user empowerment. Access to high - quality, fact - based information is a material opportunity that en- ables users to make informed decisions while reducing misinformation. Through editorial guidelines, content - verification procedures, and regulatory compliance checks, we ensure that informat ion published across our platforms is accurate, unbiased, and aligned with appli- cable legal requirements. This includes delivering edu- cational and explanatory content on betting mechanics, gambling risks, and safer play, as well as supporting re- sources suc h as our Betting Academy, which assists us- ers in understanding betting strategies and contextual information. These initiatives are undertaken with the primary pur- pose of delivering positive outcomes for consumers and end - users by strengthening informed decision - making and reducing information asymmetries. Over recent years, we have also expanded our editorial cap abilities and product development, enabling us to provide more newsworthy, investigative, and locally tailored content. This development enhances relevance for sports fans and increases the quality and accessibility of infor- mation across different markets, supported further by using local languages on our local brands. Effectiveness is monitored through quality reviews, compliance checks, and user - engagement metrics and analysis. These insights inform further improvements to editorial processes, content governance, and platform functionality, ensuring that content remain s accurate, relevant, and accessible over time. Across these actions, we reinforce transparency and user empowerment while leveraging the positive potential impact as an oppor- tunity to strengthen user trust and ensure long - term value creation across our pl atforms. Personal safety Security of a person We have identified a potential negative impact relating to security of a person, where individuals with harmful or at - risk gambling behaviors may access betting - re- lated content on our platforms or be referred to partner- ing sportsbooks. As Better Collective is not a sportsbook and does not have access to betting data, we cannot ob- serve or track whether a user subsequently develops, escalates, or recovers from gambling - related harm. For this reason, our actions focus on mitigating the risk of exacerbating har mful gambling behaviors through safer practices across our operations. Our approach includes applying responsible communi- cation standards, implementing age - gating controls, and collaborating only with licensed sportsbooks that maintain defined player - protection frameworks. These measures are designed to ensure that our practices do not cause or contribute to negative impacts on consum- ers and end - users. As part of our preventative efforts, we provide explanatory and educational information across our websites, including material re lated to legal gambling age requirements, gambl ing risks, and safer play principles. These actions are taken with the objec- tive of supporting safer decision - making for all users, also the ones who may be vulnerable. To address the broader systemic dimensions of this po- tential negative impact, we participate in several indus- try and multi - stakeholder initiatives. These include the Responsible Affiliates in Gambling (RAiG), through which members undergo third - party annua l social re- sponsibility audits, and the Responsible Gambling Affili- ate Association (RGAA). We are active members of var- ious national associations such as the Danish Online Gambling Association (DOGA), the German Association for Telecommunication and Media (DVTM), and the US National Council on Problem Gambling (NCPG). Through these initiatives, we seek to contribute to the development and promotion of safer gambling frame- works designed to mitigate harm across the wider in- dustry. Effectiveness is monitored through internal checks, assessments of user - facing information, and in- sights from external audits such as the RAiG social re- sponsibility review. Remedy channels, including user contact points and the Whistleblower line, are available for concerns relating to this impact. Through our ac- tions, we seek to reduce the likel ihood that our opera- tions contribute to harmful behaviors , while acknowl- edging the limitations inherent in our business model. Safer gambling Safer gambling constitutes a positive actual impact for consumers and end - users, as well as an opportunity for Better Collective. The impact originates from our focus on education, harm prevention, and responsible en- gagement across our platforms and partne rships. As Better Collective is not a sportsbook and does not have visibility into users’ subsequent betting behaviour, our actions are designed to strengthen user protection at the points where we can influence outcomes, while ac- knowledging our position a s an upstream actor in the value chain. Our actions include maintaining responsible communi- cation standards, applying age - gating controls, embed- ding safer - gambling information across our platforms, and collaborating exclusively with licensed sportsbooks that uphold robust player - protection frame works. By di- recting users only to sportsbooks that meet defined safer - gambling expectations, we help ensure that those who choose to place a bet do so where intervention sys- tems such as deposit limits, affordability checks, and self - exclusion tools are ava ilable. These actions strengthen our positive impact by contributing to safer ===== SIDA 96 ===== Annual report Page 96 end - user journeys and supporting informed decision - making. A central part of our approach is the integration of safer - gambling educational resources across our brands. These include sections dedicated to understanding gambling risks, legal gambling - age requirements, and safer practices. Supplementing this is our Betting Acad- emy, which provides accessible explanations of betting mechanics and contextual information to help users un- derstand the risks associated with gambling. These measures improve user awareness and autonomy and reduce the likelihood of uninformed o r harmful gam- bling behaviours. Mindway AI plays a central role in enabling us to extend our positive impact beyond our direct operations. As a subsidiary operating independently, Mindway AI pro- vides AI - based tools such as GameScanner and Gama- lyze that support monitoring, early detection , and pre- vention of at - risk and problem gambling. Because these capabilities sit at the sportsbook level, Mindway AI al- lows Better Collective to influence user protection fur- ther downstream in the value chain, where the risk of harm materializes and where Better Collective would otherwise have no operational control. Through our tools, sportsbooks can identify harmful play patterns and intervene earlier, thereby exceeding minimum com- pliance obligations and strengthening user protection across jurisdictions. GameScanner is a behavioural - monitoring system that performs automated , early detection of potentially harmful play patterns. GameScanner allows sportsbooks to identify signs of risk and intervene before harmful be- haviour escalates. Gamalyze, another Mindway AI solu- tion, is a gamified self - assessment test that analyses us- ers’ decision - making patterns and provides perso nal- ized feedback on gambling behaviour. We integrate Gamalyze across selected brands, enabling users to vol- untarily assess their risk profile before engaging with sportsbooks. To further strengthen our positive impact o n safer gam- bling, we participate in industry and multi - stakeholder initiatives. These include Responsible Affiliates in Gam- bling (RAiG), where membership requires compliance with annual third - party social - responsibility audits and the Responsible Gambling Affiliate Association (RGAA), promo ting responsible affiliate standards globally, as well as annual participation in Safer Gambling Week . Through these platforms and initiatives , we contribute to raising industry standards and strengthening safer gambling m easures across the betting ecosystem. Effectiveness of our actions is monitored through usage and performance data from Mindway AI tools, adoption levels among sportsbooks, and assessments of the visi- bility and accessibility of safer - gambling resources across our brands. Internal compliance reviews and ex- ternal audit s , including RAiG’s annual social - responsibility review, support continuous improvement of our safer - gambling controls and initiatives. Overall, our combined actions enhance user protection, promote responsible engagement, and extend our posi- tive influence into the downstream parts of the ecosys- tem where harm can occur and support sustainable value creation through responsible - growth practices and industry leadership. Safer gambling 2025 No. of active players per month scanned by GameScanner 14, 3 82 ,101 Accounting principles To evaluate of our safer gambling actions, we monitor “Number of active players per month scanned by GameScanner”. Th e metric measures the volume of player ac- counts monitored through Mindway AI’s tech- nology and serves as an indicator of the scale at which early - detection measures are applied across partnering sportsbooks. Its purpose is to help assess the reach and effect iveness of our contribution to harm - prevention efforts in the downstream part of the value chain. An “Active player” is defined as “ a player who places at least one real revenue - generating bet or wager in a calendar month on a gambling platform operated by a sportsbook integrated with Mindway AI’s GameScanner”. The figure is reported as of the last day of the reporting pe- riod . The metric is calculated based on aggregated, anonymized sportsbook data provided directly by Mindway AI. No personal data is accessed or processed. The calculation relies on system - generated counts of unique active players scanned monthly, without samplin g or addi- tional behavioural analysis. The metric forms part of our broader monitoring of safer - gambling effectiveness and supports evaluation of how our actions address material impacts and opportunities related to consumers and end - users. ===== SIDA 97 ===== Annual report Page 97 Social inclusion Responsible marketing We have identified a potential negative impact where advertising and affiliate activities may unintentionally expose consumers and end - users to misleading or overly persuasive content. Actions taken to address these impacts form part of our management of material impacts on consumers and end - users. Our comprehen- sive compliance framework includes internal advertising guidelines, structured approval workflows, and regula- tory - aligned communication standards. The compliance team performs ongoing monitoring of websites and so- cial media channels, including negative - keyword checks, to identify and correct non - compliant material. Employees involved in marketing complete mandatory compliance onboarding and training, including short - module advertising rules videos, supported by quizzes to reinforce understanding. An internal Compliance Hub provides access to advertising standards, re gulatory up- dates, and ethical marketing guidance, supporting con- sistent application of responsible marketing principles. Effectiveness is monitored through internal audits, qual- ity - assurance checks, and regulatory monitoring. Exter- nal assessments, includin g RAiG’s annual social respon- sibility audit, further inform continuous improvement of responsible marketing practices. These actions ensure that our practices do not cause or contribute to material negative impacts on consumers and end - users. Targets (S4 - 5 ) We have not yet established measurable, outcome - ori- ented targets related to our material impacts on con- sumers and end - users. At present, we assess how such targets can be meaningfully developed, considering data limitations inherent to our role as a digita l media and affiliate business. These constraints are the primary reason why there are currently no plans to introduce quantitative impact targets. Although no targets have been set, we systematically track the effectiveness of our actions through qualita- tive assessments, compliance monitoring, external audit feedback, and engagement indicators relevant to each material impact area. These processes en able ongoing evaluation of whether existing policies and actions op- erate as intended. Our current ambition is to strengthen user protection, transparency, and responsible engage- ment. As part of this ambition, we intend to develop a more structured impact - m easurement framework that may serve as a basis for establishing future qualitative or quantitative indicators, including the definition of a baseline for assessing progress. Annual report Page 97 ===== SIDA 98 ===== Annual report Page 98 Identification & assessment of material IROs (IRO - 1) 99 Business conduct & corporate culture (G1 - 1) 100 Corruption & bribery detection & prevention (G1 - 3) 101 Bribery & corruption incidents (G1 - 4) 101 Tax transparency (MDR) 102 Contribution to the development of local communities (MDR) 103 Governance ===== SIDA 99 ===== Annual report Page 99 Ident ification & asses s ment of m aterial IRO s (IRO - 1) As a global digital sports media group operating in a regulated and fast - evolving industry, Better Collective’s ability to operate responsibly depends on maintaining ethical, transparent, and compliant business conduct. Responsible business conduct is therefore material to Better Collective, as it underpins trust with stakeholders, supports operational resilience, and contributes to long - term value creation. Our commitments to compliance, anti - corruption, fair taxation, and contribution to local communities extend beyond regulatory requirements and are essential to maintaining our social license to operate. The impacts, risks, and opportunities related to busi ness conduct in- fluence our governance practices, reputation, and ability to attract and retain employees. A strong and consistent corporate culture supports ethical decision - making, em- ployee well - being, and inclusion, while reducing the risk of misconduct across the group as we operate across multiple markets . Operating across multiple jurisdictions exposes Better Collective to differing levels of corruption and bribery risk. Unethical proposals, unclear regulatory environ- ments, or insufficient controls could negatively affect trust and reputation if not appropriately managed. Ro- bust anti - corruption procedures and escalation mecha- nisms form the basis of our approach to mitigating such risks . Responsible tax behaviour is equally central to our gov- ernance framework. By paying taxes in all the countries where we operate, we contribute to public services, eco- nomic development, and community well - being. In turn, transparent and compliant tax practi ces strengthen trust and support our credibility with investors, regula- tors, and financial institutions. Beyond compliance, our responsibility extends to the societies in which we operate. Through educational academies, we support employability and inclusion while contributing to the resilience of local communities. These efforts create shared value and reinf orce our long - term competitiveness by building talent pipelines and deepening our connection with the regions where we are active. The identification of business conduct - related IROs is anchored in our DMA process described in the General disclosures chapter . In this process, we consider ed loca- tion , activity , sector , and the structure of business rela- tionships when identifying material IROs related to busi- ness conduct. Location - related governance risk was as- sessed through a country - by - country screening using the World Bank Worldwide Governance Indicators. Activity, sector, and relationship structure were as- sessed qualitatively through the DMA process, reflecting our operations as a digital sports media group within the regulated gambling and sports betting ecosystem . Rel- evant hard and soft law frameworks, including the Danish Recommendations on Corporate Governance, the EU Whistleblower Directive, and the OECD Guide- lines for Multinational Enterprises, were considered when assessing current practices and identifying gov- ernance - related IROs. POLICY SCOPE CORPORATE CULTURE CORRUPTION AND BRIBERY TAX TRANSPARENCY CONTRIBUTION TO LOCAL COMMUNITIES Code of Conduct Group X X X Human rights Group X Sustainability Group X X X X Tax transparency Group X X X Whistleblower Group X X X ===== SIDA 100 ===== Annual report Page 100 Business conduct & corporate culture ( G1 - 1) Better Collective’s business conduct is anchored in a comprehensive policy framework that establishes ex- pectations for integrity, respect, and compliance with laws, serving as the foundation for strong and consistent business practices across the group. To address material IROs related to business conduct, Better Collective has implemented group - wide actions that are embedded in governance structures, policies, training, monitoring ac- tivities, and reporting and investigation procedures. Our policies, including the Code of Conduct, mirror in- ternationally recognized standards and conventions such as the OECD Guidelines for Multinational Enter- prises, the UN Guiding Principles on Business and Hu- man Rights, the UN Declaration of Human Rights, and the ILO Conventions, as well as relevant national legisla- tion. All group - level policies are applied across all enti- ties to ensure consistent implementation while allowing for adaptation to local regulatory requirements . The Code of Conduct outlines the core principles of in- tegrity, respect, and transparency and is supported by the Sustainability Policy, Human Rights Policy, Whistle- blower Policy, and Tax Policy. These policies are sup- ported by operational actions, including mandatory onboarding and refresher training, internal compliance guidance, and ongoing oversight by Executive Manage- ment and the Board of Directors . Together, these measures promote ethical behaviour, prevent miscon- duct, and support responsible business practices across the group and its value chain. Executive Management and the Board of Directors review and update group - wide policies annually. The review process incorporates outcomes from the DMA to ensure that identified busi- ness conduct - related IROs are addressed through ap- propriate actions and controls . Better Collective’s corporate culture is rooted in four values - Respect, Ambition, Integrity, and Collaboration - which guide behaviour and decision - making at all lev- els. These values are operationalized through onboard- ing programmes, performance reviews, leadership com- munication, and targeted training activities. All employ- ees receive business conduct training aligned with the Code of Conduct, with refresher sessions provided when policies or regulatory requirements change. Employees in roles with heighte ned compliance exposure receive additional guidance through the Compliance Hub and Regulatory Compliance function. Monitoring actions are in place to assess the effective- ness of business conduct measures. Cultural cohesion, engagement, and well - being are monitored through the annual Better Workplace Evaluation. Results are re- viewed by People & Culture and senior management, and follow - up actions are defined and implemented at local and group level to address identified gaps and im- provement areas. During acquisitions, Better Collective applies structured cultural integration actions , including alignment with group polici es, leadership engagement, and onboarding processes, to ensure continuity and ad- herence to shared values. To address risks related to harassment, misconduct, and unethical behaviour, preventive actions include uncon- scious bias and anti - harassment training for all employ- ees and clear escalation pathways. Employees and ex- ternal stakeholders are encouraged to report concerns through the Whistleblower system . We maintain a w histleblower system that is accessible to employees, suppliers, and external stakeholders. The system enables confidential and anonymous reporting of violations of law or internal policies, including fraud, harassment, corruption, and data misuse. Safeguards are in place to ensure secure reporting, independent handling, and restricted access to case information . Re- ports are managed independently by the Chair of the Audit Committee, with defined timelines for acknowl- edgment and follow - up. Reported incidents are investigated promptly, inde- pendently, and objectively , and corrective measures are implemented where necessary . Better Collective prohib- its retaliation against its own workers who report concerns in good faith , and protection measures are ap- plied in accordance with legislation transposing Di- rective (EU) 2019/1937. Functions assessed as being most exposed to corruption and bribery risk include roles operating in higher - risk geographies, as well as functions within procurement, fi- nance, and sales, where interaction with third parties, commercial negotiations, or finan cial decision - making occurs. ===== SIDA 101 ===== Annual report Page 101 C orruption & bribery detection & prevention (G1 - 3) At Better Collective, we uphold a zero - tolerance policy towards corruption and bribery. Such acts are not only unlawful but undermine trust, integrity, and relation- ships with partners and authorities. Our anti - corruption and bribery commitments are embedde d in the Code of Conduct and supported by our internal compliance sys- tems. We operate a comprehensive compliance control frame- work to prevent and detect corruption or bribery. This includes internal controls, segregation of duties, and clear approval procedures for financial transactions and gifts. The group does not engage in cr yptocurrency pay- ments and performs due - diligence assessments in all partnership and acquisition processes. Should any risk of money laundering or fraud be identified, the engage- ment is not pursued. All gifts and entertainment are accepted on behalf of Better Collective as a group and must be handed to HR. Together with management, HR evaluates whether a gift, meal, or entertainment should be accepted, reim- bursed, or declined, and whether participation aligns with company interests. This procedure ensures trans- parency and prevents conflicts of interest. The Audit Committee, chaired by an independent Board member, oversees investigations to ensure that investi- gators remain independent of the management respon- sible for prevention and detection activities. Outcomes of investigations and compliance reviews ar e reported to Executive Management and the Board of Directors at least annually, or immediately in the case of significant issues. All employees are informed of the anti - corruption and bribery policy - as incorporated in our Code of Conduct - during onboarding and through periodic compliance updates. The policy and reporting channels are perma- nently accessible through the intranet and corporate websites , ensuring that they remain accessible to all em- ployees and stakeholders. Despite having internal controls, we recognize a key area for improvement in the form of formalized anti - cor- ruption and bribery training. We acknowledge the im- portance of further educating our workforce - especially those in “sensitive roles” on ethical bu siness practices. To address this gap, we are looking into options for anti - corruption education and training to ensure proactive identification and mitigation of potential threats. Bribery & corruption incidents (G1 - 4) Better Collective aims for zero reported cases of brib- ery and corruption, including any behaviour that abuses entrusted power for personal gain. In the event of a breach, immediate and appropriate action is taken, including investigation, corrective measur es, and disci- plinary sanctions. Root - cause analyses are conducted to prevent recurrence. D uring the reporting period, there were no confirmed in- cidents of corruption or bribery involving Better Collec- tive or its value chain and no convictions or fines under applicable laws. Accounting principles Percentage of functions - at - risk cov- ered by training programs There is currently no formalized training for functions - at - risk. Number of convictions C onviction of a group entity by a court of law which is determined during the financial year. Number of fines F ines for a group entity are determined by a court of law during the financial year. 2025 2024 Percentage of functions - at - risk covered by training programmes 0% 0% Number of convictions for viola- tion of anti - corruption and anti - bribery laws 0 0 Amount of fines for violation of anti - corruption and anti - bribery laws 0 0 ===== SIDA 102 ===== Annual report Page 102 Tax transparency (MDR) We recognize that transparent tax practices are funda- mental to corporate responsibility and sustainable busi- ness operations. As part of our governance framework, we ensure responsible tax management that aligns with legal compliance, ethical standards, and stakeholder ex- pectations. Our approach to tax transparency aligns with our broader strategy, emphasizing ethical business practices and accountability. By fulfilling our tax obliga- tions responsibly and transparently, we contribute to a stable and sustaina ble economic environment in the re- gions where we operate. Beyond the societal impact, our commitment to tax transparency presents a strategic opportunity for Better Collective. As governments, investors, and stakeholders increasingly value corporate accountability, our trans- parent tax practices help strengthen tr ust, enhance our reputation, and reinforce our position as an industry leader. Demonstrating our dedication to financial trans- parency mitigates regulatory risks and gives us a com- petitive advantage in attracting investors and partners who prioritize ethica l business conduct. By integrating responsible tax practices into our business model, we align financial success with social impact, ensuring that our growth contributes positively to the communities we are part of while securing long - term value for our stakeholder. Our overall guiding principle within taxa- tion is to have a sustainable tax approach, emphasizing our business - anchored approach to managing the im- pact of taxes while remaining true to the values of oper- ating our business in a responsible and t ra nsparent man- ner. Our legal structures are based on business - an- chored considerations and substance. The overall responsibility for securing tax compliance rests with Executive Management. Our tax policy has been evaluated and approved by the Board of Directors and is governed by the Audit Committee. Group Finance establishes guidelines for global complia nce and will in collaboration with the external group consultants moni- tor that local organizations are complying with their re- sponsibility both in terms of international and local reg- ulations. Our approach to tax transparency is guided by our Tax policy, a nd the group must adhere to all relevant tax regulations in all jurisdictions where it performs its operations. The policy applies to all entities within the Better Collective group, including foreign branches and representations, and covers corporate inco me tax, indi- rect taxes, withholding taxes, employee taxes, excise taxes, import duties, and similar fiscal obligations. Better Collective does not have formalized actions on tax; however, we always ensure alignment with policy and ongoing review of tax compliance. Although no for- mal time - bound targets are currently defined, our qual- itative objective is to ensure full compliance with applicable tax laws and our policy, as well as maintaining fair and transparent contribution in all markets of oper- ation. Our metrics cover corporate income tax, indirect taxes, withholding taxes, employee taxes, excise taxes, import duties and other fiscal allowances resembling a tax. The metric assists Better Collective in assessment of compliance with policy and thereby al l relevant tax reg- ulations . During the year, corporate income tax expenses were impacted by an increase in withholding taxes. This in- crease represents a temporary timing difference and is classified as recoverable, with the amount expected to be refunded in 2026. Additionally, indire ct tax costs in- creased in relation to new regulatory requirements in the Brazilian market implemented in 2025, reflecting the associated duties paid during the fiscal year. We plan to continue assessing whether introducing measurable disclosure targets such as enhanced coun- try - by - country tax reporting would provide additional stakeholder value in future periods . Tax transparency 2025 2024 Corporate income tax (tEUR) 1 6 , 2 03 7,249 Employment taxes (tEUR) 24,044 28,836 Indirect taxes (tEUR) 6,138 - 982 Other taxes (tEUR) 1,415 243 Total taxes (tEUR) 4 7 , 8 00 35,346 Accounting policies Corporate income taxes Corporate income tax consists of corporate income taxes and state income taxes paid or expensed during the year. Employment taxes Employment taxes primarily consist of taxes collected from employees on behalf of the gov- ernment and social security costs (part of pay- roll taxes in some countries). Indirect taxes Indirect taxes consist of non - refundable VAT, net VAT collections, customs duties and envi- ronmental taxes (if any). Other taxes Other taxes consist of country - specific taxes not linked to one of the categories and with- holding taxe s. ===== SIDA 103 ===== Annual report Page 103 Contribution to the development of local communities (MDR) Long - term business success depends on the well - being and resilience of the communities that surround us. Bet- ter Collective therefore seeks to contribute positively to the regions where we operate by enhancing education, employability, and social inclusion. This commitment is anchored in our Sustainability Policy, which defines our role in society as creating transparency, supporting ed- ucation, and generating shared value in the regions where we are active. This topic is material because it manages a key IRO for Better Collective. The positive impact stems from our ability to close educational gaps by providing relevant, market - driven learning where formal education may fall short. The opportunity lies in building a sustainable talent pipeline that supports e m- ployability, inclusion, and long - term growth of our group and related industries. Our main initiative, the Better Collective Academies, re- flects this commitment in practice. The academies - lo- cated in Niš, Serbia, and Paris, France - provide free, spe- cialized education in disciplines such as SEO, SEM, full - stack development, WordPress, business intelligence, and design. Courses are designed and delivered by in- ternal experts who combine theoretical instruction with practical, hands - on experience, and structured curricula are developed and reviewed by experienced mentors. Each participant receives individual mentoring, continu- ous feedback, and a final joint examination conducted by HR and mentors. Graduates receive certificates rec- ognizing their achievements. The programme targets students, jobseekers, and early - career professionals in our host communities, thus covering own operations and downstream community beneficiaries . In 2025, one SEM academy was hosted in Niš, with eight graduates. Since 2021 , when we launched our first acad- emy , 99% of academy participants have finalized their education, 68% have acquired new skills in a field differ- ent from their formal education, and 70% have received or accepted a job offer after completing an academy with Better Collective. The number of academies deliv- ered during each year reflects internal capacity and pri- oritization given the resource - intensive nature of the academies and the nee d to ensure high - quality delivery. Each academy requires significant involvement from in- ternal subject - matter experts, mentors, and HR re- sources, as well as structured curriculum development and individual participant support. During 2024 and 2025, Better Collective has undergone extensive organ- izational restructuring, reduc ing internal capacity avail- able to support academy delivery. As a result, priority was given to core operational activities, and delivery was therefore concentrated on one academy in 202 5 to maintain programme quality and alignment with organ- izational priorities To evaluate progress, we track the number of annual graduates as our primary metric. W e also review quali- tative insights such as participant and mentor feedback to ensure that the programmes remain relevant and ef- fective. Despite the temporary reduction in scale, feed- back confirmed continued high satisfaction and align- ment with local needs. These evaluations help ensure that the Academies remain effective and supportive of Better Collective’s long - term social objective. Our Academies are financed by our local entities as part of their operational expenditures . This ensures that ini- tiatives are sustainably funded without reliance on ex- ternal grants or short - term funding schemes. While we have only established one measurable, quantitative tar- get for this topic, we maintain clear qualitative ambi- tions. Our goal is to strengthen employability through education and skills transfer and ensure the long - term sustainability of our host communities . Continuous re- view of outcomes informs our ambitions to define meas- urable impact indicators in future reporting periods. Number of annual graduates 2025 2024 Graduates from a BC academy 8 15 Accounting principles Number of graduates from a BC Academy tracks the total number of individuals who successfully graduated from BC Academies in the reporting year, specifically focusing on our locations in Paris and Nis. The calculation includes all gradu- ates who completed their training within the year 202 5 . To ensure accuracy, the reported figure is de- rived from a comparison with the graduate an- nouncements published on our intranet. Since our academies are locally owned, we consolidate the graduate data from both locations to arrive at the final count. ===== SIDA 104 ===== Annual report Page 104 Climate change (E1) 105 Transition plan for climate change mitigation (E1 - 1) 105 Climate - related risks (SBM - 3) 105 Identification & assessment of 106 material IROs (IRO - 1) 106 Policies (E1 - 2) 106 Actions (E1 - 3) 107 Targets (E1 - 4) 107 Energy consumption & mix (E1 - 5) 108 Gross Scope 1, 2, 3 & total GHG emissions (E1 - 6) 108 EU Taxonomy 112 Environment ===== SIDA 105 ===== Annual report Page 105 Climate change (E1) As a global digital sports media group operating in a data - driven ecosystem, we recognize the need to miti- gate the negative climate - related impacts of our busi- ness. Our operations result in CO₂ emissions primarily from daily business activities, including business travel, the use of data centers in our upstream value chain, and downstream activities related to the distribution of our services. These impacts are closely tied to the nature of our busi- ness model and reflect our reliance on digital infrastruc- ture for global operations and value delivery - activities that, while essential to our business model, have an as- sociated climate impact. Although our direct emissions are limited, these impacts make climate change a material topic for Better Collec- tive. They highlight our connection to the broader en- ergy demand of the digital economy and underline the importance of addressing our environmen tal footprint to minimize our consumption and related impacts to the extent possible while ensuring the long - term resilience of our business. Transition plan for climate change mitigation (E1 - 1) We do not currently have a transition plan for climate change mitigation, but we are ensuring our strategy and business model are compatible with the transition to a sustainable economy and limiting global warming to 1.5 degrees in line with the Paris Agre ement. However, we have initiated work to assess how to best approach this based on insight and improved data quality on our GHG disclosures. Climate - related risks (SBM - 3) In our DMA and related analysis, we have assessed the identified IROs, specifically evaluating potential climate - related risks or hazards. To identify and assess potential outcomes of future events under conditions of uncer- tainty, an environmental analysis was conducted across E1 to E5 topics . The environmental analysis considered our offices’ geographical locations and key upstream value - chain operators, as well as temperature changes in alignment with the Representative Concentration Pathways (RCPs) asses sed by the IPCC in its Fifth As- sessment Report. Additional inputs were drawn from sources such as the WWF Risk Filters. The scenarios in the environmental analysis are centered around the temperature changes and how those will impact climate change, including water, pollution, biodiversity, and re- source use. The environmental analysis was conducted in connec- tion with the 2024 DMA and has been carried forward to the current reporting period. The results continue to be considered representative, as there have been no mate- rial changes to our business model, core activities, geo- graphical footprint, or upstream value - chain structure during the reporting period. Based on these scenarios, internal sessions were held to understand and evaluate if this indicated any physical or climate - related risks or additional IROs not already iden- tified and assessed. This was particularly relevant to evaluate whether the data centers in our value chain pose a risk to the environment or to Better Collective. We consider our business model and current assets and locations to be exposed to a low degree of climate - re- lated risks and hazards and therefore assess our resili- ence to be high. We have not identified any physical or transition risks related to our busine ss model, locations, or activities, which forms the basis of our high resilience assessment derived from the environmental analysis. As detailed in the following section, internal dialogues in- form our analysis , advice from external specialists, and the sce nario analysis using bespoke tools to assess our situation . As we have done in the DMA in general, we have focused on the short - to medium - term and the activities we know and understand well. We have fewer insights into the potential value chain risks that could indirectly affect us but generally consider these les s likely to pose a real risk to our performance and financials. We do not con- sider our identified impacts to directly influence our overall business model or strategy over the short - or medium - term. As an online business with a flexible busi- ness model, we can adapt to varying geographical and environmental conditions, ensuring further resilience in the face of climate change . The resilience assessment is subject to uncertainties re- lated to long - term climate developments and limited upstream data, and while potentially exposed assets and activities are considered at a strategic level, they are not yet systematically embedded in investment decisions or f ormal mitigation planning . ===== SIDA 106 ===== Annual report Page 106 Identification & asse ssment of material IROs (IRO - 1) As described, we have used a combination of internal dialogues and advisories from external environmental experts to adequately assess our situation. We conclude that we have an impact on climate change, but it is not major, considering our GHG footprint. As part of this as- sessment, we reviewed our business model, key activi- ties, and value - chain dependencies to identify the main sources of GHG emissions associated with our opera- tions. This review was conducted at a qualitative level and focused on understan ding where emissions arise across our own operations and upstream and down- stream activities, rather than on a detailed quantifica- tion of emissions by activity. We supplemented our DMA with an environmental anal- ysis using bespoke tools to assess environmentally re- lated IROs. As such, establishing a solid understanding of our current situation. In this regard, it was also dis- cussed and evaluated whether scenarios f or the future would further expose risks to our business, including ac- tivities and assets. Using this analysis, we have not iden- tified any significant future risks. The discussions and analyses also considered whether foreseeable develop- ments in our activi ties could give rise to additional or in- creased GHG emission sources in the future. Based on this high - level assessment, no material future emission sources or related risks were identified beyond those al- ready understood in relation to our current business model. The climate scenarios applied in the environmental anal- ys is were used to identify and assess climate - related im- pacts, risks, and resilience and were not applied as direct inputs into the preparation of the financial statements. However, the outcomes of the scenario analysis were considered at a high level to asses s whether they indi- cated potential inconsistencies with climate - related as- sumptions applied in the financial statement s . Based on this assessment, no material inconsistencies were iden- tified . As pa rt of the DMA and related analysis, we con- sidered the climate - related hazards and transition events listed in the climate - change application require- ments. This approach was adequate to assess and un- derstand our situation, especially considering our po- tential exposures are limited. We will continue to evalu- ate the potential benefits of future analytical upgrades , including additional scenario parameters or extended time horizons, to ensure that emerging physical and transition risks are captured. Policies (E1 - 2) W e are committed to minimizing our environmental footprint through our overarching Sustainability Policy. While we do not maintain a standalone Environmental Policy, our sustainability approach incorporates a long - term commitment to the precautionary principle — ad- dressing environmental challenges and reducing carbon emissions wherever possible. Our mitigation efforts fo- cus on reducing operational and value - chain emissions, particularly from business travel and data - center energy use. As an online business wit h limited physical infra- structure, our environmental impact is relatively small, and climate change currently poses little risk to our op- erations. Nevertheless, we aim to reduce our carbon footprint and related energy consumption and are in the process of identifying areas for reduction actions. To support this ambition, we are conducting a comprehen- sive carbon - footprint assessment across our operati ons to gain a detailed understanding of our actual environ- mental impact. This foundational work is intended to guide future sus- tainability initiatives, ensuring that we can make more informed decisions beyond our current focus areas, en- abling us to make the right choices. In addition, our Travel Policy functions as a cross - cutting policy instru- ment that indirectly supports climate change mitigation. It encourages employees to travel only, when necessary, to consider virtual meetings as an alternative, and to pri- oritize lower - emission options such as trains and public transportat ion where feasible. Travel bookings are con- solidated through Navan, which also supports CO₂ tracking for business travel. Environmental analysis We have collaborated with external spe- cialists as part of our DMA across all envi- ronmental - related topics. This resulted in the development of an environmental analysis assessing our largest sites and up- stream data centers. The environmental analysis is al igned with requirements set forth in the ESRS related to resilience anal- ysis and scenario analysis. The environmental analysis ultimately concluded no transitional or physical risks related to climate change as well as no ac- tual or potential pollution - related IROs. The environmental analysis also found no actual or potential biodiversity and eco- systems - r elated IROs, nor any transitional, physical or systemic risks. The analysis also assessed actual and potential IROs re- lated to circular economy and water and marine resources, concluding both topics are immaterial for Better Collective. ===== SIDA 107 ===== Annual report Page 107 Actions (E1 - 3) We are committed to acting as responsible corporate citizens. We recognize the importance of climate change mitigation and are dedicated to expanding our efforts across our operations in the future. Currently, no formalized climate action programme with de fined per- formance indicators is in place, as we are in the process of developing a data - driven baseline and prioritizing fo- cus areas before implementing specific reduction initia- tives. We aim to formalize our climate - related actions, monitoring processes, and performance indicators within a short - to medium - term timeframe. A key exist- ing mitigation action is our Travel Policy, which governs all business travel across the group. Through this Policy, we seek to limit avoidable travel - related emissions while ensuring that necessary travel remains safe, efficient, and aligned wi th business needs. One of the primary sources of carbon emissions in our business is travel, particularly business - related travel. This significantly influences our ambition to lower our carbon footprint. To address this, our travel decisions must consider both environmental and economic im- pacts, balancing them against the benefits of in - person meetings. Beyond travel, our procurement choices con- tribute to our carbon footprint, particularly in server hosting, IT infrastructure, and office equipment. When selecting data center suppliers, we try to integrate envi- ronmental considerations alongside technical, security, and commercial criteria. These include the extent to which data centers have efforts in place to reduce en- ergy intensity through efficient infrastructure and hard- ware design, and initiatives related to resource effi- ciency . This approach supports the reduction of up- stream emissions associated with our digital operations while maintaining operational resilience and perfor- mance. Targets (E1 - 4) We recognize our material impact on climate change and acknowledge the importance of tracking and miti- gating our environmental footprint. At present, we do not plan to set measurable emission - reduction targets, as our operations have a relatively low carbo n footprint and immaterial exposure to climate - related risks. In- stead, our focus is on maintaining low - impact opera- tions and improving efficiency where feasible. We continue to assess our environmental performance to ensure our operations remain aligned with responsi- ble business practices. The effectiveness of our ap- proach is tracked through periodic internal reviews of business travel, data - center energy use, and supplier practices. Our qualitative ambition is to preserve a low emissions profile and to enhance awareness and ac- countability across the organization rather than pursu- ing quantitative reduction goals . ===== SIDA 108 ===== Annual report Page 108 Energy consumption & mix (E1 - 5) Gross S cope 1, 2, 3 & total GHG emissions (E1 - 6) Energy consumption and mix 2025 2024 Total fossil energy consumption (MWh)* 2,313 2,677 Consumption from nuclear sources (MWh) 0 0 Fuel consumption for renewable sources, including biomass (also comprising industrial and municipal waste of biologic origin, biogas, renewable hydrogen, etc.) (MWh) 55 131 Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sources (MWh) 0 0 The consumption of self - generated non - fuel renewable energy (MWh) 0 0 Total renewable energy consumption (MWh) 55 131 Total energy consumption (MWh)* 2,368 2,807 *Restated to reflect proportional office use in Serbia, resulting in a 25% decrease versus 2024 reported data. Scope 1 GHG emissions 2025 2024 Gross Scope 1 GHG emissions (tCO2eq) 79 74 Percentage of Scope 1 GHG emissions from regulated emission trading schemes (%) 0% 0% Scope 2 GHG emissions Gross location - based Scope 2 GHG emissions (tCO2eq)* 541 629 Gross market - based Scope 2 GHG emissions (tCO2eq)* 812 940 Significant scope 3 GHG emissions Total Gross indirect (Scope 3) GHG emissions (tCO2eq)** 22,828 22,720 1. Purchased goods and services 3,629 4,363 2. Capital goods 61 461 3. Fuel and energy - related Activities** 186 218 6. Business traveling 1,472 3,406 7. Employee commuting** 505 545 11. Use of sold products** 16,975 13,727 Total GHG emissions Total (with location - based GHG emissions (tCO2eq)*** 23,447 23,423 Total (with market - based GHG emissions (tCO2eq)*** 23,718 23,734 GHG emission intensity Location based - (total GHG emissions per net revenue) 0.0696 0.0631 Market based - (total GHG emissions per net revenue) 0.0704 0.0639 * Restated following energy data corrections and emissions recalculations, resulting in 53% and 49% reductions in gross locatio n - and market - based Scope 2 emissions, respectively, versus 2024 reported data. ** Restated to reflect corrected energy data and updated 2025 methodologies, resulting in a 14% reduction in total gross Scope 3 emissions and reductions of 49%, 5%, and 21% in the specified categories compared to 2024 reported data. *** Revisions to Scope 2 and Scope 3 GHG emissions resulted in decreases of 16% and 17% in total location - based and market - based GHG emissions, respectively, compared to 2024 reported data. ===== SIDA 109 ===== Annual report Page 109 Scope 1 Our scope 1 emissions derive from direct fuel combustion for heating and from the use of g as refrigerants to cool the offices . Better Collective are presenting greenhouse gas (GHG) emissions data starting from 2024 baseline year. Prior - year figures are not disclosed due to the acquisition of PMKR, which prevents reliable recalculation of historical emis- sions. Scope 2 Our scope 2 accounts for office electricity and district heating . Better Collective are presenting greenhouse gas (GHG) emissions data starting from 2024 baseline year. Prior - year figures are not disclosed due to the ac quisition of PMKR , which prevents reliable recalculation of historical emissions. Accounting principles Scope 1 emissions in our offices arise from the combustion of natural gas, oil, and wood pellets used for space heating, as well as from the use of cooling gases in air conditioning and refrigeration equipment. The input is based on consumption data from external sources or estimates, which were converted into tons CO2 equivalents (tCO2e) using generic and/or specific emission factors. The emission factors used in S cope 1 are the newest available from DEFRA (2025). The cooling gases from DEFRA uses the 100 - year time horizon global warming potential (GWP) values from the IPCC fifth Assessment Report (AR5), and not the values from the IPCC Sixth Assessment Report, 2020 (AR6). The estimated numbers are either based on the number of employees at the office or the size of the office and calculated based on emission in comparable offices we have in the area , or the headquarters. GHG emission intensity GHG intensity based on net revenue was calculated as gross S cope 1, Scope 2 location - based / market - based, and gross S cope 3 emissions divided by reported net revenue in tEUR. Accounting principles Scope 2 greenhouse gas (GHG) emissions refer to indirect emissions resulting from the generation of purchased energy used by an organization. Scope 2 emissions occur at the facility where the energy is generated, thus being classified as indirect emissions . The emissions in S cope 2 are linked to electricity and district heating consumption related to Better Collective ’ s office activities. The input is based on consumption data from external sources or estimates, which were con- verted into tons of CO2 equivalents (tCO2e) using generic and/or specific emission factors. The estimated numbers are either based on the number of employees at the office or the size of the office and calculated based on emission in comparable offices we have in the area , or the headquarters . Emission factors used in S cope 2 are from IEA and AIB for location - and market - based electricity. Where appli- cable, more locally available sources were used, such as “Energinet” for Denmark. For district heating, DEFRA 2025 was used internationally, and where applicable, locally available sources were used as well, such as “Miljødeklaration” for local Danish district heating, “Stockholm Exergi” for district heating in Sweden, etc. Energy consumption and mix Energy consumption covers the same energy as S cope 1 and 2. Energy from purchased electricity, heat and cooling is assumed to originate from fossil sources as renewable or nuclear energy has not been actively pro- cured. Biomass fuels are reported as renewable. ===== SIDA 110 ===== Annual report Page 110 Scope 3 Scope 3 emissions are the indirect greenhouse gas emissions attributed to our value chain. The accounting principles for the reported categories are as follows: Accounting principles 1 Purchased goods and services GHG emissions associated with the g roup’s purchase of goods and services were calculated as the direct cost associated with a specific type multiplied by a matching emission factor from Conerstone (2025) v1.4, direct - spend - based emission factors. The direct cost was converted to EUR using the average exchange rate for the year to align with the currency used in the spend - based emission factors. 2 Capital goods GHG emissions associated with the g roup’s additions to tangible assets were calculated as the capitalized cost associated with a specific type multiplied by a matching emission factor from Conerstone (2025) v1.4, direct - spend - based emission factors. The capitalized amount was converted to EUR using the average exchange rate for the year to align with the currency used in the spend - based emissions factors. 3 Fuel - and energy - related activities GHG emissions related to fuel and energy - related activities not accounted for in Scope 1 or 2 comprise indirect emissions associated with producing purchased fuels an d electricity. The GHG emissions in fuels and energy - related activities were calculated using the consumption from Scope 1 and 2 and emission factors from DEFRA (2025) and IEA (2025). 6 Business travel GHG emissions associated with the g roup’s business travel activities were calculated as the direct cost associated with flight, taxi, train, bus, and accommodation multiplied by a matching emission f actor from Conerstone (2025) v1.4, or EPA (2024) v1.3 direct - spend - based emission factors. The direct cost was converted to EUR using the average exchange rate for the year to align with the currency used in the spend - based emission factors. For the category of flight and h otel stays, emissions were based on supplier - specific data. To avoid double counting, the part of the direct cost related to supplier - specific data was subtracted from the direct cost base of the spend - based emission calculation . 34.3% of the emissions is based on supplier specific data. 7 Employee commuting GHG emissions related to employee commuting are linked to the emissions generated from employee’s transportation between thei r homes and their place of work. Emissions have been calculated based on answers to a g roup - wide survey distributed in November 2025 , with a response rate of 41 %. The survey included questions regarding m eans of transportation and type, distance to work, and average weekly days spent working in the office. These average commuti ng weeks were multiplied by the average number of working weeks. The emissions related to working from home were calculated based on the assumed energy consumption related to working from home. To calculate the GHG emissions, the 2025 version of DEFRA’s business travel - land emission fac tors were used. 11 Use of sold product Use of sold products covers the scope 1 and 2 emissions associated with the use of sold products in the reporting year. For B etter Collective, this means user activity emissions across our sites. I nformation on the number of hours and type of device used to access our sites were collected and applied to the average data on electricity consumption per hour of the devices. Th e energy consumption related to the use of our sites was applied to the Global IEA (2025) electricity factor to c alculate emissions from the use of our products. ===== SIDA 111 ===== Annual report Page 111 Scope 3 non - material categories We have assessed all categories in S cope 3 to determine whether they are material or non - material . The following categories are not relevant to our business model or ac- tivities: 4. Upstream transportation & distribu- tion This category has been deemed non - material. As a digi- tal sports m edia group , we primarily deliver services ra- ther than physical goods. 5. Waste This category has been deemed non - material since we are a digital sports m edia group primarily deliver ser- vices and thus do not have material waste from produc- tion , etc. 8. Upstream leased assets This category has been deemed non - material as w e do not have any leased assets that are not in our control. 9. Downstream transportation & distri- bution This category has been deemed non - material, as we do not distribute materials to clients. 10. Processing of sold products This category has been deemed non - material. As a digi- tal sports m edia group our business model is based on the delivery of services, meaning we do not sell physical products that require further processing by our clients. 12. End - of - life treatment of sold products This category has been deemed non - material. End - of - life treatment of products sold is not applicable to our operations. We do not sell physical products that require disposal or treatment at the end of their lifecycle. 13. Downstream leased assets This category has been deemed non - material, as we do not act as a lessor. The group has subleases at the office in Copenhagen, but the emissions are included in S cope 1 and 2. 14. Franchises This category has been deemed non - material, as we do not operate with franchises. 15. Investments This category has been deemed non - material a s we do not have investments. ===== SIDA 112 ===== Annual report Page 112 EU Taxonomy The EU Taxonomy is a regulatory framework introduced by the European Union as a tool to aid in the transition towards a greener and more sustainable economy . The EU Taxonomy addresses six environmental objec- tives: • Climate change mitigation • Climate change adaptation • Sustainable use and protection of water and marine resources • Transition to a circular economy • Pollution prevention and control • Protection and restoration of biodiversity and eco - systems We have reviewed and assessed which economic activ- ities are eligible under the EU Taxonomy definition and subsequently allocated financial numbers to these activ- ities. The annual process for assessing compliance with the criteria outlined in Article 3 of Regulation (EU) 2020/852 has been conducted in three stages: 1. Screening of eligible economic activi- ties We reviewed the technical annexes from the Climate Delegated Act, the Complementary Climate Delegated Act, the Environmental Delegated Act, and amendments to the Climate Delegated Act. Our goal was to identify any potentially eligible economic activities relevant to the revenue KPI and categories (a) and (c) of the CAPEX and OPEX KPIs. During our evaluation period, we out- lined areas with eligible economic activities that re- quired further eligibility assessment . 2. Assessment of eligible economic activ- ities Each identified economic activity was evaluated to de- termine how well the description in the annex corre- sponds to Better Collective’s operations. 3. Assessment of the alignment of eco- nomic activities For each eligible economic activity, we identified key in- ternal stakeholders to assist in locating and gathering the necessary documentation to satisfy the alignment criteria. Eligible activities Our eligible economic activit y for the financial year 202 5 is : Climate change mitigation 7.7. Acquisition and ownership of buildings Aligned activities Based on the screening process, we determined that Better Collective’s current activities do not align with any of the activities specified under the EU Taxonomy. The eligible activit y does not live up to the technical screening criteria. Revenue Better Collective’s main activities within sports media and entertainment are excluded from the taxonomy un- der 13.1 Creative, arts , and entertainment activities. However, to ascertain whether Better Collective has any other economic activities that could be eligible for tax- onomy , the group has analyzed its business , which shows that the Group has no activities that are eligible under the taxonomy. OPEX Based on the screening process, we concluded that the OPEX for Better Collective’s current activities do not meet the EU Taxonomy eligibility criteria . However, we will continue to monitor updates to the framework to as- sess any future alignment opportunities as the taxono- my's scope evolves. CAPEX Eligible CAPEX consists of additions to tangible assets, such as property, plant, and equipment (including addi- tions to leased assets), that are associated with Taxon- omy - eligible activities. Minimum safeguards The minimum safeguards are part of the Taxonomy Reg- ulation and are based on the recommendation from the Technical Expert Group . They were included to ensure that entities that are carrying out environmentally sus- tainable activities that are labeled as Taxonomy - aligned meet certain minimum governance standards and do not negativ ely impact human rights , including labor rights, corrupt practices, or are linked to non - compli- ance with letter or spirit of tax laws or anti - competitive practices. Practically, this means that undertakings whose eco- nomic activities are to be considered as Taxonomy - aligned must align with the standards for responsible business conduct mentioned in: • The OECD Guidelines for Multinational Enterprises • The UN Guiding Principles on Business and Human Rights, including the principles and rights set out in the eight fundamental conventions identified in the Decla- ration of the International Labor Organi z ation on Funda- mental Principles and Rights at Work • The International Bill of Human Rights Since Better Collective does not claim alignment based on other technical criteria, the assessment of compli- ance with minimum safeguards has not been assessed . ===== SIDA 113 ===== Annual report Page 113 Accounting principles Revenue The proportion of revenue is calculated as the part of the net revenue derived from products or services associ- ated with Taxonomy economic activities divided by the net revenue (Note 4 in the Financial Statements). Better Collective do not have any eligibl e revenue. OPEX Non - capitalized costs that relate to research and development, building renovation measures, short - term lease, maintenance and repair, and any other direct expenditures relating to the day - to - day servicing of assets of property, plant and equipment by the undertaking or third party to whom activities are outsourced that are necessary to ensure the continued and effective functioning of such assets. Better Collective do not have any eligible OPEX. CAPEX CAPEX is calculated as the 'Addition of tangible and intangible assets', which is generated from note 12 and 14 of the consolidated financial statements. Included in the figures is the value from leasing of office buildings (Capitalized under IFRS16). The CAPEX KPI is defined as Taxonomy - eligible capex (numerator) divided by total CAPEX accounted based on IAS 16, IAS 38, IAS 40, IAS 41, IFRA 16 (denominator) which include additions to business combinations without considering goodwill. Double counting For the allocation of the numerator for CAPEX, we have first identified the relevant figures and then allocated the primary related economic activity in the Climate Delegated Act. In this way, we ensure that no CAPEX is considered more than once. Contribution to multiple objectives Regarding our identified economic activities, we note that none of these contribute to multiple objectives, as there is only one eligible activity related to CAPEX. Disaggregation of KPIs There has been no disaggregation of KPIs for any economic activity assessed . ===== SIDA 114 ===== Annual report Page 114 Breakdown by environmental objectives of Taxonomy aligned acitivities KPI (1) Total (2) Proportion of Taxon- omy eligi- ble activi- ties (3) Taxonomy aligned ac- tivities (4) Proportion of Taxon- omy aligned ac- tivities (5) Climate change mitigation (6) Climate change ad- aptation (7) Water (8) Circular economy (9) Pollution (10) Biodiver- sity (11) Proportion of Taxon- omy ena- bling activ- ities (12) Proportion of Taxon- omy transi- tional ac- tivities (13) Not as- sessed ac- tivities considered non - mate- rial (14) Taxonomy aligned ac- tivities in 2024 (N - 1) (15) Proportion of Taxon- omy aligned ac- tivities in 2024 (N - 1) (16) tEUR % tEUR % % % % % % % % % % tEUR % Revenue 3 36 , 669 0% 0 0% n/a n/a n/a n/a n/a n/a 0% 0% 0% 0 0% CapEx 25 , 174 10 % 0 0% n/a n/a n/a n/a n/a n/a 0% 0% 0% 0 0% OpEx 2 34 ,6 16 0% 0 0% n/a n/a n/a n/a n/a n/a 0% 0% 0% 0 0% Environmental objective of Taxonomy aligned activities Economic activities (1) Code (2) Proportion of Taxon- omy eligi- ble reve- nue (3) Taxonomy aligned revenue (4) Proportion of Taxon- omy aligned revenue (5) Climate change mitigation (6) Climate change ad- aptation (7) Water (8) Circular economy (9) Pollution (10) Biodiver- sity (11) Enabling activities (12) Transi- tional ac- tivities (13) Proportion of Taxon- omy aligned in Taxonomy eligble (14) Revenue % tEUR % % % % % % % % Acitivity 0% 0 0% n/a n/a n/a n/a n/a n/a 0% Sum of alignment per objective 0% 0 0% n/a n/a n/a n/a n/a n/a 0% Total revenue 0% 0 0% n/a n/a n/a n/a n/a n/a 0% ===== SIDA 115 ===== Annual report Page 115 Environmental objective of Taxonomy aligned activities Economic activities (1) Code (2) Proportion of Taxon- omy eligi- ble CapEx (3) Taxonomy aligned CapEx (4) Proportion of Taxon- omy aligned CapEx (5) Climate change mitigation (6) Climate change ad- aptation (7) Water (8) Circular economy (9) Pollution (10) Biodiver- sity (11) Enabling activities (12) Transi- tional ac- tivities (13) Proportion of Taxon- omy aligned in Taxonomy eligble (14) CAPEX % tEUR % % % % % % % % Acquisition and ownership of buildings 7.7 10 % 0 0% n/a n/a n/a n/a n/a n/a 0% Sum of alignment per objective 0% 0 0% n/a n/a n/a n/a n/a n/a 0% Total CapEx 10 % 0 0% n/a n/a n/a n/a n/a n/a 0% Environmental objective of Taxonomy aligned activities Economic activities (1) Code (2) Proportion of Taxon- omy eligi- ble OpEx (3) Taxonomy aligned OpEx (4) Proportion of Taxon- omy aligned OpEx (5) Climate change mitigation (6) Climate change ad- aptation (7) Water (8) Circular economy (9) Pollution (10) Biodiver- sity (11) Enabling activities (12) Transi- tional ac- tivities (13) Proportion of Taxon- omy aligned in Taxonomy eligble (14) OPEX % tEUR % % % % % % % % Acitivity 0% 0 0% n/a n/a n/a n/a n/a n/a 0% Sum of alignment per objective 0% 0 0% n/a n/a n/a n/a n/a n/a 0% Total OpEx 0% 0 0% n/a n/a n/a n/a n/a n/a 0% ===== SIDA 116 ===== Annual report Page 116 Statement by Management 117 Independent Auditors’ Report 118 Independent Auditors’ limited assurance report on Sustainability Statements 122 Statements ===== SIDA 117 ===== Annual report Page 117 Statement by M anagement The Board of Directors and the Executive Board have to- day discussed and approved Better Collective A/S's 202 5 annual report . The annual report has been prepared in accordance with International Financial Reporting Standards as adopted by the EU and additional requirements of the Danish Fi- nancial Statements Act. It is our opinion that the consolidated financial state- ments and the parent company's financial statements give a true and fair view of the group and parent com- pany's financial position on December 31, 202 5 , and of the results of the g roup’s and the p arent c ompany’s op- erations and cash flows for the financial year January 1 – December 31, 202 5 . Further, in our opinion, the m anagement’s review gives a fair review of the development in the g roup’s and the p arent c ompany’s activities and financial matters, re- sults of operations, cash flows , and financial position, as well as a description of material risks and uncertainties that the g roup and the p arent c ompany face. The Sustainability Statements are prepared in accord- ance with the European Sustainability Reporting Standards (ESRS), as required by the Danish Financial Statements Act and article 8 of the EU Taxonomy regu- lation. In our opinion, the annual report for the financial year January 1 – December 31 , 202 5 , with the file name bet- tercollective - 202 5 - 12 - 31 - en.zip , is prepared, in all mate- rial respects, in compliance with the ESEF Regulation. We recommend that the annual report be approved at the annual general meeting. Copenhagen, February 2 5 , 202 6 Executive Management Jesper Søgaard Co - CEO & Co - founder Executive Vice President Christian Kirk Rasmussen Co - CEO & Co - founder Executive Vice President Flemming Pedersen CFO Executive Vice President Board of Directors Jens Bager Chair Therese Hillman Vice Chair Britt Boeskov Todd Dunlap Leif Nørgaard René Rechtman Thomas Stig Plenborg ===== SIDA 118 ===== Annual report Page 118 Independent Auditors’ Report To the shareholders of Better Collective A/S Opinion We have audited the consolidated financial statements and the parent company financial statements of Better Collective A/S for the financial year 1 January – 31 De- cember 2025, which comprise income statement, state- ment of comprehensive income, balance sheet, state- ment of changes in equity, cash flow statement and notes, including material accounting policy information, fo r the Group and the Parent Company. The consoli- dated financial statements and the parent company fi- nancial statements are prepared in acco rdance with IFRS Accounting Standards as adopted by the EU and additional requirements of the Danish Financial State- ments Act. In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the financial position of the Group and the Parent Company at 31 December 2025 and of the re- sults of the Group's and the Parent C ompany's opera- tions and cash flows for the financial year 1 January – 31 December 2025 in accordance with IFRS Accounting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act. Our opinion is consistent with our long - form audit re- port to the Audit Committee and the Board of Directors. Basis for opinion We conducted our audit in accordance with Interna- tional Standards on Auditing (ISAs) and additional re- quirements applicable in Denmark. Our responsibilities under those standards and requirements are further de- scribed in the "Auditor's responsibilities for the audit of the consolidated financial statements and the parent company financial statements" (hereinafter collectively referred to as "the financial statements") section of our report. We believe that the audit evidence we have ob- tained is sufficient a nd appropriate to provide a basis for our opinion. Independence We are independent of the Group in accordance with the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Account- ants (IESBA Code), as applicable to audits of financial statements of public interest entities , and the additional ethical requirements applicable in Denmark to audits of financial statements of public interest entities. We have also fulfilled our other ethical responsibilities in accord- ance with these requirements and the IESBA Code. To the best of our knowledge, we have not provided any prohibited non - audit services as described in article 5(1) of Regulation (EU) no. 537/2014. Appointment of auditor On 8 June 2018, Better Collective A/S completed its Ini - tial Public Offering and was admitted to trading and of - ficial listing on Nasdaq Stockholm. Subsequent to Better Collective A/S being listed on Nasdaq Stockholm, we were initially appointed as auditor of Better Collective A/S on 25 April 2019 for the financial year 2019. We have been reappointed annually by resolution of the general meeting for a total consecutive period of 7 years up until and including the financial year 202 5 . Key audit matters Key audit matters are those matters that, in our profes- sional judgement, were of most significance in our audit of the financial statements for the financial year 2025. These matters were addressed during our audit of the financial statements as a whole an d in forming our opin- ion thereon. We do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context. We have fulfilled our responsibilities described in the "Auditor's responsibilities for the audit of the financial statements " section, including in relation to the key au- dit matters below. Accordingly, our audit included the design and performance of procedures to respond to our assessment of the risks of material misstatement of the financial statements. The results of our audi t proce- dures, including the procedures performed to address the matters below, provide the basis for our audit opin- ion on the fina ncial statements . Recoverability of the carrying amount goodwill, do- mains and websites Goodwill as well as domains and websites with an indef- inite useful life are not subject to amortisation but are reviewed annually for impairment, or more frequently if indicators of impairment are identified. The valuation of goodwill, domains and websites is significant to our au- dit due to the carrying amounts involved and the man- agement judgement required in assessing these values, determining indefinite useful life, and performing im- pairment testing of goodwill, domains and websites. Management prepares and reviews impairment tests for each of the four identified cash - generating units. Impair- ment testing is based on the estimated recoverable amounts of the assets, which for this purpose are deter- mined based on value in use. The value i n use is calcu- lated for each cash - generating unit using a discounted cash flow (DCF) model. Refer to note 13 in the consolidated financial statements and to note 1 1 in th e financial statements for the Parent Company. ===== SIDA 119 ===== Annual report Page 119 How our audit addressed the above key audit matter Our audit procedures included: • Assessment of the indefinite life assumption, in- cluding examination of data provided by manage- ment and other sources, as well as inquiries to man- agement and comparison with industry practice for comparable companies. • Evaluation of the main principles and assumptions applied in Management’s identification and assess- ment of CGUs. • Evaluation of the value - in - use model used by Man- agement, including consideration of the cash - gen- erating units defined by Management and the rea- sonableness of key assumptions and inputs based on our knowledge of the business and industry, to- gether with avai lable supporting evidence such as budgets and externally observable market data re- lated to interest rates. • Evaluation of the disclosures provided by Manage- ment in note 13 to the consolidated financial state- ments and in note 11 to the Parent Company finan- cial statements for compliance with applicable ac- counting standards. Revenue recognition The Group’s revenue consists of different revenue streams that are recognized either at a point in time or over time. Furthermore, the Group has agreements with operators that include variable consideration, which is recognized based on expected performanc e over the contract period. Revenue recognition and measurement of the related variable consideration were matters of most signifi- cance in our audit due to the inherent risk in the esti- mates and judgements made by Management in the nor- mal course of business regarding the timing of re venue and the measurement of variable consideration. For details on the revenue, reference is made t o note 4 in the consolidated financial statements and to note 2 in the financial statements for the parent company. How our audit addressed the above key audit matter Our audit procedures included: • Tested, on a sample basis, recognised revenue and related variable consideration against agreements with operators. • Data analytical procedures to test the complete- ness, accuracy, and timing of revenue recognition and related variable consideration. • Tested revenue accruals, revenue deferrals, and sales transactions recognised before and after the balance sheet date against contracts and other supporting documentation to assess proper reve- nue cut - off. • Assessment of whether the applied revenue recog- nition criteria comply with the Group’s accounting policies as disclosed in note 4 to the consolidated financial statements. • Evaluation of the disclosures provided by Manage- ment in note 4 to the consolidated financial state- ments and in note 2 to the Parent Company financial statements for compliance with applicable accounting standards. Statement on the Management's review Management is responsible for the Management's re- view. Our opinion on the financial statements does not cover the Management's review, and we do not express any assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the Management's review and, in doing so, consider whether the Management's re- view is materially inconsistent with the financial state- ments, or our knowledge obtained d uring the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the Management's review provides the information required by relevant law and regulations. Based on our procedures, we conclude that the Manage- ment's review is in accordance with the financial state- ments and has been prepared in accordance with the re- quirements of relevant law and regulations. We did not identify any material misstatement of the Management's review. Management’s responsibilities for the financial statements Management is responsible for the preparation of con- solidated financial statements and parent company financial statements that give a true and fair view in ac- cordance with IFRS Accounting Standards as adopted by the EU and additional requirements of the Danish Fi- nancial Statements Act and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is re- sponsible for assessing the Group's and the Parent Com- pany's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and us- ing the going concern basis of acc ounting in preparing the financial statements unless Management either in- tends to liquidate the Group or the Parent Company or to cease operations, or has no realistic alternative but to do so. Auditor’s responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance as to whether the financial statements as a whole are free from material misstatement, whether due to fraud or er- ror, and to issue an auditor's report that includes our opinion. Reasonable assurance is a hi gh level of assur- ance but is not a guarantee that an audit conducted in accordance with ISAs and additional requirements ap- plicable in Denmark will always detect a material mis- statement when it exists. Misstatements can arise from fraud or error and are co nsidered material if, individually or in the aggregate, they could reasonably be expected ===== SIDA 120 ===== Annual report Page 120 to influence the economic decisions of users taken on the basis of the financial statements. As part of an audit conducted in accordance with ISAs and additional requirements applicable in Denmark, we exercise professional judgement and maintain profes- sional scepticism throughout the audit. We also: • Identify and assess the risks of material misstate- ment of the financial statements, whether due to fraud or error, design and perform audit proce- dures responsive to those risks and obtain audit ev- idence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omis- sions, misrepresentations or the override of inter- nal control. • Obtain an understanding of internal control rele- vant to the audit in order to design audit proce- dures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's and the Parent Company's i nternal control. • Evaluate the appropriateness of accounting poli- cies used and the reasonableness of accounting es- timates and related disclosures made by Manage- ment. • Conclude on the appropriateness of Management's use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's and the Parent Company's ability to continue as a going conce rn. If we conclude that a material uncertainty exists, we are required to draw attention in our au- ditor's report to the related disclosures in the finan- cial sta tements or, if such disclosures are inade- quate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group and the Parent Company to cease to continue as a going concern. • Evaluate the overall presentation, structure and contents of the financial statements, including the note disclosures, and whether the financial state- ments represent the underlying transactions and events in a manner that gives a true and fair view. • Plan and perform the group audit to obtain suffi- cient appropriate audit evidence regarding the fi- nancial information of the entities or business units within the group as a basis for forming an opinion on the group financial statements. We are respon- sible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, includ- ing any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to com- municate with them all relationships and other matters that may reasonably be thought to bear on our i nde- pendence, and where applicable, actions taken to elimi- nate threats or safeguards applied. From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated fi- nancial statements and the parent company financial statements of the current period and are ther efore the key audit matters. We describe these matters in our au- ditor's report unless law or regulation precludes public disclosure about the matter. Report on compliance with the ESEF Regulation As part of our audit of the Consolidated Financial State- ments and Parent Company Financial Statements of D Group A/S , we performed procedures to express an opinion on whether the annual report of D Group A/S for the financial year 1 January – 31 December 2025 with the file name bettercollec tive - 2025 - 12 - 31 - en.zip i s prepared, in all material respects, in compliance with the Commis- sion Delegated Regulation (EU) 2019/815 on the Euro- pean Single Electronic Format (ESEF Regulation) which includes requirements related to the preparation of the annual report in XHTML format and iXBRL tagging of the Consolidated Financial Statements including notes. Management is responsible for preparing an annual re- port that complies with the ESEF Regulation. This re- sponsibility includes: • The preparing of the annual report in XHTML for- mat; • The selection and application of appropriate iXBRL tags, including extensions to the ESEF taxonomy and the anchoring thereof to elements in the tax- onomy, for all financial information required to be tagged using judgement where necessary; • Ensuring consistency between iXBRL tagged data and the Consolidated Financial Statements pre- sented in human readable format; and • For such internal control as Management deter- mines necessary to enable the preparation of an annual report that is compliant with the ESEF Reg- ulation. Our responsibility is to obtain reasonable assurance on whether the annual report is prepared, in all material re- spects, in compliance with the ESEF Regulation based on the evidence we have obtained, and to issue a report that includes our opinion. The nat ure, timing and extent ===== SIDA 121 ===== Annual report Page 121 of procedures selected depend on the auditor’s judge- ment, including the assessment of the risks of material departures from the requirements set out in the ESEF Regulation, whether due to fraud or error. The proce- dures include: • Testing whether the annual report is prepared in XHTML format; • Obtaining an understanding of the company’s iXBRL tagging process and of internal control over the tagging process; • Evaluating the completeness of the iXBRL tagging of the Consolidated Financial Statements including notes; • Evaluating the appropriateness of the company’s use of iXBRL elements selected from the ESEF tax- onomy and the creation of extension elements where no suitable element in the ESEF taxonomy has been identified; • Evaluating the use of anchoring of extension ele- ments to elements in the ESEF taxonomy; and • Reconciling the iXBRL tagged data with the au- dited Consolidated Financial Statements. In our opinion, the annual report of D Group A/S for the financial year 1 January – 31 December 2025 with the file na me bettercollective - 2025 - 12 - 31 - en.zip is prepared, in all material respects, in compliance with the ESEF Reg- ulation. Copenhagen, February 2 5 , 202 6 EY Godkendt Revisionspartnerselskab CVR no. 30 70 02 28 Mikkel Sthyr State Authorised Public Accountant MNE no. 26693 Kennet Hartmann State Authorised Public Accountant MNE no. 40036 ===== SIDA 122 ===== Annual report Page 122 Independent A uditors’ limited assurance report on Sustainability Statements To the shareholders of Better Collective A/S Limited assurance conclusion We have conducted a limited assurance engagement on the Sustainability Statements of Better Collective A/S (the Group) included in the Annual Report 2025, pages 55 - 115 (the Sustainability Statements) for the financial year 1 January – 31 December 2025 including disclosures incorporated by reference listed in the table ‘Disclosure requirements and incorporation by reference’ on pages 1 97 - 201 and 58 . Based on the procedures we have performed and the evidence we have obtained, nothing has come to our at- tention that causes us to believe that the Sustainability Statements is not prepared, in all material respects, in accordance with the Danish Financial Statements Act section 99 a, including: • C ompliance with the European Sustainability Re- porting Standards (ESRS), including that the process carried out by the management to identify the information reported in the Sustainability Statements (the process) is in accordance with the description set out in the section about Double ma- teriality assessment within the ‘General disclosures’ chapter on pages 6 6 - 7 1 ; • C ompliance of the disclosures in the section EU Taxonomy within the ‘Environment’ chapter on pages 1 12 - 1 15 of the Sustainability Statements with Article 8 of EU Regulation 2020/852 (the Taxon- omy Regulation). Basis for conclusion We conducted our limited assurance engagement in ac- cordance with International Standard on Assurance En- gagements (ISAE) 3000 (Revised), Assurance engage- ments other than audits or reviews of historical financial information (ISAE 3000 (Revised)) and the additional requirements applicable in Denmark. The procedures in a limited assurance engagement vary in nature and tim- ing from, and are less in extent than for, a reasonable assurance engagement. Consequently, the level of as- surance obtained in a limited assu rance engagement is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion. Our responsibilities under this stand- ard are further described in the Auditor ’ s responsibilities for the assurance engagement section of our report . Our independence and quality management We are independent of the group in accordance with the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Account- ants (IESBA Code) and the additional ethical require- ments applicable in Denmark. We have also fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. EY Godkendt Revisionspartnerselskab applies Interna- tional Standard on Quality Management 1, which re- quires the firm to design, implement and operate a sys- tem of quality management including policies or proce- dures regarding compliance with ethical requireme nts, professional standards and applicable legal and regula- tory requirements. Inherent limitations in preparing the Sustainability Statements In reporting forward - looking information in accordance with ESRS, management is required to prepare the for- ward - looking information on the basis of disclosed as- sumptions about events that may occur in the future and possible future actions by the group. Ac tual outcomes are likely to be different since anticipated events fre- quently do not occur as expected. Management's responsibilities for the Sustainability Statements Management is responsible for designing and imple- menting a process to identify the information reported in the Sustainability Statements in accordance with the ESRS and for disclosing this process in the section about Double materiality assessment within the ‘General dis- closures’ chapter on pages 6 6 - 7 1 of the Sustainability Statements. This responsibility includes: • Understanding the context in which the group's ac- tivities and business relationships take place and developing an understanding of its affected stake- holders . • The identification of the actual and potential im- pacts (both negative and positive) related to sus- tainability matters, as well as risks and opportuni- ties that affect, or could reasonably be expected to affect, the group's financial position, financial per- f ormance, cash flows, access to finance or cost of capital over the short - , medium - , or long - term . • The assessment of the materiality of the identified impacts, risks and opportunities related to sustain- ability matters by selecting and applying appropri- ate thresholds; and • Making assumptions that are reasonable in the cir- cumstances. ===== SIDA 123 ===== Annual report Page 123 Management is further responsible for the preparation of the Sustainability Statements, in accordance with the Danish Financial Statements Act section 99a, including: • Compliance with the ESRS . • Preparing the disclosures in the section EU Taxon- omy within the ‘Environment’ chapter on pages 112 - 115 of the Sustainability Statements, in compliance with Article 8 of the Taxonomy Regulation . • Designing, implementing and maintaining such in- ternal control that management determines is nec- essary to enable the preparation of the Sustainabil- ity Statements that is free from material misstate- ment, whether due to fraud or error; and • The selection and application of appropriate sus- tainability reporting methods and making assump- tions and estimates that are reasonable in the cir- cumstances. Auditor's responsibilities for the assurance engagement Our objectives are to plan and perform the assurance engagement to obtain limited assurance about whether the S ustainability S tatement s are free from material misstatement, whether due to fraud or error, and to is- sue a limited assurance report that includes our conclu- sion. Misstatements can arise from fraud or error and are con- sidered material if, individually or in the aggregate, they could reasonably be expected to influence decisions of users taken based on the S ustainability S tatement s as a whole . As part of a limited assurance engagement in ac- cordance with ISAE 3000 (Revised) we exercise profes- sional judgement and maintain professional scepticism throughout the engagement. Our responsibilities in re- spect of the process include: • Obtaining an understanding of the process but not for the purpose of providing a conclusion on the ef- fectiveness of the process, including the outcome of the process . • Considering whether the information identified ad- dresses the applicable disclosure requirements of the ESRS, and • Designing and performing procedures to evaluate whether the process is consistent with the group's description of its process, as disclosed in the sec- tion about Double materiality assessment within the ‘General disclosures’ chapter on pages 6 6 - 7 1 . Our other responsibilities in respect of the sustainability statement include: • Identifying disclosures where material misstate- ments are likely to arise, whether due to fraud or error; and • Designing and performing procedures responsive to disclosures in the sustainability statement where material misstatements are likely to arise. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, inten- tional omissions, misrepresentations, or the over- ride of internal control. Summary of the work performed A limited assurance engagement involves performing procedures to obtain evidence about the Sustainability Statements. The nature, timing and extent of procedures selected depend on professional judgement, including the iden- tification of disclosures where material misstatements are likely to arise, whether due to fraud or error, in the Sustainability Statements. In conducting our limited as- surance engagement, with respect to the process, we: • Obtained an understanding of the process by per- forming inquiries to understand the sources of the information used by management; and reviewing the group's internal documentation of its process; and • Evaluated whether the evidence obtained from our procedures about the Process implemented by the group's was consistent with the description of the p rocess set out in the section about Double mate- riality assessment within the ‘General disclosures’ chapter on pages 6 6 - 7 1 . In conducting our limited assurance engagement, with respect to the Sustainability Statements, we: • Obtained an understanding of the group's report- ing processes relevant to the preparation of its Sus- tainability Statements by obtaining an understand- ing of the group's control environment, processes and information systems relevant to the prepara- tion of the Sustainability Statements but not evalu- ating the design of control activities, obtaining ev- idence about their implementation or testing their operating effectiveness . • Evaluated whether material information identified by the process is included in the Sustainability Statements . • Evaluated whether the structure and the presenta- tion of the Sustainability Statements are in accord- ance with the ESRS . • Performed inquiries of relevant personnel and ana- lytical procedures on selected information in the Sustainability Statements . • Performed substantive assurance procedures on selected information in the Sustainability State- ments . • Evaluated methods, assumptions and data for de- veloping material estimates and forward - looking information and how these methods were applied . • Obtained an understanding of the process to iden- tify EU taxonomy eligible and aligned economic ac- tivities for turnover, CAPEX and OPEX and the cor- responding disclosures in the Sustainability State- ments . ===== SIDA 124 ===== Annual report Page 124 • Evaluated compliance processes, methods, and data for covered activities, assessed minimum safe- guards compliance through personnel inquiries, and conducted analytical procedures on EU taxon- omy aligned disclosures • Evaluated the presentation and use of EU taxon- omy templates in accordance with relevant re- quirements; and • Reconciled and ensured consistency between the reported EU taxonomy economic activities and the items reported in the primary financial statements including the disclosures provided in related notes. Copenhagen, February 25, 202 6 EY Godkendt Revisionspartnerselskab CVR no. 30 70 02 28 Mikkel Sthyr State Authorised Public Accountant MNE no. 26693 Lars Fermann State Authorised Public Accountant MNE no. 45879 Annual report Page 124 ===== SIDA 125 ===== Annual report Page 125 Statement of profit and loss 126 Statement of comprehensive income 126 Balance sheet 127 Statement of changes in equity 128 Cash flow statement 129 Financial Statements ===== SIDA 126 ===== Annual report Page 126 C onsolidated statement of profit and loss Note tEUR 2025 2024 3 , 4 Revenue 336,669 371,487 Direct costs related to revenue 101,943 107,167 5, 6 Staff costs 100,218 113,000 10 Other external expenses 32,455 37,917 Operating profit before depreciation and amortization (EBITDA) and special items 102,053 113,403 14 Depreciation 6,864 6,990 Operating profit before amortization (EBITA) and special items 95,189 106,413 12 Amortization and impairment 33,807 34,080 Operating profit (EBIT) before special items 61,382 72,334 7 Special items, net - 10,411 - 10,886 Operating profit 50,971 61,447 8 Financial income 5,437 7,310 9 Financial expenses 25,227 25,893 Profit before tax 31,181 42,865 11 Tax on profit for the period 7,590 8,850 Profit for the period 23,591 34,014 Earnings per share attributable to equity holders of the company Average number of shares 62,401,060 61,876,816 Average number of warrants - converted to number of shares 2,657,332 2,339,557 Earnings per share (in EUR) 0.41 0.55 Diluted earnings per share (in EUR) 0.39 0.53 Consolidated statement of comprehensive income Note tEUR 2025 2024 Profit for the period 23,591 34,014 Other comprehensive income Other comprehensive income that may be reclassified to profit or loss in subsequent pe- riods: Fair value adjustment of hedges for the year 542 - 180 Currency translation to presentation currency - 19,623 6,297 Currency translation of non - current intercompany loans - 34,999 17,325 11 Income tax 7,571 - 1,589 Net other comprehensive income/loss - 46,509 21,853 Total comprehensive income/(loss) for the period, net of tax - 22,918 55,867 Attributable to: Shareholders of the parent - 22,918 55,867 ===== SIDA 127 ===== Annual report Page 127 C onsolidated balance sheet Note tEUR 2025 2024 Assets Non - current assets 12, 13 Intangible assets Goodwill 333,483 360,988 Domains and websites 520,484 553,886 Accounts and other intangible assets 9 8 , 207 117,628 Total intangible assets 95 2 , 174 1,032,501 14 Tangible assets Right of use assets 11,038 15,929 Leasehold improvements, Fixtures and fittings, other plant and equipment 4,178 6,704 Total tangible assets 15,216 22,633 Other non - current assets Deposits 1,804 1,940 11 Deferred tax asset 4,086 4,573 Total other non - current assets 5,890 6,513 Total non - current assets 97 3 , 280 1,061,647 Current assets 15 Trade and other receivables 73,596 63,763 11 Corporation tax receivable 6,049 2,934 Prepayments 7,70 2 6,101 19 Cash 13,494 37,674 Total current assets 100,841 110,472 Total assets 1,07 4 ,1 2 1 1,172,119 Note tEUR 2025 2024 Equity and liabilities 16 Equity Share Capital 620 631 Share Premium 469,444 469,460 Reserves - 45,56 3 16,089 Retained Earnings 206,50 3 199,749 Total equity 631,004 685,929 Non - current Liabilities 19 Debt to credit institutions 259,946 259,691 1 8 Lease liabilities 8,309 12,560 11 Deferred tax liabilities 81,526 98,673 19 Other long - term financial liabilities 30,665 42,030 Total non - current liabilities 380,446 412,955 Current Liabilities Prepayments received from customers and deferred revenue 13,506 10,275 17 Trade and other payables 26,207 26,894 11 Corporation tax payable 2,291 4,764 1 7 Other financial liabilities 1 7 , 000 26,926 18 Lease liabilities 3,667 4,376 Total current liabilities 62,6 7 1 73,235 Total liabilities 44 3 , 1 1 7 486,190 Total Equity and liabilities 1,07 4 ,1 2 1 1,172,119 ===== SIDA 128 ===== Annual report Page 128 Consolidated statement of changes in equity tEUR Share capital Share premium Currency translation reserve Hedging reserves Treasury shares Retained earnings Total equity As at January 1, 2025 631 469,460 36,941 - 517 - 20,336 199,749 685,929 Result for the period 0 0 0 0 0 2 3 , 59 1 2 3 , 59 1 Fair value adjustment of hedges 0 0 0 542 0 0 542 Currency translation to presentation currency 0 0 - 19,62 3 0 0 0 - 19,62 3 Currency translation of non - cur- rent intercompany loans 0 0 - 34,999 0 0 0 - 34,999 Tax on other comprehensive income 0 0 7,690 - 119 0 0 7,571 Total other comprehensive income 0 0 - 46,93 2 423 0 0 - 46, 509 Total comprehensive income for the year 0 0 - 46,93 2 423 0 2 3 , 59 1 - 2 2 , 91 8 Transactions with owners Capital Decrease - 11 - 16 0 0 20,336 - 20,309 0 Acquisition of treasury shares 0 0 0 0 - 35,590 0 - 35,590 Disposal of treasury shares 0 0 0 0 112 0 112 Share based payments 0 0 0 0 0 3,508 3,508 Transaction cost 0 0 0 0 0 - 36 - 36 Total transactions with owners - 11 - 16 0 0 - 15,142 - 16,837 - 32,006 At December 31, 2025 620 469,444 - 9,99 1 - 94 - 35,47 8 20 6 , 50 3 63 1 , 004 During the period no dividend was paid. tEUR Share capital Share premium Currency translation reserve Hedging reserves Treasury shares Retained earnings Total equity As at January 1, 2024 554 274,580 15,055 - 483 - 21,057 166,624 435,273 Result for the period 0 0 0 0 0 34,014 34,014 Fair value adjustment of hedges 0 0 0 - 180 0 0 - 180 Currency translation to presentation currency 0 0 6,297 0 0 0 6,297 Currency translation of non - cur- rent intercompany loans 0 0 17,325 0 0 0 17,325 Tax on other comprehensive income 0 0 - 1,735 146 0 0 - 1,589 Total other comprehensive income 0 0 21,887 - 34 0 0 21,853 Total comprehensive income for the year 0 0 21,887 - 34 0 34,014 55,867 Transactions with owners Capital Increase 77 194,880 0 0 0 - 1 , 758 193,199 Acquisition of treasury shares 0 0 0 0 - 22,533 0 - 22,533 Disposal of treasury shares 0 0 0 0 23,254 9,017 32,271 Share based payments 0 0 0 0 0 - 5,131 - 5,131 Transaction cost 0 0 0 0 0 - 3,018 - 3,018 Total transactions with owners 77 194,880 0 0 721 - 890 194,788 At December 31, 2024 631 469,460 36,941 - 517 - 20,336 199,749 685,929 During the period no dividend was paid. ===== SIDA 129 ===== Annual report Page 129 Consolidated statement of cash flow Note tEUR 2025 2024 Profit before tax 31,18 1 42,865 Adjustment for finance items 19,790 18,583 Adjustment for special items 10,411 10,886 Operating Profit for the period before special items 61,38 2 72,334 Depreciation and amortization 40,671 41,070 Other adjustments of non - cash operating items 2,695 1,244 Cash flow from operations before changes in working capital and special items 104,74 8 114,647 Change in working capital - 10,29 5 - 13,638 Cash flow from operations before special items 94,453 101,009 Special items, cash flow - 12,858 - 18,390 Cash flow from operations 81,595 82,619 Financial income, received 274 3,111 Financial expenses, paid - 14,673 - 19,501 Cash flow from activities before tax 67,196 66,228 Income tax paid - 16,012 - 16,731 Cash flow from operating activities 51,184 49,497 9 Acquisition of businesses - 9,691 - 120,451 7 Acquisition of intangible assets - 24,741 - 33,532 Acquisition of tangible assets - 347 - 3,942 Sale of other financial assets 0 3,232 Change in other non - current assets 100 - 136 Cash flow from investing activities - 34,679 - 154,829 Note tEUR 2025 2024 Repayment of borrowings 0 - 136,321 Proceeds from borrowings 0 124,196 Lease liabilities - 4,560 - 4,384 Other non - current liabilities 0 - 434 Capital increase 0 146,362 Treasury shares - 35,590 - 20,336 Transaction cost - 36 - 3,018 Warrant settlement, sale of warrants - 371 - 6,911 Cash flow from financing activities - 40,557 99,154 Cash flows for the period - 24,051 - 5,624 Cash and cash equivalents at beginning 37,674 43,552 Foreign currency translation of cash and cash equivalents - 129 - 254 Cash and cash equivalents period end 13,494 37,674 Cash and cash equivalents period end Cash 13,494 37,674 Cash and cash equivalents period end 13,494 37,674 ===== SIDA 130 ===== Annual report Page 130 Cashflow statement – specifications Note tEUR 2025 2024 Acquisition of business combinations: 21 Net Cash outflow from business combinations at acquisition 0 - 70,318 Business Combinations deferred payments from current period 0 0 Deferred payments - business combinations from prior periods - 9,691 - 50,133 Total cash flow from business combinations - 9,691 - 120,451 Acquisition of intangible assets: Acquisitions through asset transactions 0 - 5,806 Deferred payments related to acquisition value 0 0 Deferred payments - acquisitions from prior periods 0 - 8,500 Other investments - 2 4 , 741 - 19,226 Total cash flow from intangible assets - 2 4 , 741 - 33,532 Note tEUR 2025 2024 Equity movements with cashflow impact - from cash flow statement: Capital increase 0 146,362 Treasury shares - 35,590 - 20,336 Transaction cost - 36 - 3,018 Warrant settlement, sale of warrants - 371 - 6,911 Total equity movements with cash flow impact - 35,997 116,097 Non - cash flow movements on equity: New shares for M&A payments 0 46,837 Treasury Shares used for payments 112 30,075 Share based payments - warrant expenses with no cash flow effect 3,879 1,780 Total equity movements with no cash flow impact 3,991 78,692 Total Transactions with owners - Consolidated statement of changes in equity - 32,006 194,788 ===== SIDA 131 ===== Annual report Page 131 1. Accounting policies 132 2. Significant accounting judgements, estimates and assumptions 135 3. Segment information 137 4. Revenue specification 139 5. Staff and other costs 140 6. Share - based payment plans 142 7. Special items 145 8. Financial income 146 9. Financial expenses 146 10. Fees paid to auditors appointed at the annual general meeting 146 11. Income tax 147 12. Intangible assets 149 13. Goodwill and intangible assets with indefinite life 151 14. Tangible assets 154 15. Trade and other receivables 155 16. Issued capital and reserves 156 17. Trade and other payables 157 18. Leases 157 19. Financial risk management objectives and policies 159 20. Change in working capital 163 21. Business combinations 163 22. Related party disclosures 164 23. Group information – subsidiary information 165 24. Other contingent liabilities 166 25. Events after the reporting date 166 Notes to the consolidated financial statements ===== SIDA 132 ===== Annual report Page 132 Notes 1. Accounting policies General The financial statements section of the annual report for the period January 1 – December 31, 202 5 comprises both the consolidated financial statements of Better Collective A/S and its subsidiaries (the Group or the Better Collective Group) and the separate parent company financial statements (the Parent). The comparative figures cover the period Janua ry 1 – December 31, 202 4 . Basis for preparation The consolidated financial statements of Better Collective A/S have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB) and in accordance with IFRS Accounting Standards as endorsed by the EU and further requirements in the Danish Financial Statements Act. Better Collective A/S is incorporated and domiciled in Denmark. The accounting policies have been applied consistently during the financial year and for the comparative figures. Applying materiality The Consolidated financial statements are a result of processing large numbers of transactions and aggregating those transactions into classes according to their nature or function. The transactions are presented in classes of similar items in the Consolid ated financial statements. If a line item is not individually material, it is aggregated with other items of a similar nature in the Consolidated financial statements or in the notes. Management provides the specific disclosures required by IFRS Accounting Standards unless the information is not applicable or is considered immaterial to the decision making of the primary users of these financial statements. New financial reporting standards All new or amended standards (IFRS) and interpretations (IFRIC) as adopted by the EU and which are effective for the financial year beginning on 1 January 202 5 have been adopted. The implementation of these new or amended standards and interpretations had no material impact on the financial statements. New financial reporting standards not yet adopted . Furthermore, new or amended IFRS Accounting Standards and interpretations issued by the IASB that have not yet become effective are generally not adopted until they become effective and endorsed by the EU. The Group does not anticipate any significant impact on the Consolidated financial statements in the period of initial application from the adoption of these new standards and amendments, apart from IFRS 18 ‘Presentation and Disclosure in Financial State- ments’ which replaces IAS 1 effective from 1 January 2027. IFRS 18 is to be implemented retrospectively with effect from 1 January 2026, and the comparison figures are to be restated accordingly. The new IFRS 18 is expected to change the presentation of the Income statement and will introduce three new catego- ries; operating - , investment - and financing activities in addition to the existing categories income taxes and discontinued activities. The standard includes requirements for aggregation and disaggregation of financial information. IFRS 18 will also add additional disclosures but will not change any accounting policies on recognition and measurement, hence it will not change reported net results . Amendments to IAS 7 Statement of Cash Flows require the starting point for the cash flow statement to be operating profit which is a change from current starting point result before tax. Presentation of dividends received, interest income and expenses in the cash flow statement will be changed according to the changes in the profit and loss statement. The Group is in the process of assessing the full extent of the changes introduced by the amendments to both the primary financial statements and the notes. Based on the preliminary analysis, the anticipated significant effects on the consolidated financial statements are as follows: Goodwill is required to be presented as a separate line item in the balance sheet and not to be included in the intangi- ble assets Special items are to be allocated among operating, investing, and financing activities. Interest received and interest paid will be classified under investing activities and financing activities, respectively, and will be presented consistently in the statement of cash flows. Interest arising from leasing are to be presented as part of the fi nancing activities. Foreign exchange differences arising from borrowings will be presented under financing activities, while those related to trade receivables and payables will be classified under operating activities. Presentation currency The Group’s consolidated financial statements and parent financial statements are presented in Euro (EUR), and the parent company’s functional currency is Danish Kroner (DKK). In general, rounding will occur and cause variances in sums and percentages in t he consolidated and parent company financial statements. ===== SIDA 133 ===== Annual report Page 133 Notes 1. Accounting policies (continued) Foreign currencies For each of the reporting entities in the Group, including subsidiaries and foreign associates, a functional currency is determined. The functional currency is the currency used in the primary financial environment in which the reporting entity operates. T ransactions denominated in currencies other than the functional currency are foreign currency trans- actions. On initial recognition, foreign currency transactions are translated to the functional currency at the exchange rate on the transaction date. Foreign exchange differences arising between the rate on the transaction date and the rate on the date of settleme nt are recognized in profit or loss as financial income or financial expenses. At the end of a reporting period, receivables and payables and other monetary items denominated in foreign currencies are translated to the functional currency at the exchange rate on the balance sheet date. The difference between the exchange rates on the balance sheet date and on the date the receivable or payable was recognized in the latest report- ing period is recognized in profit or loss as financial income or financial expenses. In the consolidated financial statements, the statements of comprehensive income of Group entities with a functional currency other than EUR are translated at the exchange rate on the transaction date, and the balance sheet items are translated at closing rates. An average exchange rate for each month is used as the exchange rate at the transaction date in so far as this does not significantly distort the presentation of the underlying transactions. Foreign exchange differences arising on translation to the EUR presentation currency are recognized in other comprehensive income (OCI) in a separate translation reserve under equity. On disposal of a reporting entity, the component of other comprehensive income relating to that particular reporting entity is rec lassified to profit or loss. The Parent company has provided non - current intercompany loans in USD to fund acquisitions of assets and business combinations in US. Unrealized exchange rate gains/losses and related tax impact related to these loans are recog nized in Other Comprehensive Income for the Group. Basis for consolidation The consolidated financial statements include the parent company Better Collective A/S and its subsidiaries. Subsidiaries are entities over which the Better Collective Group has control. The Group has control over an entity when the Group is exposed to or has rights to variable returns from its involvement in the entity and has the ability to affect those returns through its power over the entity. Only potential voting rights considered to be substantive at the balance sheet date are included in the control assessment. The Group re - assesses if it controls an investee if facts and circum- stances indicate that there are changes to one or more of the elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. The consolidated financial statements are prepared by combining uniform items. On consolidation, intercompany in- come and expenses, shareholdings, intercompany accounts and dividend as well as realized and unrealized profit and loss on transactions between the consolidated companies are eliminated. iXBRL reporting Better Collective A/S has filed the Annual Report for 202 5 in the European Single Electronic Format (ESEF), XHTML format, that can be displayed in a standard browser. The primary statements and notes in the consolidated financial statements are tagged using extensible Business Reporting Language (iXBRL), which co mplies with the ESEF taxonomy included in the ESEF Regulation. Accounting policies Fair value measurement The Group uses the fair value concept in connection with certain disclosure requirements and for recognition of deriv- atives and business combinations . Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (“exit price”). The fair value is a market - based and not an entity - specific measurement. The entity uses the assumptions that the market participants would use for the pricing of the asset or liability based on the current market conditions, including risk assumptions. Th e entity’s purpose of holding the asset or settling the liability is thus not taken into account when the fair value is determined. The fair value measurement is based on the principal market. If a principal market does not exist, the measurement is based on the most advantageous market, i.e. the market that maximizes the price of the asset or liability less transac- tion and transport costs. ===== SIDA 134 ===== Annual report Page 134 Notes 1. Accounting policies (continued) All assets and liabilities measured at fair value, or in respect of which the fair value is disclosed, are categorized into levels within the fair value hierarchy based on the lowest level input that is significant to the entire fair value measure- ment, see below: Level 1: Quoted priced in an active market for identical assets or liabilities Level 2: Inputs other than quoted prices included in Level 1 that are observable either directly or indirectly Level 3: Inputs that are not based on observable market data (valuation techniques that use inputs that are not based on observable market data) Listed shares included under other current financial assets are measured at fair value based on level 1 (market price) at the balance sheet date. The fair value of financial instruments is measured based on level 2. The fair value is measured according to generally accepted valuation techniques. Market - based input is used to measure the fair value. Fair Value of financial assets and liabilities is measured based on level 3 - Valuation techniques. In all material aspects the fair value of the financial assets and liabilities is considered equal to the booked value Derivative financial instruments Derivative financial instruments are recognized on the trade date and are measured at fair value. Positive and negative fair values are included in other current receivables or other current payables in the statement of financial position. Positive and negative fair values are only offset if the Group has a right and an intention to settle several derivative financial instruments net (by means of settlement of differences). Fair value is determined based on generally ac- cepted valuation methods using available observable market data. When entering into contracts for derivative financial instruments , an assessment is made of whether the instrument qualifies for hedge accounting, including whether the instrument hedges recognized assets and liabilities. Fair value changes classified as and fulfilling the criteria for recognition as a fair value hedge ar e recognized in the statement of profit or loss together with changes in the value of the specific portion of the asset or liability that has been hedged. Fair value changes in the part of the derivative financial instruments which is classified as and qualifies for recognition as a future cash flow hedge and which effectively hedges against changes in the value of the hedged item are recognize d in other comprehensive income as a separate hedging reserve. When the underlying hedged item is realize d, any gain or loss on the hedging transaction is transferred from equity and recognize d together with the hedged item. Fair value changes that do not meet the crite ria for treatment as hedging instruments are recognize d on an ongoing basis in the statement of profit or loss under financial items. Business combinations (common - control) The modified uniting - of - interest method is applied to vertical mergers in which the participating entities are subject to the Parent’s control. Under this method, assets and liabilities of the participating entities are recognized at the amounts at which t hey are recognized in the consolidated financial statements of the parent forming part of the merger. Vertical mergers are recognized at the merger date without restatement of comparative figures. Cash flow statement The Cash Flow Statement shows the cash flows of the Group for the year, distributed on operating activities, investing activities, and financing activities for the year, changes in cash and cash equivalents, and the cash and cash equivalents at the beginni ng and the end of the year, respectively. The cash flow effect of acquisitions of businesses is shown separately in cash flows from investing activities. Cash flows from acquired businesses are recognize d in the cash flow statement from the date of acquisition. Cash flow from operating activities Cash flows from operating activities are determined as profit for the year adjusted for noncash operating items, the change in working capital and income tax paid. Cash flow from investing activities Cash flows from investing activities comprise payments in connection with the acquisition and sale of businesses, intan- gible assets, plant and machinery and financial assets. Cash flow from financing activities Cash flows from financing activities comprise change in the size or composition of the Group’s share capital and related costs as well as borrowing, repayment of interest - bearing debt, re - payment of lease liabilities, and payment of dividends to shareholde r . ===== SIDA 135 ===== Annual report Page 135 Notes 2. Significant accounting judgements, estimates and assumptions The preparation of the Group’s consolidated financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenue, expenses, assets and liabilities, and the accompanying disclosures, as well as t he disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. The key accounting judgements , estimates, and assumptions, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. Management based its assumptions on historical experience and estimates on parameters available when the consoli- dated financial statements were prepared. Existing circumstances and assumptions about future developments, how- ever, may change due to market changes or circumstances arising that are beyond the control of the Group. Such changes are reflected in the assumptions when they occur. Business combinations Management may make certain judgements in the process of the classification of a transaction as an asset acquisition or a business combination. The Group is required to allocate the acquisition cost of entities and activities through busi- ness combinations on the basis of the fair value of the acquired assets and assumed liabilities. The Group uses external and internal valuations to determine the fair value. The valuations include management estimates and assumptions as to future cash flow projections from the acquired business and selection of models to compute the fair value of the acquired components and their depreciation period. Estimates made by Management influence the amounts of the ac- quired assets and assumed liabilities and the depreciation and amo rtization of acquired assets in profit or loss. Reference is made t o note 2 1 of the c onsolidated financial statements. Goodwill, intangible assets with indefinite useful life and impairment Goodwill , domain s and websites are expected to have an indefinite useful life and are therefore not subject to amorti- zation . Management believes that as long as content is being updated continuously and based on existing technology there is no foreseeable limit to the period on which the assets can generate revenues and cash flow from the underlying business activities of the sportsbooks . Consequently, Management has assessed indefinite life of domain s and websites similar to its peers in the industry. Mana gement reviews this assessment annually to determine whether the indefinite life continues to be supportable. Management reviews goodwill , domain s and websites for impairment at least once a year. This requires Management to make an estimate of the projected future cash flows from the continuing use of the cash - generating unit to which the assets are allocated and also to choose a suitable discount rate for those cash flows. During 2025, Better Collective implemented a new global organisational structure, transitioning from a geographically anchored setup to a structure built around three global business units: Publishing, Paid Media, and Esports. This trans- formation reflects the strategic development of the Group and is further supported by the introduction of Esports as a separate reporting segment from Q2 2025, anchored by flagship platforms such as HLTV and FUTBIN. The new structure enhances internal steering, operational a lignment, and external transparency. As a consequence, the Group has reas- sessed the identification of its cash - generating units in accordance with IAS 36. Following this assessment, the Group now identifies three CGUs: Publishing, Paid Media, and Esports. These CGUs rep- resent the lowest level at which goodwill and other intangible assets are monitored for internal management purposes and where independent ca sh inflows are generated. The previous CGU structure applied has therefore been replaced, and historical comparative information has been updated to reflect the new CGU structure where relevant. Goodwill arising from prior acquisitions has been reallocated to the new CGUs based on management’s direct knowledge of how each acquired business integrates into and generates value within the revised organisational structure. This ap- proach reflects the m anner in which synergies and future economic benefits are expected to be realised following the transition to the three global business units If the events and circumstances do not continue to support a useful life assessment and the projected future cash flows from the intangible assets is less than the assets’ carrying value, an impairment loss will be recognized . In addition, Management will change the indefinite useful life assessment from indefinite to finite and this change will be accounted for prospectively as a change in accounting estimate. Revenue from agreements with variable components The Group has agreements with customers that include variable revenue, e.g. agreements where the CPA and hybrid deals value depends on the achievement of NDC targets (New depositing customers) . CPA revenue under these con- tracts is recognized with the number of NDCs delivered and the estimated CPA value based on expected performance for the contract period. ===== SIDA 136 ===== Annual report Page 136 Notes 2. Significant accounting judgements, estimates and assumptions (continued) Special items Significant expenses and income, which Better Collective consider s not part of ordinary business operations , are pre- sented in the Income statement in a separate line item labelled ‘Special items’ in order to distinguish these items from other income statement items , and provide a more transparent and comparable view of Better Collective’s ongoing performance. Types of expenses and income included in special items include cost related to acquisition costs, adjust- ment of earn - out payments related to acquisiti ons, impairments, disputes , restructuring costs and lease contract termi- nations . Reference is made to note 8 of the consolidated financial statements and note 6 of the parent company financial statements. Deferred tax Management applies significant estimates when recogniz ing and measuring deferred tax assets. Deferred tax assets, including the tax base of tax loss carryforwards, are recogniz ed if it is assessed that there will be sufficient future taxable income against which the temporary differences and unutilised tax losses can be utilised. This assessment is based on budgets and business plans for the following years, including planned business initiatives. Deferred tax assets are tested annually and are only recogniz ed if it is probable that future taxable profit will allow the deferred tax asset to be recovered. Other contingent liabilities Contingent consideration resulting from business combinations is valued at fair value at the acquisition date as part of the business combination. When the contingent consideration meets the definition of a financial liability, it is subse- quently remeasure d to fair value at each reporting date. The determination of the fair value is based on discounted cash flows. The key assumptions take into consideration the probability of meeting the performance target ( refer to n ote 19 (Group) for details). Other conti ngent liabilities from partnerships is valued at fair va l ue based on performance target s . ===== SIDA 137 ===== Annual report Page 137 Notes 3. Segment information Publishing, Paid Media and Esports Better Collective operates three distinct business models for customer acquisition, each with unique earnings profiles: Publishing, Paid Media, and Esports. Publishing generates revenue from Better Collective’s owned and operated sports media network and i ts partnerships. Paid Media involves purchasing advertising on search engines, social media, and third - party sports media platforms, thereby operating with a lower gross margin. Due to recent organizational restruc- turing , Esports is reported separately from Q2, 2025 . Esports has been carved out from Publishing. This change reflects our strategic commitment to capitalizing on growth opportunities within Esports Publishing** Paid Media Esports Group tEUR 2025 2024* 2025 2024 2025 2024* 2025 2024 Revenue Share 110,995 125,676 45,441 52,598 1,048 2,009 157,484 180,283 CPA 19,950 40,485 60,049 51,804 41 33 80,040 92,323 Subscription 18,031 18,326 0 0 0 0 18,031 18,326 Sponsorships 36,809 35,358 19 2,382 11,952 9,586 48,78 1 47,326 CPM 24,094 23,390 0 0 6,875 8,736 30,969 32,126 Other 1,364 1,09 9 0 4 0 0 1,364 1,103 Revenue 211,243 244,334 105,510 106,789 19,916 20,365 336,669 371,487 Cost 144,668 172,179 80,504 77,767 9,444 8,137 234,616 258,084 Operating profit before depreciation, amortization and special items 66,575 72,155 25,006 29,022 10,472 12,226 102,053 113,403 EBITDA - Margin before special items 32% 30% 24% 27% 53% 60% 30% 31% Special items, net - 10,313 - 10,849 - 98 - 37 0 0 - 10,411 - 10,886 Operating profit before depreciation and amortization 56,262 61,306 24,908 28,985 10,472 12,226 91,642 102,517 EBITDA - Margin 27% 25% 24% 27% 53% 60% 27% 28% Depreciation 6,669 6,787 195 203 0 0 6,864 6,990 Operating profit before amortization 49,593 54,519 24,713 28,782 10,472 12,226 84,77 8 95,527 EBITA - Margin 23% 22% 23% 27% 53% 60% 25% 26% * 2024 figures have been adjusted due to the new segmentation, where Esports has been carved out from Publishing as a distinct segment. ** Majority of costs related to support functions are presented under Publishing . ===== SIDA 138 ===== Annual report Page 138 Notes 3. Segment information (continued) Geographical segments Europe & RoW North America Group tEUR 2025 2024 2025 2024 2025 2024 Revenue Share 135,175 159,671 22,309 20,612 157,484 180,283 CPA 59,463 53,858 20,577 38,465 80,040 92,323 Subscription 3,493 2,787 14,538 15,539 18,031 18,326 Sponsorships 23,065 23,751 25,716 23,576 48,781 47,326 CPM 21,227 23,250 9,742 8,877 30,969 32,126 Other 1,110 822 253 281 1,364 1,103 Revenue 243,534 264,138 93,135 107,349 336,669 371,487 Cost 167,496 167,730 67,120 90,353 234,616 258,084 Operating profit before depreciation, amortization and special items 76,038 96,407 26,015 16,996 102,053 113,403 EBITDA - Margin before special items 31% 36% 28% 16% 30% 31% Special items, net - 7,671 - 2,716 - 2,740 - 8,170 - 10,411 - 10,886 Operating profit before depreciation and amortization 68,367 93,692 23,275 8,827 91,642 102,517 EBITDA - Margin 28% 35% 25% 8% 27% 28% Depreciation 5,612 5,794 1,252 1,196 6,864 6,990 Operating profit before amortization 62,755 87,897 22,023 7,631 84,77 8 95,527 EBITA - Margin 26% 33% 24% 7% 25% 26% Better Collective’s products cover more than 30 languages and attract millions of users worldwide - with international brands with a global reach as well as regional brands with a national reach. Better Collective’s regional brands are tai- lored according t o the specific regions or countries and their respective regulations, sports, betting behaviors, user needs, and languages. Better Collective reports on the geographical segments Europe & RoW (Rest of World) and North America, measuring and disclosing sepa rately for Revenue, Cost and Earnings. ===== SIDA 139 ===== Annual report Page 139 Notes 4. Revenue specification In accordance with IFRS 15 disclosure requirements, total revenue is split on revenue category and revenue types as follows: tEUR 2025 2024 Revenue category Recurring revenue (Revenue share, Subscription, CPM) 206,484 230,735 CPA, Sponsorships 128,821 139,649 Other 1,364 1,103 Total revenue 336,669 371,487 % - split Recurring revenue 6 2 62 CPA, Sponsorships 38 38 Other 0 0 Total 100 100 % - split 2025 2024 Revenue Share 4 7 4 9 CPA 24 2 5 Subscription 5 5 Sponsorships 14 1 3 CPM 9 8 Other 0 0 Total 100 100 The Group has earned 79 mEUR (202 4 : 10 3 mEUR ) in revenues from one major customer, which represents 2 3 % of the Group’s revenue (202 4 : 2 8 %). The revenue is related to all operating segments . Better Collective has generated over 10% of its total revenue in each of the following countries: United States 24% amounting to 82 mEUR (2024: 2 8 % and 103 mEUR) , U nited Kingdom 2 3 % amounting to 76 mEUR (2024: 17% and 63 mEUR) , Brazil 1 5 % amounting to 4 9 mEUR (2024: 20 % and 7 3 mEUR ) . Accounting policies Revenue The Group’s revenue consists of different revenue streams, that either are recognized at a point in time or over time. Further, the Group has agreements with sportsbooks that include variable consideration, which is recog- nized based on expected performance for the contract period. Revenue share: In a revenue share model the Group receives a share of the revenues that a sportsbook has generated from a player betting or gambling on their platform, the player initially having been referred from one of the Group’s websites. Revenue is recognized at a point in time equal to the month that it is earned by the respective sportsbook. Hybrid revenue : Revenue recognized under the hybrid revenue model consists of upfront revenue share (one - time upfront fee for each new referred player) and revenue share for the amount that aggregate revenue share exceeds the aggregate upfront revenue share. Upfront reve nue share is recognized at a point in time equal to the month in which the player referral is made. Revenue share is recognized once the aggregate revenue share exceeds the upfront revenue share and is recognized at a point in time equal to the month that it is earned by the respective sportsbook. Cost per acquisition (CPA): For CPA deals, the sportsbook pays a one - time upfront fee for each referred player who deposits money on their platform. Cost per acquisition consists of a pre - agreed rate with the sportsbook. Revenue is recognized at a point in time equal to the month in which the deposits are made. Subscription Revenue : Subscription revenue is subscription fees received by players who subscribe to services provided by the Group’s websites, primarily in the US market. Subscription revenue is recognized over time as the services under the subscription is delivered. Sponsorships and Cost per Mille (CPM) : Includes revenue from sales of banners and other marketing fees from customers related to the Group’s websites and is recognized when the service is delivered. Banner revenue can both be CPM (Cost per M ille impressions) or based on direct fixed fee agreements with customers. Other Revenue: Other revenue primarily consists of rent from subleases and sale of merchandise . ===== SIDA 140 ===== Annual report Page 140 Notes 5. Staff and other costs tEUR 2025 2024 Wages and salaries 82,062 94,023 Pensions, defined contribution 5,733 5,768 Other social security costs 4,979 5,811 Share - based payments 2,695 1,244 Other staff costs 4,749 6,154 Total staff cost 100,218 113,000 Average number of full - time employees 1,504 1,773 Remuneration to Executive Management Wages and salaries 1,528 1,714 Pensions, defined contribution 196 216 Other social security costs 3 3 Share - based payments 97 2 857 Total 2,69 9 2,790 Remuneration to Board of Directors Wages and salaries 590 590 Share - based payments 33 0 Total 623 590 Accounting policies Direct cost related to revenue Direct cost related to revenue contains cost of running the websites and includes, content pro- duction, domain name registration, domain hosting, and external development cost not qualified for capitalization . Staff cost Staff cost includes wages and salaries, including compensated absence and pension to the Group ’s employees, as well as other social security contributions, etc. The item is net of refunds from public authorities. Costs related to long term employee benefits, e.g. share - based payments, are recog- nized in the period to which they relate. Other external expenses Other external expenses include the year’s expenses relating to the Group ’s core activities, includ- ing expenses relating to sale, advertising, administration, premises, bad debts, etc. ===== SIDA 141 ===== Annual report Page 141 Notes 5 . Staff and other costs (continued) Board & Committee Fees tEUR Jens Bager Therese Hillman Leif Nørgaard Thomas Stig Plenborg * Todd Dunlap Rene Rechtman Britt Boeskov Petra von Rohr * Total 2025 174 111 79 44 58 47 58 19 590 2024 174 111 79 0 58 47 58 63 590 * Petra von Rohr has resigned from the Board and Thomas Stig Plenborg has been selected to the Board in April 20 25 . Remuneration to Executive Management tEUR Jesper Søgaard Christian Kirk Rasmussen Flemming Pedersen Total 202 5 Wages and salaries 489 489 550 1,528 Pensions, defined contribution 54 54 88 196 Other social security costs 1 1 1 3 Share - based payments 257 257 45 8 9 72 Total 801 801 1,09 7 2, 69 9 2024 Wages and salaries 582 582 550 1,714 Pensions, defined contribution 64 64 88 216 Other social security costs 1 1 1 3 Share - based payments 257 257 343 857 Total 904 904 982 2,790 ===== SIDA 142 ===== Annual report Page 142 Notes 6. Share - based payment plans Long - term incentive programs impact in the consolidated financial statements The total share - based compensation expense recognized for the full year 202 5 is 2 , 695 tEUR (202 4 : 1,244 tEUR). The weighted average remaining contractual life of warrants to key employees outstanding as of December 31, 202 5 , and 202 4 was 3 . 77 and 2.3 4 years respectively. The weighted exercise prices for outstanding instruments as of December 31, 202 5 and 202 4 were 15 . 02 EUR and 18.79 EUR. Long - term incentive programs In 202 5 , outstanding PSU 2022 released whereof 9,914 were transferred as shares and the rest were settled in cash , accordingly no new shares have been issued in connection with the release . The 2020 program was not exercised by any of the participants and the warrants were cancelled in 2025. 202 1 warrants programs On September 10th, 2021, new warrants were granted to certain key employees, all with the right to subscribe for one ordinary share and are classified as equity - settled share - based payment transactions* On October 1st, 2021, PSUs and share options were issued for a management incentive program related to Action Net- work, with the right to subscribe for one ordinary share and are classified as equity - settled share - based payment transactions . 2022 LTI program On January 27, 2022 a new LTI program consisting of Performance Stock Units and stock options was announced. Un- der the program options and PSUs were granted to certain key employees. Whereas the options have the right to sub- scribe for one ordinary share, the PSUs have a performance - based element that can increase to two shares for one PSU – both are classified as equity - settled sh are - based payment transactions*. Management Incentive Program: On March 1, 2022, a new tranche was established for the Management Incentive Program for Action Network. O ptions were granted with the right to subscribe for one ordinary share and, are classified as equity - settled share - based pay- ment transactions* . 2023 LTI Program On January 3, 2023, a new LTI program consisting of Performance Stock Units and stock options was announced. Un- der the program options and PSUs were granted to certain key employees. Whereas the options have the right to sub- scribe for one ordinary share, t he PSUs have a performance - based element that can increase to two shares for one PSU – both are classified as equity - settled share - based payment transactions* . 2023 CXO Program On April 25th, 2023, a new CXO program consisting of stock options was approved by the board of directors. Under the program 300,000 options were granted to the chief executive management. Each option granted gives the partic- ipants the right to subscribe f or one ordinary share subject to a performance - based element. Transactions under the CXO program are classified as equity - settled share - based payment transactions*. 2024 LTI Program On January 2, 2024, a new LTI program consisting of Performance Stock Units and stock options was announced. Un- der the program 426,870 options and 61,523 PSUs were granted to certain key employees. Whereas the options have the right to subscribe for one or dinary share, the PSUs have a performance - based element that can increase to two shares for one PSU – both are classified as equity - settled share - based payment transactions*. Program Long - term incentive programs outstanding December, 202 5 Vesting period Exercise period Exercise price DKK Exercise price EUR (rounded) 2020 * 0 2021 - 2023 2023 - 2025 106.35 14.26 2021* 377,372 2022 - 2024 2024 - 2026 150.41 20.17 2021 US MIP Options 43,358 2021 - 2024 2024 - 2026 138.90 18.62 2022 US MIP Options 15,238 2022 - 2023 2023 - 2026 107.25 14.38 2022 Options 20, 346 2022 - 2024 2025 - 2027 130.98 17.56 2022 PSU 0 2022 - 2024 2025 - 2027 2023 CXO Options 180 ,000 2023 - 2025 2026 - 2028 142.08 19.05 2023 Options 23 4 , 525 2023 - 2025 2026 - 2028 87.06 11.67 2023 PSU 1 11,631 2023 - 2025 2026 - 2028 2024 Options 412,305 2024 - 2026 2027 - 2029 173.87 23.31 2024 PSU 4 6 , 782 2024 - 2026 2027 - 2029 0 2025 Options 1, 054,896 2025 - 2028 2028 - 2030 78.20 10.48 202 6 Options 150,000 202 5 - 202 8 202 8 - 20 30 7 6 . 20 10. 2 0 *Key employees and members of executive management ===== SIDA 143 ===== Annual report Page 143 Notes 6 . Share - based payment plans (continued) 2025 LTI Program On March 7, 2025, a new LTI program consisting of stock options was announced. Under the program 1,144,577 options were granted to certain key employees with the right to subscribe for one ordinary share. Transactions under the 2025 LTI program are classif ied as equity - settled share - based payment transactions*. 202 6 LTI Program In December, 2025, a new LTI program consisting of stock options was announced. Under the program up to 7 50 , 000 options are to be granted to certain key employees with the right to subscribe for one ordinary share. The initial grant to the member of executive management will occur in December 2025, whereas the initial grant for other Participants will occur in early 2026. Flemming Pedersen , CFO , has on the Company’s annual general meeting held on Tuesday 16 December 2025 been granted 150 ,000 stock options. Transactions under the 202 6 LTI program are classified as eq- uity - settled share - based payment transactions*. *The Board of Directors keeps the right to change the classification of share - based programs, to cash - settle. 2025 2024 Dividend yield (%) 0% 0% Expected volatility (%) 48 - 50% 48 - 50% Risk free interest rate (%) 1.75% - 2.25% 1.75% - 2.25% Expected life of warrants (years) 4 - 5 4 - 5 Share price (EUR) 9.54 - 13.51 10.93 - 25.42 Exercise price (EUR) 10. 32 - 23.31 11.67 - 23.31 Fair Value at grant date (EUR) 5.30 - 23.82 5.30 - 23.31 Accounting policies Share - based payments Key employees (including the Executive Management of the Group) receive remuneration in the form of share - based payments, whereby they render services as consideration for equity instruments (equity - settled transac- tions). The cost is recognized in staff costs, together with a corresponding increase in equity (other capital reserves), over the period in which the service and, where applicable, the performance conditions are fulfilled (the vesting period). The cumulative expe nse recognized for equity - settled transactions at each reporting date until the vest- ing date, reflects the extent to which the vesting period has expired and the Group’s best estimate of the number of equity instruments that will ultimately vest. The expen se or credit in the statement of profit or loss for a period represents the movement in cumulative expense recognized as at the beginning and end of that period. No expense is recognized for awards that do not ultimately vest because non - market performance and/or ser- vice conditions have not been met. The dilutive effect of outstanding warrants is reflected as additional share dilution in the computation of diluted earnings per share. When warrants are exercised, the Company issues new shares. The proceeds received are credited to share capital for the par value of the shares and share premium for the remainder. ===== SIDA 144 ===== Annual report Page 144 Notes 6. Share - based payment plans (continued) Board of Directors Executive Management Key Employees Total warrants / options, numbers Exercise price, weighted average EUR Total Per- formance Stock Units Grant price, weighted average EUR Total Units Share options outstanding at January 1, 2025 0 300,000 1,284,540 1,584,540 19 238,696 17 1,823,236 Granted 25,000 150,000 1,119,577 1,294,577 10 0 0 1,294,577 Forfeited/expired 0 0 271,077 271,077 13 17,473 19 288,550 Performance adjusted 0 0 0 0 0 15,227 17 15,227 Exercised/released 0 0 0 0 0 47,583 17 47,583 Cancelled 0 120,000 0 120,000 19 0 0 120,000 Share options outstanding at December 31, 2025 25,000 330,000 2,133,040 2,488,040 15 158,413 15 2,646,453 Of this exercisable at the end of the period 0 0 456,314 456,314 20 0 n/a 456,314 Share options outstanding at January 1, 2024 25,000 900,000 1,122,623 2,047,623 15 198,587 14 2,246,210 Granted 0 0 426,870 426,870 23 61,523 23 488,393 Forfeited/expired 0 0 23,457 23,457 9 21,414 17 44,871 Exercised 25,000 600,000 241,496 866,496 9 0 0 866,496 Transferred 0 0 0 0 0 0 0 0 Share options outstanding at December 31, 2024 0 300,000 1,284,540 1,584,540 19 238,696 17 1,823,236 Of this exercisable at the end of the period 0 0 599,967 599,967 18 0 n/a 599,967 ===== SIDA 145 ===== Annual report Page 145 Notes 7. Special items Special items consist of recurring and non - recurring items that management does not consider to be part of Better Collective’s ordinary operating activities, i.e. acquisition costs, adjustment of earn - out payments related to acquisi- tions , impairments , disputes , restructuring costs and lease contract terminations are presented in the Income state- ment in a separate line item labelled ‘Special items’. During 2025 Better Collective continued the initiatives to stream- lining Better Collective ’ s business leveraging synergies. Costs related to this amounted to c. 7 mEUR in 2025, recog- nised as Special Items related to restructuring. The impact of special items is specified as follows: tEUR 2025 2024 * Operating profit 50,971 61,447 Special Items related to: M&A - 835 - 2,223 Variable payments regarding acquisitions - income 0 19,114 R edundancies, r estructuring and other non - recurring expenses - 9 , 576 - 9,193 I mpairment 0 - 18,584 Special items, total - 10,411 - 10,886 Operating profit (EBIT) before special items 61,382 72,334 Amortization and impairment 33,807 34,080 Operating profit before amortization and special items (EBITA before special items) 95,189 106,413 Depreciation 6,864 6,990 Operating profit before depreciation, amortization, and special items (EBITDA before special items) 102,053 113,403 * In 2024 Better Collective and the founders and former owners of Playmaker HQ agreed to renegotiate and settle the earn out due to underperformance from acquisition of SOME content producer and podcast maker Playmaker HQ (not to be confused with Playmaker C apital). The initial acquisition price of Playmaker HQ was 54 mUSD of which 15 mUSD was upfront cash. The final price agreed is 25 mUSD (23 mEUR). Consequently, Better Collective have performed an impairment test based on the reassessment, identifying an i mpairment of 20 mUSD (18 mEUR) for the CGU North America, recognized in Q2 2024. The net impact on special items is negative 2.4 mEUR, resulting from the aforemen- tioned goodwill impairment and the recognition of the remaining earn - out as income. Furthermore , o n October 28th, it was announced that Management has decided to streamline Better Collective’s business to identify and leverage syn- ergies. Costs related to this amounted to 6 mEUR in Q4 2024, recognized as Special Items related to restructuring. Accounting policies Special items Significant expenses and income, which Better Collective considers not part of ordinary business operations, are presented in the Income statement in a separate line item labelled ‘Special items’ in order to distinguish these items from other income statem ent items and provide a more transparent and comparable view of Bet- ter Collective’s ongoing performance. Types of expenses and income included in special items include cost related to acquisition costs, adjustment of earn - out payments related to acquisitio ns, impairments, disputes , restructuring costs and lease contract terminations . ===== SIDA 146 ===== Annual report Page 146 Notes 8. Financ ial income tEUR 2025 2024 Exchange gains 4,719 4,199 Interest Income 274 1,303 Other financial income 444 1,808 Total financ ial income 5,437 7,310 9. Financ ial expense s tEUR 2025 2024 Exchange losses 11,441 5,580 Interest expenses 11,294 14,536 Interest - right of use assets (Leasing) 606 811 Other financial expenses 1,887 4,965 Total financ ial expenses 25,227 25,893 10. Fees paid to auditors appointed at the annual general meeting tEUR 2025 2024 Fee related to statutory audit 499 590 Fees for tax advisory services 0 0 Assurance engagements 208 287 Other assistance 46 30 Total audit fees 7 53 907 Assurance engagements provided by EY amounted to 14 5 tEUR in 2025, relating to ESG assurance . Non - audit services provided by EY did not exceed 70% of the audit fees in accordance with EU audit legislation. Accounting policies Financial income and expenses Financial income and expenses are recogni z ed in the income statements at the amount that concerns the fi- nancial year. Net financials include interest income and expenses, interest expenses calculated according to IFRS16, foreign exchange adjustments, fees related to credit facilities, gains and lo sses on the disposal of se- curities, as well as allowances and surcharges under the advance - payment - of - tax scheme, etc. ===== SIDA 147 ===== Annual report Page 147 Notes 11. Income tax Total tax for the year is specified as follows: tEUR 2025 2024 Tax for the period 7,590 8,850 Tax on other comprehensive income - 7,571 1,589 Total 19 10,440 Income tax on profit for the year is specified as follows: tEUR 2025 2024 Deferred tax - 10,058 1,282 Current tax 21,006 7,181 Adjustment from prior years - 3,358 387 Total 7,590 8,850 Tax on the profit for the year can be explained as follows: tEUR 2025 2024 Specification for the period: Calculated 22% tax of the result before tax 6,860 9,430 Adjustment of the tax rates in foreign subsidiaries relative to the 22% 2,131 - 3,731 Tax effect of: Special items 160 1,082 Other non - taxable income - 570 - 670 Other non - deductible costs 1,212 1,719 Unrecognized tax losses carried forward 1,155 633 Reassesment of unrecognized tax losses carried forward - 2,285 0 Adjustment of tax relating to prior periods - 1,073 387 Total 7,590 8,850 Effective tax rate 24.3% 20.6% tEUR 2025 2024 Deferred tax liabilities Deferred tax liabilities January 1 94,100 77,434 Additions from business acquisitions 0 12,693 Adjustments of deferred tax in profit and loss - 10,058 1,282 Exchange rate adjustment - 6,602 2,691 Deferred tax liabilities December 31 77,440 94,100 Deferred tax is recognized in the balance sheet as: Deferred tax asset 4,086 4,573 Deferred tax liability 81,526 98,673 Deferred tax liabilities December 31 77,440 94,100 Deferred tax is related to: Intangible assets 99,026 116,193 Tangible assets - 268 - 143 Liabilities 484 - 25 Other - 5,575 - 6,404 Tax loss carry forward - 16,227 - 15,521 Deferred tax liabilities December 31 77,440 94,100 ===== SIDA 148 ===== Annual report Page 148 Notes 11. Income tax (continued) Accounting policies The tax expense for the year, which comprises current tax and changes in deferred tax, is recognized in the income statement as regards the portion that relates to the profit/loss for the year, and directly in equity as regards the portion that relates to entries directly in equity. Tax expense relating to amounts recognized in other comprehensive income is recognized in other c omprehensive income. Tax is provided on the basis of the tax rules and tax rates applicable in the individual countries where Bette r Collective has a tax presence. Current and deferred tax Current tax liabilities and current tax receivables are recognized in the balance sheet as tax computed on the year’s taxable income adjusted for tax on the previous year’s taxable income and tax paid on account. Deferred tax is measured using the balance sheet liability method on all temporary differences between the carrying amount an d the tax value of assets and liabilities. Deferred tax liabilities as well as deferred tax assets are recognized. However, deferre d tax is not recognized on temporary differences relating to goodwill which is not deductible for tax purposes and on office premises and other items where temporary differences, apart from business combinations, arise at the date of acquisition without af fecting either profit/loss for the year or taxable income. Deferred tax assets, including the tax value of tax loss carry forwards, are recognized under other non - current assets at the expected value of their utilization; either as a set - off against tax on future income or as a set - off against deferred tax liabili ties in the same legal tax entity and jurisdiction. Deferred tax is measured according to the tax rules and at the tax rates applicable in the respective countries at the balanc e sheet date when the deferred tax is expected to crystallize as current tax. Withholding taxes are recognized as a tax receivable when it is anticipated that the group can claim a tax credit against the local taxable income. Joint taxation of the parent Company and Danish subsidiaries The Parent Company is subject to the Danish rules on compulsory joint taxation of the Group’s Danish subsidiaries. Subsidiari es are included in the joint taxation arrangement from the date when they are included in the consolidated financial statements and up to the date when they are excluded from the consolidation. The Parent Company acts as administration company for the joint taxation arrangement and consequently settles all corporate i ncome tax payments with the tax authorities. On payment of joint taxation contributions, the Danish corporation tax charge is allocated between the jointly taxed entities in proportion to their taxable income. Entities with tax losses receive joint taxation contributions from entities that have been able to use the tax losses to reduce their own taxable income. Joint taxation contributions payable and receivable are recognized in the balance sheet as corporation tax receivable or corp oration tax payable. ===== SIDA 149 ===== Annual report Page 149 Notes 12. Intangible assets tEUR Goodwill Domains and websites Accounts and other intangible assets* Total Cost or valuation As of January 1, 2025 380,138 553,886 211,066 1,145,0 90 Additions 0 0 22,750 22,750 Acquisitions through business combinations 0 0 0 0 Transfer 0 0 0 0 Disposals 0 0 - 24,304 - 24,304 Currency Translation - 29,644 - 33,402 - 4,194 - 67,240 At December 31, 2025 350,494 520,484 205,318 1,076,29 6 Amortization and impairment As of January 1, 2025 19,150 0 93,438 112,588 Amortization for the period 0 0 32,880 32,880 Impairment for the period 0 0 0 0 Amortization on disposed assets 0 0 - 19,194 - 19,194 Currency translation - 2,139 0 - 1 3 - 2,15 2 At December 31, 2025 17,011 0 107,1 11 124,12 2 Net book value at December 31, 2025 333,483 520,484 98,20 7 952,174 *Accounts and other intangible assets consist of accounts ( 47 , 484 tEUR), Partnerships ( 44,493 tEUR), Development projects ( 5, 443 tEUR) and software and others ( 788 tEUR) . tEUR Goodwill Domains and websites Accounts and other intangible assets* Total Cost or valuation As of January 1, 2024 255,074 466,615 140,065 861,754 Additions 0 0 31,082 31,082 Acquisitions through business combinations 109,906 76,523 41,510 227,939 Transfer 0 0 - 295 - 295 Disposals 0 0 - 4,655 - 4,655 Currency Translation 15,158 10,748 3,359 29,265 At December 31, 2024 380,138 553,886 211,066 1,145,091 Amortization and impairment As of January 1, 2024 0 0 60,325 60,325 Amortization for the period 0 0 33,966 33,966 Impairment for the period ** 18,584 0 0 18,584 Amortization on disposed assets 0 0 - 2,151 - 2,151 Currency translation 566 0 1,298 1,864 At December 31, 2024 19,150 0 93,438 112,588 Net book value at December 31, 2024 360,988 553,886 117,628 1,032,501 *Accounts and other intangible assets consist of accounts (65,525 tEUR), Partnerships (49,461 tEUR), Development projects (2, 088 tEUR) and software and others (554 tEUR). **Disclosed under special items ===== SIDA 150 ===== Annual report Page 150 Accounting policies Goodwill and intangible assets Goodwill Goodwill is initially recognized at cost. Subsequently, goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortized and impairment losses on goodwill are not reversed. The carrying amount of goodwill is allocated to the Group’s cash - generating units at the date of acquisition. Impairment is performed once a year as of December 31 or more frequently if even ts or changes in circumstances indicate that there is an impairmen t. An impairment loss is recognized if the recoverable amount of the cash - generating unit to which goodwill has been allocated is less than the carrying amount of the cash - generating unit. Identification of cash - generating units is based on the management struct ure and internal financial controls. Intangible assets Separately acquired intangible assets are measured on initial recognition at cost including directly attributable costs. Inta ngible assets acquired in a business combination or asset acquisitions are measured at fair value at the acquisition date. Expendit ures relating to internally generated intangible assets are recognized in profit or loss when incurred. Intangible assets with a finite useful life are amortized over their useful life and reviewed for impairment whenever there is an indication that the asset may be impaired. The amortization period and the amortization method for an intangible asset are reviewed at least at each year end. Agreements related to partnerships are measured at fair value of the payments related to the agreement at the starting date. The value is amortized over the lifetime of the agreement Intangible assets with indefinite useful lives (domains and websites) are not amortized , but are tested for impairment annually, either individually or at the cash - generating unit level. The assessment of indefinite life is reviewed annually to determine whether the indefinite life continues to be supportable. If not, the change in useful li fe from indefinite to finite is made on a prospective basis. Development projects consist of costs such as salaries and other costs that are directly attributable to the development project, recognised from the time at which the development project first qu alifies for recognition as an asset. Gains or losses arising from de - recognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount o f the asset and are recognized in the statement of profit or loss when the asset is derecognized . Costs related to maintenance of intangible assets, are not capitalized on the balance sheet but recognized in p rofit and l oss in the financial year they are incurred. Amortization The item comprises amortization of intangible asset, as well as any impairment losses recognized for these assets during the period. The basis of amortization , which is calculated as cost less any residual value, is amortized on a straight - line basis over the expected useful life. The basis of amortization , which is calculated as cost less any residual value, is amortized on a straight - line basis over the expected useful life or contractual terms . The expected useful lives of long - lived assets are as follows: Goodwill Indefinite Domains and websites Indefinite Accounts 3 - 5 years Partnership s 1 - 10 years Software 3 years Development projects 3 years Notes 12. Intangible assets (continued) ===== SIDA 151 ===== Annual report Page 151 Notes 13. Goodwill and intangible assets with indefinite life Goodwill and domains and websites arising on business combinations are not subject to amortization, but are reviewed annually for impairment, or more frequently if there are any indicators of impairment that are noted during the year. The Group’s impairmen t test for goodwill and domains and websites with indefinite life are based on a value - in - use basis. Cash - generating units Goodwill from a business combination is allocated to cash - generating units in which synergies are expected to be gen- erated from the acquisition. A cash - generating unit represents the smallest identifiable group of assets that together have cash inflows tha t are largely independent of the cash inflows from other assets. During 2025, Better Collective implemented a new global organisational structure, transitioning from a geographically and market anchored setup to a structure built around three global business units: Publishing, Paid Media, and Esports . The new structure enhances internal steering, operational alignment, and transparency. As a consequence, the Group has reassessed the identification of its cash - generating units in accordance with IAS 36 – hence the Group now identifies three CGUs: Publishing, Paid Media, a nd Esports . Goodwill arising from prior acquisitions has been reallocated to the new CGUs based on management’s direct knowledge of how each acquired business integrates into and generates value within the revised organisational structure. This ap- proach reflects the m anner in which synergies and future economic benefits are expected to be realised following the transition to the three global business units Carrying amount of goodwill and Domains and Websites for the CGUs 2025 tEUR Paid Publishing Esports Total Goodwill 83,575 232,134 17,774 333,483 Domains and Websites 1,562 394,664 124,258 520,484 2024 tEUR Paid Publishing * Esports * Total Goodwill 88,264 254,938 17,785 360,987 Domains and Websites 1,562 427,822 124,502 553,886 * 2024 figures have been adjusted due to the new segmentation, where Esports has been carved out from Publishing as a distinc t seg- ment. Recoverable amount When testing for impairment, the Group estimates a recoverable amount for goodwill and for domains and websites. The recoverable amount is the higher of the asset or cash - generating unit’s fair value less costs of disposal and its value in use. The recoverable amount is normally determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. The recoverable amount of domains and websites has been determined on t he level of the cash - generating units, as explained above. Impairment test For all CGUs ; Publishing, Paid Media and Esports , the Group has performed an impairment test on goodwill and domains and websites as of 31 December, 202 5 , on a value - in - use basis. Key estimates in the impairment test are growth in revenue, gross profits, discount rate and growth expectations in the terminal period. These are based on current and future development in the three CGUs and on historical data, including expected long - term market growths. Data is based on both internal and external data sources. The Group uses a 10 - year forecast in the Discounted Cash Flow (DCF) model, including a 3 - year budget and a 7 - year projection leading to steady - state. This period is chosen due to high expected growth in the initial years, with growth gradually reducing to a steady rate by the terminal period. A shorter forecast would result in an inflated terminal value. Therefore, a 10 - year period allows for a more accurate present value of the groups assets for impairment assessment. Management has based the value - in - use by estimating the present value of future cash flows from a three - year forecast for 202 6 - 202 8 . The forecast indicates an average annual revenue growth up to 1 4 % in 2028 and a normalized average margin of 3 5 %. Beyond the forecast, EBITDA growth, cash conversion and tax - rates have been projected with a time horizon of 7 years until 203 5 . From 202 9 onward, the average gross profit growth rate is estimated to decline. In 202 9 , the average growth rate is projected to be 8 % a nd the decline continues, reaching 3% by 203 5 , stabilizing thereafter at a theoretical steady state level in the terminal period. Based on expected 203 5 EBITDA and cash flow, management has applied a terminal value growth rate of 2.5%. The cash flows assume a discount factor of 10 . 4 % for Publishing , 10.7% for Paid Media and 9.5% for Esports on the Group’s weighted average cost of capital (WACC) in all years 202 6 - 203 5 . To account for the different tax rates in the markets where the three CGUs operate, we have used the local tax rate (22% - 25%) . ===== SIDA 152 ===== Annual report Page 152 Notes 13. Goodwill and intangible assets with indefinite life (continued) As at December 31, 202 5 and December 31, 202 4 the Board of Directors have evaluated goodwill, domains and websites for impairment. The results of the impairment tests for goodwill and domains and websites showed that the recoverable amount exceeded the carrying value and that there was no impairment loss to be recognized . The Board of Directors have approved the inputs to the impairment testing and are satisfied that the judgements made are appropriate . Based on management’s assessment, no reasonably possib le changes in key assumptions would cause the carrying amounts of the CGUs to exceed their recoverable amounts. Sensitivity test Sensitivity tests have been performed to determine the lowest forecast and terminal period growth rates and/or high- est discount rates that can occur in the CGUs with indefinite useful life. The sensitivity shows that an increase of 1% in WACC will not resu lt in any impairment loss. ===== SIDA 153 ===== Annual report Page 153 13. Goodwill and intangible assets with indefinite life (continued) Accounting policies Business combinations and goodwill Business combinations are accounted for using the acquisition method. The acquisition date is the date when Better Collective A/S effectively obtains control over the acquired business. Any costs directly attributable to the acquisition are expensed as i ncurred. If a put and call option exist , the put and call option is taken into consideration when assessing the ownership of the business . The acquired businesses’ identifiable assets, liabilities and contingent liabilities are measured at fair value at the acquis ition date. Identifiable intangible assets are recognized if they are separable or arise from a contractual right. Deferred tax related to the revaluations is recognized . The consideration paid for a business consists of the fair value of the agreed consideration in the form of the assets transf erred, equity instruments issued, and liabilities assumed at the date of acquisition. If part of the consideration is contingent on future events, such consideration is recognized at fair value. Subsequent changes in the fair value of contingent consideration are recognized in the income statement as special items. A positive excess (goodwill) of the consideration transferred (includi ng any previously held equity interests and any non - controlling interests in the acquired business) over the fair value of the identifiable net assets acquired is recorded as go odwill. If uncertainties regarding identification or measurement of acquired assets, liabilities or contingent liabilities or determi nation of the consideration transferred exist at the acquisition date, initial recognition will be based on provisional value s. Any adjustments in the provisional values, including goodwill, are adjusted retrospectively, until 12 months after the acquisitio n date, and comparative figures are restated. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, from the acquisition date, goodwill acquired in a business combination is allocated to each of the Group’s cash - generatin g units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquire d business combination are assigned to those units. Where goodwill has been allocated to a cash - generating unit (CGU) and part of the operation within that unit is disposed of, the goodwill associated with the disposed op eration is included in the carrying amount of the operation when determining the gain o r loss on disposal of the operation. Goodwill disposed in these circumstances is measured based on the relative fair values o f the disposed operation and the portion of the cash generating unit retained. Impairment The carrying amounts of goodwill, intangible assets, plant and investments in subsidiaries is assessed for impairment on an a nnual basis. Impairment tests are conducted on assets or groups of assets when there is evidence of impairment. Furthermore, goodwi ll and intangible assets with indefinite useful lives are tested on an annual basis as at December 31. The carrying amount of impaired assets is reduced to the higher of the net selling price and the value in use (recoverable amount). The recoverable amount is the higher of the net selling price of an asset and its value in use. Reference is made to the sect ion “Impairment test” for actual assumptions. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the group of assets and the expected net cash flows from the disposal of the asset or the group of assets after the end of the useful life. Impairment losses are recognized in the income statement under depreciation and amortization . Previously recognized impairment losses are reversed when the reason for recognition no longer exists. Impairment losses on goodwill are not reversed. ===== SIDA 154 ===== Annual report Page 154 Notes 14. Tangible assets tEUR Right of use assets Fixtures and fittings, other plant and equip- ment Total Cost At January 1, 2025 24,239 13,177 37,416 Additions 2,077 347 2,424 Acquisitions through business combinations 0 0 0 Transfer 0 0 0 Disposals - 3,651 - 751 - 4,40 2 Currency Translation - 1,173 - 723 - 1,896 At December 31, 2025 21,492 12,050 33,542 Depreciation and impairment At January 1, 2025 8,310 6,473 14,78 3 Depreciation for the period 4,190 2,809 6,99 9 Depreciation on disposed assets 489 - 933 - 444 Currency translation - 2,53 5 - 477 - 3,011 At December 31, 2025 10,45 4 7,872 18,326 Net book value at December 31, 2025 11,038 4,178 15,216 tEUR Right of use assets Fixtures and fittings, other plant and equip- ment Total Cost As of January 1, 2024 19,537 9,939 29,476 Additions 3,508 2,772 6,280 Acquisitions through business combinations 0 0 0 Transfer 0 295 295 Disposals - 1,240 - 428 - 1,668 Currency Translation 2,435 599 3,034 At December 31, 2024 24,239 13,177 37,416 Depreciation and impairment As of January 1, 2024 3,962 3,933 7,894 Depreciation for the period 4,680 2,310 6,990 Depreciation on disposed assets - 782 - 321 - 1,103 Currency translation 450 551 1,001 At December 31, 2024 8,310 6,473 14,782 Net book value at December 31, 2024 15,929 6,704 22,633 ===== SIDA 155 ===== Annual report Page 155 Notes 14. Tangible assets (continued) 15. Trade and other receivables tEUR 2025 2024 Trade receivables 36,776 35,522 Accrued revenue 26,037 21,036 Other receivables 10,783 7,205 Total receivables 73,596 63,763 Accounting policies Receivables Receivables are measured at amortized cost, which usually corresponds to nominal value. Write - downs on trade receivables are based on the simplified expected credit loss model. Credit loss allowances on individual receivables are provided for when objective indications of credit losses occur such as customer bankruptcy and uncertainty about t he customers’ ability and/or willingness to pay, etc. In addition to this, al- lowances for expected credit losses are made on the remaining trade receivables based on a simplified ap- proach. Reference is made to note 19 of the consolidated financial statemen ts regarding credit risk. Prepayments Prepayments recognized under “Assets” comprise prepaid expenses regarding subsequent financial reporting years. Cash Cash consist of cash and cash equivalents in financial institutions. Accounting policies Tangible assets Tangible assets are measured at cost less accumulated depreciation and impairment losses. Cost includes the acquisition price and costs directly related to the acquisition until the time at which the asset is ready for use. Gains and losses from the disposal of tangible are recognized in the income statement as depreciation. Gains or losses are calculated as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Depreciation The item comprises depreciation of tangible assets , and right of use assets, as well as any impairment losses recognized for these assets during the period. The basis of depreciation, which is calculated as cost less any residual value, is amortized on a straight - line ba- sis over the expected useful life. The expected useful lives of long - lived assets are as follows: Right of use assets and leasehold improvements 1 - years Fixtures and fittings, other plant and equipment 3 - 5 years Where individual components of an item of tangible assets have different useful lives, they are accounted for as separate items, which are depreciated separately. The basis of depreciation is calculated considering the residual value at the end of the expected useful life and less any impairment. The depreciatio n period and re- sidual value are determined at the time of acquisition and are reassessed every year. Where the residual value exceeds the carrying amount of the asset, no further depreciation charges are recognized . Impairment The carrying amounts of equipment is assessed for impairment on an annual basis. Impairment tests are con- ducted on assets or groups of assets when there is evidence of impairment. ===== SIDA 156 ===== Annual report Page 156 Notes 16. Issued capital and reserves tEUR 2025 2024 2023 2022 2021 Share capital: Opening balance 631 554 551 546 469 Capital increase 0 77 2 5 77 Capital decrease - 11 0 0 0 0 Total 620 631 554 551 546 The share capital consists of 6 1 , 958 , 870 shares of nominal EUR 0.01 each. Better Collective’s Board of Directors approved a cancellation of treasury shares on an Extraordinary General Meeting, on the 9 January 2026, with a reduction of the share capital by 5.17% and a nominal amount of 32 tEUR. Share buy - back - 2025 Throughout 2025 the company purchased 3 , 276 , 934 Better Collective A/S shares at an average price of 11.15 EUR. 1,117,757 treasury shares were cancelled on 22 April 2025 , each with a nominal value of EUR 0.01 . The cancelled shares represent a total nominal amount of 11,177.57 EUR . By the end of 2025 Better Collective A/S had 3,276,934 treasury shares. Share buy - back - 2024 Throughout 2024 the company purchased 1, 220 , 188 Better Collective A/S shares at an average price of 16 . 83 EUR. 102 , 431 treasury shares were used as final payment of contingent liabilities related to the 2024 acquisition of AdeOdds. 1,387,580 treasury shares purchased from previous year were used as final payment of contingent liabilities related to the 2024 acquisition of Playmaker Capital. By the end of 2024 Better Collective A/S had 1,117,757 treasury shares. Accounting policies Equity Treasury shares Treasury shares are own equity instruments that are re - acquired. They are recognized at cost as a deduction from equity in the reserve for treasury shares. The difference between par value and the acquisition price and consideration (net of directly attributable transaction costs) and dividends on treasury shares are recognized directly in equity in retained earnings. Share premium Share premium can be used for dividend. Currency translation reserve Foreign exchange differences arising on translation of Group entities and parent company to the EUR presen- tation currency are recognize d in other comprehensive income (OCI) in a separate currency translation re- serve under equity. On disposal of a reporting entity, the component of other comprehensive income relating to that reporting entity is reclassified to profit or loss. Hedging reserves Changes in the effective portion of the fair value of derivative financial instruments that are designated and qualify as a cash flow hedge of items that will impact the income statement are recognised in the hedging reserve within equity. Proposed dividends Dividends proposed for the year are recognized as a liability when the distribution is authorized by the share- holders at the annual general meeting (declaration date). Dividends expected to be distributed for the finan- cial year will be presented as a separ ate line item under “Equity”. Proposed dividends on ordinary shares are subject to approval at the Annual General Meeting. ===== SIDA 157 ===== Annual report Page 157 Notes 17. Trade and other payables tEUR 2025 2024 Trade payables 10,577 10,173 Other payables 15,630 16,721 Total payables 26,207 26,894 18. Leas es Right - of - use assets tEUR Buildings Total Balance at January 1, 2025 15,929 15,929 Additions 2,077 2,077 Disposals - 3,651 - 3,651 Modifications 0 0 Exchange rate adjustment 1,361 1,361 Depreciation - 4,190 - 4,190 Depreciation on disposed assets - 489 - 489 Balance at December 31, 2025 11,038 11,038 Balance at January 1, 2024 15,575 15,575 Additions 3,508 3,508 Disposals - 1,240 - 1,240 Modifications 0 0 Exchange rate adjustment 1,985 1,985 Depreciation - 4,680 - 4,680 Depreciation on disposed assets 782 782 Balance at December 31, 2024 15,929 15,929 Accounting policies Prepayments consist of payments received from customers relating to income in subsequent periods. Prepay- ments are mainly classified as current, as the related revenue is recognized within one year. Trade payables are obligations to pay for goods or services acquired in the normal course of business. Trade payables are initially measured at fair value and, subsequently, at amortized cost using the effective interest method. Other payables comprise amounts owed to staff, including wages, salaries and holiday pay; amounts owed to the public authorities, including taxes payable, VAT, excise duties, interest expenses etc. Other financial liabilities comprise amounts payable to sellers as a result of business combinations and asset acquisitions. ===== SIDA 158 ===== Annual report Page 158 Notes 1 8 . Leas es (continued) Lease liabilities tEUR 2025 2024 Maturity analysis - contractual undiscounted cash flows Less than one year 3,683 4,376 One to five years 9,072 13,830 More than five years 534 935 Total undiscounted cash flows 13,289 19,141 Total lease liabilities 11,976 16,936 Current 3,667 4,376 Non - current 8,309 12,560 The total cash outflow for leases during 202 5 was 4 , 560 tEUR (202 4 : 4, 384 tEUR ). Amounts recognized in the consolidated income statement tEUR 2025 2024 Interest on lease liabilities 606 811 Expenses relating to short - term lease 68 98 Expenses relating to lease of low value assets 0 0 Accounting policies The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Group as a lessee The Group applies a single recognition and measurement approach for all leases, except for short - term leases and leases of low - value assets. The Group recognizes lease liabilities to make lease payments and right - of - use assets represent the right to use th e underlying assets. Right - of - use assets The Group recognizes right - of - use assets at the commencement date of the lease (i.e., the date the under- lying asset is available for use). Right - of - use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for a ny remeasurement of lease liabilities (due to indexation of lease payments or extension of leases). The cost of right - of - use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right - of - use assets are depreciated on a straight - line basis over the lease term. Lease liabilities At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in substance fixed payments) less any lease i ncentives receivable. In calculating the present value of lease payments, the Group uses its incremental borrowing rate of 4%, at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease p ayments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to extend the term of lease. Short - term leases and leases of low - value assets The Group applies the short - term lease recognition exemption to its short - term leases (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low - value a ssets recognition exemption to leases. Lease payments on short - term leases and leases of low - value assets are recognized as expense on a straight - line basis over the lease term. ===== SIDA 159 ===== Annual report Page 159 Notes 19. Financial risk management objectives and policies The Group’s activities expose it to a variety of financial risks: market risk (including foreign currency exchange risk and interest rate risk), credit risk, and liquidity risk. The Group has established principles for overall risk management, which seek t o minimize potential adverse effects on the Group’s performance. Market Risk Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. For the Group, market risk comprises foreign currency risk and interest rate risk. Foreign currency risk Foreign currency risk is the risk that the fair value of future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Group’s exposure to the risk of changes in foreign exchange rates relates primarily to the Group’s in ternational operating activities. The Group’s revenues are mainly denominated in DKK, EUR, USD, BRL , CAD and GBP, with limited revenues in SEK and PLN. The revenue in individual currencies is determined by the underlying betting currency at the sportsbook level as well as the exchange rates used by the sportsbook when calculating the revenue share. The currency fluctuations impact these processes and is the inherent risk. Across the Group, expenses have a general pattern which is in line with the revenue in the individual currencies. The expenses mainly origin in DKK, EUR, GBP, and USD, with limited spending in SEK, RON , PLN and BRL . The DKK exchange rate is fixed to the EUR. For GBP and USD, the expenses are linked to and follow the revenue in the entities operating in UK and US, respectively. The major currency exposure in Better Collective arises from the conversion of the USD and GBP denominated entities to the reporting currency , as well as the long - term loan provided from the parent company to Better Collective US Inc to finance the US acquisitions . The 202 5 impact of the fluctuating USD on the USD loan in the parent company was a negative impact on 35 . 0 mEUR compared to a positive impact on 17 , 3 mEUR in 202 4 . The exchange rate adjustments and corresponding tax impact on these loans are included in Other Comprehensive Income for the G roup . The Board of Directors has in general decided not to hedge currency exchange risk given the underlying inherent risk and the capital structure . T he historic exposure to currency fluctuations has not had a material impact on the Group’s financial condition or results of operations . Management deems that a sensitivity analysis showing how profit or pre - tax equity would have been impacted by changes in these foreign exchange rates is not deemed necessary. Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group’s exposure to interest rate risk arises mainly from club financing with floating interest signed in October 2022 and in September 2025 was extended by 3 years to September 202 9 . With 2 59 . 7 mEUR drawn on the facility as of December 202 5 . Better Collective has entered two hedging contracts regarding the interest rate risk for the period October 202 5 to October 202 8 , nominal amount of 550 mDKK each securing the interest rate at 2 . 29 % and 2.3 1 % respectively. M anagement expects to re duce the credit facility in the short to medium term, as the Group is generating positive cash flows, and therefore exposure to interest rate risk is considered minimal. The interest rate risk arising from deposits held are short - term and non - material. The Group regularly monitors its interest rate risk and considers it to be insignificant, therefore an interest rate sensitiv ity analysis is not deemed necessary. Credit risk The Group’s credit risks mainly relate to receivables. The risks are monito red on an ongoing basis and customers are individually assessed for credit limits and exposure. Based on this the exposure is in general considered insignificant. As per December 31, 202 5 , the Group’s impairment for expected loss is included in the trade receivables (ref note 15). Covenants The Group facility with 2 59 . 7 mEUR drawn at December 202 5 is subject to a covenant requiring that debt leverage, defined as net debt divided by 12 months rolling adjusted EBIT D A before special items , must not exceed 3. 2 5x . The covenant is tested and reported end of each quarter until the maturity of the facility. The Group has no indication of any difficulties in complying with this covenant. ===== SIDA 160 ===== Annual report Page 160 Notes 19 . Financial risk management objectives and policies (continued) Expected credit loss on receivables from trade receivables as of December 31, 202 5 : tEUR Expected Loss Rate Gross Receivable Expected loss Net receivable 2025 Not Due 0. 0 % 23,412 0 23, 412 Less than 30 days 0.2% 5,697 14 5,683 Between 31 and 60 days 0.5% 2,701 13 2,689 Between 61 and 90 days 1.4% 1,769 24 1,744 More than 91 days 2 5 .5% 4,360 1, 112 3, 248 Total 3.1% 37,939 1,163 36,776 Limited losses were recognized during 202 5 , and the weighted credit loss has slightly increased compared to 202 4 . Expected credit loss on receivables from trade receivables as of December 31, 202 4 : tEUR Expected Loss Rate Gross Receivable Expected loss Net receivable 2024 Not Due 0.0% 21,934 0 21,934 Less than 30 days 0.3% 6,856 18 6,839 Between 31 and 60 days 0.5% 3,219 17 3,202 Between 61 and 90 days 2.0% 918 19 899 More than 91 days 24.1% 3,490 842 2,648 Total 2.5% 36,417 89 5 35,522 Liquidity risk The Group is exposed to liquidity risk in relation to meeting future obligations associated with its financial liabilities, which mainly include trade payables, other payables, earn - outs and deferred M&A payments, and the credit facility. The G roup ensures adequate liquidity through the management of cash flow forecasts and close monitoring of cash inflows and outflows. ===== SIDA 161 ===== Annual report Page 161 Notes 19 . Financial risk management objectives and policies (c on t inued ) The following table summarizes the maturities of the Group’s financial obligations. tEUR Carrying amount Fair Value Total < 1 year 2 – 5 years > 5 years 2025 Non - derivative financial instruments: Financial liabilities measured at fair value Earn - out consideration 85 85 85 0 85 0 Financial liabilities measured at amortized costs Lease liabilities 11,976 11,976 13,289 3,683 9,072 534 Trade and other payables 26,207 26,207 26,207 26,207 0 0 Deferred payment on acquisitions 79 79 79 16 63 0 Debt to credit institutions 259,946 259,946 306,005 10,551 295,454 0 Other financial liabilities 47, 66 5 47, 66 5 47, 66 5 1 7 , 000 30,665 0 Derivative financial instruments: Financial liabilities measured at fair value Derivates used as hedging instrument 120 120 120 0 120 0 Total financial instruments 34 6 , 078 34 6 , 078 393,4 5 1 57,4 5 7 335,460 534 Assets: Trade and other receivables 73,596 73,596 73,596 73,596 0 0 Other current financial assets 0 0 0 0 0 0 Cash 13,494 13,494 13,494 13,494 0 0 Total financial assets 87,09 0 87,09 0 87,09 0 87,09 0 0 0 tEUR Carrying amount Fair Value Total < 1 year 2 – 5 years > 5 years 2024 Non - derivative financial instruments: Financial liabilities measured at fair value Earn - out consideration 8,617 8,617 8,617 8,617 0 0 Financial liabilities measured at amortized costs Lease liabilities 16,936 16,936 19,141 4,376 13,830 935 Trade and other payables 26,894 26,894 26,894 26,894 0 0 Deferred payment on acquisitions 1,454 1,454 1,454 533 921 0 Debt to credit institutions 259,691 259,691 289,123 10,388 278,735 0 Other financial liabilities 58,885 58,885 58,885 17,775 41,109 0 Derivative financial instruments: Financial liabilities measured at fair value Derivates used as hedging instrument 662 662 662 0 662 0 Total financial instruments 373,139 373,139 404,776 68,583 335,257 935 Assets: Trade and other receivables 63,763 63,763 63,763 63,763 0 0 Other current financial assets 0 0 0 0 0 0 Cash 37,674 37,674 37,674 37,674 0 0 Total financial assets 101,437 101,437 101,437 101,437 0 0 ===== SIDA 162 ===== Annual report Page 162 Notes 19 . Financial risk management objectives and policies (cont inued ) Fair value of Earn - out consideration, contingent consideration, and other financial liabilities All liabilities measured at fair value, or in respect of which the fair value is disclosed, are categorized into levels withi n the fair value hierarchy based on the lowest level input that is significant to the entire fair value measurement, see be- low: Level 1: Quoted priced in an active market for identical assets or liabilities Level 2: Inputs other than quoted prices included in Level 1 that are observable either directly or indirectly Level 3: Inputs that are not based on observable market data (valuation techniques that use inputs that are not based on observable market data) The f air va lue of Earn - Out consideration, and o ther financial liabilities is measured based on weighted probabilities of assessed possible payments discounted to present value (level 3) . Derivates are measured at fair value based on gener- ally accepted valuation methods using available observable market data (level 2) . Fair value of short term liabilities and financial assets In all material aspects the financial liabilities are current/short termed. Non - current loans and overdraft facility are sub- ject to a variable interest rate. Thus, the fair value of the liabilities is considered equal to the booked value. Listed shares included under other current financial assets are measured at fair value (market price) at the balance sheet date. (Fair Value Level 1) . Capital Management For the purpose of the Group’s capital management, capital includes issued capital, share premium, and all other equity reserves attributable to the equity holders of the parent. The primary objective of the Group’s capital management is to maximize shareholder value and to maintain an optimal capital structure. The Group manages its capital structure and makes adjustments in light of changes in economic conditions. To maintain or adjust the capital structure, the Group may adjust the dividend paymen t to sh areholders, issue new shares or return capital to shareholders. Credit facilities As per December 31, 202 5 , Better Collective has drawn 2 59 . 7 mEUR (202 4 : 261 mEUR ) out of the total committed club facility of 319 mEUR established with Nordea and Nykredit. On September 30 , 202 5 Better Collective reestablished its 3 year financing agreement with Nordea and Nykredit with a total committed facility of 319 mEUR and a 80 mEUR higher accordion option with expiry at the end of October 202 8, with an option to extend for one additional year . Net debt includes current and non - current debt to financial institutions and other financial liabilities, less cash and cash equivalents. Change in liabilities arising from financing activity tEUR 2023 Cash flows Net Non cash flow changes 2024 Cash flows Net Non cash flow changes 2025 Non - current financing liabilities 248,657 10,858 177 259,691 0 255 259,946 Leasing and other non - current liabilities 13,326 - 434 - 332 12,560 0 - 4,251 8,309 Current financing liabilities 0 0 0 0 0 0 0 Leasing current liabilities 2,702 - 4,384 6,058 4,376 - 4,560 3,851 3,667 Total liabilities from financing activities 264,685 6,040 5,903 276,627 - 4,560 - 145 271,922 Accounting policies Cash Cash comprise cash at bank and on hand. Liabilities The Group’s liabilities include prepayments from customers, trade payables and overdraft facility. Liabilities are classified as current if they fall due for payment within one year or earlier. If this condition is not met, they are classified as non - curre nt liabilities. Earn - out amounts are measured at fair value through profit and loss . Debt to credit institutions are at initial recognition measured at fair value less transaction cost and subse- quently measured at amortized cost. Other financial liabilities comprise amounts payable to sellers as a result of business combinations and asset acquisitions as well as partnerships. ===== SIDA 163 ===== Annual report Page 163 Notes 20. Change in working capital tEUR 2025 2024 Change in receivables - 9,833 - 5,016 Prepaid expenses - 1,602 - 1,692 Prepayment from customers 3,231 5,566 Change in trades payable, other debt - 2,090 - 12,497 Change in working capital, total - 10,294 - 13,638 21. Business combinations Acquisitions 2024 Acquisition of Playmaker Capital On November 6, 2023 Better Collective announced the acquisition of Playmaker Capital for a total price consideration of 176 mEUR. The consideration comprises 35 % cash and a cap of 65 % shares in Better Collective A/S. The considera- tion is financed partly by own cash and utilization of available facilities of 72 mEUR as well as a share consideration. The share consideration payable to Playmaker Capital shareholders, a total of 3,143,009 Better Collective shares, has been provided by Better Collective delivering 1,387,580 existing shares held as treasury shares and by issuing 1,755,429 new shares. Playmaker Capital is a leading digital sports media group that owns and operates several strong sports media brands across the Americas. The acquisition has been closed on 6 February 2024, and Playmaker Capital are consolidated into Better Collective Group from the closing date. tEUR Purchase amount 110,762 Cash and cash equivalents 4,840 Shares 73,314 Cash outflow 32,608 The transferred consideration was in cash and shares in Better Collective A/S. Acquired net assets at the time of acquisition tEUR Domains and websites 76,523 Customer Relations 7,446 Technology 2,137 Other assets 18,034 Deferred tax liabilities - 18,376 Other liabilities - 68,314 Identified net assets 17,450 Goodwill 93,312 Total consideration 110,762 A goodwill of 93,312 tEUR emerged from the acquisition of Playmaker Capital as an effect of the difference between the transferred consideration and the fair value of acquired net assets. Goodwill is connected to the future growth expecta- tions given the st rong platform and significant synergistic opportunities. The goodwill is not tax deductible. Transaction costs related to the acquisition of Playmaker Capital amounts to 6,420 tEUR. Transaction costs are ac- counted for in the income statements under “special items” since the announcement. The acquisition was completed on February 6, 2024. If the tr ansaction had been completed on January 1, 2024 the group’s revenue would have amounted to 375 mEUR and result after tax would have amounted to 37 mEUR. Acquisition of AceOdds On May 16, 2024 Better Collective announced the acquisition of AceOdds for a total price consideration of 43 mEUR. The consideration consist of 38 mEUR in cash and 2 mEUR as shares in Better Collective A/S. AceOdds is a UK sports betting media brand with its roots in the UK, and this acquisition is poised to enhance Better Collective's presence across the UK, significantly. The acquisition is a strategic move for Bette r Collective with significant synergistic oppor- tunities. The acquisition was closed on 16 May 2024, and AceOdds are consolidated into Better Collective Group from the closing date. ===== SIDA 164 ===== Annual report Page 164 Notes 2 1 . Business combinations (continued) tEUR Purchase amount 42,969 Cash and cash equivalents 2,919 Shares 2,340 Cash outflow 37,710 The transferred consideration was in cash and shares in Better Collective A/S . Acquired net assets at the time of acquisition tEUR Accounts 31,927 Other receivables and assets 680 Cash 2,919 Corporate Tax - 1,420 Deferred Tax Liability - 7,982 Identified net assets 26,124 Goodwill 16,845 Total consideration 42,969 A goodwill of 16,845 tEUR emerged from the acquisition of AceOdds as an effect of the difference between the trans- ferred consideration and the fair value of acquired net assets. Goodwill is connected to the future growth expectations given the strong platf orm and significant synergistic opportunities. The goodwill is not tax deductible. Transaction costs related to the acquisition of AceOdds amounts to 283 tEUR. Transaction costs are accounted for in the income statements under “special items” since the announcement. The acquisition was completed on May 16, 2024. If the transaction had be en completed on January 1, 2024 the group’s revenue would have amounted to 376 mEUR and result after tax would have amounted to 38 mEUR. 22. Related party disclosures The Group has registered the following shareholders with 5% or more equity interest: J Søgaard Holding ApS, 17 .22 %, Sankt Annæ plads 26 - 28 , 125 0 Copenhagen, Denmark Chr. Dam Holding ApS, 17.22 %, Sankt Annæ plads 26 - 28 , 125 0 Copenhagen, Denmark BLS Capital Fonds mæglerselskab A/S, 14.80 %, Strandvejen 724, 2930 Klampenborg Jesper Søgaard and Christian Kirk Rasmussen each hold 17.22 % of the shares in Better Collective A/S through their respective holding companies and BLS Capital Fondsmæglerselskab A/S held 14.80 % by the end of 202 5. The remain- ing shares are held by other shareholders. The Group’s related parties with significant influence include the Group’s Board of Directors, Executive Management , and close family members of these persons. Related parties also include companies in which this circle of persons has significant interests. There have been transactions related to sublease of the Headquarters and related cost with Better Holding ApS and MM Properties ApS , total amounting 117 k EUR . The transactions have all been on arm length. Management remuneration and long - term incentive programs are disclosed in note 5 and 6 . ===== SIDA 165 ===== Annual report Page 165 Notes 23. Group information – subsidiar y information The consolidated financial statements of the Group as of December 31, 202 5 include the following subsidiaries: Name Note Ownership Country Better Collective D.o.o. 100% Serbia Better Collective SAS 100% France Bola Webinformation GmbH 100% Austria Better Collective Greece P.C. 100% Greece Kapa Media Services Ltd. 100% Malta Better Collective Malta Ltd. 100% Malta Better Collective Sweden AB 100% Sweden Digital Sportmedia i Norden AB C 100% Sweden Better Collective Poland SP Z o o 100% Poland Moar Performance Ltd 100% United Kingdom Better Collective Romania SRL 100% Romania Better Collective USA Inc. 100% USA Atemi Ltd. 100% Malta Better Collective UK Services Ltd (Former: Your Media Ltd) 100% United Kingdom Solid Software Ltd (AceOdds) A 100% United Kingdom Mindway AI ApS E 90% Denmark Better Collective Netherlands B.V. 100% Netherlands Better Collective Portugal, Unipessoal Lda 100% Portugal Better Collective Canada Inc. D 100% Canada Austin Holding Co 100% Canada Better Collective Brasil Ltda 100% Brazil Goalmedia Tecnologia E Marketing Digital S.A. 100% Brazil Better Collective Colombia SAS 99% Colombia Tipsbladet ApS 100% Denmark Better Collective Operational Services India Private Limited 100% India Playmaker Capital Inc. 100% Canada La Poche Bleue Inc. B 100% Canada The Nation Network Inc. B 100% Canada PMKR US Inc. B 100% USA Futbol Sites LLC B 100% USA Futbol Sites MX S.A. De C.V. B 100% Mexico AERIS S.A. B 100% Uruguay YB Media, LLC B 100% USA Odenton Company S.A. B 100% Uruguay ===== SIDA 166 ===== Annual report Page 166 23. Group information – subsidiary information (continued) 24. Other contingent liabilities The Group is party to a few lawsuits and disputes that are common within the Group's specific industry. Management believes that these lawsuits and disputes will not significantly affect the financial position of the Group. 25. Events after the reporting date On January 9, 2026, Better Collective convened an Extraordinary General Meeting to resolve on the cancellation of 3,204,020 treasury shares, equal to 5.17%, held by the company following the surpassing of the 5% ownership threshold. In 2026, Better Collective granted stock options to key employees from the 2026 long term incentive program which was established in 2025 . Name Note Ownership Country Wedge Traffic Limited B 100% United Kingdom Wedge Traffic, Inc. B 100% USA Flop Midias Ltda. B 100% Brazil SPRK Midias E Eventos Ltda. B 100% Brazil Futbol Sites Colombia S.A.S. B 100% Colombia FSN SRL B 99% Argentina Sociedad Commercial Futbol Sites Network Chile Limitada B 99% Chile Sociedad Commercial Futbol Dale Ideas Limitada B 100% Chile A Subsidiaries are 100% owned by Moar Performance Ltd B Subsidiaries are 100% owned by Playmaker Capital Inc. C Subsidiaries are 100% owned by Better Collective Sweden AB D Subsidiaries are 100% owned by US Inc. E As per December 31, 2025, the value of non - controlling interests is 0 EUR. ===== SIDA 167 ===== Annual report Page 167 Statement of profit and loss 168 Statement of comprehensive income 168 Balance sheet 169 Statement of changes in equity 170 Cash flow statement 171 Parent Company Financial Statements ===== SIDA 168 ===== Annual report Page 168 Statement of profit and loss Note tEUR 2025 2024 2 Revenue 106,732 129,221 Other operating income 21,381 21,435 Direct costs related to revenue 19,179 21,306 3, 4 Staff costs 48,124 52,240 14 Depreciation 3,153 2,978 5 Other external expenses 22,922 26,487 Operating profit before amortization (EBITA) and special items 34,734 47,645 12 Amortization 11,641 13,420 Operating profit (EBIT) before special items 23,093 34,225 6 Special items, net - 2,856 960 Operating profit 20,238 35,186 9 Financial income 33,308 80,222 10 Financial expenses 65,189 34,749 Profit before tax - 11,644 80,658 11 Tax on profit for the period - 6,437 9,549 Profit for the period - 5,207 71,109 Statement of comprehensive income Note tEUR 2025 2024 Profit for the period - 5,207 71,109 Other comprehensive income Other comprehensive income that may be reclassified to profit or loss in subsequent periods: Fair value adjustment of hedges for the year 542 - 180 Currency translation to presentation currency - 699 - 2,688 11 Income tax - 119 146 Net other comprehensive income/loss - 276 - 2,722 Total comprehensive income/(loss) for the period, net of tax - 5,483 68,387 ===== SIDA 169 ===== Annual report Page 169 B alance sheet Note tEUR 2025 2024 Assets Non - current assets 12.13 Intangible assets Goodwill 17,774 17,795 Domains and websites 168,023 169,227 Accounts and other intangible assets 31,248 46,543 Total intangible assets 217,045 233,565 14 Tangible assets Right of use assets 5,755 7,750 Fixtures and fittings, other plant and equipment 1,740 2,891 Total tangible assets 7,495 10,641 Financial assets 7 Investments in subsidiaries 370,894 377,085 8 Receivables from subsidiaries 346,618 372,121 Deposits 1,013 1,000 Total financial assets 718,526 750,206 Total non - current assets 943,066 994,413 Current assets 16 Trade and other receivables 19,604 22,089 19 Receivables from subsidiaries 49,245 39,698 Tax receivable 1,782 0 Prepayments 2,386 3,220 Other current financial assets 0 0 19 Cash 242 12,667 Total current assets 73,259 77,675 Total assets 1,016,325 1,072,088 Note tEUR 2025 2024 Equity and liabilities Equity Share Capital 620 631 Share Premium 469,444 469,460 Reserves - 39,295 - 23,876 Retained Earnings 238,127 260,171 Total equity 668,896 706,387 Non - current Liabilities 19 Debt to credit institutions 259,946 259,691 18 Lease liabilities 4,034 6,043 11 Deferred tax liabilities 9,925 18,375 19 Other non - current financial liabilities 23,355 34,887 Total non - current liabilities 297,261 318,996 Current Liabilities Prepayments received from customers and deferred revenue 9,170 4,612 17 Trade and other payables 5,369 6,302 19 Payables to subsidiaries 26,556 17,579 11 Tax payable 0 2,433 19 Other current financial liabilities 7,071 13,856 18 Lease liabilities 2,002 1,924 Total current liabilities 50,168 46,705 Total liabilities 347,429 365,701 Total equity and liabilities 1,016,325 1,072,088 ===== SIDA 170 ===== Annual report Page 170 Statement of changes in equity tEUR Share capital Share premium Currency transla - tion re - serve Hedging reserves Treasury shares Retained earnings Total equity As of January 1, 2025 631 469,460 - 3,024 - 517 - 20,336 260,171 706,387 Result for the period 0 0 0 0 0 - 5,207 - 5,207 Fair value adjustment of hedges 0 0 0 542 0 0 542 Foreign currency translation 0 0 - 699 0 0 0 - 699 Tax on other comprehensive income 0 0 0 - 119 0 0 - 119 Total other comprehensive income 0 0 - 699 423 0 0 - 276 Total comprehensive income for the year 0 0 - 699 423 0 - 5,207 - 5,483 Transactions with owners Capital Decrease - 11 - 16 0 0 20,336 - 20,309 0 Acquisition of treasury shares 0 0 0 0 - 35,590 0 - 35,590 Disposal of treasury shares 0 0 0 0 112 0 112 Share based payments 0 0 0 0 0 3,508 3,508 Transaction cost 0 0 0 0 0 - 36 - 36 Total transactions with owners - 11 - 16 0 0 - 15,142 - 16,837 - 32,006 At December 31, 2025 620 469,444 - 3,723 - 94 - 35,478 238,127 668,896 During the period no dividend was paid. tEUR Share capital Share premium Currency transla - tion re - serve Hedging reserves Treasury shares Retained earnings Total equity As of January 1, 2024 554 274,580 - 336 - 483 - 21,057 189,952 443,211 Result for the period 0 0 0 0 0 71,109 71,109 Fair value adjustment of hedges 0 0 0 - 180 0 0 - 180 Foreign currency translation 0 0 - 2,688 0 0 0 - 2,688 Tax on other comprehensive income 0 0 0 146 0 0 146 Total other comprehensive income 0 0 - 2,688 - 34 0 0 - 2,722 Total comprehensive income for the year 0 0 - 2,688 - 34 0 71,109 68,387 Transactions with owners Capital Increase 77 194,880 0 0 0 - 1,758 193,199 Acquisition of treasury shares 0 0 0 0 - 22,533 0 - 22,533 Disposal of treasury shares 0 0 0 0 23,254 9,017 32,271 Share based payments 0 0 0 0 0 - 5,131 - 5,131 Transaction cost 0 0 0 0 0 - 3,018 - 3,018 Total transactions with owners 77 194,880 0 0 721 - 890 194,788 At December 31, 2024 631 469,460 - 3,024 - 517 - 20,336 260,171 706,387 During the period no dividend was paid. ===== SIDA 171 ===== Annual report Page 171 Statement of cash flows parent Note tEUR 2025 2024 Profit before tax - 11,644 80,658 Adjustment for finance items 31,881 - 45,473 Adjustment for special items 2,856 - 960 Operating Profit for the period before special items 23,093 34,225 Depreciation and amortization 14,794 16,397 Other adjustments of non - cash operating items 1,625 659 Cash flow from operations before changes in working capital and special items 39,512 51,281 20 Change in working capital 16,374 - 25,073 Cash flow from operations before special items 55,886 26,208 Special items, cash flow - 1,924 - 7,637 Cash flow from operations 53,962 18,571 Dividend received 7,569 33,886 Other Financial income, received 2,780 3,365 Financial expenses, paid - 16,155 - 12,484 Cash flow from ordinary activities before tax 48,156 43,338 Income tax paid - 6,072 - 708 Cash flow from operating activities 42,084 42,630 10 Acquisition of businesses - 925 - 59,331 12 Acquisition of intangible asset - 12,673 - 20,538 Acquisition of tangible assets - 17 - 1,447 Sale of tangible assets 0 0 Non - current loans to subsidiaries - 5,257 - 94,005 Acquisition of other financial assets 0 0 Sale of other financial assets 0 3,232 Change in other non - current assets 0 0 Cash flow from investing activities - 18,873 - 172,090 Note tEUR 2025 2024 19 Repayment of borrowings - 257,373 - 113,271 19 Proceeds from borrowings 260,054 124,129 Lease liabilities - 2,191 - 2,092 Other non - current liabilities - 546 Capital increase 146,362 Treasury Shares - 35,590 - 20,336 Transaction cost - 36 - 3,018 Warrant settlement, sale of warrants - 371 - 6,911 Cash flow from financing activities - 35,507 124,317 Cash flows for the period - 12,296 - 5,142 Cash and cash equivalents at beginning 12,667 17,826 Foreign currency translation of cash and cash equivalents - 129 - 17 Cash and cash equivalents period end 242 12,667 Cash and cash equivalents period end Cash 242 12,667 Cash and cash equivalents period end 242 12,667 ===== SIDA 172 ===== Annual report Page 172 1. Accounting policies 173 2. Revenue specification 173 3. Staff costs 174 4. Share - based payments 174 5. Fees paid to auditors appointed at the annual general meeting 174 6. Special items 175 7. Finance income 175 8. Finance expenses 175 9. Income tax 176 10. Intangible assets 177 11. Intangible assets with indefinite life 178 12. Tangible assets 179 13. Investments in subsidiaries 180 14. Non - current financial assets 180 15. Issued capital and reserves 181 16. Trade and other receivables 181 17. Trade and other payables 181 18. Leases 181 19. Financial risk management objectives and policies 182 20. Change in working capital 186 21. Other contingent liabilities 186 22. Related party disclosures 186 Notes to the parent financial statement ===== SIDA 173 ===== Annual report Page 173 Notes 1. Accounting policies Reference is made to notes to the consolidated financial statements. For the treatment of subsidiaries reference is made to note 23 . 2. Revenue specification In accordance with IFRS 15 disclosure requirements, total revenue is split on Revenue Share, Cost per Acquisition (CPA), Subscription Revenue , Sponsorships and Other, as follows: tEUR 2025 2024 Revenue category Recurring revenue (Revenue share, Subscription, CPM) 55,463 98,933 CPA, Sponsorships 50,545 29,618 Other 724 670 Total revenue 106,732 129,221 % - split Recurring revenue 52 76 CPA, Sponsorships 47 23 Other 1 1 Total 100 100 The parent company has earned 2 6 mEUR (202 4 : 46 mEUR) in revenues from one major customer, which represents 24 % of the parent company’s revenue (202 4 : 36 %). The revenue is related to all operating segments. tEUR 2025 2024 Revenue type Revenue Share 45,289 89,030 CPA 33,203 11,951 Subscription 604 1,155 Sponsorships 17,322 17,667 CPM 9,570 8,748 Other 744 670 Total revenue 106,732 129,221 % - split Revenue Share 42 69 CPA 31 9 Subscription 1 1 Sponsorships 16 13 CPM 9 7 Other 1 1 Total 100 100 Accounting policies Reference is made to note 4 of the consolidation financial statement. Other operating income: Other operating income in the Parent Company consists of management fees for subsidiaries and rent income from subsidiaries and external. Other operating income is recognized at the time of delivery of the services. ===== SIDA 174 ===== Annual report Page 174 Notes 3. Staff costs tEUR 2025 2024 Wages and salaries 16,803 17,601 Pensions, defined contribution 1,753 1,745 Other social security costs 376 278 Share - based payments 1,625 659 Other staff costs - 119 - 210 Intercompany personnel costs 27,687 32,167 Total staff cost 48,124 52,240 Average number of full - time employees 159 181 * Average number of full - time employees does not include recharged personal cost. For remuneration of Key employees , Executive Management and the Board of Directors, reference is made to the dis- closures in note 5 of the consolidated financial statements. 4. Share - based payments Better Collective A/S has issued share options to key employees and members of the Executive Board of the Com- pany. Refer to note 6 to the consolidated financial statements for a list of current incentive share option schemes and a description of the assump tions used for the valuation of the share options granted in 202 5 . Total costs recognized in 202 5 amounted 1,625 tEUR (202 4 : 659 tEUR) . 5. Fees paid to auditors appointed at the annual general meeting tEUR 2025 2024 Fee related to statutory audit 142 504 Fees for tax advisory services 0 0 Assurance engagements 14 5 287 Other assistance 0 30 Total audit fees 287 821 Assurance engagements provided by EY amounted to 14 5 tEUR in 2025, relating to ESG assurance. Non - audit services provided by EY did not exceed 70% of the audit fees in accordance with EU audit legislation. ===== SIDA 175 ===== Annual report Page 175 Notes 6. Special items Significant income and expenses, which Better Collective consider no t part of ordinary business are presented in the Income statement in a separate line item labelled ‘Special items’. The impact of special items is specified as follows: tEUR 2025 2024 Operating profit 20,238 35,186 Special Items related to: M&A - 74 - 247 Variable payments regarding acquisitions - income - 142 2,549 Redundancies, restructuring and other non - recurring expenses 0 1,342 Special items related to Restructuring - 2,640 - Special items, total - 2,856 960 Operating profit (EBIT) before special items 23,093 34,225 Amortization and impairment 11,641 13,420 Operating profit before amortization and special items (EBITA before special items) 34,734 47,644 Depreciation 3,153 2,978 Operating profit before depreciation, amortization, and special items (EBITDA before special items) 37,887 50,622 7. Finance income tEUR 2025 2024 Exchange gains 2,962 34,197 Interest Income 171 1,068 Interest income, group entities 12,900 10,759 Dividend income 17,275 34,186 Other financial income 0 11 Total finance income 33,308 80,222 8. Finance expenses tEUR 2025 2024 Exchange losses 45,665 15,566 Interest expenses 11,128 14,387 Interest - right of use assets (Leasing) 268 319 Interest expenses, group entities 324 296 Other financial costs 1,192 4,181 Write down of receivables from subsidiaries 871 0 Impairment of investments in subsidiaries 5,741 0 Total finance expenses 65,189 34,749 ===== SIDA 176 ===== Annual report Page 176 Notes 9. Income tax Total tax for the year is specified as follows: tEUR 2025 2024 Tax for the period - 6,437 9,549 Tax on other comprehensive income - 119 146 Total - 6,556 9,695 Income tax of profit from the year is specified as follows: tEUR 2025 2024 Deferred tax - 7,717 4,529 Current tax 3,624 5,393 Adjustment from prior years - 2,343 - 373 Total - 6,437 9,549 Tax on the profit for the year can be explained as follows: tEUR 2025 2024 Specification for the period: Calculated 22% tax of the result before tax - 2,562 17,745 Tax effect of: Special items 163 0 Non - taxable income - 4,239 - 7,850 Non - deductible costs 1,861 217 Other tax adjustments 683 - 189 Reassesment of unrecognized tax losses carried forward - 2,285 0 Adjustment from prior years - 58 - 373 Total - 6,437 9,549 Effective tax rate 55.3% 11.8% tEUR 2025 2024 Deferred tax liabilities Deferred tax liabilities January 1 18,375 13,832 Adjustments of deferred tax in profit and loss - 7,717 4,529 Exchange rate adjustment - 733 14 Deferred tax liabilities December 31 9,925 18,375 Deferred tax is recognized in the balance sheet as: Deferred tax asset 0 0 Deferred tax liability 9,925 18,375 Deferred tax liabilities December 31 9,925 18,375 Deferred tax is related to: Intangible assets 9,925 18,432 Tangible assets 0 - 57 Liabilities 0 0 Tax loss carry forward 0 0 Deferred tax liabilities December 31 9,925 18,375 ===== SIDA 177 ===== Annual report Page 177 Notes 10. Intangible assets tEUR Goodwill Domains and websites Accounts and other intangible assets* Total Cost or valuation As of January 1, 2025 17,795 169,227 82,914 269,936 Additions 0 0 1,223 1,223 Disposals 0 0 - 4,769 - 4,769 Currency Translation - 21 - 1,204 - 3 7 - 1,26 2 At December 31, 2025 17,774 168,023 7 9 , 331 26 5 , 128 Amortization and impairment As of January 1, 2025 0 0 36,371 36,371 Amortization for the period 0 0 12,341 12,341 Amortization on disposed assets 0 0 - 629 - 629 Currency translation 0 0 0 0 At December 31, 2025 0 0 48,083 48,083 Net book value at December 31, 2025 17,774 168,023 3 1 , 248 21 7 , 045 * Accounts and other intangible assets consist of accounts ( 1, 700 tE UR ) , Partnerships ( 28,781 tEUR ) and software and others ( 767 tE UR ) . tEUR Goodwill Domains and websites Accounts and other intangible assets* Total Cost or valuation As of January 1, 2024 17,812 167,831 72,754 258,397 Additions 0 0 12,978 12,978 Disposals 0 0 - 2,748 - 2,748 Currency Translation - 17 1,396 - 69 1,3 09 At December 31, 2024 17,795 169,227 82,914 269,936 Amortization and impairment As of January 1, 2024 0 0 22,336 22,336 Amortization for the period 0 0 14,794 14,794 Amortization on disposed assets 0 0 - 1,374 - 1,374 Currency translation 0 0 615 615 At December 31, 2024 0 0 36,371 36,371 Net book value at December 31, 2024 17,795 169,227 46,543 233,565 *Accounts and other intangible assets consist of accounts (1,980 tEUR), Partnerships (44,332 tEUR) and software and others (2 32 tEUR). ===== SIDA 178 ===== Annual report Page 178 Notes 11. Intangible assets with indefinite life Intangible assets consist of goodwill and domains and websites. The parent company’s domains and websites arise from asset acquisitions. Goodwill, d omains and websites are not subject to amortization, but are reviewed annually for impairment, or more frequently if there are any indicators of impairment noted during the year. Cash - generating units A cash - generating unit represents the smallest identifiable group of assets that together have cash inflows that are largely independent of the cash inflows from other assets. M anagement has determined that , the parent company will continue to have two CGU’s; Esports and P ublishing (previously; HLTV and Rest of BC ). Performance and cash flows from goodwill, domains and websites owned by the individual cash generating units are allocated and form the basis for impairment. Carrying amount of goodwill and Domains and Websites for the CGUs: 2025 tEUR Esports Publishing Total Goodwill 17,774 0 17,774 Domains and Websites 124,273 43,750 168,023 2024 tEUR Esports Publishing Total Goodwill 17,795 0 17,795 Domains and Websites 124,450 44,777 169,227 Recoverable amount When testing for impairment, Better Collective estimates a recoverable amount for goodwill and for domain and web- sites . The recoverable amount is the higher of the asset or cash - generating unit’s fair value less costs of disposal and its value in use. The recoverable amount is normally determined for an individual asset, unless the asset does not generate cash inflows tha t are largely independent of those from other assets or groups of assets. The recoverable number of domains and websites has been determin ed on the level of the cash - generating units, as explained above. Impairment test: For all CGUs, Esports and Publishing , the Management has performed an impairment test on goodwill and doma ins and websites as of December 31, 202 5 , on a value - in - use basis. Key estimates in the impairment test are growth in revenue, gross profits, discount rate and growth expectations in the terminal period. These are based on current and future de- velopment in the CGUs and on historical data, includ ing expected long - term market growth. Data is based on both internal and external data sources. Management has based the value - in - use by estimating the present value of future cash flows from a three - year forecast for 2026 - 2028. The forecast indicates an average annual revenue growth up to 14% in 2028 and a normalized average margin of 35%. Beyond th e forecast, EBITDA growth, cash conversion and tax - rates have been projected with a time horizon of 7 years until 2035. From 2029 onward, the average gross profit growth rate is estimated to decline. In 2029, the average growth rate is projected to be 8% a nd the decline continues, reaching 3% by 2035, stabilizing thereafter at a theoretical steady state level in the terminal period. Based on expected 2035 EBITDA and cash flow, management has applied a terminal value growth rate of 2.5%. The cash flows assume a discount factor of 10.4 % for Publishing and 9.5% for Esports on the Group’s weighted average cost of capital (WACC) in all years 2026 - 2035. To account for the different tax rates in the markets where the three CGUs operate, we have used the local tax rate. In practice, we have applied a revenue split by country for the CGUs and multiplied it by the respective country’s tax rate. As at December 31, 2025 and December 31, 2024 the Board of Directors have evaluated goodwill, domains and websites for impairment. The results of the impairment tests for goodwill and domains and websites showed that the recoverable amount exceeded the carrying value and that there was no impairment loss to be recognized. The Board of Directors have approved the inputs to the impairment testing and are satisfied that the judgements made are appropriate ===== SIDA 179 ===== Annual report Page 179 Notes 12. Tangible assets tEUR Right of use assets Fixtures and fittings, other plant and equip- ment Total Cost or valuation As of January 1, 2024 8,422 3,817 12,239 Additions 2,223 1,447 3,670 Disposals 0 - 84 - 84 Currency Translation - 7 - 4 - 11 At December 31, 2024 10,637 5,177 15,814 Depreciation and impairment As of January 1, 2024 954 1,323 2,277 Depreciation for the period 1,941 1,043 2,984 Depreciation on disposed assets - 7 - 80 - 87 Currency translation - 1 - 1 - 2 At December 31, 2024 2,887 2,286 5,172 Net book value at December 31, 2024 7,750 2,891 10,641 tEUR Right of use assets Fixtures and fittings, other plant and equip- ment Total Cost or valuation As of January 1, 2025 10,637 5,177 15,814 Additions 0 17 1 7 Disposals 0 0 0 Currency Translation - 1 4 - 6 - 20 At December 31, 2025 10,62 3 5,188 15,81 1 Depreciation and impairment As of January 1, 2025 2,887 2,286 5,17 3 Depreciation for the period 1,985 1,165 3,15 0 Depreciation on disposed assets 0 0 0 Currency translation - 4 - 3 - 7 At December 31, 2025 4,86 8 3,448 8,316 Net book value at December 31, 2025 5,755 1,740 7,49 5 ===== SIDA 180 ===== Annual report Page 180 Notes 13 . Investments in subsidiaries Reference is made to note 2 3 of the consolidated financial statements for a list of companies in the Better Collective Group . An investment in a subsidiary has been impaired due to change in the internal setup in certain markets within the Group. The impairment of investments in subsidiaries amounts to 5,741 kEUR and has no impact in the Group financial statements. Reference is made to note 13 of the consolidated financial statement. 14. Non - current financial assets tEUR Receivables from Subsidiar- ies Other non - current financial assets Total Cost at January 1, 2025 372,121 1,000 373,121 Additions 15,568 13 15,581 Disposals - 5,090 0 - 5,090 Exchange rate adjustment - 35,110 0 - 35,110 Cost at December 31, 2025 347,489 1,013 348,502 Value adjustment at January 1, 2025 0 0 0 Impairment - 871 0 - 871 Value adjustment at December 31, 2025 - 871 0 - 871 Carrying amount at December 31, 2025 346,618 1,013 347,631 Cost at January 1, 2024 282,016 0 282,016 Additions 71,242 1,000 72,242 Disposals - 201 0 - 201 Exchange rate adjustment 19,064 0 19,064 Cost at December 31, 2024 372,121 1,000 373,121 Value adjustment at 1 January, 2024 0 0 0 Impairment 0 0 0 Value adjustment at 31 December, 2024 0 0 0 Carrying amount at 31 December, 2024 372,121 1,000 373,121 tEUR 2025 2024 Subsidiaries Cost at January 1 377,085 234,330 Additions 63 142,912 Exchange rate to reporting currency - 513 - 157 Cost at December 31 376,635 377,085 Value adjustment at January 1 0 0 Impairment - 5,741 0 Reversal of impairment 0 0 Value adjustment at December 31 - 5,741 0 Carrying amount at December 31 370,894 377,085 Accounting policies Investments in subsidiaries Investments in subsidiaries and other investments are measured at cost. If the cost exceeds the recoverable amount, the carrying amount is reduced to such lower value. ===== SIDA 181 ===== Annual report Page 181 Notes 15. Issued capital and reserves Reference is made to the disclosures in note 16 of the consolidated financial statements. 16. Trade and other receivables tEUR 2025 2024 Trade receivables 14,000 13,486 Accrued revenue 5,123 7,947 Other receivables 481 656 Total receivables 19,604 22,089 17. Trade and other payables tEUR 2025 2024 Trade payables 2,562 2,814 Other payables 2, 807 3,488 Total payables 5, 369 6,302 18. Leas es Right - of - use assets Lease liabilities tEUR 2025 2024 Maturity analysis - contractual undiscounted cash flows Less than one year 1,892 1,892 One to five years 4,039 6,238 More than five years 0 0 Total undiscounted cash flows 5,931 8,130 Total lease liabilities 6,036 7,967 Current 2,002 1,924 Non - current 4,034 6,043 The total cash outflow for leases in 202 5 was 2. 1 9 1 tEUR (202 4 : 2,092 tEUR). tEUR Buildings Total Balance at January 1, 2025 7,750 7,750 Additions 2,220 2,220 Disposals 0 0 Modifications 0 0 Exchange rate adjustment - 297 - 297 Depreciation - 1,985 - 1,985 Depreciation on disposed assets - 1,932 - 1,932 Balance at December 31, 2025 5,755 5,755 Balance at January 1, 2024 7,469 7,469 Additions 2,223 2,223 Disposals 0 0 Modifications 0 0 Exchange rate adjustment - 6 - 6 Depreciation - 1,941 - 1,941 Depreciation on disposed assets 7 7 Balance at December 31, 2024 7,750 7,750 ===== SIDA 182 ===== Annual report Page 182 Notes 18. Leas es (continued) Amounts recognized in the consolidated income statement tEUR 2025 2024 Interest on lease liabilities 268 319 Expenses relating to short - term lease 19 17 Expenses relating to lease of low value assets 0 0 19. Financial risk management objectives and policies The parent company’s activities expose it to a variety of financial risks: market risk (including foreign currency ex- change risk and interest rate risk), credit risk, and liquidity risk. The parent company has established principles for overall risk manage ment, which seek to minimize potential adverse effects on the parent company’s performance. Market Risk Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. For the parent company, market risk comprises foreign currency risk and interest rate risk. Foreign currency risk Foreign currency risk is the risk that the fair value of future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The parent company´s exposure to the risk of changes in foreign exchange rates relates primarily to the p arent company’s international operating activities. The parent company’s revenues are mainly de- nominated in DKK and EUR, with limited revenues in GBP, USD, and PLN. The majority of the parent company’s ex- penses are employee costs, which are denominated in the Group entities’ functional currency, DKK together with ex- penses. Expenses have a pattern there is in line with the revenue. The expenses are mainly in DKK, EUR and limited GBP, USD, and PLN. The DKK rate is fixed to the EUR. Since revenues in other for eign currencies than DKK and EUR (GBP, USD, and PLN) are limited and expenses in GBP, USD, and PLN reduces the exposure, the parent company is not overly exposed to foreign currency risk for the ongoing operations. The parent company has provided long - term intercompany loans in USD to Better Collective US, Inc. to fund the acqui- sitions in the US. The unrealized exchange rate gains/losses are recorded in the profit and loss in the parent company. Beyond the impact due to loans mentioned above, the historic exposure to currency fluctuations has not had a mate- rial impact on the parent company’s financial condition or results of operations. Accordingly, Management deems that a further sensitivity anal ysis showing how profit or pre - tax equity would have been impacted by changes in these for- eign exchange rates is not necessary. Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The p arent c ompany ’s exposure to interest rate risk arises mainly from club financing with floating interest signed in October 2022 and in September 2025 was extended by 3 years to September 2029. With 259.7 mEUR drawn on the facility as of December 2025. Better Collective has entered two hedging contracts regarding the interest rate risk for the perio d October 2025 to October 2028, nominal amount of 550 mDKK each securing the interest rate at 2.29% and 2.31% respectively. Management expects to reduce the credit facility in the short to medium term, as the Group is generating positive cash flows, and therefore exposure to interest rate risk is considered minimal. The interest rate risk arising from deposits held are short - te rm and non - material. The parent company regularly monitors its interest rate risk and considers it to be insignificant, therefore an interest rate sensitivity analysis is not deemed necessary. Credit risk T he parent company uses a simplified IFRS 9 expected credit loss model. The model implies that the expected loss over the lifetime of the asset is recognized in the profit and loss immediately and is monitored on an ongoing basis until realization . The parent company has very limited overdue trade receivables and historically there has been mini- mal losses on trade receivables and the subsidiaries have a high liquidity ratio. The inputs to the expected credit loss model reflects this. As per December 31, 202 5 the parent company’s impairment for expected loss is included in the trade receivables (ref note 15) . ===== SIDA 183 ===== Annual report Page 183 Notes 19. Financial risk management objectives and policies (cont inued ) Expected credit loss on receivables from trade and subsidiaries can be specified as follows: tEUR Expected Loss Rate Gross Receivable Expected loss Net receivable 2025 Not Due 0. 0 % 9,107 0 9, 107 Less than 30 days 0.2% 2,490 6 2,484 Between 31 and 60 days 0.7% 1,392 10 1,382 Between 61 and 90 days 2.5% 130 3 127 More than 91 days 31 . 1 % 1,305 4 05 9 00 Total 2.9% 14,425 425 14,000 Receivables from subsidiaries 0% 396,734 0 396,734 L imited losses were recognized during 202 5 and the weighted credit loss has slightly increased compared to 202 4 . tEUR Expected Loss Rate Gross Receivable Expected loss Net receivable 2024 Not Due 0.0% 7,736 1 7,735 Less than 30 days 0.3% 4,028 11 4,017 Between 31 and 60 days 1.1% 437 5 432 Between 61 and 90 days 3.4% 207 7 200 More than 91 days 31.0% 1,596 494 1,102 Total 3.7% 14,004 518 13,486 Receivables from subsidiaries 0% 411,819 0 411,819 Liquidity risk The parent company is exposed to liquidity risk in relation to meeting future obligations associated with its financial liabilities, which mainly include trade payables, other payables and the credit facility. The parent company ensures ad- equate liquidity through the management of cash flow forecasts and close monitoring of cash inflows and outflows. ===== SIDA 184 ===== Annual report Page 184 Notes 19. Financial risk management objectives and policies (cont inued ) The following table summarizes the maturities of the parent company’s financial obligations. Contractual cash flows: Carrying amount Fair Value Total < 1 year 2 – 5 years > 5 years 2025 Non - derivative financial instruments: Financial liabilities measured at fair value through profit and loss Earn - out consideration 85 85 85 0 85 0 Financial liabilities measured at amortized costs Lease liabilities 6,036 6,036 5,931 1,892 4,039 0 Trade and other payables 5,369 5,369 5,369 5,369 0 0 Deferred payment on acquisitions 79 79 79 16 63 0 Payables to subsidiaries 26,556 26,556 26,556 26,556 0 0 Loans from subsidiaries 0 0 0 0 0 0 Debt to credit institutions 259,946 259,946 306,005 10,551 295,454 0 Other financial liabilities measured at fair value 30,426 30,426 30,426 7,071 23,355 0 Derivative financial instruments: Financial liabilities measured at fair value Derivatives used as hedging instrument 120 120 120 0 120 0 Total financial instruments 328,618 328,618 374,572 51,456 323,116 0 Assets: Non - current financial assets, subsidiaries 346,618 346,618 450,604 20,797 429,806 0 Trade and other receivables 19,604 22,089 22,089 22,089 0 0 Receivable from subsidiaries 49,245 49,245 49,245 49,245 0 0 Other current financial assets 0 0 0 0 0 0 Cash 242 242 242 242 0 0 Total financial assets 415,710 418,195 522,180 92,374 429,806 0 Contractual cash flows: Carrying amount Fair Value Total < 1 year 2 – 5 years > 5 years 2024 Non - derivative financial instruments: Financial liabilities measured at fair value through profit and loss Earn - out consideration 0 0 0 0 0 0 Financial liabilities measured at amortized costs Lease liabilities 7,967 7,967 8,130 1,892 6,238 0 Trade and other payables 6,302 6,302 6,302 6,302 0 0 Deferred payment on acquisitions 921 921 921 0 921 0 Payables to subsidiaries 17,579 17,579 17,579 17,579 0 0 Loans from subsidiaries 0 0 0 0 0 0 Debt to credit institutions 259,691 259,691 289,123 10,388 278,735 0 Other financial liabilities measured at fair value 47,823 47,823 47,823 47,624 41,109 0 Derivative financial instruments: Financial liabilities measured at fair value Derivatives used as hedging instrument 662 662 662 0 662 0 Total financial instruments 340,945 340,945 370,540 83,785 327,666 0 Assets: Non - current financial assets, subsidiaries 372,121 372,121 465,151 18,606 446,545 0 Trade and other receivables 22,089 22,089 22,089 22,089 0 0 Receivable from subsidiaries 39,698 39,698 39,698 39,698 0 0 Other current financial assets 0 0 0 0 0 0 Cash 12,667 12,667 12,667 12,667 0 0 Total financial assets 446,575 446,575 539,605 93,060 446,545 0 ===== SIDA 185 ===== Annual report Page 185 Notes 19. Financial risk management objectives and policies (continued) Fair value of Earn - out consideration, contingent consideration, and other financial liabilities All liabilities measured at fair value, or in respect of which the fair value is disclosed, are categorized into levels withi n the fair value hierarchy based on the lowest level input that is significant to the entire fair value measurement, see be- low: Level 1: Quoted priced in an active market for identical assets or liabilities Level 2: Inputs other than quoted prices included in Level 1 that are observable either directly or indirectly Level 3: Inputs that are not based on observable market data (valuation techniques that use inputs that are not based on observable market data) The fair value of Earn - Out consideration, and other financial liabilities is measured based on weighted probabilities of assessed possible payments discounted to present value (level 3). Derivates are measured at fair value based on gen - erally accepted val uation methods using available observable market data (level 2). Fair value of short term liabilities and financial assets In all material aspects the financial liabilities are current/short termed. Non - current loans and overdraft facility are sub- ject to a variable interest rate. Thus, the fair value of the liabilities is considered equal to the booked value. Listed shares included under other current financial assets are measured at fair value (market price) at the balance sheet date. (Fair Value Level 1) . Capital Management For the purpose of the parent company’s capital management, capital includes issued capital, share premium, and all other equity reserves attributable to the equity holders of the parent. The primary objective of the parent company’s capital management is to maximize shareholder value and to maintain an optimal capital structure. The parent com- pany manages its capital structure and makes adjustments in light of changes in economic conditions. To maintain or adjust the capital structure, the parent company m ay adjust the dividend payment to shareholders, issue new shares or return capital to shareholders. Credit facilities As per December 31, 202 5 , Better Collective has drawn 26 6.4 mEUR (202 4 : 261 mEUR) out of the total committed club facility of 319 mEUR established with Nordea and Nykredit. On September 30 , 202 5 Better Collective reestablished its 3 year financing agreement with Nordea and Nykredit Bank with a total committed facility of 319 mEUR and a 80 mEUR higher accordion option with expiry at the end of October 202 8, with an option to extend for one additional year . Change in liabilities arising from financing activity tEUR 2023 Cash flows Net Non cash flow changes 2024 Cash flows Net Non cash flow changes 2025 Non - current financing liabilities 248,657 10,858 177 259,691 2,681 - 2,426 259,946 Leasing and other non - current liabilities 6,024 - 546 565 6,043 0 - 2,009 4,034 Current financing liabilities Payables to subsidiaries 11,993 5,586 0 17,579 8,977 0 26,556 Leasing current liabilities 1,483 - 2,092 2,533 1,924 - 2,191 2,269 2,002 Total liabilities from financing activities 268,156 13,806 3,275 285,237 9,467 - 2,166 292,539 ===== SIDA 186 ===== Annual report Page 186 Notes 20. Change in working capital tEUR 2025 2024 Change in receivables 2,485 - 6,354 Changes in Intercompany balances 9,430 - 17,058 Prepaid expenses 834 - 767 Prepayment - from Customers 4,558 4,300 Change in trades payable, other debt - 933 - 5,193 Change in working capital, total 16,374 - 25,073 21. Other contingent liabilities Other contingent liabilities The Parent Company is jointly taxed with the Danish subsidiaries, Tipsbl a det ApS and Mindway A I ApS . As administra- tion company, the Company has unlimited joint and several liability, together with the subsidiaries, for payment of Danish corporation taxes and withholding taxes on dividends, interest and royalties within the joint taxation group. Any subse quent corrections of income subject to joint taxation and withholding taxes, etc., may entail that the entities’ liability will increase. The Parent Company is party to a few lawsuits and disputes that are common within the Company's specific industry. Management believes that these lawsuits and disputes will not significantly affect the financial position of the Parent Company. The Parent Company has issued a letter of subordination to Mindway AI ApS regarding continued financial support. The letter of subordination is unrestricted and expires 12 months after the balance sheet date. 22. Related party disclosures In addition to the disclosures in note 2 2 of the consolidated financial statements, the parent company’s related parties include subsidiaries, cf. note 2 3 to the consolidated financial statements. Transactions with related parties have been as follows: tEUR 2025 2024 Income Statement Other Operating income 19,699 21,435 Intercompany revenue 24,665 - 1,765 Purchases 37,022 44,750 Interest expense 324 296 Interest income 12,900 10,759 Dividend income 17,275 34,186 Balance Sheet Long - term financial assets 346,618 376,021 Receivables from subsidiaries 49,245 34,570 Short term loans and payables to subsidiaries 26,556 16,351 Management remuneration and share option programs are disclosed in note 5 and note 6 in the consolidated financial statements. There have been transactions related to sublease of the Headquarters and related cost with Better Holding ApS and MM Properties ApS, total amounting 117 k EUR. The transactions have all been on arm length. There have not been other transactions with the Board of Directors, the Executive Directors, major shareholders or other related parties beside above transactions . ===== SIDA 187 ===== Annual report Page 187 Alternative Performance Measures and Definitions 188 Other ===== SIDA 188 ===== Annual report Page 188 Better Collective uses and communicate certain Alternative Performance Measures (“APM”), which are not defined under IFRS. Such are not to replace performance measures defined and under IFRS. The APM’s may not be indicative of the group’s historical operat ing results, nor are such measures meant to be predictive of the group’s future results. The group believes however that the APMs are useful supplemental indicators that may be used to assist in evaluating a company’s future operating performance, and its ability to service its debt. Accordingly, the APMs are disclosed to permit a more complete and comprehensive analysis of the group’s operating performance, consistently with how the group’s business performance is evaluated by the Management. The group bel ieves that the presentation of these APMs enhances an investor’s understanding of the group’s operating performance and the group’s ability to service its debt. Accordingly, the group discloses the APM’s to permit a more complete and comprehensive analysis of its operating performance relative to other companies and across periods, and of the group’s ability to service its debt. However, these APM’s may be calculated differently by other companies and may not be comparable with APM’s with similarly titled m easures used by other companies. The group’s APMs are not measurements of financial performance under IFRS and should not be considered as alternatives to other indicators of the Company’s operating performance, cash flows or any other measures of performa nce derived in accordance with IFRS. The group’s APM’s have important limitations as analytical tools, and they should not be considered in isolation or as substitutes for analysis of the group’s results of operations as reported under IFRS. Our currently applied APM’s are summarized and described below. Alternative Performance Measures Alternative Performance Measure Description SCOPE Operating profit before amortization (EBITA) Operating profit plus amortizations Better Collective reports this APM to allow monitoring and evaluation of the Group’s operational profitabil- ity. Operating profit before amortizations margin (%) Operating profit before amortizations / reve- nue This APM supports the assessment and monitoring of the Group’s performance and profitability Alternative Performance Measure Description SCOPE Free Cash Flow EBITDA before special items adjusted for net acquisition of business and intangible assets, net working capital and other contingent liabil- ities (partnerships, lease liability etc.), repay- ments, interest and tax. This APM supports the assessment of the Group’s abil- ity to create a free cash flow. EBITDA before special items EBITDA adjusted for special items This APM supports the assessment and monitoring of the Group’s performance as well as profitability ex- cluding special items that do no stem from ongoing operations, providing a more comparable measure over time. Operating profit before amortizations and special items margin (%) Operating profit before amortizations and spe- cial items / revenue This APM supports the assessment and monitoring of the Group’s performance as well as profitability ex- cluding special items that do no stem from ongoing operations, providing a more comparable measure over time. Special items Items that are considered not part of ongoing business Items that are not part of ongoing business, e.g. cost related to M&A and restructuring, adjustments of earn - out payments. Net Debt / EBITDA before special items (Interest bearing debt, minus cash and cash equivalents) / EBITDA before special items on rolling twelve months basis This ratio is used to describe the horizon for pay back of the interest - bearing debt and measures the lever- age of the funding. Liquidity ratio Current Assets / Current Liabilities Measures the ability of the group to pay its current li- abilities using current assets. Equity to assets ratio Equity / Total Assets Reported to show how much of the assets in the com- pany is funded by equity Cash conversion rate before special items (Cash flow from operations before special items + Cash from CAPEX) / EBITDA before special items This APM is reported to illustrate the Group’s ability to convert profits to cash Alternative Performance Measures and Definitions ===== SIDA 189 ===== Annual report Page 189 Alternative Performance Measure Description SCOPE NDC New depositing customers A key figure to reflect the Group’s ability to fuel long - term revenue and organic growth Organic Growth Revenue growth as compared to the same pe- riod previous year. Organic growth from ac- quired companies or assets are calculated from the date of acquisition measured against the historical baseline performance. Reported to measure the ability to generate growth from existing business Recurring revenue Recurring revenue is a combined set of reve- nues that is defined as recurring as manage- ment considers that the sources of these reve- nue streams will continuously generate revenue over a variable period of time and size e.g. if players continue to bet with s portsbooks with which BC has revenue share agreements, cus- tomers continue current subscriptions or if BC on a current basis receive revenues from cus- tomers having current marketing agreements in respect of banners, etc. on the group’s web- sites. Accordingly , it includes Revenue share in- come, CPM /Advertising and subscription reve- nues. The group reports this APM to distinguish between what management consider as recurring revenue streams and what management consider as non - re- curring revenue streams, e.g. revenues reflecting one - time settlements with sportsbooks. CLV The Customer Lifetime Value (CLV) shows ex- pected revenue generated throughout the life- time of a New Depositing Customer (NDC). This measure is pivotal for understanding how much value a NDC is anticipated to bring to the Group. The prerequisites going into the CLV are a number of factors such as average value, average frequency, NDC lifespan and churn rate. Average revenue per NDC x NDC lifespan A key figure to assess the value of NDCs generated by the Group, providing critical insights into NDC profit- ability. It allows the Group to identify the most valua- ble segments and optimize marketing strategies ac- cordingly. Value of D eposits (VoD) The Value of Deposits (VoD) represents the to- tal amount of deposits by referred users across partner platforms during the period. VoD repre- sents deposits generated within the quarter and is not a cumulative metric. This reflects the Group’s strategic focus on attracting fewer but higher - value customers for our partners. Definitions Term Description PPC Pay - Per - Click SEO Search Engine Optimization Sports win margin Sports net player winnings ( sportsbooks ) / sports wagering Sports wagering The value of bets placed by the players Recurring revenue Recurring revenue is a combined set of revenues that is defined as recurring. It includes revenue share income, CPM/Advertising and subscription revenues Board The Board of Directors of the company Executive management Executives that are registered with the Danish Company register Company Better Collective A/S, a company registered under the laws of Denmark ===== SIDA 190 ===== Annual report Page 190 EU legislation data points (IRO - 2) 191 UN Global Compact 196 Disclosure requirements 197 Appendix ===== SIDA 191 ===== Annual report Page 191 EU legislation data points (IRO - 2) The table below outlines the data points derived from other EU legislation as listed in ESRS 2 Appendix B. It indicates where these data points can be found in our report and identifies which data points are assessed as ‘Not material’ DISCLOSURE REQUIREMENT DATA POINT SFDR REFERENCE PILLAR 3 REFERENCE BENCHMARK REFERENCE REGULATION EU CLIMATE LAW PAGE/RELEVANCE ESRS 2 GOV - 1 21 (d) Board's gender diversity X X 43 ESRS 2 GOV - 1 21 (e) Percentage of board members who are independent X 41 ESRS 2 GOV - 4 30 Statement on due diligence X 62 ESRS 2 SBM - 1 40 (d) i Involvement in activities related to fossil fuel activities X X X Not relevant ESRS 2 SBM - 1 40 (d) ii Involvement in activities related to chemical production X X Not relevant ESRS 2 SBM - 1 40 (d) iii Involvement in activities related to controversial weapons X X Not relevant ESRS 2 SBM - 1 40 (d) iv Involvement in activities related to cultivation and production of tobacco X Not relevant ESRS E1 - 1 14 Transition plan to reach climate neutrality by 2050 X Not relevant ESRS E1 - 1 16 (g) Undertakings excluded from Paris - aligned Benchmarks X X Not relevant ===== SIDA 192 ===== Annual report Page 192 DISCLOSURE REQUIREMENT DATA POINT SFDR REFERENCE PILLAR 3 REFERENCE BENCHMARK REFERENCE REGULATION EU CLIMATE LAW PAGE/RELEVANCE ESRS E1 - 4 34 GHG emission reduction targets X X X Not relevant ESRS E1 - 5 38 Energy consumption from fossil sources disaggregated by sources X Not relevant ESRS E1 - 5 37 Energy consumption and mix X 108 ESRS E1 - 5 40 - 43 Energy intensity associated with activities in high climate impact sectors X Not relevant ESRS E1 - 6 44 Gross Scope 1, 2, 3 and Total GHG emissions X X X 108 ESRS E1 - 6 53 - 55 Gross GHG emissions intensity X X X 10 8 ESRS E1 - 7 56 GHG removals and carbon credits X Not relevant ESRS E1 - 9 66 Exposure of the benchmark portfolio to climate - related physical risks X Not relevant ESRS E1 - 9 66 (a) Disaggregation of monetary amounts by acute and chronic physical risk Not relevant ESRS E1 - 9 66 (c) Location of significant assets at material physical risk X Not relevant ESRS E1 - 9 67 (c) Breakdown of the carrying value of its real estate assets by energy - effi- ciency classes X Not relevant ESRS E1 - 9 69 Degree of exposure of the portfolio to climate - related opportunities X Not relevant ESRS E2 - 4 28 Amount of each pollutant listed in Annex II of the E - PRTR Regulation emit- ted to air, water and soil X Not relevant ESRS E3 - 1 9 Water and marine resources X Not relevant ESRS E3 - 1 13 Dedicated policy X Not relevant ===== SIDA 193 ===== Annual report Page 193 DISCLOSURE REQUIREMENT DATA POINT SFDR REFERENCE PILLAR 3 REFERENCE BENCHMARK REFERENCE REGULATION EU CLIMATE LAW PAGE/RELEVANCE ESRS E3 - 1 14 Sustainable oceans and seas X Not relevant ESRS E3 - 4 28 (c) Total water recycled and reused X Not relevant ESRS E3 - 4 29 Total water consumption in m3 per net revenue on own operations X Not relevant ESRS 2 SBM 3 - E4 16 (a) i Biodiversity sensitive areas X Not relevant ESRS 2 SBM 3 - E4 16 (b) Land impacts X Not relevant ESRS 2 SBM 3 - E4 16 (c) Threatened species X Not relevant ESRS E4 - 2 24 (c) Sustainable oceans/seas practices or policies X Not relevant ESRS E4 - 2 24 (d) Policies to address deforestation X Not relevant ESRS E5 - 5 37 (d) Non - recycled waste X Not relevant ESRS E5 - 5 39 Hazardous waste and radioactive waste X Not relevant ESRS 2 SBM3 - S1 14 (f) Risk of incidents of forced labor X Not material ESRS 2 SBM3 - S1 14 (g) Risk of incidents of child labor X Not material ESRS S1 - 1 20 Human rights policy commitments X 7 4 - 76 ; 79; 197 ESRS S1 - 1 21 Sustainability due diligence policies on issues addressed by the fundamen- tal International Labor Organization Conventions 1 to 8 X 74 - 76 ESRS S1 - 1 22 Processes and measures for preventing trafficking in human beings X Not material ===== SIDA 194 ===== Annual report Page 194 DISCLOSURE REQUIREMENT DATA POINT SFDR REFERENCE PILLAR 3 REFERENCE BENCHMARK REFERENCE REGULATION EU CLIMATE LAW PAGE/RELEVANCE ESRS S1 - 1 23 Workplace accident prevention policy or management system X 74 - 76; 79 ESRS S1 - 3 32 (c) Grievance/complaints handling mechanisms X 80 ESRS S1 - 14 88 (b), (c) Number of fatalities and number and rate of work - related accidents X X 88 ESRS S1 - 14 88 (e) Number of days lost to injuries, accidents, fatalities or illness X 88 ESRS S1 - 16 97 (a) Unadjusted gender pay gap X X 90 ESRS S1 - 16 97 (b) Excessive CEO pay ratio X 90 ESRS S1 - 17 103 (a) Incidents of discrimination X 91 ESRS S1 - 17 104 (a) Non - respect of UNGPs on Business and Human Rights and OECD Guide- lines X X 91 ESRS 2 SBM3 – S2 11 (b) Significant risk of child labor or forced labor in the value chain X Not material ESRS S2 - 1 17 Human rights policy commitments X Not material ESRS S2 - 1 18 Policies related to value chain workers X Not material ESRS S2 - 1 19 Non - respect of UNGPs on Business and Human Rights principles and OECD guidelines X X Not material ESRS S2 - 1 19 Sustainability due diligence policies on issues addressed by the funda- mental International Labor Organization Conventions 1 to 8 X Not material ESRS S2 - 4 36 Human rights issues and incidents connected to its upstream and down- stream value chain X Not material ESRS S3 - 1 16 Human rights policy commitments X Not material ===== SIDA 195 ===== Annual report Page 195 DISCLOSURE REQUIREMENT DATA POINT SFDR REFERENCE PILLAR 3 REFERENCE BENCHMARK REFERENCE REGULATION EU CLIMATE LAW PAGE/RELEVANCE ESRS S3 - 1 17 Non - respect of UNGPs on Business and Human Rights, ILO principles or OECD guidelines X X Not material ESRS S3 - 4 36 Human rights issues and incidents X Not material ESRS S4 - 1 16 Policies related to consumers and end - users X 74 - 76 ; 93 ESRS S4 - 1 17 Non - respect of UNGPs on Business and Human Rights and OECD guidelines X X 93 ESRS S4 - 4 35 Human rights issues and incidents X Not material ESRS G1 - 1 10 (b) United Nations Convention against Corruption X 10 0 ESRS G1 - 1 10 (d) Protection of whistleblowers X 100 ESRS G1 - 4 24 (a) Fines for violation of anti - corruption and anti - bribery laws X X 101 ESRS G1 - 4 24(b) Standards of anti - corruption and anti - bribery X 101 ===== SIDA 196 ===== Annual report Page 196 Human rights 1. Support and respect the protection of internationally proclaimed human rights 2. Make sure that they are not complicit in human rights abuses Labor 3. Uphold freedom of association and the effective recognition of the right to collective bargaining 4. The elimination of all forms of forced and compulsory labor 5. The effective abolition of child labor 6. The elimination of discrimination in respect of employment and occupation Corruption and bribery 7. Work against corruption in all its forms, including extortion and bribery UN Global Compact In 2019, Better Collective committed to incorporate the UN Global Compact and its 10 principles into our strat- egy, culture, and day - to - day operations. As a result of our participation, we are committed to observing the Global Compact’s 10 fundamental princ iples. Read more about the Global Compact and its principles at www.un- globalcompact.org . In 2022, we further signed the UN’s Women Empower- ment Principles. The principles are adapted from the Calvert Women's Principles. By signing the statement Better Collective committed to use the seven principles as guidelines for actions that advance and em power women in the workplace. Annual report Page 196 ===== SIDA 197 ===== Annual report Page 197 Disclosure requirements • SS = Sustainability Statements • CM = Corporate matters • S = Strategy • RR = Remuneration report Cross - cutting standards ESRS 2 GENERAL DISCLOSURE CHAPTER PAGE(S) BP - 1 General basis for preparation of the sustainability statement SS 58 BP - 2 Disclosures in relation to specific circumstances SS 58 GOV - 1 The role of the administrative, management, and supervisory bodies CM and SS 38 - 42 ; 59 - 60 GOV - 2 Information provided to and sustainability matters addressed by the undertaking’s administrative, management, and supervisory bodies SS 60 - 61 GOV - 3 Integration of sustainability - related performance in incentive schemes CM and SS 44 - 45 ; 61 GOV - 4 Statement on sustainability due diligence SS 62 GOV - 5 Risk management and internal controls over sustainability reporting CM and SS 4 6 - 48 ; 62 SBM - 1 Strategy, business model and value chain S and SS 4 - 6 ; 33 - 36 ; 63 SBM - 2 Interests and views of stakeholders SS 64 - 65 SBM - 3 Material impacts, risks and opportunities and their interaction with strategy and business model SS 66 - 70 IRO - 1 Description of the process to identify and assess material impacts, risks and opportunities SS 70 - 72 IRO - 2 Disclosure requirements in ESRS covered by the undertaking’s sustainability statement SS 191 - 195 ===== SIDA 198 ===== Annual report Page 198 Environmental standards ESRS 2 CLIMATE CHANGE CHAPTER PAGE(S) ESRS 2, GOV - 3 Integration of sustainability - related performance in incentive schemes SS 61 E1 - 1 Transition plan for climate change mitigation SS 105 ESRS 2, SBM - 3 Material impacts, risks and opportunities, and their interaction with strategy and business model SS 66 - 70 ; 105 - 106 ESRS 2, IRO - 1 Description of the processes to identify and assess material climate - related impacts, risks and opportunities SS 70 - 72 ; 106 E1 - 2 Policies related to climate change mitigation and adaptation SS 76 ; 106 E1 - 3 Actions and resources in relation to climate change policies SS 107 E1 - 4 Targets related to climate change mitigation and adaptation SS 107 E1 - 5 Energy consumption and mix SS 108 E1 - 6 Gross Scopes 1, 2, 3 and total GHG emissions SS 108 - 111 ESRS E2 POLLUTION ESRS 2, IRO - 1 Description of the processes to identify and assess material pollution - related impacts, risks and opportunities SS 70 - 72; 106 ESRS E3 WATER AND MARINE RESOURCES ESRS 2, IRO - 1 Description of the processes to identify and assess material pollution - related impacts, risks and opportunities SS 70 - 72; 106 ESRS E4 BIODIVERSITY AND ECOSYSTEMS ESRS 2, IRO - 1 Description of the processes to identify and assess material pollution - related impacts, risks and opportunities SS 70 - 72; 106 ESRS E5 RESOURCE USE AND CIRCULAR ECONOMY ESRS 2, IRO - 1 Description of the processes to identify and assess material pollution - related impacts, risks and opportunities SS 70 - 72; 106 ===== SIDA 199 ===== Annual report Page 199 Social standards ESRS S1 OWN WORKFORCE CHAPTER PAGE(S) ESRS 2 SBM - 2 Interests and views of stakeholders SS 64 - 65 ESRS 2 SBM - 3 Material impacts, risks and opportunities and their interaction with strategy and business model SS 66 - 70 ; 78 S1 - 1 Policies related to own workforce SS 74 - 76 ; 78 - 79 ; 197 S1 - 2 Processes for engaging with own workers and workers’ representatives about impacts SS 80 S1 - 3 Processes to remediate negative impacts and channels for own workers to raise concerns SS 80 S1 - 4 Acting on material impacts on own workforce, and approaches to mitigating material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions SS 81 - 82 S1 - 5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunit ies SS 83 S1 - 6 Characteristics of the undertaking’s employees SS 84 - 86 S1 - 9 Diversity metrics CM and SS 43 ; 87 S1 - 14 Health and safety metrics SS 88 S1 - 15 Work - life balance metrics SS 89 S1 - 16 Compensation metrics (pay gap and total compensation) SS 90 S1 - 17 Incidents, complaints and severe human rights impacts SS 91 ===== SIDA 200 ===== Annual report Page 200 ESRS S4 CONSUMERS AND END - USERS CHAPTER PAGE(S) ESRS 2 SBM - 2 Interests and views of stakeholders SS 64 - 65 ESRS 2 SBM - 3 Material impacts, risks and opportunities and their interaction with strategy and business model SS 66 - 70 ; 92 S4 - 1 Policies related to consumers and end - users SS 74 - 76 ; 93 S4 - 2 Processes for engaging with consumers and end - users about impacts SS 93 S4 - 3 Processes to remediate negative impacts and channels for consumers and end - users to raise concerns SS 94 S4 - 4 Acting on material impacts on consumers and end - users, and approaches to managing material risks and pursuing material opportunities related to consumers and end - users, and effectiveness of those actions SS 94 - 97 S4 - 5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunit ies SS 97 Governance standards ESRS G1 BUSINESS CONDUCT CHAPTER PAGE(S) ESRS 2 GOV - 1 The role of the administrative, supervisory and management bodies CM and SS 38 - 42; 59 - 60 ESRS 2 IRO - 1 Description of the processes to identify and assess material impacts, risks and opportunities SS 70 - 72 ; 99 G1 - 1 Business conduct policies and corporate culture SS 74 - 76; 100 G1 - 3 Prevention and detection of corruption and bribery SS 101 G1 - 4 Incidents of corruption or bribery SS 101 ===== SIDA 201 ===== Annual report Page 201 Minimum disclosure requirements ESRS 2 MDR SAFER GAMBLING CHAPTER PAGE(S) IRO - 1 Description of the processes to identify and assess material impacts, risks, and opportunities SS 70 - 72 ; 95 - 96 MDR - P Policies adopted to manage material sustainability matters SS 75 - 76 MDR - A Actions and resources in relation to material sustainability matters SS 95 - 96 MDR - M Metrics in relation to material sustainability matters SS 96 MDR - T Tracking effectiveness of policies and actions through targets SS 9 7 ESRS 2 MDR CONTRIBUTION TO LOCAL COMMUNITIES IRO - 1 Description of the processes to identify and assess material impacts, risks and opportunities SS 70 - 72 ; 103 MDR - P Policies adopted to manage material sustainability matters SS 103 MDR - A Actions and resources in relation to material sustainability matters SS 103 MDR - P Metrics in relation to material sustainability matters SS 103 MDR - T Tracking effectiveness of policies and actions through targets SS 103 ESRS 2 MDR TAX TRANSPARENCY IRO - 1 Description of the processes to identify and assess material impacts, risks and opportunities SS 70 - 72 ; 102 MDR - P Policies adopted to manage material sustainability matters SS 102 , 76 MDR - A Actions and resources in relation to material sustainability matters SS 102 MDR - M Metrics in relation to material sustainability matters SS 102 MDR - T Tracking effectiveness of policies and actions through targets SS 102 ===== SIDA 202 ===== Annual report Page 202 Better Collective A/S Sankt Annæ Plads 26 - 28 125 0 Copenhagen K Denmark CVR no 27 65 29 13 +45 29 91 99 65 info@bettercollective.com bettercollective.com