Årsredovisning 2025

===== SIDA 1 =====

February 25, 2026  
Better Collective A/S  
Sankt Annæ Plads 28, Copenhagen  
 
www.bettercollective.com  
CVR NO.:  27 65 29 13

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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.

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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 =====