Kvartalsrapport Q1 2023

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Interim report 
Q1 2023 
 
 
 
  
Copenhagen, May 16, 2023  
Better Collective A/S 
www.bettercollective.com 
CVR NO.:  27 65 29 13 
Image from Better Collective’s Capital Markets Day. Watch the presentation here 
• Revenue: 88 mE UR, growth of 30% , 
organic growth of 23%  
• Recurring revenue: 41 mEUR, growth of 75% , 
46% of Group revenues versus 35%  Q1 last year  
• EBITDA before special items: 33 mEUR ,  
growth of 44%  
• April trading update :  
Revenue of 27 mEUR; 40% growth

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Q1 report 2023 Page 1  
 
 
  
Revenue   
mEUR 
Q1 2023 
EBITDA*  
mEUR 
Earnings per share Recurri ng revenue  
mEUR 
*Before special items

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Q1 report 2023 Page 2  
 
 
 
 
Highlights Q1 3 
Financial highlights and key figures 4 
CEO letter 5 
Business review and financial performance  6  
Financial performance first quarter 2023 10 
Notes 20 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
  
    
Q1 report 2023 Page 2  
 
Calendar 2023 
• August 23, 2023 – Q2 report  
• November 15, 2023 – Q3 report 
• February 21, 2024 – Q4 report 
 
Table of  
contents  
 
A conference call for Better Collective’s stakeholders 
will be held on May 17, at 10:00 a.m. CET and can be 
joined online 
here. 
The presentation material for the webcast will be 
available after market close on May 16 via: 
www.Bettercollective.com   
 
To participate telephonically follow 
this link . 
 
Once signed up you will receive an e-mail with a 
phone number and a personal dial-in code for the 
call. 
 
Q1 webcast  
May 17, 2023

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Q1 report 2023 Page 3  
Highlights Q1  
Q1 Group revenue grew by 30% to 88 mEUR, which is 
another record quarter (Q1 2022: 67 mEUR ). Organic 
revenue growth was 23%. 
Recurring revenue was 41 mEUR, implying 75% growth. 
Equal to 46% of Group revenue versus 35% Q1 last year. 
Q1 Group EBITDA before special items was 33 mEUR, a 
growth of 44% (Q1 2022: 23 mEUR). The Group EBITDA-
margin before special items was 38%. 
Cash flow from operations before special items was 33.4 
mEUR (Q1 2022: 13.1 mEUR). The cash conversion was 
100%. By the  end of Q1, capital reserves stood at 91.6 
mEUR of which cash of 28.1 mEUR, other current finan-
cial assets of 17.1 mEUR and unused bank credit facilities 
of 45.6 mEUR. 
New Depositing Customers were 48 8K in the  
quarter implying growth of 35%. NDCs sent on revenue 
share contracts were 71%.  
On November 22, 2022, Better Collective initiated a 
share buyback program for up to 5 mEUR, which was 
completed on January 20, 2023. 
Better Collective acquired a position of >5% in Catena 
Media.  
In connection with the release of its annual report 2022, 
Better Collective announced new long -term financial 
targets for the period 2023-2027:  
• Revenue CAGR of +20% 
• EBITDA-margin before special items of 30-40% 
• Net debt to EBITDA below 3 
• The targets assume M&A solely financed by own 
cash flow and debt 
The Group signed its first global media partnership with 
the digital soccer platform Goal, while also signing with 
the well-established Polish news portal Wirtualna Pol-
ska. Better Collective also established a media partner-
ship with Nigeria’s leading news media, PUNCH,  and in 
doing so entered a new continent with a growing popu-
lation of sports enthusiasts.  
Ohio launched online sports betting, which from a regu-
latory perspective was a perfect state launch. The state 
of Massachusetts regulated online sports betting. With  
a population of seven million and a strong sports legacy, 
the state holds the potential to become one of the big-
gest sports betting markets in the US.  
An asset deal for a sports media in an emerging market 
for 4.3 mUSD was made. 
The Group hosted its firs t ever Capital Markets Day in 
March reflecting on the performance since the IPO in 
2018 as well as laying out the strategy for the future. The 
presentation can be found here. 
On February 21, a share buyback program was initiated 
for up to 10 mEUR, to be executed during  the period 
from February 22 to April 24, 2023.  
Better Collective’s esport community HLTV hosted the 
world’s largest esport award show, watched by more 
than 250.000 Counter Strike: Global Offensive fans.   
The Board of Directors implemented a new Long Ter m 
Incentive Plan for key employees. The total value of the 
2023 LTI grant program is 2.9 mEUR (Black -Scholes 
value). 
 
 
 
 
 
 
Significant events 
after closure of the 
period 
April revenue of 27mEUR implying 40% growth. 
The Group acquired Skycon Limited and in doing so ex-
panded its efforts within digital display advertising. 
With the acquisition the financial targets for 2023 were 
upgraded to: Revenue of 305 -315 mEUR (previously 
290-300 mEUR), EBITDA before special items of 95-105 
mEUR (previousl y 90 -100 mEUR), and Net debt to 
EBITDA before special items <2 (unchanged). 
The AGM 2023 was held electronically on April 25, 2023.  
On April 27, the UK Government published a “White Pa-
per” as part of a Gambling Act review. Better Collective 
welcomes the long-awaited proposed initiatives with a 
stronger focus on safer gambling. Given the proactive 
compliance measures sportsbooks had already taken, 
the Group estimates the proposed measures to have 
zero to limited financial impact on the Group. 
The share buyback program init iated on February 21, 
was complete on April 25.

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Q1 report 2023 Page 4  
Financial highlights and key figures 
tEUR Q1 2023 Q1 2022 2022         
Income statements       
Revenue 87,945  67,394  269,297  
Recurring revenue 40,882  23,403  123,365  
Revenue Growth (%) 30% 74% 52% 
Organic Revenue Growth (%) 23% 44% 34% 
Operating profit before depreciation, amortization,  
and special items (EBITDA before special items)  33,275  23,111  85,075  
Operating profit before depreciation  
and amortization (EBITDA) 32,667  21,430  85,021  
Depreciation 713  487  2,321  
Operating profit before amortization  
and special items (EBITA before special items)  32,561  22,624  82,754  
Special items, net - 607  - 1,681  - 54  
Operating profit before amortization (EBITA) 31,954  20,943  82,700  
Amortization and impairment 3,871  2,289  12,347  
Operating profit before special items  
(EBIT before special items)  28,691  20,336  70,407  
Operating profit (EBIT) 28,083  18,655  70,353  
Result of financial items - 735  - 621  - 5,389  
Profit before tax 27,348  18,033  64,964  
Profit after tax 20,935  13,742  48,075  
Earnings per share (in EUR) 0.38  0.25  0.88  
Diluted earnings per share (in EUR) 0.36  0.24  0.85          
Balance sheet       
Balance Sheet Total 802,970  639,734  785,229  
Equity 423,449  369,912  412,917  
Current assets 107,722  76,707  95,025  
Current liabilities 63,033  57,420  65,068  
Net interest-bearing debt 219,388  132,298  227,151  
 
tEUR Q1 2023 Q1 2022 2022         
Cashflow       
Cash flow from operations before special items 33.360  13.145  69.816  
Cash flow from operations 32.966  13.045  68.423  
Investments in tangible assets 187  - 269  - 1.788  
Cash flow from investment activities - 21.278  - 19.147  - 112.632  
Cash flow from financing activities - 7.724  9.007  65.737          
Financial ratios       
Operating profit before depreciation,  
amortization (EBITDA) and special items margin (%)  38% 34% 32% 
Operating profit before amortization margin (EBITDA) (%)  37% 32% 32% 
Operating profit margin (%) 32% 28% 26% 
Publishing segment  
- EBITDA before special items margin (%) 43% 42% 38% 
Paid media segment  
- EBITDA before special items margin (%) 27% 15% 16% 
Net interest bearing debt / EBITDA before special items  2,30  2,01  2,67  
Liquidity ratio 1,71  1,34  1,46  
Equity to assets ratio (%) 53% 58% 53% 
Cash conversion rate before special items (%) 100% 57% 80% 
Average number of full-time employees 926  792  878  
NDCs (thousand) 488  350  1.683  
For definitions of financial ratios, see definitions section in the end of the report.

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Q1 report 2023 Page 5  
CEO Letter 
 
Another record-
breaking quarter and 
big strategic 
ambitions 
Q1 proved to be another record -breaking 
quarter. The p erformance was driven by 
Latin America and state launches in the US as 
well as general strong  underlying organic 
growth across the Group.  
The last couple of years, Better Collective 
has been on a transformational journey 
developing itself from a performance -based 
marketing business into a digital sports 
media group. In Q1, the Group hosted its first 
Capital Markets Day where the framework 
for Better Collective’s vision was presented. 
 
Record breaking quarter 
continuously absorbing US 
revenue share transition 
In Q1 we continued last year’s strong momentum. Reve-
nue grew 30% YOY, while operational leverage proved 
its worth as EBITDA grew 44% YOY. In itself, this growth 
is impressive, yet even more impressive when consider-
ing th e strong growth, we saw last year.  Additionally, 
last year’s US revenue was positively impacted by one-
time payments (CPA), while this year we are continuing 
the transition towards recurring revenue share.  
At our Capital Markets Day (CMD), it was highlighted 
that 63% of all NDCs sent during February were on rev-
enue share. I am happy to inform you that this trend has 
continued. I am especially proud that we yet again de-
livered a record quarter with the North American market 
contributing with 19% growth, while absorbing the rev-
enue share transition. During the Ohio launch in January, 
our US business did extremely well, and from a r egula-
tory framework and operational perspective it was a 
perfect state launch. The Massachusetts launch in March 
also generated good activity, however, due to regula-
tory wavering and the NFL season being over, thi s was 
not as strong as Ohio’s.  As seen in t he past quarters, 
Latin America  continued its strong growth trajectory 
during Q1, and we have strengthened our presence and 
efforts in the region significantly. Furthermore, Media 
Partnerships continue to be a strong driver of growth in 
Europe & ROW. This combined with a strong underlying 
growth in Europe we managed to grow 40 % in this re-
gion during Q1. It is worth mentioning the strong devel-
opment in our Paid Media business as well, which grew 
51% YOY on topline and more importantly 17 4% on op-
erational earnings with the margin going from 15% to 
27% YOY. Truly a strong sentiment to our operational 
development and our investment in transitioning to re-
curring revenue share. Our Group’s momentum contin-
ued into April where revenues grew 40% YOY. It is worth 
remembering that our business is reliant on sports ac-
tivity and thereby fairly season al. This means that the 
sports activity is expected to slow down during the low 
season in the summer period as usual. 
Strategy shift requires 
building new capabilities 
Venturing into the digital sports media market means 
that we have expanded Better Collec tive’s addressable 
market significantly, but it has also required that we as 
a group adapt new capabilities. A core strength of Bet-
ter Collective is its ability to employ performance-based 
marketing when referring new customers to sports-
books through SEO and CRO expertise to maximize traf-
fic and conversion rates. As such, our focus has been to 
provide trustworthy and clear content with moderate 
depth. However, with our vision t o become the leading 
digital sports media group, focus has expanded to also 
include the maximization of viewers, engagement, time 
on site, and monthly active users combined with efforts 
to provide the best user experiences through innovative 
products. Consequently, our content has and will con-
tinue to become deeper, more frequent, newsworthy, as 
well as investigative with the objective of engaging as 
many sports fans as possible.  This shift in focus is not 
meant to take precedence but should build on top of  
Better Collective’s legacy and expertise - after all it is 
thanks to our strong legacy that we find ourselves in a 
highly attractive spot in the sports media industry. Bet-
ter Collective excels at maximizing the value of large 
readerships because we can utilize our unique skills and 
diversified business models, and these capabilities w ill 
continue to ensure organic growth. 
Risk mitigation; a positive 
side effect from growth and 
strategic focus 
Better Collective has progressed from being  ”a busi-
ness” to bein g an “integrated collective of businesses' 
with an increased reach and a more diversified offering, 
which in recent years has proven its worth. We have de-
creased the dependency on search engine traffic from 
around 60% to less than 35% by mainly acquiring strong 
brands with heavy direct traffic. Previously, our largest 
business partner accounted for 50% of the Group’s rev-
enue. Today, the same and still largest partner accounts 
for less than 20%, though we have grown the partner-
ship significantly in absolute terms. Five years ago, 85%

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Q1 report 2023 Page 6  
of revenues were generated from Europe. In 2022, 40% 
of revenues stemmed from the US alone, and we have 
only just recently dipped our toes into the Latin Ameri-
can and Canadian markets. As such, working to mitigate 
the risks in our business benefits not only Better Collec-
tive but also our partners and shareholders. 
M&A will remain a core part of 
our strategy 
Combining a focus on organic growth and M&A has 
proven beneficial in the digital sports media industry. 
Since the IPO in 2018, Better Collective has made 29 ac-
quisitions, which undeniably makes M&A a core part of 
the business strategy. However, the overarching shift in 
strategy also affects our M&A approach. Until recently, 
acquisition targets on ly consisted of “traditional” per-
formance-based marketing companies with a user data-
base on recurring revenue share agreements. The strat-
egy and objective were to roll-up enough assets to gain 
critical scale - like we have now. The past y ear and on-
wards, our M&A strategy is to acquire strong local and 
global sports media with a large and loyal readership, 
preferably with revenue mainly generated from a single 
business model in regular advertising. By acquiring such 
assets, we establish a u nique chance for the Group to 
leverage its legacy expertise in optimization while utiliz-
ing our business models to grow reach and revenue. If 
you wish to dive more into our M&A strategy, I urge you 
to watch our Capital Markets Day as CFO, Flemming 
Pedersen, walked through t he Group’s strategic M&A 
objectives. 
Our massive reach deserves 
an in-house AdTech platform 
In the Q4 report, we announced a strategic investment 
in a new AdTech platform. An AdTech platform is a tech-
nology platform using advanced data analytics and ma-
chine learning algorithms that analyze user behavior in 
order to provide valuable and engaging advertising tar-
geting specific needs. Put simply, by building an in -
house AdTech platform Better Collective will be able to 
offer targeted marketing ads directly to the millions of 
sport fans that visit the Group’s broad portfolio of sports 
brands. Several third-party platforms already exist, and 
as Better Collective has been highly acquisitive, we have 
managed to accumulate several AdTech platforms.  
However, by build ing our own platform we can now 
streamline the process and maximize the yield. 
So, why now? As also highlighted at the CMD, Better 
Collective’s reach has grown significantly from +7m 
monthly visits in 2018, to +150m monthly visits in 2022 . 
We have truly gained critical scale in our reach and see 
an increasing demand from our business partners want-
ing to market their products in the advertising space on 
our sports media. These partners range from long -
standing sportsbook partners to global payment provid-
ers, companies in the energy drink market, and many 
more. 
Revenue diversification 
mitigates risk and makes us 
more relevant to our partners 
By building an AdTech platform, Better Collective will 
add to its legacy in performance -based marketing and 
venture into brand marketing (cost per mille, cost per 
engagement, cost per view). Not only will this move fur-
ther diversify our revenue streams, but it will also make 
us more attractive to our business partners. Large syn-
ergies can be achieved across our Group, e.g. , for our 
media partnerships we now also have the capabilities to 
serve the general sports sections with advertisement in-
stead of just the sports betting sections.  
Q1 was the development, testing, and ramp up phase of 
our AdTech platform. I have already received initial pos-
itive feedback from various business partners, who 
acknowledge that there is a big demand for our offering. 
The investment will elevate Better Collective to become 
an even stronger AdTech machine which aligns p er-
fectly with our vision of  becoming the Leading Digital 
Sports Media Group. 
 
Q1 report 2023 Page 6 
Co-founder & CEO   
Jesper Søgaard

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Q1 report 2023 Page 7  
Business review 
and financial 
performance Q1 2023 
 
Group 
Q1 delivered a record -breaking performance with 
growth of 30% equaling revenue of 88 mEUR, with an 
organic growth of 23%. The growth in revenue came de-
spite a tough comparison quarter in 2022  where with 
the opening of online sports betting in the state of New 
York was a strong growth driver.  
Revenues in the US were mainly CPA last year, until the 
revenue share transition started in Q2 -Q3 and has con-
tinued into Q1 2023. 
Recurring revenue was 41mEUR, implying 75% growth . 
This is 46% of Group revenues versus 35% last year.  Of 
the recurring revenues 82% came from revenue share in-
come, 11% from subscription and 7% from CPM sales. The 
number of NDCs delive red to partnering spo rtsbooks 
continued its strong growth trend. Q1 delivered 488K 
new depositing customers, of which 71% was on revenue 
share.  
  
EBITDA before special items was 33mEUR, implying a 
margin of 38% and growing 44% YOY , showing strong 
operational leverage in the business.  
The sports win margin improved from Q1 2022 and is 
back at the average level seen historically as expected. 
 
 
 
 
  
    
Better Collective Group 
Key figures for the Group: 
tEUR Q1 2023 Q1 2022 Growth   2022             
Revenue  87,945 67,394  30%   269,297  
Cost  54,670 44,283  23%   184,222              
Operating profit before  
depreciation, amortization, and special 
items 33,275 23,111  44%   85,075              
EBITDA-Margin  
before special items 38%  34%     32%             
Operating profit before  
depreciation and amortization  32,667 21,430  52%   85,021  
EBITDA-Margin 37%  32%     32%             
Organic Growth 23% 44%     34%

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Q1 report 2023 Page 8  
Publishing 
The Publishing business includes revenue from Better 
Collective’s proprietary owned and operated sports me-
dia and media partnerships. The traffic to these brands 
is mostly direct or through organic search results.  
Revenues from this segment came in at 59 mEUR imply-
ing 22% growth of which 26% was organic. Operational 
earnings came in at 25 mEUR, implying a margin of 43%, 
equaling a 26 % growth YOY. The Publishing segment 
accounted for 67% of group revenues and 76% of oper-
ational earnings.  
The topline growth in the Publishing business came from 
solid growth in all geographies. Better Collective’s me-
dia partnerships continued to deliver strong growth in 
revenues and NDCs.  
During Q1, Better Collective entered a partnership with 
the globally covering, digital soccer platform Goal. This 
media part nership is the first f ully digital and global 
partnership in the Better Collective’s portfolio. Further, 
a partnership with PUNCH in Nigeria was signed, which 
marks the Group’s first move into an exciting growth 
market and a new continent. Lastly, Better C ollective 
signed a par tnership with the  well-established Polish 
news portal Wirtualna Polska.  
Paid Media  
The Paid Media business includes revenues from Better 
Collective’s efforts in paid advertising on search en-
gines, such as Google and Bing, as well as advertising on 
third party sports media. Given the upfront payment to 
advertise on third party platforms the gross margin is 
lower than the Publishing business. 
Paid Media revenue was 2 9 mEUR for Q1, implying 
growth of 51%, of which all was organic. Since the acqui-
sition of Atemi in 2020, Better Collective has invested in 
moving revenues in the Paid Media business from one -
time payments (CPA) to recurring revenues.  
During Q1, 24.7% of revenues came from recurring reve-
nues. Over the past quarters, the transition in revenue 
agreements has paid off as margins have improved and 
made it possible to further fuel growth. Operational 
earnings came in at 8 mEUR, implying a margin of 27%, 
which is the highest margin ever recorded for this part 
of the Better Collective business during any quarter. The 
margin moved from 15% to 27% which is a growth  of 
174%. These numbers confirm the decision to move rev-
enues to recurring revenues.  
The strong growth in the Paid Media segments comes 
from a broadly based performance, especially a break-
through in the North American market as well as contin-
ued good performance in Latin America. 
Publishing 
Key figures for the Publishing segment 
 
tEUR Q1 2023 Q1 2022 Growth   2022             
Revenue 59,204 48,380  22%   187,057  
Share of Group 67% 72%     69% 
Cost  33,795 28,144  20%   115,376  
Share of Group 62% 64%     63%             
Operating profit before  
depreciation, amortization, and special 
items  25,409 20,237  26%   71,681  
Share of Group 76% 88%     84% 
EBITDA-Margin  
before special items 43%  42%     38% 
Operating profit before  
depreciation and amortization 
EBITDA-margin 
24,802 
42% 
 18,555 
38% 
  
34% 
    
 71,627 
38% 
  Organic growth 12% 53%   41%   
 
tEUR Q1 2023 Q1 2022 Growth   2022             
Revenue  28,741 19,014  51%   82,241  
Share of Group 33% 28%     31% 
Cost 20,875 16,140  29%   68,846  
Share of Group 38% 36%     37%             
Operating profit before  
depreciation, amortization, and special 
items  7,866 2,874  174%   13,394  
Share of Group 24% 12%     16% 
EBITDA-Margin  
before special items 27%  15%     16%           
Operating profit before  
depreciation and amortization  7,866 2,874  174%   13,394  
EBITDA-Margin 27%  15%     16%             
Organic Growth 51% 26%     45%    
Paid Media 
Key figures for the Paid Media segment

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Q1 report 2023 Page 9  
Europe & Rest of World (ROW) 
The Europe & ROW business includes all markets out-
side of North America. The European markets consist of 
more mature markets and are the legacy markets of Bet-
ter Collective. Latin America has been a strong growth 
market for Better Collective and makes up an increas-
ingly bigger part of the business. Examples of sports 
brands in this business include Soccernews in the Neth-
erlands, Betarades in  Greece, Wettbasis in Germany, 
goal.pl in Poland, Les Transferts in France, and many 
others. The strategy is to own some of the strongest lo-
cal sports media in all relevant regions.   
Given the strong legacy in these markets where Better 
Collective has be en sending revenue share customers 
the past decade, there is a lot of recurring revenue in this 
business. It also means that this business is the most im-
pacted by fluctuations in the sports win margin.  
During Q1, Europe & ROW saw record revenues of 5 1 
mEUR implying growth of 40%, of which 23% was or-
ganic. Operational earnings came in at 19 mEUR, imply-
ing a margin of 37%, growing 87%. Europe & ROW reve-
nue accounted for 58% of Group revenue and 56% of op-
erational earnings. The topline growth in Europe & ROW 
came from an all -around solid performance fueled by 
strong growth in Latin America and media partnerships’ 
continuing their momentum. As expected, the sports 
win margin has returned to the historical average level 
during the past few quarters.  
North America 
From Q1 2023 and onwards, Better Collective will start 
reporting on the North American market instead of US. 
In the Group’s reporting, North America is made up by 
the US and Canada, the latter previously being part of 
Europe & ROW. The reason for the change is that inter-
nally Canadian operations are now reported as US 
brands, while the Canadian team also works closely with 
the US organization and is managed out of the New York 
office. For transparency we provide the following num-
bers: Q1 23 revenue for Canada was 1.3mEUR (0.1mEUR 
Q1 22) and EBITDA was 1.3mEUR (0.1mEUR). For the full 
year of  2022 revenue was 3.3m EUR and EBITDA was 
3.2mEUR. 
Both the US and the Canadian markets are somewhat 
recently regulated. The US started regulating in 2018 
with the PASPA repeal. As both markets are young, rev-
enues have to a large extent been generated from one-
time payments. Last year, Better Collective started to 
transition towards recuring revenues in the US. North 
American sports brands include, but are not limited to,  
Action Network, VegasInsider, Scores&Odds, Ro-
toGrinders, and Canada Sports Betting.  The North 
American revenue came in at 37 mEUR, implying growth 
of 19% during Q1, of which 18% was organic. Operational 
earnings came in at 15 mEUR, implying a margin of 33%, 
or growth of 11%. North American revenues consisted of 
42% of the Group and operational earnings of 44%.  Bet-
ter Collective has been pu shing for revenue share 
agreements in the North American markets since 2018 . 
and successfully initiated the transition  during 2022, 
which impacted the business short -term by 15 mEUR. 
The 19% growth seen in Q1 should be considered in the 
light of this transition, as the Group now delivers 60% -
70% of North American NDCs on revenue share con-
tracts. These contracts agree for r ecurring revenue but 
have a short -term dampening effect as revenue is not 
recognized upfront. Additionally, the growth should also 
be held up against Q1 2021, as last year’s quarter was 
very strong with the launch of sports betting in New 
York. Overall, performance was a mix of good underly-
ing growth in existing states as well as the states of Ohio 
and Massachusetts launching sports betting.  
Key figures for North America and Europe & RoW segments  
  Europe & ROW   North America 
tEUR Q1 2023 Q1 2022 Growth   Q1 2023 Q1 2022 Growth                 
Revenue 50,802  36,286  40%   37,143  31,108  19% 
Share of Group 58% 54%     42% 46%   
Cost 32,070  26,261  22%   22,600  18,022  25% 
Share of Group 59% 59%     41% 41%                   
Operating profit before depreciation, amortization, and special items 18,732  10,025  87%   14,543  13,086  11% 
Share of Group 56% 43%     44% 57%   
EBITDA-Margin before special items 37% 28%     39% 42%                   
Operating profit before depreciation and amortization 18,124  9,924  83%   14,543  11,505  26% 
EBITDA-Margin 36% 27%     39% 37%   
  
Europe & ROW and North America

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Q1 report 2023 Page 10  
Financial 
performance first 
quarter 2023  
Revenue growth of 30% to 88 
mEUR and organic growth of 
23% 
Revenue YTD sho wed strong growth vs. 2022 of 30 % 
and amounted to 87.9 mEUR ( Q1 2022: 67.4 mEUR ). 
Revenue share accounted for 38 % of the revenue with 
46% coming from CPA, 5% from subscription sales, and 
11% from other income.  
Cost of 55 mEUR - up from 44 
mEUR  
Overall, the cost base has increased compared to 2022 
due to t he acquisitions in first half of 2022, which has 
increased the cost by 0.5 mEUR, and Paid Media in-
creased cost to drive additional traffic and revenue, 
whereas media partnerships increased, primarily dire ct 
cost. The cost base excluding depreciation and amorti-
zation grew 10.4 mEUR, up to 54.7 mEUR Q1  2023 (Q1 
2022: 44.3 mEUR). A significant part of the increase in  
cost base relates to the AdTech platform and LATHAM 
expansion totaling 4.7 mEUR in Q1 2023.   
Total direct cost relating to revenue increased by 4 
mEUR to 27.1 mEUR ( Q1 2022: 23.1 mEUR) with the 
growth coming from increased cost in Paid Media (driv-
ing additional revenue), and direct costs related to me-
dia partnerships. Beyond the cost of paid traffic, this in-
cludes hosting fees of websites, content generation, and 
external development.  
Personnel cost Q1 increased 35% from YTD 2022 to 21.2 
mEUR Q1 2023 (Q1 2022: 15.7 mEUR). The average num-
ber of employees increased 17 % to 926 (Q1 2022: 792). 
Personnel costs include costs related to warrants of 0.2 
mEUR (Q1 2022: 0.4 mEUR).  
Other external costs increased 0.8 mEUR or 15% to 6.3 
mEUR (Q1 2022: 5.5 mEUR). Depreciation and amortiza-
tion amounted to 4.6 mEUR (Q1 2022: 2.8 mEUR). The  
increase is primarily due to amortization related to the 
acquisition of FUTBIN. 
Special items 
YTD special items amounted to a cost of 0.6 mEUR (Q1 
2022: 1.7 mEUR).  The net cost of 0.6 mEUR is  
primarily related to M&A expenses of 0.4 mEUR. 
Earnings 
Operational earnings (EBITDA ) before special items 
grew 44% to 33.3 mEUR ( Q1 2022: 23.1 mEUR). The 
EBITDA-margin before special items was 38% (Q1 2022: 
34%).  
Including special items, the reported EBITDA was 32.7  
mEUR. (Q1 2022: 21.4 mEUR).  
EBIT before special ite ms increased 41% to 28.7 mEUR 
(Q1 2022: 20.3 mEUR). Including special items, the re-
ported EBIT was 28 mEUR (Q1 2022: 18.7 mEUR). 
Net financial items 
Net financial costs amounted to 0.7 mEUR (Q1 2022: 0.6 
mEUR) and included net interest, fees relating to bank 
credit lines and exchange rate adjustments. Net financial 
costs are impacted by an  unrealized gain of 2.2 mEUR 
on Catena Media shares. 
Interest expenses amounted to 2 mEUR and included 
non-payable, calcula ted interest expenses on certain 
balance sheet items, whereas finan cial fees and net  
exchange rate gain amounted to 0.6 mEUR and 0.6 
mEUR respectively.  
Income tax 
Better Collective has a tax presence in the places where 
the company is incorporated . These places count Den-
mark (where the parent company is incorporated), Aus-
tria, France, Greece, Malta, Netherlands, Poland, Portu-
gal, Romania, Serbia, Sweden, UK, and US.  
Income tax Q1  2023 amounted to 6.4 mEUR (Q1 2022: 
4.3 mEUR). The Effective Tax Rate (ETR) was 23.5% (Q1 
2022: 23.8%). 
Net profit 
Net profit after tax was 20 .9 mEUR ( Q1 2022: 13.7 
mEUR). Earnings per share (EPS) nearly doubled to 0.38 
EUR/share vs. 0.25 EUR/share Q1 2022. 
Equity 
The equity increased to 4 23.4 mEUR as per March 31, 
2023, from 412.9 mEUR on December 31, 2022. Besides 
the Q1 profit of 20. 9 mEUR, t he equity has been  
impacted by acquisition and disposal of treasury shares 
of 5.9 mEUR and share based payments of 0.2 mEUR. 
The decrease in USD vs. EUR has impacted the equity by 
5.1 mEUR. 
Balance sheet  
Total assets amounted to 803 .0 mEUR (202 2: 785.2 
mEUR), with an equity of 423.4 mEUR (202 2: 412.9 
mEUR). This corresponds to an equity to assets ratio of 
53% (2022: 53%). The liquidity ratio was 0. 59 resulting 
from current assets of 107.7 mEUR and current liabilities 
of 63.2 mEUR. The ratio of net interest-bearing debt to 
EBITDA before special items was 2 .3 at the end of the 
quarter.

===== SIDA 12 =====

Q1 report 2023 Page 11  
Investments  
During the quarter investments in accounts and other 
intangibles amounted to 13.9 mEUR. 
Cash flow and financing  
Cash flow from operations before special items Q1 2023 
was 33.4 mEUR (Q1 2022: 13.1 mEUR) with a cash con-
version of 100%.  
Better Collective has bank credit facilities of a total 247 
mEUR. By the end of March 2023, capital reserves stood 
at 91.6 mEUR consisting of cash of 28.8 mEUR, other cur-
rent financial assets of 17.1 mEUR in form of listed shares 
and unused bank credit facilities of 45.6 mEUR. 
The parent company  
Better Collective A/S, Denmark, is the parent company 
of the Group.  
Revenue grew by 95% to 23 .7 mEUR ( Q1 2022: 12.1 
mEUR).  
Total costs including depreciation and amortization was 
19.7 mEUR (Q1 2022: 13.0 mEUR).  
Profit after tax was 2.8 mEUR (Q1 2022: 5.5 mEUR). The 
change in profit after tax is primarily due to YOY differ-
ences in dividend payments from subsidiaries,  
exchange rate adjustments, and corporate tax. 
Total equity ended at 4 10.7 mEUR by March  31 , 202 3 
(2022: 411 mEUR). The equity in the parent company was 
impacted by treasury share transactions ( 5.9 mEUR), 
cost of warrants of 0.2 mEUR and merger with HLTV (3.2 
mEUR). 
 
Disclaimer  
This report contains forward -looking statements which 
are based on the current expectatio ns of the manage-
ment of Better Collective. All statements regarding the 
future are subject to inherent risks and uncertainties, 
and many factors can lead to actual pr ofits and devel-
opments deviating substantially from what has been ex-
pressed or implied in such statements. 
 
 
 
 
 
 
 
 
Financial targets 2023 
The board of directors have decided on targets for the 
financial year 2023 as announced in the 2022 full year 
report. Following the acquisition of Skycon Limited, the 
financial targets were upgraded: 
• Revenue of 305-315 mEUR (previously 290-300 
mEUR) 
• EBITDA before special items of 95-105 mEUR 
(previously 90-100 mEUR) 
• Net debt to EBITDA before special items <2.0 (un-
changed) 
Financial targets 
2023-2027 
The board of directors has decided on new financial tar-
gets for the Better Collective Group for 2023 -2027 (in-
clude M&A): 
• Revenue CAGR of +20% 
• EBITDA margin before special items of 30-40% 
• Net debt to EBITDA before  
special items of <3 
The long-term target assumes that M&A are solely fi-
nanced by own cash flow and debt. 
Financial targets 2023 
 
Updated Target 2023 Target 2023 Actual 2022 
Organic growth (%)  - 34% 
Revenue 305-315 mEUR 290-300 mEUR 269.3 mEUR 
EBITDA (before special items) 95-105 mEUR 90-100 mEUR 85.1 mEUR 
Net interest bearing debt/EBITDA <2.0 <2.0 2.67

===== SIDA 13 =====

Q1 report 2023 Page 12  
Other 
Shares and share capital  
Better Collective A/S is listed on Nasdaq Stockholm 
main market. The shares are traded under the ticker 
“BETCO”. As per March  31, 2 023, the share capital 
amounted to 55 1,546.69 EUR, and the total num ber of 
issued shares was 55,154,669. The company has one (1) 
class of shares. Each share entitles the holder to one 
vote at the general meetings. On March  20, 2023, the 
board of directors resolved to issue 5,000 new ordinary 
shares in Better Collective A/S , related to the exercise 
of warrants.  
Shareholder structure  
As of March 31, 2023, the total number of shareholders 
was 3,8 63. A list of top 10 shareholders in Better  
Collective A/S can be found on the company’s website.  
Annual General Meeting 2023 
The Annual General Meeting 2023 was held on April 25, 
2023. All items on the agenda were carried including the 
CXO incentive program. Please refer to the notice to 
convene AGM for details.  
Incentive programs 
To attract and retain key competences, the company 
has established warrant programs for certain key 
employees. All warrants with the right to subscribe for 
one ordinary share. If all outstanding warrants are sub-
scribed, then the maximum shareholders dilution will be 
approximately 3.2%.  
On January 3, 2023, the board of directors implemented 
a Long Term Incentive Plan (LTI) for key employees in 
the Better Collective group. In total the grants under the 
LTI in 2023 cover 13 4.953 performance share units and 
239,350 share options to 63 key employees in total, 
vesting over a 3-year period. The total value of the 2023 
LTI grant program is 2.9 mEUR (calculated @Black -
Scholes value) measured at the target level, which is to 
say 100% achievement of the financial goals. 
Risk management 
Through an Enterprise Risk Management process, vari-
ous gross risks in Better Collective are identified. Each 
risk is described, including current risk mitigation in 
place, or planned mitigating actions. The subsequent 
analysis of the identified risks includes an inherent risk 
evaluation based on two main parameters: probability 
of occurrence and impact on future earnings and cash 
flow. Better Collective’s management continuously 
monitors risk development in the Better C ollective 
Group. The risk evaluation is presented to the Board of 
Directors annually, for discussion and any further miti-
gating actions required.  
The Board evaluates risk dynamically to account for this 
variation in risk  impact. The policies and guideline s in 
place stipulate how  management must work with risk 
management. Better Collective’s compliance with these 
policies and guidelines is also monitored by the man-
agement on an ongoing basis. Better Collective seeks to 
identify and understand risks and mitigate them accord-
ingly. Also, the Group’s close and longstanding relation-
ships with customers allow Better  Collective to antici-
pate and respond to market movements and new regu-
lations including compliance requirements from author-
ities and sportsbooks. With the US division, the overall 
risk profile of Better Collective has changed, and regu-
latory/compliance as well as financial risk has increased. 
Better Collective has mitigated the additional risks in US 
in several ways, regulatory and compliance risk through 
involvement of regulatory bodies in our licensing pro-
cess for newly established entities, financial risk through 
a performance-based valuation of the acquired entities), 
and organizational risk through establishment of local 
governance/management, and fi nance, HR, and Legal 
organization dedicated to the US operations. During 
2022 the macroeconomic environment has impacted 
the global economy with rising interest rates. Better Col-
lective has mitigated and addressed the cre dit and in-
terest rate risk by entering a new long-term committed 
facility with three banking partners, securing attractive 
terms and a long -term 2+1 commitment. Other key risk 
factors are described in the Annual report 2022.

===== SIDA 14 =====

Q1 report 2023 Page 13  
Contacts  
Senior Director of Group Strategy, IR and Corporate 
Communications; 
Mikkel Munch-Jacobsgaard 
investor@bettercollective.com  
This information is such information as Better Collective 
A/S is obliged to make public pursuant to the EU Market 
Abuse Regulation. The information was submitted for 
publication, through the agency of the contact person  
set out above on May 16, 2023, after market close (CET). 
 
 
 
 
 
 
 
 
 
About 
With a vision to become the Leading Digital Sports Me-
dia Group, Better Collective owns and operates interna-
tional and local sports communities and media that aim 
to make sports entertainment more engaging and fun.  
Via its online media, the Group provides prime quality 
content, data insights, betting tips and educational tools 
for enthusiastic sports fans. Better Collective's portfolio 
includes Action Network, VegasInsider.com, HLTV.org, 
FUTBIN.com, and bettingexpert.com.  
To learn more about Better Collective please visit  
www.Bettercollective.com 
 
 
  
 
  
 
 
 
 
 
  
    
Q1 report 2023 Page 13

===== SIDA 15 =====

Q1 report 2023 Page 14  
Statement by the BoD 
and the executive 
management 
Statement by the Board of Directors and the 
executive management on the condensed 
consolidated inte rim financial statements 
and the parent company condensed interim 
financial statements for the period January 1 
– March 31, 2023. 
Today, the Board of Directors and the e xecutive  
management have discussed and approved the  
condensed consolidated interim fi nancial statements 
and the parent company condensed interim financial 
statements of Better Collective A/S for the period  
January 1 – March 31, 2023.  
The condensed consolidated interim financial state-
ments for the period January 1 – March 31, 2023, are pre-
pared in accordance with IAS 34 Interim Financial Re-
porting as adopted by the EU, and additional require-
ments of the Danish Financial Statements Act. The Par-
ent Company condensed interim financial statements 
have been included according to the Danish Exec utive 
Order on the Preparation of Interim Financial Reports.  
In our opinion, the condensed consolidated interim   
financial statements and the parent company con-
densed interim financial statements give a true and fair 
view of the Group’s and Parent Company ’s a ssets,  
liabilities and financial position on March 31, 2023, and 
of the results of the Group’s and Parent Company’s op-
erations and the Group’s cash flows for the period  
January 1 – March 31, 2023.  
Further, in our opinion, the management’s review gives 
a fair review of the development in the Group’s and the 
Parent Company’s operations and financial matters and 
the results of the Group’s and the Parent Company’s op-
erations and financial position, as well as a description 
of the major risks and uncertai nties, the Group and the 
Parent Company are facing. The Interim Report has not 
been audited nor reviewed by the Company’s  
auditor.  
Copenhagen, May 16, 2023  
 
 
Executive management  
Jesper Søgaard 
CEO & Co-founder 
Flemming Pedersen 
CFO 
Executive Vice President 
Christian Kirk Rasmussen 
COO & Co-founder  
Executive Vice President  
 
  
Board of Directors  
Jens Bager 
Chair 
Therese Hillman 
Vice Chair 
Todd Dunlap 
 
Klaus Holse 
Leif Nørgaard Petra von Rohr

===== SIDA 16 =====

Q1 report 2023 Page 15  
Financial statements for the  
period January 1 – March 31 
Condensed interim  
consolidated income statement  
Note tEUR Q1 2023 Q1 2022 2022           
3 Revenue 87,945  67,394  269,297            
  Direct costs related to revenue 27,149  23,077  92,227  
4 Staff costs  21,226  15,711  68,639  
  Other external expenses 6,295  5,495  23,356            
  
Operating profit before depreciation and amortization (EBITDA) and 
special items 33,275  23,111  85,075            
  Depreciation 713  487  2,321            
  
Operating profit  
before amortization (EBITA) and special items 32,561  22,624  82,754            
7 Amortization and impairment 3,871  2,289  12,347            
  Operating profit (EBIT) before special items 28,691  20,336  70,407            
5 Special items, net - 607  - 1,681  - 54            
  Operating profit 28,083  18,655  70,353  
  Financial income 2,672  2,317  4,198  
  Financial expenses 3,407  2,938  9,587            
  Profit before tax 27,348  18,033  64,964  
6 Tax on profit for the period 6,414  4,292  16,888  
  Profit for the period 20,935  13,742  48,075  
          
  
Earnings per share  
attributable to equity holders of the company       
  Average number of shares 55,154,113  54,266,062  54,363,312  
  
Average number of warrants  
- converted to number of shares 2,419,909  2,324,645  2,495,614  
  Earnings per share (in EUR) 0.38  0.25  0.88  
  Diluted earnings per share (in EUR) 0.36  0.24  0.85  
 
 
 
Condensed interim 
consolidated statement of other comprehensive income 
Note tEUR Q1 2023 Q1 2022 2022           
  Profit for the period 20,935  13,742  48,075            
  Other comprehensive income       
  
Other comprehensive income to be reclassified to profit or loss in sub-
sequent periods:       
  Currency translation to presentation currency - 678  - 174  - 905  
  Currency translation of non-current intercompany loans - 5,107  5,458  17,030  
  Income tax 1,123  - 1,201  - 3,747  
  Net other comprehensive income/loss - 4,661  4,083  12,379  
  Total other comprehensive income/(loss) for the period, net of tax 16,274  17,825  60,454  
          
  Attributable to:       
  Shareholders of the parent 16,274  17,825  60,454

===== SIDA 17 =====

Q1 report 2023 Page 16  
Condensed interim  
consolidated balance sheet 
Note tEUR Q1 2023 Q1 2022 2022 
          
  Assets                 
  Non-current assets       
7 Intangible assets       
  Goodwill 182,108  180,112  183,942  
  Domains and websites 459,833  347,666  460,513  
  Accounts and other intangible assets 33,046  22,746  27,016  
  Total intangible assets 674,987  550,525  671,471            
  Property, plant and equipment       
  Land and buildings       
  Right of use assets 5,634  2,493  6,269  
  
Leasehold improvements, Fixtures and fittings, other 
plant and equipment 2,758  1,798  2,574  
  Total property, plant and equipment 8,393  4,291  8,843            
  Other non-current assets       
  Deposits 1,623  601  726  
8 Deferred tax asset 10,245  7,609  9,165  
  Total other non-current assets 11,868  8,211  9,891            
  Total non-current assets 695,248  563,027  690,204  
          
  Current assets       
  Trade and other receivables 51,059  42,393  53,179  
  Corporation tax receivable 7,196  822  6,423  
  Prepayments 3,499  2,813  3,926  
  Other current financial assets 17,121   0  0 
  Cash 28,847  30,680  31,497  
  Total current assets 107,722  76,707  95,025            
  Total assets 802,970  639,734  785,229  
 
 
 
Note tEUR Q1 2023 Q1 2022 2022 
          
  Equity and liabilities                 
  Equity       
  Share Capital 552  548  551  
  Share Premium 272,594  271,937  272,550  
  Currency Translation Reserve 18,516  14,881  23,177  
  Treasury Shares - 13,577  - 7,385  - 7,669  
  Retained Earnings 145,366  89,929  124,307  
  Proposed Dividends  0  0  0 
  Total equity 423,449  369,912  412,917            
  Non-current Liabilities       
8 Debt to credit institutions 201,383  136,968  201,708  
8 Lease liabilities 4,931  1,297  4,962  
8 Deferred tax liabilities 81,013  70,556  78,167  
8 Other long-term financial liabilities 29,161  3,582  22,407  
8 Contingent Consideration  0  0  0 
  Total non-current liabilities 316,488  212,403  307,244            
  Current Liabilities       
  
Prepayments received from customers and deferred reve-
nue 8,136  4,111  8,023  
  Trade and other payables 19,674  20,023  22,252  
  Corporation tax payable 5,343  3,947  5,221  
8 Other financial liabilities 27,482  19,765  26,865  
8 Contingent Consideration  0 8,208   0 
  Debt to credit institutions 1,292   0 1,055  
  Debt to mortgage credit institutions  0  0  0 
8 Lease liabilities 1,106  1,365  1,653  
  Total current liabilities 63,033  57,420  65,068            
  Total liabilities 379,521  269,822  372,312            
  Total Equity and liabilities 802,970  639,734  785,229

===== SIDA 18 =====

Q1 report 2023 Page 17  
Condensed interim  
consolidated statement of changes in equity 
tEUR 
Share  
capital 
Share  
premium 
Currency 
translation 
reserve 
Treasury 
shares 
Retained 
earnings 
Proposed 
dividend Total equity                 
As of January 1, 2023 551  272,550  23,177  - 7,669  124,307   0 412,917  
Result for the period  0  0  0  0 20,935   0 20,935                  
Other comprehensive income               
Currency translation  0  0 - 5,784   0  0  0 - 678  
Tax on other  
comprehensive income  0  0 1,123   0  0  0 1,123  
Total other  
comprehensive income  0  0 - 4,661   0  0  0 - 4,661  
Total comprehensive income 
for the year  0  0 - 4,661   0 20,935   0 16,274                  
Transactions with owners               
Capital Increase 0  43   0  0  0  0 44  
Acquisition of treasury shares  0  0  0 - 5,903   0  0 - 5,903  
Disposal of treasury shares  0  0  0  0  0  0  0 
Share based payments  0  0  0  0 126   0 126  
Transaction cost  0  0  0 - 6  - 2   0 - 8  
Total transactions with owners 0  43   0 - 5,909  124   0 - 5,741  
                
At March 31, 2023 552  272,594  18,516  - 13,577  145,366   0 423,449  
During the period no dividend was paid. 
 
 
 
tEUR 
Share  
capital 
Share  
premium 
Currency 
translation 
reserve 
Treasury 
shares 
Retained 
earnings 
Proposed 
dividend Total equity                 
As of January 1, 2022 546  267,873  10,798  - 8,074  73,705   0 344,848  
Result for the period  0  0  0  0 13,742   0 13,742  
               0 
Other comprehensive income              0 
Currency translation  0  0 5,284   0  0  0 5,284  
Tax on other  
comprehensive income  0  0 - 1,201   0  0  0 - 1,201  
Total other  
comprehensive income  0  0 4,083   0  0  0 4,083  
Total comprehensive income 
for the year  0  0 4,083   0 13,742   0 17,825                  
Transactions with owners               
Capital Increase 2  4,064   0  0  0  0 4,066  
Acquisition of treasury shares  0  0  0 - 6,595   0  0 - 6,595  
Disposal of treasury shares  0  0  0 7,284  484   0 7,769  
Share based payments  0  0  0  0 2,013   0 2,013  
Transaction cost  0  0  0  0 - 15   0 - 15  
Total transactions with owners 2  4,064   0 689  2,482   0 7,238  
                
At March 31, 2022 548  271,937  14,881  - 7,385  89,929   0 369,912  
During the period no dividend was paid.

===== SIDA 19 =====

Q1 report 2023 Page 18  
Condensed interim  
consolidated statement of changes in equity – continued 
tEUR 
Share  
capital 
Share  
premium 
Currency 
translation 
reserve 
Treasury 
shares 
Retained 
earnings 
Proposed 
dividend Total equity                 
As of January 1, 2022 546  267,873  10,798  - 8,074  73,705   0 344,848  
Result for the period  0  0  0  0 48,075   0 48,075                  
Other comprehensive income               
Currency translation  0  0 16,125   0  0  0 16,125  
Tax on other  
comprehensive income  0  0 - 3,747   0  0  0 - 3,747  
Total other  
comprehensive income  0  0 12,379   0  0  0 12,379  
Total comprehensive income 
for the year  0  0 12,379   0 48,075   0 60,454                  
Transactions with owners               
Capital Increase 5  4,677   0  0  0  0 4,683  
Acquisition of treasury shares  0  0  0 - 14,250   0  0 - 14,250  
Disposal of treasury shares  0  0  0 14,656  842   0 15,498  
Share based payments  0  0  0  0 1,713   0 1,713  
Transaction cost  0  0  0  0 - 28   0 - 28  
Total transactions with owners 5  4,677   0 406  2,526   0 7,615  
                
At December 31, 2022 551  272,550  23,177  - 7,669  124,307   0 412,917  
During the period no dividend was paid.

===== SIDA 20 =====

Q1 report 2023 Page 19  
Condensed interim  
consolidated statement of cash flows 
Note tEUR Q1 2023 Q1 2022 2022           
  Profit before tax 27.348  18.033  64.964  
  Adjustment for finance items 735  621  5.389  
  Adjustment for special items 607  1.681  54  
  Operating Profit for the period before special items  28.691  20.336  70.407  
  Depreciation and amortization 4.584  2.775  14.668  
  Other adjustments of non-cash operating items 100  396  1.690  
  
Cash flow from operations  
before changes in working capital and special items  33.375  23.507  86.765  
  Change in working capital - 15  - 10.362  - 16.949  
  Cash flow from operations before special items 33.360  13.145  69.816  
  Special items, cash flow - 395  - 101  - 1.393  
  Cash flow from operations 32.966  13.045  68.423  
  Financial income, received  463  646  1.682  
  Financial expenses, paid - 3.168  - 1.619  - 5.666  
  Cash flow from activities before tax 30.261  12.071  64.439  
  Income tax paid  - 3.799  - 1.450  - 16.239  
  Cash flow from operating activities 26.462  10.621  48.200  
          
9, 10 Acquisition of businesses  0 - 2.577  - 14.337  
7, 10 Acquisition of intangible assets - 3.204  - 16.363  - 96.452  
  Acquisition of property, plant and equipment 187  - 269  - 1.804  
  Sale of property, plant and equipment - 238  - 0  16  
  Acquisition of other financial assets - 14.930   0  0 
  Change in other non-current assets - 3.093  62  - 55  
  Cash flow from investing activities - 21.278  - 19.147  - 112.632  
 
 
 
Note tEUR Q1 2023 Q1 2022 2022           
  Repayment of borrowings - 1.486  - 5.040  - 215.993  
  Proceeds from borrowings  0 20.999  296.665  
  Lease liabilities - 373  - 343  - 1.274  
  Other non-current liabilities  0  0  0 
  Capital increase 44   0 618  
  Treasury shares - 5.903  - 6.595  - 14.250  
  Transaction cost - 6  - 15  - 28  
  Cash flow from financing activities - 7.724  9.007  65.737  
          
  Cash flows for the period - 2.540  482  1.306  
  Cash and cash equivalents at beginning 31.497  30.093  30.093  
  Foreign currency translation of cash and cash equivalents  - 111  106  99  
  Cash and cash equivalents period end* 28.847  30.680  31.497  
          
  Cash and cash equivalents period end       
  Restricted cash  0  0  0 
  Cash 28.847  30.680  31.497  
  Cash and cash equivalents period end 28.847  30.680  31.497

===== SIDA 21 =====

Q1 report 2023 Page 20  
Notes 
1. General information 
Better Collective A/S is a limited liability company and is incorporated in Denmark. The parent company and its  
subsidiaries (referred to as the “Group” or “Better Collective”) engage in online affiliate marketing. Better  Collective’s 
vision is to empower iGamers by leading the way in transparency and technology. 
Basis of preparation  
The Interim Report (condensed consolidated interim financial statements) for the period January 1 - March 31, 2023, has 
been prepared in accordance with IAS 34 “Interim financial statements” as adopted by the EU and additional require-
ments in the Danish Financial Statements Act. The parent company condensed interim financial statements has been 
included according to the Danish Executive Order on the Preparation of Interim Financial Reports. 
These condensed consolidated interim financial statements incorporate the results of Better Collective A/S and its sub-
sidiaries. 
The condensed consolidated interim financial statements refer to certain key performance indicators, which Better Col-
lective and others use when evaluating the performance of Better Collective. These are referred to as alternative per-
formance measures (APMs) and are not defined under IFRS. The figures and related subtotals give management and 
investors important information to enable them to fully analyze the Better Collective business and trends. The APMs are 
not meant to replace but to complement the performance measures defined under IFRS. 
New financial reporting standards 
All new or amended standards (IFRS) and interpretations (IFRIC) as adopted by the EU and which are effective for the 
financial year beginning on January 1, 2023, have been adopted. The implementation of these new or amended  
standards and interpretations had no material impact on the condensed consolidated interim financial statements. 
Accounting policies  
The condensed consolidated interim financial statements have been prepared using the same accounting policies as set 
out in note 1 of the 2022 annual report which contains a full description of the accounting policies for the Group and the 
parent company, except for the scope of operating segments.  
The scope of operating segments has been modified following changes in management responsibilities as from January 
1, 2023. US has been renamed to North America (NA) and will now cover both USA and Canada. Canada was previously 
included in the operating segment “Europe and RoW”. 2022 comparative information has been restated.  
The annual report for 2022 including full description of the accounting policies can be found on Better Collective’s web-
site: https://storage.mfn.se/0e9df7fa-f018-42b8-9189-6ee99458c094/bc-2022-annual-report-final.pdf 
Significant accounting judgements, estimates and assumptions 
The preparation of condensed consolidated interim financial statements requires management to make judgements, 
estimates and assumptions that affect the reported amounts of revenue, expenses, assets, and liabilities. 
Beyond the risks mentioned above, the significant accounting judgements, estimates and assumptions applied in these 
consolidated interim financial statements are the same as disclosed in note 2 in the annu al report for 202 2 which  
contains a full description of significant accounting judgements, estimates and assumptions.

===== SIDA 22 =====

Q1 report 2023 Page 21  
 
2. Segments 
Publishing and Paid Media 
Better Collective operates two different business models regarding customer acquisition with d ifferent earnings - 
profiles. The segments Publishing and Paid Media have been measured and disclosed separately for Revenue, Cost and 
Earnings. The Publishing business includes revenue from Better Collective’s proprietary online platforms  and media 
partnerships where the online traffic is coming either directly or through organic search results, whereas Paid Media 
generates revenue through paid ad-traffic to our websites, thereby running on a significantly lower earnings margin. 
The performance for each segment is presented in the below tables: 
  Publishing Paid Media Total 
tEUR Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022               
Revenue 59,204  48,380  28,741  19,014  87,945  67,394  
Cost 33,795  28,144  20,875  16,140  54,670  44,283                
Operating profit before depreciation,  
amortization and special items 25,409  20,237  7,866  2,874  33,275  23,111  
EBITDA-Margin before special items 43% 42% 27% 15% 38% 34%               
Special items, net - 607  - 1,681   0  0 - 607  - 1,681                
Operating profit  
before depreciation and amortization 24,802  18,555  7,866  2,874  32,667  21,430  
EBITDA-Margin 42% 38% 27% 15% 37% 32%               
Depreciation 713  481   0 5  713  487                
Operating profit before amortization 24,088  18,074  7,866  2,869  31,954  20,943  
EBITA-Margin 41% 37% 27% 15% 36% 31% 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
  2022 
tEUR Publishing Paid Media Total         
Revenue 187,057  82,241  269,297  
Cost 115,376  68,846  184,222          
Operating profit before depreciation, amortization, and special items 71,681  13,394  85,075  
EBITDA-Margin before special items 38% 16% 32%         
Special items, net - 54   0 - 54          
Operating profit before depreciation and amortization 71,627  13,394  85,021  
EBITDA-Margin 38% 16% 32%         
Depreciation 2,306  15  2,321          
Operating profit before amortization 69,321  13,379  82,700  
EBITA-Margin 37% 16% 31%

===== SIDA 23 =====

Q1 report 2023 Page 22  
2. Segments, continued 
Europe & Rest of World and North America 
Better Collective’s products cover more than 30 languages and attract millions of users worldwide - with international 
brands with a global reach as well as regional brands with a local reach. Better Collective’s regional brands are tailored 
according to the specific regions or countries and their respective regulations, sports, betting behaviors, user needs, and 
languages. From Q2 2021 and following the acquisition of Action Network (included in Group accounts from time of 
closing on May 28, 2021) the US market constitutes >20% of G roup Revenue and >30% of revenue in Publishing on an 
annualized basis. Hence, Better Collective reports on the geographical segments US and Europe & RoW (Rest of World), 
measuring and disclosing separately for Revenue, Cost and Earnings. Historical financi al figures are reported accord-
ingly. 
The performance for each segment is presented in the below tables: 
  Europe & ROW North America Total 
tEUR Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022               
Revenue 50,802  36,286  37,143  31,108  87,945  67,394  
Cost 32,070  26,261  22,600  18,022  54,670  44,283                
Operating profit be-
fore depreciation,  
amortization and spe-
cial items 18,732  10,025  14,543  13,086  33,275  23,111  
EBITDA-Margin be-
fore special items 37% 28% 39% 42% 38% 34%               
Special items, net - 607  - 101   0 - 1,581  - 607  - 1,681                
Operating profit  
before depreciation 
and amortization 18,124  9,924  14,543  11,505  32,667  21,430  
EBITDA-Margin 36% 27% 39% 37% 37% 32%               
Depreciation 713  392   0 95  713  487                
Operating profit be-
fore amortization 17,411  9,532  14,543  11,411  31,954  20,943  
EBITA-Margin 34% 26% 39% 37% 36% 31% 
* 2022 figures have been restated because of the transfer of Canada and renaming USA to North America (NA), which 
now covers both USA and Canada from January 1, 2023. 
 
 
 
 
 
 
 
 
 
 
  
 
2022 
tEUR Europe & ROW North America Total         
Revenue 170,756  98,541  269,297  
Cost 117,392  66,830  184,222          
Operating profit before depreciation,  
amortization and special items 53,364  31,711  85,075  
EBITDA-Margin before special items 31% 32% 32%         
Special items, net - 1,360  1,306  - 54          
Operating profit  
before depreciation and amortization 52,004  33,017  85,021  
EBITDA-Margin 30% 34% 32%         
Depreciation 1,671  650  2,321          
Operating profit before amortization 50,333  32,367  82,700  
EBITA-Margin 29% 33% 31%

===== SIDA 24 =====

Q1 report 2023 Page 23  
 
3. Revenue specification 
In accordance with IFRS 15 disclosure requirements, total revenue is split on Revenue Share, Cost per Acquisition 
(CPA), Subscription, and Other as follows: 
tEUR Q1 2023 Q1 2022 2022         
Revenue category       
Recurring revenue (Revenue share, Subscription, CPM)  40,882  23,403  123,365  
CPA, Fixed Fees 47,063  43,831  145,605  
Other  0 160  327  
Total revenue 87,945  67,394  269,297          
%-split       
Recurring revenue 46  35  46  
CPA, Fixed Fees 54  65  54  
Other  0 0  0  
Total 100  100  100  
        
tEUR Q1 2023 Q1 2022 2022         
Revenue type       
Revenue Share 33,617  19,559  96,449  
CPA 40,246  39,900  124,324  
Subscription 4,483  3,777  18,003  
Other 9,598  4,158  30,521  
Total revenue 87,945  67,394  269,297          
%-split       
Revenue Share 38  29  36  
CPA 46  59  46  
Subscription 5  6  7  
Other 11  6  11  
Total 100  100  100  
 
4. Share-based payment plans 
2019 Warrant programs: 
During the first quarter of 2023 the company did not grant any warrants and 5,000 warrants were exercised under this 
program.  
2022 Incentive Program: 
During the quarter no performance share units or share options were granted under this program.  A new Lon g-term 
Incentive (LTI) program was established for key employees in Q1 2022, and 73,894 performance share units and 24,564 
share options were granted to a total of 36 employees. 
2023 Incentive Program: 
During the quarter a new Long -term Incentive (LTI) pro gram was established for key employees. Under the program 
134,953 performance share units and 239,350 share options were granted to a total of 63 employees. 
 
The total share-based compensation expense for the above programs recognized for Q1 2023 is 134 tEUR (Q1 2022: 
432 tEUR). 
Management Incentive Program - Action Network: 
During the quarter no performance share units or share options were granted under this program. 
The cost related to the MIP program is recognized as special items and amounts to 52 tEUR in Q1 2023 (Q1 2022: 1,581 
tEUR).

===== SIDA 25 =====

Q1 report 2023 Page 24  
5. Special items 
Significant income and expenses, which Better Collective consider non-recurring are presented in the Income state-
ment in a separate line item labelled ‘Special items’. The impact of special items is specified as follows: 
tEUR Q1 2023 Q1 2022 2022 
        
Operating profit 28,083  18,655  70,353          
Special Items related to:       
Special items related to M&A - 350  - 100  - 1,263  
Variable payments regarding acquisitions - cost - 93   0 - 192  
Variable payments regarding acquisitions - income  0  0 2,467  
Special items related to Restructuring - 164  - 0  - 130  
Special items related to Divestiture of Assets  0  0  0 
Special items related to Management Incentive Program   0 - 1,581  - 936  
Special items, total - 607  - 1,681  - 54          
Operating profit (EBIT) before special items 28,691  20,336  70,407          
Amortization and impairment 3,871  2,289  12,347          
Operating profit before amortization  
and special items (EBITA before special items)  32,561  22,624  82,754          
Depreciation 713  487  2,321          
Operating profit before depreciation, amortization,  
and special items (EBITDA before special items)  33,275  23,111  85,075  
 
6. Income tax 
Total tax for the period is specified as follows: 
tEUR Q1 2023 Q1 2022 2022 
Tax for the period 6,414  4,292  16,888  
Tax on other comprehensive income - 1,123  1,201  3,747  
Total 5,290  5,493  20,635  
Income tax on profit for the period is specified as follows: 
tEUR Q1 2023 Q1 2022 2022 
Deferred tax 2,563  2,149  6,785  
Current tax 3,851  2,143  10,153  
Adjustment from prior years  0 - 0  - 49  
Total 6,414  4,292  16,888  
Tax on the profit for the period can be explained as follows: 
tEUR Q1 2023 Q1 2022 2022 
Specification for the period:       
Calculated 22% tax of the result before tax 6,017  3,967  14,292  
Adjustment of the tax rates  
in foreign subsidiaries relative to the 22% 501  291  1,563  
Tax effect of:       
Special items  0 402  - 83  
Special items - taxable items  0 - 379  - 243  
Other non-taxable income - 146  - 100  - 150  
Other non-deductible costs 42  112  1,558  
Adjustment of tax relating to prior periods*  0 - 0  - 49  
Total 6,414  4,292  16,888  
Effective tax rate 23.5% 23.8% 26.0%

===== SIDA 26 =====

Q1 report 2023 Page 25  
7. Intangible assets 
tEUR Goodwill 
Domains 
 and  
websites 
Accounts  
and other 
 intangible 
 assets Total 
          
Cost or valuation         
As of January 1, 2023 183,942  460,513  63,705  708,159  
Additions  0 3,759  10,142  13,901  
Acquisitions through business combinations  0  0  0  0 
Transfer  0  0  0  0 
Disposals  0  0  0  0 
Currency Translation - 1,833  - 4,438  - 459  - 6,731  
At March 31, 2023 182,108  459,833  73,388  715,330  
          
Amortization and impairment         
As of January 1, 2023  0  0 36,688  36,688  
Amortization for the period  0  0 3,843  3,843  
Currency translation  0  0 - 189  - 189  
At March 31, 2023  0  0 40,342  40,342  
          
Net book value at March 31, 2023 182,108  459,833  33,046  674,987  
 
 
 
tEUR Goodwill 
Domains 
 and  
websites 
Accounts  
and other 
 intangible 
 assets Total 
          
Cost or valuation         
As of January 1, 2022 178,182  329,276  36,827  544,285  
Additions  0 118,185  26,337  144,522  
Acquisitions through business combinations  0  0  0  0 
Currency Translation 5,760  13,051  540  19,351  
At December 31, 2022 183,942  460,513  63,705  708,159  
          
Amortization and impairment         
As of January 1, 2022  0  0 24,374  24,374  
Amortization for the period  0  0 12,348  12,348  
Impairment for the period*  0  0 0  0  
Currency translation  0  0 - 33  - 33  
At December 31, 2022  0  0 36,688  36,688  
          
Net book value at December 31, 2022 183,942  460,513  27,016  671,471

===== SIDA 27 =====

Q1 report 2023 Page 26  
7. Intangible assets, continued 
tEUR Goodwill 
Domains 
 and  
websites 
Accounts  
and other 
 intangible 
 assets Total 
          
Cost or valuation         
As of January 1, 2022 178,182  329,276  36,827  544,285  
Additions  0 14,020  12,454  26,474  
Acquisitions through business combinations  0  0  0  0 
Transfer  0  0  0  0 
Disposals  0  0  0  0 
Currency Translation 1,930  4,370  179  6,479  
At March 31, 2022 180,112  347,666  49,460  577,238  
          
Amortization and impairment         
As of January 1, 2022  0  0 24,374  24,374  
Amortization for the period  0  0 2,302  2,302  
Impairment for the period*  0  0 0  0  
Amortisation on disposed assets  0  0  0  0 
Currency translation  0  0 38  38  
At March 31, 2022  0  0 26,714  26,714  
          
Net book value at March 31, 2022 180,112  347,666  22,746  550,525  
 
8. Non-current liabilities and other current financial liabilities 
Debt to credit institutions: 
As per March 31, 2023, Better Collective has drawn 201.4 mEUR (2022: 201.7) out of the total committed club facility of 
247 mEUR established with Nordea, Nykredit, and Citibank.  
Lease liabilities:  
Non-current and current lease liabilities, of 4.9 mEUR (2022: 5.0 mEUR) and 1.3 mEUR (2022: 1.7 mEUR) respectively.  
Deferred Tax liability:  
Deferred tax liability as of March 31, 2023, amounted to 76.5 mEUR (2022: 78.2 mEUR). The change from January 1, 2023, 
originates from amortization of accounts from acquisitions, and deferr ed tax changes in Parent Company and Better 
Collective US, Inc.  
Deferred Tax asset:  
Deferred tax asset as of March 31, 2023, amounted to 10.1 mEUR (2022: 9.1 mEUR), increased from January 1, 2023, due 
to change in Better Collective US, Inc. and exchange rate change for USD. 
Contingent Consideration:  
As per March 31, 2023, there was no contingent consideration after final adjustment and settlement of outstanding pur-
chase price related to the acquisition of RiCal LLC. Better Collective paid the final part of the contingent liabilities in Q2 
2022.  
Other financial liabilities:  
As per March 31, 2023, other financial liabilities amounted to 56.6 mEUR (2022: 49.3 mEUR) due to deferred and variable 
payments related to acquisitions. The increase from January 1, 2023, is related to the capitalization of media agreements.  
Fair Value is measured based on level 3 - Valuation techniques. In all material aspects the fair value of the financial assets 
and liabilities is considered equal to the booked value. 
 
 
9. Business combinations 
On April 14, after the end of Q1, 2023 Better Collective completed the acquisition of Skycon Limited (Skycon) for up to 
45 mGBP with an initial consideration of 25 mGBP on a cash and debt-free basis. Skycon is a global display advertising 
company and perfectly complements Better Collective’s Paid Media  division. The acquisition is a strateg ic move for 
Better Collective with significant synergistic opportunities. As per the date of publication of the interim financial state-
ments it has not be en possible to obtain sufficient financial data to fulfill reporting requirements according to IFRS3. 
Therefore, the opening balance, the acquired net assets at the time of the acquisition, goodwill and pro -forma impact 
on the revenue and profit after tax is not included in these interim financial statements.

===== SIDA 28 =====

Q1 report 2023 Page 27  
10. Note to cash flow statement 
Note tEUR Q1 2023 Q1 2022 2022           
  Acquisition of business combinations:       
9 
Net Cash outflow  
from business combinations at acquisition  0 0   0 
  
Business Combinations  
deferred payments from current period  0  0  0 
  
Deferred payments  
- business combinations from prior periods  0 - 2.577  - 14.337  
  Total cash flow from business combinations  0 - 2.577  - 14.337  
          
  Acquisition of intangible assets:       
7 Acquisitions through asset transactions - 13.901  - 26.474  - 144.522  
  Deferred payments related to acquisition value   0 5.359  29.408  
  
Deferred payments  
- acquisitions from prior periods - 425  - 121  - 121  
  Intangible assets with no cash flow effect 11.122  5.317  24.325  
  Other investments   - 444  - 5.541  
  Total cash flow from intangible assets - 3.204  - 16.363  - 96.452  
 
Equity movements with and without cashflow impact 
Cashflow from Equity movements: Q1 2023 Q1 2022 2022 
Equity movements with cashflow impact  
- from cash flow statement:       
Capital increase 44   0 618  
Treasury shares - 5,903  - 6,595  - 14,250  
Transaction cost - 6  - 15  - 28  
Total equity movements with cash flow impact - 5,865  - 6,610  - 13,661  
        
Non-cash flow movements on equity:       
New shares for M&A payments   4,066  4,065  
Treasury Shares used for payments   7,769  15,498  
Share based payments   
- warrant expenses with no cash flow effect   2,013  1,713  
Total equity movements with no cash flow impact  0 13,848  21,276          
Total Transactions with owners  
- Consolidated statement of changes in equity - 5,865  7,238  7,615

===== SIDA 29 =====

Q1 report 2023 Page 28  
Financial statements for the period January 1 –  June 30 
Condensed interim  
income statement – Parent company  
tEUR Q1 2023 Q1 2022 2022 
        
Revenue 23,699  12,147  65,282  
        
Other operating income 4,015  1,855  14,797  
        
Direct costs related to revenue 4,693  2,625  14,292  
Staff costs  8,859  4,094  25,061  
Depreciation 178  131  540  
Other external expenses 4,417  5,649  17,248  
Operating profit before amortization (EBITA) and special items 9,567  1,502  22,939  
        
Amortization 1,594  593  3,875  
        
Operating profit (EBIT) before special items 7,973  909  19,064  
Special items, net - 395  - 101  - 1,168  
        
Operating profit 7,578  808  17,896  
Financial income 4,003  7,826  72,388  
Financial expenses 7,996  1,539  35,057  
        
Profit before tax 3,585  7,095  55,227  
Tax on profit for the period 762  1,629  8,279  
        
Profit for the period 2,823  5,467  46,949  
 
 
 
 
 
 
Condensed interim  
statement of other comprehensive income 
 
  
tEUR Q1 2023 Q1 2022 2022 
        
Profit for the period 2,823  5,467  46,949  
        
Other comprehensive income       
Other comprehensive income to be reclassified to profit or loss in subsequent 
periods:       
Currency translation to presentation currency - 641  - 62  22  
Income tax  0  0  0 
Net other comprehensive income/loss - 641  - 62  22  
Total other comprehensive income/(loss) for the period, net of tax 2,182  5,405  46,970

===== SIDA 30 =====

Q1 report 2023 Page 29  
Condensed interim  
balance sheet – Parent company 
tEUR Q1 2023 Q1 2022 2022 
        
Assets               
Non-current assets       
Intangible assets       
Domains and websites 168,504  40,205  144,374  
Accounts and other intangible assets 21,813  9,800  13,287  
Total intangible assets 208,140  50,004  157,662          
Property, plant and equipment       
Right of use assets 283  571  334  
Fixtures and fittings, other plant and equipment 488  398  410  
Total property, plant and equipment 770  969  744          
Financial assets       
Investments in subsidiaries 156,502  190,863  190,448  
Receivables from subsidiaries 268,261  262,603  273,515  
Deposits 1,096  174  174  
Total financial assets 425,859  453,640  464,137          
Total non-current assets 634,769  504,614  622,542  
        
Current assets       
Trade and other receivables 15,193  8,633  17,163  
Receivables from subsidiaries 24,264  24,252  30,229  
Tax receivable 6,360   0 5,913  
Prepayments 2,580  1,489  2,519  
Restricted Cash  0  0  0 
Cash 26,592  5,205  8,705  
Total current assets 74,989  39,579  64,529          
Total assets 709,757  544,193  687,071  
 
 
 
tEUR Q1 2023 Q1 2022 2022 
        
Equity and liabilities               
Equity       
Share Capital 552  548  551  
Share Premium 272,594  271,937  272,550  
Currency Translation Reserve - 67  490  574  
Treasury shares - 13,577  - 7,385  - 7,669  
Retained Earnings 151,161  102,172  145,047  
Proposed Dividends  0  0  0 
Total equity 410,662  367,763  411,054          
Non-current Liabilities       
Debt to credit institutions 201,383  136,968  201,708  
Lease liabilities  0 267  16  
Deferred tax liabilities 11,534  2,290  6,141  
Other non-current financial liabilities 27,331  1,386  19,543  
Total non-current liabilities 240,248  140,911  227,408          
Current Liabilities       
Prepayments received from customers and deferred revenue  1,749   0 1,583  
Trade and other payables 3,985  2,830  5,719  
Payables to subsidiaries 30,930  16,603  20,822  
Corporation tax payable 50  2,287  30  
Other current financial liabilities 20,528  13,443  19,045  
Debt to credit institutions 1,292   0 1,055  
Lease liabilities 314  357  356  
Total current liabilities 58,848  35,519  48,609  
Total liabilities 299,096  176,430  276,017          
Total equity and liabilities 709,757  544,193  687,071

===== SIDA 31 =====

Q1 report 2023 Page 30  
Condensed interim  
statement of changes in equity – Parent company 
tEUR 
Share  
capital 
Share  
premium 
Currency 
translation  
reserve 
Treasury 
shares 
Retained 
earnings 
Proposed 
dividend Total equity 
                
As of January 1, 2023 551.49669  272,550  574  - 7,669  145,047   0 411,054  
Result for the period  0  0  0  0 2,823   0 2,823  
                
Other comprehensive in-
come               
Currency translation  
to presentation currency  0  0 - 641   0  0  0 - 641  
Tax on other  
comprehensive income  0  0  0  0  0  0  0 
Total other  
comprehensive income  0  0 - 641   0  0  0 - 641  
Total comprehensive income 
for the year  0  0 - 641   0 2,823   0 2,182  
                
Transactions with owners               
Capital Increase 0  43   0  0 3,158   0 3,202  
Acquisition of treasury 
shares  0  0  0 - 5,903   0  0 - 5,903  
Disposal of treasury shares  0  0  0  0  0  0  0 
Share based payments  0  0  0  0 134   0 134  
Transaction cost  0  0  0 - 6  - 2   0 - 8  
Total transactions with own-
ers 0  43   0 - 5,909  3,291   0 - 2,575  
                
At March 31, 2023 552  272,594  - 67  - 13,577  151,161   0 410,662  
During the period no dividend was paid. 
 
 
 
 
 
 
 
 
tEUR 
Share  
capital 
Share  
premium 
Currency 
translation  
reserve 
Treasury 
shares 
Retained 
earnings 
Proposed 
dividend Total equity 
                
As of January 1, 2021 546  267,873  552  - 8,074  94,223   0 355,121  
Result for the period  0  0  0  0 5,467   0 5,467  
                
Other comprehensive in-
come               
Currency translation  
to presentation currency  0  0 - 62   0  0  0 - 62  
Tax on other  
comprehensive income  0  0  0  0  0  0  0 
Total other  
comprehensive income  0  0 - 62   0  0  0 - 62  
Total comprehensive income 
for the year  0  0 - 62   0 5,467   0 5,405  
                
Transactions with owners               
Capital Increase 2  4,064   0  0  0  0 4,066  
Acquisition of treasury 
shares  0  0  0 - 6,595   0  0 - 6,595  
Disposal of treasury shares  0  0  0 7,284  484   0 7,769  
Share based payments  0  0  0  0 2,013   0 2,013  
Transaction cost  0  0  0  0 - 15   0 - 15  
Total transactions with own-
ers 2  4,064   0 689  2,482   0 7,238  
                
At March 31, 2022 548  271,937  490  - 7,385  102,172   0 367,763  
During the period no dividend was paid.

===== SIDA 32 =====

Q1 report 2023 Page 31  
 
tEUR 
Share  
capital 
Share  
premium 
Currency 
translation  
reserve 
Treasury 
shares 
Retained 
earnings 
Proposed 
dividend Total equity 
                
As of January 1, 2022 546  267,873  552  - 8,074  94,223   0 355,121  
Result for the period  0  0  0  0 46,949   0 46,949  
                
Other comprehensive in-
come               
Currency translation  
to presentation currency  0  0 22   0  0  0 22  
Tax on other  
comprehensive income  0  0  0  0  0  0  0 
Total other  
comprehensive income  0  0 22   0  0  0 22  
Total comprehensive income 
for the year  0  0 22   0 46,949   0 46,970  
                
Transactions with owners               
Capital Increase 5  4,677   0  0  0  0 4,683  
Acquisition of treasury 
shares  0  0  0 - 14,250   0  0 - 14,250  
Disposal of treasury shares  0  0  0 14,656  842   0 15,498  
Share based payments  0  0  0  0 3,061   0 3,061  
Transaction cost  0  0  0  0 - 28   0 - 28  
Total transactions with own-
ers 5  4,677   0 406  3,875   0 8,963  
                
At December 31, 2022 551  272,550  574  - 7,669  145,047   0 411,054  
During the period no dividend was paid.

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The group uses Alternative Performance Measures not defined under IFRS to give management and investors  
important information to enable them to fully analyse  the Better Collective business and trends. The APMs are not 
meant to replace but to complement the performance measures defined under IFRS. Note 5 contains a bridge from 
the APMs to performance measures defined by IFRS.  
Alternative Performance Measures 
Alternative  
Performance Measure Description SCOPE 
Earnings per share 
(EPS) 
Net Profit for the period / (Average number 
of shares - Average number of treasury 
shares held by the company) 
The group reports this APM for users to monitor de-
velopment in the net profit per share. 
Diluted earnings  
per share 
Net profit for the period / (Average number 
of shares + Average number o 
f outstanding warrants - Average number of 
treasury shares held by the company) 
The group reports this APM for users to monitor de-
velopment in the net profit per share, assuming full 
dilution from active warrant programs. 
Operating profit  
before amortization 
(EBITA) 
Operating profit plus amortizations Better Collective reports this APM to allow monitor-
ing and evaluation of the Group’s operational profit-
ability. 
Operating profit  
before amortizations 
margin (%) 
Operating profit before amortizations / reve-
nue 
This APM supports the assessment and monitoring 
of the Group’s performance and profitability 
EBITDA before  
special items 
EBITDA adjusted for special items This APM supports the assessment and monitoring 
of the Group’s performance as well as profitability 
excluding special items that do no stem from ongo-
ing operations, providing a more comparable meas-
ure over time. 
Operating profit  
before amortizations  
and special items  
margin (%) 
Operating profit before amortizations and 
special items / revenue 
This APM supports the assessment and monitoring 
of the Group’s performance as well as profitability 
excluding special items that do no stem fro m ongo-
ing operations, providing a more comparable meas-
ure over time. 
Special items Items that are considered not part of ongoing 
business 
Items that are not part of ongoing business, e.g. cost 
related to M&A and restructuring, adjustments of 
earn-out payments. 
Alternative  
Performance Measure Description SCOPE 
Net Debt / EBITDA  
before special items 
(Interest bearing debt, including earn -outs 
from acquisitions, excl. contingent considera-
tion, minus cash and cash equivalents) / 
-EBITDA before special items on rolling twelve 
months basis 
This ratio is used to describe the horizon for pay 
back of the interest-bearing debt and measures the 
leverage of the funding. 
Liquidity ratio Current Assets / Current Liabilities Measures the ability of the group to pay its  current 
liabilities using current assets. 
Equity to assets ratio Equity / Total Assets Reported to show how much of the assets in the 
company is funded by equity 
Cash conversion rate 
before special items 
(Cash flow from operations before special 
items + Cash from CAPEX) / EBITDA before 
special items 
This APM is reported to illustrate the Group’s ability 
to convert profits to cash 
NDC New depositing customers A key figure to reflect the Group’s ability to fuel 
long-term revenue and organic growth 
Organic Growth Revenue growth as compared to the same pe-
riod previous year. Organic growth from ac-
quired companies or assets are calculat ed 
from the date of acquisition measured against 
the historical baseline performance. 
Reported to measure the ability to generate growth 
from existing business 
 
Definitions 
Term Description 
PPC Pay-Per-Click 
SEO Search Engine Optimization 
Sports win margin Sports net player winnings (operators) / sports wagering  
Sports wagering The value of bets placed by the players 
Recurring revenue Recurring revenue is a combined set of revenues that is defined as recurring. It includes revenue 
share income, CPM/Advertising and subscription revenues 
Board The Board of Directors of the company 
Executive management Executives that are registered with the Danish Company register 
Company Better Collective A/S, a company registered under the laws of Denmark  
Alternative Performance Measures  
and Definitions

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Q1 report 2023 Page 33  
 
 
 
 
Better Collective A/S 
Toldbodgade 12 
1253 Copenhagen K 
Denmark 
CVR no 27 65 29 13 
+45 29 91 99 65 
info@bettercollective.com 
bettercollective.com