Kvartalsrapport Q1 2025

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Q1 report 2025 Page 1  
 
 
 
 
 
May 21, 2025  
Better Collective A/S  
Sankt Annæ Plads 28-30 
1250 Copenhagen  (DK) 
www.bettercollective.com 
CVR NO.:  27 65 29 133 
  
 Interim report Q1, 2025 
 • Revenue of 83 mEUR, in line with expectations 
• Recurring revenue of 49 mEUR 
• EBITDA before special items of 22 mEUR, 27% margin 
• Cost efficiency program remains on track 
• Full year guidance remains unchanged 
• Positive trends from Brazil following the January 1, 2025 , regulation, 
with momentum expected to build as the sports season ramps up in Q2 
• A new share buyback initiated for an additional 10 mEUR

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Q1 report 2025 Page 1  Q1 report 2025 Page 1  
1 
 
1 *Before special iteam 
EBITDA* 
mEUR 
Recurring revenue 
mEUR 
Revenue 
mEUR

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Q1 report 2025 Page 2  
Highlights Q1 3 
Significant events after close 4 
Financial targets 6 
Financial highlights and key figures 7 
CEO letter 8 
Business review and financial performance 10 
Other 16 
Statement by the Board of Directors and the 
Executive Management 18 
Condensed interim financial statements for the 
period 19 
Notes 24 
Parent Company 32 
 
A conference call for Better Collective’s stakeholders 
will be held on May 22nd, 2025, at 10:00 CET and can be 
joined online here.  
To participate through phone , follow this link . Once 
signed up, you will receive an email with a phone num-
ber and a personal dial-in code for the call. 
The presentation material for the webcast will be avail-
able after market close on May 21st, 2025, via: 
www.Bettercollective.com  
 
Upcoming events 
• Q2 report – August 20th, 2025 
• Q3 report – November 12th, 2025 
• Annual report 2025 – February 25th, 2026 
 
  
 
 
  
 
   
Table of  
contents   Q1 webcast  
May 22nd, 2025 
Q1 report 2025 Page 2

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Q1 report 2025 Page 3  
Highlights Q1 
The financial guidance for the full year 2025 remains un-
changed. 
Revenue declined by 13% to 83 mEUR, with organic 
growth down 18%. The performance was in line with ex-
pectations. This was driven by five main factors: 
1. The Brazilian business delivered 10 mEUR in 
revenue during Q1. The regulatory develop-
ments in the Brazilian market impacted reve-
nue and EBITDA with 7 mEUR compared to 
Q1 2024.  
2. The comparisons from last year’s state launch 
in North Carolina created a 5 mEUR head-
wind. 
3. The previously communicated decrease in ac-
tivity from US partners impacted the quarter 
negatively with approximately 5 mEUR 
4. Growth in other business areas, including full 
effect from acquisitions and positive ex-
change rate (USD) had net positive revenue 
impact of 7 mEUR 
5. The sports win margin impacted revenue and 
EBITDA negatively by 2.4 mEUR.  
 
The shift towards a regulated market in Brazil from Jan-
uary 1, has so far gone better than expected, where es-
pecially player migration has performed well. 
Recurring revenue declined by 8%, as revenue share de-
creased by 13% as a natural consequence of the new Bra-
zilian regulation.  Subscription revenue remained flat, 
while CPM-based revenue was up by 13% due to the M&A 
effect from Playmaker Capital, as well as a good start to 
the year in the Brazilian advertising market. 
Group costs decreased by 5 mEUR, corresponding to an 
8% reduction. The acquisition of Playmaker Capital was 
closed February 6
th, 2024, and consequently Playmaker 
Capital was only included in two months.  When adjust-
ing for this and combined with the FX impact (USD) in 
the quarter, the reduction in costs versus last year is 9 
mEUR where more than 5 mEUR relate to savings within 
staff and other operational costs. The cost decrease re-
flects the impact of the 50 mEUR cost efficiency pro-
gram initiated in October 2024 which remains on track 
to be fully realized during 2025. 
The changes to revenue and cost resulted in an EBITDA 
before special items of 22 mEUR, representing a 24% de-
cline. The EBITDA margin before special items was 27%.

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Q1 report 2025 Page 4  
Cash flow from operations before special items was 21 
mEUR with a cash conversion of 93% in Q1 2025. The 
cashflow was positively impacted by delayed payments 
from 2024 received in Q1 2025. However, it was  also 
negatively impacted by delayed payments of 9 mEUR 
from customers in Brazil in Q1 2025, due to the new reg-
ulations, including establishing new commercial and ad-
ministrative frameworks. 
Better Collective has bank credit facilities of a total of 
319 mEUR. By the end of March 2025, capital reserves 
stood at 90 mEUR consisting of cash of 25 mEUR and 
unused bank credit facilities of 65 mEUR. 
The Group delivered 316,000 New Depositing Custom-
ers (NDCs) during the quarter, with 80% attributed to 
revenue share agreements. T he total number of NDCs 
declined by 30% compared to the same period last year 
primarily due to the previously mentioned factors in US 
and Brazil and partly offset by good developments in 
the rest of South America.  
The Brazilian market  officially launched on 1 January 
2025, completing its first quarter as a fully regulated 
market. As anticipated, Q1 represents a seasonally low 
period in Brazil due to national holidays and the start of 
the Serie A football league  commencing in late March. 
Revenue for Brazil in Q1 was 10 mEUR and t he financial 
impact was as mentioned 7 mEUR on revenue and 
EBITDA compared to Q1 2024. Better Collective has 
experienced higher -than-anticipated player migration  
and wagering  activity during the quarter . This means  
lower churn and better player retention. Due to regula-
tory restrictions prohibiting welcome bonuses, user ac-
quisition has progressed slower than expected, resulting 
in fewer NDCs. Due to this, the anticipated incr ease in 
competitive activity from sportsbooks has not yet ma-
terialized. Media sales (CPM)  in the market have per-
formed well, with media inventory still sold out. As a re-
sult, efforts are currently focused on expanding brand 
inventory and strengthening local market presence. The 
Brazilian business is expected to return to growth by 
2026. Better Collective maintains a strong long -term 
outlook for Brazil, anticipating it will return  to a high -
growth market , offsetting the short- term impact ob-
served in the current transition phase. 
The North American business  performed in line with 
expectations during the first quarter, following the or-
ganizational rebasing in October 2024. North American 
revenue declined by 11 mEUR, with approximately 5 -6 
mEUR attributable to the North Carolina state launch 
last year. The other 5-6 mEUR is due to the lower  mar-
keting activity in the market. For the full year 2025, man-
agement maintains its expectations  of revenue share 
contributing approximately 10–15 mEUR. As these de-
ferred earnings materialize over time, the North Ameri-
can business is expected to become progressively more 
stable, supported by a growing recurring revenue base. 
Significant events 
after close 
By the end of April, Better Collective has embarked on a 
transformative journey to align our organizational struc-
ture with our long-term strategic objectives. Recogniz-
ing the need for enhanced scalability, focus, and global 
integration, we have transitioned to a model that better 
supports our growth ambitions. 
Central to this transformation is the introduction of a 
Co-CEO leadership structure. Christian Kirk Rasmussen 
has joined Jesper Søgaard as Co-CEO, with Christian fo-
cusing on innovation, business development, and oper-
ational execution, while Jesper continue s to spearhead 
external strategic initiatives and engagement with ex-
ternal stakeholders. Together, they form a robust lead-
ership duo, geared to guide Better Collective into a new 
era of growth. 
Following Christian’s transition into the Co-CEO role, we 
are pleased to announce the appointment of Sofie Ejler-
sen as Chief Operating Officer (COO). Over the past six 
months, we have been working closely with Sofie in a 
role as strategic advisor, where she played a key part in 
shaping and driving the transformation behind The New 
Better Collective. Sofie brings more than 12 years of ex-
perience from Bain & Company, where she served as a 
part of the management team , advising leading global 
companies on strategy, performance improvement, or-
ganization, transformation and M&A. She now joins Bet-
ter Collective to ensure the successful implementation 
and integration of the transformation across the organ-
ization. 
Our recent organizational restructuring is centered 
around the establishment of three global business units: 
Publishing, Paid Media, and Esports -  a strategic shift 
away from our former geography-based structure. This 
new setup is designed to reduce comple xity, eliminate 
duplication, and allow us to scale best practices more 
efficiently across all markets. 
While these changes are critical to positioning Better 
Collective for long-term success, they have also resulted 
in a reduction of layers  as we have gone from a local 
management structure to a global management struc-
ture.  
As part of this transformation, Esports will be reported 
as a standalone financial segment beginning in Q2 2025. 
With its own leadership and dedicated business struc-
ture, this change reflects our ambition to further 
sharpen focus and enhance transparency in one of our 
most exciting and high-potential growth areas. 
Lastly, we have streamlined our “ House of Brands ” to 
concentrate efforts and investments on high -potential

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Q1 report 2025 Page 5  
assets, maximizing value extraction from our legacy 
brands. 
On 3 April 2025, Better Collective announced an expan-
sion of its digital sports audience to have increased by 
more than 10%  from 400 to 450 million monthly visits 
globally.  
On 22 April 2025, Better Collective completed a buy-
back of 10 mEUR. Better Collective held 3.3% of the com-
pany’s outstanding share capital. 
On 22 April 2025, Better Collective held its Annual Gen-
eral Meeting, where all points were approved. Amongst 
other things, it was decided to cancel 1.8% of the com-
pany’s outstanding share capital to enhance share-
holder value. Thomas Plenborg, current Chair man of 
DSV A/S, was elected as a new member of the Board, as 
Petra Rohr decided to step down. 
On 21 May 2025, Better Collective announced the initia-
tion of a new buyback of up to 10 mEUR to be executed 
before 26
th of August 2025, or until it is completed. 
 
  
    
Q1 report 2025 Page 5

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Q1 report 2025 Page 6  
Financial targets  
2025 guidance  
Better Collective’s guidance for 2025 is  unchanged as 
follows: 
• Revenue of 320-350 mEUR 
• EBITDA before special items of 100-120 mEUR  
• Free cash flow of 55-75 mEUR 
• Net debt to EBITDA below 3x 
2025 guidance implications 
Revenue growth will as expected be short -termly im-
pacted by the Brazilian market regulation. Given the 
aforementioned factors in Brazil , including taxation , 
added costs on net gaming revenue, and expected cus-
tomer churn. Better Collective estimates a 50-70% de-
cline in Brazilian revenue share income in the short term, 
which impacts EBITDA for 2025 by an estimated 35-50 
mEUR. H1 2024 further provides a tough comparison 
with a 20 mEUR  EBITDA before special items  effect 
stemming from a higher US marketing activity from 
partners last year, the state launch i n North Carolina , 
and the European Championships in s occer. On the 
other hand, Better Collective expects absolute growth 
in its European, Esport s, South America (excl. Brazil), 
and Canadian businesses, as well as the US growing 
from its lower baseline. This is estimated to give a n 
EBITDA before special items growth boost of 20 to 40 
mEUR in 2025. Lastly, the cost efficiency program will 
have full effect of 50 mEUR for the year. All this com-
bined means EBITDA before special items is guided flat 
versus last year. Following Q1, Better Collective sees no 
change to this.  
Long-term guidance for 2027 
• Positive organic growth from 2026 
• EBITDA margin before special items for 2027 con-
tinued at 35-40% 
• Continued strong cash conversion 
• Net debt to EBITDA below 3x 
2027 guidance assumptions 
When launching the long-term guidance in 2023, Better 
Collective included both organic growth and M&A. Given 
the changing market conditions and share price devel-
opment, Better Collective will likely consider other cap-
ital allocation measures in the near term, such as bring-
ing down debt and share buybacks.  
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 
Better Collective, future growth, profitability, general 
economic and regulatory environment, and other mat-
ters affecting Better Collective.  
Forward-looking statements are based on current esti-
mates and assumptions made according to the best of 
Better Collective’s knowledge. These statements are in-
herently associated with both known and unknown risks, 
uncertainties, and other factors that could cause the re-
sults, including Better Collective ’s cash flow, financial 
condition, and operations, to differ materially from the 
results, or fail to meet expectations expressly or implic-
itly, assumed or described in those statements or to turn 
out to be less favorable than the results expressly or im-
plicitly assumed or described in those statements. Bet-
ter Collective can give no assurance regarding the future 
accuracy of the opinions set forth herein or as to the ac-
tual occurrence of any predicted developments and/or 
targets. 
Considering the risks, uncertainties , and assumptions 
associated with forward-looking statements, it is possi-
ble that certain future events may not occur. Moreover, 
forward-looking estimates derived from third -party 
studies may prove to be inaccurate. Actual results, per-
formance or events may differ materially from those in 
such statements e.g. due to changes in general eco-
nomic conditions, in particular economic conditions in 
the markets in which Better Collective  operates, 
changes affecting interest rate levels, changes affecting 
currency exchange rates, changes in competition levels, 
changes in laws and regulations, and occurrence of ac-
cidents or environmental damages and systematic de-
livery failures. We undertake no obligation to update or 
revise any for ward-looking statements, whether be-
cause of new information, future events or otherwise, 
except to the extent required by law.

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Q1 report 2025 Page 7  
Financial highlights and key figures 
tEUR Q1 2025 Q1 2024 2024         
Income statements       
Revenue 82,590  95,031  371,487  
Recurring revenue 49,047  53,286  230,735  
Revenue Growth (%) -13% 8% 14% 
Organic Revenue Growth (%) -18% -6% -2% 
Operating profit before depreciation, amortization,  
and special items (EBITDA before special items)  22,005  29,010  113,403  
Operating profit before depreciation  
and amortization (EBITDA) 21,280  26,468  102,517  
Depreciation 1,965  1,472  6,990  
Operating profit before amortization  
and special items (EBITA before special items)  20,041  27,538  106,413  
Special items, net - 726  - 2,542  - 10,886  
Operating profit before amortization (EBITA) 19,315  24,996  95,527  
Amortization and impairment 8,556  8,234  34,080  
Operating profit before special items  
(EBIT before special items)  11,485  19,304  72,334  
Operating profit (EBIT) 10,759  16,762  61,447  
Result of financial items - 5,777  - 6,498  - 18,583  
Profit before tax 4,982  10,264  42,865  
Profit after tax 3,639  7,553  34,014  
Earnings per share (in EUR) 0.06  0.13  0.55  
Diluted earnings per share (in EUR) 0.06  0.12  0.53  
For a definition of financial key figures and ratios, please refer to page 36. 
 
 
 
tEUR Q1 2025 Q1 2024 2024         
Balance sheet       
Balance Sheet Total 1,139,042  1,153,664  1,172,119  
Equity 672,744  668,500  685,929  
Current assets 106,328  138,218  110,472  
Current liabilities 67,358  124,041  73,235  
Net interest bearing debt 248,101  178,009  238,953          
Cashflow       
Cash flow from operations before special items  20,642  21,665  101,009  
Cash flow from operations 18,692  10,016  82,619  
Investments in tangible assets - 176  - 961  - 3,942  
Cash flow from investment activities - 13,679  - 73,858  - 154,829  
Cash flow from financing activities - 7,485  90,940  99,154          
Financial ratios       
Operating profit before depreciation,  
amortization (EBITDA) and special items margin (%)  27% 31% 31% 
Operating profit before amortization margin (EBITDA) (%) 26% 28% 28% 
Operating profit margin (%) 13% 18% 17% 
Publishing segment  
- EBITDA before special items margin (%) 29% 34% 32% 
Paid media segment  
- EBITDA before special items margin (%) 22% 23% 27% 
Net interest bearing debt / EBITDA before special items  2.33 1.67 2.11 
Liquidity ratio 1.58 1.11 1.51 
Equity to assets ratio (%) 59% 58% 59% 
Cash conversion rate before special items (%) 93% 73% 86% 
Average number of full-time employees 1,688  1,677  1,773  
NDCs (thousand) 316  450  1,754

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Q1 report 2025 Page 8  
CEO letter 
The New BC 
As we enter 2025, we are reshaping 
Better Collective to operate with greater 
clarity, focus, and global scale - 
positioning ourselves to lead the next 
phase of growth in the digital sports 
media landscape. 
 
The New BC . 2025 marks the beginning of an exciting 
new chapter for Better Collective. Following years of 
strong growth, both organically and through acquisi-
tions, we are taking important strategic steps to opti-
mize our foundation and set ourselves up for long-term 
success.  
As part of this evolution, we have implemented a n or-
ganizational restructuring going from a local to a global 
management structure. We are furthermore transition-
ing from a geographical setup to a structure built around 
three global business units: Publishing, Paid Media, and 
Esports. The previous structure has served us well 
through key phases of our growth - first as a Europe -
focused business, then through the US market opening, 
and most recently towards  the developments in South 
America and most recently, Brazil. However, as our mar-
kets mature, so must we. This new organizational shift is 
designed to reduce complexity, eliminate duplication, 
and enable us to scale best practices across markets 
more efficiently and with greater strategic focus.  Fur-
thermore, this will enable us to return to growth. 
In parallel, my Co-founder, Christian Kirk Rasmussen , 
has stepped into the role of C o-CEO alongside me. To-
gether, we will lead Better Collective with a strong and 
complementary leadership setup. Christian will focus on 
innovation, business development, and operational exe-
cution, while I continue to lead our external strategic in-
itiatives and represent Better Collective.  
As part of the leadership transition, I’m also pleased to 
share that Sofie Ejlersen has joined Better Collective as 
our new Chief Operating Officer. Over the past six 
months, Sofie has worked closely with us in a strategic 
advisory role, playing a central role in shaping the vision 
and execution of The New Better Collective. Sofie joins 
us with more than a decade of experience from Bain & 
Company, where she served as a part of the manage-
ment team advising global companies on strategy, 
transformation, and pe rformance improvement. Her 
ability to combine strategic insight with operational ex-
ecution has already proven valuable. As we enter this 
next phase, Sofie will take on a key role in ensuring that 
our new structure delivers on its promise -  driving 
greater focus, alignment, and scalability across the or-
ganization. We’re excited to continue this journey with 
her as part of the leadership team. 
 
To support our new structure and strategic direction, we 
have made deliberate choices to simplify and focus our 
operations. Over the past year, we conducted a compre-
hensive review of our brand portfolio. As a result, we 
have now re-focused our “House of Brands” around flag-
ship brands such as Action Network, AceOdds, BolaVIP, 
FUTBIN, and HLTV.  
These changes are not just about efficiency -  they are 
about focus  to ensur e future growth . By doing fewer 
things, but doing them better, we are building a 
stronger, more aligned organization with the clarity and 
scale needed to grow and lead in a competitive global 
landscape. 
Encouraging signs in Brazil . Turning to our markets, 
Brazil officially transitioned into a fully regulated market 
on January 1, 2025. This first quarter has provided valu-
able insights. We are pleased to report that the overall 
amount wagered in the player databases has increased, 
and the reduction in wagering activity is less than we in-
itially expected. This demonstrates strong retention and 
loyalty from the players we have sent historically. How-
ever, the continued lack of welcome bonuses -  prohib-
ited under the new regulation - has led to a slower pace 
of NDCs than originally anticipated. Due to this, compe-
tition between sportsbooks has remained more muted 
than expected . We remain very optimistic about the 
long-term potential of the Brazilian market and our 
leading position within it. 
North American revenue share build up continues . The 
North American business performed in line with expec-
tations during Q1, following the organizational rebasing 
implemented in October. We continue to strengthen our 
revenue share foundation in the region, with unrecog-
nized North American revenue build up increasing as we 
send more revenue share players to our partners . Over 
time, as these earnings begin to materialize, our North 
American operations will become increasingly stable 
and supported by a growing base of recurring revenue. 
We remain excited about  the long -term potential of 
North America and about our position in what is set to 
become the by far larges t regulated market for online 
sports betting and iGaming globally.

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Q1 report 2025 Page 9  
A stronger, sharper Better Collective . Better Collective 
now enters this next phase with confidence. We are 
leaner, stronger, and more focused. Our foundation is 
built not only on a portfolio of leading sports media and 
sports betting media brands but also on a culture of re-
silience, innovation, and ambition.  
I want to extend my deep appreciation to all our em-
ployees whose passion and commitment drive Better 
Collective forward every day. Together, we are creating 
the future of digital sports media.
 The journey ahead will 
not be without challenges, but with the New Better Col-
lective structure in place, I am more confident than ever 
in our ability to capture new opportunities and deliver 
sustained value to our partners, shareholders, and 
sports fans worldwide.
 
Jesper Søgaard 
Co-CEO & Co-Founder  
 
 
 
 
 
 
 
 
  
Q1 report 2025 Page 9

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Q1 report 2025 Page 10  
Business review 
and financial 
performance 
Group 
Revenue declined by 13% to 83 mEUR, with organic 
growth down 18%. The performance was in line with ex-
pectations. This was driven by five main factors: 
1. The Brazilian business delivered 10 mEUR in 
revenue during Q1. The regulatory develop-
ments in the Brazilian market impacted reve-
nue and EBITDA with 7 mEUR compared to 
Q1 2024. 
2. The comparisons from last year’s state launch 
in North Carolina created a 5 mEUR head-
wind. 
3. The previously communicated decrease in ac-
tivity from US partners impacted the quarter 
negatively with approximately 5 mEUR 
4. Growth in other business areas including full 
effect from acquisitions and positive ex-
change rate (USD) had net positive revenue 
impact of 7 mEUR 
5. The sports win margin impacted revenue and 
EBITDA negatively by 2.4 mEUR.  
 
Recurring revenue declined by 8%, as revenue share de-
creased by 13% as a natural consequence of the new Bra-
zilian regulation. S ubscription revenue remained flat, 
while CPM-based revenue was up by 13% due to the M&A 
effect from Playmaker Capital, as well as a good start to 
the year in the Brazilian advertising market. 
Group costs decreased by 5 mEUR, corresponding to an 
8% reduction. The acquisition of Playmaker Capital was 
closed February 6
th, 2024, and consequently Playmaker 
Capital was only included in two months. When adjust-
ing for this and combined with the FX impact (USD) in 
the quarter, the reduction in costs versus last year is 9 
mEUR where more than 5 mEUR relate to savings within 
staff and other operational costs. The cost decrease re-
flects the impact of the 50 mEUR cost efficiency pro-
gram initiated in October 2024 which remains on track 
to be fully realized in 2025. 
The changes to revenue and cost resulted in an EBITDA 
before special items of 22 mEUR, representing a 24% de-
cline. The EBITDA margin before special items was 27%. 
 
 
 
  
Key figures for the group 
tEUR Q1 2025 Q1 2024 Growth 2024           
Revenue 82,590  95,031  -13% 371,487  
Cost 60,585  66,020  -8% 258,084  
Operating profit before depreciation and amortization and special items 22,005  29,011  -24% 113,403  
EBITDA-Margin before special items 27% 31%   31% 
Operating profit before depreciation and amortization 21,280  26,468  -20% 102,517  
EBITDA-Margin 26% 28%   28% 
Organic Growth -18% -6%   -2%

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Q1 report 2025 Page 11  
Publishing 
The Publishing business generates revenue from Better 
Collective’s owned and operated sports media network 
and its media partnerships. The audience mainly comes 
from direct traffic and organic search results. 
Publishing revenue came in at 58 mEUR, reflecting a 13% 
decline and an organic growth decline of 19%. The de-
crease is mainly related to regulatory shift in Brazil (3.4 
mEUR) and North America (11 mEUR), which is partly 
offset by the acquisitions  of Playmaker Capital and 
AceOdds with full impact in Q1 2025 compared to the 
same period last year.  Operating profit fell 26% to 
17 mEUR, driven by the same market dynamics. Publish-
ing contributed 70% of group revenue and 75% of oper-
ational earnings. 
 
 
 
 
 
 
 
 
 
 
Paid Media  
The Paid Media business involves purchasing advertis-
ing on search engines, social media , and third -party 
sports media platforms. Because this requires upfront 
payments for advertising on external platforms, the 
gross margin is typically lower than that of the Publish-
ing business, due to substantial direct costs,  and may 
fluctuate with the level of activity and investments into 
revenue share NDCs. 
Paid Media revenue declined by 14%, with organic 
growth down 15%, reflecting similar impacts  as in Pub-
lishing - primarily the effects of Brazil's regulatory 
changes impacting 3.7 mEUR. This was in line with ex-
pectations. Revenue share income fell by 20%, while 
CPA revenue remained stable.  Paid Media was not 
affected by the cost efficiency program in October;  
hence, the direct costs are stable  versus the last two  
quarters but down versus Q1 last year due to the North 
Carolina state launch . Operational profit came in at 
5 mEUR, a decrease of 17%  and a margin of 22% . Paid 
Media accounted for 30% of group revenue and contrib-
uted 25% of operational earnings. 
 
 
 
 
 
 
Key figures for the Publishing segment 
tEUR Q1 2025 Q1 2024 Growth 2024           
Revenue 58,009  66,310  -13% 264,698  
Share of Group 70% 70%   71% 
Cost 41,433  43,804  -5% 180,316  
Share of Group 68% 66%   70% 
          
Operating profit before depreciation and amortization and special items 16,576  22,506  -26% 84,381  
Share of Group 75% 78%   74% 
EBITDA-Margin before special items 29% 34%   32% 
Operating profit before depreciation and amortization 15,850  19,980  -21% 73,532  
EBITDA-Margin 27% 30%   28% 
Organic Growth -19% 0%   0%  
Key figures for the Paid Media segment 
tEUR Q1 2025 Q1 2024 Growth 2024           
Revenue 24,581  28,721  -14% 106,789  
Share of Group 30% 30%   29% 
Cost 19,152  22,217  -14% 77,767  
Share of Group 32% 34%   30% 
          
Operating profit before depreciation and amortization and special items 5,429  6,505  -17% 29,022  
Share of Group 25% 22%   26% 
EBITDA-Margin before special items 22% 23%   27% 
Operating profit before depreciation and amortization 5,429  6,488  -16% 28,985  
EBITDA-Margin 22% 23%   27% 
Organic Growth -15% -18%   -7%

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Q1 report 2025 Page 12  
Europe & Rest of World 
The Europe & Rest of the World (RoW) division encom-
passes all markets outside North America. Within this di-
vision, the European markets are characterized as ma-
ture and represent Better Collective's legacy markets. 
Key sports brands in the Europe portfolio include Soc-
cernews in the Netherlands, Betarades in Greece, 
AceOdds in the UK, Tipsbladet in Denmark, Wettbasis in 
Germany, Goal.pl in Poland, and Svenska Fans  in Swe-
den. In South America, notable brands are Bolavip, So-
mosFanaticos in Brazil, and Redgol in Chile. The portfo-
lio also features prominent Esport communities such as 
HLTV and FUTBIN. Due to the long history of revenue 
share in Europe & ROW, this business has a significant 
part of recurring revenue. 
Revenue from Europe & Rest of World reached 
60 mEUR, remaining broadly flat year -over-year in ab-
solute terms, while organic was down 8% . The region 
was affected by the Brazilian market regulation  by 7 
mEUR on revenue and EBITDA partly offset by growth 
in other business areas including full effect from acqui-
sitions and FX.  
Revenue share income declined by 10%, partially offset 
by a 13% increase in CPA. Costs rose by 2%, primarily due 
to the full -quarter inclusion of Playmaker Capital (ac-
quired in February 2024), though this was largely 
balanced by the cost efficiency program initiated in Oc-
tober. Operational earnings came in at 18  mEUR, down 
11% with a margin of 30% . Europe & R oW contributed 
72% of group revenues and 81% of operational earnings. 
 
 
 
 
 
 
Key figures for Europe & RoW segment 
tEUR Q1 2025 Q1 2024 Growth 2024           
Revenue 59,544  61,021  -2% 264,138  
Share of Group 72% 64%   71% 
Cost 41,760  41,119  2% 167,730  
Share of Group 69% 62%   65% 
          
Operating profit before depreciation and amortization and special items 17,784  19,903  -11% 96,407  
Share of Group 81% 69%   85% 
EBITDA-Margin before special items 30% 33%   36% 
Operating profit before depreciation and amortization 17,433  19,156  -9% 93,692  
EBITDA-Margin 29% 31%   35% 
Organic Growth -8% 5%   6%

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

Q1 report 2025 Page 13  
North America  
North America, encompassing the United States and 
Canada, has recently initiated the regulation of sports 
betting and iGaming in selected states and provinces. As 
these markets are still relatively new in terms of regula-
tion, most of the revenues have been generated from 
one-time payments (CPA). However, there is a gradual 
shift towards revenue sharing. Our North American 
portfolio features prominent sports brands such as Ac-
tion Network, Yardbarker, The Nation Network, Play-
maker HQ, VegasInsider, RotoGrinde rs, Sports Handle, 
and Canada Sports Betting, among others. 
 
The North American business performed in line with ex-
pectations during the first quarter, following the organ-
izational rebasing implemented in October 2024. The 
region accounted for 28% of group revenues and 19% of 
group operational earnings. 
Revenue in North America reached 23 mEUR, represent-
ing a 32% decline year -over-year, with organic growth 
down 35%. The 11  mEUR decrease was primarily due to 
the one-off boost from the North Carolina state launch 
in the prior year  of 5-6 mEUR, accounting for half the 
decline, with the remainder attributed to reduced mar-
keting spending from partners. 
CPA revenue declined by approximately 9  mEUR in the 
quarter, largely driven by the same factors. Revenue 
share also decreased, mainly due to the one-off upfront 
components of hybrid deals that were at elevated levels 
during last year’s North Carolina launch. However, the 
underlying pure revenue share income remains in line 
with full-year expectations of 10–15 mEUR. 
As Better Collective continues to send revenue share 
players in the region, associated revenues are increas-
ingly deferred into future periods. Over time, these de-
ferred earnings are expected to materialize, contrib-
uting to a more stable and recurring revenue stream. 
Sponsorship and advertising (CPM) revenue was flat 
year-over-year, indicating underlying growth when nor-
malizing for activity levels. Subscription revenue 
showed momentum, growing 15%. 
On the cost side, expenses were reduced by 24%, down 
5 mEUR, largely due to the cost efficiency program initi-
ated in October. Operational earnings for the region to-
taled 4 mEUR, corresponding to an 18% margin - broadly 
in line with the full-year profitability target of over 20% 
on a reported basis and over 35% when including the 
revenue share build-up. 
 
 
 
 
 
 
 
 
 
 
 
 
 
Key figures North America segment 
tEUR Q1 2025 Q1 2024 Growth 2024           
Revenue 23,047  34,010  -32% 107,349  
Share of Group 28% 36%   29% 
Cost 18,825  24,902  -24% 90,353  
Share of Group 31% 38%   35% 
          
Operating profit before depreciation and amortization and special items 4,222  9,108  -54% 16,996  
Share of Group 19% 31%   15% 
EBITDA-Margin before special items 18% 27%   16% 
Operating profit before depreciation and amortization 3,847  7,313  -47% 8,827  
EBITDA-Margin 17% 22%   8% 
Organic Growth -35% -22%   -18%

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

Q1 report 2025 Page 14  
Financial 
performance for the 
period 
Revenue growth of -13% to 83 
mEUR  
Revenue showed a decline versus Q1 2024 of 13% and 
amounted to 83  mEUR (Q1 2024: 95 mEUR). Revenue 
share accounted for 45% of the revenue, with 26% com-
ing from CPA, 6% from subscription sales, and 23% from 
other income.  
Cost of 61 mEUR - down 8%  
Group costs decreased by 5 mEUR, corresponding to an 
8% reduction. The acquisition of Playmaker Capital was 
closed February 6th, 2024, and consequently Playmaker 
Capital was only included in two months. When adjust -
ing for this and combined with the FX impact (USD) in 
the quarter, the reduction in costs versus last year is 9 
mEUR where more than 5 mEUR relate to savings within 
staff and other operational costs. The cost decrease re-
flects the impact of the 50 mEUR cost efficiency pro-
gram initiated in October 2024 which remains on track 
to be fully realized in 2025. 
Staff cost decreased 5% to 27 mEUR Q1 2025 (Q1 2024: 
29 mEUR) due to th e decrease i n t he number of 
employees. Staff cost include costs related to warrants 
of 0.5 mEUR (Q1 2024: 1 mEUR).  
Total direct cost relating to revenue decreased by 3 
mEUR to 25 mEUR (Q1 2024: 28 mEUR), corresponding 
to a decrease of 12%.  
Other external costs decreased  0.6 mEUR or 7% to 8 
mEUR (Q1 2024: 9 mEUR). 
Depreciation and amortization amounted to 11 mEUR (Q1 
2024: 10 mEUR), an increase of 1 mEUR compared to Q1 
2024.  
Special items 
Special items amounted to an expense of 0.7 mEUR (Q1 
2024: 3 mEUR). The net expense of 0.7 mEUR is primar-
ily related to the restructuring of 0.5 mEUR.  
Earnings 
Operational earnings (EBITDA) before special items de-
creased 24 % to 22  mEUR ( Q1 2024: 29 mEUR). The 
EBITDA margin before special items was 27% (Q1 2024: 
31%). Including special items, the reported EBITDA was 
21 mEUR (Q1 2024: 26 mEUR).  
EBIT before special items decreased 40% to 11 mEUR (Q1 
2024: 19 mEUR). Including special items, the reported 
EBIT was 11 mEUR (Q1 2024: 17 mEUR). 
Net financial items 
Net financial costs amounted to 6 mEUR ( Q1 2024: 7 
mEUR) and included net interest, fees relating to bank 
credit lines, and unrealized exchange rate adjustments. 
These costs are impacted by an unrealized loss of 2 
mEUR related to USD and GBP fluctuations. 
Interest expenses totaled 3 mEUR and comprised non-
payable, calculated interest expenses on certain balance 
sheet items, with a total net cash flow effect of 4 mEUR. 
Income tax 
Better Collective has a tax presence in the places where 
it is incorporated. Income tax amounted to 1 mEUR (Q1 
2024: 3 mEUR). The Effective Tax Rate was 27 % ( Q1 
2024: 26.4%). 
Net profit 
Net profit after tax was 4 mEUR ( Q1 2024: 8 mEUR). 
Earnings per share (EPS) was  EUR/share 0.06 versus 
0.13 EUR/share in Q1 2024. 
 
 
 
 
 
  
Q1 report 2025 Page 14

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

Q1 report 2025 Page 15  
Equity 
The equity decreased to 673 mEUR as per March  31 , 
2025, from 686 mEUR on December 31, 202 4. Besides 
the net profit of 4 mEUR, the equity has been primarily 
impacted negatively by currency translations of 11 mEUR 
and share buy-back of 6 mEUR.  
Balance sheet  
Total assets amounted to 1, 139 mEUR (202 4: 1,154 
mEUR). This corresponds to an equity to assets ratio of 
59% (2024: 58%).  
The liquidity ratio was 1.58 resulting from current assets 
of 106 mEUR and current liabilities of 67 mEUR. The ratio 
of net interest-bearing debt to EBITDA before special 
items was 2.33.  
Cash flow and financing 
Cash flow from operations before special items was 21 
mEUR ( Q1 2024: 22 mEUR) with a cash conversion of 
93% in Q1 2025.  
The cashflow is positively affected by delayed payments 
from 2024  r eceived in Q1 2025. However, it was also 
negatively impacted by delayed payments of 9 mEUR 
from customers in Brazil due to the new regulations, in-
cluding establishing new commercial and administrative 
frameworks. 
Better Collective has bank credit facilities of a total of 
319 mEUR. By the end of March 2025 , capital reserves 
stood at 90 mEUR consisting of cash of 25  mEUR and 
unused bank credit facilities of 65 mEUR. 
The parent company 
Better Collective A/S is the group’s parent company. 
Revenue declined by 32% to 20  mEUR ( Q1 2024: 30 
mEUR). Total costs, including depreciation and amorti-
zation, were 26 mEUR (Q1 2024: 28 mEUR). Profit after 
tax was -2 mEUR ( Q1 2024: 13 mEUR). The change in 
profit after tax is primarily due to a decrease in revenue 
and exchange rate adjustments  due to USD  and GBP. 
Total equity ended at 698  mEUR by March 31 , 202 5 
(2024: 706 mEUR). The equity was impacted by the 
share buy back of 6mEUR.  
 
 
 
 
Q1 report 2025 Page 15

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

Q1 report 2025 Page 16  
Other 
Shares and share capital 
Better Collective A/S is listed on Nasdaq Stockholm 
main market and Nasdaq Copenhagen main market. The 
shares are traded under the ticker “BETCO” and “BETCO 
DKK”. As per 31 March, 2025, the share capital amounted 
to 630,776.27 EUR, and the total number of issued 
shares was 63,076,627. The company has one (1) class 
of shares. Each share entitles the holder to one vote at 
the general meetings.  
Shareholder structure 
As of March 31, 2025, the total number of shareholders 
was 5,442. A list of the  top ten shareholders in Better 
Collective A/S can be found on Better Collective’s web-
site. 
Incentive programs 
To attract and retain key competenc ies, the company 
has established warrant programs for certain key em-
ployees. All warrants with the right to subscribe for one 
ordinary share. If all outstanding long -term incentive 
programs are subscribed, the maximum  shareholders 
dilution will be approximately 4.52%. On March 7, 2025, 
the board of directors implemented a Long-Term Incen-
tive Plan (LTI) for key employees in the Better Collective 
group.  
The grants under the LTI in 202 5 cover 1,045,865 share 
options to 217 key employees in total, vesting over a 3 -
year period. The total value of the 202 5 LTI grant pro-
gram is 5 mEUR (calculated Black-Scholes value).  
Thomas Plenborg, member of the Board of D irectors, 
has on the Company’s annual general meeting held on 
Tuesday 22 April 2025 been granted 25,000 stock op-
tions. 
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 includ es 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 Collective 
group. The risk evaluation is  presented to the Board of 
Directors annually. The board evaluates risk dynamically 
to account for this variation in risk impact. The policies 
and guidelines in place stipulate how management must  
work with risk management. 
Better Collective’s compliance with these policies and 
guidelines is also monitored by the management on an 
ongoing basis. Better Collective seeks to identify and 
understand risks and mitigate them accordingly. Also, 
Better Collective’s close and longstanding relationships 
with customers allow Better Collective to anticipate and 
respond to market movements and new regulations, in-
cluding compliance requirements from authorities and 
sportsbooks.  
With the continued expansion in North and South Amer-
ica, the overall  risk profile of Better Collective has 
changed, and compliance as well as financial risk ha ve 
increased. Better Collective has mitigated the additional 
risks in several ways, compliance risk through involve-
ment of regulatory bodies in our licensing process for 
newly established entities, financial risk through a per-
formance-based valuation of the acquired ent ities, and 
organizational risk through establishment of local gov-
ernance, and finance, HR, and legal organization dedi-
cated to the North  and South American  operations. 
Other key risk factors are described in the Annual report 
2024. 
 
Program 
Long-term incentive programs  
outstanding March, 2025 Vesting period  Exercise period  
Exercise price  
DKK 
Exercise price  
EUR (rounded) 
2020** 0 2021-2023 2023-2025 61.49  8.24  
2020* 163,999  2021-2023 2023-2025 106.35  14.26  
2021* 377,372  2022-2024 2024-2026 150.41  20.16  
2021 US MIP Options 43,358  2021-2024 2024-2026 138.90  18.62  
2022 US MIP Options 15,238  2022-2023 2023-2026 107.25  14.38  
2022 Options 20,973  2022-2024 2025-2027 130.98  17.56  
2022 PSU 47,164  2022-2024 2025-2027     
2023 CXO Options** 300,000  2023-2025 2026-2028 142.08  19.05  
2023 Options 236,345  2023-2025 2026-2028 87.06  11.67  
2023 PSU 119,075  2023-2025 2026-2028     
2024 Options 426,870 2024-2026 2027-2029 173.87 23.31 
2024 PSU 55,236 2024-2026 2027-2029   
2025 Options 1,045,865 2025-2028 2028-2030 78.20 10.48 
* Key employees and members of executive management

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

Q1 report 2025 Page 17  
V 
Contacts 
VP of Group Strategy, Investor Relations 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 19 February 2025 after market close 
(CET). 
About 
Better Collective owns global and national sport media, 
with a vision to become the leading digital sports media 
group. We are on a mission to excite sports fans through 
engaging content and foster passionate communities 
worldwide. Better Collective's portfolio of digital sports 
media brands includes; HLTV , FUTBIN, Betarades, Soc-
cernews, Tipsbladet, Action Network , Playmaker HQ, 
VegasInsider, Bolavip and Redgol. Headquartered in Co-
penhagen, Denmark, and dual listed on Nasdaq Stock-
holm (BETCO) and Nasdaq Copenhagen (BETCO DKK).  
To learn more about Better Collective please visit  
www.Bettercollective.com 
 
 
 
 
 
 
  
        
Q1 report 2025 Page 17

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

Q1 report 2025 Page 18  
Statement by the 
Board of Directors 
and the Executive 
Management 
Statement by the Board of Directors and the Execu-
tive Management on the condensed consolidated in-
terim financial statements and the parent company 
condensed interim financial statements for the period 
January 1 – March 31, 2025. 
Today, the Board of Directors and the E xecutive  
Management have discussed and approved the  
condensed consolidated interim financial statements 
and the parent company condensed interim financial 
statements of Better Collective A/S for the period Jan-
uary 1 – March 31, 2025.  
The condensed consolidated interim financial state-
ments for the period January 1 – March 31, 2025, 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’s condensed interim financial statements 
have been included according to the Danish Executive 
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 Better Collective’s and parent company’s assets, 
liabilities, and financial position on March 31, 2025, and 
of the results of Better Collective’s and p arent com-
pany’s operations and Better Collective’s cash flows for 
the period January 1 –March 31, 2025.  
Further, in our opinion, the management’s review gives 
a fair review of the development in Better Collective ’s 
and the parent company’s operations and financial mat-
ters and the results of Better Collective’s and the parent 
company’s operations and financial position, as well as 
a description of the major risks and uncertainties, Better 
Collective and the p arent company are facing. The In-
terim Report has not been audited or reviewed by the 
Company’s auditor. 
Copenhagen, May 21, 2025 
 
 
 
  
Executive 
Management 
  
 
 
Jesper Søgaard 
Co-CEO & Co-Founder 
 
 
Christian Kirk Rasmussen 
Co-CEO & Co-Founder  
Executive Vice President 
 
 
Flemming Pedersen 
CFO 
Executive Vice President 
   
Board of Directors   
Jens Bager 
Chair 
 Therese Hillman 
 Vice Chair 
Britt Boeskov 
   
Todd Dunlap   Leif Nørgaard Thomas Stig Plenborg 
   
René Rechtman

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

Q1 report 2025 Page 19  
Condensed interim financial statements for the 
period  
Consolidated income statement 
Note tEUR Q1 2025 Q1 2024 2024 
3 Revenue 82,590  95,031  371,487  
  Direct costs related to revenue 24,658  27,929  107,167  
4 Staff costs  27,165  28,718  113,000  
  Other external expenses 8,762  9,374  37,917  
  
Operating profit before depreciation and amortization (EBITDA) and special 
items 22,005  29,010  113,403  
  Depreciation 1,965  1,472  6,990  
  Operating profit before amortization (EBITA) and special items 20,041  27,538  106,413  
7 Amortization and impairment 8,556  8,234  34,080  
  Operating profit (EBIT) before special items 11,485  19,304  72,334  
5 Special items, net - 726  - 2,542  - 10,886  
  Operating profit 10,759  16,762  61,447  
  Financial income 714  1,607  7,310  
  Financial expenses 6,490  8,105  25,893  
  Profit before tax 4,982  10,264  42,865  
6 Tax on profit for the period 1,343  2,711  8,850  
  Profit for the period 3,639  7,553  34,014  
          
  Earnings per share attributable to equity holders of the company       
  Average number of shares 63,076,627  58,511,905  61,876,816  
  Average number of warrants - converted to number of shares 2,110,894  2,481,064  2,339,557  
  Earnings per share (in EUR) 0.06  0.13  0.55 
  Diluted earnings per share (in EUR) 0.06  0.12  0.53 
 
 
 
Consolidated statement of other comprehensive income 
Note tEUR Q1 2025 Q1 2024 2024 
  Profit for the period 3,639  7,553  34,014  
  Other comprehensive income       
  
Other comprehensive income that may be reclassified to profit or loss in subse-
quent periods:       
  Fair value adjustment of hedges for the year  - 43  483  - 180  
  Currency translation to presentation currency - 2,904  - 170  6,297  
  Currency translation of non-current intercompany loans - 10,733  6,278  17,325  
  Income tax 2,370   0 - 1,589  
  Net other comprehensive income/loss - 11,310  6,591  21,853  
  Total comprehensive income/(loss) for the period, net of tax - 7,671  14,144  55,867  
          
  Attributable to:       
  Shareholders of the parent - 7,671  14,144  55,867

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

Q1 report 2025 Page 20  
Consolidated statement of financial position 
Note tEUR Q1 2025 Q1 2024 2024           
  Assets                 
  Non-current assets       
7 Intangible assets       
  Goodwill 353,627 351,240 360,988 
  Domains and websites 544,669 548,228 553,886 
  Accounts and other intangible assets 108,423 86,989 117,628 
  Total intangible assets 1,006,719 986,457 1,032,501           
  Tangible assets       
  Right of use assets 13,674 17,056 15,929 
  Leasehold improvements, Fixtures and fittings, other plant and equipment  5,872 6,791 6,704 
  Total tangible assets 19,546 23,847 22,633           
  Other non-current assets       
  Deposits 1,840  1,869  1,940  
  Deferred tax asset 4,609  3,273  4,573  
  Total other non-current assets 6,448  5,142  6,513            
  Total non-current assets 1,032,713  1,015,446  1,061,647            
  Current assets       
  Trade and other receivables 69,358  61,670  63,763  
  Corporation tax receivable 5,385  4,177  2,934  
  Prepayments 6,119  5,238  6,101  
  Other current financial assets  0 5,639   0 
  Cash 25,466  61,494  37,674  
  Total current assets 106,328  138,218  110,472            
  Total assets 1,139,042  1,153,664  1,172,119  
 
 
Note tEUR Q1 2025 Q1 2024 2024           
  Equity and liabilities       
          
  Equity       
  Share Capital 631  629  631  
  Share Premium 469,460  465,834  469,460  
  Reserves - 1,561  21,162  16,089  
  Retained Earnings 204,213  180,875  199,749  
  Total equity 672,744  668,500  685,929            
  Non-current Liabilities       
8 Debt to credit institutions 258,975  221,820  259,691  
8 Lease liabilities 10,711  14,356  12,560  
8 Deferred tax liabilities 92,370  96,640  98,673  
8 Other long-term financial liabilities 36,884  28,307  42,030  
  Total non-current liabilities 398,940  361,123  412,955            
  Current Liabilities       
  Prepayments received from customers and deferred revenue  14,315  5,416  10,275  
  Trade and other payables 26,626  24,211  26,894  
  Corporation tax payable 4,497  7,976  4,764  
8 Other financial liabilities 18,039  83,111  26,926  
8 Lease liabilities 3,881  3,327  4,376  
  Total current liabilities 67,358  124,041  73,235  
  Total liabilities 466,298  485,164  486,191            
  Total Equity and liabilities 1,139,042  1,153,664  1,172,119

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

Q1 report 2025 Page 21  
Consolidated statement of changes in equity 
tEUR 
Share  
capital 
Share  
premium 
Currency 
translation 
reserve 
Hedging 
reserves 
Treasury 
shares 
Retained 
earnings 
Total  
equity 
                
As at January 1, 2025 631  469,460  36,941  - 517  - 20,336  199,749  685,929  
Result for the period  0  0  0  0  0 3,639  3,639  
                
Fair value adjustment of 
hedges  0  0  0 - 43   0  0 - 43  
Foreign currency translation  0  0 - 13,637   0  0  0 - 13,637  
Tax on other  
comprehensive income  0  0 2,361  9   0  0 2,370  
Total other  
comprehensive income  0  0 - 11,276  - 34   0  0 - 11,310  
Total comprehensive  
income for the year  0  0 - 11,276  - 34   0 3,639  - 7,671  
                
Transactions with owners               
Capital Increase  0  0  0  0  0  0  0 
Acquisition of treasury shares  0  0  0  0 - 6,338   0 - 6,338  
Disposal of treasury shares  0  0  0  0  0  0  0 
Share based payments  0  0  0  0  0 830  830  
Transaction cost  0  0  0  0  0 - 6  - 6  
Total transactions with owners  0  0  0  0 - 6,338  824  - 5,514  
                
At March 31, 2025 631  469,460  25,665  - 551  - 26,674  204,213  672,744  
During the period no dividend was paid. 
 
 
 
 
 
 
 
 
 
 
tEUR 
Share  
capital 
Share  
premium 
Currency 
translation 
reserve 
Hedging 
reserves 
Treasury 
shares 
Retained 
earnings 
Total  
equity 
                
As at January 1, 2024 554  274,580  15,055  - 483  - 21,057  166,624  435,273  
Result for the period  0  0  0  0  0 7,553  7,553  
                
Fair value adjustment of 
hedges  0  0  0 483   0  0 483  
Foreign currency translation  0  0 6,108   0  0  0 6,108  
Tax on other  
comprehensive income  0  0  0  0  0  0  0 
Total other  
comprehensive income  0  0 6,108  483   0  0 6,591  
Total comprehensive  
income for the year  0  0 6,108  483   0 7,553  14,144  
                
Transactions with owners               
Capital Increase 75  191,254   0  0  0  0 191,329  
Acquisition of treasury shares  0  0  0  0  0  0  0 
Disposal of treasury shares  0  0  0  0 21,057  8,885  29,942  
Share based payments  0  0  0  0  0 670  670  
Transaction cost  0  0  0  0  0 - 2,857  - 2,857  
Total transactions with owners 75  191,254   0  0 21,057  6,698  219,084  
                
At March 31, 2024 629  465,834  21,162  0  0  180,875  668,500  
During the period no dividend was paid.

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

Q1 report 2025 Page 22  
Consolidated statement of changes in equity – continued 
tEUR 
Share  
capital 
Share  
premium 
Currency 
translation 
reserve 
Hedging 
reserves 
Treasury 
shares 
Retained 
earnings 
Total  
equity 
                
As at January 1, 2024 554  274,580  15,055  - 483  - 21,057  166,624  435,273  
Result for the period  0  0  0  0  0 34,014  34,014  
                
Fair value adjustment of 
hedges  0  0  0 - 180   0  0 - 180  
Foreign currency translation  0  0 23,622   0  0  0 23,622  
Tax on other  
comprehensive income  0  0 - 1,735  146   0  0 - 1,589  
Total other  
comprehensive income  0  0 21,887  - 34   0  0 21,853  
Total comprehensive  
income for the year  0  0 21,887  - 34   0 34,014  55,867  
                
Transactions with owners               
Capital Increase 77  194,880   0  0  0 - 1,758  193,199  
Acquisition of treasury shares  0  0  0  0 - 22,533   0 - 22,533  
Disposal of treasury shares  0  0  0  0 23,254  9,017  32,271  
Share based payments  0  0  0  0  0 - 5,131  - 5,131  
Transaction cost  0  0  0  0  0 - 3,018  - 3,018  
Total transactions with owners 77  194,880   0  0 721  - 890  194,788  
                
At December 31, 2024 631  469,460  36,941  - 517  - 20,336  199,749  685,929  
During the period no dividend was paid.

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

Q1 report 2025 Page 23  
Consolidated statement of cash flows 
Note tEUR Q1 2025 Q1 2024 2024 
          
  Profit before tax 4,982  10,264  42,865  
  Adjustment for finance items 5,777  6,498  18,583  
  Adjustment for special items 726  2,542  10,886  
  Operating Profit for the period before special items  11,485  19,304  72,334  
  Depreciation and amortization 10,521  9,706  41,070  
  Other adjustments of non-cash operating items 459  1,112  1,244  
  
Cash flow from operations  
before changes in working capital and special items  22,465  30,122  114,647  
  Change in working capital - 1,823  - 8,457  - 13,638  
  Cash flow from operations before special items 20,642  21,665  101,009  
  Special items, cash flow - 1,950  - 11,649  - 18,390  
  Cash flow from operations 18,692  10,016  82,619  
  Financial income, received  330  724  3,111  
  Financial expenses, paid - 3,847  - 5,908  - 19,501  
  Cash flow from activities before tax 15,175  4,832  66,228  
  Income tax paid  - 6,149  - 3,890  - 16,731  
  Cash flow from operating activities 9,027  942  49,497  
          
9 Acquisition of businesses - 8,410  - 70,279  - 120,451  
7 Acquisition of intangible assets - 5,194  - 2,990  - 33,532  
  Acquisition of tangible assets - 176  - 961  - 3,942  
  Sale of tangible assets  0 438   0 
  Acquisition of other financial assets  0  0  0 
  Sale of other financial assets  0 0  3,232  
  Change in other non-current assets 100  - 66  - 136  
  Cash flow from investing activities - 13,679  - 73,858  - 154,829  
 
 
 
 
Note tEUR Q1 2025 Q1 2024 2024 
          
  Repayment of borrowings  0 - 122,087  - 136,321  
  Proceeds from borrowings  0 71,859  124,196  
  Lease liabilities - 1,141  - 878  - 4,384  
  Other non-current liabilities  0 - 843  - 434  
  Capital increase  0 145,144  146,362  
  Treasury shares - 6,338   0 - 20,336  
  Transaction cost - 6  - 2,857  - 3,018  
  Warrant settlement, sale of warrants  0 602  - 6,911  
  Cash flow from financing activities - 7,485  90,940  99,154  
          
  Cash flows for the period - 12,138  18,024  - 5,624  
  Cash and cash equivalents at beginning 37,674  43,552  43,552  
  Foreign currency translation of cash and cash equivalents  - 71  - 82  - 254  
  Cash and cash equivalents period end 25,466  61,494  37,674  
          
  Cash and cash equivalents period end       
  Cash 25,466  61,494  37,674  
  Cash and cash equivalents period end 25,466  61,494  37,674

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

Q1 report 2025 Page 24  
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 performance marketing. Better Collec-
tive’s vision is to become the leading digital sports media group. 
Basis of preparation  
The Interim Report (condensed consolidated interim financial statements) for the period January 1 – March 31, 2025, has 
been prepared in accordance with IAS 34 “Interim financial reporting” as adopted by the EU and additional requirements 
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 
The IASB has issued several new or amended standards and interpretations with effective date beginning on January 1, 
2025. Better Collective expects to adopt the new standards and interpretations when they become mandatory.  
None of the standards are expected to have a significant effect for the consolidated financial statements or the parent 
financial statements for the financial year 2025. Better Collective is currently assessing the impact IFRS 18 will have on 
factors such as presentation of the income statement and cash flow statement and disclosures to be provided in the 
notes. 
 
Accounting policies  
The condensed consolidated interim financial statements have been prepared using the same accounting policies as set 
out in note 1 of the 2024 annual report which contains a full description of the accounting policies for Better Collective 
and the parent company.  
The annual report for 2024 including full description of the accounting policies can be found on Better Collective’s web-
site: https://storage.mfn.se/5693126b-c889-4145-999f-f31afdfbfa8c/annual-report-2024-final-1.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 annual report for 202 4 which  
contains a full description of significant accounting judgements, estimates and assumptions.

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

Q1 report 2025 Page 25  
2. Segments 
Publishing and Paid Media  
Better Collective operates two different business models regarding customer acquisition with different 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 sports media and media 
partnerships where the audience is coming either directly or through organic search results, whereas Paid Media gener-
ates revenue through paid ad-traffic to our brands, thereby running on a lower gross margin. 
The performance for each segment is presented in the below tables: 
  Publishing Paid Group 
tEUR Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024               
Revenue Share 26,598  29,764  10,297  12,874  36,895  42,638  
CPA 7,217  14,905  14,284  14,335  21,501  29,241  
Subscription 4,924  4,248   0  0 4,924  4,248  
Sponsorships 11,772  10,751  0  1,508  11,772  12,259  
CPM 7,228  6,400   0  0 7,228  6,400  
Other 270  241   0 4  270  245  
Revenue 58,009  66,310  24,581  28,721  82,590  95,031  
Cost 41,433  43,804  19,152  22,217  60,585  66,020                
Operating profit before depreciation, amorti-
zation and special items 16,576  22,506  5,429  6,505  22,005  29,011  
EBITDA-Margin before special items 29% 34% 22% 23% 27% 31%               
Special items, net - 726  - 2,526   0 - 16  - 726  - 2,542                
Operating profit  before depreciation and 
amortization 15,850  19,980  5,429  6,488  21,280  26,468  
EBITDA-Margin 27% 30% 22% 23% 26% 28% 
Depreciation 1,914  1,420  51  52  1,965  1,472                
Operating profit before amortization 13,937  18,560  5,378  6,437  19,315  24,996  
EBITA-Margin 24% 28% 22% 22% 23% 26% 
 
 
 
 
 
 
 
   Publishing  Paid Group  
tEUR 2024 2024 2024         
Revenue Share 127,684  52,598  180,283  
CPA 40,518  51,804  92,323  
Subscription 18,326   0 18,326  
Sponsorships 44,944  2,382  47,326  
CPM 32,126   0 32,126  
Other 1,098  4  1,103  
Revenue 264,698  106,789  371,487  
Cost 180,316  77,767  258,084          
Operating profit before depreciation,  
amortization and special items 84,381  29,022  113,403  
EBITDA-Margin before special items 32% 27% 31%         
Special items, net - 10,849  - 37  - 10,886          
Operating profit  before depreciation and 
 amortization 73,532  28,985  102,517  
EBITDA-Margin 28% 27% 28% 
Depreciation 6,787  203  6,990          
Operating profit before amortization 66,745  28,782  95,527  
EBITA-Margin 25% 27% 26%

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

Q1 report 2025 Page 26  
2. Segments, continued 
Eu r op e & Rest of World  and North A merica  
Better Collective’s products cover more than 30 languages and attract millions of users worldwide - with international 
brands with a global reach as well as regional brands with a national reach. Better Collective’s regional brands are tai-
lored according to the specific regions or countries and their respective regulations, sports, betting behaviors , user 
needs, and languages. Better Collective reports on the geographical segments Europe & RoW (Rest of World) and North 
America, measuring and disclosing separately for Revenue, Cost and Earnings. Historical financial figures are reported 
accordingly. 
The performance for each segment is presented in the below tables: 
  Europe & RoW North America Group 
tEUR Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024               
Revenue Share 33,065  36,567  3,831  6,071  36,895  42,638  
CPA 15,029  13,336  6,472  15,905  21,501  29,241  
Subscription 741  619  4,183  3,630  4,924  4,248  
Sponsorships 5,386  6,044  6,385  6,216  11,772  12,259  
CPM 5,116  4,276  2,112  2,125  7,228  6,400  
Other 207  181  64  64  270  245  
Revenue 59,544  61,021  23,047  34,010  82,590  95,031  
Cost 41,760  41,119  18,825  24,902  60,585  66,020                
Operating profit before depreciation, amorti-
zation and special items 17,784  19,903  4,222  9,108  22,005  29,011  
EBITDA-Margin before special items 30% 33% 18% 27% 27% 31%               
Special items, net - 352  - 747  - 374  - 1,795  - 726  - 2,542                
Operating profit  before depreciation and 
amortization 17,433  19,156  3,847  7,313  21,280  26,468  
EBITDA-Margin 29% 31% 17% 22% 26% 28% 
Depreciation 1,348  1,210  617  262  1,965  1,472                
Operating profit before amortization 16,084  17,946  3,231  7,051  19,315  24,996  
EBITA-Margin 27% 29% 14% 21% 23% 26% 
 
 
 
 
 
 
 
 
 
  Europe & RoW North America  Group 
tEUR 2024 2024 2024         
Revenue Share 159,671  20,612  180,283  
CPA 53,858  38,465  92,323  
Subscription 2,787  15,539  18,326  
Sponsorships 23,751  23,576  47,326  
CPM 23,250  8,877  32,126  
Other 822  281  1,103  
Revenue 264,138  107,349  371,487  
Cost 167,730  90,353  258,084          
Operating profit before depreciation,  
amortization and special items 96,407  16,996  113,403  
EBITDA-Margin before special items 36% 16% 31%         
Special items, net - 2,716  - 8,170  - 10,886          
Operating profit  before depreciation and 
 amortization 93,692  8,827  102,517  
EBITDA-Margin 35% 8% 28% 
Depreciation 5,794  1,196  6,990          
Operating profit before amortization 87,897  7,631  95,527  
EBITA-Margin 33% 7% 26%

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

Q1 report 2025 Page 27  
3. Revenue specification 
In accordance with IFRS 15 disclosure requirements, total revenue is split on revenue category and revenue types as 
follows: 
tEUR Q1 2025 Q1 2024 2024         
Revenue category       
Recurring revenue (Revenue share, Subscription, CPM)  49,047  53,286  230,735  
CPA, Sponsorships 33,273  41,500  139,649  
Other 270  245  1,103  
Total revenue 82,590  95,031  371,487          
%-split       
Recurring revenue 60 56  62  
CPA, Sponsorships 40 44  38  
Other 0 0  0  
Total 100  100  100  
 
tEUR Q1 2025 Q1 2024 2024         
Revenue type       
Revenue Share 36,895  42,638  180,283  
CPA 21,501  29,241  92,323  
Subscription 4,924  4,248  18,326  
Sponsorships 11,772  12,259  47,326  
CPM 7,228  6,400  32,126  
Other 270  245  1,103  
Total revenue 82,590  95,031  371,487          
%-split       
Revenue Share 45 45  49  
CPA 26 31  25  
Subscription 6 4  5  
Sponsorships 14 13  13  
CPM 9 7  8  
Other 0 0  0  
Total 100  100  100  
4. Share-based payment plans 
Long-term incentive programs: 
During the first quarter of 2025 the company did not grant any new warrants, and 0 warrants were exercised under the 
2019, 2021, 2022, 2023, 2024, or 2023 CXO Program. 
During the first quarter of 2025 the company did not grant any new warrants and 0 warrants were exercised under the 
Action Network management incentive program. 
On March 7, 2025, 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 2025 cover 1,045,865 share options to 217 key employees in total, 
vesting over a 3-year period. The total value of the 2025 LTI grant program is 5 mEUR (calculated Black-Scholes value). 
The Board of Directors keeps the right to change the classification of share-based programs, to cash-settle. 
Total share-based compensation: 
The total share-based compensation expense recognized for Q1 2025 is 583 tEUR (Q1 2024: 1,112 tEUR).

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

Q1 report 2025 Page 28  
5. Special items 
Special items consist of recurring and non-recurring items that management does not consider to be part of Better 
Collective’s ordinary operating activities, i.e. acquisition costs, adjustment of earn-out payments related to acquisi-
tions, impairments and restructuring costs are presented in the Income statement in a separate line item labelled ‘Spe-
cial items’. The impact of special items is specified as follows: 
tEUR Q1 2025 Q1 2024 2024*         
Operating profit 10,759  16,762  61,447          
Special Items related to:       
Special items related to M&A - 227  - 1,779  - 2,223  
Variable payments regarding acquisitions - income  0  0 19,114  
Special items related to Restructuring - 498  - 763  - 9,193  
Special items related to impairment  0  0 - 18,584  
Special items, total - 726  - 2,542  - 10,886  
        
Operating profit (EBIT) before special items 11,485  19,304  72,334  
        
Amortization and impairment 8,556  8,234  34,080          
Operating profit before amortization  
and special items (EBITA before special items)  20,041  27,538  106,413          
Depreciation 1,965  1,472  6,990          
Operating profit before depreciation, amortization,  
and special items (EBITDA before special items)  22,005  29,010  113,403  
 
* In 2024 Better Collective and the founders and former owners of Playmaker HQ  ) agreed to renegotiate and settle the earn out due to 
underperformance from acquisition of SOME content producer and podcast maker Playmaker HQ (not to be  confused with Playmaker 
Capital. The initial acquisition price of Playmaker HQ was 54mUSD of which  15mUSD was upfront cash. The final price agreed is 25mUSD 
(23m EUR). Consequently, Better Collective have performed an impairment test based on the reassessment, identifying an impair ment 
of 20mUSD (18m EUR) for the CGU North America, recognized in Q2 2024. The net impact on special items is negative 2.4mEUR, result-
ing from the aforementioned goodwill impairment and the recognition of the remaining earn- out as income. 
Furthermore On October 28th, it was announced that Management has decided to streamline Better Collective’s business to identify 
and leverage synergies. Costs related to this amounted to 6 mEUR in Q4  2024, recognized as Special Items related to restructuring.  
6. Income tax 
Total tax for the period is specified as follows: 
tEUR Q1 2025 Q1 2024 2024 
Tax for the period 1,343  2,711  8,850  
Tax on other comprehensive income - 2,370   0 1,589  
Total - 1,027  2,711  10,440  
Income tax on profit for the period is specified as follows: 
tEUR Q1 2025 Q1 2024 2024 
Deferred tax - 2,437  - 436  1,282  
Current tax 3,784  3,143  7,181  
Adjustment from prior years - 3  4  387  
Total 1,343  2,711  8,850  
Tax on the profit for the period can be explained as follows: 
tEUR Q1 2025 Q1 2024 2024 
Specification for the period:       
Calculated 22% tax of the result before tax 1,096  2,258  9,430  
Adjustment of the tax rates  
in foreign subsidiaries relative to the 22% 48  340  - 3,731  
Tax effect of:       
Special items - 27   0 1,082  
Other non-taxable income - 42  - 152  - 670  
Other non-deductible costs 148  261  1,719  
Unrecognized tax losses carried forward 123   0 633  
Adjustment of tax relating to prior periods -3 4 387 
Total 1,343  2,711  8,850  
Effective tax rate 27.0% 26.4% 20.6%

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

Q1 report 2025 Page 29  
7. Intangible assets 
tEUR Goodwill 
Domains 
and  
websites 
Accounts 
and other  
intangible 
assets* Total           
Cost or valuation         
As of January 1, 2025 380,138  553,886  211,066  1,145,089  
Additions  0  0 854  854  
Acquisitions through business combinations  0  0  0  0 
Transfer  0  0  0  0 
Disposals  0  0 - 10,714  - 10,714  
Currency Translation - 8,018  - 9,217  - 805  - 18,040  
At March 31, 2025 372,120  544,669  200,401  1,117,189  
          
Amortization and impairment         
As of January 1, 2025 19,150   0 93,438  112,588  
Amortization for the period  0  0 8,211  8,211  
Impairment for the period  0  0  0  0 
Amortization on disposed assets  0  0 - 9,671  - 9,671  
Currency translation -657  0  0 - 657  
At March 31, 2025 18,493   0 91,978  110,471  
          
Net book value at March 31, 2025 353,627 544,669  108,423  1,006,719  
*Accounts and other intangible assets consist of accounts ( 60,670 tEUR), Media Partnerships (44,934 tEUR), Development projects 
(2,558 tEUR) and software and others (261 tEUR) 
 
 
 
 
 
 
 
 
tEUR Goodwill 
Domains 
and  
websites 
Accounts 
and other  
intangible 
assets* Total           
Cost or valuation         
As of January 1, 2024 255,074  466,615  140,065  861,754  
Additions  0  0 7,388  7,388  
Acquisitions through business combinations 93,005  76,523  9,583  179,111  
Transfer  0  0 - 295  - 295  
Disposals  0  0 - 1,694  - 1,694  
Currency Translation 3,161  5,089  522  8,772  
At March 31, 2024 351,240  548,228  155,570  1,055,038  
          
Amortization and impairment         
As of January 1, 2024  0  0 60,325  60,325  
Amortization for the period  0  0 8,357  8,357  
Impairment for the period  0  0  0  0 
Amortization on disposed assets  0  0 - 169  - 169  
Currency translation  0  0 68  68  
At March 31, 2024  0  0 68,581  68,581  
          
Net book value at March 31, 2024 351,240  548,228  86,989  986,457  
*Accounts and other intangible assets consist of accounts (33,299 tEUR), Media Partnerships (51,054 tEUR) and software and ot hers 
(2,637 tEUR)

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

Q1 report 2025 Page 30  
7. Intangible assets, continued 
tEUR Goodwill 
Domains 
and  
websites 
Accounts 
and other  
intangible 
assets* Total           
Cost or valuation         
As of January 1, 2024 255,074  466,615  140,065  861,754  
Additions  0  0 31,082  31,082  
Acquisitions through business combinations 109,906  76,523  41,510  228,190  
Transfer  0  0 - 295  - 295  
Disposals  0  0 - 4,655  - 4,655  
Currency Translation 15,158  10,748  3,359  29,014  
At December 31, 2024 380,138  553,886  211,066  1,145,091  
          
Amortization and impairment         
As of January 1, 2024  0  0 60,325  60,325  
Amortization for the period  0  0 33,966  33,966  
Impairment for the period 18,584   0  0 18,584  
Amortization on disposed assets  0  0 - 2,151  - 2,151  
Currency translation 566   0 1,298  1,864  
At December 31, 2024 19,150   0 93,438  112,588  
          
Net book value at December 31, 2024 360,988  553,886  117,628  1,032,501  
*Accounts and other intangible assets consist of accounts (65,525 tEUR), Media Partnerships (49,461 tEUR ), Development projects 
(2,088 tEUR) and software and others (554 tEUR)  
 
 
 
 
 
8. Non-current liabilities and other current financial liabilities 
Debt to credit institutions 
As per March 31, 2025, Better Collective has drawn 259 mEUR (2024: 260) out of the total committed club facility of 319 
mEUR established with Nordea, Nykredit, and Citibank. B etter Collective  has a  financing agreement with Nordea, 
Nykredit Bank and Citibank with a total committed facility of 319 mEUR and a 100 mEUR higher accordion option with 
expiry at the end of October 2026. Better Collective has entered two hedging contracts regarding the interest rate risk 
for the period October 2024 to October 2026, nominal amount of 550 mDKK each  securing the interest rate at 2.32%  
and 2.34% respectively.  
Lease liabilities  
Non-current and current lease liabilities, of 11 mEUR (2024: 13 mEUR) and 4 mEUR (2023: 4 mEUR) respectively.  
Deferred Tax liability 
Deferred tax liability as of March 31, 2025, amounted to 92 mEUR (2024: 99 mEUR). The change from January 1, 2025, 
originates from changes in deferred tax related to acquisitions, amortization of accounts from acquisitions, and deferred 
tax changes in the Parent Company, Better Collective US, Inc and Playmaker Capital. 
Deferred Tax asset  
Deferred tax asset as of March 31, 2025, amounted to 5 mEUR (2024: 5 mEUR). The change from January 1, 2025, origi-
nates from changes in Playmaker Capital.  
Other financial liabilities  
As per March 31, 2025, other non-current and current financial liabilities amounted to 55 mEUR (2024: 69 mEUR) due to 
deferred and variable payments related to acquisitions  and media partnerships. The decrease from January 1, 202 5, is 
mainly related to changes in earn outs and media partnerships. 
Fair Value of financial assets and liabilities is measured based on level 3 - Valuation techniques. In all material aspects 
the fair value of the financial assets and liabilities is considered equal to the booked value. 
The fair value of financial instruments is measured based on level 2. The fair value is measured according to generally 
accepted valuation techniques. Market-based input is used to measure the fair value.

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

Q1 report 2025 Page 31  
9. Note to cash flow statement 
tEUR Q1 2025 Q1 2024 2024         
Acquisition of business combinations:       
Net Cash outflow  
from business combinations at acquisition  0 - 32,608  - 70,318  
Business Combinations  
deferred payments from current period  0  0  0 
Deferred payments  
- business combinations from prior periods - 8,410  - 37,671  - 50,133  
Total cash flow from business combinations - 8,410  - 70,279  - 120,451          
Acquisition of intangible assets:       
Acquisitions through asset transactions  0  0 - 5,806  
Deferred payments related to acquisition value   0  0  0 
Deferred payments  
- acquisitions from prior periods  0  0 - 8,500  
Other investments - 5,194  - 2,990  - 19,226  
Total cash flow from intangible assets - 5,194  - 2,990  - 33,532  
 
 
 
 
 
 
 
 
10. Events after the reporting date 
On 22 April 2025, Better Collective completed a buyback of 10 mEUR. Better Collective held 3.3% of the company’s 
outstanding share capital.  
On 22 April 2025, Better Collective held its Annual General Meeting, where all points were approved. Amongst other 
things, it was decided to cancel 1.8% of the company’s outstanding share capital to enhance shareholder value.  
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.

===== SIDA 33 =====

Q1 report 2025 Page 32  
Financial statements for the period  
Income statement – Parent company  
tEUR Q1 2025 Q1 2024 2024         
Revenue 20,203  29,905  129,221          
Other operating income 4,818  3,122  21,435          
Direct costs related to revenue 3,894  5,178  21,306  
Staff costs  11,869  12,495  52,240  
Depreciation 793  688  2,978  
Other external expenses 5,924  6,036  26,487          
Operating profit before amortization (EBITA) and special items 2,540  8,629  47,645          
Amortization 3,059  3,334  13,420          
Operating profit (EBIT) before special items - 518  5,295  34,225          
Special items, net - 383  - 588  960          
Operating profit - 901  4,707  35,186  
Financial income 12,133  15,698  80,222  
Financial expenses 16,710  7,104  34,749          
Profit before tax - 5,478  13,301  80,658  
Tax on profit for the period - 3,008  336  9,549          
Profit for the period - 2,470  12,965  71,109  
 
 
Statement of other comprehensive income 
tEUR Q1 2025 Q1 2024 2024         
Profit for the period - 2,470  12,965  71,109  
        
Other comprehensive income       
Other comprehensive income that may be  
reclassified to profit or loss in subsequent periods:       
Fair value adjustment of hedges for the year  - 43  483  - 180  
Currency translation to presentation  
currency 11  - 2,609  - 2,688  
Currency translation of non-current  
intercompany loans  0  0  0 
Income tax 9   0 146  
Net other comprehensive income/loss - 23  - 2,126  - 2,722  
Total comprehensive income/(loss) for the period, net of tax - 2,493  10,839  68,387

===== SIDA 34 =====

Q1 report 2025 Page 33  
Statement of financial position – Parent company 
tEUR Q1 2025 Q1 2024 2024         
Assets               
Non-current assets       
Intangible assets       
Goodwill 17,792  17,797  17,795  
Domains and websites 167,780  167,694  169,227  
Accounts and other intangible assets 42,208  50,608  46,543  
Total intangible assets 227,780  236,099  233,565          
Tangible assets       
Right of use assets 7,252  8,243  7,750  
Fixtures and fittings, other plant and equipment 2,613  2,959  2,891  
Total tangible assets 9,865  11,202  10,641          
Financial assets       
Investments in subsidiaries 377,019  375,971  377,085  
Receivables from subsidiaries 375,326  303,093  372,121  
Deposits 1,002  977  1,000  
Total financial assets 753,347  680,041  750,206          
Total non-current assets 990,992  927,342  994,413          
Current assets       
Trade and other receivables 19,212  21,364  22,089  
Receivables from subsidiaries 36,301  11,426  39,698  
Tax receivable 966  2,579   0 
Prepayments 3,233  2,819  3,220  
Other current financial assets  0 5,639   0 
Cash 5,951  36,559  12,667  
Total current assets 65,663  80,387  77,675          
Total assets 1,056,655  1,007,730  1,072,088  
 
 
 
tEUR Q1 2025 Q1 2024 2024         
Equity and liabilities               
Equity       
Share Capital 631  629  631  
Share Premium 469,460  465,834  469,460  
Reserves - 30,238  - 2,945  - 23,876  
Retained Earnings 258,525  209,616  260,171  
Total equity 698,380  673,134  706,387          
Non-current Liabilities       
Debt to credit institutions 258,975  221,820  259,691  
Lease liabilities 5,549  6,450  6,043  
Deferred tax liabilities 15,295  14,058  18,375  
Other non-current financial liabilities 31,440  199  34,887  
Total non-current liabilities 311,258  242,526  318,996          
Current Liabilities       
Prepayments received from customers and deferred revenue  9,570  634  4,612  
Trade and other payables 4,572  6,879  6,302  
Payables to subsidiaries 17,808  20,931  17,579  
Tax payable  0 185  2,433  
Other current financial liabilities 13,124  61,675  13,856  
Lease liabilities 1,943  1,767  1,924  
Total current liabilities 47,017  92,069  46,705  
Total liabilities 358,275  334,595  365,701  
Total equity and liabilities 1,056,655  1,007,730  1,072,088

===== SIDA 35 =====

Q1 report 2025 Page 34  
Statement of changes in equity – Parent company 
tEUR 
Share  
capital 
Share  
premium 
Currency 
transla-
tion re-
serve 
Hedging 
reserves 
Treasury  
shares 
Retained 
earnings 
Total  
equity                 
As of January 1, 2025 631  469,460  - 3,024  - 517  - 20,336  260,171  706,387  
Result for the period  0  0  0  0  0 - 2,470  - 2,470  
                
Fair value adjustment of 
hedges  0  0  0 - 43   0  0 - 43  
Foreign currency translation  0  0 11   0  0  0 11  
Tax on other  
comprehensive income  0  0  0 9   0  0 9  
Total other  
comprehensive income  0  0 11  - 34   0  0 - 23  
Total comprehensive income for the year  0  0 11  - 34   0 - 2,470  - 2,493  
                
Transactions with owners               
Capital Increase  0  0  0  0  0  0  0 
Acquisition of treasury shares  0  0  0  0 - 6,338   0 - 6,338  
Disposal of treasury shares  0  0  0  0  0  0  0 
Share based payments  0  0  0  0  0 830  830  
Transaction cost  0  0  0  0  0 - 6  - 6  
Total transactions with owners  0  0  0  0 - 6,338  824  - 5,514  
                
At March 31, 2025 631 469,460  - 3,013  - 551  - 26,674  258,525  698,380  
During the period no dividend was paid. 
 
 
 
 
 
 
tEUR 
Share  
capital 
Share  
premium 
Currency 
transla-
tion re-
serve 
Hedging 
reserves 
Treasury  
shares 
Retained 
earnings 
Total  
equity                 
As of January 1, 2024 554  274,580  - 336  - 483  - 21,057  189,952  443,211  
Result for the period  0  0  0  0  0 71,109  71,109  
                
Fair value adjustment of 
hedges  0  0  0 - 180   0  0 - 180  
Foreign currency translation  0  0 - 2,688   0  0  0 - 2,688  
Tax on other  
comprehensive income  0  0  0 146   0  0  0 
Total other  
comprehensive income  0  0 - 2,688  - 34   0  0 - 2,722  
Total comprehensive income for the year  0  0 - 2,688  - 34   0 71,109  68,387  
                
Transactions with owners               
Capital Increase 77  194,880   0  0  0 - 1,758  193,199  
Acquisition of treasury shares  0  0  0  0 - 22,533   0 - 22,533  
Disposal of treasury shares  0  0  0  0 23,254  9,017  32,271  
Share based payments  0  0  0  0  0 - 5,131  - 5,131  
Transaction cost  0  0  0  0  0 - 3,018  - 3,018  
Total transactions with owners 77  194,880   0  0 721  - 890  194,788  
                
At December 31, 2024 631  469,460  - 3,024  - 517  - 20,336  260,171  706,387  
During the period no dividend was paid.

===== SIDA 36 =====

Q1 report 2025 Page 35  
 
Statement of changes in equity – Parent company 
tEUR 
Share  
capital 
Share  
premium 
Currency 
transla-
tion re-
serve 
Hedging 
reserves 
Treasury  
shares 
Retained 
earnings 
Total  
equity                 
As of January 1, 2024 554  274,580  - 336  - 483  - 21,057  189,952  443,211  
Result for the period  0  0  0  0  0 12,965  12,965  
                
Fair value adjustment of 
hedges  0  0  0 483   0  0 483  
Currency translation  
to presentation currency  0  0 - 2,609   0  0  0 - 2,609  
Tax on other  
comprehensive income  0  0  0  0  0  0  0 
Total other  
comprehensive income  0  0 - 2,609  483   0  0 - 2,126  
Total comprehensive income for the year  0  0 - 2,609  483   0 12,965  10,839  
                
Transactions with owners               
Capital Increase 75  191,254   0  0  0  0 191,329  
Acquisition of treasury shares  0  0  0  0  0  0  0 
Disposal of treasury shares  0  0  0  0 21,057  8,885  29,942  
Share based payments  0  0  0  0  0 670  670  
Transaction cost  0  0  0  0  0 - 2,857  - 2,857  
Total transactions with owners 75  191,254   0  0 21,057  6,699  219,084  
                
At March 31, 2024 629  465,834  - 2,945   0 0  209,616  673,134  
During the period no dividend was paid.

===== SIDA 37 =====

Q1 report 2025 Page 36  
Better Collective uses and communicate certain Alternative Performance Measures (“APM”), which are not defined un-
der IFRS. Such are not to replace performance measures defined and under IFRS. The APM’s may not be indicative of 
the group’s historical operating results, nor are such measures meant to be predictive of the group’s future results. The 
group believes however that the APMs are useful supplemental indicators that may be used to assist in evaluating a 
company’s future operating performance, and its ability to service its debt. Accordingly, the APMs are disclosed to per-
mit a more complete and comprehensive analysis of the group’s operating performance, consistently with how the 
group’s business performance is evaluated by the Management. The group believes that the presentation of these APMs 
enhances an investor’s understanding of the group’s operating performance and the group’s ability to service its debt. 
Accordingly, the group discloses the APM’s to permit a more complete and comprehensive analysis of its operating  
performance relative to other companies and across periods, and of the group’s ability to service its debt. However, 
these APM’s may be calculated differently by other companies and may not be comparable with APM’s with similarly 
titled measures used by other companies. The group’s APMs are not measurements of financial performance under IFRS 
and should not be considered as alternatives to other indicators of the Company’s operating performance, cash flows or 
any other measures of performance derived in ac cordance with IFRS. The group’s APM’s have important limitations as 
analytical tools, and they should not be considered in isolation or as substitutes for analysis of the group’s results of 
operations as reported under IFRS. Our currently applied APM’s are summarized and described below. 
Alternative Performance Measures 
Alternative  
Performance Measure Description SCOPE 
Operating profit  
before amortization 
(EBITA) 
Operating profit plus amortizations Better Collective reports this APM to allow 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. 
Alternative  
Performance Measure Description SCOPE 
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 from 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. 
Net Debt / EBITDA  
before special items 
(Interest bearing debt, minus cash and cash 
equivalents) / EBITDA before special items 
on rolling twelve months basis 
This ratio is used to describe the horizon for pay 
back of the interest-bearing debt and measures the 
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 calculated 
from the date of acquisition measured against 
the historical baseline performance. 
Reported to measure the ability to generate growth 
from existing business 
Alternative Performance Measures  
and Definitions

===== SIDA 38 =====

Q1 report 2025 Page 37  
Alternative  
Performance Measure Description SCOPE 
Recurring revenue Recurring revenue is a combined set of reve-
nues that is defined as recurring as manage-
ment considers that the sources of these rev-
enue streams will continuously generate reve-
nue over a variable period of time and size e.g. 
if players continue to bet with gaming opera-
tors with which BC has revenue share agree-
ments, customers continue current subscrip-
tions or if BC on a current basis receive reve-
nues from customers having current market-
ing agreements in respect of banners, etc. on 
the group’s websites. Accord ingly, it includes 
Revenue share income, CPM /Advertising and 
subscription revenues. 
The group reports this APM to distinguish between 
what management consider as recurring revenue 
streams and what management consider as non -re-
curring revenue streams, e.g. revenues reflecting 
one-time settlements with gaming operators.  
CLV The Customer Lifetime Value (CLV) shows 
expected revenue generated throughout the 
lifetime of a New Depositing Customer 
(NDC). This measure is pivotal for under-
standing how much value a NDC is antici-
pated to bring to the Group. The prerequi-
sites going into the CLV are a number of fac-
tors such as average value, average fre-
quency, NDC lifespan and churn rate. 
 
Average revenue per NDC x NDC lifespan 
A key figure to assess the value of NDCs generated 
by the Group, providing critical insights into NDC 
profitability. It allows the Group to identify the most 
valuable segments and optimize marketing strate-
gies accordingly.  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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

===== SIDA 39 =====

Q1 report 2025 Page 38  
 
 
 
 
Better Collective A/S 
Sankt Annæ Plads 26-28 
1250 Copenhagen K 
Denmark 
CVR no 27 65 29 13 
+45 29 91 99 65 
info@bettercollective.com 
bettercollective.com