===== SIDA 1 ===== 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 ===== SIDA 2 ===== Q1 report 2025 Page 1 Q1 report 2025 Page 1 1 1 *Before special iteam EBITDA* mEUR Recurring revenue mEUR Revenue mEUR ===== SIDA 3 ===== 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 ===== SIDA 4 ===== 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%. ===== SIDA 5 ===== 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 ===== SIDA 6 ===== 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 ===== SIDA 7 ===== 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. ===== SIDA 8 ===== 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 ===== SIDA 9 ===== 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. ===== SIDA 10 ===== 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 ===== SIDA 11 ===== 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% ===== SIDA 12 ===== 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% ===== SIDA 13 ===== 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