Kvartalsrapport Q1 2026

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Q1 report 2026 Page 1  
 
 
 
 
  
May 20, 2026  
Better Collective A/S  
Sankt Annæ Plads 28 
1250 Copenhagen (DK) 
bettercollective.com 
CVR NO.:  27 65 29 13

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Q1 report 2026 Page 2  
 
 
  
Q1 25 Q1 26
83 86
+5%
Q1 25 Q1 26
22
25
+14%
+9% c.c.
Revenue 
mEUR 
EBITDA 
before 
special items 
mEUR 
INTERIM REPORT Q1, 2026  
• Revenue of 86 mEUR, organic growth 5%, 9% in constant curren-
cies (c.c.) 
• EBITDA before special items 25 mEUR, growth 14%, 29% margin 
• Revenue share income from the North American market grew 46% 
• Playbook partnership with X expanded to global partnership fol-
lowing strong North American traction 
• Full year guidance remains unchanged

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Q1 report 2026 Page 3  
 
Our vision 
 
 
     
Q1 report 2026 Page 3  
Our vision is to become the leading digital sports 
media group; Better Collective owns and operates 
global and national sports media, sports betting 
media, and Esports & gaming communities. We are 
on a mission to excite fans and foster passionate 
communities worldwide. 
Our House of Brands attracts more than 112 million 
unique users, generating more than 450 million 
sessions and  2.7 billion pageviews a month. Our 
combined offerings include everything from 
quality sports content, communities, data insights, 
and apps, to video content, podcast, and 
innovative technology.

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Q1 report 2026 Page 4

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Q1 report 2026 Page 5  
Highlights Q1 6 
Financial targets 9 
Financial highlights and key figures 10 
CEO letter 11 
Business review and financial performance 13 
Financial performance for the period 21 
Other 23 
Statement by the Board of Directors and the 
Executive Management 25 
Condensed interim financial statements for the 
period 26 
Notes 31 
Parent Company 40 
 
A live webcast and presentation  for Better Collective’s 
stakeholders will be held on May 21st, 2026, at 10:00 CET 
and can be joined online here. 
To participate by phone, follow this link. Once signed up, 
you will receive an email with a phone number and a per-
sonal dial-in code for the call. 
The presentation material for the webcast will be avail-
able after market close on May 20
th, 2026, via: 
www.bettercollective.com  
Upcoming events 
• Q2 report – August 20th, 2026 
• Q3 report – November 18th, 2026 
• Annual report 2026 – February 24th, 2027 
• Q1 report – May 19th, 2027 
 
  
 
   
Table of  
contents   Q1 webcast  
May 21st, 2026 
    
Q1 report 2026 Page 5

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Q1 report 2026 Page 6  
Highlights Q1 
The financial guidance for full -year 202 6 remains un-
changed. 
Revenue increased organically by 5%, or 9% in constant 
currencies. The quarter saw the following key drivers: 
1. FX movements had a negative year-over-year rev-
enue impact of 4 mEUR, mainly driven by the USD. 
2. Sports win margin impacted revenue and EBITDA 
negatively with 1.3 mEUR  versus last year  and 3.7 
mEUR versus the normalized margin. 
3. The Brazilian market continued to show minor neg-
ative effects following broader regulatory changes 
which impacted the quarter by around 1 mEUR. 
4. Underlying growth of 9 mEUR was primarily driven 
by strong performance in Paid Media and Talent -
led Media as well as North American revenue share 
growth. 
Recurring revenue increased by 2% to 50 mEUR, driven 
by 7% growth in revenue share income, primarily sup-
ported by strong performance in Paid Media and contin-
ued growth in North American revenue share.  
Since Q3 2022, Better Collective has been transitioning 
the North American business towards revenue share 
agreements. While this transition has temporarily damp-
ened reported revenue, it has established a strong 
foundation for future recurring revenue to be recog-
nized in the coming quarters and years. 
During Q1, revenue share income in North America con-
tinued to develop positively, increasing by 46% to 6 
mEUR. Management expects revenue share income in 
North America to continue growing steadily over time, 
supporting a more stable and higher -quality recurring 
revenue base, in line with the established model in other 
regions. 
Sponsorship revenue increased by 21%, driven by strong 
development in Playmaker HQ and HLTV. Better Collec-
tive continues to see significant future growth potential 
in these businesses, further supporting the diversifica-
tion of the revenue base. 
Better Collective expanded its  strategic partnership  
with X. Playbook™ is named the exclusive global AI bet-
ting product. Under the new agreement, Better Collec-
tive’s AI-powered betting solution, Playbook™, becomes 
the official and exclusive global betting product on X. 
The expanded partnership builds on the successful 
launch in the United States and introduces a suite of en-
hanced product features. 
On January 9, Better Collective held an Extraordinary 
General Meeting, where the cancellation of 5.17% of the 
share capital was approved. Following the cancellation, 
Better Collective flagged below 5% ownership of its own 
shares. 
Following the Annual Report, Better Collective initiated 
a new share buyback program of up to 40 mEUR, to be 
executed during the period from March 5, 2026 , to 
March 3, 2027. 
On February 2, Better Collective announced that it had 
received notification from Lind Invest that Lind Value II 
ApS held 6.53% of the share capital and voting rights in 
Better Collective, hence flagging above the 5% thresh-
old. 
On March 6, Better Collective announced that it had re-
ceived notification from Triton Administration (Jersey) 
Limited that it had indirectly acquired 3,076,663 shares 
and voting rights in Better Collective, corresponding to 
approximately 5.24% of the total  issued share capital 
and voting rights, hence flagging above the 5% thresh-
old. The shares are held directly by Bolero Holdings 
SARL. 
On March 19, Better Collective announced the strategic 
rollout of prediction market-focused content and prod-
ucts targeting the rapidly growing U.S. user base. The 
initiative represents an important step in Better Collec-
tive’s ambition to position itself at the forefront of a new 
and fast-emerging entertainment category. 
Costs increased by 1%, driven by cost efficiencies in Pub-
lishing and Esports, partly offset by a 9% increase in Paid 
Media spend during the quarter. The higher Paid Media 
    
 
Revenue  
9 mEUR
Q1 25
(4 mEUR)
FX
(1 mEUR)
Brazil
(1 mEUR)
SWM Growth Q1 26
83 mEUR
86 mEUR

===== SIDA 7 =====

Q1 report 2026 Page 7  
spend reflects Management’s continued confidence in 
the growth trajectory and attractive return profile of the 
business. 
EBITDA before special items amounted to 25 mEUR, 
corresponding to growth of 14% and a margin of 29%.  
Cash flow from operations before special items was 25 
mEUR (Q1 2025: 21 mEUR) with a cash conversion of 
101% in Q1 2026.  
In line with Better Collective ’s capital allocation policy, 
the company remains committed to delivering sustaina-
ble shareholder returns while maintaining the financial 
flexibility to pursue long -term growth opportunities.  
During the period, Better Collective completed 6.7 
mEUR of share buybacks, in line with the same period in 
2025. The program reflects the Grou p’s disciplined ap-
proach to capital allocation, balancing investments in 
organic growth, strategic business development includ-
ing M&A, and direct shareholder returns. 
Better Collective has bank credit facilities for  a total of 
319 mEUR. By the end of March 2026, capital reserves 
stood at 75 mEUR consisting of cash of 20 mEUR and 
unused bank credit facilities of 55 mEUR. 
 
 
 
    
Q1 report 2026 Page 7  
    
 
EBITDA before special items  
22 mEUR
25 mEUR
3 mEUR 2 mEUR
Q1 25 Revenue
growth
Increased Paid 
Media spend
Cost reductions Q1 26
(2 mEUR)

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Q1 report 2026 Page 8  
New Depositing Customers 
growth QoQ 
New Depositing Customers ( NDCs) developed in line 
with expectations. For the quarter, the total number of 
NDCs was 308,000, of which 77% were on revenue share 
contracts, up from 73% in Q4 2025. The total number of 
NDCs were broadly flat versus both last year and last 
quarter. Activity levels remained impacted by the regu-
latory changes in Brazil, where the prohibition of wel-
come bonuses has redirected many users to unlicensed 
sportsbooks. In addition, the broader regulatory  
changes in Brazil continued to impact performance neg-
atively during the quarter.
 
Value of Deposits 
Introduced as an external KPI in Q2 2025, Value of De-
posits (VoD) measures the total amount deposited into 
revenue share accounts by referred users across partner 
platforms during the period. The KPI provides a clear in-
dication of traffic quality and player value. The contin-
ued positive development of VoD underscores Better 
Collective’s ability to deliver high-quality audience, with 
referred players demonstrating increasing lifetime value 
despite lower NDC volumes. This reflects Better Collec-
tive’s strategic focus on attracting higher-value custom-
ers for its partners. 
For clarity , VoD represents deposits generated within 
the quarter and is not a cumulative metric.  
During Q1, Value of Deposits reached 799 mEUR, repre-
senting 15% growth compared to Q1 last year. This con-
tinued strong development demonstrates the increasing 
lifetime value of referred customers and confirms the 
underlying strength and health of the revenue share da-
tabases. 
200
400
600
0
Q1 
2020
Q2 Q3 Q4 Q1 
2021
Q2 Q3 Q4 Q1 
2022
Q3 Q4 Q1 
2023
Q2 Q3 Q4 Q1 
2024
Q2 Q3 Q4 Q1 
2025
Q2 Q3 Q4 Q1 
2026
Q2
NDC development (’000 NDCs)  VoD development (mEUR)  
200
400
600
800
0
Q1 
2020
Q2 Q3 Q4 Q1 
2021
Q2 Q3 Q4 Q2 Q3 Q4 Q1 
2023
Q2 Q3 Q4 Q1 
2024
Q2 Q3 Q4 Q1 
2025
Q2 Q3 Q4 Q1 
2026
Q1 
2022

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Q1 report 2026 Page 9  
Financial targets 
2026 guidance 
Guidance for 2026 is unchanged as follows: 
• Organic revenue growth 7-12% 
• EBITDA before special items growth 8-18% 
• Annual share buybacks of 40 mEUR 
• Net debt to EBITDA below 3x 
2026 guidance implications 
The year will benefit from normalized year -over-year 
comparisons versus 2025, and management expects un-
derlying growth across all business segments, including 
Publishing, Paid Media, and Esports.  
In addition, the FIFA World Cup will take place during 
the summer across several of Better Collective’ s core 
markets, providing a meaningful tailwind to user acqui-
sition, reactivation, and overall activity levels.  
The UK and Brazilian tax increases are expected to neg-
atively impact EBITDA before special items by approxi-
mately 8 mEUR.  
The Board of Directors has decided to guide for an an-
nual 40 mEUR share buybacks. Net debt to EBITDA is to 
stay below 3x. 
2027-2028 Guidance 
• Organic revenue growth 
• EBITDA-margin before special items at 35-40% 
• Continued strong cash conversion 
• Net debt to EBITDA below 3x 
Capital allocation policy 
• Reduction of net interest-bearing debt when lev-
erage exceeds 3x net debt/EBITDA level. 
• Investments in organic growth initiatives and se-
lective, value-accretive acquisitions.  
• Distribution to shareholders, primarily through 
share buybacks, secondarily, dividends. 
 
 
Disclaimer 
This report contains certain forward-looking statements 
and opinions. Forward -looking statements are state-
ments that do not relate to historical facts and events. 
Such statements or opinions pertaining to the future, for 
example, wording like; “believes”, “deems”, “estimates”, 
“anticipates”, “aims’, and “forecasts” or similar expres-
sions are intended to identify a statement as forward -
looking. This applies to statements and opinions con-
cerning the future financial returns, plans, and expecta-
tions with respect to the business and management of 
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 2026 Page 10  
Financial highlights and key figures 
tEUR Q1 2026 Q1 2025 2025         
Income statements       
Revenue 86,323  82,590  336,669  
Recurring revenue 50,141  49,047  206,484  
Operating profit before depreciation, amortization,  
and special items (EBITDA before special items)  25,086  22,005  102,053  
Depreciation 1,706  1,965  6,864  
Operating profit before amortization  
and special items (EBITA before special items)  23,380  20,041  95,189  
Special items, net - 1,810  - 726  - 10,411  
Amortization and impairment 8,591  8,556  33,807  
Operating profit before special items  
(EBIT before special items)  14,789  11,485  61,382  
Result of financial items - 2,538 - 5,777  - 19,790  
Profit after tax 7,322  3,639  23,590  
Earnings per share (in EUR) 0.12  0.06  0.41  
Diluted earnings per share (in EUR) 0.12  0.06  0.39  
        
Balance sheet       
Balance Sheet Total 1,092,349  1,139,042  1,074,121  
Equity 639,537  672,744  631,004  
Current assets 112,404  106,328  100,841  
Current liabilities 64,400  67,358  62,671  
Net interest bearing debt 257,696  248,101  258,428  
For a definition of financial key figures and ratios, please refer to page 44-45. 
 
 
 
tEUR Q1 2026 Q1 2025 2025                 
Cash flow       
Cash flow from operations before special items 25,307  20,642  94,453  
Cash flow from operations 23,246  18,692  81,595  
Investments in tangible assets - 53  - 176  - 347  
Cash flow from investment activities - 8,959  - 13,679  - 34,679  
Cash flow from financing activities - 1,211  - 7,485  - 40,557          
Financial ratios       
Revenue Growth (%) 5% -13% -9% 
Organic Revenue Growth (%) 5% -18% -11% 
Operating profit before depreciation,  
amortization (EBITDA) and special items margin (%)  29% 27% 30% 
Operating profit margin (%) 15% 13% 15% 
Publishing EBITDA before special items margin (%)  29% 29% 32% 
Paid media EBITDA before special items margin (%)  25% 22% 24% 
Esports EBITDA before special items margin (%) 62% 42% 53% 
Net interest bearing debt / EBITDA before special items  2.45  2.33 2.53 
Cash conversion rate before special items (%) 101% 93% 92% 
Average number of full-time employees 1,582  1,688  1,600  
NDCs (thousand) 308  316  1,200

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Q1 report 2026 Page 11  
CEO letter 
With a return to growth in Q1, 
Better Collective continues to 
build long term value through 
disciplined execution, product 
innovation, and a stronger po-
sition in the global sports eco-
system 
We started 2026 with a solid first quarter and a return 
to organic growth of 5% or 9% in constant currencies, 
with performance broadly in line with our expectations.  
As always, our business reflects both the strength of our 
diversified model and the realities of operating in dy-
namic and regulated markets. During the quarter, we 
continued to see encouraging progress in several  stra-
tegic areas, while navigating external factors that af-
fected market sentiment and short-term performance in 
certain geographies. The growth was driven in particular 
by continued strong momentum in Paid Media, T alent-
Led Media, North American revenue share, and our es-
port community, HLTV. 
Diving into one  area where developments continue to 
be particularly encouraging is prediction markets. This 
category is performing ahead of our expectations, both 
in terms of user interest and commercial traction. At the 
same time, competition among our customers to attract 
users is gradually intensifying. This is beneficial for Bet-
ter Collective and fully in line with our expectations for 
an attractive and expanding market. We expect addi-
tional players to enter the field throughout the year, and 
we view th is as further evidence of the size and rele-
vance of the opportunity. Better Collective is well posi-
tioned to benefit from this development through our 
strong sports audience reach, our commercial capabili-
ties, and our ability to connect users with relevant  and 
trusted offerings across fast evolving sports - and 
sports-related categories. 
Another strategic priority where we continue to make 
important progress is Playbook ™. During the quarter, 
Playbook™ advanced further across user engagement, 
product development and commercialization . We are 
particularly excited to continue and expand our strate-
gic partnership with X, which now includes a new global 
agreement and an enhanced product scope, including 
the introduction of Playbook ™ directly into Direct Mes-
saging on X. 
Over time, we believe Playbook ™ can become a core 
platform for sports bettors worldwide: one that stream-
lines the path from intent to action, reduces friction in 
the user journey, improves discovery, and makes it eas-
ier for users to compare outcomes and find the best 
available offer in the market. In that sense, Playbook™ is 
positioned at the intersection of media, product, and 
monetization and reflects how Better Collective is 
evolving its role in the value chain. Rather than only di-
recting traffic, we are  increasingly building products 
that improve the user experience itself and deepen our 
relevance to both users and partners. 
This is strategically important. The future winners in our 
industry will not only be those with reach, but those that 
can create better user journeys, stronger engagement 
loops, and more valuable commercial ecosystems 
around their audiences. Playbook™ is a strong example 
of that ambition in action. It allows us to participate 
more directly in product innovation around sports bet-
ting, while at the same time strengthening partner value 
through improved conversion quality, retention poten-
tial, and differe ntiated distribution. We remain highly 
excited about the long-term potential of Playbook™ and 
believe it can become an increasingly important part of 
how we create value in the decade ahead. 
Another good example is our talent -led media Play-
maker HQ. Since acquiring the business in 2023, it has 
developed into an increasingly important brand within 
our North American portfolio and is now performing 
very well  both operationally and commercially . While 
the transaction was structured with a disciplined finan-
cial rationale, ensuring that growth and value creation 
were closely aligned, the true significance of Playmaker 
HQ lies in its business model differentiation. By leaning 
into a talent -led, video-first narrative, we are defining 
the future of media. With the leading network of North 
American talent-led sports media podcast shows, Play-
maker HQ significantly strengthens our position within 
the entire sports ecosystem and elevates our value 
proposition toward partners, as we offer authentic en-
gagement that traditional models cannot replicate. 
Playmaker HQ has expanded its talent roster, strength-
ened its position in the North American sports podcast 
landscape, and built a highly attractive commercial plat-
form around unique content generated by some of the 
biggest North American sports names. We are seeing 
strong and consistent demand for its shows, not only 
from sportsbook partners, but also from a broader 
group of blue -chip brands seeking brand exposure  to 
highly engaged sports audiences. 
Strategically, this is important as  it demonstrates our 
ability to identify, acquire, and scale premium sports 
media brands in attractive markets , and s econdly, it 
highlights one of Better Collective’s core strengths: our 
ability to monetize sports audiences at scale through a 
differentiated commercial platform spanning both 
sports betting and broader brand advertising.  
In Brazil, market conditions remain muted. The absence 
of welcome bonuses continues to impact activity levels, 
while other regulatory changes have also affected mar-
ket dynamics. More recently, a bill proposing a potential 
ban has added further uncertainty to sentiment. From 
our point of view, such an outcome appears unlikely,

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

Q1 report 2026 Page 12  
that said, this type of public debate does not support 
confidence in the near term. 
Let me therefore restate our position clearly: we are 
supportive of sound and responsible regulation. Well -
functioning regulation is essential to protect users from 
harmful behavior and bad actors, and to ensure that 
markets develop in a sustainable way. At the same time, 
all stakeholders, including sportsbooks, media compa-
nies, and end users, benefit from having a stable, pre-
dictable, and workable regulatory framework that also 
ensures taxes are paid locally. That is what allows regu-
lated markets to perfor m well over time. Despite the 
current muted backdrop, we remain optimistic on Brazil 
over the long term. It is a large market with a deep -
rooted passion for sport, and we continue to see mean-
ingful structural potential as the market matures. 
As we enter the second quarter, we continue preparing 
for one of the largest business catalysts our industry has 
in front of it: the FIFA World Cup 2026. We have been 
preparing for this tournament for more than a year, and 
we are looking forward to what is expected to become 
the biggest sporting event ever. B eyond the significant 
commercial opportunity, it is also an event we are gen-
uinely excited about as sports fans ourselves. Moments 
like these matter as they bring together global audi-
ences in ways few o ther events can. We believe Better 
Collective is very well positioned to capture that oppor-
tunity. 
In summary, Q1 was a quarter of stable growth execution 
and continued strategic progress. We delivered as we 
expected, with some underlying elements performing 
better than headline numbers suggest . We continue to 
navigate short term external headwinds in selected mar-
kets, while investing in and advancing the initiatives that 
we believe will drive meaningful long term value crea-
tion. 
I would like to thank our employees, partners, and all 
other stakeholders for their continued dedication, trust, 
and collaboration. I would also like to thank our share-
holders for your continued support. Together, we have 
delivered another solid quarter, and we remain focused 
on executing on the many opportunities ahead. 
Jesper Søgaard 
Co-CEO & Co-Founder  
 
 
 
 
 
 
 
 
 
 
 
  
    
Q1 report 2026 Page 12

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

Q1 report 2026 Page 13  
Business review 
and financial 
performance 
Group 
The financial guidance for full -year 2026  remains un-
changed. 
Revenue increased organically by 5%, or 9% in constant 
currencies. The quarter was impacted by the following  
key drivers: 
1. FX movements had a negative year-over-year rev-
enue impact of 4 mEUR, mainly driven by the USD. 
2. Sports win margin impacted revenue and EBITDA 
negatively with 1.3 mEUR versus last year and 3.7 
mEUR versus the normalized margin. 
3. The Brazilian market continued to show minor neg-
ative effects following broader regulatory changes 
which impacted the quarter by around 1 mEUR. 
4. Underlying growth of 9 mEUR was primarily driven 
by strong performance in Paid Media and Talent -
led Media as well as North American revenue share 
growth. 
On a constant currency basis, revenue share would have 
increased by 9% compared to 7% reported, CPA revenue 
would have increased 5% compared to a reported de-
cline of 1%, subscription revenue would have declined by 
5% compared to a reported decline of 12%, sponsorship 
revenue would have increased by 29% compared to 21% 
reported, and CPM revenue would have declined by 6% 
compared to a reported decline of 13%. 
Recurring revenue increased by 2% to 50 mEUR, driven 
by 7% growth in revenue share income, primarily sup-
ported by strong performance in Paid Media and contin-
ued growth in North American revenue share. 
Since Q3 2022, Better Collective has been transitioning 
the North American business towards revenue share 
agreements. While this transition has temporarily damp-
ened reported revenue, it has established a strong foun-
dation for future recurring revenue to be recognized in 
the coming quarters and years. 
During Q1, revenue share income in North America con-
tinued to develop positively, increasing by 46% to 6 
mEUR. Management expects revenue share income in 
North America to continue growing steadily over time, 
supporting a more stable and higher -quality recurring 
revenue base, in line with the established model in other 
regions. 
Sponsorship revenue increased by 21%, driven by strong 
development in Playmaker HQ and HLTV. Better Collec-
tive continues to see significant future growth potential 
in these businesses, further supporting the diversifica-
tion of the revenue base. 
Better Collective expanded its strategic partnership 
with X. Playbook™ is named the exclusive global AI bet-
ting product. Under the new agreement, Better Collec-
tive's AI-powered betting solution, Playbook™, becomes 
the official and exclusive global betting product on X. 
The expanded partnership builds on the successful 
launch in the United States and introduces a suite of en-
hanced product features. 
Costs increased by 1%, driven by cost efficiencies in Pub-
lishing and Esports, partly offset by a 9% increase in Paid 
Media spend during the quarter. The higher Paid Media 
spend reflects Management’s continued confidence in 
the growth trajectory and attractive return profile of the 
business. 
EBITDA before special items amounted to 25 mEUR, 
corresponding to growth of 14% and a margin of 29%.  
Cash flow from operations before special items was 25 
mEUR (Q1 2025: 21 mEUR) with a cash conversion of 
101% in Q1 2026.  
Key figures for the group 
tEUR Q1 2026 Q1 2025 Growth 2025           
Revenue Share 39,518  36,895  7% 157,484  
CPA 21,392  21,501  -1% 80,040  
Subscription 4,331  4,924  -12% 18,031  
Sponsorships 14,216  11,772  21% 48,781  
CPM 6,291  7,228  -13% 30,969  
Other 575  270  113% 1,364  
Revenue 86,323  82,590  5% 336,669  
Cost 61,237  60,585  1% 234,616  
Operating profit before depreciation and amortization and special items 25,086  22,005  14% 102,053  
EBITDA-Margin before special items 29% 27%   30% 
Operating profit before depreciation and amortization 23,276  21,280  9% 91,642  
EBITDA-Margin 27% 26%   27% 
Organic Growth 5% -18%   -11%

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

Q1 report 2026 Page 14  
In line with Better Collective ’s capital allocation policy, 
the company remains committed to delivering sustaina-
ble shareholder returns while maintaining the financial 
flexibility to pursue long -term growth opportunities.  
During the period, Better Collective completed 6.7 
mEUR of share buybacks, in line with the same period in 
2025. The program reflects the Grou p’s disciplined ap-
proach to capital allocation, balancing investments in 
organic growth, strategic business development includ-
ing M&A, and direct shareholder returns. 
Better Collective has bank credit facilities for  a total of 
319 mEUR. By the end of March 2026, capital reserves 
stood at 75 mEUR consisting of cash of 20 mEUR and 
unused bank credit facilities of 55 mEUR. 
On January 9, Better Collective held an Extraordinary 
General Meeting, where the cancellation of 5.17% of the 
share capital was approved. Following the cancellation, 
Better Collective flagged below 5% ownership of its own 
shares. 
On August 27, 2025, Better Collective initiated a share 
buyback program of up to 20 mEUR, to be executed 
during the period from August 27, 2025 to March 4, 
2026. As March 4, 2026, was the final trading day of the 
program, the share buyback program was completed. 
Following the Annual Report, Better Collective initiated 
a new share buyback program of up to 40 mEUR, to be 
executed during the period from March 5, 2026 to March 
3, 2027. 
On February 2, Better Collective announced that it had 
received notification from Lind Invest that Lind Value II 
ApS held 6.53% of the share capital and voting rights in 
Better Collective, hence flagging above the 5% thresh-
old. 
On March 6, Better Collective announced that it had re-
ceived notification from Triton Administration (Jersey) 
Limited that it had indirectly acquired 3,076,663 shares 
and voting rights in Better Collective, corresponding to 
approximately 5.24% of the total  issued share capital 
and voting rights, hence flagging above the 5% thresh-
old. The shares are held directly by Bolero Holdings 
SARL. 
On March 19, Better Collective announced the strategic 
rollout of prediction market-focused content and prod-
ucts targeting the rapidly growing U.S. user base. The 
initiative represents an important step in Better Collec-
tive’s ambition to position itself at the forefront of a new 
and fast-emerging entertainment category. 
On March 24, Better Collective held its Annual General 
Meeting, where the Annual Report 2025 was approved. 
At the meeting, Thomas Plenborg was elected as the 
new Chair of the Board, succeeding Jens Bager, who de-
cided to step down after more than a decade of service. 
Thomas Plenborg brings extensive experience to the 
role, currently serving as Professor at the Department of 
Accounting at Copenhagen Business School and as 
Chair of the Board of DSV. At DSV, he has played a piv-
otal role in the company ’s transfo rmation from a re-
gional player into a global leader in transport and logis-
tics, while overseeing substantial shareholder value cre-
ation and the execution and integration of large -scale 
acquisitions. 
On January 5, Better Collective- owned Mindway AI an-
nounced a partnership with DraftKings to expand re-
sponsible gaming tools and resources. Through Gama-
lyze, DraftKings customers gain personalized insights 
designed to support more informed gaming decisions.

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

Q1 report 2026 Page 15  
      
Publishing: Trusted content and brands engaging sports fans worldwide

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

Q1 report 2026 Page 16  
Publishing 
Publishing revenue was up 1% in Q1 to 54 mEUR , or 6% 
in constant currencies.  
Revenue share grew by 4%, despite adverse FX  move-
ments and the impact from broader regulatory changes 
in Brazil. 
Sponsorship revenue increased by 19%, driven by strong 
performance across the Group’s talent-led sports media 
brands, spearheaded by Playmaker HQ. 
CPA revenue declined by 2 mEUR, or 25%, year -over-
year, while the quarter -over-quarter development was 
flat and increased  in constant currencies . The perfor-
mance was driven by an increased mix of revenue share 
NDCs versus CPA as well as being positively impacted 
by prediction markets, which contributed well during 
the quarter. 
CPM revenue declined by 11 %, mainly reflecting a post-
ponement of advertising spend ahead of the FIFA World 
Cup 2026, and foreign exchange headwinds.  
Subscription revenue declined by 0. 3 mEUR, or 7 %, 
mainly due to foreign exchange movements. 
Publishing costs slightly declined year-over-year, while 
operational earnings increased by 5% driven by effi-
ciency gains in the organization.  
 
 
Key figures for the Publishing segment 
tEUR Q1 2026 Q1 2025 Growth 2025           
Revenue Share 27,434  26,355  4% 110,995  
CPA 5,402  7,197  -25% 19,950  
Subscription 4,331  4,666  -7% 18,031  
Sponsorships 11,193  9,433  19% 36,809  
CPM 5,051  5,694  -11% 24,094  
Other 575  270  113% 1,364  
Revenue 53,986  53,614  1% 211,243  
Share of Group 63% 65%   63% 
Cost 38,594  38,891  -1% 144,668  
Share of Group 63% 64%   62% 
          
Operating profit before depreciation and amortization and special items 15,392  14,723  5% 66,575  
Share of Group 61% 67%   65% 
EBITDA-Margin before special items 29% 27%   32% 
Operating profit before depreciation and amortization 13,937  13,998  0% 56,262  
EBITDA-Margin 26% 26%   27% 
Organic Growth 1% -21%   -16%  
Publishing  
 
 
The Publishing business generates revenue 
from Better Collective’s owned and oper-
ated sports media network and its media 
partnerships. The audience mainly comes 
from direct traffic and organic search re-
sults. 
 
 
 
*Selection of brands (not exhaustive):

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

Q1 report 2026 Page 17  
 
 
 
  
      
Q1 report 2026 Page 17

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

Q1 report 2026 Page 18 
Paid Media  
Paid Media continued its strong growth trajectory in Q1, 
with revenue increasing by 12% to 28 mEUR or 17% in 
constant currencies.  
The growth was evenly distributed across revenue share 
and CPA revenue and was supported by a stronger -
than-expected development in the UK ahead of the reg-
ulatory changes effective from April 1, despite increased 
taxation and lower deposit values. 
The Paid Media division has developed proprietary AI 
models, which supported improved deposit values and 
are expected to drive further efficiencies and higher 
yields over time.  
Reflecting the underlying strength of the business, Man-
agement continued to increase investments, with spend 
growing by 10% during the quarter. As Paid Media is fun-
damentally driven by data modelling and return -based 
investment decisions, the increased spe nd reflects 
Management’s confidence in the scalability and attrac-
tive return profile of the business. 
EBITDA before special items increased by 2 5% to 7 
mEUR, demonstrating the operational scalability of the 
Paid Media business. 
 
 
 
 
 
 
    
Key figures for the Paid Media segment 
tEUR Q1 2026 Q1 2025 Growth 2025           
Revenue Share 11,627  10,297  13% 45,441  
CPA 15,983  14,284  12% 60,049  
Subscription  0  0 0%  0 
Sponsorships 0  0  0% 19  
CPM  0  0 0%  0 
Other 0   0 0%  0 
Revenue 27,610  24,581  12% 105,510  
Share of Group 32% 30%   31% 
Cost 20,845  19,152  9% 80,504  
Share of Group 34% 32%   34% 
          
Operating profit before depreciation and amortization and special items 6,765  5,429  25% 25,006  
Share of Group 27% 25%   25% 
EBITDA-Margin before special items 25% 22%   24% 
Operating profit before depreciation and amortization 6,410  5,429  18% 24,908  
EBITDA-Margin 23% 22%   24% 
Organic Growth 12% -15%   -1%  
Paid Media  
 
The Paid Media business involves pur-
chasing advertising on search engines, so-
cial media, and third-party sports media 
platforms. Because this requires upfront 
payments for advertising on external plat-
forms, the gross margin is typically lower 
than that of the Publishing business, due 
to substantial direct costs, and may fluc-
tuate with the level of activity and invest-
ments into revenue share NDCs. However, 
Paid Media requires significantly lower 
balance sheet investment and a leaner op-
erating setup, making it a highly asset-
light business model.

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

Q1 report 2026 Page 19 
 
 
 
  
    
Esports: Leading gaming communities connecting fans worldwide

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

Q1 report 2026 Page 20 
Esports 
Esports revenue increased by 8% to 5 mEUR, marking a 
return to growth for the business. The development was 
supported by continued strong momentum in sponsor-
ship revenue of 29%, reflecting continued solid demand 
for HLTV and its position as a leading esports commu-
nity. 
CPM revenue declined by 31 %, primarily driven by 
weaker performance of the new EA FC title, which 
resulted in lower user traction and engagement on 
FUTBIN. Several initiatives , such as FanReach,  have 
been initiated to mitigate this development and support 
future monetization. 
Costs decreased by 2 9% during the quarter, supported 
by improved operational leverage and lower -than-ex-
pected marketing spend. As a result, EBITDA before 
special items increased by 58% to 3 mEUR, correspond-
ing to an EBITDA margin of 62%, compared with 42% in 
the same period last year.  
 
 
 
  
    
Key figures for the Esports segment 
tEUR Q1 2026 Q1 2025 Growth 2025           
Revenue Share 457  244  88% 1,048  
CPA 7  20  -65% 41  
Subscription  0  0 0%  0 
Sponsorships 3,023  2,339  29% 11,952  
CPM 1,240  1,793  -31% 6,875  
Other  0  0 0%  0 
Revenue 4,727  4,395  8% 19,916  
Share of Group 5% 5%   6% 
Cost 1,798  2,542  -29% 9,444  
Share of Group 3% 3%   4% 
          
Operating profit before depreciation and amortization and special items 2,929  1,853  58% 10,472  
Share of Group 12% 7%   10% 
EBITDA-Margin before special items 62% 42%   53% 
Operating profit before depreciation and amortization 2,929  1,853  58% 10,472  
EBITDA-Margin 62% 42%   53% 
Organic Growth 8% -10%   -2%  
Esports  
 
Reported for the first time as a stand‑alone 
segment in Q2 2025, Esports encompasses 
Better Collective’s flagship community 
platforms HLTV (Counter‑Strike) and 
FUTBIN (EA Sports FC). The business mon-
etizes primarily through programmatic and 
direct advertising, sponsorships, and an 
emerging layer of premium data products.

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

Q1 report 2026 Page 21 
Financial 
performance for the 
period 
Revenue growth of 5% to 86 
mEUR  
Revenue showed growth v ersus Q1 2025 of 5% and 
amounted to 86  mEUR (Q1 2025: 83 mEUR). Revenue 
share accounted for 47% of the revenue, with 25% com-
ing from CPA, 5% from subscription sales, 16% from 
sponsorships and 7% from CPM.  
Cost of 61 mEUR - 1% increase 
vs Q1 2025 
Costs increased by 1% compared to the same period last 
year, remaining broadly in line with Q1 2025.  
Staff costs decreased 6 % to 26  mEUR ( Q1 2025: 27 
mEUR) due to the decrease in number of employees . 
Staff cost includes costs related to share  based pay-
ments of 0.8 mEUR (Q1 2025: 0.5 mEUR).  
Total direct cost relating to revenue increased by 2 
mEUR to 27 mEUR (Q1 2025: 25 mEUR), corresponding 
to an increase of 10% and primarily relates to spend in 
Paid Media. 
Other external costs of 9 mEUR are at level (Q1 2025: 9 
mEUR). 
Depreciation and amortization amounted to 10  mEUR 
(Q1 2025: 11 mEUR).  
Special items 
Special items amounted to a n expense of 2 mEUR (Q1 
2025: 1 mEUR). The net expense of 2 mEUR is primarily 
related to organizational restructuring and other costs 
not considered part of ordinary business.  
Earnings 
Operational earnings (EBITDA) before special items in-
creased 14% to 25 mEUR ( Q1 2025: 22 mEUR). The 
EBITDA margin before special items increased to  29% 
(Q1 2025: 26%). Including special items, the reported 
EBITDA was 23 mEUR (Q1 2025: 21 mEUR).  
EBIT before special items increased 29% to 15 mEUR (Q1 
2025: 11 mEUR). Including special items, the reported 
EBIT was 13 mEUR (Q1 2025: 11 mEUR). 
Net financial items 
Net financial costs amounted to 3 mEUR (Q1 2025: 6 
mEUR) and included net interest, fees relating to bank 
credit lines, and unrealized exchange rate adjustments. 
Net financial items are positively affected by a net unre-
alized exchange rate gain of 1 mEUR. 
Interest expenses totaled 6 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. Tax for the period amounted to a net 
tax expense of 3 mEUR (Q1 2025: 1 mEUR). The Effective 
Tax Rate was 27% (Q1 2025: 27%).  
Net profit 
Net profit after tax was 7 mEUR ( Q1 2025: 4 mEUR). 
Earnings per share (EPS) was EUR/share 0.12 versus 
0.06 EUR/share in Q1 2025. 
 
 
 
 
 
  
Q1 report 2026 Page 21

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

Q1 report 2026 Page 22 
Equity 
The equity increased to 640 mEUR as per March 31 , 
2026, from 631 mEUR on December 31, 2025. Besides the 
net profit of 7 mEUR, the equity has been impacted pos-
itively by net currency transl ations of 6 mEUR and 
hedge fair value adjustment of 2 mEUR. Furthermore, 
share buy-back of 7 mEUR and share based payments of 
1 mEUR impacted negatively. 
On 9 January 2026, Better Collective A/S completed a 
share capital reduction by cancelling 3,204,020 treasury 
shares, equivalent to 5.2% of the company’s outstanding 
share capital. 
Balance sheet  
Total assets amounted to 1, 092 mEUR (202 5: 1,074 
mEUR).  
The ratio of net interest-bearing debt to EBITDA before 
special items was 2.45.  
Cash flow and financing 
Cash flow from operations before special items was 25  
mEUR ( Q1 2025: 21 mEUR) with a cash conversion of 
101% in Q1 2026.  
 
 
Better Collective has bank credit facilities of a total of 
319 mEUR. By the end of March 2026, capital reserves 
stood at 75  mEUR consisting of cash of 20 mEUR and 
unused bank credit facilities of 55 mEUR. 
The parent company 
Better Collective A/S is the Group’s parent company. 
Revenue increased by 35% to 27 mEUR ( Q1 2025: 20 
mEUR). Total costs, including depreciation and amorti-
zation, were 26 mEUR (Q1 2025: 26 mEUR). Profit after 
tax was 12 mEUR ( Q1 2025: -2 mEUR). The change in 
profit after tax is primarily due  to the revenue growth 
and decline in costs. Total equity ended at 676 mEUR by 
March 31, 2026 (2025: 669 mEUR). The equity was pri-
marily impacted by the share buy back and net profit.  
 
 
 
 
Q1 report 2026 Page 22

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

Q1 report 2026 Page 23 
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 March 31, 2026, the share capital amounted 
to 587,548.50 EUR, and the total number of issued 
shares was 58,754,850. 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, 2026, the total number of shareholders 
was 5,237. A list of shareholders above 5% ownership in 
Better Collective A/S can be found on Better Collective’s 
website. 
Incentive programs 
To attract and retain key competenc ies, the company 
has established stock option  programs for certain key 
employees. All stock options have the right to subscribe 
for one ordinary share. If all outstanding long -term in-
centive programs are subscribed, the maximum share-
holders dilution will be approximately 4.72%.  
In December 2025, a new long -term incentive program 
was announced with up  to 750,000 stock options au-
thorized for key employees. Executive grants were is-
sued in Q4 2025, and remaining participant grants were 
completed in Q1 2026.  
The grants under the long -term incentive program  in 
2026 cover 461,012 stock options to 56 key employees 
in total, vesting over a 4-year period. The total value of 
the combined 2026 LTI grant program is 3.5 mEUR (cal-
culated Black-Scholes value).  
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 Re-
port 2025. 
 
Program 
Long-term incentive programs  
outstanding March, 2026 Vesting period     Exercise period  
Exercise price  
DKK 
Exercise price  
EUR (rounded) 
2021* 377,372 2022-2024 2024-2026 150.41 20.13 
2022 Options 20,346 2022-2024 2025-2027 125.52 16.80 
2023 CXO Options 180,000 2023-2025 2026-2028 147.16 19.69 
2023 Options 234,525 2023-2025 2026-2028 89.26 11.94 
2024 Options 412,305 2024-2026 2027-2029 177.21 23.71 
2024 PSU 46,782 2024-2026 2027-2029 - - 
2025 Options 1,026,466 2025-2028 2028-2030 78.53 10.51 
2026 CFO Options 150,000 2025-2028 2028-2030 76.21 10.20 
2026 Options 461,012 2026-2029 2029-2031 76.21 10.20 
*Key employees and members of executive management

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

Q1 report 2026 Page 24 
V 
Contacts 
VP of Investor Relations & Communications; 
Mikkel Munch-Jacobsgaard 
investor@bettercollective.com  
This information is the type of information that Better 
Collective A/S is required to disclose to the public under 
the EU Market  Abuse Regulation. The information was 
submitted for publication, through the agency of the 
contact person set out above , on 20 May 2026 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 
Copenhagen, Denmark, and dual-listed on Nasdaq 
Stockholm (BETCO) and Nasdaq Co penhagen (BETCO 
DKK).  
To learn more about Better Collective please visit  
www.bettercollective.com 
 
 
 
 
 
 
  
Q1 report 2026 Page 24

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

Q1 report 2026 Page 25 
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, 2026. 
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, 2026.  
The condensed consolidated interim financial state-
ments for the period January 1 – March 31, 2026, are pre-
pared following IAS 34 Interim Financial Reporting, as 
adopted by the EU, and the additional requirements of 
the Danish Financial Statements Act. The  parent com-
pany’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, 2026, 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, 2026.  
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 20, 2026 
 
 
 
  
Executive Management   
Jesper Søgaard 
Co-CEO & Co-Founder  
Executive Vice President 
Christian Kirk Rasmussen 
Co-CEO & Co-Founder  
Executive Vice President 
Flemming Pedersen 
CFO 
Executive Vice President 
   
Board of Directors   
Thomas Stig Plenborg 
Chair 
 Therese Hillman 
 Vice Chair 
Britt Ingrid Boeskov 
   
Todd Dunlap   Leif Nørgaard René Efraim Rechtman

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

Q1 report 2026 Page 26  
Condensed interim financial statements for the 
period  
Consolidated income statement 
Note tEUR Q1 2026 Q1 2025 2025 
3 Revenue 86,323  82,590  336,669  
  Direct costs related to revenue 27,061  24,658  101,943  
  Staff costs  25,614  27,165  100,218  
  Other external expenses 8,562  8,762  32,455  
  
Operating profit before depreciation and amortization (EBITDA) and special 
items 25,086  22,005  102,053  
  Depreciation 1,706  1,965  6,864  
  Operating profit before amortization (EBITA) and special items 23,380  20,041  95,189  
6 Amortization and impairment 8,591  8,556  33,807  
  Operating profit (EBIT) before special items 14,789  11,485  61,382  
4 Special items, net - 1,810  - 726  - 10,411  
  Operating profit 12,979  10,759  50,971  
  Financial income 3,203  714  5,437  
  Financial expenses 5,741  6,490  25,227  
  Profit before tax 10,441  4,982  31,181  
5 Tax on profit for the period 3,119  1,343  7,590  
  Profit for the period 7,322  3,639  23,591  
          
  Earnings per share attributable to equity holders of the company       
  Earnings per share (in EUR) 0.12  0.06  0.41 
  Diluted earnings per share (in EUR) 0.12  0.06  0.39 
 
 
 
Consolidated statement of other comprehensive income 
Note tEUR Q1 2026 Q1 2025 2025 
  Profit for the period 7,322  3,639  23,591  
  Other comprehensive income       
  
Other comprehensive income that may be reclassified to profit or loss in sub-
sequent periods:       
  Fair value adjustment of hedges for the year  1,623  - 43  542  
  Currency translation to presentation currency 869  - 2,904  - 19,623  
  Currency translation of non-current intercompany loans 6,387  - 10,733  - 34,999  
  Income tax - 1,762  2,370  7,571  
  Net other comprehensive income/loss 7,117  - 11,310  - 46,509  
  Total comprehensive income/(loss) for the period, net of tax 14,439  - 7,671  - 22,918  
          
  Attributable to:       
  Shareholders of the parent 14,439  - 7,671  - 22,918

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

Q1 report 2026 Page 27  
Consolidated statement of financial position 
Note tEUR Q1 2026 Q1 2025 2025           
  Assets                 
  Non-current assets       
6 Intangible assets       
  Goodwill 338,307 353,627 333,483 
  Domains and websites 527,477 544,669 520,484 
  Accounts and other intangible assets 94,125 108,423 98,207 
  Total intangible assets 959,909 1,006,719 952,174           
  Tangible assets       
  Right of use assets 10,218 13,674 11,038 
  Leasehold improvements, Fixtures and fittings, other plant and equipment  3,520 5,872 4,178 
  Total tangible assets 13,738 19,546 15,216           
  Other non-current assets       
  Deposits 2,040 1,840  1,804  
  Deferred tax assets 4,258 4,609  4,086  
  Total other non-current assets 6,298 6,448  5,890            
  Total non-current assets 979,945 1,032,713  973,280            
  Current assets       
  Trade and other receivables 77,941 69,358  73,596  
  Corporation tax receivable 5,401 5,385  6,049  
  Prepayments 8,891 6,119  7,702  
  Cash 20,171 25,466  13,494  
  Total current assets 112,404 106,328  100,841            
  Total assets 1,092,349 1,139,042  1,074,121  
 
 
Note tEUR Q1 2026 Q1 2025 2025           
  Equity and liabilities       
          
  Equity       
  Share Capital 588  631  620  
  Share Premium 461,480  469,460  469,444  
  Reserves - 9,684  - 1,561  - 45,563  
  Retained Earnings 187,153  204,213  206,503  
  Total equity 639,537  672,744  631,004            
  Non-current Liabilities       
7 Debt to credit institutions 266,658  258,975  259,946  
7 Lease liabilities 7,549  10,711  8,309  
7 Deferred tax liabilities 85,945  92,370  81,526  
7 Other long-term financial liabilities 28,260  36,884  30,665  
  Total non-current liabilities 388,412  398,940  380,446            
  Current Liabilities       
  Prepayments received from customers and deferred revenue  11,853  14,315  13,506  
  Trade and other payables 32,794  26,626  26,207  
  Corporation tax payable 1,996  4,497  2,291  
7 Other financial liabilities 14,097  18,039  17,000  
7 Lease liabilities 3,660  3,881  3,667  
  Total current liabilities 64,400  67,358  62,671  
  Total liabilities 452,812  466,298  443,117            
  Total Equity and liabilities 1,092,349  1,139,042  1,074,121

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

Q1 report 2026 Page 28  
 
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, 2026 620  469,444  - 9,991  - 94  - 35,478  206,503  631,004  
Result for the period  0  0  0  0  0 7,322  7,322  
                
Fair value adjustment of 
hedges  0  0  0 1,623   0  0 1,623  
Currency translation to presen-
tation currency  0  0 869   0  0  0 869  
Currency translation of non-
current intercompany loans  0  0 6,387   0  0  0 6,387  
Tax on other  
comprehensive income  0  0 - 1,405  - 357   0  0 - 1,762  
Total other  
comprehensive income  0  0 5,851  1,266   0  0 7,117  
Total comprehensive  
income for the year  0  0 5,851  1,266   0 7,322  14,439  
                
Transactions with owners               
Capital Decrease - 32  - 7,964   0  0 35,478  - 27,482   0 
Acquisition of treasury shares  0  0  0  0 - 6,716   0 - 6,716  
Disposal of treasury shares  0  0  0  0  0  0  0 
Share based payments  0  0  0  0  0 817  817  
Transaction cost  0  0  0  0  0 - 7  - 7  
Total transactions with owners - 32  - 7,964   0  0 28,762  - 26,672  - 5,906  
                
At March 31, 2026 588  461,480  - 4,140  1,172  - 6,716  187,153  639,537  
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, 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  
Currency translation  
to presentation currency  0  0 - 13.637   0  0  0 - 13.637  
Currency translation of non-
current intercompany loans  0  0  0  0  0  0  0 
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.

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

Q1 report 2026 Page 29  
 
 
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 23.591  23.591  
                
Fair value adjustment of 
hedges  0  0  0 542   0  0 542  
Currency translation to presen-
tation currency  0  0 - 19.623   0  0  0 - 19.623  
Currency translation of non-
current intercompany loans  0  0 - 34.999   0  0  0 - 34.999  
Tax on other  
comprehensive income  0  0 7.690  - 119   0  0 7.571  
Total other  
comprehensive income  0  0 - 46.932  423   0  0 - 46.509  
Total comprehensive  
income for the year  0  0 - 46.932  423   0 23.591  - 22.918  
                
Transactions with owners               
Capital Decrease - 11  - 16   0  0 20.336  - 20.309   0 
Acquisition of treasury shares  0  0  0  0 - 35.590   0 - 35.590  
Disposal of treasury shares  0  0  0  0 112   0 112  
Share based payments  0  0  0  0  0 3.508  3.508  
Transaction cost  0  0  0  0  0 - 36  - 36  
Total transactions with owners - 11  - 16   0  0 - 15.142  - 16.837  - 32.006  
                
At December 31, 2025 620  469.444  - 9.991  - 94  - 35.478  206.503  631.004  
During the period no dividend was paid.

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

Q1 report 2026 Page 30  
 
Consolidated statement of cash flows 
 
Note tEUR Q1 2026 Q1 2025 2025 
          
  Profit before tax 10,441  4,982  31,181  
  Adjustment for finance items 2,538  5,777  19,790  
  Adjustment for special items 1,810  726  10,411  
  Operating Profit for the period before special items  14,789  11,485  61,382  
  Depreciation and amortization 10,297  10,521  40,671  
  Other adjustments of non-cash operating items 821  459  2,695  
  
Cash flow from operations  
before changes in working capital and special items  25,907  22,465  104,748  
  Change in working capital - 600  - 1,823  - 10,295  
  Cash flow from operations before special items 25,307  20,642  94,453  
  Special items, cash flow - 2,061  - 1,950  - 12,858  
  Cash flow from operations 23,246  18,692  81,595  
  Financial income, received  68  330  274  
  Financial expenses, paid - 3,832  - 3,847  - 14,673  
  Cash flow from activities before tax 19,482  15,175  67,196  
  Income tax paid  - 2,560  - 6,149  - 16,012  
  Cash flow from operating activities 16,923  9,027  51,184  
          
8 Acquisition of businesses  0 - 8,410  - 9,691  
6 Acquisition of intangible assets - 8,723  - 5,194  - 24,741  
  Acquisition of tangible assets - 53  - 176  - 347  
  Change in other non-current assets  - 183 100  100  
  Cash flow from investing activities - 8,959  - 13,679  - 34,679  
 
 
 
 
 
  
Note tEUR Q1 2026 Q1 2025 2025 
          
  Proceeds from borrowings 6,691   0  0 
  Lease liabilities - 979  - 1,141  - 4,560  
  Treasury shares - 6,716  - 6,338  - 35,590  
  Transaction cost - 7  - 6  - 36  
  Share based payments, cash settlement - 200   0 - 371  
  Cash flow from financing activities - 1,212  - 7,485  - 40,557  
          
  Cash flows for the period 6,752  - 12,138  - 24,051  
  Cash and cash equivalents at beginning 13,494  37,674  37,674  
  Foreign currency translation of cash and cash equivalents  - 75  - 71  - 129  
  Cash and cash equivalents period end 20,171  25,466  13,494  
          
  Cash and cash equivalents period end       
  Cash 20,171  25,466  13,494  
  Cash and cash equivalents period end 20,171  25,466  13,494

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

Q1 report 2026 Page 31  
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 Collective’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, 2026, 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 subsid-
iaries. 
The condensed consolidated interim financial statements refer to certain key performance indicators, which Better Collec-
tive and others use when evaluating the performance of Better Collective. These are referred to as alternative performance 
measures (APMs) and are not defined under IFRS. The figures and related subtotals give management and investors im-
portant 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, 
2026. 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 on  the consolidated financial statements or the parent 
financial statements for the financial year 2026.  
IFRS 18 will be effective from the financial year 2027 and replaces  IAS 1 
Presentation of Financial Statements , requiring 
modifications to the financial statement presentation. The key modifications required are a new presentation of the income 
statement into activities (i.e. operating, investing, financing and tax categories) introducing new line items, and the disclo-
sure of management-defined performance measures. Additionally, related amendments to IAS 7 Statement of Cash Flows 
prescribe a new starting point for calculating operating cash flows under the indirect method and eliminate classification 
options for interest and dividends. 
Management expects that the adoption of IFRS 18 will not impact net profit or impose substantial changes to our founda-
tional accounting policies. The primary effects will be presentation, requiring the reclassification of specific line items within 
the income statement and the subsequent redefinition of our key financial performance measures to align with the new 
categories. 
Accounting policies  
The condensed consolidated interim financial statements have been prepared using the same accounting policies as set 
out in note 1 of the 2025 annual report which contains a full description of the accounting policies for Better Collective and 
the parent company.  
The annual report for 2025 including full description of the accounting policies can be found on Better Collective’s website: 
https://storage.mfn.se/d7de43dc-19a9-46e6-aec8-ef5ae6f46d3e/annual-report-2025-better-collective.pdf. 
Significant accounting judgements, estimates and assumptions 
The preparation of condensed consolidated interim financial statements requires management to make judgements, esti-
mates 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 5 which  
contains a full description of significant accounting judgements, estimates and assumptions.

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

Q1 report 2026 Page 32  
2. Operating segments 
Publishing , Paid Media  and Esport s 
Better Collective operates three distinct business models for customer acquisition, each with unique earnings profiles: 
Publishing, Paid Media, and Esports. Publishing generates revenue from Better Collective’s owned and operated sports 
media network and its media partnerships. Paid Media involves purchasing advertising on search engines, social media, 
and third-party sports media platforms, thereby operating with a lower gross margin. Esports monetizes through adver-
tising and sponsorships. 
The performance for each segment is presented in the below tables: 
  Publishing** Paid Media Esport Group 
tEUR Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025* Q1 2026 Q1 2025                   
Revenue Share 27,434  26,355  11,627  10,297  457  244  39,518  36,895  
CPA 5,402  7,197  15,983  14,284  7  20  21,392  21,501  
Subscription 4,331  4,666   0  0  0  0 4,331  4,924  
Sponsorships 11,193  9,433  0   0 3,023  2,339  14,216  11,772  
CPM 5,051  5,694   0  0 1,240  1,793  6,291  7,228  
Other 575  270  0   0  0  0 575  270  
Revenue 53,986  53,614  27,610  24,581  4,727  4,395  86,323  82,590  
Cost 38,594  38,891  20,845  19,152  1,798  2,542  61,237  60,585                    
Operating profit before depreciation, amortization  
and special items 15,392  14,723  6,765  5,429  2,929  1,853  25,086  22,005  
EBITDA-Margin before special items 29% 27% 25% 22% 62% 42% 29% 27%                   
Special items, net - 1,455  - 726  - 355   0  0  0 - 1,810  - 726                    
Operating profit  before depreciation and  
amortization 13,937  13,998  6,410  5,429  2,929  1,853  23,276  21,280  
EBITDA-Margin 26% 26% 23% 22% 62% 42% 27% 26% 
Depreciation 1,660  1,914  46  51   0  0 1,706  1,965                    
Operating profit before amortization 12,277  12,084  6,364  5,378  2,929  1,853  21,570  19,315  
EBITA-Margin 23% 23% 23% 22% 62% 42% 25% 23% 
* 2025 figures have been adjusted due to the new segmentation, where Esports has been carved out from Publishing as a distinct seg-
ment. 
** Majority of costs related to support functions are presented under Publishing.

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

Q1 report 2026 Page 33  
2. Operating segments, continued 
   Publishing**  Paid Media Esports   Group 
tEUR 2025 2025 2025* 2025           
Revenue Share 110,995  45,441  1,048  157,484  
CPA 19,950  60,049  41  80,040  
Subscription 18,031   0  0 18,031  
Sponsorships 36,809  19  11,952  48,781  
CPM 24,094   0 6,875  30,969  
Other 1,364   0  0 1,364  
Revenue 211,243  105,510  19,916  336,669  
Cost 144,668  80,504  9,444  234,616            
Operating profit before depreciation, amorti-
zation and special items 66,575  25,006  10,472  102,053  
EBITDA-Margin before special items 32% 24% 53% 30%           
Special items, net - 10,313  - 98   0 - 10,411            
Operating profit before depreciation and 
 amortization 56,262  24,908  10,472  91,642  
EBITDA-Margin 27% 24% 53% 27% 
Depreciation 6,669  195   0 6,864            
Operating profit before amortization 49,593  24,713  10,472  84,778  
EBITA-Margin 23% 23% 53% 25% 
* 2025 figures have been adjusted due to the new segmentation, where Esports has been carved out  from Publishing as a distinct seg-
ment. 
** Majority of costs related to support functions are presented under Publishing.

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

Q1 report 2026 Page 34  
2. Geographic segments 
Europe & Rest of World  and North America  
Better Collective’s products cover more than 30 languages and attract millions of users worldwide - with international 
brands with a global reach as well as regional brands with a national reach. Better Collective’s regional brands are tailored 
according to the specific regions or countries and their respective regulations, sports, betting behaviors, user needs, and 
languages. Better Collective reports on the geographical segments Europe & R oW (Rest of World)  and North America, 
measuring and disclosing separately for Revenue, Cost and Earnings.  
The performance for each segment is presented in the below tables: 
  Europe & RoW North America Group 
tEUR Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025               
Revenue Share 33,934  33,065  5,584  3,831  39,518  36,895  
CPA 16,151  15,029  5,240  6,472  21,391  21,501  
Subscription 1,242  741  3,089  4,183  4,331  4,924  
Sponsorships 5,635  5,386  8,581  6,385  14,216  11,772  
CPM 3,198  5,116  3,093  2,112  6,291  7,228  
Other 315  207  261  64  576  270  
Revenue 60,475  59,544  25,848  23,047  86,323  82,590  
Cost 43,327  41,760  17,910  18,825  61,237  60,585                
Operating profit before depreciation,  
amortization and special items 17,148  17,784  7,938  4,222  25,086  22,005  
EBITDA-Margin before special items 28% 30% 31% 18% 29% 27%               
Special items, net - 1,314  - 352  - 496  - 374  - 1,810  - 726                
Operating profit  before depreciation and 
amortization 15,834  17,433  7,442  3,847  23,276  21,280  
EBITDA-Margin 26% 29% 29% 17% 27% 26% 
Depreciation 1,442  1,348  264  617  1,706  1,965                
Operating profit before amortization 14,392  16,084  7,178  3,231  21,570  19,315  
EBITA-Margin 24% 27% 28% 14% 25% 23% 
 
 
 
 
 
 
 
 
 
 
  Europe & RoW North America Group 
tEUR 2025 2025 2025         
Revenue Share 135,175  22,309  157,484  
CPA 59,463  20,577  80,040  
Subscription 3,493  14,538  18,031  
Sponsorships 23,065  25,716  48,781  
CPM 21,227  9,742  30,969  
Other 1,110  253  1,364  
Revenue 243,534  93,135  336,669  
Cost 167,496  67,120  234,616          
Operating profit before depreciation,  
amortization and special items 76,038  26,015  102,053  
EBITDA-Margin before special items 31% 28% 30%         
Special items, net - 7,671  - 2,740  - 10,411          
Operating profit  
before depreciation and amortization 68,367  23,275  91,642  
EBITDA-Margin 28% 25% 27% 
Depreciation 5,612  1,252  6,864          
Operating profit before amortization 62,755  22,023  84,778  
EBITA-Margin 26% 24% 25%

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

Q1 report 2026 Page 35  
3. Revenue specification 
In accordance with IFRS 15 disclosure requirements, total revenue is split on revenue category and revenue types as fol-
lows: 
tEUR Q1 2026 Q1 2025 2025         
Revenue category       
Recurring revenue (Revenue share, Subscription, CPM)  50,141  49,047  206,484  
CPA, Sponsorships 35,607  33,273  128,821  
Other 575  270  1,364  
Total revenue 86,323  82,590  336,669          
%-split       
Recurring revenue 58 60  62  
CPA, Sponsorships 42 40  38  
Other 0 0  0  
Total 100  100  100  
 
%-split Q1 2026 Q1 2025 2025         
Revenue Share 47 45  47  
CPA 25 26  24  
Subscription 5 6  5  
Sponsorships 16 14  14  
CPM 7 9  9  
Other 0 0  0  
Total 100  100  100

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

Q1 report 2026 Page 36  
4. Special items 
Special items consist of recurring and non-recurring items that management does not consider to be part of Better Col-
lective’s ordinary operating activities, i.e. acquisition costs, adjustment of earn-out payments related to acquisitions, im-
pairments, disputes, restructuring costs and lease contract termination costs are presented in the Income statement in a 
separate line item labelled ‘Special items’. The impact of special items is specified as follows:  
tEUR Q1 2026 Q1 2025 2025         
Operating profit 12,979  10,759  50,971          
Special Items related to:       
M&A  0 - 227  - 835  
Restructuring and other non-recurring items - 1,810  - 498  - 9,576  
Special items, total - 1,810  - 726  - 10,411          
Operating profit (EBIT) before special items 14,789  11,485  61,382          
Amortization and impairment 8,591  8,556  33,807          
Operating profit before amortization  
and special items (EBITA before special items)  23,380  20,041  95,189          
Depreciation 1,706  1,965  6,864          
Operating profit before depreciation, amortization,  
and special items (EBITDA before special items)  25,086  22,005  102,053  
 
 
 
 
 
 
 
5. Income tax
 
Total tax for the period is specified as follows: 
tEUR Q1 2026 Q1 2025 2025 
Tax for the period 3,119  1,343  7,590  
Tax on other comprehensive income 1,762  - 2,370  - 7,571  
Total 4,881  - 1,027  19  
Income tax on profit for the period is specified as follows: 
tEUR Q1 2026 Q1 2025 2025 
Deferred tax 2,265  - 2,437  - 10,058  
Current tax 855  3,784  21,006  
Adjustment from prior years - 1  - 3  - 3,358  
Total 3,119  1,343  7,590  
Tax on the profit for the period can be explained as follows: 
tEUR Q1 2026 Q1 2025 2025 
Specification for the period:       
Calculated 22% tax of the result before tax 2,297  1,096  6,860  
Adjustment of the tax rates  
in foreign subsidiaries relative to the 22% - 380  48  2,131  
Tax effect of:       
Special items 68  - 27  160  
Other non-taxable income - 724  - 42  - 570  
Other non-deductible costs 241  148  1,212  
Unrecognized tax losses carried forward 1,619  123  1,155  
Reassesment of unrecognized tax losses carried forward   0  0 - 2,285  
Adjustment of tax relating to prior periods - 1  - 3  - 1,073  
Total 3,119  1,343  7,590  
Effective tax rate 29.9% 27.0% 24.3%

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

Q1 report 2026 Page 37  
 
 
6. Intangible assets 
tEUR Goodwill 
Domains 
and  
websites 
Accounts 
and other  
intangible 
assets* Total           
Cost or valuation         
As of January 1, 2026 350,494  520,484  205,318  1,076,296  
Additions  0  0 4,413  4,413  
Acquisitions through business combinations  0  0  0  0 
Transfer  0  0  0  0 
Disposals  0  0  0  0 
Currency Translation 5,207  6,993  110  12,310  
At March 31, 2026 355,701  527,477  209,841  1,093,019  
          
Amortization and impairment         
As of January 1, 2026 17,011   0 107,111  124,122  
Amortization for the period  0  0 8,604  8,604  
Impairment for the period  0  0  0  0 
Amortization on disposed assets  0  0  0  0 
Currency translation 383  0  0 383  
At March 31, 2026 17,394   0 115,715  133,109  
          
Net book value at March 31, 2026 338,307 527,477  94,126  959,909  
 * Accounts and other intangible assets consist of accounts ( 45,503 tEUR), Media Partnerships (40,211 tEUR), Development projects  
(7,200 tEUR) and software and others (1,211 tEUR)  
 
 
 
 
 
 
 
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)

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

Q1 report 2026 Page 38  
 
6. Intangible assets, continued 
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  1,145,090  
Additions  0  0 22,750  22,750  
Acquisitions through business combinations  0  0  0  0 
Transfer  0  0  0  0 
Disposals  0  0 - 24,304  - 24,304  
Currency Translation - 29,644  - 33,402  - 4,194  - 67,240  
At December 31, 2025 350,494  520,484  205,318  1,076,296  
          
Amortization and impairment         
As of January 1, 2025 19,150   0 93,438  112,588  
Amortization for the period  0  0 32,880  32,880  
Impairment for the period  0  0  0  0 
Amortization on disposed assets  0  0 - 19,194  - 19,194  
Currency translation - 2,139   0 - 13  - 2,152  
At December 31, 2025 17,011   0 107,111  124,122  
          
Net book value at December 31, 2025 333,483  520,484  98,207  952,174  
* Accounts and other intangible assets consist of accounts (4 7,484 tEUR), Media Partnerships (44,493 tEUR), Development projects  
(5,443 tEUR) and software and others (788 tEUR) 
 
 
 
 
 
7. Non-current liabilities and other current financial liabilities 
Debt to credit institutions 
As per March 31, 2026, Better Collective has drawn 267 mEUR (2025: 260) out of the total committed club facility of 319  
mEUR established with Nordea and Nykredit. Better Collective has a total committed facility of 319 mEUR and an 80 mEUR 
higher accordion option with expiry at  the end of October 202 8. Better Collective has entered two hedging contracts 
regarding the interest rate risk for the period October 2025 to October 2028, nominal amount of 550 mDKK each securing 
the interest rate at 2.29% and 2.31% respectively.  
Lease liabilities  
Non-current and current lease liabilities, of 8 mEUR (2025: 8 mEUR) and 4 mEUR (2025: 4 mEUR) respectively.  
Deferred tax liabilities 
Deferred tax liabilities as of March 31, 2026, amounted to 86 mEUR (2025: 82 mEUR). The change from January 1, 2026, 
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 assets  
Deferred tax assets as of March 31, 2026, amounted to 5 mEUR (2025: 4 mEUR). The change from January 1, 2026, origi-
nates from changes in Playmaker Capital.  
Other financial liabilities  
As per March 31, 2026, other non-current and current financial liabilities amounted to 46  mEUR (2025: 48 mEUR) due to 
deferred and variable payments related to acquisitions 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 39 =====

Q1 report 2026 Page 39  
 
8. Note to cash flow statement 
tEUR Q1 2026 Q1 2025 2025         
Acquisition of business combinations:       
Net Cash outflow  
from business combinations at acquisition  0  0  0 
Business Combinations  
deferred payments from current period  0  0  0 
Deferred payments  
- business combinations from prior periods  0 - 8.410  - 9.691  
Total cash flow from business combinations  0 - 8.410  - 9.691          
Acquisition of intangible assets:       
Acquisitions through asset transactions - 2.512   0  0 
Deferred payments related to acquisition value   0  0  0 
Deferred payments  
- acquisitions from prior periods  0  0  0 
Other investments - 6.211  - 5.194  - 24.741  
Total cash flow from intangible assets - 8.723  - 5.194  - 24.741

===== SIDA 40 =====

Q1 report 2026 Page 40  
Financial statements for the period  
 
Income statement – Parent company  
 
tEUR Q1 2026 Q1 2025 2025         
Revenue 27,371  20,203  106,732          
Other operating income 5,921  4,818  21,381          
Direct costs related to revenue 4,493  3,894  19,179  
Staff costs  11,867  11,869  48,124  
Depreciation 782  793  3,153  
Other external expenses 5,888  5,924  22,922          
Operating profit before amortization (EBITA) and special items 10,262  2,540  34,734          
Amortization 2,312  3,059  11,641          
Operating profit (EBIT) before special items 7,950  - 518  23,093          
Special items, net - 158  - 383  - 2,856          
Operating profit 7,792  - 901  20,238  
Financial income 12,044  12,133  33,308  
Financial expenses 4,171  16,710  65,189          
Profit before tax 15,665  - 5,478  - 11,644  
Tax on profit for the period 3,171  - 3,008  - 6,437          
Profit for the period 12,494  - 2,470  - 5,207  
 
 
 
 
Statement of other comprehensive income 
 
tEUR Q1 2026 Q1 2025 2025         
Profit for the period 12,494  - 2,470  - 5,207  
        
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  1,623  - 43  542  
Currency translation to presentation  
currency - 409  11  - 699  
Income tax - 357  9  - 119  
Net other comprehensive income/loss 857  - 23  - 276  
Total comprehensive income/(loss) for the period, net of tax 13,351  - 2,493  - 5,483

===== SIDA 41 =====

Q1 report 2026 Page 41  
 
Statement of financial position – Parent company 
tEUR Q1 2026 Q1 2025 2025         
Assets               
Non-current assets       
Intangible assets       
Goodwill 17,764  17,792  17,774  
Domains and websites 167,380  167,780  168,023  
Accounts and other intangible assets 31,560  42,208  31,248  
Total intangible assets 216,704  227,780  217,045          
Tangible assets       
Right of use assets 5,256  7,252  5,755  
Fixtures and fittings, other plant and equipment 1,453  2,613  1,740  
Total tangible assets 6,709  9,865  7,495          
Financial assets       
Investments in subsidiaries 371,827  377,019  370,894  
Receivables from subsidiaries 353,778  375,326  346,618  
Deposits 1,041  1,002  1,013  
Total financial assets 726,646  753,347  718,526          
Total non-current assets 950,059  990,992  943,066          
Current assets       
Trade and other receivables 20,051  19,212  19,604  
Receivables from subsidiaries 58,697  36,301  49,245  
Tax receivable 1,165  966  1,782  
Prepayments 3,088  3,233  2,386  
Cash 2,324  5,951  242  
Total current assets 85,325  65,663  73,259          
Total assets 1,035,384  1,056,655  1,016,325  
 
 
 
 
 
 
 
 
 
 
 
 
tEUR Q1 2026 Q1 2025 2025         
Equity and liabilities               
Equity       
Share Capital 588  631  620  
Share Premium 461,480  469,460  469,444  
Reserves - 9,676  - 30,238  - 39,295  
Retained Earnings 224,092  258,525  238,127  
Total equity 676,484  698,380  668,896          
Non-current Liabilities       
Debt to credit institutions 266,658  258,975  259,946  
Lease liabilities 3,519  5,549  4,034  
Deferred tax liabilities 13,424  15,295  9,925  
Other non-current financial liabilities 22,020  31,440  23,355  
Total non-current liabilities 305,621  311,258  297,261          
Current Liabilities       
Prepayments received from customers and deferred revenue  7,403  9,570  9,170  
Trade and other payables 7,725  4,572  5,369  
Payables to subsidiaries 30,140  17,808  26,556  
Other current financial liabilities 5,990  13,124  7,071  
Lease liabilities 2,021  1,943  2,002  
Total current liabilities 53,279  47,017  50,168  
Total liabilities 358,900  358,275  347,429  
Total equity and liabilities 1,035,384  1,056,655  1,016,325

===== SIDA 42 =====

Q1 report 2026 Page 42  
 
 
Statement of changes in equity – Parent company 
tEUR 
Share  
capital 
Share  
premium 
Currency 
translation 
re-serve 
Hedging 
reserves 
Treasury  
shares 
Retained 
earnings 
Total  
equity                 
As of January 1, 2026 620  469,444  - 3,723  - 94  - 35,478  238,127  668,896  
Result for the period  0  0  0  0  0 12,494  12,494  
                
Fair value adjustment of 
hedges  0  0  0 1,623   0  0 1,623  
Foreign currency translation  0  0 - 409   0  0  0 - 409  
Tax on other  
comprehensive income  0  0  0 - 357   0  0 - 357  
Total other  
comprehensive income  0  0 - 409  1,266   0  0 857  
Total comprehensive income 
for the year  0  0 - 409  1,266   0 12,494  13,351  
                
Transactions with owners               
Capital Decrease - 32  - 7,964   0  0 35,478  - 27,482   0 
Acquisition of treasury shares  0  0  0  0 - 6,716   0 - 6,716  
Disposal of treasury shares  0  0  0  0  0  0  0 
Share based payments  0  0  0  0  0 960  960  
Transaction cost  0  0  0  0  0 - 7  - 7  
Total transactions with owners - 32  - 7,964   0  0 28,762  - 26,529  - 5,763  
                
At March 31, 2026 588 461,480  - 4,132  1,172  - 6,716  224,092  676,484  
During the period no dividend was paid. 
 
 
 
 
 
 
 
 
 
 
tEUR 
Share  
capital 
Share  
premium 
Currency 
translation 
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 7,840  1,422  - 5,514  
                
At March 31, 2025 631  469,460  - 3,013  - 551  - 12,496  259,123  698,380  
During the period no dividend was paid.

===== SIDA 43 =====

Q1 report 2026 Page 43  
 
 
 
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 - 5,207  - 5,207  
                
Fair value adjustment of 
hedges  0  0  0 542   0  0 542  
Foreign currency translation  0  0 - 699   0  0  0 - 699  
Tax on other  
comprehensive income  0  0  0 - 119   0  0 - 119  
Total other  
comprehensive income  0  0 - 699  423   0  0 - 276  
Total comprehensive income 
for the year  0  0 - 699  423   0 - 5,207  - 5,483  
                
Transactions with owners               
Capital Increase - 11  - 16   0  0 20,336  - 20,309   0 
Acquisition of treasury shares  0  0  0  0 - 35,590   0 - 35,590  
Disposal of treasury shares  0  0  0  0 112   0 112  
Share based payments  0  0  0  0  0 3,508  3,508  
Transaction cost  0  0  0  0  0 - 36  - 36  
Total transactions with owners - 11  - 16   0  0 - 15,142  - 16,837  - 32,006  
                
At December 31, 2025 620  469,444  - 3,723  - 94  - 35,478  238,127  668,896  
During the period no dividend was paid.

===== SIDA 44 =====

Q1 report 2026 Page 44  
 
Better Collective uses and communicate certain Alternative Performance Measures (“APM”), which are not defined 
under IFRS. Such are not to replace performance measures defined and under IFRS. The APM’s may not be indicative 
of the group’s historical 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 
permit a more complete and comprehensive analysis of the group’s operating performance, consistently with how the 
group’s business performance is evaluated by the Management. The group 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 accordance with IFRS. The group’s APM’s have important 
limitations as analytical tools, and they should not be considered in isolation or as substitutes for analysis of the 
group’s results of operations as reported under IFRS. Our currently applied APM’s are summarized and described 
below. 
 
Alternative Performance Measures 
Alternative  
Performance Measure Description SCOPE 
Operating profit  
before amortization 
(EBITA) 
Operating profit plus amortizations Better Collective reports this APM to allow 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 spe-
cial 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 
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 
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 s portsbooks 
with which BC has revenue share agreements, 
customers continue current subscriptions or if 
BC on a current basis receive revenues from 
customers having current marketing agree-
ments in respect of banners, etc. on the 
group’s websites. Accordingly , 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 sportsbooks  
Alternative Performance Measures  
and Definitions

===== SIDA 45 =====

Q1 report 2026 Page 45  
Alternative  
Performance Measure Description SCOPE 
CLV The Customer Lifetime Value (CLV) shows ex-
pected revenue generated throughout the life-
time of a New Depositing Customer (NDC). 
This measure is pivotal for understanding how 
much value a NDC is anticipated to bring to 
the Group. The prerequisites going into the 
CLV are a number of factors such as average 
value, average frequency, NDC lifespan and 
churn rate. 
 
Average revenue per NDC x NDC lifespan 
A key figure to assess the value of NDCs generated 
by the Group, providing critical insights into NDC 
profitability. It allows the Group to identify the most 
valuable segments and optimize marketing strate-
gies accordingly 
Value of Deposits (VoD) The Value of Deposits (VoD) represents the to-
tal amount of deposits by referred users across 
partner platforms during the period. VoD rep-
resents deposits generated within the quarter 
and is not a cumulative metric 
This reflects the Group’s strategic focus on attract-
ing fewer but higher -value customers for our part-
ners 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Definitions 
Term Description 
PPC Pay-Per-Click 
SEO Search Engine Optimization 
Sports win margin Sports net player winnings (sportsbooks) / sports wagering  
Sports wagering The value of bets placed by the players 
Recurring revenue Recurring revenue is a combined set of revenues that is defined as recurring. It includes revenue 
share income, CPM/Advertising and subscription revenues 
Board The Board of Directors of the company 
Executive management Executives that are registered with the Danish Company register  
Company Better Collective A/S, a company registered under the laws of Denmark

===== SIDA 46 =====

Q1 report 2026 Page 46  
 
 
 
 
Better Collective A/S 
Sankt Annæ Plads 28 
1250 Copenhagen K 
Denmark 
CVR no 27 65 29 13 
+45 29 91 99 65 
info@bettercollective.com 
bettercollective.com