FULLTEXT DEL 1 AV 1
Kvartalsrapport Q1 2026
===== SIDA 1 =====
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
===== SIDA 2 =====
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
===== SIDA 3 =====
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.
===== SIDA 4 =====
Q1 report 2026 Page 4
===== SIDA 5 =====
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
===== SIDA 6 =====
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)
===== SIDA 8 =====
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
===== SIDA 9 =====
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.
===== SIDA 10 =====
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
===== SIDA 11 =====
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 =====
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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 =====
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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 =====
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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.
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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 =====
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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%
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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
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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%
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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 =====
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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 =====
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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 =====
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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 =====
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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 =====
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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 =====
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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.
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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