Kvartalsrapport Q2 2023

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Copenhagen, August 22, 2023  
Better Collective A/S 
www.bettercollective.com 
CVR NO.:  27 65 29 13 
Interim report  
Q2 2023 
Revenue 78 mEUR, growth of 39%; organic growth of 29% 
Recurring revenue 46 mEUR; growth of 67%  
EBITDA before special items 29 mEUR; 
a margin of 37%; growth of 135% YOY 
July trading update: revenue of 23 mEUR; 39% growth

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Q2 report 2023 Page 1  
 
   Revenue   
mEUR 
EBITDA*  
mEUR 
Earnings per share Recurring  revenue  
mEUR 
*Before special items 
 
 
*Before special items

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Q2 report 2023 Page 2  
Highlights Q2, 2023 3 
Financial highlights and key figures 4 
CEO letter 5 
Business review and financial performance  7  
Financial performance H1 2023 10 
Financial targets  2023 11 
Financial targets 2023-2027 11 
Other 12 
Notes 20 
 
Upcoming events 
• November 15, 2023, Q3 release 
• February 21, 2024, Q4 release  
• May 16, 2024, annual report release 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
  
    
  
        
Q2 report 2023 Page 2  
    
Table of  
contents  
 
A conference call for Better Collective’s stakeholders 
will be held on August 23, at 10:00 a.m. CET and can 
be joined online here. 
The presentation material for t he webcast will be 
available after market close on August  22 via: 
www.Bettercollective.com   
 
To participate telephonically follow 
this link . Once 
signed up you will receive an e -mail with a phone 
number and a personal dial-in code for the call. 
 
Q2 webcast  
August 23, 2023

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Q2 report 2023 Page 3  
Highlights Q2, 2023 
Q2 group revenue grew by 39% to 78 mEUR, which is a 
record Q2 quarter (Q2 2022: 56 mEUR). Organic reve-
nue growth was 29%. 
Recurring revenue was 46 mEUR, implying 67% growth. 
Equal to 59% of group revenue versus 49% Q2 last year. 
Q2 group EBITDA before special items was 29 mEUR, a 
growth of 135% (Q2 2022: 12 mEUR). The group EBITDA-
margin before special items was 37%. 
Cash flow from operations before special items was 34 
mEUR (Q 2 2022: 22 mEUR). The cash conversion was 
112%. By the end of Q 2, capital reserves stood at 78 
mEUR of which cash of 65 mEUR, other current financial 
assets of 13 mEUR. 
New depositing customers (NDC) numbered more than 
500.000 in the quarter implying growth of 32%. 87% of 
NDCs were sent on revenue share contracts.  
Skycon Limited was acquired and in doing so expanded 
Better Collective’s efforts within digital display advertis-
ing. Skycon has already delivered strong performance 
after a swift onboarding.  
During the quarter t he financial targets for 2023 were 
upgraded due to a very strong performance  during the 
first months of the quarter. The group now guides for: 
• Revenues of 315-325 mEUR (305-315 mEUR) 
 
• EBITDA before special items of 105-115 mEUR 
(95-105 mEUR) 
 
• Net debt to EBITDA before special items <2.0 
(unchanged) 
 
A share buyback program was initiated on February 21 
and completed on A pril 25. Better Collective acquired 
416,959 shares at an average price of 196.6 SEK. Follow-
ing the purchases, Better Collective held 2.17% of the 
outstanding share capital.  
The UK Government published a “White Paper” as part 
of a Gambling Act review. Better Collective welcomes 
the long -awaited proposed initiatives with a stronger 
focus on safer gambling. Given the proactive compli-
ance measures already taken, the proposed measures 
are estimated to have zero to limited financial impact on 
the Better Collective. 
Terence Gargantini joined as Country Director for Brazil 
to bolster Better Collective’s South American expansion.  
The Annual General Me eting 2023 was held electroni-
cally on April 25, 2023.  
Better Collective hosted its annual Greek Bookmaker 
Awards with its Greek flagship sports media, Betarades. 
Significant events 
after closure of the 
period 
July trading update showed revenue of 23 mEUR imply-
ing 39% growth. 
Better Collective  acquired Playmak er HQ to  expand 
competitiveness within social media and sports content 
production. The total consideration of the acquisition 
was 54 mUSD with an upfront payment of 15 mUSD. 
Playmaker HQ has already shown promising trends.  
Better Collective expanded its Swedish position towards 
the generalist sport fans by acquiring four of the strong-
est sports media brands in the market . The media ac-
quired from Everysport Group are SvenskaFans.com, 
Hockeysverige.se, FotballDirect and Innebandy Maga-
zinet.  
Better Collective extended the club-financing from Oc-
tober 2022 with Nordea, Nykredit and Citibank by three 
years to October 2026  as well as executing the accor-
dion option and thereby increasing the avai lable facili-
ties with 72 mEUR, leaving the group with a total financ-
ing of 319 mEUR where 247 mEUR has been utilized.  
A share buyback program of up to 10 mEUR was initi-
ated on July 7 and completed on August 21. Better Col-
lective acquired 187, 991 shares at an average price of 
237.2 SEK. Following the purchases, Better Collective 
held 2.51% of the outstanding share capital. The market 
value of Better Collective ’s own shares amounts to 26 
mEUR. The purpose of the buyback is to cover future 
payments relating to acquisitions and LTI programs.  
Better Collective hosted an EGM where Britt Boeskov 
and René Rechtman were elected to the board of direc-
tors. Following six years of dedicated work for Better 
Collective, Klaus Holse decided to step down.  
Better Collective bolstered its European sports media 
expansion with the appointment of René Schrøder  as 
Editor in Chief Europe. 
By the end of July, Better Collective’s new HQ in Copen-
hagen opened. The leasing agreement runs for five years 
and has rent obligation of approximately 12 mEUR dur-
ing that period.

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Q2 report 2023 Page 4  
Financial highlights and key figures 
tEUR Q2 2023 Q2 2022 YTD 2023 YTD 2022 2022 
            
Income statements           
Revenue 78,115  56,043  166,060  123,437  269,297  
Recurring revenue 45,795  27,574  86,677  50,977  123,365  
Revenue Growth (%) 39% 40% 35% 57% 52% 
Organic Revenue Growth (%) 29% 22% 27% 33% 34% 
Operating profit before depreciation, amortization,  
and special items (EBITDA before special items)  28,696  12,226  61,971  35,337  85,075  
Operating profit before depreciation  
and amortization (EBITDA) 27,478  12,863  60,146  34,293  85,021  
Depreciation 698  483  1,412  970  2,321  
Operating profit before amortization  
and special items (EBITA before special items)  27,998  11,743  60,560  34,367  82,754  
Special items, net - 1,218  638  - 1,826  - 1,044  - 54  
Operating profit before amortization (EBITA) 26,780  12,380  58,734  33,323  82,700  
Amortization and impairment 6,068  2,751  9,939  5,040  12,347  
Operating profit before special items  
(EBIT before special items)  21,930  8,991  50,621  29,327  70,407  
Operating profit (EBIT) 20,712  9,629  48,795  28,283  70,353  
Result of financial items - 8,872  - 728  - 9,607  - 1,349  - 5,389  
Profit before tax 11,840  8,901  39,188  26,935  64,964  
Profit after tax 8,302  7,105  29,237  20,847  48,075  
Earnings per share (in EUR) 0.15  0.13  0.53  0.38  0.88  
Diluted earnings per share (in EUR) 0.14  0.12  0.51  0.36  0.85  
 
 
 
 
tEUR Q2 2023 Q2 2022 YTD 2023 YTD 2022 2022 
Balance sheet           
Balance Sheet Total 875,320  761,597  875,320  761,597  785,229  
Equity 430,220  400,317  430,220  400,317  412,917  
Current assets 126,100  70,680  126,100  70,680  95,025  
Current liabilities 78,329  93,721  78,329  93,721  65,068  
Net interest bearing debt 257,392  219,061  257,392  219,061  227,151              
Cashflow           
Cash flow from operations before special items  34,253  22,503  67,613  35,648  69,816  
Cash flow from operations 32,980  22,313  65,946  35,358  68,423  
Investments in tangible assets - 2,369  - 291  - 2,182  - 561  - 1,804  
Cash flow from investment activities - 29,483  - 87,014  - 50,761  - 106,161  - 112,632  
Cash flow from financing activities 37,736  68,882  30,006  77,890  65,737  
           
   Financial ratios           
Operating profit before depreciation,  
amortization (EBITDA) and special items margin (%)  37% 22% 37% 29% 32% 
Operating profit before amortization margin (EBITDA) (%) 35% 23% 36% 28% 32% 
Operating profit margin (%) 27% 17% 29% 23% 26% 
Publishing segment  
- EBITDA before special items margin (%) 40% 26% 41% 35% 38% 
Paid media segment  
- EBITDA before special items margin (%) 31% 12% 29% 14% 16% 
Net interest bearing debt / EBITDA before special items  2.30  3.36  2.30  3.36  2.67  
Liquidity ratio 1.61 0.75 1.61 0.75 1.46 
Equity to assets ratio (%) 49% 53% 49% 53% 53% 
Cash conversion rate before special items (%) 112% 182% 106% 99% 80% 
Average number of full-time employees 966  853  942  842  878  
NDCs (thousand) 500  387  988  737  1,683

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Q2 report 2023 Page 5  
CEO Letter 
 
Impressive 
operational leverage, 
successful M&A, and 
embracing AI 
opportunities 
 
Operational leverage paves the 
way for a record-breaking Q2 
As a leading digital sports media group, Better Collec-
tive has continued its global expansion throughout the 
quarter, and it is with great pride I can share our recent 
performance. Q2 was another exceptional quarter, 
building on the momentum generated in recent quar-
ters. We grew revenues 39% to 78 mEUR, of which 29% 
was organic growth. This comes on top of us growing 
40% last year during Q2. This was driven by strong per-
formance across the group, while highlighting the 
Americas, our media partnerships, and a sports win mar-
gin above our expectations. The FIFA Women’s W orld 
Cup only generated subtle activity likely due to the in-
convenient kick-off times for our key markets . An im-
pressive +10 million Brazilian fans watched the matches 
played by their national team, which underlines  the 
great opportunities we see in this enthusiastic market.  
We continue to focus on our recurring revenue , which 
grew 67% year-over-year to 46 mEUR and accounted 
for 59% of group revenue. We showed impressive oper-
ational leverage as our EBITDA grew 135% to 29 mEUR. 
This implies a margin of 37 %. The uptick in margin was 
driven by operational leverage in our Publishing busi-
ness combined with - what seems to be - a structurally 
higher Paid Media margin following the transition to re-
curring revenue share income as well as the incorpora-
tion of Skycon Limited.  
North American expansion  
I am proud to see how our commercial team in North 
America has demonstrated strategic vision and execu-
tion in working closely with our partners. We constantly 
seek to become even more relevant to our partners 
through brand awareness, customer acquisition, re-acti-
vation, and retention, which is an exercise we are fine -
tuning in North America.  In Q2 last year, we continued 
our investments despite tougher market conditions in 
North America and posted a negative EBITDA during 
that quarter. I am proud to see that we are now reaping 
the benefits as operational earnings have moved from 
negative to a 33% margin during this low season quarter. 
This exercise is best fulfilled through a constant user fo-
cus ensuring the best innovative content for our many 
returning sport fans, and c lose strategic partnerships. 
This is why I am happy to see the further diversification 
of revenue streams in this region through sponsorship 
sales on products like our podcasts and YouTube shows. 
As part of our journey, we acquired Playmaker HQ, after 
the closing of Q2. The acquisition provides our group 
with social media and content production capabilities 
needed for long-term success in the sports media indus-
try, and further accelerates our journey towards becom-
ing the leading digital sports media group. By acquiring 
Playmaker HQ,  we also broadened our user base to-
wards more generalist sports fans and secured another 
marketing channel. I will dive more into all these acqui-
sitional benefits in my Q3 letter. 
Skycon is off to a great start 
The acquisition of Skycon Limited is off to a great start 
and has already demonstrated good performance. By 
incorporating Skycon into our Paid Media division, we 
have unlocked new avenues for growth and expanded 
our offering to advertising partners. The integ ration of 
Skycon was swift and seamless, with our teams working 
closely together to ensure a smooth transition. Un-
doubtedly, Skycon will continue to deliver further 
growth opportunities, and I am very excited about the 
prospects that lie ahead. 
Leveraging the ‘BC Growth 
Formula’ in South America 
We continue to be excited about the vast potential and 
opportunities in South America. We plan to leverage our 
‘BC Growth Formula’ throughout the region . We have 
spent more than a decade developing and implementing 
this formula in Europe and executed it successfully in 
North America. During the first half of 2023, focus was 
on establishing a strong local presence in the South 
American region by leveraging our global expertise and 
resources. We are now working to put together a local 
team that can excite sports fans through premium con-
tent and engaging communities. I had the pleasure of 
visiting Rio de Janeiro as we opened our South Ameri-
can headquarters, and I was impressed to experience 
the region's strong sports culture. I am certain that Bet-
ter Collective will have a long growth trajectory in this 
region as we continue to expand our efforts. 
Embracing the power of AI: 
Unleashing opportunities & 
navigating challenges 
Artificial intelligence (AI) has revolutionized the way we 
create, distribute, and consume  content. Through ad-
vanced algorithms and machine learning capabilities, AI 
empowers us to scale content production efficiently, 
maintaining a consistent flow of high- quality material 
across our sports brands. As such we can reach a wider 
audience, engage them mor e effectively, and enhance 
their overall experience. AI is also a crucial tool for pro-
cess optimization. By automating repetitive and time -
consuming tasks, the technology frees up valuable re-
sources and enables our teams to focus on more strate-
gic and creative tasks.

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Q2 report 2023 Page 6  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Further by combining neuroscience, AI and human ex-
pert assessment, our company Mindway AI’s safer gam-
bling software helps sportsbooks meet and exceed user 
protection requirements. 
AI also brings forth potential difficulties, particularly 
within the realm of search engines. As AI becomes more 
sophisticated, search engines adapt to deliver more ac-
curate and personalized search results. Such develop-
ments may lead to changes in algorithms and ranking 
criteria, which could impact the future search landscape. 
Staying on top of these changes while ensuring that our 
content remains optimized and aligned with search en-
gine guidelines are crucial elements in upholding Better 
Collective’s online presence and competitive edge.  
At Better Collective we have long recognized AI's im-
pact and that is why our teams are busy exploring AI-
driven solutions, potential M&As, as well as ways to lev-
erage its potential and mitigate risks. By utilizing AI 
technology alongside the integration of human  finesse, 
I trust that we can deliver the best service to our audi-
ences.  
Five years ago, we started diversifying our traffic  to 
lower potential risks. Today, less than 35% of sport fans 
come from search engines, however, in 2018 it was more 
than 60%. I foresee that exposure will decline further as 
Better Collective grows and acquires strong brands with 
a direct, loyal, and returning user base. 
Upgraded financial targets as 
strong momentum continues 
In June, we upgraded our 2023 financial targets to: 
• Revenue to 315-325 mEUR  
(previously 305-315 mEUR)  
• EBITDA to 105-115 mEUR  
(previously 95-105 mEUR).  
The upgrade was prompted  by a strong Q2. The main 
drivers for the good start to Q2 were a solid momentum 
across all the Americas , media partnerships’ continued 
success, and a sports win margin above expectations. 
Considering this upgrade, I am happy with the opera-
tional leverage we have seen in our business as we con-
tinuously invest in the future.  
Our commitment to delivering long-term success over 
here-and-now gratification has resulted in solid Q2 per-
formance. Being able to fuel an already strong momen-
tum while delivering good performances reflects all of 
my colleagues’ dedication, laser focus and hard work. 
Jesper Søgaard   
Co-founder & CEO  
 
Jesper Søgaard  
Co-founder & CEO

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Q2 report 2023 Page 7  
Business review 
and financial 
performance 
Group 
Q2 was another strong quarter for the Better Collective 
group with revenues of 78 mEUR equaling growth of 
39%, of which 29% was organic.  
Recurring revenue came in at 46 mEUR, implying 
growth of 67%, and made up 59% of group revenues.  
Of the recurring revenues 85% came from revenue share 
income, 9% from subscription, and 6% from advertise-
ment sales.  
The group delivered more than 500.000 new depositing 
customers (NDC) to partnering sportsbooks and 
thereby continued its strong growth path. Q2 grew by 
32%, of which 87% were revenue share contracts.  
Operational earnings (EBITDA before special items) 
were 29 mEUR, implying a margin of 3 7%. The group 
showed strong operational leverage, growing its opera-
tional earnings by 135%.  
 
  
 
 
 
  
 
 
 
  
    
Q2 report 2023 Page 7  
    
Q2 report 2023 Page 7  
    
Better Collective Group 
Key figures for Group 
tEUR Q2 2023 Q2 2022 G rowth   YTD 2023 YTD 2022 Growth                 
Revenue 78,115 56,043  39%   166,060  123,437  35%  
Cost 49,418  43,818  13%    104,089  88,101  18%                 
Operating profit before  
depreciation, amortization, and special 
items 
 
 
28,696  
 
 
12
,226  135%   
 
 
61,971  
 
 
35,337  75%  
EBITDA-Margin  
before special items 
 
37% 
 
22%  
   37% 29%  
   Operating profit before  
   depreciation and amortization 27,478  12,863  
 
 
 
114%    60,146 34,293 75%   
   EBITDA-Margin 35% 23%   36% 28%  
   Organic growth 29% 22%   27 % 33%

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Q2 report 2023 Page 8  
Publishing 
The Publishing business includes revenue from Better 
Collective’s proprietary owned and operated sports me-
dia as well as  media partnerships. The traffic to these 
brands is mostly direct or through organ ic search re-
sults.  
Revenues from this segment came in at 54 mEUR imply-
ing growth of 41% of which 35% was organic. Opera-
tional earnings came in at 21 mEUR, implying a margin 
of 40% and growth of 111%. The publishing segment ac-
counted for 69% of group revenues and 74% of opera-
tional earnings.  
The topline growth in the segment came from strong 
performance from most brands in all geographies , 
where all the Americas is worth highlighting  as well as 
media partnerships continued to deliver.  
The exceptional operational earnings growth during the 
quarter is a result of the operational leverage in the busi-
ness combined with an above-expected sports win mar-
gin.  
 
 
Paid Media  
The Paid Media business includes revenues efforts in 
paid advertising on search platforms like  Google and 
Bing, as well as advertising on third party sports media. 
Given the upfront payment to advertise on third party 
platforms the gross margin is lower than in the Publish-
ing business. 
Paid Media revenue was 2 5 mEUR, implying growth of 
37%, of which 15% was organic. During Q2 45% of reve-
nues was recurring. Over the past quarters, the transi-
tion in revenue agreements has paid off as margins have 
improved and made it possible to further fuel growth.  
Operational earnings came in at 8 mEUR, implying a 
margin of 3 1%, which is the highest margin ever rec-
orded for the Paid Media  segment during any quarter 
(former record was Q1 2023 at 27%). This implies growth 
of 240% versus last year.  
The strong growth in  the top line comes from another 
broadly based performance with solid growth , espe-
cially from the Americas. The massive margin growth 
comes because of the investments in moving revenues 
to recurring revenue share income, as well as the acqui-
sition of Skycon, focusing o n display advertising, being 
higher margin than search based paid advertisement.  
 
Key figures for the Publishing segment 
tEUR Q2 2023 Q2 2022 Gr owth   YTD 2023 YTD 2022 Growth               
Revenue 53,547  38,126  41%   112,751  86,506  30% 
Share of Group 69% 68%     68% 70%  
Cost 32,392  28,116  15%   66, 187  56,260  18% 
Share of Group 66% 64%     64% 64%                
Operating profit before  
depreciation, amortization, and 
special items 
 
 
21,155  
 
 
10,010  111%  
 
 
 
46,564  
 
 
30,246  
 
 
54% 
Share of Group 74% 82%     75% 86%  
EBITDA-Margin  
before special items 
 
40% 
 
26%    
 
 
41% 
 
35% 
 
Operating profit before  
depreciation and amortization 
EBITDA-margin 
 
19,937 
37%  
 
10,647 
28%  
  
87% 
    
 
44,739 
40% 
 
29,203 
34%  
 
53% 
 
  Organic growth 35% 18%   37% 35%    
 
Key figures for the Paid Media segment 
tEUR Q2 2023 Q2 2022 Gr owth   YTD 2023 YTD 2022 Growth               
Revenue 24,567  17,917  37%   53,309  36,931  44% 
Share of Group 31% 32%     32% 30%  
Cost 17,026  15,701  8%   37,902  31,841  19% 
Share of Group 34% 36%     36% 36%                
Operating profit before  
depreciation, amortization, and 
special items 
 
 
7,541  
 
 
2,216  240%   
 
 
15,407  
 
 
5,090  
 
 
203% 
Share of Group 26% 18%     25% 14%  
EBITDA-Margin  
before special items 
 
31% 
 
12%    
 
 
29% 
 
14% 
 
Operating profit before  
depreciation and amortization 
EBITDA-margin 
 
7,541 
31%  
 
2,216 
12%  
  
240% 
    
 
15,407 
29%  
 
5,090 
14%  
 
203% 
  Organic growth 15% 30%   22% 29%

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Q2 report 2023 Page 9  
Europe & Rest of World  
The Europe & Rest of the world (ROW) business includes 
all markets outside of North America. The European 
markets consist of more mature markets and are the leg-
acy markets of Better Collective. South America is a 
strong growth market for Better Collective and makes 
up an increasingly bigger part of the business. Examples 
of sports brands include Soccernews in the Netherlands, 
Betarades in Greece, Wettbasis in Germany, Goal.pl in 
Poland, Les Transferts in France, and many others. Fur-
ther it includes our esport communities HLTV and 
Futbin. The strategy is to own the strongest local sports 
media in all relevant regions.   
Given the strong legacy in the European markets where 
Better Collective has been sending revenue share cus-
tomers the past decade, there is a lot of recurring reve-
nue in this bus iness. It also means that this business is 
the most impacted by fluctuations in the sports win mar-
gin.  
Europe & ROW posted revenues of 55 mEUR, which is a 
record for this region - implying growth of 32%. Opera-
tional earnings came in at 2 1 mEUR, giving a margin of 
38% and growing 63% YOY. Europe & ROW revenue ac-
counted for 71% and operational earnings accounted for 
74%. The growth came from a strong deliverance across 
all countries, where South  America especially is seeing 
high growth. As mentioned,  these markets are heavily 
tilted towards recurring revenue share income, meaning 
fluctuations in the sports win margin has a bigger im-
pact than in North America. During Q2 the sports win 
margin was above expectations, meaning the result was 
boosted by this.  
North America 
Both the US and the Canadian markets are somewhat 
recently regulated. The first states in the US started reg-
ulating in 2018 with the PASPA repeal. As both markets 
are young, revenues have to a large extent been gener-
ated from one -time payments (CPA). Last year, Better 
Collective started to transition towards recuring reve-
nues in the US. 
North American sports brands include  amongst other 
Action Network, PlaymakerHQ VegasInsider, 
Scores&Odds, RotoGrinders, Sportshandler, and Canada 
Sports Betting. The North American revenue came in at 
23 mEUR, implying growth of 60%. Operational earnings 
came in at 8 mEUR equaling a margin of 3 3% up from 
being negative last year. North America revenues made 
up 29% of Group revenues and 26% of operational earn-
ings. The group continues its transition towards recur-
ring revenue share and  is seeing positive trends from 
some of the earliest cohorts sent to partners. The solid 
growth came from a mix of recurring revenue share 
starting to pick up, paid media delivering in this region, 
as well as revenue diversification now including spon-
sorship sales and more.  
Key figures for North America and Europe & RoW segments  
                                                      Europe & ROW                                                             North America 
tEUR Q2 2023 Q2 2022 Growth  YTD 2023 YTD 2022 Growth  Q2 2023 Q2 2022 Growth  YTD 2023 YTD 2022 Growth                        
Revenue 55,188  41,719  32%  105,990 78,004 36%  22,926  14,324  60%  60,070  45,433  32% 
Share of Group 71% 74%    64% 63%    29% 26%    36% 37%   
Cost 34,061  28,806  18%  66,131 55.067 20%  15,357  15,012  2%  37,957  33,034  15% 
Share of Group 69% 66%    64% 63%    31% 34%    36% 37%                            
Operating profit before depreciation, amortization, 
and special items 
 
21,127  
 
12,913  64% 
  
39,859 
 
22,938 74% 
  
7,569  
 
- 687  1.202% 
  
22,112  
 
12,399  78% 
Share of Group 74% 106%    64% 65%    26% -6%    36% 35%   
EBITDA-Margin before special items 38% 31%    38% 29%    33% -5%    37% 27%                            
Operating profit before depreciation and amortiza-
tion 
 
20,246  
 
12,723  59% 
  
38,534 
 
22,648 70% 
  
6,689  
 
- 876  863% 
  
20,788  
 
12,109  72% 
EBITDA-Margin 37% 30%   36% 29%    29% -6%   35% 27%   
 3

===== SIDA 11 =====

Q2 report 2023 Page 10  
Financial 
performance H1 2023  
Revenue growth of 35% to 166 
mEUR and organic growth of 
27% 
Revenue YTD showed strong growth vs. 2022 of 35 % 
and amounted to 166.1 mEUR (YTD 2022: 123.4 mEUR). 
Revenue share accounted for 44% of the revenue with 
40% coming from CPA, 5% from subscription sales, and 
5% from other income.  
Cost of 104 mEUR - up from 88 
mEUR  
The increased costs are driven by Paid Media where in-
creased cost is mainly to drive additional traffic and rev-
enue, whereas media partnerships increased, primarily 
direct cost. The cost base excluding depreciation and 
amortization grew 16 mEUR, up to 104.1 mEUR YTD 2023 
(YTD 2022: 88.1 mEUR). A significant part of the increase 
in cost base relates to an increase in p ersonnel cost  
given the increase in number of employees from 853 at 
YTD 2022 to 966 YTD 2023.   
Total direct cost relating to revenue increased by 5.4 
mEUR to 49 .2 mEUR (YTD 2022: 43.8 mEUR) with the 
growth coming from increased cost in Paid Media (driv-
ing additional revenue), and direct costs related to 
media partnerships. Beyond the cost of paid traffic, this 
includes hosting fees of websites, content generation, 
and external development.  
Personnel cost YTD increased 28% from YTD 2022 to 
42.6 mEUR YTD 2023 (YTD 2022: 33.4 mEUR). The av-
erage number of employees increased 13% to 966 (YTD 
2022: 853). Personnel costs include costs related to war-
rants of 1,6 mEUR (YTD 2022: 0.8 mEUR).  
Other external costs increas ed 1.4 mEUR or 13% to 12 .3 
mEUR (YTD 2022: 10.9 mEUR). Depreciation and amor-
tization amounted to 11 .4 mEUR (YTD 2022: 6 mEUR). 
The increase is primarily due to amortization related to 
the acquisition of FUTBIN and Skycon as well as new 
media partnerships. 
Special items 
YTD special items amounted to a cost of 1.8 mEUR (YTD 
2022: 1.0 mEUR). The net cost of 1 .8 mEUR is primarily 
related to M&A expenses of 1.0 mEUR and restructuring 
of 0.8 mEUR. 
Earnings 
Operational earnings (EBITDA) before special items 
grew 75% to 61 .9 mEUR (YTD 2022: 35.3 mEUR). The 
EBITDA-margin before special items was 37% ( YTD 
2022: 29%).  
Including special items, the reported EBITDA was 60 .1 
mEUR. (YTD 2022: 34.3 mEUR).  
EBIT before special items increased 73% to 50.6 mEUR 
(YTD 2022: 29.3 mEUR). Including special items, the re-
ported EBIT was 48.9 mEUR (YTD 2022: 28.3 mEUR). 
Net financial items 
Net financial costs amounted to 9.6 mEUR (YTD 2022: 
1.3 mEUR) and included net i nterest, fees relating to 
bank credit lines and exchange rate adjustments. Net fi-
nancial costs are impacted by an unrealized loss of 2.4 
mEUR on Catena Media shares. 
Interest expenses amounted to 5 mEUR and included 
non-payable, calculated interest expense s on certain 
balance sheet items, whereas financial fees and net  
exchange rate loss amounted to 0.4 mEUR and 1 .9 
mEUR respectively.  
Income tax 
Better Collective has a tax presence in the places where 
the company is incorporated . These places count  Den-
mark (where the parent company is incorporated), Aus-
tria, France, Greece, Malta, Netherlands, Poland, Portu-
gal, Romania, Serbia, Sweden, UK, and US.  
Income tax YTD 2023 amounted to 10 mEUR (YTD 2022: 
6.1 mEUR). The Effective Tax Rate (ETR) was 2 5.4% 
(YTD 2022: 22.6%). 
Net profit 
Net profit after tax was 29. 2 mEUR ( YTD 2022: 20.8 
mEUR). Earnings per share (EPS) increased by nearly 
40% to 0.53 EUR/share vs. 0.38 EUR/share YTD 2022. 
Equity 
The equity increased to 430 .2 mEUR as per June 30 , 
2023, from 412.9 mEUR on December 31, 2022. Besides 
the YTD profit of 29.2 mEUR, the equity has been im-
pacted by acquisition of treasury shares of 9 .6 mEUR 
and share based payments of 1.6 mEUR. The decrease in 
USD vs. EUR has impacted the equity by 3.9 mEUR. 
Balance sheet  
Total assets amounted to 875 .3 mEUR (202 2: 785.2 
mEUR), with an equity of 430 .2 mEUR (202 2: 412.9 
mEUR). This corresponds to an equity to assets ratio of 
49% (2022: 53%). The liquidity ratio was 1.61 resulting 
from current assets of 126.1 mEUR and current liabilities 
of 78.3.2 mEUR. The ratio of net interest-bearing debt to 
EBITDA before special items was 2.3 at the end of June.  
Investments  
On 14 April, Better Collective acquired Skycon for a pur-
chase price of up to 51 mEUR  on a cash and debt free

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

Q2 report 2023 Page 11  
basis. The net cash flow impact of the transaction was 
30 mEUR considering deferred payments and acquired 
net assets. During the period investments in accounts 
and other intangibles amounted to 13.9 mEUR.  
Cash flow and financing  
Cash flow from operations before special items YTD 
2023 was 67.6 mEUR ( YTD 2022: 35.6 mEUR) with a 
cash conversion of 106%.  
At 30 June, Better Collective has bank credit facilities of 
a total 247 mEUR. By the end of June 2023, capital re-
serves stood at 78 mEUR consisting of cash of 65 mEUR, 
other current financial assets of 13  mEUR in form of 
listed shares. In August Better Collective extended the 
club-financing by three years to October 2026 as well as 
executing the accordion option and thereby increasing 
the available facilities with 72 mEUR, leaving the group 
with a total financing of 319 mEUR where 247 mEUR has 
been utilized.  
 
 
 
The parent company  
Better Collective A/S, Denmark, is the parent company 
of the group.  
Revenue grew by 74% to 48 .2 mEUR (YTD 2022: 27.8 
mEUR).  
Total costs including depreciation and amortization was 
42.1 mEUR (YTD 2022: 27.6 mEUR).  
Profit after tax was 8. 4 mEUR (YTD 2022: 36.9 mEUR). 
The change in profit after tax is primarily due to YOY  
differences in dividend payments from subsidiaries,  
exchange rate adjustments, and corporate tax. 
Total equity ended at 413 .2 mEUR by June 30 , 202 3 
(2022: 411.1 mEUR). The equity in the parent  company 
was impacted by treasury share transactions ( 9.6 
mEUR), cost of warrants of 1.6  mEUR and merger with 
HLTV (3.2 mEUR) 
Disclaimer  
This report contains forward -looking statements which 
are based on the current expectations of the manage-
ment of Better Collective. All statements regarding the 
future are subject to inherent risks and uncertainties, 
and many factors can lead to actual profits and devel-
opments deviating substantially from what has been ex-
pressed or implied in such statements. 
Financial targets  
2023 
The board of directors has decided on targets for the fi-
nancial year 2023 as announced in the 2022 full year re-
port. Following the acquisition of Skycon Limited  and 
the record breaking Q1 , the financial targets were up-
graded: 
• Revenue of 315-325 mEUR (previously 305-315 
mEUR) 
• EBITDA before special items of 105-115 mEUR 
(previously 95-105 mEUR) 
• Net debt to EBITDA before special items <2.0 (un-
changed) 
Financial targets 
2023-2027 
The new financial targets for the Better Collective group 
for 2023-2027 (include M&A): 
• Revenue CAGR of +20% 
• EBITDA margin before special items of 30-40% 
• Net debt to EBITDA before  
special items of <3 
The long-term target assumes that M&A are solely fi-
nanced by own cash flow and debt. 
 
Financial targets 2023 
 
Updated targets 2023 Targets  2023 Actual 2022 
Revenue 315-325 mEUR 290-300 mEUR 269.3 mEUR 
EBITDA (before special items) 105-115 mEUR 90-10 0 mEUR 85.1 mEUR 
Net interest bearing debt/EBITDA <2.0 <2.0 2.67

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

Q2 report 2023 Page 12  
Other 
Shares and share capital  
Better Collective A/S is listed on Nasdaq Stockholm 
main market. The shares are traded under the ticker 
“BETCO”. As per June 30, 2023, the share capital 
amounted to 551, 768.36 EUR, and the total number of 
issued shares was 55,176,836. The company has one ( 1) 
class of shares. Each share entitles the holder to one 
vote at the general meetings. On June 9, 2023, the board 
of directors resolved to issue 22,167 new ordinary shares 
in Better Collective A/S, related to the exercise of war-
rants.  
Shareholder structure  
As of June  30, 2023, the total number of shareholders 
was 4,116. A list of top ten  shareholders in Better  
Collective A/S can be found on the group’s website.  
Annual General Meeting 2023 
The Annual General Meeting 2023 was held on April 25, 
2023. All items on the agenda were carried , including 
the CXO incentive program. An Extraordinary General 
Meeting was held August 8, 2023. All items on the 
agenda were carried out including the election of Britt 
Boeskov and René Rechtman as new members of the 
board of directors.  
Incentive programs 
To attract and retain key competences, the company 
has established warrant programs for certain key em-
ployees. All warrants with the right to subscribe for one 
ordinary share. If all outstanding warrants are sub-
scribed, then the maximum shareholders dilution will be 
approximately 4.9%.  
On January 3, 2023, the board of directors implemented 
a Long-Term Incentive Plan (LTI) for key employees in 
the Better Collective group. In total the grants under the 
LTI in 2023 cover  134.953 performance share units and 
239,350 share options to 63 key employees in total, 
vesting over a 3-year period. The total value of the 2023 
LTI grant program is 2.9 mEUR (calculated Black -
Scholes value) measured at the target level, which is to 
say 100% achievement of the financial goals. 
On April 25, 2023, a new LTI program was approved for 
executive management. The total grant of 300,000 
share options will vest over a 3-year period given certain 
vesting conditions set by the Board of Directors. The to-
tal value of the 2023 LTI grant program is 2.6 mEUR (cal-
culated Black -Scholes value) measured at the target 
level, which is to say 100% achievement of the financial 
goals. 
Risk management 
Through an Enterprise Risk Management process, vari-
ous gross risks in Better Collective are identified. Each 
risk is described, including current risk mitigation in 
place, or planned mitigating actions. The subsequent 
analysis of the identified risks includes an inherent risk 
evaluation based on two main parameters: probability 
of occurrence and impact on future earni ngs 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, for discussion and any further miti-
gating actions required.  The board evaluates risk dy-
namically 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 guide-
lines is also monitored by the management on an ongo-
ing basis. Better Collective seeks to identify and under-
stand risks and mitigate them accordingly. Also, the 
group’s close and longstanding relationships with cus-
tomers allow Better Collective to anticipate and respond 
to market movements and new regulations including 
compliance requirements from authorities and sports-
books. With the US division, the overall risk profile of 
Better Collective has changed, and compliance as well 
as financial risk have increased. 
Better Collective has mitigated the additional risks in US 
in several ways, compliance risk through involvement of 
regulatory bodies in our licensing process for newly

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

Q2 report 2023 Page 13  
established entities, financial risk through a perfor-
mance-based valuation of the acquired entities, and or-
ganizational risk through establishment of local govern-
ance, and finance, HR, and legal organization dedicated 
to the US operations. During 2022 and 2023 the macro-
economic environment has impacted the global econ-
omy with rising interest rates. Better Collective has mit-
igated and addressed the credit and interest rate risk by 
entering a new long-term committed facility with three 
banking partners  in August , securing attractive terms 
and a long-term 3-year commitment. Other key risk fac-
tors are described in the Annual report 2022. 
 
 
 
 
 
 
 
 
 
Contacts  
Senior Director Group Strategy, IR and Corp. Comms. 
Mikkel Munch-Jacobsgaard 
investor@bettercollective.com  
This information is such information as Better Collective 
A/S is obliged to make public pursuant to the EU Market 
Abuse Regulation. The information was submitted for 
publication, through the agency of the contact person 
set out above on August  22, 2023, after market close 
(CET). 
About 
With a vision to become the leading digital sports media 
group, Better Collective own s and operate s interna-
tional and local sports communities and media that aim 
to make sports entertainment more engaging and fun.  
Via its online media, the group provides prime quality 
content, data insights, betting tips and educational tools 
for enthusiastic sports fans. Better Collective's portfolio 
includes Action Network, VegasInsider.com, HLTV.org
, 
FUTBIN.com, and bettingexpert.com.  
To learn more about Better Collective please visit  
www.Bettercollective.com 
 
 
  
 
  
 
 
 
 
 
  
    
Q2 report 2023 Page 13

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

Q2 report 2023 Page 14  
Statement by the 
board of directors and 
the executive 
management 
Statement by the board of directors and the 
executive management on the condensed 
consolidated interim financial statements 
and the parent company condensed interim 
financial statements for the period January 1 
– June 30, 2023. 
Today, the board of directors and the executive  
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  
January 1 – June 30, 2023.  
The condensed consolidated interim financial state-
ments for the period January 1 – June 30, 2023, are pre-
pared in accordance with IAS 34 Interim Financial Re-
porting as adopted by the EU, and additional require-
ments of the Danish Financial Statements Act. The par-
ent company condensed interim  financial statements 
have been included according to the Danish 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 the group’s and parent company’s assets,  
liabilities and financial position on June 30, 2023, and of 
the results of the group’s and parent company’s opera-
tions and the g roup’s cash flows for the period  
January 1 – June 30, 2023.  
Further, in our opinion, the management’s review gives 
a fair review of the development in the group’s and the 
parent company’s operations and financial matters and 
the results of the group’s and the parent company’s op-
erations and financial position, as well as a description 
of the major risks and uncertainties, the g roup and the 
parent company are facing. The interim report has not 
been audited nor reviewed by the company’s auditor.  
Copenhagen, August 22, 2023 
 
 
Executive 
management 
  
Jesper Søgaard 
Co-founder & CEO 
Christian Kirk Rasmussen 
Co-founder & COO  
Executive Vice President 
Flemming Pedersen 
CFO 
Executive Vice President 
   
Board of directors   
Jens Bager 
Chair 
Therese Hillman 
Vice Chair 
Britt Boeskov 
Todd Dunlap Leif Nørgaard René Rechtman 
Petra von Rohr

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

Q2 report 2023 Page 15  
Financial statements for the  
period January 1 – June 30 
Condensed interim  
consolidated income statement  
Note tEUR Q2 2023 Q2 2022 YTD 2023 YTD 2022 2022 
3 Revenue 78,115  56,043  166,060  123,437  269,297  
  Direct costs related to revenue 22,045  20,679  49,194  43,756  92,227  
4 Staff costs  21,383  17,690  42,610  33,402  68,639  
  Other external expenses 5,990  5,448  12,285  10,943  23,356                
  
Operating profit before depreciation and amortization 
(EBITDA) and special items 28,696  12,226  61,971  35,337  85,075                
  Depreciation 698  483  1,412  970  2,321                
  
Operating profit  
before amortization (EBITA) and special items 27,998  11,743  60,560  34,367  82,754                
7 Amortization and impairment 6,068  2,751  9,939  5,040  12,347                
  Operating profit (EBIT) before special items 21,930  8,991  50,621  29,327  70,407                
5 Special items, net - 1,218  638  - 1,826  - 1,044  - 54                
  Operating profit 20,712  9,629  48,795  28,283  70,353  
  Financial income 707  1,028  3,379  3,345  4,198  
  Financial expenses 9,579  1,756  12,986  4,694  9,587                
  Profit before tax 11,840  8,901  39,188  26,935  64,964  
6 Tax on profit for the period 3,538  1,796  9,952  6,088  16,888  
  Profit for the period 8,302  7,105  29,237  20,847  48,075                
  
Earnings per share  
attributable to equity holders of the company 
          
  Average number of shares 55,159,297  54,683,432  55,154,814  54,596,952  54,363,312  
  
Average number of warrants  
- converted to number of shares 2,609,804  2,350,149  2,527,978  2,576,250  2,495,614  
  Earnings per share (in EUR) 0.15  0.13  0.53  0.38  0.88  
  Diluted earnings per share (in EUR) 0.14  0.12  0.51  0.36  0.85  
 
 
 
Condensed interim 
consolidated statement of other comprehensive income
 
 
 
  
Note tEUR Q2 2023 Q2 2022 YTD 2023 YTD 2022 2022               
  Profit for the period 8,302  7,105  29,237  20,847  48,075  
  Other comprehensive income           
  
Other comprehensive income to be reclassified to 
profit or loss in subsequent periods:           
  Currency translation to presentation currency 393  - 320  - 284  - 494  - 905  
  
Currency translation of non-current intercompany 
loans 100  19,182  - 5,007  24,640  17,030  
  Income tax - 22  - 4,220  1,101  - 5,421  - 3,747  
  Net other comprehensive income/loss 471  14,642  - 4,190  18,725  12,379  
  
Total comprehensive income/(loss) for the period, 
net of tax 8,774  21,747  25,047  39,572  60,454  
              
  Attributable to:           
  Shareholders of the parent 8,774  21,747  25,047  39,572  60,454

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

Q2 report 2023 Page 16  
Condensed interim  
consolidated balance sheet 
Note tEUR Q2 2023 Q2 2022 2022 
          
  Assets       
          
  Non-current assets       
7 Intangible assets       
  Goodwill 214,946  186,565  183,942  
  Domains and websites 460,114  466,360  460,513  
  Accounts and other intangible assets 51,726  23,553  27,016  
  Total intangible assets 726,786  676,478  671,471            
  Property, plant and equipment       
  Land and buildings       
  Right of use assets 6,878  2,218  6,269  
  Leasehold improvements, Fixtures and fittings, other plant and equipment  3,920  1,973  2,574  
  Total property, plant and equipment 10,797  4,191  8,843  
          
  Other non-current assets       
  Other non-current financial assets  0  0  0 
  Deposits 1,649  669  726  
  Deferred tax asset 9,989  9,578  9,165  
  Total other non-current assets 11,637  10,247  9,891            
  Total non-current assets 749,221  690,917  690,204  
          
  Current assets       
  Trade and other receivables 38,433  33,969  53,179  
  Corporation tax receivable 6,781  561  6,423  
  Prepayments 3,842  3,179  3,926  
  Other current financial assets 12,508   0  0 
  Cash 64,536  32,971  31,497  
  Total current assets 126,100  70,680  95,025            
  Total assets 875,320  761,597  785,229  
 
 
 
Note tEUR Q2 2023 Q2 2022 2022 
          
  Equity and liabilities                 
  Equity       
  Share Capital 552  550  551  
  Share Premium 272,786  272,252  272,550  
  Currency Translation Reserve 18,987  29,523  23,177  
  Treasury Shares - 17,249  - 13  - 7,669  
  Retained Earnings 155,144  98,005  124,307  
  Proposed Dividends  0  0  0 
  Total equity 430,220  400,317  412,917            
  Non-current Liabilities       
8 Debt to credit institutions 246,932  185,722  201,708  
8 Lease liabilities 5,980  1,147  4,962  
8 Deferred tax liabilities 86,159  75,048  78,167  
8 Other long-term financial liabilities 27,700  5,642  22,407  
8 Contingent Consideration  0  0  0 
  Total non-current liabilities 366,771  267,560  307,244  
          
  Current Liabilities       
  Prepayments received from customers and deferred revenue  4,282  5,675  8,023  
  Trade and other payables 16,360  20,348  22,252  
  Corporation tax payable 3,864  8,178  5,221  
8 Other financial liabilities 52,553  38,125  26,865  
8 Contingent Consideration  0  0  0 
  Debt to credit institutions  0 20,163  1,055  
8 Lease liabilities 1,270  1,232  1,653  
  Total current liabilities 78,329  93,721  65,068  
          
  Total liabilities 445,100  361,281  372,312  
          
  Total Equity and liabilities 875,320  761,597  785,229

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

Q2 report 2023 Page 17  
Condensed interim  
consolidated statement of changes in equity 
tEUR 
Share  
capital 
Share  
premium 
Currency 
translation 
reserve 
Treasury 
shares 
Retained 
earnings 
Proposed 
dividend 
Total 
equity 
                
As of January 1, 2023 551  272,550  23,177  - 7,669  124,307   0   412,917  
Result for the period  0  0  0  0 29,237   0 29,237  
                
Other comprehensive income               
Currency translation  
to presentation currency  0  0 - 5,291   0  0  0 - 5,291  
Tax on other  
comprehensive income  0  0 1,101   0  0  0 1,101  
Total other  
comprehensive income  0  0 - 4,190   0  0  0 - 4,190  
Total comprehensive income for the year  0  0 - 4,190   0 29,237   0 25,047  
                
Transactions with owners               
Capital Increase 1  236   0  0  0  0 236  
Acquisition of treasury shares  0  0  0 - 9,571   0  0 - 9,571  
Disposal of treasury shares  0  0  0  0  0  0  0 
Share based payments  0  0  0  0 1,604   0 1,604  
Transaction cost  0  0  0 - 10  - 4   0 - 14  
Total transactions with owners 1  236   0 - 9,580  1,600   0 - 7,744  
                
At June 30, 2023 552  272,786  18,987  - 17,249  155,144   0 430,220  
During the period no dividend was paid. 
 
 
 
tEUR 
Share  
capital 
Share  
premium 
Currency 
translation 
reserve 
Treasury 
shares 
Retained 
earnings 
Proposed 
dividend 
Total 
equity 
                
As of January 1, 2022 546  267,873  10,798  - 8,074  73,705   0   344,848  
Result for the period  0  0  0  0 20,847   0 20,847  
                
Other comprehensive income               
Currency translation  
to presentation currency  0  0 24,146   0  0  0 24,146  
Tax on other  
comprehensive income  0  0 - 5,421   0  0  0 - 5,421  
Total other  
comprehensive income  0  0 18,725   0  0  0 18,725  
Total comprehensive income for the year  0  0 18,725   0 20,847   0 39,572  
                
Transactions with owners               
Capital Increase 4  4,379   0  0  0  0 4,382  
Acquisition of treasury shares  0  0  0 - 6,595   0  0 - 6,595  
Disposal of treasury shares  0  0  0 14,656  842   0 15,498  
Share based payments  0  0  0  0 2,626   0 2,626  
Transaction cost  0  0  0  0 - 15   0 - 15  
Total transactions with owners 4  4,379   0 8,061  3,453   0 15,896  
                
At June 30, 2022 550  272,252  29,523  - 13  98,005   0 400,317  
During the period no dividend was paid.

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

Q2 report 2023 Page 18  
Condensed interim  
consolidated statement of changes in equity – continued 
tEUR 
Share  
capital 
Share  
premium 
Currency 
translation 
reserve 
Treasury 
shares 
Retained 
earnings 
Proposed 
dividend 
Total  
equity 
                
As of January 1, 2022 546  267,873  10,798  - 8,074  73,705   0 344,848  
Result for the period  0  0  0  0 48,075   0 48,075  
                
Other comprehensive income               
Currency translation  
to presentation currency  0  0 16,125   0  0  0 16,125  
Tax on other  
comprehensive income  0  0 - 3,747   0  0  0 - 3,747  
Total other  
comprehensive income  0  0 12,379   0  0  0 12,379  
Total comprehensive income for the year  0  0 12,379   0 48,075   0 60,454  
                
Transactions with owners               
Capital Increase 5  4,677   0  0  0  0 4,683  
Acquisition of treasury shares  0  0  0 - 14,250   0  0 - 14,250  
Disposal of treasury shares  0  0  0 14,656  842   0 15,498  
Share based payments  0  0  0  0 1,713   0 1,713  
Transaction cost  0  0  0  0 - 28   0 - 28  
Total transactions with owners 5  4,677   0 406  2,526   0 7,615  
                
At December 31, 2022 551  272,550  23,177  - 7,669  124,307   0 412,917  
During the period no dividend was paid.

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

Q2 report 2023 Page 19  
Condensed interim  
consolidated statement of cash flows 
Note tEUR Q2 2023 Q2 2022 YTD 2023 YTD 2022 2022 
              
  Profit before tax 11,840  8,901  39,188  26,935  64,964  
  Adjustment for finance items 8,872  728  9,607  1,349  5,389  
  Adjustment for special items 1,218  - 638  1,826  1,044  54  
  Operating Profit for the period before special items  21,930  8,991  50,621  29,327  70,407  
  Depreciation and amortization 6,766  3,234  11,350  6,009  14,668  
  Other adjustments of non-cash operating items 1,509  51  1,609  446  1,690  
  
Cash flow from operations  
before changes in working capital and special items  30,205  12,276  63,581  35,783  86,765  
  Change in working capital 4,048  10,227  4,033  - 135  - 16,949  
  Cash flow from operations before special items 34,253  22,503  67,613  35,648  69,816  
  Special items, cash flow - 1,273  - 189  - 1,668  - 290  - 1,393  
  Cash flow from operations 32,980  22,313  65,946  35,358  68,423  
  Financial income, received  178  654  642  1,299  1,682  
  Financial expenses, paid - 883  - 1,453  - 4,051  - 3,072  - 5,666  
  Cash flow from activities before tax 32,275  21,515  62,536  33,586  64,439  
  Income tax paid  - 5,169  - 1,530  - 8,967  - 2,980  - 16,239  
  Cash flow from operating activities 27,107  19,984  53,569  30,606  48,200  
              
9 Acquisition of businesses - 29,767  - 10,604  - 29,767  - 13,181  - 14,337  
7 Acquisition of intangible assets - 420  - 76,067  -3,624 -92,430 - 96,452  
  Acquisition of property, plant and equipment - 2,369  - 291  - 2,182  - 561  - 1,804  
  Sale of property, plant and equipment 241  - 0  3  - 0  16  
  Acquisition of other financial assets - 0   0 - 14,930   0  0 
  Change in other non-current assets 2,833  - 52  - 261  10  - 55  
  Cash flow from investing activities - 29,483  - 87,014  - 50,761  - 106,161  - 112,632  
 
 
 
Note tEUR Q2 2023 Q2 2022 YTD 2023 YTD 2022 2022 
              
  Repayment of borrowings  0 - 5,069  - 1,486  - 10,109  - 215,993  
  Proceeds from borrowings 45,490  73,983  45,490  94,982  296,665  
  Lease liabilities - 145  - 348  - 518  - 690  - 1,274  
  
Other non-current liabilities - 4,124   0 - 4,124   0  0 
  
Capital increase 193  316  236  316  618  
  Treasury shares - 3,674   0 - 9,583  - 6,595  - 14,250  
  Transaction cost - 4   0 - 10  - 15  - 28  
  Warrant settlement, sale of warrants  0  0  0  0  0 
  Cash flow from financing activities 37,736  68,882  30,006  77,890  65,737  
              
  Cash flows for the period 35,360  1,853  32,814  2,334  1,306  
  
Cash and cash equivalents at beginning 28,847  30,680  31,497  30,093  30,093  
  
Foreign currency translation of cash and cash equivalents  329  438  224  544  99  
  Cash and cash equivalents period end* 64,536  32,971  64,536  32,971  31,497  
              
  Cash and cash equivalents period end           
  Cash 64,536  32,971  64,536  32,971  31,497  
  Cash and cash equivalents period end 64,536  32,971  64,536  32,971  31,497

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

Q2 report 2023 Page 20  
Notes 
1. General information 
Better Collective A/S is a limited liability company and is incorporated in Denmark. The parent company and its  
subsidiaries (referred to as the “Group” or “Better Collective”) engage in online affiliate marketing. Better Collective’s 
vision is to empower iGamers by leading the way in transparency and technology. 
Basis of preparation  
The Interim Report (condensed consolidated interim financial statements) for the period January 1 - June 30, 2023, has 
been prepared in accordance with IA S 34 “Interim financial statements” as adopted by the EU and additional require-
ments in the Danish Financial Statements Act. The parent company condensed interim financial statements has been 
included according to the Danish Executive Order on the Preparation of Interim Financial Reports. 
These condensed consolidated interim financial statements incorporate the results of Better Collective A/S and its sub-
sidiaries. 
The condensed consolidated interim financial statements refer to certain key performance indicators, which Better Col-
lective and others use when evaluating the performance of Better Collective. These are referred to as alternative per-
formance measures (APMs) and are not defined under IFRS. The figures and related subtotals give management and 
investors important information to enable them to fully analyze the Better Collective business and trends. The APMs are 
not meant to replace but to complement the performance measures defined under IFRS. 
New financial reporting standards 
All new or amended standards (IFRS) and interpretations (IFRIC) as adopted by the EU and which are effective for the 
financial year beginning on January 1, 2023, have been adopted. The implementation of these new or amended  
standards and interpretations had no material impact on the condensed consolidated interim financial statements. 
Accounting policies  
The condensed consolidated interim financial statements have been prepared using the same accounting policies as set 
out in note 1 of the 2022 annual report which contains a full description of the accounting policies for the Group and the 
parent company, except for the scope of operating segments.  
The scope of operating segments has been modified following changes in management responsibilities as from January 
1, 2023. US has been renamed to North America (NA) and will now cover both USA and Canada. Canada was previously 
included in the operating segment “Europe and RoW”. 2022 comparative information has been restated.  
The annual report for 2022 including full description of the accounting policies can be found on Better Collective’s web-
site: https://storage.mfn.se/0e9df7fa-f018-42b8-9189-6ee99458c094/bc-2022-annual-report-final.pdf
 
Significant accounting judgements, estimates and assumptions 
The preparation of condensed consolidated interim financial statements requires management to make judgements, 
estimates and assumptions that affect the reported amounts of revenue, expenses, assets, and liabilities. 
Beyond the risks mentioned above, the significant accounting judgements, estimates and assumptions applied in these 
consolidated interim financial statements are the same as disclosed in note 2 in the annual report for 202 2 which  
contains a full description of significant accounting judgements, estimates and assumptions.

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

Q2 report 2023 Page 21  
 
2. Segments 
Publishing and Paid Media 
Better Collective operates two different business models regarding customer acquisition with different earnings - 
profiles. The segments Publishing and Paid Media have been measured and disclosed separately for Revenue, Cost and 
Earnings. The Publishing business includes revenue from Better Collective’s proprietary online sports media and media 
partnerships where the online traffic is coming either directly or through organic search results, whereas Paid Media 
generates revenue through paid ad-traffic to our websites, thereby running on a lower earnings margin. 
The performance for each segment is presented in the below tables: 
  
Publishing Paid Group 
tEUR Q2 2023 Q2 2022 Q2 2023 Q2 2022 Q2 2023 Q2 2022 
              
Revenue 53,547  38,126  24,567  17,917  78,115  56,043  
Cost 32,392  28,116  17,026  15,701  49,418  43,818  
              
Operating profit before depreciation,  
amortization and special items 21,155  10,010  7,541  2,216  28,696  12,226  
EBITDA-Margin before special items 40% 26% 31% 12% 37% 22% 
              
Special items, net - 1,218  638   0  0 - 1,218  638  
              
Operating profit  
before depreciation and amortization 19,937  10,647  7,541  2,216  27,478  12,863  
EBITDA-Margin 37% 28% 31% 12% 35% 23% 
              
Depreciation 695  479  3  4  698  483  
              
Operating profit before amortization 19,242  10,168  7,538  2,212  26,780  12,380  
EBITA-Margin 36% 27% 31% 12% 34% 22% 
 
  
Publishing Paid Group 
tEUR YTD 2023 YTD 2022 YTD 2023 YTD 2022 YTD 2023 YTD 2022 
Revenue 112,751  86,506  53,309  36,931  166,060  123,437  
Cost 66,187  56,260  37,902  31,841  104,089  88,101  
Operating profit before depreciation,  
amortization and special items 46,564  30,246  15,407  5,090  61,971  35,337  
EBITDA-Margin before special items 41% 35% 29% 14% 37% 29% 
Special items, net - 1,826  - 1,044   0  0 - 1,826  - 1,044  
Operating profit  
before depreciation and amortization 44,739  29,203  15,407  5,090  60,146  34,293  
EBITDA-Margin 40% 34% 29% 14% 36% 28% 
Depreciation 1,405  961  6  9  1,412  970  
Operating profit before amortization 43,333  28,242  15,400  5,081  58,734  33,323  
EBITA-Margin 38% 33% 29% 14% 35% 27% 
 
  
Publishing Paid Group 
tEUR 2022 2022 2022 
Revenue 187,057  82,241  269,297  
Cost 115,376  68,846  184,222  
Operating profit before depreciation,  
amortization and special items 71,681  13,394  85,075  
EBITDA-Margin before special items 38% 16% 32% 
Special items, net - 54   0 - 54  
Operating profit  
before depreciation and amortization 71,627  13,394  85,021  
EBITDA-Margin 38% 16% 32% 
Depreciation 2,306  15  2,321  
Operating profit before amortization 69,321  13,379  82,700  
EBITA-Margin 37% 16% 31%

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

Q2 report 2023 Page 22  
2. Segments, continued 
Europe & Rest of World and North America 
Better Collective’s products cover more than 30 languages and attract millions of users worldwide - with international 
brands with a global reach as well as regional brands with a local reach. Better Collective’s regional brands are tailored 
according to the specific regions or countries and their respective regulations, sports, betting behaviors, user needs, and 
languages. From Q2 2021 and following the acquisition of Action Network (included in Group accounts from time of 
closing on May 28, 2021) the US m arket constitutes >20% of Group Revenue and >30% of revenue in Publishing on an 
annualized basis. Hence, Better Collective reports on the geographical segments US and Europe & ROW (Rest of World), 
measuring and disclosing separately for Revenue, Cost and E arnings. Historical financial figures are reported accord-
ingly. 
 
The performance for each segment is presented in the below tables: 
* 2022 figures have been restated because of the transfer of Canada and renaming USA to North America (NA), which now covers  both 
USA and Canada from January 1, 2023. 
  Europe & RoW North America Group 
tEUR YTD 2023 YTD 2022 YTD 2023 YTD 2022 YTD 2023 YTD 2022               
Revenue 105,990  78,004  60,070  45,433  166,060  123,437  
Cost 66,131  55,067  37,957  33,034  104,089  88,101                
Operating profit before de-
preciation,  
amortization and special 
items 39,859  22,938  22,112  12,399  61,971  35,337  
EBITDA-Margin before spe-
cial items 38% 29% 37% 27% 37% 29%               
Special items, net - 1,325  - 290  - 501  - 754  - 1,826  - 1,044                
Operating profit  
before depreciation and 
amortization 38,534  22,648  21,611  11,645  60,146  34,293  
EBITDA-Margin 36% 29% 36% 26% 36% 28%               
Depreciation 941  773  470  197  1,412  970                
Operating profit before 
amortization 37,593  21,875  21,141  11,448  58,734  33,323  
EBITA-Margin 35% 28% 35% 25% 35% 27% 
 
  Europe & Row North America Group 
tEUR 2022 2022 2022         
Revenue 173,664  95,633  269,297  
Cost 115,620  68,602  184,222          
Operating profit before depreciation,  
amortization and special items 58,044  27,031  85,075  
EBITDA-Margin before special items 33% 28% 32%         
Special items, net - 1,360  1,306  - 54          
Operating profit  
before depreciation and amortization 56,684  28,336  85,021  
EBITDA-Margin 33% 30% 32%         
Depreciation 1,671  650  2,321          
Operating profit before amortization 55,013  27,687  82,700  
EBITA-Margin 32% 29% 31% 
 Europe & RoW North America Group 
tEUR Q2 2023 Q2 2022 Q2 2023 Q2 2022 Q2 2023 Q2 2022               
Revenue 55,188  41,719  22,926  14,324  78,115  56,043  
Cost 34,061  28,806  15,357  15,012  49,418  43,818                
Operating profit before de-
preciation,  
amortization and special 
items 21,127  12,913  7,569  - 687  28,696  12,226  
EBITDA-Margin before spe-
cial items 38% 31% 33% -5% 37% 22%               
Special items, net - 881  - 189  - 338  827  - 1,218  638                
Operating profit  
before depreciation and 
amortization 20,246  12,723  7,232  140  27,478  12,863  
EBITDA-Margin 37% 30% 32% 1% 35% 23%               
Depreciation 480  381  219  102  698  483                
Operating profit before 
amortization 19,767  12,343  7,013  38  26,780  12,380  
EBITA-Margin 36% 30% 31% 0% 34% 22%

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

Q2 report 2023 Page 23  
3. Revenue specification 
In accordance with IFRS 15 disclosure requirements, total revenue is split on Revenue Share, Cost per Acquisition 
(CPA), Subscription, and Other as follows: 
tEUR Q2 2023 Q2 2022 YTD 2023 YTD 2022 2022 
            
Revenue category           
Recurring revenue (Revenue share, Subscription, CPM)  45,795  27,574  86,677  50,977  123,365  
CPA, Fixed Fees 32,296  27,992  79,359  71,824  145,605  
Other 24  477  24  637  327  
Total revenue 78,115  56,043  166,060  123,437  269,297  
            
%-split           
Recurring revenue 59 49  52  41  46  
CPA, Fixed Fees 41 50  48  58  54  
Other 0 1  0  1  0  
Total 100 100  100  100  100  
 
tEUR Q2 2023 Q2 2022 YTD 2023 YTD 2022 2022 
            
Revenue type           
Revenue Share 39,058  21,658  72,674  41,217  96,449  
CPA 25,640  24,422  65,886  64,323  124,324  
Subscription 4,080  3,872  8,563  7,648  18,003  
Other 9,338  6,092  18,936  10,249  30,521  
Total revenue 78,115  56,043  166,060  123,437  269,297  
            
%-split           
Revenue Share 50  39  44  33  36  
CPA 33  44  40  52  46  
Subscription 5  7  5  6  7  
Other 12  11  11  8  11  
Total 100  100  100  100  100  
 
4. Share-based payment plans 
2019 Warrant programs: 
During the second quarter of 2023 the company did not grant any new warrants and 22,167 warrants were exercised 
under this program.  
2022 Incentive Program: 
During the second quarter of 2023 no performance share units or share options were granted under this program.  A 
new Long-term Incentive (LTI) program was established for key employees in Q1 2022, and 73,894 performance share 
units and 24,564 share options were granted to a total of 36 employees. 
2023 Incentive Program: 
During the first quarter of 2023 a new Long-term Incentive (LTI) program was established for key employees. Under the 
program 134,953 performance share units and 239,350 share options were granted to a total of 63 employees. 
 
2023 CXO Options Program: 
During the second quarter of 2023 a new options program was established for the executive management. Under the 
program 300,000 share options were granted to a total of 3 employees. 
 
The total share-based compensation expense for the above programs recognized for Q2 2023 is 1,407 tEUR (Q2 2022: 
812 tEUR). 
Management Incentive Program - Action Network: 
During the quarter no performance share units or share options were granted under this program. 
The cost related to the MIP program is recognized as special items and amounts to 60 tEUR in Q2 2023 (Q2 2022: 3,162 
tEUR).

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

Q2 report 2023 Page 24  
5. Special items 
Significant income and expenses, which Better Collective consider non-recurring are presented in the Income state-
ment in a separate line item labelled ‘Special items’. The impact of special items is specified as follows: 
tEUR Q2 2023 Q2 2022 YTD 2023 YTD 2022 2022 
            
Operating profit 20,712  9,629  48,795  28,283  70,353  
            
Special Items related to:           
Special items related to IPO  0  0  0  0  0 
Special items related to M&A - 605  - 189  - 956  - 290  - 1,263  
Variable payments regarding acquisitions - cost - 49  2,408  - 142  2,408  2,275  
Variable payments regarding acquisitions - income        0   
Special items related to Restructuring - 504   0 - 668  - 0  - 130  
Special items related to Divestiture of Assets  0  0  0  0  0 
Special items related to Management Incentive Program  - 60  - 1,581  - 60  - 3,162  - 936  
Special items, total - 1,218  638  - 1,826  - 1,044  - 54  
            
Operating profit (EBIT) before special items 21,930  8,991  50,621  29,327  70,407  
            
Amortization and impairment 6,068  2,751  9,939  5,040  12,347  
            
Operating profit before amortization  
and special items (EBITA before special items)  27,998  11,743  60,560  34,367  82,754  
            
Depreciation 698  483  1,412  970  2,321  
            
Operating profit before depreciation, amortization,  
and special items (EBITDA before special items)  28,696  12,226  61,971  35,337  85,075  
 
6. Income tax 
Total tax for the period is specified as follows: 
tEUR Q2 2023 Q2 2022 YTD 2023 YTD 2022 2022 
Tax for the period 3.538  1.796  9.952  6.088  16.888  
Tax on other comprehensive income 22  4.220  - 1.101  5.421  3.747  
Total 3.560  6.016  8.850  11.509  20.635  
 
Income tax on profit for the period is specified as follows: 
tEUR Q2 2023 Q2 2022 YTD 2023 YTD 2022 2022 
Deferred tax - 671  - 2  1.891  2.147  6.785  
Current tax 4.226  1.776  8.077  3.919  10.153  
Adjustment from prior years - 16  22  - 16  22  - 49  
Total 3.538  1.796  9.952  6.088  16.888  
Tax on the profit for the period can be explained as follows: 
tEUR Q2 2023 Q2 2022 YTD 2023 YTD 2022 2022 
Specification for the period:           
Calculated 22% tax of the result before tax 2,605  1,958  8,621  5,926  14,292  
Adjustment of the tax rates  
in foreign subsidiaries relative to the 22% 496  175  997  466  1,563  
Tax effect of:      0  0   
Special items 387  - 142  387  260  - 83  
Special items - taxable items  0 - 443   0 - 822  - 243  
Other non-taxable income - 1,634  - 0  - 1,780  - 100  - 150  
Other non-deductible costs 1,701  225  1,743  337  1,558  
Adjustment of tax relating to prior periods* -16 22 -16 22  -49 
Total 3,538  1,796  9,952  6,088  16,888  
Effective tax rate 29.9% 20.2% 25.4% 22.6% 26.0%

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

Q2 report 2023 Page 25  
 
7. Intangible assets 
tEUR Goodwill 
Domains 
 and  
websites 
Accounts  
and other 
 intangible 
 assets Total 
          
Cost or valuation         
As of January 1, 2023 183,942  460,513  63,705  708,159  
Additions  0 3,840  12,104  15,944  
Acquisitions through business combinations 32,755   0 24,227  56,982  
Transfer    0  0  0 
Disposals  0  0 - 2,266  - 2,266  
Currency Translation - 1,751  - 4,238  - 438  - 5,205  
At June 30, 2023 214,946  460,114  97,332  773,614  
          
Amortization and impairment         
As of January 1, 2023  0  0 36,688  36,688  
Amortization for the period  0  0 9,853  9,853  
Impairment for the period*  0  0  0  0 
Amortization on disposed assets  0  0  0  0 
Currency translation 0   0 - 936  286  
At June 30, 2023 0   0 45,605  46,827  
          
Net book value at June 30, 2023 214,946  460,114  51,726  726,786  
 
 
 
 
 
 
 
 
tEUR Goodwill 
Domains 
 and  
websites 
Accounts  
and other 
 intangible 
 assets Total 
          
Cost or valuation         
As of January 1, 2022 178,182  329,276  36,827  544,285  
Additions  0 118,185  26,337  144,522  
Acquisitions through business combinations  0  0  0  0 
Transfer  0  0  0  0 
Disposals  0  0  0  0 
Currency Translation 5,760  13,051  540  19,351  
At December 31, 2022 183,942  460,513  63,705  708,159  
          
Amortization and impairment         
As of January 1, 2022  0  0 24,374  24,374  
Amortization for the period  0  0 12,348  12,348  
Impairment for the period*  0  0  0  0 
Amortization on disposed assets  0  0  0  0 
Currency translation 0   0 - 33  - 33  
At December 31, 2022 0   0 36,688  36,688  
          
Net book value at December 31, 2022 183,942  460,513  27,016  671,471

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

Q2 report 2023 Page 26  
7. Intangible assets, continued 
tEUR Goodwill 
Domains 
 and  
websites 
Accounts  
and other 
 intangible 
 assets Total 
          
Cost or valuation         
As of January 1, 2022 178,182  329,276  36,827  544,285  
Additions  0 118,094  15,664  133,758  
Acquisitions through business combinations  0  0  0  0 
Transfer  0  0  0  0 
Disposals  0  0  0  0 
Currency Translation 8,383  18,989  783  28,155  
At June 30, 2022 186,565  466,360  53,273  706,198  
          
Amortization and impairment         
As of January 1, 2022  0  0 24,374  24,374  
Amortization for the period  0  0 5,178  5,178  
Impairment for the period*  0  0  0  0 
Amortization on disposed assets  0  0  0  0 
Currency translation 0   0 168  168  
At June 30, 2022 0   0 29,720  29,720  
          
Net book value at June 30, 2022 186,565  466,360  23,553  676,478  
 
8. Non-current liabilities and other current financial liabilities 
Debt to credit institutions: 
As per June 30, 2023, Better Collective has drawn 246.9 mEUR (2022: 201.7) out of the total committed club facility of 
247 mEUR established with Nordea, Nykredit, and Citibank.  In August Better Collective extended the club- financing 
from October 2022 with Nordea, Nykredit and Citibank by 3 years to October 2026 as well as executing the accordion 
option increasing available facilities with 72 mEUR, leaving the group with a total financing of 319  mEUR where afore-
mentioned 246.9 mEUR has been utilized.  
 
Lease liabilities:  
Non-current and current lease liabilities, of 5.9 mEUR (Q2 2022: 1.1 mEUR) and 1.3 mEUR (Q2 2022: 1.2 mEUR) respec-
tively.  
Deferred Tax liability:  
Deferred tax liability as of June 30, 2023, amounted to 86.2 mEUR (Q2 2022: 75 mEUR). The change from January 1, 
2023, originates from changes in deferred tax  related to acquisitions, amortization of accounts from acquisitions, and 
deferred tax changes in Parent Company and Better Collective US, Inc.  
Deferred Tax asset:  
Deferred tax asset as of June  30, 2023, amounted to 10 mEUR (Q2 2022: 9.5 mEUR), increased from January 1, 2023,  
due to change in Better Collective US, Inc. and exchange rate change for USD. 
Contingent Consideration:  
As per June 30, 2023, there was no contingent consideration after final adjustment and settlement of outstanding pur-
chase price related to the acquisition of RiCal LLC. Better Collective paid the final part of the contingent liabilities in Q2 
2022.  
Other financial liabilities:  
As per June  30, 2023, other financial liabilities amounted to 80 .3 mEUR (Q2 2022: 43.8 mEUR) due to deferred and 
variable payments related to acquisitions. The increase from January 1, 2023, is related to the capitalization of media 
agreements and acquisition of Skycon.  
Fair Value is measured based on level 3 - Valuation techniques. In all material aspects the fair value of the financial assets 
and liabilities is considered equal to the booked value. 
9. Business combinations 
Acquisition of Skycon Limited  
On April 14, 2023 Better Collective completed the acquisition of Skycon Limited (Skycon) for a total consideration up to 
51 mEUR (45 mGBP) with an initial consideration of 28.3 mEUR ( 25 mGBP) on a cash and debt -free basis. Skycon is a 
global display advertising company and perfectly complements Better Collective’s Paid Media division. The acquisition 
is a strategic move for Better Collective with significant synergistic opportunities.

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

Q2 report 2023 Page 27  
 
 
 
 
The transferred consideration was in cash and a deferred payment payable in cash. 
Acquired net assets at the time of acquisition   tEUR 
Accounts and other intangible assets 24,227  
Accrued Income   2,372  
Other receivables   45  
Cash   3,647  
Corporation Tax Liability -6,502  
Identified net assets   23,790  
Goodwill 32,239 
Total consideration 56,029  
 
A goodwill of 32,239 tEUR emerged from the acquisition of Skycon as an effect of the difference between the transferred 
consideration and the fair value of acquired net assets. Goodwill is connected to the future growth expectations given 
the strong platform and significant synergistic opportunities. The goodwill is not tax deductible.  
Transaction costs related to the acquisition of Skycon amounts to 381 tEUR in 2023. Transaction costs are accounted for 
in the income statements under “special items”. The acquisition was completed on April 14, 2023. If the transaction had 
been completed on January 1, 2023 the group’s revenue YTD would have amounted to 171 m EUR and result after tax 
would have amounted to 33 mEUR. The purchase price allocation is provisional due to uncertainties regarding measure-
ment of acquired intangible assets. 
 
Acquisition of Playmaker HQ  
On July 3, after the end of Q2, 2023 Better Collective US, Inc. completed the acquisition of Playmaker HQ for up to 54 
mUSD with an initial consideration of 15 mUSD on a cash and debt -free basis. Playmaker HQ is a leading sports and 
entertainment media platform headquartered in South Florida, US. The sports media group specializes in providing orig-
inal entertainment and sports content with exclusive athlete collabora tions and creator talent mainly targeting the US 
market. 
 
Better Collective will pay up to 54 mUSD on a cash and debt free basis, including an upfront cash consideration of 15 
mUSD, 1 mUSD in deferred payments, and up to 38 mUSD in performance -based earnout payments over a three -year 
period.  
In order to reach the full earn-out payment, Playmaker HQ will have to generate >75 mUSD in accumulating revenues 
and >25 mUSD in accumulating operational earnings (EBITDA) during the first three years post-acquisition. The acqui-
sition will be conducted as an asset purchase meaning that Better Collective expectedly will benefit from certain tax 
deductions related to the acquisition price. The transaction will be funded by cash, with optionality to pay some of the 
earn out in Better Collective shares. Better Collective will consolidate Playmaker HQ into its accounts effective July 3, 
2023. 
As per the date of publication of the interim financial statements it has not been possible to obtain sufficient financial 
data to fulfill reporting requirements according to IFRS3. Therefore, the opening balance, the acquired net assets at the 
time of the acquisition, goodwill and pro-forma impact on the revenue and profit after tax is not included in these interim 
financial statements. 
Acquisition of four Swedish brands  
On August 15, after the end of Q2, 2023 Better Collective announced  the acquisition of four brands SvenskaFans.com, 
Hockeysverige.se, Fotbolldirekt.se and Innebandymagazinet.se from Everysport Group to further expand its  position 
within the Swedish sports media ecosystem for a total consideration of 3.7 mEUR on a cash and debt-free basis. As per 
the date of publication of the interim financial statements it has not been possible to obtain sufficient financial data to 
fulfill reporting requirements according to IFRS3. Therefore, the opening balance, the acquired net assets at the time of 
the acquisition, goodwill and pro-forma impact on the revenue and profit after tax is not included in these interim finan-
cial statements.

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

Q2 report 2023 Page 28  
10. Note to cash flow statement 
tEUR Q2 2023 Q2 2022 YTD 2023 YTD 2022 2023 2022 
              
Acquisition of business combinations:             
Net Cash outflow  
from business combinations at acquisition - 29,767   0 - 29,767   0    0 
Business Combinations  
deferred payments from current period  0  0  0  0    0 
Deferred payments  
- business combinations from prior periods  0 - 10,604   0 - 13,181    - 14,337  
Total cash flow from business combinations - 29,767  - 10,604  - 29,767  - 13,181   0 - 14,337  
              
Acquisition of intangible assets:             
Acquisitions through asset transactions - 2,042  - 107,284  - 15,944  - 133,758   0 - 144,522  
Deferred payments related to acquisition value   0 24,048   0 29,407    29,408  
Deferred payments  
- acquisitions from prior periods - 63   0 - 488  - 121    - 121  
Intangible assets with no cash flow effect 1,889  8,138  13,011  13,455    24,325  
Other investments - 203  - 970  - 203  - 1,414    - 5,541  
Total cash flow from intangible assets - 420  - 76,067  - 3,624  - 92,430    - 96,452  
 
Equity movements with and without cashflow impact 
tEUR Q2 2023 Q2 2022 YTD 2023 YTD 2022 2022 
            
Equity movements with cashflow impact  
- from cash flow statement:           
Capital increase 193  316  236  316  618  
Treasury shares - 3,674   0 - 9,583  - 6,595  - 14,250  
Transaction cost - 4   0 - 10  - 15  - 28  
Warrant settlement, sale of warrants  0  0  0  0  0 
Total equity movements with cash flow impact - 3,485  316  - 9,356  - 6,294  - 13,661  
            
Non-cash flow movements on equity:           
New shares for M&A payments 0  4,066  - 0  8,132  4,065  
Treasury Shares used for payments  0 8,888   0 16,657  15,498  
Share based payments   
- warrant expenses with no cash flow effect 1,470  2,626  1,604  4,639  1,713  
Total equity movements with no cash flow impact 1,470  15,580  1,604  29,428  21,275  
            
Total Transactions with owners  
- Consolidated statement of changes in equity - 2,015  15,896  - 7,752  23,134  7,615

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

Q2 report 2023 Page 29  
Financial statements for the period January 1 – June 30 
Condensed interim  
income statement – Parent company  
tEUR Q2 2023 Q2 2022 YTD 2023 YTD 2022 2022 
Revenue 24,506  15,615  48,204  27,762  65,282              
Other operating income 4,879  4,373  8,894  6,227  14,797              
Direct costs related to revenue 6,385  3,478  11,078  6,103  14,292  
Staff costs  9,757  5,083  18,616  9,177  25,061  
Depreciation 134  137  312  268  540  
Other external expenses 3,826  4,850  8,243  10,499  17,248              
Operating profit before amortization (EBITA) 
and special items 9,282  6,440  18,849  7,942  22,939              
Amortization 2,242  986  3,836  1,579  3,875              
Operating profit (EBIT) before special items 7,040  5,455  15,013  6,363  19,064              
Special items, net - 772  - 189  - 1,167  - 290  - 1,168              
Operating profit 6,268  5,265  13,846  6,074  17,896  
Financial income 8,587  33,276  12,591  41,101  72,388  
Financial expenses 9,367  1,565  17,363  3,104  35,057              
Profit before tax 5,488  36,976  9,074  44,071  55,227  
Tax on profit for the period - 54  5,553  708  7,181  8,279              
Profit for the period 5,543  31,423  8,366  36,890  46,949  
 
 
 
 
 
Condensed interim  
statement of other comprehensive income 
tEUR Q2 2023 Q2 2022 YTD 2023 YTD 2022 2022             
Profit for the period 5,543  31,423  8,366  36,890  46,949              
Other comprehensive income 
  
        
Other comprehensive income to be reclassified to profit or loss in 
subsequent periods:           
Currency translation to presentation currency - 962  - 72  - 1,603  - 134  22  
Currency translation of non-current intercompany loans           
Income tax  0  0  0  0  0 
Net other comprehensive income/loss - 962  - 72  - 1,603  - 134  22  
Total comprehensive income/(loss) for the period, net of tax 4,581  31,351  6,763  36,756  46,970

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

Q2 report 2023 Page 30  
Condensed interim  
balance sheet – Parent company 
tEUR Q2 2023 Q2 2022 2022         
Assets               
Non-current assets       
Intangible assets       
Goodwill 17,825   0  0 
Domains and websites 168,606  144,274  144,374  
Accounts and other intangible assets 21,533  8,817  13,287  
Total intangible assets 207,964  153,091  157,662          
Property, plant and equipment       
Land and building       
Right of use assets 189  492  334  
Fixtures and fittings, other plant and equipment 1,032  455  410  
Total property, plant and equipment 1,221  947  744          
Financial assets       
Investments in subsidiaries 220,151  192,411  190,448  
Receivables from subsidiaries 268,778  280,653  273,515  
Other non-current financial assets  0  0  0 
Deposits 1,096  174  174  
Total financial assets 490,024  473,238  464,137          
Total non-current assets 699,209  627,277  622,542          
Current assets       
Trade and other receivables 10,599  11,850  17,163  
Receivables from subsidiaries 31,761  24,945  30,229  
Tax receivable 6,202   0 5,913  
Prepayments 2,469  1,560  2,519  
Other current financial assets 12,395   0  0 
Restricted Cash  0  0  0 
Cash 22,737  12,591  8,705  
Total current assets 86,163  50,946  64,529          
Total assets 785,372  678,223  687,071  
 
 
 
tEUR Q2 2023 Q2 2022 2022         
Equity and liabilities               
Equity       
Share Capital 552  550  551  
Share Premium 272,786  272,251  272,550  
Currency Translation Reserve 18,987  418  574  
Treasury shares - 17,249  - 13  - 7,669  
Retained Earnings 155,144  135,915  145,047  
Proposed Dividends  0  0  0 
Total equity 413,230  409,121  411,054          
Non-current Liabilities       
Debt to credit institutions 246,932  185,722  201,708  
Lease liabilities  0 196  16  
Deferred tax liabilities 11,275  3,967  6,141  
Other non-current financial liabilities 26,842  1,376  19,543  
Contingent Consideration  0  0  0 
Total non-current liabilities 285,050  191,261  227,408          
Current Liabilities       
Prepayments received from customers and deferred revenue  - 1,172  1,339  1,583  
Trade and other payables 5,529  4,270  5,719  
Payables to subsidiaries 34,882  13,946  20,822  
Tax payable 44  5,934  30  
Other current financial liabilities 47,599  31,844  19,045  
Debt to credit institutions  0 20,163  1,055  
Lease liabilities 210  345  356  
Contingent Consideration  0  0 0 
Total current liabilities 87,092  77,840  48,609  
Total liabilities 372,142  269,102  276,017  
Total equity and liabilities 785,372  678,223  687,071

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

Q2 report 2023 Page 31  
Condensed interim  
statement of changes in equity – Parent company 
tEUR 
Share  
capital 
Share  
premium 
Currency 
translation  
reserve 
Treasury 
shares 
Retained 
earnings 
Proposed 
dividend 
Total 
equity 
                
As of January 1, 2023 551  272,550  574  - 7,669  145,047   0 411,054  
Result for the period  0  0  0  0 8,366   0 8,366  
                
Other comprehensive income               
Currency translation  
to presentation currency  0  0 - 1,603   0  0  0 - 1,603  
Tax on other  
comprehensive income  0  0  0  0  0  0  0 
Total other  
comprehensive income  0  0 - 1,603   0  0  0 - 1,603  
Total comprehensive income for the year  0  0 - 1,603   0 8,366   0 6,763  
                
Transactions with owners               
Capital Increase 1  236   0  0 3,156   0 3,393  
Acquisition of treasury shares  0  0  0 - 9,571   0  0 - 9,571  
Disposal of treasury shares  0  0  0  0  0  0  0 
Share based payments  0  0  0  0 1,604   0 1,604  
Transaction cost  0  0  0 - 10  - 4   0 - 14  
Total transactions with owners 1  236   0 - 9,580  4,757   0 - 4,587  
                
At June 30, 2023 552  272,786  - 1,029  - 17,249  158,170   0 413,230  
 
 
 
 
 
 
 
 
 
 
 
 
tEUR 
Share  
capital 
Share  
premium 
Currency 
translation  
reserve 
Treasury 
shares 
Retained 
earnings 
Proposed 
dividend 
Total 
equity 
                
As of January 1, 2022 546  267,873  552  - 8,074  94,223   0 355,121  
Result for the period  0  0  0  0 46,949   0 46,949  
                
Other comprehensive income               
Currency translation  
to presentation currency  0  0 22   0  0  0 22  
Tax on other  
comprehensive income  0  0  0  0  0  0  0 
Total other  
comprehensive income  0  0 22   0  0  0 22  
Total comprehensive income for the year  0  0 22   0 46,949   0 46,970  
                
Transactions with owners               
Capital Increase 5  4,677   0  0  0  0 4,683  
Acquisition of treasury shares  0  0  0 - 14,250   0  0 - 14,250  
Disposal of treasury shares  0  0  0 14,656  842   0 15,498  
Share based payments  0  0  0  0 3,061   0 3,061  
Transaction cost  0  0  0  0 - 28   0 - 28  
Total transactions with owners 5  4,677   0 406  3,875   0 8,963  
                
At December 31, 2022 551  272,550  574  - 7,669  145,047   0 411,054

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

Q2 report 2023 Page 32  
 
tEUR 
Share  
capital 
Share  
premium 
Currency 
translation 
reserve 
Treasury 
shares 
Retained 
earnings 
Proposed 
dividend 
Total  
equity 
                
As of January 1, 2022 546  267,873  552  - 8,074  94,223   0 355,121  
Result for the period  0  0  0  0 36,890   0 36,890  
                
Other comprehensive income               
Currency translation  
to presentation currency  0  0 - 134   0  0  0 - 134  
Tax on other  
comprehensive income  0  0  0  0  0  0  0 
Total other  
comprehensive income  0  0 - 134   0  0  0 - 134  
Total comprehensive income for the year  0  0 - 134   0 36,890   0 36,756  
                
Transactions with owners               
Capital Increase 4  4,379   0  0  0  0 4,382  
Acquisition of treasury shares  0  0  0 - 6,595   0  0 - 6,595  
Disposal of treasury shares  0  0  0 14,656  842   0 15,498  
Share based payments  0  0  0  0 3,974   0 3,974  
Transaction cost  0  0  0  0 - 15   0 - 15  
Total transactions with owners 4  4,379   0 8,061  4,802   0 17,245  
                
At June 30, 2022 550  272,251  418  - 13  135,915   0 409,121

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

Q2 report 2023 Page 33  
The group uses Alternative Performance Measures not defined under IFRS to give management and investors  
important information to enable them to fully analyse the Better Collective business and trends. The APMs are not 
meant to replace but to complement the performance measures defined under IFRS. Note 5 contains a bridge from 
the APMs to performance measures defined by IFRS.  
Alternative Performance Measures 
Alternative  
Performance Measure Description SCOPE 
Earnings per share 
(EPS) 
Net Profit for the period / (Average number 
of shares - Average number of treasury 
shares held by the company) 
The group reports this APM for users to monitor de-
velopment in the net profit per share. 
Diluted earnings  
per share 
Net profit for the period / (Average number 
of shares + Average number o 
f outstanding warrants - Average number of 
treasury shares held by the company) 
The group reports this APM for users to monitor de-
velopment in the net profit per share, assuming full 
dilution from active warrant programs. 
Operating profit  
before amortization 
(EBITA) 
Operating profit plus amortizations Better Collective reports this APM to allow monitor-
ing and evaluation of the Group’s operational profit-
ability. 
Operating profit  
before amortizations 
margin (%) 
Operating profit before amortizations / reve-
nue 
This APM supports the assessment and monitoring 
of the Group’s performance and profitability 
EBITDA before  
special items 
EBITDA adjusted for special items This APM supports the assessment and monitoring 
of the Group’s performance as well as profitability 
excluding special items that do no stem from ongo-
ing operations, providing a more comparable meas-
ure over time. 
Operating profit  
before amortizations  
and special items  
margin (%) 
Operating profit before amortizations and 
special items / revenue 
This APM supports the assessment and monitoring 
of the Group’s performance as well as profitability 
excluding special items that do no stem 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. 
Alternative  
Performance Measure Description SCOPE 
Net Debt / EBITDA  
before special items 
(Interest bearing debt, including earn -outs 
from acquisitions, excl. contingent considera-
tion, minus cash and cash equivalents) / 
-EBITDA before special items on rolling twelve 
months basis 
This ratio is used to desc ribe the horizon for pay 
back of the interest-bearing debt and measures the 
leverage of the funding. 
Liquidity ratio Current Assets / Current Liabilities Measures the ability of the group to pay its  current 
liabilities using current assets. 
Equity to assets ratio Equity / Total Assets Reported to show how much of the assets in the 
company is funded by equity 
Cash conversion rate 
before special items 
(Cash flow from operations before special 
items +  Cash from CAPEX) / EBITDA before 
special items 
This APM is reported to illustrate the Group’s ability 
to convert profits to cash 
NDC New depositing customers A key figure to reflect the Group’s ability to fuel 
long-term revenue and organic growth 
Organic Growth Revenue growth as compared to the same pe-
riod previous year. Organic growth from ac-
quired companies or assets are calculated 
from the date of acquisition measured against 
the historical baseline performance. 
Reported to measure the ability to generate growth 
from existing business 
 
Definitions 
Term Description 
PPC Pay-Per-Click 
SEO Search Engine Optimization 
Sports win margin Sports net player winnings (operators) / sports wagering  
Sports wagering The value of bets placed by the players 
Recurring revenue Recurring revenue is a combined set of revenues that is defined as recurring. It includes revenue 
share income, CPM/Advertising and subscription revenues 
Board The Board of Directors of the company 
Executive management Executives that are registered with the Danish Company register  
Company Better Collective A/S, a company registered under the laws of Denmark  
Alternative Performance Measures  
and Definitions

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

Q2 report 2023 Page 34  
 
 
 
 
Better Collective A/S 
Sankt Annæ Plads 26-28 
1250 Copenhagen K 
Denmark 
CVR no 27 65 29 13 
+45 29 91 99 65 
info@bettercollective.com 
bettercollective.com