Kvartalsrapport Q2 2024

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Q2 report 2024   
 
+ 
 
 
August 21, 2024  
Better Collective A/S  
Sankt Annæ Plads 28-30 
1250 Copenhagen  (DK) 
 
www.bettercollective.com 
CVR NO.:  27 65 29 13 
     Interim report Q2, 2024 
 
• R evenue of 99 mEUR, growth of 27% 
• Recurring revenue of 62 mEUR; growth of 26% 
• EBITDA flat at 29 mEUR with a 29% margin, mirroring exceptional 
performance last year and as expected near-term limited margin 
contribution from recent acquisitions 
• Net debt to EBITDA of 2.0 
• Media partnership changes have been fully mitigated and had a 
net zero impact for the group 
• Secured proof of concept and first operational success for  
AdVantage 
• Full year financial targets were upgraded following the acquisition 
of AceOdds – and remain unchanged

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Q2 report 2024 Page 1  
 
 
  
*Before special items 
EBITDA* 
mEUR 
 
 
Revenue 
mEUR 
Recurring revenue 
mEUR

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Q2 report 2024 Page 2  
Highlights Q2, 2024 3 
Financial highlights and key figures 5 
CEO letter 6 
Business review and financial performance 9 
Financial performance H1 2024 13 
Financial targets 15 
Other 16 
Condensed interim financial statements for the 
period 19 
Notes 24 
Parent Company 36 
 
A conference call for Better Collective’s stakeholders 
will be held on August 22, at 10:00 a.m. CET and can be 
joined online here. 
To participate through phone , follow this link . Once 
signed up you will receive an e-mail with a phone num-
ber and a personal dial-in code for the call. 
The presentation material for the webcast will be avail-
able after market close on August 21 via: 
www.Bettercollective.com  
 
Upcoming events 
• Q3 release – November 13, 2024 
• Q4 release – February 19, 2025  
• Annual Report – March 25, 2025  
    
Q2 report 2024 Page 2  
   
Table of  
contents   Q2 webcast  
August 22, 2024

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Q2 report 2024 Page 3  
Highlights Q2, 2024 
Following the acquisition of AceOdds during Q2, the fi-
nancial targets for the Better Collective group for the 
year 2024 were upgraded: 
• Revenue of 395-425 mEUR, implying 21-30% 
growth (previously 390-420 mEUR) 
• EBITDA of 130-140 mEUR implying 17-26% growth 
(previously 125-135 mEUR) 
• Net/debt to EBITDA stay below 3x (unchanged) 
Group revenue increased 27% to 99 mEUR of which 5% 
was organic growth. The growth comes on top of ex-
traordinary performance last year with 37% growth of 
which 29% was organic growth during Q2.  
Recurring revenue was 62 mEUR, up 26% implying 
higher quality revenue. Recurring revenue makes up 
62% of total group revenue. The recurring revenue 
growth comes from a good development in revenue 
share income, an above expected sports win margin, as 
well as acquisitions adding recurring advertising reve-
nue. During the quarter, there was a boost in June due 
to the European Championship . However, with clubs 
taking an earlier break ahead of the tournament and the 
2022 World Cup shifting  games into early 2023, more 
than 20% fewer matches were played in major European 
leagues during Q2 2024. 
Group EBITDA before special items was 29 mEUR, with 
a margin of 29%. This is as  expected given the recent 
acquisitions of Playmaker Capital and Playmaker HQ 
with limited near-term contribution. Furthermore, there 
has been an increase in investments into building out 
adtech competencies and sales competencies for Ad-
Vantage as well as other AI investments. This compares 
to EBITDA growth of 135% and a margin of 37% last year, 
aided by the extraordinary performance from North 
America including heavy upfront pay ments both for 
CPA and hybrid contracts. The sports win margin was 
above expectations for Q2 this year, just like last year.  
The increase in  costs in North America stems from the 
acquisitions of Playmaker Capital and Playmaker HQ. 
Playmaker Capital is known for its backend loaded sea-
sonality, hence the EBITDA contribution during the first 
half has expectedly been low. The margin contribution 
will increase during the second half of the year. Further, 
the acquisition came with overhead costs in Canada, all 
of which has been incorporated in the North American 
cost base. Additionally, the Playmaker HQ acquisition 
came with additional costs as well as underperformance. 
Excluding the two acquisitions, costs are down versus 
last year for North America.  
Cash flow from operations before special items was 27 
mEUR. The cash conversion was 93%. By the end of Q2, 
capital reserves stood at 127 mEUR of which cash of 49 
mEUR, and other current financial assets of 1 mEUR and 
unused credit facilities of 78 mEUR.  
 
New depositing customers (NDC) numbered 501,000 
where 8 2% was sent on revenue share contracts. The 
Men’s European Championship  in soccer  was, as ex-
pected, a good contributor during the quarter. A new 
content strategy on Better Collective’s European sports 
media proved effective and delivered strong growth in 
audience. The group sent more than 100.000 NDCs at-
tributed to the tournament.  
The technical development of AdVantage has pro-
gressed successfully, and it is now gradually being rolled 
out across the Better Collective network. A dedicated 
commercial team has been established, and we have de-
livered the first proof of concept on a small brand, mak-
ing the group confident to continue to roll out on larger 
brands in the coming quarters. The platform performed 
as planned  and we have seen incremental revenue 
growth - although small - on a brand that historically 
only did performance marketing . As previously men-
tioned, financial impact for 2024 will be insignificant. 
Better Collective  closed the acquisition of Playmaker 
Capital in early February. The integration has proceeded 
according to schedule, while the implementation of per-
formance marketing in South America on Futbol Sites is 
– despite being early days - moving ahead of plans with 
performance marketing revenue more than 100% ahead 
of the schedule , although on small numbers . Further-
more, the overall Futbol Sites audience is up by approx-
imately 20% since closing. Q2 remains a low season for 
the North American brands. 
Better Collective acquired UK sports betting media 
AceOdds for a total consideration of 43 mEUR implying 
4x last twelve months EBITDA. Following the acquisition 
Better Collective upgraded its 2024 full -year financial 
targets. In connection with the acquisi tion, Better Col-
lective announced a share buyback of up to 2.4 mEUR 
which was finalized during Q2. The integration of 
AceOdds has been seamless and swift and the brand is 
outperforming expectations, as it has benefitted from 
better rankings following the change in the search land-
scape.  
On May 5, Google activated a new policy focusing on 
third-party content across a variety of commercial cat-
egories. This impacted the rankings and thereby audi-
ence to some of Better Collective’s media partnerships. 
However, the media partnership business has continued 
to deliver good performance for the Group. The North 
American business has been impacted  negatively by 
one specific media partnership which was affected by 
the changes, while the Europe & ROW media partner-
ship portfolio overall has seen a positive impact. Conse-
quently, some of Better Collective’s owned and oper-
ated sports media portfolio has seen an increase in traf-
fic and rankings. Lastly, as sportsbook partners are

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Q2 report 2024 Page 4  
looking for new customer acquisition channels, Better 
Collective has received increased budgets from partners 
within its Paid Media business. This proves the value of 
a diversified business strategy. Since the changes were 
announced, Better Collective has delivered group reve-
nues, EBITDA and NDCs as expected prior to these 
changes, and the impact has been fully mitigated on a 
Group basis resulting in a net zero financial impact. Bet-
ter Collective continues to believe that media partner-
ships will deliver good growth to the group.  
Due to underperformance from the acquisition of Play-
maker HQ, Better Collective, Playmaker HQ’s founders, 
and former owners have agreed to renegotiate and set-
tle the earn out. The initial acquisition price of Playmaker 
HQ was 54 mUSD of which 15  mUSD was upfront cash. 
The final price agreed is 2 3 mUSD; 31 mUSD lower than 
initially agreed. The net impact on special items is neg-
ative 2 .4 mEUR, resulting from a goodwill write-down 
and the recognition of the remaining earn- out as in-
come. Better Collective remain very optimistic about the 
future of the brand with the commercial team being re-
placed resulting in a ramp up in performance. Based 
upon the current commercial pipeline the performance 
is expected to be lifted during the second half of 2024. 
All future expectations for the brand are intact, however 
postponed by approximately one year. 
 
On June 24, Better Collective announced a share buy-
back program for up to 20 mEUR to be executed during 
the period 24 June 2024 to 5 September 2024. The pur-
pose of the buy-back program is to cover future obliga-
tions relating to acquisitions and LTI programs. 
Significant events 
after close 
Google has decided to retract its plan to phase out third-
party cookies.  This extension presents several ad-
vantages for Better Collective. Primarily,  the core per-
formance marketing operations will maintain the use of 
established tracking methods, thereby mitigating asso-
ciated risks keeping business as usual. Furthermore, the 
rollout of Advantage will be more seamless  and poten-
tially faster, as Better Collective can integrate zero, first, 
second, and now also third-party data to construct and 
segment its audiences more effectively.  
On July 5 Better Collective reestablished its three -year 
financing agreement with Nordea, Nykredit Bank and 
Citibank with a total committed facility of 319 mEUR and 
a new 100 mEUR accordion option.  
 
 
 
 
 
 
 
 
    
Q2 report 2024 Page 4

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Q2 report 2024 Page 5  
Financial highlights and key figures 
tEUR Q2 2024 Q2 2023 YTD 2024 YTD 2023 2023 
            
Income statements           
Revenue 99,121  78,115  194,152  166,060  326,686  
Recurring revenue 61,550  48,735  114,836  95,552  191,118  
Revenue growth (%) 27% 39% 17% 35% 21% 
Organic revenue growth (%) 5% 29% -1% 27% 13% 
Operating profit before depreciation, amortization,  
and special items (EBITDA before special items)  28,537  28,696  57,548  61,971  111,080  
Operating profit before depreciation  
and amortization (EBITDA) 28,078  27,478  54,546  60,146  109,132  
Depreciation 1,631  698  3,103  1,412  3,958  
Operating profit before amortization  
and special items (EBITA before special items)  26,907  27,998  54,445  60,560  107,122  
Special items, net - 459  - 1,218  - 3,002  - 1,826  - 1,948  
Operating profit before amortization (EBITA) 26,447  26,780  51,444  58,734  105,174  
Amortization and impairment 7,884  6,068  16,118  9,939  24,283  
Operating profit before special items  
(EBIT before special items)  19,023  21,930  38,327  50,621  82,839  
Operating profit (EBIT) 18,564  20,712  35,326  48,795  80,891  
Result of financial items, net - 5,915  - 8,872  - 12,413  - 9,607  - 22,881  
Profit before tax 12,649  11,840  22,913  39,188  58,010  
Profit after tax 10,294  8,302  17,847  29,237  39,835  
Earnings per share (in EUR) 0.16  0.15  0.30  0.53  0.74  
Diluted earnings per share (in EUR) 0.16  0.14  0.28  0.51  0.70  
For a definition of financial key figures and ratios, please refer to page 40. 
 
 
 
tEUR Q2 2024 Q2 2023 YTD 2024 YTD 2023 2023 
Balance sheet           
Balance Sheet Total 1,174,540  875,320  1,174,540  875,320  937,862  
Equity 680,850  430,220  680,850  430,220  435,273  
Current assets 121,456  126,100  121,456  126,100  105,812  
Current liabilities 80,557  78,329  80,557  78,329  103,493  
Net interest bearing debt 216,704  189,647  216,704  189,647  221,133  
Cashflow           
Cash flow from operations before special items 27,184  34,253  48,850  67,613  119,384  
Cash flow from operations 26,310  32,980  36,327  65,946  114,639  
Investments in tangible assets - 609  - 2,369  - 1,570  - 2,182  - 5,143  
Cash flow from investment activities - 51,900  - 29,483  - 125,759  - 50,761  - 106,248  
Cash flow from financing activities 20,710  37,736  111,650  30,006  29,334              
Financial ratios           
Operating profit before depreciation,  
amortization (EBITDA) and special items margin (%)  29% 37% 30% 37% 34% 
Operating profit before amortization margin (EBITDA) (%) 28% 35% 28% 36% 33% 
Operating profit margin (%) 19% 27% 18% 29% 25% 
Publishing segment  
- EBITDA before special items margin (%) 28% 40% 31% 41% 37% 
Paid media segment  
- EBITDA before special items margin (%) 30% 31% 26% 29% 29% 
Net interest bearing debt / EBITDA before special items  2.03 1.70 2.03 1.70 1.99 
Liquidity ratio 1.51 1.61 1.51 1.61 1.02 
Equity to assets ratio (%) 58% 49% 58% 49% 46% 
Cash conversion rate before special items (%) 93% 112% 83% 106% 103% 
Average number of full-time employees 1,777  966  1,727  942  1,252  
NDCs (thousand) 501  500  951  988  1,916

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Q2 report 2024 Page 6  
CEO letter 
 
Great team effort 
delivers strong Q2 
fueled by strategic 
acquisitions  
I want to start out by expressing my gratitude to the en-
tire Better Collective group. Your relentless efforts and 
dedication play a vital role in our growth and the suc-
cesses we have celebrated are testaments to your hard 
work. I admire our group’s ability to cope with our busy 
M&A agenda including many integrations and new col-
leagues. Let us continue to be ambitious and work to-
gether to accomplish even more.  
When reflecting on the first half of 2024, I remain proud 
of our good performance. Our existing business is back 
to organic growth despite the exceptionally good per-
formance during the  first half of 2023 . On the back of 
that, we have delivered a considerable increase in recur-
ring revenue stemming from both organic and acquired 
growth - while continuing our North American transition 
to revenue share.  
The t hree major acquisitions of Playmaker Capital , 
AceOdds, and  Playmaker HQ have substantially  
enriched our group and provide d us with a much 
stronger foundation for the future. Despite the delay  in 
performance from  Playmaker HQ – something I will 
come back to - we have negotiated a much better deal, 
generated a fast turnaround, and have yet to harvest all 
the synergies. A deal that makes me very pleased as a 
large shareholder myself. We have navigated major 
shifts in the search landscape while maintaining a robust 
financial position with a significant level of prepared-
ness compared to the start of the year.  
Furthermore, we have made significant investments in 
establishing our in-house adtech platform, AdVantage, 
along with AI technology, while also creating a commer-
cial organization focusing on non -endemic sales. We 
continue our projected path and will now  delve into 
these developments in greater detail. 
I am pleased to share the overview of our Q2 perfor-
mance - a period that saw good growth and progress 
across different fronts as well as a smaller hiccup. Our 
group revenue increased by 27%, fueled by 5% organic 
growth. This organic growth comes on top of outstand-
ing growth last year.  
Balanced M&A strategy fuels growth 
In terms of M&A we are very comfortable with our posi-
tion in the market. As buyers, we are not forced to act 
but can rather strategically evaluate potential targets to 
identify the most promising opportunities aligning with 
our strategy. Additionally, we are one of the preferred 
buyers within the sports media industry, which is a great 
position to be in. We have a strong financial position 
with a growing recurring cash flow and high profitabil-
ity. In this position, we must continue to carefully evalu-
ate targets and be diligent on when to deploy our capital 
– and more importantly, when not to. 
I want to highlight that not all our acquisitions require 
the same efforts. For instance, an acquisition like 
AceOdds is familiar territory, seamlessly blending into 
our business structure without much integration work 
needed. Others, like Playmaker Capita l, count multiple 
sports media brands across two continents as well as 
several hundred employees, making it more complex in 
nature and requiring more work. 
We acquired Playmaker Capital in February this year 
and the integration process is going according to plan – 
with some developments being ahead of schedule. We 
already now see strong synergies between the busi-
nesses, and in South America NDCs are ramping u p 
faster than expected leading the performance market-
ing revenues to perform well and are more than 100% 
ahead – although on small numbers. The key revenue 
synergy for this acquisition is the performance market-
ing development, hence it is very comforting t o be 
ahead of our schedule.  
Q2 falls into the low season for North American brands, 
why we expect to see an uplift in performance through-
out the rest of the year. We have also seen good exam-
ples of knowledge and content sharing across teams 
and brands. As exemplified by the collabora tion be-
tween our Canadian and Swedish hockey brands lever-
aging each other's knowledge and content to deliver 
even more exciting entertainment to their audiences.   
The integration of AceOdds has been seamless and swift 
with performance exceeding expectations. Here we 
have been sending more NDCs than forecasted, which 
was aided by a good uplift in rankings because of the 
recent changes to the search landscape. 
For Playmaker HQ our commercial development fell 
short of our expectations and impacted our North Amer-
ican performance this year. Consequently, we have 
reached a mutual earn -out settlement agreement with 
Playmaker HQ’s founders and former owners. The initial 
large earn-out blueprint aimed to align with the sellers’ 
high anticipations for the future, ensuring we would only 
compensate for tangible achievements and not mere 
projections. It goes without saying that we expected 
more. However, given the circumsta nces, settling on a 
reduced acquisition price below half of the initial agree-
ment is a positive note given the future potential.  
The setback comes with a silver lining. After replacing 
the commercial team, Better Collective has been

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Q2 report 2024 Page 7  
through a steep learning curve, gaining knowledge in 
managing a social media content hub as well as podcast 
series. Our optimism for Playmaker HQ remains high and 
we still expect the original investment case to material-
ize, however with a one-year delay. We have noted syn-
ergistic interest in Playmaker HQ’s media products from 
our endemic partners and are now geared to nurture the 
non-endemic aspects. Further, we have experienced 
product success, as several podcasts have been ranking 
in the top of Spotify’s general sports podcasts. Lastly, I 
am pleased to see that the commercial pipeline for the 
second half of the year already looks promising. 
Men’s European Championship shows 
what sports can do 
We cannot talk about this year’s Q2 without comment-
ing on the biggest highlight, the Men’s European Cham-
pionship. The competition between nations and the 
unity of fans rallying behind their teams encapsulated 
the essence of why we at Better Collective are so capti-
vated by sports, and proudly take part in contributing to 
this excitement. The live action and the ability of sports 
to bring people together makes it a unique form of en-
tertainment. The pleasure of witnessing most of the 
matches, both in person an d on screen, was a personal 
highlight of mine.  
Besides uniting millions of people across borders, the 
tournament was also a good driver for our business. We 
developed and executed a distinct content strategy 
across our European sports media during the 
Championship, which proved effective by driving a 
surge in our audience numbers. Our key European 
sports media brands saw an increase in pageviews of 
more than 20%, while social engagements were up more 
than 100% with social media views up more than 100%. 
The group managed to send 501,000 new depositing 
customers (NDCs) during the quarter of which more 
than 100,000 were attributed to the European Champi-
onship.  
We also noted positive trends during Copa America as 
Futbol Sites (part of Playmaker Capital) saw a spike in 
advertising revenues and NDCs, despite it being early 
days. 
Our diversified strategy mitigates risks 
associated with market changes 
Our overall performance this year is in line with our ini-
tial expectations, although with a different revenue mix. 
As many of you are aware, Google's policy revisions in 
early Q2 affected some of our media partnerships' con-
tent rankings and consequently th e scale of audience 
and NDCs. Despite an initial impact on our business, I am 
pleased to report that our diversified strategy has per-
formed as envisioned.  
Following this policy change, our global media partner-
ship business has delivered good results, being driven 
by Europe & ROW, where our North American business 
saw one specific partnership decrease in performance.  
Our owned and operated global sports media network 
has recorded an uplifting trend in search rankings and 
audience growth. Further, our partners are actively 
seeking alternative customer acquisition channels, re-
sulting in increased budgets and new partner inquiries 
for our Paid Media business. This course of events rein-
forces and proves the value of operating a diversified 
business portfolio. As such, when we encounter chal-
lenges in one area, we thrive in others.  
As it stands now, the net financial group impact has 
been fully mitigated. We managed to deliver on our 
forecasts for revenue, EBITDA, and NDCs, even before 
these changes took place. Hence, we remain on track to 
deliver on our financial targets, and our ro bust diversi-
fied strategy equips us to navigate through changing in-
dustry landscapes while remaining focused on sustaina-
ble profitable growth. Lastly, we continue to believe our 
media partnerships will play a strategic role going for-
ward.  
Better Collective celebrated its 20th anniversary this 
year, marking two decades of navigating significant 
market changes, particularly in search trends. Another 
notable recent development is Google's decision to call 
off the phase-out of third-party cookies. Since 2020, the 
digital advertising industry has been bracing for this 
change, but likely due to the lack of a viable alternative, 
third-party cookies seem to be here to stay. This delay 
is advantageous for Better Collective in several ways. 
Firstly, our core performance marketing operations can 
continue using the familiar tracking methods, signifi-
cantly reducing associated risks. Additionally, this an-
nouncement will benefit the rollout of our Ad Vantage 
platform as we can effectively combine zero, first, sec-
ond, and third-party data to build and segment our au-
diences more efficiently.  
On the topic of Advantage, I am pleased to report that 
its technical development has been progressing suc-
cessfully and is now being gradually rolled out across 
the Better Collective network. We have established a 
dedicated commercial team to support this i nitiative. 
Further we have delivered the first proof of concept on 
a small brand , making the group confident to continue 
to roll out on larger brands in the coming quarters.  
We started this project in the beginning of 2023 , and I 
am extremely proud to see that we have been able to 
make this happen in such a short period. We have 
proven that it works, and we have seen incremental rev-
enue growth - although small - on a brand that histori-
cally only did performance marketing.

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Q2 report 2024 Page 8  
Full steam ahead 
We now look forward to the usual busy second half of 
the year with most majo r sport leagues being active. 
Throughout our six years as a public company, we have 
consistently delivered on our promises. This is a proud 
tradition we intend to honor as we continue to seize sus-
tainable growth opportunities. Thank you for making 
this journey possible and for letting us push boundaries 
and excite sports fans worldwide in our pursuit of be-
coming the leading digital sports media group. 
Jesper Søgaard 
Co-founder & CEO 
  
 
 
  
    
Q2 report 2024 Page 8  
    
“Thanks to a great team effort, we managed to deliver a strong 
Q2 in a time of changing market conditions. Our existing business 
is back to organic growth, and I am pleased to see that our diver-
sified strategy has performed as envisioned”. 
Jesper Søgaard, Co -founder & CEO Better Collective

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Q2 report 2024 Page 9  
Business review 
and financial 
performance 
Group 
The full year financial targets are maintained for the 
group.  
Q2 was a good quarter for the Better Collective group 
as revenues grew 27% of which 5% was organic growth. 
The growth comes on top of extraordinary performance 
last year with 37% growth of which 29% was organic 
growth during Q2. Recurring revenues grew 26% to 62 
mEUR highlighting the high quality and made up 62% of 
group revenues.  
Costs were up 43% mainly due to the acquisitions of 
Playmaker Capital and Playmaker HQ. EBITDA before 
special items was flat versus last year at 29 mEUR, 
mainly due to the extraordinary performance last year, 
as well as the recent acquisitions with a limit ed margin 
contribution as expected. The sports win margin during 
the quarter was higher than expected, like last year.  
The group delivered more than 501,000 new depositing 
customers to partnering sportsbooks. Out of the total 
NDCs 82% were on revenue share contracts and more 
than 100,000 NDCs were attributable to the European 
Championship.  
 
 
 
  
    
Q2 report 2024 Page 9  
       
Key figures for the group 
tEUR Q2 2024 Q2 2023 Growth 
YTD 
2024 
YTD 
2023 Growth               
Revenue 99,121  78,115  27% 194,152  166,060  17% 
Cost 70,584  49,418  43% 136,604  104,089  31% 
Operating profit before depreciation and amortization and special items 28,537  28,696  -1% 57,548  61,971  -7% 
EBITDA-margin before special items 29% 37%   30% 37%   
Operating profit before depreciation and amortization 28,078  27,478  2% 54,546  60,145  -9% 
EBITDA-margin 28% 35%   28% 36%   
Organic growth 5% 29%   -1% 27%

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Q2 report 2024 Page 10  
Publishing 
The Publishing business includes revenue from Better 
Collective’s owned and operated sports media network, 
as well as its Media Partnerships. The audience are 
mainly generated through direct traffic or organic 
search results.  
Revenue from this segment was 71  mEUR, implying 
growth of 33%, of which 3% was organic. Operational 
profit was 20 mEUR, down 5% , implying a margin of 
28%. The segment accounted for 72% of group revenues 
and 70% of group operational earnings.  
The growth in Publishing was mainly attributable to the 
acquisitions made over the past year. The comparable 
versus last year for the North American part of the 
Publishing business was high due to a state launch in the 
latter part of Q1 impacting Q2 positively. Both recurring 
revenue and CPAs increased during the quarter, as well 
as a significant uplift in “Other” revenues attributable to 
the advertising revenues from recent acquisitions. Costs 
were significantly up mainly due to the two acquisitions 
of Playmaker Capital and Playmaker HQ.  
During Q2, the performance shifted slightly from media 
partnerships into the owned and operated network. 
 
 
Paid Media  
The Paid Media business  is paid advertising on search 
engines, as well as advertising on third party sports me-
dia. Given the upfront payment to advertise on third 
party platforms the gross margin is normally lower than 
in the Publishing business due to significant direct costs. 
Paid Media revenue was 28 mEUR, implying 14% growth, 
of which 8% was organic. The growth in Paid Media was 
mainly driven by the recurring revenue share income 
growing 26%.  Operational profit was 8 mEUR, implying 
a margin of 30%.  
 
 
  
Key figures for the Publishing segment 
 
 
 
 
Key figures for the Paid Media segment 
tEUR Q2 2024 Q2 2023 Growth YTD 2024 YTD 2023 Growth               
Revenue 27,947  24,567  14% 56,668  53,309  6% 
Share of group 28% 31%   29% 32%   
Cost 19,503  17,026  15% 41,720  37,902  10% 
Share of group 28% 34%   31% 36%   
            - 
Operating profit before depreciation and 
amortization and special items 8,444  7,541  12% 14,948  15,407  -3% 
Share of group 30% 26%   26% 25%   
EBITDA-margin before special items 30% 31%   26% 29%   
Operating profit before depreciation and 
amortization 8,444  7,541  12% 14,932  15,407  -3% 
EBITDA-margin 30% 31%   26% 29%   
Organic growth 8% 15%   -7% 22%   
 
tEUR Q2 2024 Q2 2023 Growth YTD 2024 YTD 2023 Growth               
Revenue 71,175  53,547  33% 137,484  112,751  22% 
Share of group 72% 69%   71% 68%   
Cost 51,081  32,392  58% 94,885  66,187  43% 
Share of group 72% 66%   69% 64%   
              
Operating profit before depreciation and 
amortization and special items 20,094  21,155  -5% 42,600  46,564  -9% 
Share of group 70% 74%   74% 75%   
EBITDA-margin before special items 28% 40%   31% 41%   
Operating profit before depreciation and 
amortization 19,634  19,937  -2% 39,614  44,739  -11% 
EBITDA-margin 28% 37%   29% 40%   
Organic growth 3% 35%   1% 37%

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

Q2 report 2024 Page 11  
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 and makes up an increasingly big-
ger part of the business. Examples of sports brands in-
clude Soccernews in the Netherlands, Betarades in 
Greece, Tipsbladet in Denmark, Wettbasis in Germany, 
Goal.pl in Poland, and Les Transferts in Franc e, as well 
as Bolavip in all South America, SomosFanaticos in Bra-
zil, and Redgol in Chile. The portfolio further includes the 
esport communities HLTV and FUTBIN.  
 
Due to the long  history of revenue share in Europe & 
ROW, this segment has a lot of recurring revenue.  
Revenue came in at 73 mEUR up 33%, of which 16% was 
organic. The revenue share income growth was 28% , 
and CPA growth was 42%. Furthermore, “Other” reve-
nues grew 42% due to the contribution from recent ac-
quisitions with advertising revenue. Media Partnerships 
in this region continued to perform well following the 
search landscape changes. 
The operational profits came in strong at 27 mEUR, im-
plying a margin of 36%  growing 26% versus last year. 
Revenue accounted for 74% of group revenues and op-
erational earnings of 93% of group earnings. 
 
 
 
 
 
    
Q2 report 2024 Page 11  
Key figures for Europe & RoW segment               
tEUR Q2 2024 Q2 2023 Growth YTD 2024 YTD 2023 Growth               
Revenue 73,330  55,188  33% 134,352  105,990  27% 
Share of group 74% 71%   69% 64%   
Cost 46,717  34,060  37%  87,836  66,130  33% 
Share of group 66% 69%   64% 64%   
              
Operating profit before depreciation and 
amortization and special items 26,613  21,128  26% 46,516  39,860  17% 
Share of group 93% 74%   81% 64%   
EBITDA-margin before special items 36% 38%   35% 38%   
Operating profit before depreciation and 
amortization 27,990  20,247  38% 47,145  38,535  22% 
EBITDA-margin 38% 37%   35% 36%   
Organic growth 16% 19%   10% 25%

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

Q2 report 2024 Page 12  
North America  
North America, comprising the United States and Can-
ada, has recently begun regulating sports betting and 
iGaming in specific states and provinces. Since both 
markets are relatively new from a regulatory standpoint, 
the bulk of the revenues thus far have been derived from 
one-time payments (CPA). However, there is a gradual 
transition towards revenue sharing. Our North American 
sports brands include Action Network, Yardbarker, The 
Nation Network, Playmaker HQ, VegasInsider, Ro-
toGrinders, Sports Handle, and C anada Sports Betting, 
among others. North American revenue was 26 mEUR, 
growing by 12%, driven by acquisitions as organic 
growth decreased by 18%. The decline in organic growth 
was due to a hard comparison to last year's superior 
performance, a specific media partnership being im-
pacted by the Google Policy Change, as well as a differ-
ent commercial mix with more players referred into rev-
enue share contracts versus Q2 2023.  
Our North American operations saw an increase in the 
overall number of New Depositing Customers (NDCs) 
compared to the second quarter last year even when ex-
cluding M&A. However, our NDC mix this quarter priori-
tized partners with more lucrative and longer-term rev-
enue share contracts, rather than those with higher ini-
tial upfront revenue share payments.  
Compared to last year, revenue share income was lower, 
similarly as in Q1, though the numbers are still relatively 
small. This decline is attributed to the shift in the type of 
partnerships and contracts. Last year, Better Collective 
predominantly sent NDCs on hybrid contracts and CPA. 
Hybrid deals combine revenue share with an upfront 
payment, and as a result, the upfront payment was 
logged as revenue share income during the specific 
quarter. This means future revenues are only to be rec-
ognized once the player's earnings have matched the in-
itial payment.  
This combination of investing in more revenue share 
partners, plus tilting our new NDCs more toward the 
partners that have the largest long-term upside for Bet-
ter Collective, led to a decrease in revenue share earn-
ings vs. Q2 ‘23. However, it lays a solid foundation for 
future growth via long-term recurring revenue share in-
come. Better Collective has been working with revenue 
share for decades in Europe & RoW and remains confi-
dent in this strategy to maximize revenue per NDC and 
continue to win in North America for the long haul.   
Revenue from the "Other" category significantly in-
creased due to the continued momentum from adver-
tising revenues from recent acquisitions. The hike in 
costs was driven by the acquisitions of Playmaker Capi-
tal and Playmaker HQ. If excluding these recent acqui-
sitions from the equation, costs would be lower com-
pared to the previous year. Operational earnings hit 2 
mEUR, reflecting a margin of 7%. 
 
Key figures North America segment 
 
tEUR Q2 2024 Q2 2023 Growth YTD 2024 YTD 2023 Growth               
Revenue 25,791  22,926  12% 59,801  60,070  0% 
Share of Group 26% 29%   31% 36%   
Cost 23,866  15,358  55% 48,768  37,958  28% 
Share of Group 34% 31%   36% 36%   
              
Operating profit before depreciation and 
amortization and special items 1,925  7,568  -75% 11,032  22,111  -50% 
Share of Group 7% 26%   19% 36%   
EBITDA-Margin before special items 7% 33%   18% 37%   
Operating profit before depreciation and 
amortization 88  7,231  -99% 7,401  21,610  -66% 
EBITDA-Margin 0% 32%   12% 36%   
Organic Growth -18% 61%   -20% 28%

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

Q2 report 2024 Page 13  
Financial 
performance H1 2024  
Revenue growth of 17% to 194 
mEUR  
Revenue showed strong growth versus 2023 of 17% and 
amounted to 194  mEUR (YTD 2023: 166 mEUR). Reve-
nue share accounted for 4 7% of the revenue with 28 % 
coming from CPA, 4 % from subscription sales, and 2 1% 
from other income.  
Cost of 137 mEUR - up from 104 
mEUR  
The increase in costs compared to H1, 2023 is primarily 
driven by acquisitions contributing with 29 mEUR in in-
creased cost base. 
The increase in personnel cost is mainly driven by an in-
crease in average number of employees increasing from 
average 926 in H1 2023 to 1,777 in H1 2024, where 370 
employees joined Better Collective as part of the acqui-
sition of Playmaker Capital.  
Total direct cost relating to revenue increased by 8  
mEUR to 57 mEUR (YTD 2023: 49 mEUR) corresponding 
to an increase of 16%.  The growth is primarily coming 
from increased cost related to media partnerships  and 
partly by increased spend in Paid Media . Beyond the 
cost of paid traffic, this includes hosting fees of web-
sites, content generation, and external development.  
Personnel cost increased 40 % to 60  mEUR 2024 (YTD 
2023: 43 mEUR). The average number of employees in-
creased 79% to 1,726 (YTD 2023: 966). Personnel costs 
include costs related to warrants of 2 mEUR (YTD 2023: 
1.6 mEUR).  
Other external costs increased 7 mEUR or 61% to 20  
mEUR (YTD 2023: 12 mEUR).  
Depreciation and amortization amounted to 19 mEUR 
(YTD 2023: 11 mEUR), an increase of 8 mEUR compared 
to YTD 2023. The increase is mainly due to amortization 
related to depreciable intangible assets accounted for 
as part of the acquisitions of Skycon in Q2, 2023 and the 
acquisitions in H2, 2023  of Playmaker HQ, Digital 
Sportmedia I Norden AB  (the four brands are Sven-
skaFans.com, Hockeysverige.se, Fotbolldirekt.se and 
Innebandymagazinet.se), Goalmedia Technologia E 
Marketing Digital (the brand is Torcedores) and 
Tipsbladet as well as the acquisition of Playmaker Capi-
tal completed February 6, 2024 and new media partner-
ships entered during 2023 and 2024.  
Special items 
Special items amounted to an expense of 3 mEUR (YTD 
2023: 1 mEUR). The net expense of 3 mEUR is primarily 
related to M&A expenses of 2 mEUR, restructuring of 1 
mEUR, the early settlement of the Playmaker HQ 
earnout and related impairment of goodwill, with a net 
financial impact of 2.4 mEUR and positive impact of 2.5 
mEUR related to earnout adjustments. 
Earnings 
Operational earnings (EBITDA) before special items de-
creased 8% to 58 mEUR ( YTD 2023: 62 mEUR). The 
EBITDA-margin before special items was 30% ( YTD 
2023: 38%). Including special items, the reported 
EBITDA was 54 mEUR. (YTD 2023: 60 mEUR).  
EBIT before special items de creased 25% to 3 8 mEUR 
(YTD 2023: 51 mEUR). Including special items, the re-
ported EBIT was 35 mEUR (YTD 2023: 49 mEUR). 
Net financial items 
Net financial costs amounted to 12 mEUR (YTD 2023: 10 
mEUR) and included net interest, fees relating to bank 
credit lines, unrealized losses on shares  and exchange 
rate adjustments. Interest expenses amounted to 15 
mEUR and included non-payable, calculated interest ex-
penses on certain balance sheet items , 12 mEUR had 
cash flow effect.   
Net financial costs are impacted by a  realized loss of 4 
mEUR on Catena Media shares  and unrealized net ex-
change rate loss amounted to 3 mEUR. 
Income tax 
Better Collective has a tax presence in the places where 
the Group is incorporated. Income tax amounted to 5  
mEUR (YTD 2023: 10 mEUR). The Effective Tax Rate was 
22.1% (Q2 2023: 29.9%) decreasing primarily due to ad-
justments to prior year. 
Net profit 
Net profit after tax was 18 mEUR (YTD 2023: 29 mEUR). 
Earnings per share (EPS) was EUR/share 0.30 versus 
0.53 EUR/share YTD 2023. 
Equity 
The equity increased to 681 mEUR as per June 30, 2024, 
from 435 mEUR on December 31, 2023. Besides the net 
profit of 17 mEUR, the equity has been impacted by the 
share exchange in connection with the acquisition of 
Playmaker Capital of 46 mEUR, the acquisition and dis-
posal of treasury shares of 30 mEUR, the capital increase 
in March with 145 mEUR as well as costs of 3 mEUR, and 
share-based payments of 2 mEUR. The decrease in USD 
versus EUR has impacted the equity by 9 mEUR.

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

Q2 report 2024 Page 14  
Balance sheet  
Total assets amounted to 1,1 75 mEUR ( YTD 2023: 875 
mEUR), with an equity of 681 mEUR (2023: 435 mEUR). 
This corresponds to an equity to assets ratio of 58 % 
(2023: 46%). The liquidity ratio was 1.51 resulting from 
current assets of 121 mEUR and current liabilities of 80 
mEUR. The ratio of net interest-bearing debt to EBITDA 
before special items was 2.03 at the end of June.  
Investments 
Better Collective announced the acquisition of AceOdds 
on May 16, 2024 , for a total consideration of 43 mEUR 
on a net cash -/debt free basis. AceOdds is a UK sports 
betting media brand with its roots in the UK, and this 
acquisition is poised to enhance Better Collective's pres-
ence across the UK, significantly.  
Cash flow and financing 
Cash flow from operations before special items was 49  
mEUR (2023: 33 mEUR) with a cash conversion of 83%.  
Better Collective A/S completed its offering of new 
shares through an accelerated bookbuilding process 
with a subscription price at market of DKK 189.4 imply-
ing 0% discount  on February 28 . Total proceeds from 
the accelerated bookbuilding process amounted to DKK 
1,081.9 million (app. 145 mEUR). The proceeds prepare 
the Company for future M&A opportunities as the sports 
media landscape remains highly fragmented. 
On July 5, 2024 , Better Collective reestablished its 3 -
year financing agreement with Nordea, Nykredit Bank 
and Citibank with a total committed facility of 319 mEUR 
and a 100 mEUR higher accordion option. By the end of 
June 2024, capital reserves stood at 127 mEUR consist-
ing of cash of 49 mEUR, other current financial assets of 
0.5 mEUR in form of listed shares  and unused bank 
credit facilities of 77.5 mEUR.  
The parent company 
Better Collective A/S is the parent company of the 
group. Revenue grew by 44% to 37 mEUR (Q2 2023: 25 
mEUR). Total costs including depreciation and amorti-
zation was 30 mEUR (Q3 2023: 22 mEUR). Profit after 
tax was 28 mEUR (Q2 2023: 8 mEUR). The change in 
profit after tax is primarily due to differences in dividend 
payments from subsidiaries, exchange rate adjustments, 
financial expenses and corporate tax. Total  equity 
ended at 701 mEUR by June  30 , 202 4 (2023: 443 
mEUR).

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

Q2 report 2024 Page 15  
Financial targets  
2024  
Following the acquisition of AceOdds during Q2, the fi-
nancial targets for the Better Collective group for the 
year 2024 were upgraded: 
• Revenue of 395-425 mEUR, implying 21-30% 
growth (previously 390-420 mEUR) 
• EBITDA of 130-140 mEUR implying 17-26% growth 
(previously 125-135 mEUR) 
• Net/debt to EBITDA stay below 3x (unchanged) 
2024 implications  
The targets factor in an eleven -month impact from the 
Playmaker Capital acquisition with the deal closing on 
February 6. The acquisition is expected to ramp up over 
time with expected flat revenue and earnings for 2024. 
More factors are continued investmen t in developing 
the AdTech platform, several AI -projects and scaling 
commercial development. Further the continued North 
American recurring revenue share transition to invest in 
future sustainable growth.  I t implies full effect from 
AceOdds in H2 as well  as a  lift in performance in the 
North American business in the high season. The men’s 
European Championship played during Q2 performed as 
expected. 
2023- 2027  
The long-term 2023-2027 financial targets remain un-
changed: 
• Revenue CAGR of +20%  
• EBITDA margin before special items of 35-40%. 
• Net debt to EBITDA before special items of <3. 
2023-2027 implications  
The long-term targets include M&A funded by own cash 
flow and debt, and not capital increases. With Play-
maker Capital, Better Collective utilized cash, debt, 
treasury shares and a small capital increase, resulting in 
a minimal dilution of 3%. Hence, a large part of the ac-
quisition was already included in th e guidance, making 
the group more comfortable in its ability to reach these. 
Given the opportunity to move revenue from advertis-
ing to performance marketing and the increased profit-
ability therein the margin target is upgraded, narrowing 
it toward the high end. Given the nature of performance 
marketing and the change in cash flow, the margin up-
tick will happen after 12-24 months. 
 
 
Disclaimer 
This report contains certain forward-looking statements 
and opinions. Forward -looking statements are state-
ments that do not relate to historical facts and events. 
Such statements or opinions pertaining to the future, for 
example wording like; “believes”, “deems”, “estimates”, 
“anticipates”, “aims’, and “forecasts” or similar expres-
sions are intended to identify a statement as forward -
looking. This applies to statements and opinions con-
cerning the future financial returns, plans and expecta-
tions with respect to the business and management of 
the group, future growth, profitability, general eco-
nomic and regulatory environment , and other matters 
affecting Better Collective.  
Forward-looking statements are based on current esti-
mates and assumptions made according to the best of 
the group’s knowledge. These statements are inherently 
associated with both known and unknown risks, uncer-
tainties, and other factors that could cause the results, 
including the group’s cash flow, financial condition, and 
operations, to differ materially from the results, or fail to 
meet expectations expressly or implicitly, assumed or 
described in those statements or to turn out to be less 
favorable than  the results expressly or implicitly as-
sumed or described in those statements.  
Better Collective can give no assurance regarding the 
future accuracy of the opinions set forth herein or as to 
the actual occurrence of any predicted developments 
and/or targets. Considering the risks, uncertainties and 
assumptions associated with forward -looking state-
ments, it is possible that certain future events may not 
occur. Moreover, forward -looking estimates derived 
from third-party studies may prove to be inaccurate. Ac-
tual results, performance or events may differ materially 
from those in such st atements e.g. due to changes in 
general economic conditions, in particular economic 
conditions in the markets in which the group operates, 
changes affecting interest rate levels, changes affecting 
currency exchange rates, changes in competition levels, 
changes in laws and regulations, and occurrence of ac-
cidents or environmental damages and systematic de-
livery failures. We undertake no obligation to update or 
revise any forward -looking statements, whether be-
cause of new information, future events or otherwi se, 
except to the extent required by law.

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

Q2 report 2024 Page 16  
Other 
Shares and share capital 
Better Collective A/S is listed on Nasdaq Stockholm 
main market and Nasdaq Copenhagen main market. The 
shares are traded under the ticker “BETCO” and “BETCO 
DKK”. As per June 30, 2024, the share capital amounted 
to 629,537.92 EUR, and the total number of issued 
shares was 62,953,792. The company has one (1) class of 
shares. Each share entitles the holder to one vote at the 
general meetings.  
Shareholder structure 
As of June 30, 2024, the total number of shareholders 
was 5,879. A list of top ten  shareholders in Better Col-
lective A/S can be found on the group’s website. 
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 long -term incentive 
programs are subscribed, then the maximum 
shareholders dilution will be approximately 3.89%. On 
January 2, 2024, 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 202 4 cover 61,523 
performance share units and 426 ,870 share options to 
79 key employees in total, vesting over a 3-year period. 
The total value of the 2023 LTI grant program is 3 .6 
mEUR (calculated Black-Scholes value) measured at the 
target level, which is to say 100% achievement of the fi-
nancial 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 inclu des an inherent risk 
evaluation based on two main parameters: probability 
of occurrence and impact on future earnings and cash 
flow. Better Collective’s management continuously 
monitors risk development in the Better Collective 
group. The risk evaluation i s 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 manage-
ment must work with risk management. 
Better Collective’s compliance with these policies and 
guidelines is also monitored by the management on an 
ongoing basis. Better Collective seeks to identify and 
understand risks and mitigate them accordingly. Also, 
the group’s close and longstanding relationships with 
customers allow Better Collective to anticipate and re-
spond to market movements and new regulations in-
cluding compliance requirements from authorities and 
sportsbooks.  
With the continued expansion in North and South Amer-
ica, the overall  r isk profile of Better Collective has 
changed, and compliance as well as financial risk ha ve 
increased. Better Collective has mitigated the additional 
risks in several ways, compliance risk through involve-
ment of regulatory bodies in our licensing process for 
newly established entities, financial risk through a per-
formance-based valuation of the acquired ent ities, and 
organizational risk through establishment of local gov-
ernance, and finance, HR, and legal organization dedi-
cated to the North and South American operations.  
Other key risk factors are described in the Annual report 
2023. 
 
 
Program 
Long-term incentive programs  
outstanding June, 2024 Vesting period  Exercise period  
Exercise price  
DKK 
Exercise price  
EUR (rounded) 
2019* 565,521  2020-2023 2022-2024 64.78  8.70  
2020** 25,000  2021-2023 2023-2025 61.49  8.26  
2020* 190,999  2021-2023 2023-2025 106.35  14.28  
2021* 377,372  2022-2024 2024-2026 150.41  20.20  
2021 US MIP Options 43,358  2021-2024 2024-2026 138.90  18.65  
2022 US MIP Options 15,238  2022-2023 2023-2026 107.25  14.40  
2022 Options 20,973  2022-2024 2025-2027 130.98  17.59  
2022 PSU 62,810  2022-2024 2025-2027     
2023 CXO Options 300,000  2023-2025 2026-2028 142.08  19.08  
2023 Options 238,543  2023-2025 2026-2028 85.76  11.52  
2023 PSU 128,069  2023-2025 2026-2028     
2024 Options 426,870 2024-2026 2027-2029 76.67 10.28 
2024 PSU 56,736 2024-2026 2027-2029   
* Key employees and members of executive management  
** Following the AGM on April 22, 2020, 25,000 warrants were issued to the new board member, Todd Dunlap.

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

Q2 report 2024 Page 17  
Contacts 
VP of Group Strategy, Investor Relations and Corporate 
Communications; Mikkel Munch-Jacobsgaard 
investor@bettercollective.com  
This information is such information as Better Collective 
A/S is obliged to make public pursuant to the EU Market 
Abuse Regulation. The information was submitted for 
publication, through the agency of the contact person 
set out above on August  21, 202 4, after market close 
(CET). 
About 
Better Collective owns global and national sport media, 
with a vision to become the leading digital sports media 
group. We are on a mission to excite sports fans through 
engaging content and foster passionate communities 
worldwide. Better Collective's portfolio of digital sports 
media brands includes; HLTV , FUTBIN, Betarades, 
Soc-
cernews, Tipsbladet, Action Network , Playmaker HQ , 
VegasInsider, Bolavip and Redgol. Headquartered in Co-
penhagen, Denmark, and dual listed on Nasdaq Stock-
holm (BETCO) and Nasdaq Copenhagen (BETCO DKK).  
To learn more about Better Collective please visit  
www.Bettercollective.com 
 
 
 
 
  
    
Q2 report 2024 Page 17

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

Q2 report 2024 Page 18  
Statement by the 
Board of Directors 
and the Executive 
Management 
Statement by the Board of Directors and the Execu-
tive Management on the condensed consolidated in-
terim financial statements and the parent company 
condensed interim financial statements for the period 
January 1 – June 30, 2024. 
Today, the Board of Directors and the E xecutive  
Management have discussed and approved the  
condensed consolidated interim financial statements 
and the parent company condensed interim financial 
statements of Better Collective A/S for the period Jan-
uary 1 – June 30, 2024.  
The condensed consolidated interim financial state-
ments for the period January 1 – June 30, 2024, 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, liabil-
ities, and financial position on June 30, 2024, and of the 
results of the group’s and parent company’s operations 
and the g roup’s cash flows for the period January  1 – 
June 30, 2024.  
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 21, 2024 
 
 
 
  
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 20 =====

Q2 report 2024 Page 19  
Condensed interim financial statements for the 
period  
Consolidated income statement 
Note tEUR Q2 2024 Q2 2023 YTD 2024 YTD 2023 2023 
3 Revenue 99,121  78,115  194,152  166,060  326,686  
  Direct costs related to revenue 29,208  22,045  57,138  49,194  99,296  
4 Staff costs  30,994  21,383  59,712  42,610  88,921  
  Other external expenses 10,381  5,990  19,755  12,285  27,389  
  
Operating profit before depreciation and amortization 
(EBITDA) and special items 28,537  28,696  57,548  61,971  111,080  
  Depreciation 1,631  698  3,103  1,412  3,958  
  Operating profit before amortization (EBITA) and special items 26,907  27,998  54,445  60,560  107,122  
7 Amortization and impairment 7,884  6,068  16,118  9,939  24,283  
  Operating profit (EBIT) before special items 19,023  21,930  38,327  50,621  82,839  
5 Special items, net - 459  - 1,218  - 3,002  - 1,826  - 1,948  
  Operating profit 18,564  20,712  35,326  48,795  80,891  
  Financial income 1,583  707  3,190  3,379  5,987  
  Financial expenses 7,498  9,579  15,603  12,986  28,868  
  Profit before tax 12,649  11,840  22,913  39,188  58,010  
6 Tax on profit for the period 2,355  3,538  5,066  9,952  18,175  
  Profit for the period 10,294  8,302  17,847  29,237  39,835  
              
  
Earnings per share attributable to equity holders of the com-
pany           
  Average number of shares 62,909,647  55,159,297  60,740,297  55,154,814  55,186,772  
  Average number of warrants - converted to number of shares 2,628,911  2,609,804  2,556,922  2,527,978  2,658,571  
  Earnings per share (in EUR) 0.16  0.15  0.30  0.54  0.74 
  Diluted earnings per share (in EUR) 0.16  0.15  0.28  0.52  0.70 
 
 
 
Consolidated statement of other comprehensive income 
Note tEUR Q2 2024 Q2 2023 YTD 2024 YTD 2023 2023 
  Profit for the period 10,294  8,302  17,847  29,237  39,835  
  Other comprehensive income           
  
Other comprehensive income that may be reclassi-
fied to profit or loss in subsequent periods:           
  Fair value adjustment of hedges for the year   0  0 483   0 - 483  
  Currency translation to presentation currency - 172  393  - 342  - 284  1,318  
  
Currency translation of non-current intercompany 
loans 2,906  100  9,184  - 5,007  - 9,440  
  Income tax - 2,021  - 22  - 2,021  1,101   0 
  Net other comprehensive income/loss 714  471  7,304  - 4,190  - 8,605  
  
Total comprehensive income/(loss) for the period, 
net of tax 11,007  8,774  25,151  25,047  31,230  
              
  Attributable to:           
  Shareholders of the parent 11,007  8,774  25,151  25,047  31,230

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

Q2 report 2024 Page 20  
Consolidated statement of financial position 
Note tEUR Q2 2024 Q2 2023 2023           
  Assets                 
  Non-current assets       
7 Intangible assets       
  Goodwill 352,213 214,946 255,074 
  Domains and websites 549,051 460,114 466,615 
  Accounts and other intangible assets 120,675 51,726 79,740 
  Total intangible assets 1,021,940 726,786 801,429           
  Tangible assets       
  Right of use assets 17,899 6,878 15,575 
  
Leasehold improvements, Fixtures and fittings, other 
plant and equipment 6,746 3,920 6,006 
  Total tangible assets 24,645 10,797 21,582           
  Other non-current assets       
  Deposits 1,898  1,649  1,803  
  Deferred tax asset 4,601  9,989  7,236  
  Total other non-current assets 6,499  11,637  9,039            
  Total non-current assets 1,053,084  749,221  832,050            
  Current assets       
  Trade and other receivables 60,630  38,433  48,954  
  Corporation tax receivable 5,757  6,781  2,252  
  Prepayments 5,859  3,842  4,250  
  Other current financial assets 454  12,508  6,804  
  Cash 48,756  64,536  43,552  
  Total current assets 121,456  126,100  105,812            
  Total assets 1,174,540  875,320  937,862  
 
 
Note tEUR Q2 2024 Q2 2023 2023           
  Equity and liabilities                 
  Equity       
  Share Capital 630  552  554  
  Share Premium 466,380  272,786  274,580  
  Currency Translation Reserve 21,878  18,987  15,055  
  Hedging reserves  0  0 - 483  
  Treasury Shares  0 - 17,249  - 21,057  
  Retained Earnings 191,962  155,144  166,624  
  Total equity 680,850  430,220  435,273            
  Non-current Liabilities       
8 Debt to credit institutions 246,739  246,932  248,657  
8 Lease liabilities 14,889  5,980  13,326  
8 Deferred tax liabilities 106,801  86,159  84,670  
8 Other long-term financial liabilities 44,704  27,700  52,443  
  Total non-current liabilities 413,134  366,771  399,096  
          
  Current Liabilities       
  
Prepayments received from customers and deferred reve-
nue 6,380  4,282  4,262  
  Trade and other payables 27,143  16,360  27,838  
  Corporation tax payable 6,238  3,864  6,754  
8 Other financial liabilities 36,964  52,553  61,938  
8 Lease liabilities 3,832  1,270  2,702  
  Total current liabilities 80,558  78,329  103,493  
  Total liabilities 493,690  445,100  502,589            
  Total Equity and liabilities 1,174,540  875,320  937,862

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

Q2 report 2024 Page 21  
Consolidated statement of changes in equity 
tEUR 
Share  
capital 
Share  
premium 
Currency 
transla-
tion re-
serve 
Hedging 
reserves 
Treasury 
shares 
Retained 
earnings 
Total  
equity 
                
As at January 1, 2024 554  274,580  15,055  - 483  - 21,057  166,624  435,273  
Result for the period  0  0  0  0  0 17,847  17,847 
                
Fair value adjustment of hedges  0  0  0 483   0  0 483  
Currency translation  
to presentation currency  0  0 8,844   0  0  0 8,844  
Tax on other  
comprehensive income  0  0 - 2,021   0  0  0 - 2,021  
Total other  
comprehensive income  0  0 6,823  483   0  0 7,305  
Total comprehensive  
income for the year  0  0 6,823  483   0 17,847 25,151 
                
Transactions with owners               
Capital Increase 76  191,800   0  0  0  0 191,876  
Acquisition of treasury shares  0  0  0  0 - 2,197   0 - 2,197  
Disposal of treasury shares  0  0  0  0 23,254  9,017  32,271  
Share based payments  0  0  0  0  0 1,443  1,443  
Transaction cost  0  0  0  0  0 - 2,969  - 2,969  
Total transactions with owners 76  191,800   0  0 21,057  7,491  220,424  
                
At June 30, 2024 630  466,380  21,878   0  0 191,962 680,850 
During the period no dividend was paid. 
 
 
 
tEUR 
Share  
capital 
Share  
premium 
Currency 
transla-
tion re-
serve 
Hedging 
reserves 
Treasury 
shares 
Retained 
earnings 
Total  
equity 
                
As at January 1, 2023 551  272,550  23,177   0 - 7,669  124,307  412,917  
Result for the period  0  0  0  0  0 29,237  29,237  
                
Fair value adjustment of hedges 0  0  0   0 0  0  0  
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  0 29,237  25,047  
                
Transactions with owners               
Capital Increase 1  236   0  0  0  0 236  
Acquisition of treasury shares  0  0  0  0 - 9,571   0 - 9,571  
Disposal of treasury shares  0  0  0  0  0  0  0 
Share based payments  0  0  0  0  0 1,604  1,604  
Transaction cost  0  0  0  0 - 10  - 4  - 14  
Total transactions with owners 1  236   0  0 - 9,580  1,600  - 7,744  
                
At June 30, 2023 552  272,786  18,987   0 - 17,249  155,144  430,220  
During the period no dividend was paid.

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

Q2 report 2024 Page 22  
Consolidated statement of changes in equity - continued 
tEUR 
Share  
capital 
Share  
premium 
Currency 
transla-
tion re-
serve 
Hedging 
reserves 
Treasury 
shares 
Retained 
earnings 
Total  
equity 
                
As at January 1, 2023 551  272,550  23,177   0 - 7,669  124,307  412,917  
Result for the period  0  0  0  0  0 39,835  39,835  
                
Fair value adjustment of hedges  0  0  0 - 483   0  0 - 483  
Currency translation  
to presentation currency  0  0 - 8,122   0  0  0 - 8,122  
Tax on other  
comprehensive income  0  0  0  0  0  0  0 
Total other  
comprehensive income  0  0 - 8,122  - 483   0  0 - 8,605  
Total comprehensive  
income for the year  0  0 - 8,122  - 483   0 39,835  31,230  
                
Transactions with owners               
Capital Increase 3  2,030   0  0  0  0 2,033  
Acquisition of treasury shares  0  0  0  0 - 13,375   0 - 13,375  
Disposal of treasury shares  0  0  0  0  0  0  0 
Share based payments  0  0  0  0  0 2,495  2,495  
Transaction cost  0  0  0  0 - 13  - 12  - 26  
Total transactions with owners 3  2,030   0  0 - 13,389  2,482  - 8,874  
                
At December 31, 2023 554  274,580  15,055  - 483  - 21,057  166,624  435,273  
During the period no dividend was paid.

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

Q2 report 2024 Page 23  
Consolidated statement of cash flows 
Note tEUR Q2 2024 Q2 2023 YTD 2024 YTD 2023 2023 
              
  Profit before tax 12,649  11,840  22,913 39,188  58,010  
  Adjustment for finance items 5,915  8,872  12,413  9,607  22,882  
  Adjustment for special items 460  1,218  3,002  1,826  1,947  
  Operating Profit for the period before special items  19,023  21,930  38,327  50,621  82,839  
  Depreciation and amortization 9,514  6,766  19,221  11,350  28,241  
  Other adjustments of non-cash operating items 748  1,509  1,860  1,609  2,581  
  
Cash flow from operations  
before changes in working capital and special items  29,286  30,205  59,408  63,581  113,661  
  Change in working capital - 2,101  4,048  - 10,558  4,033  5,722  
  Cash flow from operations before special items 27,184  34,253  48,850  67,613  119,384  
  Special items, cash flow - 874  - 1,273  - 12,523  - 1,668  - 4,744  
  Cash flow from operations 26,310  32,980  36,327  65,946  114,640  
  Financial income, received  284  178  1,008  642  493  
  Financial expenses, paid - 6,155  - 883  - 12,063  - 4,051  - 10,712  
  Cash flow from activities before tax 20,439  32,275  25,271  62,536  104,420  
  Income tax paid  - 1,925  - 5,169  - 5,815  - 8,967  - 15,411  
  Cash flow from operating activities 18,514  27,107  19,457  53,569  89,010  
              
9 Acquisition of businesses - 46,221  - 29,767  - 116,499  - 29,767  - 57,282  
7 Acquisition of intangible assets - 5,043  - 420  - 8,032  -3,624 - 27,469  
  Acquisition of property, plant and equipment - 609  - 2,369  - 1,570  - 2,182  - 5,143  
  Sale of property, plant and equipment  0 241  438  3  3  
  Acquisition of other financial assets  0 - 0   0 - 14,930  - 14,930  
  Change in other non-current assets - 28  2,833  - 94  - 261  - 1,427  
  Cash flow from investing activities - 51,900  - 29,483  - 125,759  - 50,761  - 106,248  
 
 
Note tEUR Q2 2024 Q2 2023 YTD 2024 YTD 2023 2023 
              
  Repayment of borrowings - 14,234   0 - 136,321  - 1,486  - 1,486  
  Proceeds from borrowings 38,901  45,490  110,761  45,490  45,490  
  Lease liabilities - 1,002  - 145  - 1,879  - 518  - 2,814  
  Other non-current liabilities - 1,739  - 4,124  - 2,582  - 4,124  - 483  
  Capital increase  0 193  145,144  236  2,033  
  Treasury shares  0 - 3,674   0 - 9,583  - 13,381  
  Transaction cost - 112  - 4  - 2,969  - 10  - 26  
  Warrant settlement, sale of warrants - 1,105   0 - 503   0  0 
  Cash flow from financing activities 20,710  37,736  111,650  30,006  29,334  
              
  Cash flows for the period - 12,676  35,360  5,349  32,814  12,096  
  Cash and cash equivalents at beginning 61,494  28,847  43,552  31,497  31,497  
  Foreign currency translation of cash and cash equivalents  - 62  329  - 144  224  - 41  
  Cash and cash equivalents period end 48,756  64,536  48,756  64,536  43,552                
  Cash and cash equivalents period end      0     
  Cash 48,756  64,536  48,756  64,536  43,552  
  Cash and cash equivalents period end 48,756  64,536  48,756  64,536  43,552

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

Q2 report 2024 Page 24  
Notes 
1. General information 
Better Collective A/S is a limited liability company and is incorporated in Denmark. The parent company and its  
subsidiaries (referred to as the “Group” or “Better Collective”) engage in online performance marketing. Better Collec-
tive’s vision is to become the leading digital sports media group. 
Basis of preparation  
The Interim Report (condensed consolidated interim financial statements) for the period January  1 - June, 2024, has 
been prepared in accordance with IAS 34 “Interim financial reporting” as adopted by the EU and additional requirements 
in the Danish Financial Statements Act. The parent company condensed interim financial statements has been included 
according to the Danish Executive Order on the Preparation of Interim Financial Reports. 
These condensed consolidated interim financial statements incorporate the results of Better Collective A/S and its sub-
sidiaries. 
The condensed consolidated interim financial statements refer to certain key performance indicators, which Better Col-
lective and others use when evaluating the performance of Better Collective. These are referred to as alternative per-
formance measures (APMs) and are not defined under IFRS. The figures and related subtotals give management and 
investors important information to enable them to fully analyze the Better Collective business and trends. The APMs are 
not meant to replace but to complement the performance measures defined under IFRS. 
New financial reporting standards 
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, 2024, 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 2023 annual report which contains a full description of the accounting policies for the Group and the 
parent company. The lifetime of accounts and other intangible assets has been reassessed in connection with acquisi-
tions. The lifetime for accounts is 3-5 years and for other intangible assets 2-3 years. 
The annual report for 2023 including full description of the accounting policies can be found on Better Collective’s web-
site: https://storage.mfn.se/9896a1ee-39d1-49c3-a0fd-7447b83bcb8e/annual-report-2023.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 3 which  
contains a full description of significant accounting judgements, estimates and assumptions.

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

Q2 report 2024 Page 25  
2. Segments 
Publishing and Paid Media  
Better Collective operates two different business models regarding customer acquisition with different earnings - 
profiles. The segments Publishing and Paid Media have been measured and disclosed separately for Revenue, Cost and 
Earnings. The Publishing business includes revenue from Better Collective’s proprietary online sports media and media 
partnerships where the audience is coming either directly or through organic search results, whereas Paid Media gener-
ates revenue through paid ad-traffic to our brands, thereby running on a lower earnings margin. 
The performance for each segment is presented in the below tables: 
  Publishing Paid Media Group 
tEUR Q2 2024 Q2 2023 Q2 2024 Q2 2023 Q2 2024 Q2 2023               
Revenue Share 34,541  30,874  14,015  11,124  48,556  41,998  
CPA 12,427  9,615  13,059  13,085  25,486  22,700  
Subscription 3,969  4,080   0  0 3,969  4,080  
Other 20,237  8,979  873  359  21,110  9,338  
Revenue 71,175  53,547  27,947  24,567  99,121  78,115  
Cost 51,081  32,392  19,503  17,026  70,854  49,418                
Operating profit before depreciation,  
amortization and special items 20,094  21,155  8,444  7,541  28,537  28,696  
EBITDA-Margin before special items 28% 40% 30% 31% 29% 37%               
Special items, net - 460  - 1.218  0   0 - 459  - 1,218                
Operating profit  
before depreciation and amortization 19,634  19,937  8,444  7,541  28,078  27,478  
EBITDA-Margin 28% 37% 30% 31% 28% 35%               
Depreciation 1,586  695  45  3  1,631  698                
Operating profit before amortization 18,048  19,242  8,399  7,538  26,447  26,780  
EBITA-Margin 25% 36% 30% 31% 27% 34% 
 
 
 
 
 
 
 
 
 
 
 
 
 Publishing Paid Media Group 
tEUR YTD 2024 YTD 2023 YTD 2024 YTD 2023 YTD 2024 YTD 2023               
Revenue Share 64,305  63,298  26,888  18,251  91,194  81,549  
CPA 27,332  22,981  27,394  34,030  54,727  57,011  
Subscription 8,217  8,563   0  0 8,217  8,563  
Other 37,630  17,909  2,385  1,027  40,015  18,936  
Revenue 137,484  112,751  56,668  53,309  194,152  166,060  
Cost 94,885  66,187  41,720  37,902  136,604  104,089                
Operating profit before depreciation,  
amortization and special items 42,600  46,564  14,948  15,407  57,548  61,971  
EBITDA-Margin before special items 31% 41% 26% 29% 30% 37%               
Special items, net - 2,985  - 1,826  - 16   0 - 3,002  -1,826                
Operating profit  
before depreciation and amortization 39,614  44,739  14,932  15,407  54,546  60,145  
EBITDA-Margin 29% 40% 26% 29% 28% 36%               
Depreciation 3,006  1,405  97  6  3,103  1.412                
Operating profit before amortization 36,608  43,333  14,835  15,400  51,444  58,734  
EBITA-Margin 27% 38% 26% 29% 26% 35%

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

Q2 report 2024 Page 26  
2. Segments, continued 
  Publishing Paid Media Group 
tEUR 2023 2023 2023         
Revenue Share 120,776  41,049  161,825  
CPA 40,589  63,371  103,960  
Subscription 17,959   0 17,959  
Other 41,003  1,938  42,941  
Revenue 220,328  106,358  326,686  
Cost 139,685  75,920  215,605          
Operating profit before depreciation,  
amortization and special items 80,642  30,438  111,080  
EBITDA-Margin before special items 37% 29% 34%         
Special items, net - 1,948   0 - 1,948          
Operating profit  
before depreciation and amortization 78,695  30,438  109,132  
EBITDA-Margin 36% 29% 33%         
Depreciation 3,909  49  3,958          
Operating profit before amortization 74,785  30,389  105,174  
EBITA-Margin 34% 29% 32%

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

Q2 report 2024 Page 27  
2. Segments, continued 
 
Europe & Rest of World  and North A merica  
Better Collective’s products cover more than 30 languages and attract millions of users worldwide - with international 
brands with a global reach as well as regional brands with a national reach. Better Collective’s regional brands are tai-
lored according to the specific regions or countries and their respective regulations, sports, betting behaviors , user 
needs, and languages. Better Collective reports on the geographical segments North America and Europe & ROW (Rest 
of World), measuring and disclosing separately for Revenue, Cost and Earnings. Historical financial figures are reported 
accordingly. 
The performance for each segment is presented in the below tables: 
  Europe & RoW North America Group 
tEUR Q2 2024 Q2 2023 Q2 2024 Q2 2023 Q2 2024 Q2 2023               
Revenue Share 44,612  34,927  3,944  7,070  48,556  41,997  
CPA 15,404  10,862  10,082  11,838  25,486  22,700  
Subscription 614  489  3,355  3,591  3,969  4,080  
Other 12,700  8,910  8,410  427  21,110  9,338  
Revenue 73,330  55,188  25,791  22,926  99,121  78,115  
Cost 46,717  34,060  23,866  15,358  70,584  49,418                
Operating profit before depreciation,  
amortization and special items 26,613  21,128  1,925  7,568  28,537  28,696  
EBITDA-Margin before special items 36% 38% 7% 33% 29% 37%               
Special items, net 1,377  - 881  - 1,836  - 338  - 459  - 1,218                
Operating profit  
before depreciation and amortization 27,990  20,247  88  7,231  28,078  27,478  
EBITDA-Margin 38% 37% 0% 32% 28% 35%               
Depreciation 1,329  480  302  219  1,631  698                
Operating profit before amortization 26,661  19,768  - 214  7,012  26,447  26,780  
EBITA-Margin 36% 36% -1% 31% 27% 34% 
 
 
 
 
 
 
 
 
  Europe & RoW North America Group 
tEUR YTD 2024 YTD 2023 YTD 2024 YTD 2023 YTD 2024 YTD 2023               
Revenue Share 81,179  66,846  10,015  14,703  91,194  81,550  
CPA 28,740  22,054  25,987  34,957  54,727  57,011  
Subscription 1,232  1,054  6,985  7,509  8,217  8,563  
Other 23,200  16,035  16,814  2,901  40,015  18,936  
Revenue 134,352  105,990  59,801  60,070  194,152  166,060  
Cost 87,836  66,130  48,768  37,958  136,604  104,089                
Operating profit before depreciation,  
amortization and special items 46,516  39,860  11,032  22,111  57,548  61,971  
EBITDA-Margin before special items 35% 38% 18% 37% 30% 37%               
Special items, net 630  - 1,325  - 3,631  - 501  - 3,002  - 1,826                
Operating profit  
before depreciation and amortization 47,145  38,535  7,401  21,610  54,546  60,145  
EBITDA-Margin 35% 36% 12% 36% 28% 36%               
Depreciation 2,539  941  564  470  3,103  1,412                
Operating profit before amortization 44,606 37,594  6,837  21,140  51,444  58,734  
EBITA-Margin 33% 35% 11% 35% 26% 35%

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

Q2 report 2024 Page 28  
2. Segments, continued 
  Europe & Row 
  
North America Group 
tEUR 2023 2023 2023         
Revenue Share 136,211  25,614  161,825  
CPA 49,173  54,787  103,960  
Subscription 2,461  15,499  17,960  
Other 30,241  12,700  42,941  
Revenue 218,086  108,600  326,686  
Cost 137,903  77,702  215,605          
Operating profit before depreciation,  
amortization and special items 80,182  30,898  111,080  
EBITDA-Margin before special items 37% 28% 34%         
Special items, net - 1,060  - 888  - 1,948          
Operating profit  
before depreciation and amortization 79,123  30,010  109,132  
EBITDA-Margin 37% 27% 33%         
Depreciation 3,199  759  3,958          
Operating profit before amortization 75,924  29,250  105,174  
EBITA-Margin 35% 27% 32%

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

Q2 report 2024 Page 29  
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 2024 Q2 2023* YTD 2024 YTD 2023* 2023             
Revenue category           
Recurring revenue (Revenue share, Subscription, CPM)  61,550  48,735  114,836  95,552  191,118  
CPA, Fixed Fees 37,307  29,536  78,807  70,484  135,385  
Other 264  24  509  24  183  
Total revenue 99,121  78,115  194,152  166,060  326,686  
            
%-split           
Recurring revenue 62 62  59  58  59  
CPA, Fixed Fees 38 38  41  42  41  
Other 0 0  0  0  0  
Total 100  100  100  100  100  
 
 * Q2 2023 figures have been restated for Revenue Share and CPA because of the reclassification of upfront payments related to hy-
brid revenue share contracts which were reclassified for the first time in Q3 2023.  
 
4. Share-based payment plans 
2019 Warrant programs: 
During the second quarter of 2024 the company did not grant any new warrants and 239,662 warrants were exercised 
under this program.  
2020 Warrant programs: 
During the second quarter of 2024 the company did not grant any new warrants and 28 ,999 warrants were exercised 
under this program.  
2022 Incentive Program: 
During the second quarter of 2024 the company did not grant any new warrants and 0 warrants were exercised under 
this program.  
2023 Incentive Program: 
During the second quarter of 2024 the company did not grant any new warrants and 0 warrants were exercised under 
this program.  
2023 CXO Options Program: 
During the second quarter of 2024 the company did not grant any new warrants and 0 warrants were exercised under 
this program.  
2024 Incentive Program: 
On January 2, 2024, a new LTI program consisting of Performance Stock Units and stock options was announced. Un-
der the program 426,870 options and 61,523 PSUs were granted to certain key employees. Whereas the options have 
the right to subscribe for one ordinary share, the PSUs have a performance-based element that can increase to two 
shares for one PSU – both are classified as equity-settled share-based payment transactions*. The vesting period runs 
from 2024-2026 and the exercise period runs from 2027 to 2029.  
 
* The Board of Directors keeps the right to change the classification of the share-based programs, to a cash-settled. 
 
 
tEUR Q2 2024 Q2 2023* YTD 2024 YTD 2023* 2023             
Revenue type           
Revenue Share 48,556  41,997  91,194  81,549  161,825  
CPA 25,486  22,700  54,727  57,011  103,960  
Subscription 3,969  4,080  8,217  8,563  17,959  
Other 21,110  9,338  40,015  18,936  42,941  
Total revenue 99,121  78,115  194,152  166,059  326,686  
            
%-split           
Revenue Share 49  54  47  49  50  
CPA 26  29  28  34  32  
Subscription 4  5  4  5  5  
Other 21  12  21  11  13  
Total 100  100  100  100  100

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

Q2 report 2024 Page 30  
4. Share-based payment plans, continued 
Management Incentive Program - Action Network:  
During the second quarter of 2024 the company did not grant any new warrants and 0 warrants were exercised under 
this program.  
Total share-based compensation: 
The total share-based compensation expense for the above programs recognized for Q2 2024 is 748 tEUR (Q2 2023: 
134 tEUR) and the cost YTD 2024 is 1,860 tEUR (YTD 2023: 1,467 tEUR)
5. Special items 
Special items consist of recurring and non-recurring items that management does not consider to be part of the 
group’s ordinary operating activities, i.e. acquisition costs, dual listing, adjustment of earn-out payments related to 
acquisitions, impairments and restructuring costs are presented in the Income statement in a separate line item la-
belled ‘Special items’. The impact of special items is specified as follows: 
 
Due to underperformance from acquisition of SOME content producer and podcast maker Playmaker HQ (not to be confused with Pla y-
maker Capital), Better Collective and the founders and former owners of Playmaker HQ have agreed to renegotiate and settle the ear n 
out. The initial acquisition price of Playmaker HQ was 54mUSD of which 15mUSD was upfront cash. The final price agreed is 25mUSD 
(23m EUR). Consequently, Better Collective have performed an impairment test based on the reassessment, identifying an impairment 
of 20mUSD (18m EUR).  recognized in Q2. The net impact on special items is negative 2.4mEUR, resulting from the aforementioned 
goodwill impairment and the recognition of the remaining earn-out as income. 
 
tEUR Q2 2024 Q2 2023 YTD 2024 YTD 2023 2023             
Operating profit 18,564  20,712  35,326 48,795  80,891              
Special Items related to:           
Special items related to dual listing  0  0  0  0 - 1,129  
Special items related to M&A - 307  - 605  - 2,086  - 956  - 10,224  
Variable payments regarding acquisitions - cost 0  0  0  - 142   0 
Variable payments regarding acquisitions - income 18,999  - 49  18,999   0 9,924  
Special items related to Restructuring - 567  - 504  - 1,331  - 668  - 519  
Special items related to impairment - 18,584  0  - 18,584  0  0  
Special items, total - 459  - 1,218  - 3,002  - 1,826  - 1,948  
            
Operating profit (EBIT) before special items 19,023  21,930  38,327 50,621  82,839  
            
Amortization and impairment 7,498  6,068  16,118  9,939  24,283              
Operating profit before amortization  
and special items (EBITA before special items)  26,904  27,998  54,445  60,560  107,122              
Depreciation 1,631  698  3,103  1,412  3,958              
Operating profit before depreciation, amortization,  
and special items (EBITDA before special items)  28,537  28,696  57,548  61,971  111,080

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

Q2 report 2024 Page 31  
6. Income tax 
Total tax for the period is specified as follows: 
 
Income tax on profit for the period is specified as follows: 
Tax on the profit for the period can be explained as follows: 
7. Intangible assets 
 
tEUR Goodwill 
Domains 
and  
websites 
Accounts 
and other  
intangible 
assets* Total           
Cost or valuation         
As of January 1, 2024 255,074  466,615  140,065  861,754  
Additions  0  0 15,138  15,138  
Acquisitions through business combinations 111,155  76,523  41,510  229,188  
Transfer  0  0 - 295  - 295  
Disposals  0  0 - 2,562  - 2,562  
Currency Translation 4,666  5,913  2,413  12,992  
At June 30, 2024 370,896  549,051  196,268  1,116,216  
          
Amortization and impairment         
As of January 1, 2024  0  0 60,325  60,325  
Amortization for the period  0  0 15,915  15,915 
Impairment for the period 18,683   0  0 18,683  
Amortization on disposed assets  0  0 - 715  - 715  
Currency translation 0  0 68  68  
At June 30, 2024 18,683   0 75,593  94,276  
          
Net book value at June 30, 2024 352,213 549,051  120,675  1,021,940  
*Accounts and other intangible assets consist of accounts ( 62,805 tEUR), Media Partnerships (54,718 tEUR) and software and others 
(3,152 tEUR) 
 
 
 
 
tEUR Q2 2024 Q2 2023 YTD 2024 YTD 2023 2023 
Tax for the period 2,355  3,538  5,066 9,952  18,175  
Tax on other comprehensive income 2,021  22  2,021  - 1,101   0 
Total 4,376  3,560  7,087  8,850  18,175  
tEUR Q2 2024 Q2 2023 YTD 2024 YTD 2023 2023 
Deferred tax 1,674  - 671  1,238 1,891  3,641  
Current tax 1,453  4,226  4,596  8,077  16,400  
Adjustment from prior years - 772  - 16  - 768  - 16  - 1,867  
Total 2,355  3,538  5,066 9,952  18,175  
tEUR Q2 2024 Q2 2023 YTD 2024 YTD 2023 2023 
Specification for the period:           
Calculated 22% tax of the result before tax 2,783  2,605  5,041  8,621  12,762  
Adjustment of the tax rates  
in foreign subsidiaries relative to the 22% 188  495  528  997  1,955  
Tax effect of:           
Special items  0 387   0 387  868  
Special items - taxable items  0  0  0  0 - 233  
Other non-taxable income - 152  - 1,634  - 304  - 1,780  - 410  
Other non-deductible costs 308  1,701  569  1,743  3,461  
Unrecognized tax losses carried forward  0  0  0  0 2,010  
Tax deductible  0  0  0  0 - 371  
Adjustment of tax relating to prior periods -772 -16 - 768  - 16  -1,867 
Total 2,355  3,538  5,066  9,952  18,175  
Effective tax rate 18.6% 29.9% 22.1% 25.4% 31.3%

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

Q2 report 2024 Page 32  
7. Intangible assets, continued 
 
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 - 17,822  3,840  12,104  - 1,879  
Acquisitions through business combinations 32,755   0 24,227  56,982  
Transfer  0  0  0  0 
Disposals  0  0 - 2,266  - 2,266  
Currency Translation 16,072  - 4,238  - 438  11,396  
At June 30, 2023 214,946  460,114  97,332  772,392  
          
Amortization and impairment         
As of January 1, 2023  0  0 36,688  36,688  
Amortization for the period  0  0 9,853  9,853  
Amortization on disposed assets  0  0  0  0 
Currency translation  0  0 - 936  - 936  
At June 30, 2023  0  0 45,605  45,605  
          
Net book value at June 30, 2023 214,946  460,114  51,726  726,786  
*Accounts and other intangible assets consist of accounts ( 29,818 tEUR), Media Partnerships (21,406 tEUR) and software and others 
(503 tEUR) 
 
 
 
 
 
 
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  3,412  53,914  57,326  
Acquisitions through business combinations 75,335  10,842  29,579  115,756  
Transfer  0  0  0  0 
Disposals  0  0 - 6,531  - 6,531  
Currency Translation - 4,203  - 8,151  - 602  - 12,956  
At December 31, 2023 255,074  466,615  140,065  861,754  
          
Amortization and impairment         
As of January 1, 2023  0  0 36,688  36,688  
Amortization for the period  0  0 24,707  24,707  
Amortization on disposed assets  0  0  0  0 
Currency translation  0  0 - 1,070  - 1,070  
At December 31, 2023  0  0 60,325  60,325  
          
Net book value at December 31,  2023 255,074  466,615  79,740  801,429  
*Accounts and other intangible assets consist of accounts (30,474 tEUR), Media Partnerships (48,769 tEUR) and software and ot hers 
(497 tEUR)

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

Q2 report 2024 Page 33  
8. Non-current liabilities and other current financial liabilities 
Debt to credit institutions: 
As per June 30, 2024, Better Collective has drawn 246.7 mEUR (2023: 248.7) out of the total committed club facility of 
319 mEUR established with Nordea, Nykredit, and Citibank. On July 5, 2024 Better Collective  reestablished its 3 year  
financing agreement with Nordea, Nykredit Bank and Citibank with a total committed facility of 319 mEUR  and a 100 
mEUR higher accordion option.  
Lease liabilities:  
Non-current and current lease liabilities, of 14.9 mEUR (2023: 13.3 mEUR) and 3.8 mEUR (2023: 2.7 mEUR) respectively.  
Deferred Tax liability:  
Deferred tax liability as of June  30, 2024, amounted to 106. 8 mEUR (2023: 86.2 mEUR). The change from January 1, 
2024, 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, 2024, amounted to 4.6 mEUR (2023: 7.2 mEUR). The change from January 1, 2024, 
originates from changes in deferred tax related to acquisitions, amortization of accounts from acquisitions, and deferred 
tax changes in Better Collective US, Inc and Playmaker Capital. 
The Group had a unrecognised tax asset of 2,010t EUR which was recognized in Q2 2024, as the Group expects this to 
be utilized in the 2024 tax year. 
Other financial liabilities:  
As per June 30, 2024, other non-current and current financial liabilities amounted to 81.7 mEUR (2023: 114.4 mEUR) due 
to deferred and variable payments related to acquisitions and media partnerships. The decrease from January 1, 2024, 
is mainly related to changes in earn outs and media partnerships. 
Fair Value of financial assets and liabilities is measured based on level 3 - Valuation techniques. In all material aspects 
the fair value of the financial assets and liabilities is considered equal to the booked value. 
The fair value of financial instruments is measured based on level 2. The fair value is measured according to generally 
accepted valuation techniques. Market-based input is used to measure the fair value. 
9. Business combinations 
Acquisition of Playmaker Capital 
On November 6, 2023 Better Collective announced the acquisition of Playmaker Capital for a total price consideration 
of 176 mEUR. The consideration comprises 35 % cash and a cap of 65 % shares in Better Collective A/S. The considera-
tion is financed partly by own cash and utilization of available facilities of 72 mEUR as well as a share consideration. 
The share consideration payable to Playmaker Capital shareholders, a total of 3,143,009 Better Collective shares, has 
been provided by Better Collective delivering 1,387,580 existing shares held as treasury shares and by issuing 
1,755,429 new shares.  
Playmaker Capital is a leading digital sports media group that owns and operates several strong sports media brands 
across the Americas. The acquisition has been closed on 6 February 2024, and Playmaker Capital are consolidated into 
Better Collective Group from the closing date.   
The transferred consideration was in cash and shares in Better Collective A/S. 
 
tEUR 
  
Purchase amount 110,762  
Cash and cash equivalents 4,840  
Shares 73,314  
Cash outflow 32,608  
Acquired net assets at the time of acquisition tEUR 
Domains and websites 76,523  
Customer Relations  7,446  
Technology 2,137  
Other assets 18,034  
Deferred tax liabilities - 18,141  
Other liabilities  - 69,382  
Identified net assets 16,617  
Goodwill 94,145  
Total consideration 110,762

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

Q2 report 2024 Page 34  
9. Business combinations, continued 
A goodwill of 94,145 tEUR emerged from the acquisition of Playmaker Capital 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 expecta-
tions given the strong platform and significant synergistic opportunities. The goodwill is not tax deductible.  
Transaction costs related to the acquisition of Playmaker Capital amounts to 6 ,420 tEUR. Transaction costs are ac-
counted for in the income statements under “special items” since the announcement. The acquisition was completed on 
February 6, 2024. If the transaction had been completed on January 1, 2024 the group’s revenue would have amounted 
to 198 mEUR and result after tax would have amounted to 20 mEUR. The purchase price allocation is provisional due to 
uncertainties regarding measurement of acquired intangible assets. 
Acquisition of AceOdds 
On May 16, 2024 Better Collective announced the acquisition of AceOdds for a total price consideration of 43 mEUR. 
The consideration consist of 38 mEUR in cash and 2mEUR as shares in Better Collective A/S.  AceOdds is a UK sports 
betting media brand with its roots in the UK, and this acquisition is poised to enhance Better Collective's presence 
across the UK, significantly. The acquisition is a strategic move for Better Collective with significant synergistic oppor-
tunities. 
The acquisition has been closed on 16 May 2024, and AceOdds are consolidated into Better Collective Group from the 
closing date.   
The transferred consideration was in cash and shares in Better Collective A/S. 
 
 
 
Acquired net assets at the time of acquisition  tEUR 
Accounts  31,927  
Other receivables and assets 680  
Cash 2,919  
Corporate Tax - 1,420  
Deferred Tax Liability - 7,982  
Identified net assets 26,124  
Goodwill 16,845  
Total consideration 42,969  
 
A goodwill of 16,845 tEUR emerged from the acquisition of AceOdds as an effect of the difference between the trans-
ferred 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 AceOdds amounts to 283 tEUR. Transaction costs are accounted for in 
the income statements under “special items” since the announcement. The acquisition was completed on May 16, 2024. 
If the transaction had been completed on January 1, 2024 the group’s revenue would have amounted to 199 mEUR and 
result after tax would have amounted to 21 mEUR. The purchase price allocation is provisional due to uncertainties re-
garding measurement of acquired intangible assets. 
 
 
 
 
 
 
tEUR 
  
Purchase amount 42,969  
Cash and cash equivalents 2,919  
Shares 2,340  
Cash outflow 37,710

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

Q2 report 2024 Page 35  
10. Note to cash flow statement 
tEUR Q2 2024 Q2 2023 YTD 2024 YTD 2023 2023             
Acquisition of business combinations:           
Net Cash outflow  
from business combinations at acquisition - 37,710  - 29,767  - 70,318  - 29,767  - 57,282  
Business Combinations  
deferred payments from current period  0  0  0  0  0 
Deferred payments  
- business combinations from prior periods - 8,511   0 - 46,181   0  0 
Total cash flow from business combinations - 46,221  - 29,767  - 116,499  - 29,767  - 57,282  
            
Acquisition of intangible assets:           
Acquisitions through asset transactions  0 - 2,042   0 - 15,944  - 50,639  
Deferred payments related to acquisition value   0  0  0  0 - 494  
Deferred payments  
- acquisitions from prior periods  0 - 63   0 - 488  - 9,745  
Intangible assets with no cash flow effect  0 1,889   0 13,011  33,613  
Other investments - 5,043  - 203  - 8,032  - 203  - 203  
Total cash flow from intangible assets - 5,043  - 419  - 8,032  - 3,624  - 27,468

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

Q2 report 2024 Page 36  
Financial statements for the period  
Income statement – Parent company  
 
 
 
Statement of other comprehensive income 
tEUR Q2 2024 Q2 2023 YTD 2024 YTD 2023 2023             
Profit for the period 28,021  5,543  40,986  8,366  39,269  
            
Other comprehensive income           
Other comprehensive income that may be  
reclassified to profit or loss in subsequent periods:           
Fair value adjustment of hedges for the year   0  0 483  - 483  - 483  
Currency translation to presentation  
currency 99  - 962  - 2,510  - 1,603  - 910  
Currency translation of non-current  
intercompany loans           
Income tax  0  0  0  0  0 
Net other comprehensive income/loss 99  - 962  - 2,510  - 1,603  - 1,393  
Total comprehensive income/(loss) for the period, net of tax 28,120  4,581  38,959  6,280  37,877  
 
 
  
tEUR Q2 2024 Q2 2023 YTD 2024 YTD 2023 2023             
Revenue 36,860  24,506  66,765  48,204  98,513              
Other operating income 3,122  4,879  6,244  8,894  12,516              
Direct costs related to revenue 6,442  6,385  11,620  11,078  23,071  
Staff costs  13,078  9,757  25,573  18,616  40,796  
Depreciation 511  134  1,199  312  1,438  
Other external expenses 6,847  3,826  12,884  8,243  18,632              
Operating profit before amortization (EBITA) and special 
items 13,104  9,282  21,734  18,849  27,091              
Amortization 2,644  2,242  5,978  3,836  9,908              
Operating profit (EBIT) before special items 10,460  7,040  15,755  15,013  17,182              
Special items, net 2,533  - 772  1,945  - 1,167  312              
Operating profit 12,993  6,268  17,701  13,846  17,494  
Financial income 25,437  8,587  41,135  12,591  70,010  
Financial expenses 6,840  9,367  13,945  17,363  45,054              
Profit before tax 31,590  5,488  44,891  9,074  42,450  
Tax on profit for the period 3,569  - 54  3,905  708  3,181              
Profit for the period 28,021  5,543  40,986  8,366  39,269

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

Q2 report 2024 Page 37  
Statement of financial position – Parent company 
 
 
 
 
  
tEUR Q2 2024 Q2 2023 2023         
Assets               
Non-current assets       
Intangible assets       
Goodwill 17,801  17,825  17,812  
Domains and websites 168,864  168,606  167,831  
Accounts and other intangible assets 54,589  21,533  50,418  
Total intangible assets 241,254  207,964  236,061          
Tangible assets       
Right of use assets 7,948  189  7,469  
Fixtures and fittings, other plant and equipment 2,893  1,032  2,494  
Total tangible assets 10,841  1,221  9,962          
Financial assets       
Investments in subsidiaries 377,022  220,151  234,330  
Receivables from subsidiaries 347,968  268,778  282,016  
Deposits 998  1,096  940  
Total financial assets 725,988  490,024  517,285          
Total non-current assets 978,083  699,209  763,308          
Current assets       
Trade and other receivables 24,045  10,599  15,735  
Receivables from subsidiaries 19,269  31,761  13,153  
Tax receivable 2,579  6,202  1,479  
Prepayments 2,976  2,469  2,453  
Other current financial assets 454  12,395  6,804  
Cash 30,840  22,737  17,825  
Total current assets 80,164  86,163  57,450          
Total assets 1,058,247  785,372  820,758  
tEUR Q2 2024 Q2 2023 2023         
Equity and liabilities               
Equity       
Share Capital 630  552  554  
Share Premium 466,380  272,786  274,580  
Currency Translation Reserve - 2,846  - 1,029  - 336  
Hedging reserves  0  0 - 483  
Treasury shares  0 - 17,249  - 21,057  
Retained Earnings 237,196  158,170  189,953  
Total equity 701,360  413,230  443,211  
        
Non-current Liabilities       
Debt to credit institutions 246,739  246,932  248,657  
Lease liabilities 6,696   0 6,024  
Deferred tax liabilities 17,022  11,275  13,832  
Other non-current financial liabilities 199  26,842  25,261  
Total non-current liabilities 270,656  285,050  293,774          
Current Liabilities       
Prepayments received from customers and deferred revenue  2,543  - 1,172  312  
Trade and other payables 6,386  5,529  11,495  
Payables to subsidiaries 12,657  34,882  11,993  
Tax payable 736  44  196  
Other current financial liabilities 62,588  47,599  58,295  
Lease liabilities 1,320  210  1,483  
Total current liabilities 86,231  87,092  83,773  
Total liabilities 356,887  372,142  377,547  
Total equity and liabilities 1,058,247  785,372  820,758

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

Q2 report 2024 Page 38  
Statement of changes in equity – Parent company 
tEUR 
Share  
capital 
Share  
premium 
Currency 
transla-
tion re-
serve 
Hedging 
reserves 
Treasury  
shares 
Retained 
earnings 
Total  
equity                 
As of January 1, 2024 554  274,580  - 336  - 483  - 21,057  189,953  443,211  
Result for the period  0  0  0  0  0 40,986  40,986  
                
Fair value adjustment of 
hedges  0  0  0 483   0  0 483  
Currency translation  
to presentation currency  0  0 - 2,510   0  0  0 - 2,510  
Tax on other  
comprehensive income  0  0  0  0  0  0  0 
Total other  
comprehensive income  0  0 - 2,510  483   0  0 - 2,027  
Total comprehensive income for the year  0  0 - 2,510  483   0 40,986  38,959  
                
Transactions with owners               
Capital Increase 76  191,800   0  0  0  0 191,876  
Acquisition of treasury shares  0  0  0  0 - 2,197   0 - 2,197  
Disposal of treasury shares  0  0  0  0 23,254  9,017  32,271  
Share based payments  0  0  0  0  0 209  209  
Transaction cost  0  0  0  0  0 - 2,969  - 2,969  
Total transactions with owners 76  191,800   0  0 21,057  6,257  219,190  
                
At June 30, 2024 630 466,380  - 2,846   0  0 237,196  701,360  
During the period no dividend was paid. 
 
 
 
 
 
tEUR 
Share  
capital 
Share  
premium 
Currency 
transla-
tion re-
serve 
Hedging 
reserves 
Treasury  
shares 
Retained 
earnings 
Total  
equity 
                
As of January 1, 2023 551  272,550  574   0 - 7,669  145,047  411,054  
Result for the period  0  0  0  0  0 8,366  8,366  
                
Other comprehensive income 0  0   0  0 0  0  0  
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  0 8,366  6,763  
                
Transactions with owners               
Capital Increase 0  236   0  0  0 3,156  3,393  
Acquisition of treasury shares  0  0  0  0 - 9,571   0 - 9,571  
Disposal of treasury shares  0  0  0  0  0  0  0 
Share based payments  0  0  0  0  0 1,604  1,604  
Transaction cost  0  0  0  0 - 10  - 4  - 14  
Total transactions with owners 0  236   0  0 - 9,580  4,757  - 4,587  
                
At June 30, 2023 552  272,786  - 1,029   0 - 17,249  158,170  413,230  
During the period no dividend was paid.

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

Q2 report 2024 Page 39  
Statement of changes in equity – Parent company 
tEUR 
Share  
capital 
Share  
premium 
Currency 
transla-
tion re-
serve 
Hedging 
reserves 
Treasury  
shares 
Retained 
earnings 
Total  
equity                 
As of January 1, 2023 551  272,550  574   0 - 7,669  145,047  411,054  
Result for the period  0  0  0  0  0 39,269  39,269  
                
Fair value adjustment of 
hedges  0  0  0 - 483   0  0 - 483  
Currency translation  
to presentation currency  0  0 - 910   0  0  0 - 910  
Tax on other  
comprehensive income  0  0  0  0  0  0  0 
Total other  
comprehensive income  0  0 - 910  - 483   0  0 - 1,393  
Total comprehensive income for the year  0  0 - 910  - 483   0 39,269  37,877  
                
Transactions with owners               
Capital Increase 3  2,030   0  0  0 3,154  5,187  
Acquisition of treasury shares  0  0  0  0 - 13,375   0 - 13,375  
Disposal of treasury shares  0  0  0  0  0  0  0 
Share based payments  0  0  0  0  0 2,495  2,495  
Transaction cost  0  0  0  0 - 13  - 12  - 26  
Total transactions with owners 3  2,030   0  0 - 13,389  5,636  - 5,720  
                
At December 31, 2023 554  274,580  - 336  - 483  - 21,057  189,953  443,211  
During the period no dividend was paid.

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

Q2 report 2024 Page 40  
    
The group uses and communicate certain Alternative Performance Measures (“APM”), which are not defined under IFRS. 
Such are not to replace performance measures defined and under IFRS. The APM’s may not be indicative of the group’s 
historical operating results, nor are such measures meant to be predictive of the group’s future results. The group be-
lieves however that the APMs are useful supplemental indicators that may be used to assist in evaluating a company’s 
future operating performance, and its ability to service its debt. Accordingly, the APMs are disclosed to permit a more 
complete and comprehensive analysis of the group’s operating performance, consistently with how the group’s business 
performance is evaluated by the Management. The group believes th at the presentation of these APMs enhances an 
investor’s understanding of the group’s operating performance and the group’s ability to service its debt. Accordingly, 
the group discloses the APM’s to permit a more complete and comprehensive analysis of its operating performance 
relative to other companies and across periods, and of the group’s ability to service its debt. However, these APM’s may 
be calculated differently by other companies and may not be comparable with APM’s with similarly titled measures used 
by other companies. The group’s APMs are not measurements of financial performance under IFRS and should not be 
considered as alternatives to other indicators of the Company’s operating performance, cash flows or any other 
measures of performance derived in accordance with IFRS. The group’s APM’s have important limitations as analytical 
tools, and they should not be considered in isolation or as substitutes for analysis of the group’s results of operations as 
reported under IFRS. Our currently applied APM’s are summarized and described below. 
Alternative Performance Measures 
Alternative  
Performance Measure Description SCOPE 
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 of 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. 
Alternative  
Performance Measure Description SCOPE 
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. 
Net Debt / EBITDA  
before special items* 
(Interest bearing debt, minus cash and cash 
equivalents) / EBITDA before special items on 
rolling twelve months basis 
This ratio is used to describe the horizon for pay 
back of the interest-bearing debt and measures the 
leverage of the funding. 
Liquidity ratio Current Assets / Current Liabilities Measures the ability of the group to pay its  current 
liabilities using current assets. 
Equity to assets ratio Equity / Total Assets Reported to show how much of the assets in the 
company is funded by equity 
Cash conversion rate 
before special items 
(Cash flow from operations before special 
items + Cash from CAPEX) / EBITDA before 
special items 
This APM is reported to illustrate the Group’s ability 
to convert profits to cash 
NDC New depositing customers A key figure to reflect the Group’s ability to fuel 
long-term revenue and organic growth 
Organic Growth Revenue growth as compared to the same pe-
riod previous year. Organic growth from ac-
quired companies or assets are calculated 
from the date of acquisition measured against 
the historical baseline performance. 
Reported to measure the ability to generate growth 
from existing business 
Alternative Performance Measures  
and Definitions

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Alternative  
Performance Measure Description SCOPE 
Recurring revenue Recurring revenue is a combined set of reve-
nues that is defined as recurring as manage-
ment considers that the sources of these rev-
enue streams will continuously generate reve-
nue over a variable period of time and size e.g. 
if players continue to bet with gaming opera-
tors with which BC has revenue share agree-
ments, customers continue current subscrip-
tions or if BC on a current basis receive reve-
nues from customers having current market-
ing agreements in respect of banners, etc. on 
the group’s websites. Accord ingly, it includes 
Revenue share income, CPM /Advertising and 
subscription revenues. 
The group reports this APM to distinguish between 
what management consider as recurring revenue 
streams and what management consider as non -re-
curring revenue streams, e.g. revenues reflecting 
one-time settlements with gaming operators.  
*Net debt definition has been changed from Q3, 2023 so it is excluding earn-outs. Comparatives have been changed accordingly. 
 
Definitions 
Term Description 
PPC Pay-Per-Click 
SEO Search Engine Optimization 
Sports win margin Sports net player winnings (operators) / sports wagering  
Sports wagering The value of bets placed by the players 
Recurring revenue Recurring revenue is a combined set of revenues that is defined as recurring. It includes revenue 
share income, CPM/Advertising and subscription revenues 
Board The Board of Directors of the company 
Executive management Executives that are registered with the Danish Company register  
Company Better Collective A/S, a company registered under the laws of Denmark

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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