Kvartalsrapport Q2 2025

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===== SIDA 1 =====

August 20th, 2025  
Better Collective A/S  
Sankt Annæ Plads 28-30 
1250 Copenhagen  (DK) 
www.bettercollective.com 
CVR NO.:  27 65 29 13 
  
 Interim report Q2, 2025 
• Revenue of 82 mEUR in line with expectations 
• Recurring revenue of 52 mEUR, 64% of total revenue 
• EBITDA before special items of 23 mEUR, 28% margin 
• Cost efficiency program has been effectuated with 50 mEUR in annualized savings 
• Full year guidance remains unchanged 
• The Board of Directors intends to initiate a new 20 mEUR share buyback program 
following the completion of the current program

===== SIDA 2 =====

Q2 report 2025 Page 1  Q2 report 2025 Page 1  
EBITDA before special items 
mEUR 
Recurring revenue 
mEUR 
Revenue 
mEUR

===== SIDA 3 =====

Q2 report 2025 Page 2  
Highlights Q2 3 
Financial targets 6 
Financial highlights and key figures 7 
CEO letter 8 
Business review and financial performance 10 
Other 16 
Statement by the Board of Directors and the 
Executive Management 18 
Condensed interim financial statements for the 
period 19
 
Notes 23 
Parent Company 32 
 
A conference call for Better Collective’s stakeholders 
will be held on August 21st , 2025, at 10:00 CET and can 
be joined online here.  
To participate by phone, follow this link. Once signed up, 
you will receive an email with a phone number and a per-
sonal dial-in code for the call. 
The presentation material for the webcast will be avail-
able after market close on August 20th, 2025, via: 
www.bettercollective.com  
 
Upcoming events 
• Q3 report – November 12th, 2025 
• Q4 / Annual report 2025 – February 25th, 2026 
  
 
 
  
 
   
Table of  
contents   Q2 webcast  
August 21st, 2025 
Q2 report 2025 Page 2

===== SIDA 4 =====

Q2 report 2025 Page 3  
Highlights Q2 
The financial guidance for the full year 2025 remains un-
changed. 
Revenue decreased by 18% to 8 2 mEUR, with organic 
growth decreasing by 19%. The development was in line 
with expectations. The Q2 performance reflects the fol-
lowing factors: 
1. The Brazilian market  r evenue-share income 
continued ahead of expectation and was  8 
mEUR lower than last year. This was 
supported by stronger -than-anticipated 
player retention and wagering activity.  
2. The North American business  performed in 
line with expectations. Revenue declined by 8 
mEUR versus Q2 2024, of which the FX impact 
was 2 mEUR, impacted by lower marketing 
spend and the North Carolina state launch last 
year. Revenue share income increased by 7% 
in the quarter, supported by the continued 
ramp-up of revenue share income from North 
American partners.
 
3. Tournament comparison effect : Last year’s 
second quarter benefited from the UEFA Eu-
ropean Championship and Copa América 
boost, resulting in  a year -on-year impact of 
estimated 5 mEUR
 
4. Growth:  During the quarter, we observed 
growth of 4 mEUR in our Paid Media business, 
alongside sustained momentum in Esports 
and M&A contributions from the acquisition of 
AceOdds.
 
5. The sports win margin was above expecta-
tions in Q2, similar to Q2 2024.
 
Recurring revenue declined by 15%, primarily driven by 
a 15% decrease in revenue share following the imple-
mentation of new regulation in Brazil. CPM revenue de-
creased by 25%, in line with broader market trends  and 
no larger sports tournaments in play compared to last 
year. While several initiatives to improve advertising 
revenue have been launched under the AdVantage pro-
ject to address this, the associated revenue uplift has yet 
to materialize. CPA revenue declined by  31%, reflecting 
lower partner activity in the US market. Sponsorship 
revenue was down 5% in line with expectations and sig-
nificantly better than market trends . Conversely, sub-
scription revenue increased by 8%, supported by com-
munity-based media in North America.

===== SIDA 5 =====

Q2 report 2025 Page 4  
Group costs decreased by 12 mEUR compared to the 
same period last year. This represents the first quarter 
with a similar year-over-year comparison, and the 12 
mEUR in quarterly savings, when annualized , align with 
the 50 mEUR target set at the launch of our cost effi-
ciency program in October 2024. Costs even further ac-
celerated during Q3 2024, particularly in connection 
with the NFL launch, before beginning to decline follow-
ing the program’s implementation. The majority of real-
ized savings is attributable to the Publishing segment.  
In addition to the 12 mEUR in direct cost reductions, our 
restructuring process earlier in 2025 identified further 
efficiencies, which have been reinvested into the busi-
ness to support future growth. With this, Better Collec-
tive confirms the achievement of its 50 mEUR cost sav-
ings ambition and will maintain its focus on disciplined 
capital allocation and operational efficiency. 
EBITDA before special items amounted to  23 mEUR, 
a 21% year-on-year decline in line with expectations, 
corresponding to an EBITDA margin before special 
items of 28%. 
The free cash flow amounted to 13  mEUR in Q 2 2025 
and 21 mEUR in YTD 2025, in line with expectations and 
the free cash flow guidance to reach 55-75 mEUR for the 
full year. 
Cash flow from operations before special items was 19  
mEUR with a cash conversion of 8 3% in Q2 2025.  The 
cash flow was negatively impacted by  continued de-
layed payments from customers in Brazil due to the new 
regulations, including establishing new commercial and 
administrative frameworks.  Better Collective  has re-
ceived the payments in Q3 2025. 
Better Collective has bank credit facilities of a total of 
319 mEUR. By the end of June  2025, capital reserves 
stood at 87  mEUR, consisting of cash of 22 mEUR and 
unused bank credit facilities of 65 mEUR. 
Better Collective reports Esports as its own segment  
from Q2 2025, underscoring the uniqueness and strate-
gic importance of the business. Anchored by flagship 
community platforms HLTV and FUTBIN, the segment 
reaches millions of highly engaged fans and generated 
5 mEUR in Q2  2025 revenue, compared with  20 mEUR 
for the full year 2024. The split -out enhances transpar-
ency for both internal and external focus.  
On 3 April 2025, Better Collective announced an expan-
sion of its digital sports audience to have increased by 
more than 10% from 400 to 450 million monthly visits 
globally.  
On 22 April 2025, Better Collective completed a buy-
back of 10 mEUR. Better Collective held 3.3% of the com-
pany’s outstanding share capital.  
On 22 April 2025, Better Collective held its Annual Gen-
eral Meeting, where all points were approved. Amongst 
other things, it was decided to cancel 1.8% of the com-
pany’s outstanding share capital to enhance share-
holder value. Thomas Plenborg, current Chairman of 
DSV A/S, was elected as a new member of the Board, as 
Petra Rohr decided to step down.  
On 21 May 2025, Better Collective announced the initia-
tion of a new buyback of up to 10 mEUR to be executed 
before 26th of August 2025, or until it is completed.

===== SIDA 6 =====

Q2 report 2025 Page 5  
New Depositing Customers (NDCs) developed in line 
with expectations excluding Brazil, however Brazil con-
tinued below expectations due to the regulatory frame-
work. The NDCs  reached 300k for the quarter  of which 
86% were revenue share.  Volumes continue to be af-
fected by regulatory restrictions in Brazil, specifically 
the prohibition of welcome bonuses. For comparison, 
Q2 last year delivered  501k NDCs, driven by approxi-
mately 100k sign -ups related to UEFA EURO 2024 and 
additional inflows from Copa América and the North 
Carolina state launch.  
Brazil has been a significant contributor to our NDC de-
velopment in the past years, which is showcased below. 
Splitting out the Brazilian NDCs, the underlying NDC 
trend remains healthy and more stable. 
Despite the decline in NDC volumes, the underlying per-
formance of the revenue share databases remains 
strong. This is reflected in the sustained strength of the 
Value of Deposits metric, shown below. This KPI 
measures the total value deposited by referred users 
across our partner platforms and serves as a clear indi-
cator of traffic quality and player value. The develop-
ment highlights Better Collective’s ability to consistently 
drive higher- quality traffic, with referred players 
demonstrating increased life time value -  even with 
lower NDC volumes. Hence, Better Collective focuses on 
and manages to send fewer, but higher-quality custom-
ers to our partners. The increase in Value of Deposits in 
recent years is partly attributable to the rapid expansion 
in Brazil, as well as the transition to revenue share in the 
US, where deposit values have grown but are yet to be 
recognized in reported revenue. Better Collective main-
tains its expectation of generating 10 -15 mEUR in reve-
nue share income from North America in 2025. 
The decline at the beginning of 2025 reflects the Brazil-
ian regulatory framework going live, while the increase 
in Q2 2025 reflects activity in Brazil increasing again.   
Significant events 
after the close 
The Board of Directors intends to initiate a new 2 0 
mEUR share buyback program following the completion 
of the current program.

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

Q2 report 2025 Page 6  
Financial targets  
2025 guidance  
Better Collective’s guidance for 2025 is unchanged as 
follows: 
• Revenue of 320-350 mEUR 
• EBITDA before special items of 100-120 mEUR  
• Free cash flow of 55-75 mEUR 
• Net debt to EBITDA below 3x 
2025 guidance implications 
Revenue growth will as expected be impacted by the 
Brazilian market regulation. Given the afore mentioned 
factors in Brazil, including taxation, added costs on net 
gaming revenue, and expected customer churn . Better 
Collective estimates a 50-70% decline in Brazilian reve-
nue share income in the short term, which impacts 
EBITDA for 2025 by an estimated 35-50 mEUR. H1 2024 
further provides a tough comparison with a 20 mEUR  
EBITDA before special items  effect stemming from a 
higher US marketing activity from partners last year, the 
state launch in North Carolina, and the European Cham-
pionships in soccer. On the other hand, Better Collective 
expects absolute growth in its European, Esports, South 
America (excl. Brazil), and Canadian businesses, as well 
as the US growing from its lower baseline. This is esti-
mated to generate EBITDA before special items growth 
boost of 20 to 40 mEUR in 2025. Lastly, the cost effi-
ciency program will have full effect of 50 mEUR for the 
year. All this combined means EBITDA before special 
items is guided flat versus last year. Following Q2, Better 
Collective sees no change to this.  
Long-term guidance for 2027 
• Positive organic growth from 2026 
• EBITDA margin before special items for  2027 con-
tinued at 35-40% 
• Continued strong cash conversion 
• Net debt to EBITDA below 3x 
2027 guidance assumptions 
When introducing the long-term guidance in 2023, Bet-
ter Collective included both organic growth and M&A. 
Given the changing market conditions and share price 
development, Better Collective will likely consider other 
capital allocation measures in the near term, such as 
bringing down debt and share buybacks.  
 
Disclaimer 
This report contains certain forward-looking statements 
and opinions. Forward -looking statements are state-
ments that do not relate to historical facts and events. 
Such statements or opinions pertaining to the future, for 
example, wording like; “believes”, “deems”, “estimates”, 
“anticipates”, “aims’, and “forecasts” or similar expres-
sions are intended to identify a statement as forward -
looking. This applies to statements and opinions con-
cerning the future financial returns, plans , and expecta-
tions with respe ct to the business and management of 
Better Collective , future growth, profitability, general 
economic and regulatory environment, and other mat-
ters affecting Better Collective.  
Forward-looking statements are based on current esti-
mates and assumptions made according to the best of 
Better Collective’s knowledge. These statements are in-
herently associated with both known and unknown risks, 
uncertainties, and other factors that could cause the re-
sults, including Better Collective’s cash flow, financial 
condition, and operations, to differ materially from the 
results, or fail to meet expectations expressly or implic-
itly, assumed or described in those statements or to turn 
out to be less favorable than the results expressly or im-
plicitly assumed or described in those statements. Bet-
ter Collective can give no assurance regarding the future 
accuracy of the opinions set forth herein or as to the ac-
tual occurrence of any predicted developments and/or 
targets. 
Considering the risks, uncertainties , and assumptions 
associated with forward-looking statements, it is possi-
ble that certain future events may not occur. Moreover, 
forward-looking estimates derived from third -party 
studies may prove to be inaccurate. Actual results, per-
formance or events may  differ materially from those in 
such statements e.g. due to changes in general eco-
nomic conditions, in particular economic conditions in 
the markets in which Better Collective  operates, 
changes affecting interest rate levels, changes affecting 
currency exchange rates, changes in competition levels, 
changes in laws and regulations, and occurrence of ac-
cidents or environmental damages and systematic de-
livery failures. We undertake no obligation to update or 
revise any for ward-looking statements, whether be-
cause of new information, future events , or otherwise, 
except to the extent required by law.

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Q2 report 2025 Page 7  
Financial highlights and key figures 
tEUR Q2 2025 Q2 2024 YTD 2025 YTD 2024 2024             
Income statements           
Revenue 81,549  99,121  164,140  194,152  371,487  
Recurring revenue 52,485  61,550  101,532  114,836  230,735  
Revenue Growth (%) -18% 27% -15% 17% 14% 
Organic Revenue Growth (%) -19% 5% -19% -1% -2% 
Operating profit before depreciation, amortization,  
and special items (EBITDA before special items)  22,519  28,537  44,524  57,548  113,403  
Operating profit before depreciation  
and amortization (EBITDA) 19,620  28,078  40,900  54,546  102,517  
Depreciation 1,750  1,631  3,715  3,103  6,990  
Operating profit before amortization  
and special items (EBITA before special items)  20,769  26,907  40,809  54,445  106,413  
Special items, net - 2,899  - 459  - 3,624  - 3,002  - 10,886  
Operating profit before amortization (EBITA) 17,870  26,447  37,185  51,444  95,527  
Amortization and impairment 8,019  7,884  16,575  16,118  34,080  
Operating profit before special items  
(EBIT before special items)  12,750  19,023  24,234  38,327  72,334  
Operating profit (EBIT) 9,851  18,564  20,610  35,326  61,447  
Result of financial items - 6,575  - 5,915  - 12,351  - 12,413  - 18,583  
Profit before tax 3,276  12,649  8,258  22,913  42,865  
Profit after tax 5,280  10,294  8,919  17,847  34,014  
Earnings per share (in EUR) 0.09  0.16  0.15  0.30  0.55  
Diluted earnings per share (in EUR) 0.08  0.16  0.14  0.28  0.53  
For a definition of financial key figures and ratios, please refer to page 35. 
 
 
 
tEUR Q2 2025 Q2 2024 YTD 2025 YTD 2024 2024             
Balance sheet           
Balance Sheet Total 1,085,423  1,174,540  1,085,423  1,174,540  1,172,119  
Equity 641,159  680,850  641,159  680,850  685,929  
Current assets 103,051  121,456  103,051  121,456  110,472  
Current liabilities 61,688  80,558  61,688  80,558  73,235  
Net interest bearing debt 250,179  216,704  250,179  216,704  238,953              
Cash flow           
Cash flow from operations before special items 18,776  27,184  39,418  48,850  101,009  
Cash flow from operations 15,001  26,310  33,693  36,327  82,619  
Investments in tangible assets - 30  - 609  - 206  - 1,570  - 3,942  
Cash flow from investment activities - 4,724  - 51,900  - 18,403  - 125,759  - 154,829  
Cash flow from financing activities - 8,728  20,710  - 16,214  111,650  99,154  
Free cash flow 13,425  17,364  21,152  33,793  62,480              
Financial ratios           
Operating profit before depreciation,  
amortization (EBITDA) and special items margin (%) 28% 29% 27% 30% 31% 
Operating profit before amortization margin (EBITDA) (%) 24% 28% 25% 28% 28% 
Operating profit margin (%) 12% 19% 13% 18% 17% 
Publishing EBITDA before special items margin (%) 26% 27% 27% 29% 30% 
Paid media EBITDA before special items margin (%) 26% 30% 24% 26% 27% 
Esports EBITDA before special items margin (%) 56% 54% 49% 55% 60% 
Net interest bearing debt / EBITDA before special items 2.49 2.03 2.49 2.03 2.11 
Liquidity ratio 1.67 1.51 1.67 1.51 1.51 
Equity to assets ratio (%) 59% 58% 59% 58% 59% 
Cash conversion rate before special items (%) 83% 93% 88% 83% 86% 
Average number of full-time employees 1,682  1,777  1,685  1,727  1,773  
NDCs (thousand) 300  501  616 951  1,754

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Q2 report 2025 Page 8  
CEO letter 
With the transition period be-
hind us, Better Collective en-
ters a sports -rich second half 
of the year with a sharpened 
strategic focus, ongoing World 
Cup 2026 preparations, and a 
solid foundation for growth 
across our three global busi-
ness units Publishing, Paid 
Media, and Esports. 
As we close the first half of 2025, I ’m pleased to report 
that developments have progressed as expected. The 
first half has marked the final stretch of a transition pe-
riod, shaped by tough comparative numbers and struc-
tural changes in key markets such as Brazil.  
Looking at Brazil, I am very satisfied with the first half 
year’s development following the market regulation and 
our teams have worked very hard to adapt to this new 
landscape. The market holds strong potential to return 
to growth. But for this to materialize, it is crucial that the 
environment becomes truly competitive. Today, the ab-
sence of welcome bonuses makes it challenging for 
sportsbooks to effectively attract new users, with many 
instead channelized to non-licensed markets. At the 
same time, the re cent suggestions  about increasing 
taxes shortly after the regulatory framework was 
introduced have created further uncertainty. In our 
view, a stable and competitive regulatory landscape is 
key to unlocking the full value of the Brazilian market -  
both for the country, sports fans, sportsbooks, and part-
ners alike. 
We are now entering the busier half of the year, when all 
major sports begin new seasons, with our new organiza-
tional structure in place, divided into Publishing, Paid 
Media, and Esports. 
Our Publishing business has been at the core of our re-
cent strategic restructuring efforts. With a more robust 
and scalable setup now in place, we have launched sev-
eral initiatives aimed at restoring momentum and driv-
ing long-term growth. 
One key area of focus is our continued development of 
the AdVantage project - our long -term initiative to 
strengthen advertising monetization across the busi-
ness. While the broader advertising market has experi-
enced a notable decline in CPM rates, our internal efforts 
have hel ped offset CPM-based revenues especially in 
esport. That is a meaningful achievement, even if it does 
not yet reflect immediate top-line growth.  
In addition, our Publishing business continues to build 
up a significant base of unrecognized revenue share in-
come in the US - value we expect to realize over the 
coming years as revenue share continues to scale. 
Looking ahead, we are focused on three clear priorities:  
1) driving global scale across our Publishing operations , 
creating commercial advertising success through Ad-
Vantage, and lastly, s ustaining product innovation to 
ensure long-term relevance and competitiveness. 
Our Paid Media  business was not impacted by the re-
cent strategic restructuring - and for good reason. It re-
mains a core pillar of our overall strategy and a key dif-
ferentiator for Better Collective.  
We invest upfront with a clear view of the near- term 
revenue impact and the long -term value creation 
through revenue share. This disciplined and data-driven 
approach is what makes the business model so effective. 
While revenue share income throughout the quarter was 
impacted by the regulatory transition in Brazil -  with 
Paid Media revenue share down 22% -  the business re-
mains resilient. Performance in other regions continues 
to be strong.  
Looking forward, the focus for Paid Media remains clear: 
continue identifying growth globally by supporting our 
partners in acquiring high-quality. 
If we look at our current NDC intake, impacting both 
Publishing and Paid Media, it is trending downward, 
mainly due to the Brazilian developments. Excluding the 
Brazilian NDCs from the development, it shows a more 
stable underlying picture. I am also encouraged by the 
underlying strength we continue to see in our data-
bases, as pictured in the Value of Deposits, which we are 
introducing from now on as a new KPI. This is a sign of 
the healthy core our business is built upon.  
We have introduced Esports as a standalone reporting 
segment to reflect its strategic importance and unique 
position within Better Collective. With HLTV and 
FUTBIN, we own two of the most influential brands in 
global Esports media, each serving large and highly en-
gaged communities. Since entering the industry in 2020, 
we’ve built a strong foundation. 
We continue to view  Esports as a long -term growth 
driver, despite muted performance in recent years and 
in the current quarter. In Q2, growth of 4% was impacted 
by a global decline in CPM rates over the past year. How-
ever, mitigating actions have been implemented to limit 
the impact of this decline.  With dedicated leadership 
and clear strategic focus, we are now accelerating ef-
forts to deliver richer user experiences, better moneti-
zation tools through AdVantage, and more value to fans 
and partners. 
The strength of HLTV and FUTBIN lies in their trust and 
relevance. By staying close to our communities and in-
vesting in innovation, we aim to build lasting loyalty -  
making these platforms both defensible and valuable for 
the future.

===== SIDA 10 =====

Q2 report 2025 Page 9  
Looking ahead to 2026, and  based on years of experi-
ence, we are confident that the 2026 World Cup in Soc-
cer, to be played in North America  and Mexico, will be 
the largest sporting event ever. As such, it represents a 
major strategic opportunity for Better Collective as we 
own some of the leading sports media across the region 
and in Europe. Partner discussions are already progress-
ing, product roadmaps are advancing, and multi -chan-
nel campaign planning is underway across the business. 
With our global audienc e reach, we are positioned to 
translate record-level attention into meaningful, lasting 
value for our partners and Better Collective. 
Our strategic priorities remain unchanged moving into 
the second half of the year: We will continue to scale the 
levers with the highest long -term impact, while main-
taining strong control of costs and capital. With our 
global structure now firmly in place and a healthy share 
of recurring revenue, we are well-positioned to reaccel-
erate top-line growth in 2026. 
To all our employees - thank you for your hard work and 
dedication during this transition period. And to our part-
ners and shareholders -  thank you for your continued 
confidence and collaboration. Together, we are building 
a stronger, more agile Better Collective, ready to lead 
the next phase of digital sports media as the digital 
home of sports fans. 
Jesper Søgaard 
Co-CEO & Co-Founder  
 
 
 
 
 
 
 
 
 
 
 
  
    
Q2 report 2025 Page 9

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

Q2 report 2025 Page 10  
Business review 
and financial 
performance 
Group 
The financial guidance for the full year 2025 remains un-
changed. 
Revenue decreased by 18% to 82 mEUR, with organic 
growth decreasing by 19%. The development was in line 
with expectations. The Q2 performance reflects the fol-
lowing factors: 
1. The Brazilian market  r evenue-share income 
continued ahead of expectation and was  8 
mEUR lower than last year. This was sup-
ported by stronger -than-anticipated player 
retention and wagering activity.  
2. The North American business  performed in 
line with expectations during the seasonally 
low second quarter . Revenue declined by 8 
mEUR versus Q2 2024, of which the FX impact 
was 2 mEUR. Revenue share income increased 
by 7% in the quarter, supported by the contin-
ued ramp -up of revenue share income from 
North American partners.
 
3. Tournament comparison effect : Last year’s 
second quarter benefited from the UEFA Eu-
ropean Championship and Copa América 
boost, resulting in a year-on-year impact of 5 
mEUR
 
4. Growth:  During the quarter, we observed 
growth of 4 mEUR in our Paid Media business, 
alongside sustained momentum in Esports 
and selected European markets.
 
5. The sports win margin was above expecta-
tions, similarly to last year.  
Recurring revenue declined by 15%, primarily driven by 
a 15% decrease in revenue share following the imple-
mentation of new regulation in Brazil. CPM revenue de-
creased by 25%, in line with broader market trends and 
no larger sports tournaments in play compared to last 
year. While several initiatives to improve advertising 
revenue have been launched under the AdVantage 
project to address this, the associated revenue uplift 
has yet to materialize. CPA revenue declined by  31%, 
reflecting lower partner activity in the US market. 
Sponsorship revenue was down 5% in line with expec-
tations and significantly better than market trends . 
Conversely, subscription revenue increased b y 8%, 
supported by community-based media in North Amer-
ica. 
Group costs decreased by 12 mEUR compared to the 
same period last year. This represents the first quarter 
with a similar year- over-year comparison, and the 12 
mEUR in quarterly savings, when annualized, align with 
the 50 mEUR target set at the launch of our cost effi-
ciency program on 1 October 2024. Costs even further 
accelerated during Q3 2024, particularly in connection 
with the NFL launch, before beginning to decline follow-
ing the program’s implementation. The majority of real-
ized savings is attributable to the Publishing segment.  
In addition to the 12 mEUR in direct cost reductions, our 
restructuring process earlier in 2025 identified further 
efficiencies, which have been reinvested into the busi-
ness to support future growth. With this, Better Collec-
tive confirms the achievement of its 50 mEUR cost sav-
ings ambition and will maintain its focus on disciplined 
capital allocation and operational efficiency. 
EBITDA before special items amounted to  23 mEUR, 
a 21% year-on-year decline in line with expectations, 
corresponding to an EBITDA margin before special 
items of 28%. 
 
 
  
Key figures for the group 
tEUR Q2 2025 Q2 2024 Growth YTD 2025 YTD 2024 Growth               
Revenue Share 41,452  48,556  -15% 78,347  91,194  -14% 
CPA 17,524  25,486  -31% 39,025  54,727  -29% 
Subscription 4,281  3,969  8% 9,205  8,217  12% 
Sponsorships 11,272  11,821  -5% 23,044  24,081  -4% 
CPM 6,752  9,025  -25% 13,981  15,425  -9% 
Other 268  264  1% 538  509  6% 
Revenue 81,549  99,121  -18% 164,140  194,152  -15% 
Cost 59,031  70,584  -16% 119,616  136,604  -12% 
Operating profit before depreciation and amortization 
and special items 22,519  28,537  -21% 44,524  57,548  -23% 
EBITDA-Margin before special items 28% 29%   27% 30%   
Operating profit before depreciation and amortization 19,620  28,078  -30% 40,900  54,546  -25% 
EBITDA-Margin 24% 28%   25% 28%   
Organic Growth -19% 5%   -19% -1%

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

Q2 report 2025 Page 11  
Publishing 
Publishing revenue declined 22% to 52 mEUR, primarily 
impacted by developments in Brazil and the US. 
Revenue share was down 1 2%, driven by the regulatory 
transition in Brazil. Revenue share income in North 
America grew 7% as the shift toward the revenue share 
model continues to gain traction. Better Collective con-
tinues to expect 10-15 mEUR in pure revenue share from 
North America in 2025. 
CPA revenue was significantly lower than last year, re-
flecting the exceptionally strong comparison period 
from 2024, which was boosted by the state launch in 
North Carolina in March - also benefiting Q2 last year. In 
addition, overall US activity declined . These factors im-
pacted the quarter by 8 mEUR of which 2 mEUR was FX 
impact.  
Subscription revenue grew by 15%, supported by solid 
performance in select US -based community products  
such a s PaylayScience , while sponsorship revenue re-
mained stable compared to the same period last year.  
CPM revenue declined 27% in line with the market trend, 
mainly due to market-driven softness in North America. 
As mentioned, Better Collective has implemented sev-
eral initiatives to improve CPM revenue, which are yet to 
materialize into revenue growth. 
Costs were down 22% or by 11 mEUR, in line with expec-
tations and reflecting the cost efficiency program initi-
ated in October 2024.  
EBITDA before special items came in at 13 mEUR, corre-
sponding to a 26% margin. 
Publishing accounted for 64% of group revenue and 
contributed 44% of group EBITDA before special items. 
 
 
 
 
 
 
 
  
Key figures for the Publishing segment 
tEUR Q2 2025 Q2 2024 Growth YTD 2025 YTD 2024 Growth               
Revenue Share 29,868  34,037  -12% 56,222  63,193  -11% 
CPA 3,661  12,422  -71% 10,858  27,319  -60% 
Subscription 4,281  3,716  15% 9,205  8,217  12% 
Sponsorships 8,483  8,776  -3% 17,916  17,389  3% 
CPM 5,223  7,480  -30% 10,659  11,490  -7% 
Other 268  264  1% 538  505  7% 
Revenue 51,785  66,695  -22% 105,399  128,116  -18% 
Share of Group 64% 67%   64% 66%   
Cost 38,415  49,006  -22% 77,306  90,666  -15% 
Share of Group 65% 69%   65% 66%   
              
Operating profit before depreciation and amortization 
and special items 13,370  17,690  -24% 28,093  37,449  -25% 
Share of Group 59% 62%   63% 65%   
EBITDA-Margin before special items 26% 27%   27% 29%   
Operating profit before depreciation and amortization 11,173  17,230  -35% 25,171  34,463  -27% 
EBITDA-Margin 22% 26%   24% 27%   
Organic Growth -24% 3%   -23% 2%    
Publishing  
 
 
The Publishing business generates revenue 
from Better Collective’s owned and oper-
ated sports media network and its media 
partnerships. The audience mainly comes 
from direct traffic and organic search re-
sults. 
 
 
 
*Selection of brands (not exhaustive):

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

Q2 report 2025 Page 12  
Paid Media  
Paid Media revenue declined 10 %, primarily due to the 
regulatory transition in Brazil, which impacted revenue 
share income  by -20%. CPA revenue grew 6%.  Better 
Collective continues to see good momentum in its Paid 
Media business and continues to invest in future growth. 
Costs were down 5 %, as Paid Media was not impacted 
by the cost efficiency program initiated last year, and 
the business continues to build future revenue share in-
come.  
EBITDA before special items decreased 22% to 7 mEUR, 
resulting in a n EBITDA margin before special items of 
26%. 
Paid Media contributed 31% of group revenue and deliv-
ered 29% of group EBITDA before special items.  
 
.  
 
 
 
 
 
 
 
 
Key figures for the Paid Media segment 
tEUR Q2 2025 Q2 2024 Growth YTD 2025 YTD 2024 Growth               
Revenue Share 11,253  14,015  -20% 21,549  26,888  -20% 
CPA 13,856  13,059  6% 28,140  27,394  3% 
Subscription  0  0 0%  0  0 0% 
Sponsorships 0  873  -100% 1  2,381  -100% 
CPM  0  0 0%  0  0 0% 
Other 0   0 0% 0  4  -87% 
Revenue 25,109  27,947  -10% 49,690  56,668  -12% 
Share of Group 31% 28%   30% 29%   
Cost 18,549  19,503  -5% 37,700  41,720  -10% 
Share of Group 31% 28%   32% 31%   
              
Operating profit before depreciation and amortization 
and special items 6,560  8,444  -22% 11,989  14,948  -20% 
Share of Group 29% 30%   27% 26%   
EBITDA-Margin before special items 26% 30%   24% 26%   
Operating profit before depreciation and amortization 5,858  8,444  -31% 11,287  14,932  -24% 
EBITDA-Margin 23% 30%   23% 26%   
Organic Growth -10% 8%   -12% -7%    
Paid Media  
 
The Paid Media business involves purchas-
ing advertising on search engines, social 
media, and third-party sports media plat-
forms. Because this requires upfront pay-
ments for advertising on external plat-
forms, the gross margin is typically lower 
than that of the Publishing business, due to 
substantial direct costs, and may fluctuate 
with the level of activity and investments 
into revenue share NDCs

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

Q2 report 2025 Page 13  
Esports 
Esports revenue grew by 4% in Q2 Sponsorship revenue 
increased by 28%, driven primarily by strong demand for 
HLTV brand inventory. CPM revenue declined by 15% , a 
result that outperformed broader market trends, sup-
ported by several initiatives implemented to strengthen 
advertising performance across Better Collective.  
Costs were flat at 2 mEUR as the E sports division was 
not impacted by the cost efficiency program initiated 
last year. This resulted in EBITDA before special items of 
3 mEUR and an EBITDA margin of 56%. 
In Q2, Esports contributed 6% of group revenue and ac-
counted for 11% of group EBITDA before special items. 
 
 
 
  
    
Key figures for the Esports segment 
tEUR Q2 2025 Q2 2024 Growth YTD 2025 YTD 2024 Growth               
Revenue Share 331  504  -34% 575  1,112  -48% 
CPA 7  5  40% 27  14  100% 
Subscription  0  0 0%  0 0  -100% 
Sponsorships 2,788  2,172  28% 5,127  4,310  19% 
CPM 1,529  1,798  -15% 3,322  3,935  -16% 
Other  0  0 0%  0  0 0% 
Revenue 4,655  4,480  4% 9,051  9,370  -3% 
Share of Group 6% 5%   5% 5%   
Cost 2,067  2,075  0% 4,609  4,219  9% 
Share of Group 3% 4%   4% 3%   
              
Operating profit before depreciation and amortization 
and special items 2,588  2,405  8% 4,442  5,152  -14% 
Share of Group 11% 11%   10% 9%   
EBITDA-Margin before special items 56% 54%   49% 55%   
Operating profit before depreciation and amortization 2,588  2,405  8% 4,442  5,152  -14% 
EBITDA-Margin 56% 54%   49% 55%   
Organic Growth 4% -11%   -3% -23%    
Esports  
 
Reported for the first time as a stand‑alone 
segment in Q2 2025, Esports encompasses 
Better Collective’s flagship community 
platforms HLTV (Counter‑Strike) and 
FUTBIN (EA Sports FC). The business mon-
etizes primarily through programmatic and 
direct advertising, sponsorships, and an 
emerging layer of premium data products. 
 
         We see Esports as a powerful growth engine for Better Collective going forward. With HLTV and FUTBIN, we 
own two of the most respected and influential community platforms in global Esports, giving us a rare opportunity 
to serve millions of passionate fans and grow alongside the scene. By establishing Esports as its own segment, we 
sharpen our strategic focus, increase transparency, and create room to invest even faster in new features, content, 
and partnerships, so we can unlock the full potential of these communities. Platforms that are deeply embedded in 
the fabric of Esports are hard to replicate, and we are committed to nurturing them for the long-term benefit of 
fans, partners, and shareholders alike.” 
Jesper Søgaard, Co -CEO and Co -Founder of Better Collective

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

Q2 report 2025 Page 14  
Financial 
performance for the 
period 
Revenue decline of 18% to 
82mEUR  
Revenue showed a decline versus Q2 2024 of 18% and 
amounted to 82 mEUR (Q2 2024: 99 mEUR). Revenue 
share accounted for 51% of the revenue, with 22% com-
ing from CPA, 5% from subscription sales, sponsorships 
14% and 8% from CPM.  
Cost of 59 mEUR - down 16% vs 
Q2 2024 
Group costs decreased by 12 mEUR, corresponding to a 
16% reduction. The cost decrease reflects our  cost sav-
ings, our restructuring process earlier in 2025 identified 
further efficiencies, which have been reinvested into the 
business to support future growth. With this, Better Col-
lective concludes that the 50 mEUR cost savings ambi-
tion has been successfully achieved. 
Staff cost decreased 13% to 27 mEUR Q2 2025 (Q2 2024: 
31 mEUR) due to the decrease in the number of employ-
ees. Staff cost include costs related to warrants of 1 
mEUR (Q2 2024: 1 mEUR).  
Total direct cost relating to revenue decreased by 5 
mEUR to 24 mEUR (Q2 2024: 29 mEUR), corresponding 
to a decrease of 18%. 
Other external costs decreased  2 mEUR or 23 % to 8 
mEUR (Q2 2024: 10 mEUR). 
Depreciation and amortization  amounted to 10 mEUR 
(Q2 2024: 10 mEUR), at par with Q2 2024.  
Special items 
Special items amounted to an expense of 3 mEUR (Q2 
2024: 1 mEUR). The net expense of 3 mEUR is primarily 
related to organizational restructuring. 
Earnings 
Operational earnings (EBITDA) before special items de-
creased 21% to 23 mEUR ( Q2 2024 : 29 mEUR). The 
EBITDA margin before special items was 28% (Q2 2024: 
29%). Including special items, the reported EBITDA was 
20 mEUR (Q2 2024: 28 mEUR).  
EBIT before special items de creased 33% to 13 mEUR 
(Q2 2024 : 19 mEUR). Including special items, the re-
ported EBIT was 10 mEUR (Q2 2024: 19 mEUR). 
Net financial items 
Net financial costs amounted to 7 mEUR ( Q2 2024 : 6 
mEUR) and included net interest, fees relating to bank 
credit lines, and unrealized exchange rate adjustments. 
These costs are impacted by an unrealized loss of 5 
mEUR related to USD and GBP fluctuations. 
Interest expenses totaled  3 mEUR and comprised  non-
payable, calculated interest expenses on certain balance 
sheet items, with a total net cash flow effect of 3 mEUR. 
Income tax 
Better Collective has a tax presence in the places where 
it is incorporated. Income tax amounted a tax income of 
net to 2 mEUR (Q2 2024: -2 mEUR). The Effective Tax 
Rate was -61% (Q2 2024: 19%). The tax rate is impacted 
by a reassessment of the deductibility of certain foreign 
currency exchange losses in past years.  
Net profit 
Net profit after tax was 5 mEUR (Q2 2024 : 10 mEUR). 
Earnings per share (EPS) was EUR/share 0.09 versus 
0.16 EUR/share in Q2 2024. 
 
 
 
 
 
  
Q2 report 2025 Page 14

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

Q2 report 2025 Page 15  
Equity 
The equity decreased to 641 mEUR as per June 30, 2025, 
from 686 mEUR on December 31, 2024. Besides the net 
profit of 9 mEUR, the equity has been primarily  im-
pacted negatively by currency translations of 42 mEUR 
and share buy-back of 14 mEUR.  
On 26 May 2025, Better Collective A/S completed a 
share capital reduction by cancelling 1,117,757 treasury 
shares, equivalent to 1.8% of the company’s outstanding 
share capital. 
Balance sheet  
Total assets amounted to 1, 085 mEUR (202 4: 1,174 
mEUR). This corresponds to an equity to assets ratio of 
59% (2024: 58%).  
The liquidity ratio was 1.67 resulting from current assets 
of 103 mEUR and current liabilities of 62 mEUR. The ratio 
of net interest -bearing debt to EBITDA before special 
items was 2.49.  
Cash flow and financing 
Cash flow from operations before special items was 19 
mEUR (Q2 2024 : 27 mEUR) with a cash conversion of 
83% in Q2 2025.  
Better Collective has bank credit facilities of a total of 
319 mEUR. By the end of June  2025 , capital reserves 
stood at 87  mEUR consisting of cash of 22 mEUR and 
unused bank credit facilities of 65 mEUR. 
The parent company 
Better Collective A/S is the group’s parent company. 
Revenue declined  by 13 % to 32  mEUR (Q2 2024 : 37 
mEUR). Total costs, including depreciation and amorti-
zation, were 26 mEUR (Q2 2024: 30 mEUR). Profit after 
tax was -6 mEUR (Q2 2024 : 28 mEUR). The change in 
profit after tax is primarily due to a decrease in revenue 
and exchange rate adjustments due to USD  and GBP . 
Total equity ended at 6 86 mEUR by June 30 , 202 5 
(2024: 701 mEUR). The equity was primarily impacted 
by the share buy back and net profit.  
 
 
 
 
Q2 report 2025 Page 15

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

Q2 report 2025 Page 16  
Other 
Shares and share capital 
Better Collective A/S is listed on Nasdaq Stockholm 
main market and Nasdaq Copenhagen main market. The 
shares are traded under the ticker “BETCO” and “BETCO 
DKK”. As per June 30, 2025, the share capital amounted 
to 619,588.70 EUR, and the total number of issued 
shares was 61,958,870. 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, 2025, the total number of shareholders 
was 5,489. A list of the  top ten shareholders in Better 
Collective A/S can be found on Better Collective’s web-
site. 
Incentive programs 
To attract and retain key competenc ies, the company 
has established warrant programs for certain key em-
ployees. All warrants with the right to subscribe for one 
ordinary share. If all outstanding long -term incentive 
programs are subscribed, the maximum shareholders 
dilution will be approximately 4.66%. On March 7, 2025, 
the board of directors implemented a Long-Term Incen-
tive Plan (LTI) for key employees in the Better Collective 
group.  
The grants u nder the LTI in 202 5 cover 1,114,577 share 
options to 220 key employees in total, vesting over a 3-
year period. The total value of the 202 5 LTI grant pro-
gram is 5 mEUR (calculated Black-Scholes value).  
Thomas Plenborg, member of t he Board of D irectors, 
has on the Company’s annual general meeting held on 
Tuesday 22 April 2025 been granted 25,000 stock op-
tions. 
Risk management 
Through an Enterprise Risk Management process, vari-
ous gross risks in Better Collective are identified. Each 
risk is described, including current risk mitigation in 
place or planned mitigating actions. The subsequent 
analysis of the identified risks includ es an inherent risk 
evaluation based on two main parameters: probability 
of occurrence and impact on future earnings and cash 
flow. Better Collective’s management continuously 
monitors risk development in the Better Collective 
group. The risk evaluation is  presented to the Board of 
Directors annually. The board evaluates risk dynamically 
to account for this variation in risk impact. The policies 
and guidelines in place stipulate how management must  
work with risk management. 
Better Collective’s compliance with these policies and 
guidelines is also monitored by the management on an 
ongoing basis. Better Collective seeks to identify and 
understand risks and mitigate them accordingly. Also, 
Better Collective’s close and longstanding relationships 
with customers allow Better Collective to anticipate and 
respond to market movements and new regulations, in-
cluding compliance requirements from authorities and 
sportsbooks.  
With the continued expansion in North and South Amer-
ica, the overall  risk profile of Better Collective has 
changed, and compliance as well as financial risk have  
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, a nd legal organization dedi-
cated to the North  and South American  operations. 
Other key risk factors are described in the Annual report 
2024. 
 
Program 
Long-term incentive programs  
outstanding June, 2025 Vesting period  Exercise period  
Exercise price  
DKK 
Exercise price  
EUR (rounded) 
2020** 0 2021-2023 2023-2025 61.49 8.24 
2020* 163,999 2021-2023 2023-2025 106.35 14.26 
2021* 377,372 2022-2024 2024-2026 150.41 20.16 
2021 US MIP Options 43,358 2021-2024 2024-2026 138.9 18.62 
2022 US MIP Options 15,238 2022-2023 2023-2026 107.25 14.38 
2022 Options 20,346 2022-2024 2025-2027 130.98 17.56 
2022 PSU 0 2022-2024 2025-2027     
2023 CXO Options 300,000 2023-2025 2026-2028 142.08 19.05 
2023 Options 234,525 2023-2025 2026-2028 87.06 11.67 
2023 PSU 111,631 2023-2025 2026-2028     
2024 Options 426,870 2024-2026 2027-2029 173.87 23.31 
2024 PSU 51,949 2024-2026 2027-2029     
2025 Options 1,144,577 2025-2028 2028-2030 78.2 10.48 
* Key employees and members of executive management

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

Q2 report 2025 Page 17  
V 
Contacts 
VP of Investor Relations & Communications; 
Mikkel Munch-Jacobsgaard 
investor@bettercollective.com  
This information is the type of information that Better 
Collective A/S is required to disclose to the public under 
the EU Market  Abuse Regulation. The information was 
submitted for publication, through the agency of the 
contact person set out above , on 20 August 2025 after 
market close (CET). 
About 
Better Collective owns global and national sport media, 
with a vision to become the leading digital sports media 
group. We are on a mission to excite sports fans through 
engaging content and foster passionate communities 
worldwide. Better Collective's portfolio of digital sports 
media brands includes : HLTV, FUTBIN, Betarades, Soc-
cernews, Tipsbladet, Action Network, Playmaker HQ, 
VegasInsider, Bolavip,  and Redgol. Headquartered in 
Copenhagen, Denmark, and dual-listed on Nasdaq 
Stockholm (BETCO) and Nasdaq Co penhagen (BETCO 
DKK).  
To learn more about Better Collective please visit  
www.bettercollective.com 
 
 
 
 
 
 
  
        
Q2 report 2025 Page 17

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

Q2 report 2025 Page 18  
Statement by the 
Board of Directors 
and the Executive 
Management 
Statement by the Board of Directors and the Execu-
tive Management on the condensed consolidated in-
terim financial statements and the parent company 
condensed interim financial statements for the period 
January  1 – June 30, 2025. 
Today, the B oard of D irectors 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, 2025.  
The condensed consolidated interim financial state-
ments for the period January 1 – June 30, 2025, are pre-
pared following IAS 34 Interim Financial Reporting, as 
adopted by the EU, and the additional requirements of 
the Danish Financial Statements Act. The  parent com-
pany’s condensed interim financial statements have 
been included according to the Danish Executive Order 
on the Preparation of Interim Financial Reports.  
In our opinion, the condensed consolidated interim  
financial statements and the parent company con-
densed interim financial statements give a true and fair 
view of Better Collective’s and parent company’s assets, 
liabilities, and financial position on June 30, 2025, and of 
the results of Better Collective ’s and parent company’s 
operations and Better Collective’s cash flows for the pe-
riod January 1 –June 30, 2025.  
Further, in our opinion, the management’s review gives 
a fair review of the development in Better Collective ’s 
and the parent company’s operations and financial mat-
ters and the results of Better Collective’s and the parent 
company’s operations and financial position, as well as 
a description of the major risks and uncertainties, Better 
Collective and the parent company are facing. The In-
terim Report has not been audited or reviewed by the 
Company’s auditor. 
Copenhagen, August 20, 2025 
 
 
 
  
Executive 
Management 
  
 
 
Jesper Søgaard 
Co-CEO & Co-Founder 
 
 
Christian Kirk Rasmussen 
Co-CEO & Co-Founder  
Executive Vice President 
 
 
Flemming Pedersen 
CFO 
Executive Vice President 
   
Board of Directors   
Jens Bager 
Chair 
 Therese Hillman 
 Vice Chair 
Britt Boeskov 
   
Todd Dunlap   Leif Nørgaard Thomas Stig Plenborg 
   
René Rechtman

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

Q2 report 2025 Page 19  
Condensed interim financial statements for the 
period  
Consolidated income statement 
Note tEUR Q2 2025 Q2 2024 YTD 2025 YTD 2024 2024 
3 Revenue 81,549  99,121  164,140  194,152  371,487  
  Direct costs related to revenue 23,978  29,208  48,636  57,138  107,167  
 Staff costs  27,022  30,994  54,187  59,712  113,000  
  Other external expenses 8,031  10,381  16,792  19,755  37,917  
  
Operating profit before depreciation and amortiza-
tion (EBITDA) and special items 22,519  28,537  44,524  57,548  113,403  
  Depreciation 1,750  1,631  3,715  3,103  6,990  
  
Operating profit before amortization (EBITA) and 
special items 20,769  26,907  40,809  54,445  106,413  
6 Amortization and impairment 8,019  7,884  16,575  16,118  34,080  
  Operating profit (EBIT) before special items 12,750  19,023  24,234  38,327  72,334  
4 Special items, net - 2,899  - 459  - 3,624  - 3,002  - 10,886  
  Operating profit 9,851  18,564  20,610  35,326  61,447  
  Financial income 2,928  1,583  3,642  3,190  7,310  
  Financial expenses 9,503  7,498  15,993  15,603  25,893  
  Profit before tax 3,276  12,649  8,258  22,913  42,865  
5 Tax on profit for the period - 2,004  2,355  - 660  5,066  8,850  
  Profit for the period 5,280  10,294  8,919  17,847  34,014  
              
  
Earnings per share attributable to equity holders of 
the company           
  Earnings per share (in EUR) 0.09  0.16  0.15  0.30  0.55 
  Diluted earnings per share (in EUR) 0.08  0.16  0.14  0.28  0.53 
 
 
 
Consolidated statement of other comprehensive income 
Note tEUR Q2 2025 Q2 2024 YTD 2025 YTD 2024 2024 
  Profit for the period 5,280  10,294  8,919  17,847  34,014  
  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  - 229   0 - 272  483  - 180  
  Currency translation to presentation currency - 12,443  - 172  - 15,347  - 342  6,297  
  
Currency translation of non-current intercompany 
loans - 23,320  2,906  - 34,053  9,184  17,325  
  Income tax 5,173  - 2,021  7,543  - 2,021  - 1,589  
  Net other comprehensive income/loss - 30,819  714  - 42,129  7,304  21,853  
  
Total comprehensive income/(loss) for the period, 
net of tax - 25,539  11,007  - 33,210  25,151  55,867  
              
  Attributable to:           
  Shareholders of the parent - 25,539  11,007  - 33,210  25,151  55,867

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

Q2 report 2025 Page 20  
Consolidated statement of financial position 
Note tEUR Q2 2025 Q2 2024 2024           
  Assets                 
  Non-current assets       
6 Intangible assets       
  Goodwill 337,106 352,213 360,988 
  Domains and websites 522,562 549,051 553,886 
  Accounts and other intangible assets 98,455 120,675 117,628 
  Total intangible assets 958,124 1,021,940 1,032,501           
  Tangible assets       
  Right of use assets 12,783 17,899 15,929 
  Leasehold improvements, Fixtures and fittings, other plant and equipment 5,105 6,746 6,704 
  Total tangible assets 17,888 24,645 22,633           
  Other non-current assets       
  Deposits 1,829  1,898  1,940  
  Deferred tax asset 4,530  4,601  4,573  
  Total other non-current assets 6,359  6,499  6,513            
  Total non-current assets 982,371  1,053,084  1,061,647            
  Current assets       
  Trade and other receivables 68,518  60,630  63,763  
  Corporation tax receivable 6,976  5,757  2,934  
  Prepayments 5,171  5,859  6,101  
  Other current financial assets  0 454   0 
  Cash 22,387  48,756  37,674  
  Total current assets 103,051  121,456  110,472            
  Total assets 1,085,423  1,174,540  1,172,119  
 
 
Note tEUR Q2 2025 Q2 2024 2024           
  Equity and liabilities                 
  Equity       
  Share Capital 620  630  631  
  Share Premium 469,444  466,380  469,460  
  Reserves - 19,111  21,878  16,089  
  Retained Earnings 190,204  191,962  199,749  
  Total equity 641,159  680,850  685,929            
  Non-current Liabilities       
7 Debt to credit institutions 258,849  246,739  259,691  
7 Lease liabilities 9,854  14,889  12,560  
7 Deferred tax liabilities 82,517  106,801  98,673  
7 Other long-term financial liabilities 31,355  44,704  42,030  
  Total non-current liabilities 382,576  413,134  412,955            
  Current Liabilities       
  Prepayments received from customers and deferred revenue 8,910  6,380  10,275  
  Trade and other payables 27,798  27,143  26,894  
  Corporation tax payable 2,990  6,238  4,764  
7 Other financial liabilities 18,129  36,964  26,926  
7 Lease liabilities 3,862  3,832  4,376  
  Total current liabilities 61,688  80,558  73,235  
  Total liabilities 444,264  493,690  486,191            
  Total Equity and liabilities 1,085,423  1,174,540  1,172,119

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

Q2 report 2025 Page 21  
Consolidated statement of changes in equity 
 
tEUR 
Share  
capital 
Share  
premium 
Currency 
translation 
reserve 
Hedging 
reserves 
Treasury 
shares 
Retained 
earnings 
Total  
equity 
                
As at January 1, 2025 631  469,460  36,941  - 517  - 20,336  199,749  685,929  
Result for the period  0  0  0  0  0 8,919  8,919  
                
Fair value adjustment of 
hedges  0  0  0 - 272   0  0 - 272  
Foreign currency translation  0  0 - 49,400   0  0  0 - 49,400  
Tax on other  
comprehensive income  0  0 7,483  60   0  0 7,543  
Total other  
comprehensive income  0  0 - 41,917  - 212   0  0 - 42,129  
Total comprehensive  
income for the year  0  0 - 41,917  - 212   0 8,919  - 33,210  
                
Transactions with owners               
Capital Decrease - 11  - 16   0  0 20,336  - 20,309   0 
Acquisition of treasury shares  0  0  0  0 - 13,517   0 - 13,517  
Disposal of treasury shares  0  0  0  0 112   0 112  
Share based payments  0  0  0  0  0 1,859  1,859  
Transaction cost  0  0  0  0  0 - 14  - 14  
Total transactions with owners - 11  - 16   0  0 6,931  - 18,464  - 11,560  
                
At June 30 2025 620  469,444  - 4,976  - 729  - 13,405  190,204  641,159  
During the period no dividend was paid. 
 
 
 
 
 
 
 
 
 
 
tEUR 
Share  
capital 
Share  
premium 
Currency 
translation 
reserve 
Hedging 
reserves 
Treasury 
shares 
Retained 
earnings 
Total  
equity 
                
As at January 1, 2024 554  274,580  15,055  - 483  - 21,057  166,624  435,273  
Result for the period  0  0  0  0  0 17,847  17,847  
                
Fair value adjustment of 
hedges  0  0  0 483   0  0 483  
Foreign currency translation  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.

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

Q2 report 2025 Page 22  
 
Consolidated statement of cash flows 
Note tEUR Q2 2025 Q2 2024 YTD 2025 YTD 2024 2024 
              
  Profit before tax 3,276  12,649  8,258  22,913  42,865  
  Adjustment for finance items 6,575  5,915  12,352  12,413  18,583  
  Adjustment for special items 2,899  460  3,624  3,002  10,886  
  Operating Profit for the period before special items 12,749  19,023  24,234  38,327  72,334  
  Depreciation and amortization 9,769  9,514  20,290  19,221  41,070  
  Other adjustments of non-cash operating items 932  748  1,392  1,860  1,244  
  
Cash flow from operations  
before changes in working capital and special items 23,450  29,286  45,915  59,408  114,647  
  Change in working capital - 4,674  - 2,101  - 6,497  - 10,558  - 13,638  
  Cash flow from operations before special items 18,776  27,184  39,418  48,850  101,009  
  Special items, cash flow - 3,775  - 874  - 5,725  - 12,523  - 18,390  
  Cash flow from operations 15,001  26,310  33,693  36,327  82,619  
  Financial income, received  85  284  415  1,008  3,111  
  Financial expenses, paid - 3,244  - 6,155  - 7,091  - 12,063  - 19,501  
  Cash flow from activities before tax 11,842  20,439  27,017  25,271  66,228  
  Income tax paid  - 1,441  - 1,925  - 7,589  - 5,815  - 16,731  
  Cash flow from operating activities 10,401  18,514  19,428  19,457  49,497  
              
6 Acquisition of businesses  0 - 46,221  - 8,410  - 116,499  - 120,451  
6 Acquisition of intangible assets - 4,694  - 5,043  - 9,888  -8,032 - 33,532  
  Acquisition of tangible assets - 30  - 609  - 206  - 1,570  - 3,942  
  Sale of tangible assets  0  0  0 438   0 
  Sale of other financial assets  0  0  0  0 3,232  
  Change in other non-current assets 0  - 28  100  - 94  - 136  
  Cash flow from investing activities - 4,724  - 51,900  - 18,403  - 125,759  - 154,829  
 
 
 
 
 
Note tEUR Q2 2025 Q2 2024 YTD 2025 YTD 2024 2024 
              
  Repayment of borrowings  0 - 14,234   0 - 136,321  - 136,321  
  Proceeds from borrowings  0 38,901   0 110,761  124,196  
  Lease liabilities - 1,171  - 1,002  - 2,312  - 1,879  - 4,384  
  Other non-current liabilities  0 - 1,739   0 - 2,582  - 434  
  Capital increase  0  0  0 145,144  146,362  
  Treasury shares - 7,179   0 - 13,517   0 - 20,336  
  Transaction cost - 8  - 112  - 14  - 2,969  - 3,018  
  Warrant settlement, sale of warrants - 371  - 1,105  - 371  - 503  - 6,911  
  Cash flow from financing activities - 8,728  20,710  - 16,214  111,650  99,154  
              
  Cash flows for the period - 3,052  - 12,676  - 15,189  5,349  - 5,624  
  Cash and cash equivalents at beginning 25,465  61,494  37,674  43,552  43,552  
  
Foreign currency translation of cash and cash 
equivalents - 27  - 62  - 98  - 144  - 254  
  Cash and cash equivalents period end 22,387  48,756  22,387  48,756  37,674  
              
  Cash and cash equivalents period end           
  Cash 22,387  48,756  22,387  48,756  37,674  
  Cash and cash equivalents period end 22,387  48,756  22,387  48,756  37,674

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

Q2 report 2025 Page 23  
Notes 
1. General information 
Better Collective A/S is a limited liability company and is incorporated in Denmark. The parent company and its  
subsidiaries (referred to as the “Group” or “Better Collective”) engage in online performance marketing. Better Collective’s 
vision is to become the leading digital sports media group. 
Basis of preparation  
The Interim Report (condensed consolidated interim financial statements) for the period January  1 – June 30, 2025, has 
been prepared in accordance with IAS 34 “Interim financial reporting ” as adopted by the EU and additional requirements 
in the Danish Financial Statements Act. The parent company condensed interim financial statements has been included 
according to the Danish Executive Order on the Preparation of Interim Financial Reports. 
These condensed consolidated interim financial statements incorporate the results of Better Collective A/S and its subsid-
iaries. 
The condensed consolidated interim financial statements refer to certain key performance indicators, which Better Collec-
tive and others use when evaluating the performance of Better Collective. These are referred to as alternative performance 
measures (APMs) and are not defined under IFRS. The figures and related subtotals give management and investors im-
portant information to enable them to fully analyze the Better Collective business and trends. The APMs are not meant to 
replace but to complement the performance measures defined under IFRS. 
New financial reporting standards 
The IASB has issued several new or amended standards and interpretations with effective date beginning on January 1, 
2025. Better Collective expects to adopt the new standards and interpretations when they become mandatory.  
None of the standards are expected to have a significant effect for the consolidated financial statements or the parent 
financial statements for the financial year 2025. Better Collective is currently assessing the impact IFRS 18 will have on 
factors such as presentation of the income statement and cash flow statement and disclosures to be provided in the notes. 
 
Accounting policies  
The condensed consolidated interim financial statements have been prepared using the same accounting policies as set 
out in note 1 of the 2024 annual report which contains a full description of the accounting policies for Better Collective and 
the parent company.  
The annual report for 2024 including full description of the accounting policies can be found on Better Collective’s website: 
https://storage.mfn.se/5693126b-c889-4145-999f-f31afdfbfa8c/annual-report-2024-final-1.pdf 
Better Collective has implemented an organizational restructuring going from a local to a global management structure 
and transitioning from a geographical setup to a structure built around three global business units: Publishing, Paid Media, 
and Esports. Consequently, the revenue segmentation has been adjusted to align with this new structure. We refer to note 
2 for the new segmentation. Historical financial figures are reported accordingly. 
 
Significant accounting judgements, estimates and assumptions 
The preparation of condensed consolidated interim financial statements requires management to make judgements, esti-
mates and assumptions that affect the reported amounts of revenue, expenses, assets, and liabilities. 
Beyond the risks mentioned above, the significant accounting judgements, estimates and assumptions applied in these 
consolidated interim financial statements are the same as disclosed in note 2 in the annual report for 202 4 which  
contains a full description of significant accounting judgements, estimates and assumptions.

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

Q2 report 2025 Page 24  
2. Operating segments 
Publishing , Paid Media  and Esport s 
Better Collective operates three distinct business models for customer acquisition, each with unique earnings profiles: 
Publishing, Paid Media, and Esports. Publishing generates revenue from Better Collective’s owned and operated sports 
media network and its media partnerships. Paid Media involves purchasing advertising on search engines, social media, 
and third-party sports media platforms, thereby operating with a lower gross margin. Due to recent organizational re-
structuring, Esports will be reported separately. Esports has been carved out from Publishing. This change reflects our 
strategic commitment to capitalizing on growth opportunities within Esports. 
The performance for each segment is presented in the below tables: 
  Publishing** Paid Media Esports Group 
tEUR Q2 2025 Q2 2024* Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024                   
Revenue Share 29,868  34,037  11,253  14,015  331  504  41,452  48,556  
CPA 3,661  12,422  13,856  13,059  7  5  17,524  25,486  
Subscription 4,281  3,716   0  0  0  0 4,281  3,969  
Sponsorships 8,483  8,776  0  873  2,788  2,172  11,272  11,821  
CPM 5,223  7,480   0  0 1,529  1,798  6,752  9,025  
Other 268  264  0   0  0  0 268  264  
Revenue 51,785  66,695  25,109  27,947  4,655  4,480  81,549  99,121  
Cost 38,415  49,006  18,549  19,503  2,067  2,075  59,031  70,584                    
Operating profit before depreciation, amortization 
and special items 13,370  17,690  6,560  8,444  2,588  2,405  22,519  28,537  
EBITDA-Margin before special items 26% 27% 26% 30% 56% 54% 28% 29%                   
Special items, net - 2,197  - 459  - 702   0  0  0 - 2,899  - 459                    
Operating profit  before depreciation and amortiza-
tion 11,173  17,230  5,858  8,444  2,588  2,405  19,620  28,078  
EBITDA-Margin 22% 26% 23% 30% 56% 54% 24% 28% 
Depreciation 1,700  1,586  50  45   0  0 1,750  1,631                    
Operating profit before amortization 9,473  15,644  5,808  8,399  2,588  2,405  17,871  26,447  
EBITA-Margin 18% 23% 23% 30% 56% 54% 22% 27% 
*2024 figures has been adjusted due to the new segmentation, where Esports has been carved out from Publishing as a distinct segment. 
** Majority of costs related to support functions are presented under Publishing

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

Q2 report 2025 Page 25  
2. Operating segments, continued 
  Publishing** Paid Media Esports Group 
tEUR YTD 2025 YTD 2024* YTD 2025 YTD 2024 YTD 2025 YTD 2024 YTD 2025 YTD 2024                   
Revenue Share 56,222  63,193  21,549  26,888  575  1,112  78,347  91,194  
CPA 10,858  27,319  28,140  27,394  27  14  39,025  54,727  
Subscription 9,205  8,217   0  0  0 0  9,205  8,217  
Sponsorships 17,916  17,389  1  2,381  5,127  4,310  23,044  24,081  
CPM 10,659  11,490   0  0 3,322  3,935  13,981  15,425  
Other 538  505   0  4   0  0 538  509  
Revenue 105,399  128,116  49,690  56,668  9,051  9,370  164,140  194,152  
Cost 77,306  90,666  37,700  41,720  4,609  4,219  119,616  136,604                    
Operating profit before depreciation, amortization 
and special items 28,093  37,449  11,989  14,948  4,442  5,152  44,524  57,548  
EBITDA-Margin before special items 27% 29% 24% 26% 49% 55% 27% 30%                   
Special items, net - 2,922  - 2,985  - 702  - 16   0  0 - 3,624  - 3,002                    
Operating profit  before depreciation and 
 amortization 25,171  34,463  11,287  14,932  4,442  5,152  40,900  54,546  
EBITDA-Margin 24% 27% 23% 26% 49% 55% 25% 28% 
Depreciation 3,614  3,006  101  97   0  0 3,715  3,103                    
Operating profit before amortization 21,557  31,457  11,186  14,835  4,442  5,152  37,185  51,444  
EBITA-Margin 20% 25% 23% 26% 49% 55% 23% 26% 
*2024 figures has been adjusted due to the new segmentation, where Esports has been carved out from Publishing as a distinct segment. 
** Majority of costs related to support functions are presented under Publishing

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

Q2 report 2025 Page 26  
2. Operating segments, continued 
  Publishing** Paid Media Esports Group 
tEUR 2024* 2024 2024 2024           
Revenue Share 125,676  52,598  2,009  180,283  
CPA 40,485  51,804  33  92,323  
Subscription 18,326   0 0  18,326  
Sponsorships 35,359  2,382  9,585  47,326  
CPM 23,390   0 8,736  32,126  
Other 1,098  4   0 1,103  
Revenue 244,333  106,789  20,364  371,487  
Cost 172,179  77,767  8,137  258,084            
Operating profit before depreciation, amortization and special 
items 72,155  29,022  12,227  113,403  
EBITDA-Margin before special items 30% 27% 60% 31%           
Special items, net - 10,849  - 37   0 - 10,886            
Operating profit  before depreciation and amortization 61,306  28,985  12,227  102,517  
EBITDA-Margin 25% 27% 60% 28% 
Depreciation 6,787  203   0 6,990            
Operating profit before amortization 54,518  28,782  12,226  95,527  
EBITA-Margin 22% 27% 60% 26% 
*2024 figures has been adjusted due to the new segmentation, where Esports has been carved out from Publishing as a distinct segment. 
** Majority of costs related to support functions are presented under Publishing

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

Q2 report 2025 Page 27  
2. Geographic segments 
Europe & Rest of World  and North America  
Better Collective’s products cover more than 30 languages and attract millions of users worldwide - with international 
brands with a global reach as well as regional brands with a national reach. Better Collective’s regional brands are tailored 
according to the specific regions or countries and their respective regulations, sports, betting behaviors , user needs, and 
languages. Better Collective reports on the geographical segments Europe & R oW (Rest of World) and North America , 
measuring and disclosing separately for Revenue, Cost and Earnings.  
The performance for each segment is presented in the below tables: 
  Europe & RoW North America Group 
tEUR Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024               
Revenue Share 37,249  44,612  4,203  3,944  41,452  48,556  
CPA 14,109  15,404  3,415  10,082  17,524  25,486  
Subscription 836  614  3,445  3,355  4,281  3,969  
Sponsorships 6,007  6,054  5,264  5,767  11,272  11,821  
CPM 5,218  6,465  1,535  2,560  6,752  9,025  
Other 198  180  70  83  268  264  
Revenue 63,618  73,330  17,931  25,791  81,549  99,121  
Cost 42,076  46,717  16,954  23,866  59,031  70,584                
Operating profit before depreciation,  
amortization and special items 21,542  26,613  977  1,925  22,519  28,537  
EBITDA-Margin before special items 34% 36% 5% 7% 28% 29%               
Special items, net - 1,817  1,377  - 1,081  - 1,836  - 2,899  - 459                
Operating profit  before depreciation and 
amortization 19,725  27,990  - 104  89  19,620  28,078  
EBITDA-Margin 31% 38% -1% 0% 24% 28% 
Depreciation 866  1,329  884  302  1,750  1,631                
Operating profit before amortization 18,859  26,661  - 988  - 213  17,871  26,447  
EBITA-Margin 30% 36% -6% -1% 22% 27% 
 
 
 
 
 
 
 
 
 
  Europe & RoW North America Group 
tEUR YTD 2025 YTD 2024 YTD 2025 YTD 2024 YTD 2025 YTD 2024               
Revenue Share 70,313  81,179  8,033  10,015  78,347  91,194  
CPA 29,138  28,740  9,887  25,987  39,025  54,727  
Subscription 1,577  1,232  7,628  6,985  9,205  8,217  
Sponsorships 11,394  12,098  11,649  11,983  23,044  24,081  
CPM 10,334  10,741  3,647  4,685  13,981  15,425  
Other 405  362  134  147  538  509  
Revenue 123,160  134,352  40,978  59,801  164,140  194,152  
Cost 83,836  87,836  35,779  48,768  119,616  136,604                
Operating profit before depreciation,  
amortization and special items 39,324  46,516  5,199  11,032  44,524  57,548  
EBITDA-Margin before special items 32% 35% 13% 18% 27% 30%               
Special items, net - 2,170  630  - 1,455  - 3,631  - 3,624  - 3,002                
Operating profit  before depreciation and 
 amortization 37,155  47,145  3,744  7,401  40,900  54,546  
EBITDA-Margin 30% 35% 9% 12% 25% 28% 
Depreciation 2,214  2,539  1,501  564  3,715  3,103                
Operating profit before amortization 34,941  44,606  2,243  6,837  37,185  51,444  
EBITA-Margin 28% 33% 5% 11% 23% 26%

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

Q2 report 2025 Page 28  
2. Geographic segments, continued 
 
 
  Europe & RoW North America  Group 
tEUR 2024 2024 2024         
Revenue Share 159,671  20,612  180,283  
CPA 53,858  38,465  92,323  
Subscription 2,787  15,539  18,326  
Sponsorships 23,751  23,576  47,326  
CPM 23,250  8,877  32,126  
Other 822  281  1,103  
Revenue 264,138  107,349  371,487  
Cost 167,730  90,353  258,084          
Operating profit before depreciation,  
amortization and special items 96,407  16,996  113,403  
EBITDA-Margin before special items 36% 16% 31%         
Special items, net - 2,716  - 8,170  - 10,886          
Operating profit  before depreciation and 
 amortization 93,692  8,827  102,517  
EBITDA-Margin 35% 8% 28% 
Depreciation 5,794  1,196  6,990          
Operating profit before amortization 87,897  7,631  95,527  
EBITA-Margin 33% 7% 26% 
 
 
 
 
 
3. Revenue specification 
In accordance with IFRS 15 disclosure requirements, total revenue is split on revenue category and revenue types as fol-
lows: 
tEUR Q2 2025 Q2 2024 YTD 2025 YTD 2024 2024             
Revenue category           
Recurring revenue (Revenue share, Subscription, CPM) 52,485  61,550  101,532  114,836  230,735  
CPA, Sponsorships 28,797  37,307  62,069  78,807  139,649  
Other 268  264  538  509  1,103  
Total revenue 81,549  99,121  164,140  194,152  371,487              
%-split           
Recurring revenue 64 62  62  59  62  
CPA, Sponsorships 36 38  38  41  38  
Other 0 0  0  0  0  
Total 100  100  100  100  100  
 
%-split Q2 2025 Q2 2024 YTD 2025 YTD 2024 2024             
Revenue Share 51  49  48  47  49  
CPA 22  26  24  28  25  
Subscription 5  4  6  4  5  
Sponsorships 14  12  14  12  13  
CPM 8  9  8  8  8  
Other 0  0  0  0  0  
Total 100  100  100  100  100

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

Q2 report 2025 Page 29  
4. Special items 
Special items consist of recurring and non-recurring items that management does not consider to be part of Better Col-
lective’s ordinary operating activities, i.e. acquisition costs, adjustment of earn-out payments related to acquisitions, im-
pairments and restructuring costs are presented in the Income statement in a separate line item labelled ‘Special items’.  
The impact of special items is specified as follows:  
tEUR Q2 2025 Q2 2024 YTD 2025 YTD 2024* 2024*             
Operating profit 9,851  18,564  20,610  35,326  61,447              
Special Items related to:           
Special items related to M&A - 116  - 307  - 344  - 2,086  - 2,223  
Variable payments regarding acquisitions - income  0 18,999   0 18,999  19,114  
Special items related to Restructuring - 2,782  - 567  - 3,280  - 1,331  - 9,193  
Special items related to impairment  0 - 18,584   0 - 18,584  - 18,584  
Special items, total - 2,899  - 459  - 3,624  - 3,002  - 10,886              
Operating profit (EBIT) before special items 12,750  19,023  24,234  38,327  72,334              
Amortization and impairment 8,019  7,884  16,575  16,118  34,080              
Operating profit before amortization  
and special items (EBITA before special items)  20,769  26,907  40,809  54,445  106,413              
Depreciation 1,750  1,631  3,715  3,103  6,990              
Operating profit before depreciation, amortization,  
and special items (EBITDA before special items)  22,519  28,537  44,524  57,548  113,403  
* In 2024 Better Collective and the founders and former owners of Playmaker HQ agreed to renegotiate and settle the earn out due to 
underperformance from acquisition of SOME content producer and podcast maker Playmaker HQ (not to be confused with Playmaker 
Capital). The initial acquisition price of Playmaker HQ was 54mUSD of which 15mUSD was upfront cash. The final price agreed is 25mUSD 
(23m EUR). Consequently, Better Collective have performed an impairment test based on the reassessment, identifying an impairment of 
20mUSD (18m EUR) for the CGU North America, recognized in Q2 2024. 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. 
Furthermore On October 28th, it was announced that Management has decided to streamline Better Collective’s business to identify and 
leverage synergies. Costs related to this amounted to 6 mEUR in Q4 2024, recognized as Special Items related to restructuring. 
 
5. Income tax 
Total tax for the period is specified as follows: 
tEUR Q2 2025 Q2 2024 YTD 2025 YTD 2024 2024 
Tax for the period - 2,004  2,355  - 660  5,066  8,850  
Tax on other comprehensive income - 5,173  2,021  - 7,543  2,021  1,589  
Total - 7,177  4,376  - 8,203  7,087  10,440  
Income tax on profit for the period is specified as follows: 
tEUR Q2 2025 Q2 2024 YTD 2025 YTD 2024 2024 
Deferred tax - 463  1,674  - 2,900  1,238  1,282  
Current tax 1,756  1,453  5,539  4,596  7,181  
Adjustment from prior years - 3,296  - 772  - 3,299  - 768  387  
Total - 2,004  2,355  - 660  5,066  8,850  
Tax on the profit for the period can be explained as follows: 
tEUR Q2 2025 Q2 2024 YTD 2025 YTD 2024 2024 
Specification for the period:           
Calculated 22% tax of the result before tax 721  2,783  1,817  5,041  9,430  
Adjustment of the tax rates  
in foreign subsidiaries relative to the 22% 1,051  188  1,100  528  - 3,731  
Tax effect of:        0   
Special items - 192   0 - 219   0 1,082  
Other non-taxable income 42  - 152   0 - 304  - 670  
Other non-deductible costs 134  308  282  569  1,719  
Reassessment of unrecognized tax losses  - 2,849   0 - 2,726   0 633  
Adjustment of tax relating to prior periods -911 -772 - 914  -768 387 
Total - 2,004  2,355  - 660  5,066  8,850  
Effective tax rate -61.2% 18.6% -8.0% 22.1% 20.6%

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

Q2 report 2025 Page 30  
6. Intangible assets 
tEUR Goodwill 
Domains 
and  
websites 
Accounts 
and other  
intangible 
assets* Total           
Cost or valuation         
As of January 1, 2025 380,138  553,886  211,066  1,145,089  
Additions  0  0 1,338  1,338  
Acquisitions through business combinations  0  0  0  0 
Transfer  0  0  0  0 
Disposals  0  0 - 10,714  - 10,714  
Currency Translation - 25,967  - 31,324  - 3,432  - 60,722  
At June 30, 2025 354,171  522,562  198,258  1,074,991  
          
Amortization and impairment         
As of January 1, 2025 19,150   0 93,438  112,588  
Amortization for the period  0  0 16,049  16,049  
Impairment for the period  0  0  0  0 
Amortization on disposed assets  0  0 - 9,671  - 9,671  
Currency translation -2,085  0 - 15  - 2,100  
At June 30, 2025 17,065   0 99,802  116,867  
          
Net book value at June 30, 2025 337,106 522,562  98,455  958,124  
 *Accounts and other intangible assets consist of accounts (54,235 tEUR), Media Partnerships (40,746 tEUR), Development projects (3,210 
tEUR) and software and others (265 tEUR) 
 
 
 
 
 
 
 
tEUR Goodwill 
Domains 
and  
websites 
Accounts 
and other  
intangible 
assets* Total           
Cost or valuation         
As of January 1, 2024 255,074  466,615  140,065  861,754  
Additions  0  0 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)

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

Q2 report 2025 Page 31  
7. Non-current liabilities and other current financial liabilities 
Debt to credit institutions 
As per June 30, 2025, Better Collective has drawn 2 59 mEUR (2024: 260) out of the total committed club facility of 319  
mEUR established with Nordea, Nykredit, and Citibank. Better Collective has a with a total committed facility of 319 mEUR 
and a 100 mEUR higher accordion option with expiry at the end of October 2026. Better Collective has entered two hedging 
contracts regarding the interest rate risk for the period October 2024 to October 2026, nominal amount of 550 mDKK each 
securing the interest rate at 2.32% and 2.34% respectively.  
Lease liabilities  
Non-current and current lease liabilities, of 10 mEUR (2024: 15 mEUR) and 4 mEUR (2024: 4 mEUR) respectively.  
Deferred Tax liability 
Deferred tax liability as of June  30, 2025, amounted to 83 mEUR (2024: 107 mEUR). The change from January 1, 2025, 
originates from changes in deferred tax related to acquisitions, amortization of accounts from acquisitions, and deferred 
tax changes in the Parent Company, Better Collective US, Inc  and Playmaker Capital. The deferred tax liability is positive 
impacted by a reassessment of non-deductible foreign currency exchange losses. 
Deferred Tax asset  
Deferred tax asset as of June 30, 2025, amounted to 5 mEUR (2024: 5 mEUR). The change from January 1, 2025, originates 
from changes in Playmaker Capital.  
Other financial liabilities  
As per June 30, 202 5, other non-current and current financial liabilities amounted to 49  mEUR (2024: 82 mEUR) due to 
deferred and variable payments related to acquisitions  and media partnerships . The dec rease from January 1, 202 5, is 
mainly related to changes in earn outs and media partnerships. 
Fair Value of financial assets and liabilities is measured based on level 3 - Valuation techniques. In all material aspects the 
fair value of the financial assets and liabilities is considered equal to the booked value. 
The fair value of  financial instruments is measured based on level 2. The fair value is measured according to generally 
accepted valuation techniques. Market-based input is used to measure the fair value. 
 
8. Note to cash flow statement 
tEUR Q2 2025 Q2 2024 YTD 2025 YTD 2024 2024             
Acquisition of business combinations:           
Net Cash outflow  
from business combinations at acquisition  0 - 37,710   0 - 70,318  - 70,318  
Business Combinations  
deferred payments from current period  0  0  0  0  0 
Deferred payments  
- business combinations from prior periods  0 - 8,511  - 8,410  - 46,181  - 50,133  
Total cash flow from business combinations  0 - 46,221  - 8,410  - 116,499  - 120,451              
Acquisition of intangible assets:           
Acquisitions through asset transactions  0  0  0  0 - 5,806  
Deferred payments related to acquisition value  0  0  0  0  0 
Deferred payments  
- acquisitions from prior periods  0  0  0  0 - 8,500  
Other investments - 4,694  - 5,043  - 9,888  - 8,032  - 19,226  
Total cash flow from intangible assets - 4,694  - 5,043  - 9,888  - 8,032  - 33,532  
 
9. Events after the reporting date 
The Board of Directors intends to initiate a new 20 mEUR share buyback program following the completion of the cur-
rent program.

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

Q2 report 2025 Page 32  
Financial statements for the period  
 
Income statement – Parent company  
 
tEUR Q2 2025 Q2 2024 YTD 2025 YTD 2024 2024             
Revenue 32,057  36,860  52,260  66,765  129,221              
Other operating income 4,602  3,122  9,420  6,244  21,435              
Direct costs related to revenue 4,242  6,442  8,136  11,620  21,306  
Staff costs  12,667  13,078  24,536  25,573  52,240  
Depreciation 790  511  1,583  1,199  2,978  
Other external expenses 5,610  6,847  11,534  12,883  26,487              
Operating profit before amortization (EBITA) and special 
items 13,351  13,104  15,892  21,733  47,645              
Amortization 3,083  2,644  6,141  5,978  13,420              
Operating profit (EBIT) before special items 10,269  10,460  9,750  15,755  34,225              
Special items, net - 598  2,533  - 981  1,945  960              
Operating profit 9,671  12,993  8,769  17,701  35,186  
Financial income 10,444  25,437  22,577  41,135  80,222  
Financial expenses 32,487  6,840  49,196  13,945  34,749  
            
Profit before tax - 12,372  31,590  - 17,850  44,891  80,658  
Tax on profit for the period - 6,155  3,569  - 9,163  3,905  9,549              
Profit for the period - 6,217  28,021  - 8,687  40,986  71,109  
 
 
 
 
Statement of other comprehensive income 
 
tEUR Q2 2025 Q2 2024 YTD 2025 YTD 2024 2024             
Profit for the period - 6,217  28,021  - 8,687  40,986  71,109  
            
Other comprehensive income           
Other comprehensive income that may be  
reclassified to profit or loss in subsequent periods:           
Fair value adjustment of hedges for the year  - 229   0 - 272  483  - 180  
Currency translation to presentation  
currency 39  99  50  - 2,510  - 2,688  
Income tax 51   0 60   0 146  
Net other comprehensive income/loss - 139  99  - 162  - 2,027  - 2,722  
Total comprehensive income/(loss) for the period, net of tax - 6,356  28,120  - 8,849  38,959  68,387

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

Q2 report 2025 Page 33  
 
Statement of financial position – Parent company 
tEUR Q2 2025 Q2 2024 2024         
Assets               
Non-current assets       
Intangible assets       
Goodwill 17,793  17,801  17,795  
Domains and websites 167,927  168,864  169,227  
Accounts and other intangible assets 39,054  54,589  46,543  
Total intangible assets 224,774  241,254  233,565          
Tangible assets       
Right of use assets 6,755  7,948  7,750  
Fixtures and fittings, other plant and equipment 2,319  2,893  2,891  
Total tangible assets 9,075  10,841  10,641          
Financial assets       
Investments in subsidiaries 377,039  377,022  377,085  
Receivables from subsidiaries 346,834  347,968  372,121  
Deposits 1,003  998  1,000  
Total financial assets 724,876  725,988  750,206          
Total non-current assets 958,725  978,083  994,413          
Current assets       
Trade and other receivables 17,836  24,045  22,089  
Receivables from subsidiaries 45,962  19,269  39,698  
Tax receivable 2,740  2,976   0 
Prepayments 2,759  454  3,220  
Cash 5,244  30,840  12,667  
Total current assets 74,541  80,164  77,675          
Total assets 1,033,267  1,058,247  1,072,088  
 
 
 
 
 
 
 
  
tEUR Q2 2025 Q2 2024 2024         
Equity and liabilities               
Equity       
Share Capital 620  630  631  
Share Premium 469,444  466,380  469,460  
Reserves - 17,108  - 2,846  - 23,876  
Retained Earnings 233,020  237,196  260,171  
Total equity 685,978  701,360  706,387          
Non-current Liabilities       
Debt to credit institutions 258,849  246,739  259,691  
Lease liabilities 5,052  6,696  6,043  
Deferred tax liabilities 10,575  17,022  18,375  
Other non-current financial liabilities 28,721  199  34,887  
Total non-current liabilities 303,197  270,656  318,996          
Current Liabilities       
Prepayments received from customers and deferred revenue 5,480  2,543  4,612  
Trade and other payables 5,810  6,386  6,302  
Payables to subsidiaries 18,322  12,657  17,579  
Tax payable  0 736  2,433  
Other current financial liabilities 12,517  62,588  13,856  
Lease liabilities 1,963  1,320  1,924  
Total current liabilities 44,093  86,231  46,705  
Total liabilities 347,289  356,887  365,701  
Total equity and liabilities 1,033,267  1,058,247  1,072,088

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

Q2 report 2025 Page 34  
Statement of changes in equity – Parent company 
tEUR 
Share  
capital 
Share  
premium 
Currency 
transla-
tion re-
serve 
Hedging 
reserves 
Treasury  
shares 
Retained 
earnings 
Total  
equity                 
As of January 1, 2025 631  469,460  - 3,024  - 517  - 20,336  260,171  706,387  
Result for the period  0  0  0  0  0 - 8,687  - 8,687  
                
Fair value adjustment of 
hedges  0  0  0 - 272   0  0 - 272  
Foreign currency translation  0  0 50   0  0  0 50  
Tax on other  
comprehensive income  0  0  0 60   0  0 60  
Total other  
comprehensive income  0  0 50  - 212   0  0 - 162  
Total comprehensive income for the year  0  0 50  - 212   0 - 8,687  - 8,849  
                
Transactions with owners               
Capital Decrease - 11  - 16   0  0 20,336  - 20,309   0 
Acquisition of treasury shares  0  0  0  0 - 13,517   0 - 13,517  
Disposal of treasury shares  0  0  0  0 112   0 112  
Share based payments  0  0  0  0  0 1,859  1,859  
Transaction cost  0  0  0  0  0 - 14  - 14  
Total transactions with owners - 11  - 16   0  0 6,931  - 18,464  - 11,560  
                
At June 30, 2025 620 469,444  - 2,974  - 729  - 13,405  233,020  685,978  
During the period no dividend was paid. 
 
 
 
 
 
 
tEUR 
Share  
capital 
Share  
premium 
Currency 
transla-
tion re-
serve 
Hedging 
reserves 
Treasury  
shares 
Retained 
earnings 
Total  
equity                 
As of January 1, 2024 554  274,580  - 336  - 483  - 21,057  189,952  443,211  
Result for the period  0  0  0  0  0 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  237,195  701,360  
During the period no dividend was paid.

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

Q2 report 2025 Page 35  
Better Collective uses and communicate certain Alternative Performance Measures (“APM”), which are not defined un-
der IFRS. Such are not to replace performance measures defined and under IFRS. The APM’s may not be indicative of 
the group’s historical operating results, nor are such measures meant to be predictive of the group’s future results. The 
group believes however that the APMs are useful supplemental indicators that may be used to assist in evaluating a 
company’s future operating performance, and its ability to service its debt. Accordingly, the APMs are disclosed to per-
mit a more complete and comprehensive analysis of the group’s operating performance, consistently with how the 
group’s business performance is evaluated by the Management. The group believes that the presentation of these APMs 
enhances an investor’s understanding of the group’s operating performance and the group’s ability to service its debt. 
Accordingly, the group discloses the APM’s to permit a more complete and comprehensive analysis of its operating  
performance relative to other companies and across periods, and of the group’s ability to service its debt. However, 
these APM’s may be calculated differently by other companies and may not be comparable with APM’s with similarly 
titled measures used by other companies. The group’s APMs are not measurements of financial performance under IFRS 
and should not be considered as alternatives to other indicators of the Company’s operating performance, cash flows or 
any other measures of performance derived in ac cordance with IFRS. The group’s APM’s have important limitations as 
analytical tools, and they should not be considered in isolation or as substitutes for analysis of the group’s results of 
operations as reported under IFRS. Our currently applied APM’s are summarized and described below. 
Alternative Performance Measures 
Alternative  
Performance Measure Description SCOPE 
Operating profit  
before amortization 
(EBITA) 
Operating profit plus amortizations Better Collective reports this APM to allow monitor-
ing and evaluation of the Group’s operational profit-
ability. 
Operating profit  
before amortizations 
margin (%) 
Operating profit before amortizations / reve-
nue 
This APM supports the assessment and monitoring 
of the Group’s performance and profitability 
Free Cash Flow EBITDA before special items adjusted for net 
acquisition of business and intangible assets, 
and other contingent liabilities (media part-
nerships, lease liability etc.), repayments, in-
terest and tax. 
This APM supports the assessment of the Group’s 
ability to create a free cash flow. 
Alternative  
Performance Measure Description SCOPE 
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

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

Q2 report 2025 Page 36  
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. Accordingly, it includes 
Revenue share income, CPM /Advertising and 
subscription revenues. 
The group reports this APM to distinguish between 
what management consider as recurring revenue 
streams and what management consider as non-re-
curring revenue streams, e.g. revenues reflecting 
one-time settlements with gaming operators. 
CLV The Customer Lifetime Value (CLV) shows 
expected revenue generated throughout the 
lifetime of a New Depositing Customer 
(NDC). This measure is pivotal for under-
standing how much value a NDC is antici-
pated to bring to the Group. The prerequi-
sites going into the CLV are a number of fac-
tors such as average value, average fre-
quency, NDC lifespan and churn rate. 
 
Average revenue per NDC x NDC lifespan 
A key figure to assess the value of NDCs generated 
by the Group, providing critical insights into NDC 
profitability. It allows the Group to identify the most 
valuable segments and optimize marketing strate-
gies accordingly.  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Definitions 
Term Description 
PPC Pay-Per-Click 
SEO Search Engine Optimization 
Sports win margin Sports net player winnings (operators) / sports wagering 
Sports wagering The value of bets placed by the players 
Recurring revenue Recurring revenue is a combined set of revenues that is defined as recurring. It includes revenue 
share income, CPM/Advertising and subscription revenues 
Board The Board of Directors of the company 
Executive management Executives that are registered with the Danish Company register 
Company Better Collective A/S, a company registered under the laws of Denmark

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

Q2 report 2025 Page 37  
 
 
 
 
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