FULLTEXT DEL 1 AV 1
Kvartalsrapport Q2 2025
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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
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Q2 report 2025 Page 1 Q2 report 2025 Page 1
EBITDA before special items
mEUR
Recurring revenue
mEUR
Revenue
mEUR
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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
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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.
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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.
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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.
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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.
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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 =====
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Notes
1. General information
Better Collective A/S is a limited liability company and is incorporated in Denmark. The parent company and its
subsidiaries (referred to as the “Group” or “Better Collective”) engage in online performance marketing. Better Collective’s
vision is to become the leading digital sports media group.
Basis of preparation
The Interim Report (condensed consolidated interim financial statements) for the period January 1 – 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 =====
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2. Operating segments
Publishing , Paid Media and Esport s
Better Collective operates three distinct business models for customer acquisition, each with unique earnings profiles:
Publishing, Paid Media, and Esports. Publishing generates revenue from Better Collective’s owned and operated sports
media network and its media partnerships. Paid Media involves purchasing advertising on search engines, social media,
and third-party sports media platforms, thereby operating with a lower gross margin. 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 =====
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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 =====
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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 =====
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2. Geographic segments
Europe & Rest of World and North America
Better Collective’s products cover more than 30 languages and attract millions of users worldwide - with international
brands with a global reach as well as regional brands with a national reach. Better Collective’s regional brands are tailored
according to the specific regions or countries and their respective regulations, sports, betting behaviors , user needs, and
languages. Better Collective reports on the geographical segments Europe & R oW (Rest of World) and North America ,
measuring and disclosing separately for Revenue, Cost and Earnings.
The performance for each segment is presented in the below tables:
Europe & RoW North America Group
tEUR 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 =====
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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 =====
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4. Special items
Special items consist of recurring and non-recurring items that management does not consider to be part of Better Col-
lective’s ordinary operating activities, i.e. acquisition costs, adjustment of earn-out payments related to acquisitions, im-
pairments 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 =====
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6. Intangible assets
tEUR Goodwill
Domains
and
websites
Accounts
and other
intangible
assets* Total
Cost or valuation
As of January 1, 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 =====
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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 =====
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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 =====
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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