Kvartalsrapport Q3 2023

Automatiskt nyckeltalsindex

Detta är sökträffar och textkontext, inte verifierade eller normaliserade redovisningsvärden.

Fulltext

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

Copenhagen, November 15, 2023  
Better Collective A/S 
www.bettercollective.com 
CVR NO.:  27 65 29 13 
Interim report Q3 2023  
Revenue 75 mEUR, growth of 26%; organic growth of 16% 
Recurring revenue 46 mEUR; growth of 49%  
EBITDA before special items 20 mEUR; growth of 35% 
EBITDA-margin 26% 
North American revenue share transition moving faster than  
expected  
Transformational acquisition of Playmaker Capital secures  
market leadership in South America and strengthens leading  
North American position  
October trading update: Revenues of 24 mEUR; impacted by a 
significantly lower sports win margin than expected 
The full year financial targets are maintained

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

Q3 report 2023 Page 1  
 
 
  
*Before special items 
Revenue  
mEUR 
EBITDA* 
mEUR 
Recurring revenue 
mEUR

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

Q3 report 2023 Page 2  
Highlights Q3, 2023 3 
Financial highlights and key figures 5 
CEO letter 6 
Business review and financial performance 8 
Financial performance first nine months 2023 11 
Financial targets   12 
Other 13 
Notes 23 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
  
    
  
        
Q3 report 2023 Page 2  
    
Table of  
contents  
 
A conference call for Better Collective’s stakeholders will 
be held on November 16, at 10:00 a.m. CET and can be 
joined online here. 
The presentation material for the webcast will be avail-
able after market close on November 15 via: 
www.Bettercollective.com  
 
To participate telephonically follow this link . Once 
signed up you will receive an e-mail with a phone num-
ber and a personal dial-in code for the call. 
 
Q3 webcast  
November 16, 2023

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

Q3 report 2023 Page 3  
Highlights Q3, 2023 
Group revenue grew by 26% to 7 5 mEUR (Q3 2022: 60 
mEUR). Organic revenue growth was 16%. 
Recurring revenue was 4 6 mEUR, implying 49% growth. 
Making up 61% of total group revenue. 
Group EBITDA before special items was 20 mEUR, a 
growth of 35% (Q3 2022: 15 mEUR). The group EBITDA-
margin before special items was 26%. 
The full-year financial targets remain unchanged. 
Cash flow from operations before special items was 1 4 
mEUR (Q3 2022: 13 mEUR). T he cash conversion was 
63%. By the end of Q3, capital reserves stood at  123 
mEUR of which cash of 41 mEUR, and other current finan-
cial assets of 10 mEUR and unused credit facilities of 72 
mEUR. 
New depositing customers (NDC) numbered more than 
445,000 in the quarter implying growth of 27%. 87% of 
NDCs were sent on revenue share contracts. 
The North American contractual transition towards reve-
nue share has been moving faster than expected. In terms 
of NDCs, Better Collective grew massively during Q3 and 
sent approximately 65,000 NDCs, implying growth of 73%. 
Out of this, 64% were on revenue share agreements im-
plying 42,000 NDCs, which equals 159% growth. 
The content and social media company Playmaker HQ, was 
acquired in the beginning of Q3. With the acquisition, Bet-
ter Collective expanded competitiveness within social me-
dia and sports content production, and the total consider-
ation of the acquisition was 51 mEUR (54 mUSD) with an 
upfront payment of 14 mEUR (15 mUSD).  
Acquiring leading national sports media with a strong 
brand is an important pillar in Better Collective’s global 
strategy. During Q3, the group made multiple acquisitions 
executing on its strategy and vision to become the leading 
digital sports media group:  
• In a transaction made with the Everysport Group, 
Better Collective acquired four of Sweden’s strongest 
sports media brands for a total purchase price of 3.7 
mEUR. The four brands are; SvenskaFans.com, Hock-
eysverige.se, FotballDirect, and Innebandy Maga-
zinet.  
• Better Collective strengthened its South American po-
sition by acquiring the Brazilian sports media plat-
form, Torcedores.com. Adding the first Brazilian 
sports media brand to the group, Better Collective 
also acquired an office in Sao Paulo, Brazil. 
• Tipsbladet.dk was acquired for 6.5 mEUR, further lev-
eraging Better Collective’s position as a key partner 
for advertisers in the Danish market. 
The club -financing from October 2022, with Nordea, 
Nykredit and Citibank was extended by three years until 
October 2026, together with the execution of the accor-
dion option. In doing so the available facilities were in-
creased by 72 mEUR, leaving Better Collective with a total 
financing of 319 mEUR where 247 mEUR has been utilized. 
A share buyback program of up to 10 mEUR was initiated 
and completed during Q3. Better Collective acquired 
187,991 shares at an average price of 237.2 SEK. Follow-
ing the purchases, Better Collective held 2.51% of the out-
standing share capital. The purpose of the buyback is to 
cover future payments relating to acquisitions and LTI pro-
grams. 
Secured proof-of-concept for Better Collective’s in -house 
adtech platform, AdVantage. The platform allows Better 
Collective to gain stronger knowledge of its audience ena-
bling it to better cater to and serve targeted and contextual 
ads. The first AdVantage campaigns have been run on Bet-
ter Collective’s brands and media partnerships across eight 
markets. 
For the nationwide day of action against gambling addic-
tion 2023, Better Collective’s subsidiary, Mindway AI, en-
tered a strategic partnership with the German Sports 
Betting Association (DSWV). The partnership will see the 
integration of the innovative Mindway AI solution - Gama-
lyze, into DSWV’s homepage.  
Britt Boeskov and René Rechtman were elected to the 
Board of Directors at an EGM on 8 August. Following six 
years of dedicated work for Better Collective, Klaus Holse 
decided to step down from the Board of Directors. 
Better Collective opened the doors to its new headquarters 
in Copenhagen. The leasing agreement runs for five years 
and has a rent obligation of approximately 12 mEUR during 
that period.

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

Q3 report 2023 Page 4  
Significant events after the 
period 
The October trading update showed revenue of 24.3 
mEUR, down 6%. Revenue and earnings were negatively 
impacted by an estimated +8mEUR due to a significantly 
lower sports win margin than expected. 
Better Collective made its second largest acquisition  to 
date, in a transaction to acquire Playmaker Capital for a 
total price consideration of 176 mEUR. Playmaker Capital 
is a leading digital sports media group that owns and op-
erates several strong sports media brands across the 
Americas. The acquisition will be transformational for Bet-
ter Collective and will strengthen the group’s market lead-
ing position in North America, while also taking market 
leadership in South America. Note that despite having sim-
ilar names, Playmaker HQ and Playmaker Capital are not 
associated. The closing of the transaction is subject to ap-
proval by the shareholders of Playmaker Capital, court ap-
proval, applicable regulatory approvals, and certain other 
closing conditions customary in transactions of this nature. 
The transaction is expected to close before the end of Q1 
of 2024, whereafter Playmaker Capital will be consolidated 
into the Better Collective group Better Collective’s 2023 fi-
nancial targets are maintained, while it plans to revisit its 
long-term financial targets for the period 2023 -2027 fol-
lowing the closing of the transaction.  
In addition to Better Collective’s presence in Sao Paulo, 
established with the acquisition of Torcedore s the group 
opened the doors to a new office in Rio de Janeiro. 
Mindway AI entered another strategic partnership this time 
with the United States’ National Council on Problem Gam-
bling (NCPG). The partnership will see the integration of 
Gamalyze, into NCPG’s flagship responsible gambling web-
site; responsiblePlay.org 
Better Collective’s Nomination Committee was appointed 
based on ownership data as per August 31, 2023. 
In late September, Better Collective announced its inten-
tion to carry out a dual listing of the group’s shares on 
Nasdaq Copenhagen, in addition to the current listing on 
Nasdaq Stockholm. The first day of trading on Nasdaq Co-
penhagen is expected to be November 17, 2023. 
Upcoming events 
• February 21, 2024, Q4 release  
• March 20, 2024, annual report release 
• May 21, 2024, Q1 release 
• August 21, 2024, Q2 release  
 
 
 
 
 
 
    
Q3 report 2023 Page 4  
    
Q3 report 2023 Page 4

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

Q3 report 2023 Page 5  
Financial highlights and key figures 
tEUR Q3 2023 Q3 2022 YTD 2023 YTD 2022 2022 
            
Income statements           
Revenue 75,431  59,720  241,491  183,157  269,297  
Recurring revenue 46,312  31,075  141,864  82,052  123,365  
Revenue Growth (%) 26% 32% 32% 47% 52% 
Organic Revenue Growth (%) 16% 23% 23% 30% 34% 
Operating profit before depreciation, amortization,  
and special items (EBITDA before special items)  19,595  14,556  81,566  49,892  85,075  
Operating profit before depreciation  
and amortization (EBITDA) 19,073  13,935  79,218  48,228  85,021  
Depreciation 1,200  623  2,611  1,593  2,321  
Operating profit before amortization  
and special items (EBITA before special items)  18,395  13,933  78,954  48,300  82,754  
Special items, net - 522  - 621  - 2,347  - 1,664  - 54  
Operating profit before amortization (EBITA) 17,873  13,312  76,607  46,635  82,700  
Amortization and impairment 6,375  3,682  16,314  8,722  12,347  
Operating profit before special items  
(EBIT before special items)  12,019  10,251  62,640  39,578  70,407  
Operating profit (EBIT) 11,498  9,630  60,293  37,913  70,353  
Result of financial items - 6,378  - 612  - 15,985  - 1,961  - 5,389  
Profit before tax 5,119  9,017  44,308  35,952  64,964  
Profit after tax 3,107  6,949  32,344  27,796  48,075  
Earnings per share (in EUR) 0.06  0.13  0.59  0.51  0.88  
Diluted earnings per share (in EUR) 0.05  0.12  0.56  0.49  0.85  
For a definition of financial key figures and ratios, please refer to page 37. 
 
 
 
tEUR Q3 2023 Q3 2022 YTD 2023 YTD 2022 2022 
Balance sheet           
Balance Sheet Total 930,934  799,892  930,934  799,892  785,229  
Equity 437,744  420,887  437,744  420,887  412,917  
Current assets 106,674  77,256  106,674  77,256  95,025  
Current liabilities 92,666  189,322  92,666  189,322  65,068  
Net interest bearing debt 222,991  174,504  222,991  174,504  177,879              
tEUR Q3 2023 Q3 2022 YTD 2023 YTD 2022 2022 
Cashflow           
Cash flow from operations before special items 14,245  13,171  81,859  48,819  69,816  
Cash flow from operations 13,912  12,550  79,858  47,908  68,423  
Investments in tangible assets - 1,958  - 703  - 4,140  - 1,263  - 1,804  
Cash flow from investment activities - 30,941  - 3,419  - 81,702  - 109,580  - 112,632  
Cash flow from financing activities - 318  - 7,119  29,695  70,770  65,737  
            
Financial ratios           
Operating profit before depreciation,  
amortization (EBITDA) and special items margin (%) 26% 24% 34% 27% 32% 
Operating profit before amortization margin (EBITDA) (%) 25% 23% 33% 26% 32% 
Operating profit margin (%) 15% 16% 25% 21% 26% 
Publishing segment  
- EBITDA before special items margin (%) 25% 30% 36% 33% 38% 
Paid media segment  
- EBITDA before special items margin (%) 29% 11% 29% 13% 16% 
Net interest bearing debt / EBITDA before special items 1.91  2.63  1.91  3.38  2.09  
Liquidity ratio 1.15 0.41 1.15 0.41 1.46 
Equity to assets ratio (%) 47% 53% 47% 53% 53% 
Cash conversion rate before special items (%) 63% 86% 95% 95% 80% 
Average number of full-time employees 1,053  977  1,126  842  878  
NDCs (thousand) 445  354  1,447  1,102  1,683

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

Q3 report 2023 Page 6  
CEO Letter 
 
Building for the future with 
fast paced North American 
revenue share transition and 
value adding acquisitions 
Q3 was another eventful quarter where we continued 
working towards sustainable future growth. Following the 
exceptional performance during the first half of 2023, Q3 
landed in line with expectations. Group revenues grew by 
26% to 75 mEUR of which 16% was organic growth. Our 
EBITDA grew faster than the top line to 20 mEUR equating 
to 35% growth and an EBITDA margin of 26%. During the 
quarter we recorded a normalized sports win margin fol-
lowing more favorable sports win margins in H1. We man-
aged to deliver solid results despite I) it being the low sea-
son, and II) our continued investment into future growth 
in the North American market. 
The quarterly revenue growth was broadly driven by our 
media partnerships, which continue to be a solid growth 
driver globally, and the strong development in our Paid 
Media business. Paid Media delivered a topline growth of 
46% and a remarkable 264% surge in operational earnings 
with the margin growing from 11% to 29%. This growth 
is largely the result of our investments in moving revenues 
to recurring revenue share income during 2020 and 2021.  
Further, we continued our strong focus on recurring reve-
nue in North America, which grew 24% to 22 mEUR and 
accounted for 30% of group revenue. At Better Collective, 
sustainable long-term value creation is in our DNA, and I 
am very pleased to see how our commercial team in North 
America has been able to fast-forward the recurring reve-
nue share transition, providing strong value in the long 
run, while being short -term dampening on revenue and 
earnings. Allow me to dive a bit into this mechanism.  
North American revenue share transition 
moving faster than expected  
Since the PASPA repeal in 2018, we have been pushing for 
revenue share agreements in North America, just like in 
most of our operations in the rest of the world. Last year, 
we succeeded in either fully or partly transitioning the first 
of our partners to this w ay of collaborating. Remind you, 
we favor revenue share as this model puts us in the same 
boat as our partnering sportsbooks, allowing us to develop 
more strategic and long -term partnerships. In short, we 
succeed when they succeed.  
Having employed the revenue share model for two dec-
ades we have a very strong data foundation proving that 
our strategic revenue share partnerships yield higher long-
term customer values versus an upfront payment (CPA).  
Our continuous focus on securing recurring revenue 
streams has provided Better Collective with a strong com-
petitive advantage. The current recurring revenue 
provides us with a strong cash flow to invest in both the 
near future - which ensures agility once opportunities arise 
- while also enabling us to invest in the future.  
The current recurring cash flow primarily stems from cus-
tomers sent during 2021 and the years leading up to 2021. 
Hence our large growth in NDCs during 2022 and 2023 
bode well for our future value creation.  We will continu-
ously push the ‘snowball’ of recurring revenue down hill, 
accumulating future growth along the way and growing 
the ‘snowball’ ever larger. With this continuous push we 
build out our competitive moat and set us further apart 
from competition. 
Zooming in on North America, I am very satisfied to see 
our significant growth in revenue share customers. Across 
all the North American region we sent more than 65,000 
NDCs during Q3, which implies a growth of 73%. Out of 
this, 64% were on revenue share a greements implying 
42,000 NDCs, which equals 159% growth. In the begin-
ning of the year, we incorporated this transition into our 
financial targets, and we are pleased to see that the tran-
sition is moving faster than first anticipated.  
With that in mind we have still managed to grow North 
American revenues by 24% to 22 mEUR. As you might re-
call, last year was “the year of extreme CPAs” due to sev-
eral big state launches. Even though the focus during 2023 
has been on advancing the revenue share transition, our 
North American business has already delivered year -to-
date growth of 30%, leaving me even more confident in 
our decision, seeing we can generate short -term growth 
while investing in Better Collective’s future. 
Personally, I like to think of our revenue share transition 
as growth in disguise. I remain highly excited about the 
transition, as our data tells us that North American cus-
tomer lifetime values are very high compared to anywhere 
else in the world, and to fully capture this potential we 
need to operate on revenue share agreements.  
I would like to stress that this transitional phase will con-
tinue to have a short -term dampening impact on our fi-
nancial performance in the coming quarters, also heading 
into 2024. However, given the above -mentioned factors, 
this is something we must see through, as it simply is not 
an opportunity we want to miss out on. 
Value adding acquisitions 
During Q3, we continued our global expansion with no less 
than four acquisitions. We acquired Playmaker HQ, an ac-
quisition which provides our group with social  media and 
content production capabilities needed for long-term suc-
cess in the sports media industry.  
By acquiring Playmaker HQ, we also broadened our user 
base towards more generalist sports fans which subse-
quently increases the value offering to our existing part-
ners. Additionally, Playmaker HQ also holds extensive 
sponsorship sales and know -how that we can deploy to

===== SIDA 8 =====

Q3 report 2023 Page 7  
increase our abilities to monetize audiences outside our 
core sports betting audience.  
Currently, Playmaker HQ is only active in North America,  
and we therefore see great potential in being able to scale 
content and know -how across our global presence, and 
particularly in South America, where content is consumed 
via social media.  
Hence, acquiring leading national sports media with a 
strong brand is an important pillar in our global strategy. 
To further solidify our foothold in the Swedish market we 
acquired four of Sweden’s strongest sports media brands; 
SvenskaFans.com, Hockeysverige.se, FotballDirect, and 
Innebandy Magazinet., in a deal made with the Everysport 
Group. Already focusing on Scandinavia, we also acquired 
Tipsbladet.dk to leverage Better Collective’s position as a 
key partner for Danish advertisers. 
Further, in a strategic move to strengthen our presence in 
the Brazilian sports media landscape, we completed the 
acquisition of the sports media, Torcedores.com. An acqui-
sition that allows us to deliver more comprehensive and 
captivating content to Brazilian sports fans.  
Following the closure of Q3, we announced the trans-for-
mational acquisition of Playmaker Capital, our second larg-
est acquisition to date. Playmaker is a leading digital sports 
media group operating a strong portfolio of sports media 
brands across the Americas. Joining forces means that 
Better Collective can establish an even more structured en-
try and presence in the South American market, while also 
strengthening our leading position in North America.  
Over the years, Playmaker has built incredibly strong 
sports media brands and excited sports fans across the 
Americas with high -quality sports content, to cultivate a 
loyal and dedicated following. Combined, its portfolio at-
tracts more than 200 million visits a month and commands 
a social media following of more than 180 million. This 
means that Better Collective’s global monthly reach now 
exceeds 380 million, up from seven million in 2018.  
This impressive development is truly a testament to the 
high-quality brand portfolio we have built over the past five 
years. With the acquisition of Playmaker, we also get a 
highly skilled management team bringing unique media 
competencies that undoubtedly will boost our organization 
even more. We plan to apply our core competencies in 
Playmaker’s audience even further and utilize our toolbox 
of business models to boost revenues, while our expertise 
in performance marketing will also be key. 
The acquisition fits perfectly with our strategy of owning 
and operating leading national sports media brands, and 
further strengthens our position as a preferred partner for 
businesses aiming to activate their brands in a relevant 
and engaging sports context. As such we have taken a sig-
nificant step towards realizing our vision of becoming the 
leading digital sports media group. 
Jesper Søgaard  
Co-founder & CEO Better Collective

===== SIDA 9 =====

Q3 report 2023 Page 8  
Business review 
and financial performance 
Group 
Q3 was another solid quarter for the Better Collective 
group with revenues of 75 mEUR equaling growth of 26%, 
of which 16% was organic.  
Operational earnings (EBITDA before special items) were 
20 mEUR, implying a margin of 26%. The group increased 
its operational earnings by 35%.  
Recurring revenue came in at 4 6 mEUR, implying growth 
of 49%, and made up 61% of group revenues.  
Of the recurring revenues 87% came from revenue share 
income, 9% from subscription, and 4% from advertise-
ment sales.  
The group delivered more than 445,000 new depositing 
customers to partnering sportsbooks and continued its 
strong growth path during its transitional phase to revenue 
share agreements. Q3 NDCs grew by 27%, of which 87% 
were revenue share contracts.  
 
  
 
 
 
  
 
 
 
  
    
Q3 report 2023 Page 8  
    
Q3 report 2023 Page 8  
    
Key figures for the group 
tEUR Q3 2023 Q3 2022 Growth   YTD 2023 YTD 2022 Growth                 
Revenue 75,431  59,720  26%   241,491  183,157  32%  
Cost 55,837  45,164  24%    159,925  133,265  20%                 
Operating profit before  
depreciation, amortization, and special items 19,595  14,556  34%   81,566  49,892  63%  
EBITDA-Margin  
before special items 26% 24%     34% 27%  
   Operating profit before  
   depreciation and amortization 19,073  13,935  
  
 
37%    79,218  48,228  64%   
   EBITDA-Margin 25% 23%   33% 26%  
   Organic growth 16% 23%   23% 30%

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

Q3 report 2023 Page 9  
Publishing 
The Publishing business includes revenue from Better Col-
lective’s proprietary owned and operated sports media a s 
well as media partnerships. The traffic to these brands is 
mostly direct or through organic search results.  
Revenues from this segment came in at 48 mEUR implying 
growth of 17% of which 14% was organic. Operational 
earnings came in at 12 mEUR, implying a margin of 25%. 
The publishing segment accounted for 64% of group rev-
enues and 61% of operational earnings.  
The topline growth came from performance from most 
brands in all geographies , where media partnerships are 
worth highlighting as they continue to deliver.  
The North American contractual transition towards reve-
nue share has been moving faster than expected. In terms 
of NDCs, Better Collective grew massively during Q3 and 
sent approximately 67,000 NDCs, implying growth of 73%.  
The transition postpones revenue and earnings, as it has 
a short-term dampening effect on revenues and earnings. 
All central costs and costs of new areas of expansion are 
recorded in the Publishing segment. 
Paid Media  
The Paid Media business includes revenue efforts in paid 
advertising on search platforms like  Google and Bing, as 
well as advertising on third party sports media. Given the 
upfront payment to advertise on third party platforms the 
gross margin is lower than in the Publishing business. 
Paid Media revenue was 2 7 mEUR, implying growth of 
46%, of which 19% was organic. Over the past quarters, 
the transition in revenue share agreements has paid off as 
margins have improved and made it possible to further fuel 
growth.  
Operational earnings came in at 8 mEUR, implying a mar-
gin of 29%. This implies growth of 264% versus last year.  
The strong growth in  the top line  comes from another 
broadly based performance with solid growth , especially 
from the Americas. The high margin growth comes be-
cause of earlier transition of revenues to recurring revenue 
share income. 
 
 
 
Key figures for the Publishing segment 
tEUR Q3 2023 Q3 2022 Growth   YTD 2023 YTD 2022 Growth               
Revenue 48,463  41,300  17%   161,214  127,806  26% 
Share of Group 64% 69%     67% 70%  
Cost 36,574  28,858  27%   102,761  85,118  21% 
Share of Group 66% 64%     64% 64%                
Operating profit before  
depreciation, amortization, and spe-
cial items 11,888  12,442  -4%   58,452  42,688  
 
 
37% 
Share of Group 61% 85%     72% 86%  
EBITDA-Margin  
before special items 25% 30%     36% 33% 
 
Operating profit before  
depreciation and amortization 
EBITDA-margin 
 
11,366  
23%  
 
11,821 
29%  
  
-4% 
    
 
56,105 
35% 
 
41,024 
32%  
 
37% 
 
  Organic growth 14% 20%   24% 30%  
  
 
Key figures for the Paid Media segment 
tEUR Q3 2023 Q3 2022 Growth   YTD 2023 YTD 2022 Growth               
Revenue 26,969  18,420  46%   80,277  55,351  45% 
Share of Group 36% 31%     33% 30%  
Cost 19,262  16,306  18%   57,164  48,147  19% 
Share of Group 34% 36%     36% 36%                
Operating profit before  
depreciation, amortization, and spe-
cial items 7,707  2,114  264%   23,113  7,204  
 
 
221% 
Share of Group 40% 15%     28% 14%  
EBITDA-Margin  
before special items 29% 11%     29% 13% 
 
Operating profit before  
depreciation and amortization 
EBITDA-margin 
 
7,707 
29%  
 
2,114 
11%  
  
264% 
    
 
23,113 
29%  
 
7,204 
13%  
 
221% 
  Organic growth 19% 31%   27% 29%

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

Q3 report 2023 Page 10  
Europe & Rest of World  
The Europe & Rest of the world (ROW) business includes 
all markets outside of North America. The European mar-
kets consist of more mature markets and are the legacy 
markets of Better Collective . South America is a strong 
growth market for Better Collective and makes up an in-
creasingly bigger part of the business. Examples of sports 
brands include Soccernews in the Netherlands, Betarades 
in Greece, Wettbasis in Germany, Goal.pl in Poland, Les 
Transferts in France, and many others. Further it includes 
our esport communities HLTV and Futbin. The strategy is 
to own the strongest local sports media in all relevant re-
gions. 
Given the strong legacy in the European markets where 
Better Collective has been sending revenue share custom-
ers the past decade, there is a lot of recurring revenue in 
this business.  
Europe & ROW posted revenues of 53 mEUR, implying 
growth of 27%. Operational earnings came in at 17 mEUR, 
giving a margin of 31% and growing 32%. Europe & ROW 
revenue accounted for 70% and operational earnings ac-
counted for 85%. As mentioned, these markets are heavily 
exposed towards recurring revenue share income, mean-
ing fluctuations in the sports win margin has a bigger im-
pact here. During Q3 the sports win margin was lowered 
to more normalized levels as compared to previous quar-
ters with overperforming sports win margins.  
North America 
Both the US and the Canadian markets are somewhat re-
cently regulated. The first states in the US started regulat-
ing in 2018. As both markets are young, revenues largely 
have been generated from one-time payments (CPA). Last 
year, Better Collective started to seek a transition towards 
recuring revenues in the US. North American sports brands 
include amongst other Action Network, Playmaker HQ Ve-
gasInsider, RotoGrinders, Sportshandler, and Canada 
Sports Betting.  
The North American revenue came in at 22 mEUR, imply-
ing growth of 24%. Operational earnings came in at 3 
mEUR equaling a margin of 13% up from 11%. The group 
continues its transition towards recurring revenue share  
which has been moving faster than expected. In terms of 
NDCs, Better Collective sent approx. 65,000 NDCs, imply-
ing growth of 7 3%. Out of this, 64% were on revenue 
share agreements implying 42,000 NDCs, which equals 
159% growth. 
. 
Key figures for Europe & RoW and North America segments 
                                                      Europe & ROW                                                             North America 
tEUR Q3 2023 Q3 2022 Growth  YTD 2023 YTD 2022 Growth  Q3 2023 Q3 2022 Growth  YTD 2023 YTD 2022 Growth                        
Revenue 52,941  41,595  27%  158,932  119,600  33%  22,490  18,125  24%  82,559  63,558  30% 
Share of Group 70% 70%    66% 65%    30% 30%    34% 35%   
Cost 36,305  28,955  25%  102,434  84,022  22%  19,532  16,209  21%  57,491  49,243  17% 
Share of Group 65% 64%    64% 63%    35% 36%    36% 37%                            
Operating profit before depreciation, amortization, and 
special items 16,637  12,640  32% 
 
56,498  35,578  59% 
 
2,958  1,915  54% 
 
25,068  14,314  75% 
Share of Group 85% 87%    69% 71%    15% 13%    31% 29%   
EBITDA-Margin before special items 31% 30%    36% 30%    13% 11%    30% 23%                            
Operating profit before depreciation and amortization 16,519  12,055  37%  55,055  34,703  59%  2,554  1,330  113%  23,405  13,440  76% 
EBITDA-Margin 31% 29%   35% 29%    11% 7%   28% 21%   
 3

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

Q3 report 2023 Page 11  
Financial performance first 
nine months 2023  
Revenue growth of 32% to 241 mEUR and 
organic growth of 23% 
Revenue showed strong growth vs. 2022 of 32% and 
amounted to 241.5 mEUR (YTD 2022: 183.2 mEUR). Rev-
enue share accounted for 50% of the revenue with 30% 
coming from CPA, 5% from subscription sales, and 12% 
from other income.  
Cost of 160 mEUR - up from 133 mEUR  
The increased costs are driven by Paid Media, whereas 
cost to return media partnerships increased as well. The 
cost base excluding depreciation and amortization grew 16 
mEUR, up to 159.9 mEUR (YTD 2022: 133.3 mEUR).  
Total direct cost relating to revenue increased by 9.5 
mEUR to 74.9 mEUR (YTD 2022: 65.4 mEUR) with the 
growth coming from increased cost in Paid Media, and di-
rect costs related to media partnerships. Beyond the cost 
of paid traffic, this includes hosting fees of websites, con-
tent generation, and external development.  
Personnel cost increased 30% from September 2022 to 66 
mEUR 2023 (YTD 2022: 50.7 mEUR). The average number 
of employees increased 25% to 1,053 (YTD 2022: 842). 
Personnel costs include costs related to warrants of 2,4 
mEUR (YTD 2022: 1.3 mEUR).  
Other external costs increased 2 mEUR or 12% to 19 
mEUR (YTD 2022: 17.1 mEUR). Depreciation and amorti-
zation amounted to 16.3 mEUR (YTD 2022: 10.7 mEUR). 
The increase is primarily due to amortization related to the 
acquisition of FUTBIN and Skycon as well as new media 
partnerships. 
Special items 
Special items amounted to a cost of 2.3 mEUR (YTD 2022: 
1.7 mEUR). The net cost of 2.3 mEUR is primarily related 
to M&A expenses of 1.7 mEUR and restructuring of 0.5 
mEUR. 
Earnings 
Operational earnings (EBITDA) before special items grew 
63% to 81.6 mEUR (YTD 2022: 49.9 mEUR). The EBITDA-
margin before special items was 34% (YTD 2022: 27%).  
Including special items, the reported EBITDA was 79.2 
mEUR. (YTD 2022: 48.2 mEUR).  
EBIT before special items increased 73% to 62.6 mEUR 
(YTD 2022: 39.6 mEUR). Including special items, the re-
ported EBIT was 60.3 mEUR (YTD 2022: 37.9 mEUR). 
Net financial items 
Net financial costs amounted to 16 mEUR (YTD 2022: 2 
mEUR) and included net interest, fees relating to bank 
credit lines, unrealized losses on shares and exchange rate 
adjustments. Interest expenses amounted to 8.3 mEUR 
and included non-payable, calculated interest expenses on 
certain balance sheet items . Out of the net interest 7.1 
mEUR are paid.   
Net financial costs are impacted by an unrealized loss of 
5.2 mEUR on Catena Media shares  and financing fees of 
0.8 mEUR whereas net exchange rate loss amounted to 
1.0 mEUR. 
Income tax 
Better Collective has a tax presence in the places where 
the company is incorporated. These places count Denmark 
(where the parent company is incorporated), Austria, 
France, Greece, Malta, Netherlands, Poland, Portugal, Ro-
mania, Serbia, Sweden, UK, Canada, Brazil, and the US.  
Income tax YTD 2023 amounted to 11.9 mEUR (YTD 2022: 
8.2 mEUR). The Effective Tax Rate (ETR) was 27% (YTD 
2022: 22.7%). 
Net profit 
Net profit after tax was 32.3 mEUR ( YTD 2022: 27.8 
mEUR). Earnings per share (EPS) increased by nearly 14% 
to 0.58 EUR/share vs. 0.51 EUR/share YTD 2022. 
Equity 
The equity increased to 437.7 mEUR as per September 30, 
2023, from 412.9 mEUR on December 31, 202 2. Besides 
the YTD profit of 32.3 mEUR, the equity has been impacted 
by the acquisition of treasury shares of 13.4 mEUR and 
share-based payments of 2.4 mEUR. The increase in USD 
vs. EUR has impacted the equity by 2.4 mEUR. 
Balance sheet  
Total assets amounted to 930.9 mEUR (202 2: 785.2 
mEUR), with an equity of 437.7 mEUR (202 2: 412.9 
mEUR). This corresponds to an equity to assets ratio of 
47% (2022: 53%). The liquidity ratio was 1.15 resulting 
from current assets of 106.6 mEUR and current liabilities 
of 92.6 mEUR. The ratio of net interest-bearing debt to 
EBITDA before special items was 1.9 at the end of Sep-
tember.

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

Q3 report 2023 Page 12  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments  
On 14 April, Better Collective acquired Skycon for a pur-
chase price of up to 51 mEUR (45 mGBP) on a cash and 
debt free basis. The net cash flow impact of the transaction 
was 30 mEUR considering deferred payments and acquired 
net assets.  
On July 3, 2023 Better Collective US, Inc. completed the 
acquisition of Playmaker HQ for up to 51 mEUR (54 mUSD) 
with an initial consideration of 14.1 mEUR (15 mUSD) on 
a cash and debt-free basis.  
On August 15, 2023 Better Collective announced the ac-
quisition of four brands SvenskaFans.com, Hockeysve-
rige.se, Fotbolldirekt.se and Innebandymagazinet.se from 
Everysport Group to further expand its position within the 
Swedish sports media ecosystem for a total consideration 
of 3.7 mEUR on a cash and debt-free basis. 
On September 4, 2023 Better Collective announced the ac-
quisition of Torcedores.com, by acquiring Goalmedia Tech-
nologia E Marketing Digital S.A.  
During the period investments in accounts and other in-
tangible assets amounted to 8.1 mEUR.  
 
Cash flow and financing  
Cash flow from operations before special items was 61 
mEUR (YTD 2022: 40.5 mEUR) with a cash conversion of 
95%.  
At 30 September, Better Collective has bank credit facilities 
of a total 319 mEUR. In August Better Collective extended 
the club-financing by three years to October 2026 as well 
as executing the accordion option and thereby increasing 
the available facilities with 72 mEUR, leaving the group 
with a total financing of 319 mEUR where 247 mEUR has 
been utilized. By the end of September 2023, capital re-
serves stood at 122.5 mEUR consisting of cash of 40.7 
mEUR, other current financial assets of 9.8 mEUR in form 
of listed shares and unused credit facilities of 72 mEUR. 
The parent company  
Better Collective A/S, Denmark, is the parent company of 
the group. Revenue grew by 60% to 71.3 mEUR (YTD 
2022: 44.6 mEUR).  
Total costs including depreciation and amortization was 
67.8 mEUR (YTD 2022: 43.1 mEUR). Profit after tax was 
36.4 mEUR (YTD 2022: 57.5 mEUR). The change in profit 
after tax is primarily due to differences in dividend pay-
ments from subsidiaries, exchange rate adjustments, fi-
nancial expenses, and corporate tax. 
Total equity ended at 439 mEUR by September 30, 2023 
(2022: 411.1 mEUR). The equity in the parent company 
was impacted by treasury share transactions (13.4 mEUR), 
cost of warrants of 2.4 mEUR and merger with HLTV (3.2 
mEUR) 
Disclaimer  
This report contains certain forward -looking statements  
and opinions. Forward-looking statements are statements 
that do not relate to historical facts and events. Such state-
ments or opinions pertaining to the future, for example 
include wording like; “believes”, “deems”, “estimates”, 
“anticipates”, “aims’, and “forecasts” or similar expres-
sions, and are intended to identify a statement as forward-
looking. This applies to statements and opinions concern-
ing the future financial returns, plans and expectations 
with respect to the business and management of the 
group, future growth and profitability and general eco-
nomic and regulatory environment and other matters af-
fecting Better Collective. Forward-looking statements are 
based on current estimates and assumptions made accord-
ing to the best of the group’s knowledge. These state-
ments are inherently associated with both known and un-
known risks, uncertainties, and other factors that could 
cause the results, including the group’s cash flow, financial 
condition and operations, to differ materially from the re-
sults, or fail to meet expectations expressly or implicitly , 
assumed or described in those statements or to turn out 
to be less favorable than the results expressly or implicitly 
assumed or described in those statements. Better

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

Q3 report 2023 Page 13  
Collective can give no assurance regarding the future ac-
curacy of the opinions set forth herein or as to the actual 
occurrence of any predicted developments and/or targets. 
Considering the risks, uncertainties and assumptions asso-
ciated with forward-looking statements, it is possible that 
certain future events may not occur. Moreover, forward -
looking estimates  derived from third -party studies may 
prove to be inaccurate. Actual results, performance or 
events may differ materially from those in such statements 
due to, without limitation: changes in general economic 
conditions, in particular economic conditions in the mar-
kets in which the group operates, changes affecting inter-
est rate levels, changes affecting currency exchange rates, 
changes in competition levels, changes in laws and regu-
lations, and occurrence of accidents or environmental 
damages and systematic delivery failures. We undertake 
no obligation to update or revise any forward looking 
statements, whether as a result of new information, future 
events or otherwise, except to the extent required by law. 
Financial targets  
2023 
The board of directors ha s decided on targets for the fi-
nancial year 2023 as announced in the 2022 full year re-
port. Following the acquisition of Skycon Limited  and the 
record breaking Q1, the financial targets were upgraded: 
• Revenue of 315-325 mEUR (previously 305-315 
mEUR) 
• EBITDA before special items of 105-115 mEUR (pre-
viously 95-105 mEUR) 
• Net debt to EBITDA before special items <2.0 (un-
changed) 
 
 
 
Financial targets  
2023- 2027 
The new financial targets for the Better Collective group 
for 2023-2027 (include M&A): 
• Revenue CAGR of +20% 
• EBITDA margin before special items of 30-40% 
• Net debt to EBITDA before  
special items of <3 
The long-term target assumes that M&A are solely fi-
nanced by own cash flow and debt. 
Other 
Shares and share capital  
Better Collective A/S is listed on Nasdaq Stockholm main 
market. The shares are traded under the ticker “BETCO”. 
As per September 30, 2023, the share capital amounted to 
552,238.47 EUR, and the total number of issued shares 
was 55,223,847. The company has one (1) class of shares. 
Each share entitles the holder to one vote at the general 
meetings.  
On July 7, 2023 Better Collective A/S initiated a share buy-
back program for up to 10 mEUR, to be executed during 
the period from July 7, 2023 to August 21, 2023.  The pur-
pose of the program is to cover future payments relating 
to acquisitions and LTI programs. The share buyback pro-
gram was completed on August 21, 2023 and the accumu-
lated no. of shares under the program was 187,991. Fol-
lowing the purchases, Better C ollective A/S holds 
1,387,580 treasury shares corresponding to 2.51% of the 
outstanding share capital of the Company. 
In relation to the release of Better Collective’s Q2 report, 
an exercise window opened on August 23, 2023 and closed 
on September 6, 2023. 12 employees wished to exercise 
47,011 warrants under the 2019 warrant program. On 
September 18, 2023 the Board of Directors resolved to is-
sue 47,011 new ordinary shares in Better Collective A/S. 
Shareholder structure  
As of September 30, 2023, the total number of sharehold-
ers was 4,485. A list of top ten shareholders in Better Col-
lective A/S can be found on the group’s website.  
Nomination Committee 
Better Collective’s Nomination Committee has been ap-
pointed and must consist of four members, representing 
the three largest shareholders as per the end of August 
2023, together with the Chair of the Board of Directors. On 
August 31, 2023, the two largest shareholders were Chr. 
Dam Holding and J. Søgaard Holding which due to their 
interlinked ownership are grouped. In accordance with the 
Financial targets 2023 
 
Updated targets 2023 Targets 2023 Actual 2022 
Revenue 315-325 mEUR 290-300 mEUR 269.3 mEUR 
EBITDA (before special items) 105-115 mEUR 90-100 mEUR 85.1 mEUR 
Net interest bearing debt/EBITDA <2.0 <2.0 2.67

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

Q3 report 2023 Page 14  
shareholders’ decision, the appointees of the Nomination 
Committee are: 
• Søren Jørgensen, Chair, appointed by Chr. Dam 
Holding and J. Søgaard Holding 
• Martin Jonasson, appointed by Andra AP-Fonden, 
also representing Tredje AP-Fonden 
• Michael Knutsson, appointed by Knutsson Holdings 
AB 
• Jens Bager, Chair of the Board of Directors, Better 
Collective 
Extraordinary General Meeting 2023 
On August 8, 2023 Better Collective hosted an electronic 
extraordinary general meeting (EGM), where the share-
holders approved the proposals from the Nomination Com-
mittee regarding the election of Britt Boeskov and René 
Rechtman as new members of the Board of Directors. Fol-
lowing years of dedicated work on the Better Collective 
Board of Directors, Board member Klaus Holse, wished to 
resign with effect as of the EGM. Klaus Holse and his con-
tributions to the Better Collective group are greatly appre-
ciated. 
Dual listing  
In late September, Better Collective announced its inten-
tion to carry out a dual listing of the group’s shares on 
Nasdaq Copenhagen, in addition to the current listing on 
Nasdaq Stockholm. The first day of trading on Nasdaq Co-
penhagen is expected to be November 17, 2023. 
Incentive programs 
To attract and retain key competences, the company has 
established warrant programs for certain key employees. 
All warrants with the right to subscribe for one ordinary 
share. If all outstanding warrants are subscribed, then the 
maximum shareholders diluti on will be approximately 
4.9%. On January 3, 2023, the board of directors imple-
mented a Long-Term Incentive Plan (LTI) for key employ-
ees in the Better Collective group.  
In total the grants under the LTI in 2023 cover 134 ,953 
performance share units and 239,350 share options to 63 
key employees in total, vesting over a 3 -year period. The 
total value of the 2023 LTI grant program is 2.9 mEUR 
(calculated Black-Scholes value) measured at the target 
level, which is to say 100% achievement of the financial 
goals. On April 25, 2023, a new LTI program was approved 
for executive management. The total grant of 300,000 
share options will vest over a 3 -year period given certain 
vesting conditions set by the Board of Directors. The total 
value of the 2023 LTI grant program is 2.6 mEUR 
(calculated Black-Scholes value) measured at the target 
level, which is to say 100% achievement of the financial 
goals. 
Risk management  
Through an Enterprise Risk Management process, various 
gross risks in Better Collective are identified. Each risk is 
described, including current risk mitigation in place, or 
planned mitigating actions. The subsequent analysis of the 
identified risks includes an inherent risk evaluation based 
on two main parameters: probability of occurrence and im-
pact on future earnings and cash flow. Better Collective’s 
management continuously monitors risk development in 
the Better Collective group. The risk evaluation i s pre-
sented to the Board of Directors annually, for discussion 
and any further mitigating actions required.  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 on-
going basis. Better Collective seeks to identify and under-
stand risks and mitigate them accordingly. Also, the 
group’s close and longstanding relationships with custom-
ers allow Better Collective to anticipate and respond to 
market movements and new regulations including compli-
ance requirements from authorities and sportsbooks.  
Warrant programs 
Program 
Warrants out-
standing 
September 30, 
2023 
Vesting 
 Period 
Exercise 
 Period 
Exercise Price 
DKK 
Exercise Price 
EUR (rounded) 
2019* 922,086  2020-2023 2022-2024 64.78  8.70  
2020** 25,000  2021-2023 2023-2025 61.49  8.26  
2020* 246,666  2021-2023 2023-2025 106.35  14.28  
2021* 381,614  2022-2024 2024-2026 150.41  20.20  
2021 US MIP Options 117,198  2021-2024 2024-2026 138.90  18.65  
2021 US MIP PSU 132,786  2021-2024 2024-2026     
2022 US MIP Options 14,610  2022-2023 2023-2026 107.25  14.40  
2022 US MIP PSU 26,177  2022-2023 2023-2026     
2022 Options 22,138  2022-2024 2025-2027 130.98  17.59  
2022 PSU 67,276  2022-2024 2025-2027     
2023 CXO Options 300,000  2023-2025 2026-2028 142.08  19.08  
2023 Options 239,338  2023-2025 2026-2028 77.50  10.41  
2023 PSU 131,311  2023-2025 2026-2028

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

Q3 report 2023 Page 15  
With the US division, the overall risk profile of Better Col-
lective has changed, and compliance as well as financial 
risk have increased. 
Better Collective has mitigated the additional risks in US in 
several ways, compliance risk through involvement of reg-
ulatory bodies in our licensing process for newly estab-
lished entities, financial risk through a performance-based 
valuation of the acquir ed entities, and organizational risk 
through establishment of local governance, and finance, 
HR, and legal organization dedicated to the US operations. 
During 2022 and 2023 the macroeconomic environment 
has impacted the global economy with rising interest rates. 
Better Collective has mitigated and addressed the credit 
and interest rate risk by entering a new long-term commit-
ted facility with three banking partners in August, securing 
attractive terms and a long -term 3-year commitment. 
Other key risk factors are described in the Annual report 
2022. 
 
 
 
 
 
Contacts 
Senior Director Group Strategy, IR and Corp. Comms. 
Mikkel Munch-Jacobsgaard 
investor@bettercollective.com  
This information is such information as Better Collective 
A/S is obliged to make public pursuant to the EU Market  
Abuse Regulation. The information was submitted for pub-
lication, through the agency of the contact person set out 
above on November 15, 2023, after market close (CET). 
About 
With a vision to become the leading digital sports media 
group, Better Collective owns global and national sport 
media. We are on a mission to excite sports fans through 
engaging content and foster passionate communities 
worldwide. Headquartered in Copenhagen, Denmark, and 
listed on Nasdaq Stockholm (BETCO), Better Collective's 
portfolio includes;  Action Network , VegasInsider.com, 
HLTV.org, FUTBIN.com, and Playmaker HQ.  
To learn more about Better Collective please visit  
www.Bettercollective.com 
 
 
 
  
    
Q3 report 2023 Page 15  
    
Q3 report 2023 Page 15

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

Q3 report 2023 Page 16  
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 
interim financial statements and the parent com-
pany condensed interim financial statements for 
the period January 1 – September 30, 2023. 
Today, the board of directors and the executive  
management have discussed and approved the  
condensed consolidated interim financial statements and 
the parent company condensed interim financial state-
ments of Better Collective A/S for the period  
January 1 – September 30, 2023.  
The condensed consolidated interim financial statements 
for the period January 1 – September 30, 2023, are pre-
pared in accordance with IAS 34 Interim Financial Report-
ing as adopted by the EU, and additional requirements of 
the Danish Financial Statements Act. The parent company 
condensed interim financial statements have been in-
cluded 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 condensed 
interim financial statements give a true and fair view of the 
group’s and parent company’s assets,  
liabilities and financial position on September 30, 2023, 
and of the results of the group’s and parent company’s 
operations and the group’s cash flows for the period  
January 1 – September 30, 2023.  
Further, in our opinion, the management’s review gives a 
fair review of the development in the group’s and the par-
ent company’s operations and financial matters and the 
results of the group’s and the parent company’s operations 
and financial position, as well as a description of the major 
risks and uncertainties, the group and the parent company 
are facing.  
Copenhagen, November 15, 2023 
 
 
 
 
 
 
 
 
 
 
Executive management   
Jesper Søgaard 
Co-founder & CEO 
Christian Kirk Rasmussen 
Co-founder & COO  
Executive Vice President 
Flemming Pedersen 
CFO 
Executive Vice President 
   
Board of directors   
Jens Bager 
Chair 
Therese Hillman 
Vice Chair 
Britt Boeskov 
   
Todd Dunlap Leif Nørgaard René Rechtman 
   
Petra von Rohr

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

Q3 report 2023 Page 17  
 
Independent auditor's report 
To the shareholders of Better Collective 
A/S  
We have reviewed the condensed consolidated interim fi-
nancial statements of Better Collective A/S for the period 
January 1 – September 30, 2023, which comprise a con-
solidated income statement, consolidated statement of 
other comprehensive income, consolidated balance sheet, 
consolidated statement of changes in equity, consolidated 
cash flow statement and notes as presented on page 18 - 
33. The condensed consolidated interim financial state-
ments are prepared in accordance with IAS 34 Interim Fi-
nancial Reporting, as adopted by the EU, and additional 
requirements of the Danish Financial Statements Act. 
Management's responsibilities for the condensed 
consolidated interim financial statements 
Management is responsible for the preparation of con-
densed consolidated interim financial statements in ac-
cordance with IAS 34 Interim Financial Reporting, as 
adopted by the EU, and additional requirements of the 
Danish Financial Statements Act and for such internal con-
trol as Management determines is necessary to enable the 
preparation of condensed consolidated interim financial 
statements that are free from material misstatement, 
whether due to fraud or error. 
Auditor's responsibilities 
Our responsibility is to express a conclusion on the con-
densed consolidated interim financial statements. We con-
ducted our review in accordance with the International 
Standard on Review of Interim Financial Information Per-
formed by the Independent Auditor of the Entity and ad-
ditional requirements applicable in Denmark.  
This requires us to conclude whether anything has come 
to our attention that causes us to believe that the con-
densed consolidated interim financial statements, taken as 
a whole, are not prepared, in all material respects, in ac-
cordance with IAS 34 Interim Financial Reporting, as 
adopted by the EU, and additional requirements of the 
Danish Financial Statements Act. This standard also re-
quires us to comply with relevant ethical requirements. 
A review of the condensed consolidated interim financial 
statements in accordance with the International Standard 
on Review of Interim Financial Information Performed by 
the Independent Auditor of the Entity is a limited assur-
ance engagement. The auditor p erforms procedures pri-
marily consisting of making enquiries of Management and 
others within the company, as appropriate, applying ana-
lytical procedures and evaluate the evidence obtained. 
The procedures performed in a review are substantially 
less that those performed in an audit conducted in accord-
ance with the International Standards on Auditing. 
Accordingly, we do not express an audit opinion on the 
condensed consolidated interim financial statements. 
Conclusion 
Based on our review, nothing has come to our attention 
that causes us to believe that these condensed consoli-
dated interim financial statements are not prepared, in all 
material respects, in accordance with IAS 34 Interim Fi-
nancial Reporting, as adopted by  the EU, and additional 
requirements of the Danish Financial Statements Act. 
Other matters 
The condensed consolidated interim financial statements 
contain actual figures for the period July 1 – September 
30, 2023 (Q3 2023), together with comparative figures for 
the period July 1 – September 30, 2022 (Q3 2022). The 
actual figures for Q3 2023 and the comparative figures for 
Q3 2022 have not been subject to review. Accordingly, we 
do not express an opinion or any other form of assurance 
on the actual Q3 2023 figures or on the comparative fig-
ures for Q3 2022.  
 
 
 
 
 
Copenhagen, November 15, 2023 
EY Godkendt Revisionspartnerselskab 
CVR no. 30 70 02 28 
 
 
 
 
 
Jan C. Olsen 
State Authorised 
Public Accountant 
mne33717  
 
 
 
 
Peter Andersen 
State Authorised 
Public Accountant 
mne34313

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

Q3 report 2023 Page 18  
Financial statements for the  
period January 1 – September 30 
Condensed interim  
consolidated income statement  
Not
e tEUR Q3 2023 Q3 2022 YTD 2023 YTD 2022 2022 
3 Revenue 75,431  59,720  241,491  183,157  269,297  
  Direct costs related to revenue 25,669  21,691  74,862  65,447  92,227  
4 Staff costs  23,408  17,326  66,018  50,727  68,639  
  Other external expenses 6,760  6,148  19,045  17,091  23,356                
  
Operating profit before depreciation and amortization (EBITDA) 
and special items 19,595  14,556  81,566  49,892  85,075                
  Depreciation 1,200  623  2,611  1,593  2,321                
  
Operating profit  
before amortization (EBITA) and special items 18,395  13,933  78,954  48,300  82,754                
7 Amortization and impairment 6,375  3,682  16,314  8,722  12,347                
  Operating profit (EBIT) before special items 12,019  10,251  62,640  39,578  70,407                
5 Special items, net - 522  - 621  - 2,347  - 1,664  - 54                
  Operating profit 11,498  9,630  60,293  37,913  70,353  
  Financial income 799  833  4,179  4,178  4,198  
  Financial expenses 7,178  1,445  20,164  6,140  9,587                
  Profit before tax 5,119  9,017  44,308  35,952  64,964  
6 Tax on profit for the period 2,012  2,068  11,964  8,156  16,888  
  Profit for the period 3,107  6,949  32,344  27,796  48,075                
  
Earnings per share  
attributable to equity holders of the company 
          
  Average number of shares 55,183,479  55,002,192  55,164,474  54,584,822  54,363,312  
  
Average number of warrants  
- converted to number of shares 2,635,780  2,449,465  2,679,260  2,504,339  2,495,614  
  Earnings per share (in EUR) 0.06  0.13  0.59  0.51  0.88  
  Diluted earnings per share (in EUR) 0.05  0.12  0.56  0.49  0.85  
 
 
 
Condensed interim 
consolidated statement of other comprehensive income 
Note tEUR Q3 2023 Q3 2022 YTD 2023 YTD 2022 2022               
  Profit for the period 3,107  6,949  32,344  27,796  48,075  
  Other comprehensive income           
  
Other comprehensive income to be reclassified to profit or loss in 
subsequent periods:           
  Currency translation to presentation currency 805  342  521  - 153  - 905  
  Currency translation of non-current intercompany loans 8,055  18,703  3,048  43,343  17,030  
  Income tax - 1,772  - 4,115  - 671  - 9,535  - 3,747  
  Net other comprehensive income/loss 7,087  14,930  2,898  33,655  12,379  
  Total comprehensive income/(loss) for the period, net of tax 10,194  21,879  35,242  61,451  60,454  
              
  Attributable to:           
  Shareholders of the parent 10,194  21,879  35,242  61,451  60,454

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

Q3 report 2023 Page 19  
Condensed interim  
consolidated balance sheet 
Note tEUR Q3 2023 Q3 2022 2022 
          
  Assets       
          
  Non-current assets       
7 Intangible assets       
  Goodwill 262,980  193,142  183,942  
  Domains and websites 473,436  481,366  460,513  
  Accounts and other intangible assets 54,978  27,916  27,016  
  Total intangible assets 791,395  702,424  671,471            
  Property, plant and equipment       
  Land and buildings       
  Right of use assets 14,906  5,955  6,269  
  Leasehold improvements, Fixtures and fittings, other plant and equipment  5,510  2,446  2,574  
  Total property, plant and equipment 20,416  8,401  8,843  
          
  Other non-current assets       
  Deposits 1,716  734  726  
  Deferred tax asset 10,732  11,077  9,165  
  Total other non-current assets 12,448  11,811  9,891            
  Total non-current assets 824,259  722,636  690,204  
          
  Current assets       
  Trade and other receivables 45,097  38,693  53,179  
  Corporation tax receivable 6,854  2,025  6,423  
  Prepayments 4,306  3,974  3,926  
  Other current financial assets 9,742   0  0 
  Cash 40,676  32,564  31,497  
  Total current assets 106,674  77,256  95,025            
  Total assets 930,934  799,892  785,229  
 
 
 
Note tEUR Q3 2023 Q3 2022 2022 
          
  Equity and liabilities                 
  Equity       
  Share Capital 552  551  551  
  Share Premium 273,184  272,535  272,550  
  Currency Translation Reserve 26,074  44,453  23,177  
  Treasury Shares - 21,050  - 2,102  - 7,669  
  Retained Earnings 158,983  105,450  124,307  
  Total equity 437,744  420,887  412,917            
  Non-current Liabilities       
8 Debt to credit institutions 248,359  85,725  201,708  
8 Lease liabilities 12,577  4,705  4,962  
8 Deferred tax liabilities 90,173  78,891  78,167  
8 Other long-term financial liabilities 49,415  20,361  22,407  
  Total non-current liabilities 400,524  189,683  307,244  
          
  Current Liabilities       
  Prepayments received from customers and deferred revenue  4,066  6,681  8,023  
  Trade and other payables 26,486  22,951  22,252  
  Corporation tax payable 4,516  14,341  5,221  
8 Other financial liabilities 54,866  28,711  26,865  
  Debt to credit institutions 23  115,171  1,055  
8 Lease liabilities 2,708  1,467  1,653  
  Total current liabilities 92,666  189,322  65,068  
          
  Total liabilities 493,189  379,005  372,312  
          
  Total Equity and liabilities 930,934  799,892  785,229

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

Q3 report 2023 Page 20  
Condensed interim  
consolidated statement of changes in equity 
tEUR 
Share 
capital 
Share 
premium 
Currency 
translation 
reserve 
Treasury 
shares 
Retained 
earnings 
Pro-
posed 
dividend 
Total 
equity 
                
As of January 1, 2023 551  272,550  23,177  - 7,669  124,307   0 412,917  
Result for the period  0  0  0  0 32,344   0 32,344  
                
Other comprehensive income               
Currency translation  
to presentation currency  0  0 3,568   0  0  0 3,568  
Tax on other  
comprehensive income  0  0 - 671   0  0  0 - 671  
Total other  
comprehensive income  0  0 2,898   0  0  0 2,898  
Total comprehensive income for the year  0  0 2,898   0 32,344   0 35,242  
                
Transactions with owners               
Capital Increase 1  634   0  0  0  0 635  
Acquisition of treasury shares  0  0  0 - 13,368   0  0 - 13,368  
Disposal of treasury shares  0  0  0  0  0  0  0 
Share based payments  0  0  0  0 2,359   0 2,359  
Transaction cost  0  0  0 - 13  - 27   0 - 40  
Total transactions with owners 1  634   0 - 13,381  2,332   0 - 10,414  
                
At September 30, 2023 552  273,184  26,074  - 21,050  158,983   0 437,744  
During the period no dividend was paid. 
 
 
 
tEUR 
Share 
capital 
Share 
pre-
mium 
Currency 
translation 
reserve 
Treasury 
shares 
Retained 
earnings 
Pro-
posed 
divi-
dend 
Total 
equity 
                
As of January 1, 2022 546  267,873  10,798  - 8,074  73,705   0 344,848  
Result for the period  0  0  0  0 27,796   0 27,796  
                
Other comprehensive income               
Currency translation  
to presentation currency  0  0 43,190   0  0  0 43,190  
Tax on other  
comprehensive income  0  0 - 9,535   0  0  0 - 9,535  
Total other  
comprehensive income  0  0 33,655   0  0  0 33,655  
Total comprehensive income for the year  0  0 33,655   0 27,796   0 61,451  
                
Transactions with owners               
Capital Increase 5  4,662   0  0  0  0 4,667  
Acquisition of treasury shares  0  0  0 - 8,684   0  0 - 8,684  
Disposal of treasury shares  0  0  0 14,656  842   0 15,498  
Share based payments  0  0  0  0 3,127   0 3,127  
Transaction cost  0  0  0  0 - 20   0 - 20  
Total transactions with owners 5  4,662   0 5,972  3,949   0 14,588  
                
At September 30, 2022 551  272,535  44,453  - 2,102  105,450   0 420,887  
During the period no dividend was paid.

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

Q3 report 2023 Page 21  
Condensed interim  
consolidated statement of changes in equity – continued 
tEUR 
Share  
capital 
Share  
premium 
Currency 
translation re-
serve 
Treasury 
shares 
Retained 
earnings 
Proposed divi-
dend 
Total  
equity 
                
As of January 1, 2022 546  267,873  10,798  - 8,074  73,705   0 344,848  
Result for the period  0  0  0  0 48,075   0 48,075  
                
Other comprehensive income               
Currency translation  
to presentation currency  0  0 16,125   0  0  0 16,125  
Tax on other  
comprehensive income  0  0 - 3,747   0  0  0 - 3,747  
Total other  
comprehensive income  0  0 12,379   0  0  0 12,379  
Total comprehensive income for the year  0  0 12,379   0 48,075   0 60,454  
                
Transactions with owners               
Capital Increase 5  4,677   0  0  0  0 4,683  
Acquisition of treasury shares  0  0  0 - 14,250   0  0 - 14,250  
Disposal of treasury shares  0  0  0 14,656  842   0 15,498  
Share based payments  0  0  0  0 1,713   0 1,713  
Transaction cost  0  0  0  0 - 28   0 - 28  
Total transactions with owners 5  4,677   0 406  2,526   0 7,615  
                
At December 31, 2022 551  272,550  23,177  - 7,669  124,307   0 412,917  
During the period no dividend was paid.

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

Q3 report 2023 Page 22  
Condensed interim  
consolidated statement of cash flows 
Note tEUR Q3 2023 Q3 2022 YTD 2023 YTD 2022 2022 
              
  Profit before tax 5,119  9,017  44,308  35,952  64,964  
  Adjustment for finance items 6,378  612  15,985  1,961  5,389  
  Adjustment for special items 522  621  2,347  1,664  54  
  Operating Profit for the period before special items 12,019  10,251  62,640  39,578  70,407  
  Depreciation and amortization 7,575  4,305  18,926  10,314  14,668  
  Other adjustments of non-cash operating items 807  731  2,417  1,177  1,690  
  
Cash flow from operations  
before changes in working capital and special items 20,402  15,287  83,983  51,070  86,765  
  Change in working capital - 6,157  - 2,116  - 2,124  - 2,251  - 16,949  
  Cash flow from operations before special items 14,245  13,171  81,859  48,819  69,816  
  Special items, cash flow - 333  - 621  - 2,000  - 911  - 1,393  
  Cash flow from operations 13,912  12,550  79,858  47,908  68,423  
  Financial income, received  - 475  268  166  1,567  1,682  
  Financial expenses, paid - 3,027  - 1,016  - 7,078  - 4,088  - 5,666  
  Cash flow from activities before tax 10,410  11,802  72,946  45,388  64,439  
  Income tax paid  - 3,005  - 1,831  - 11,972  - 4,811  - 16,239  
  Cash flow from operating activities 7,406  9,971  60,974  40,577  48,200  
              
9 Acquisition of businesses - 19,636  - 639  - 49,403  - 13,819  - 14,337  
7 Acquisition of intangible assets -8,094 -2,028 -11,718 -94,458 - 96,452  
  Acquisition of property, plant and equipment - 1,958  - 703  - 4,140  - 1,263  - 1,804  
  Sale of property, plant and equipment  0 0  3  0  16  
  Acquisition of other financial assets  0  0 - 14,930   0  0 
  Change in other non-current assets - 1,253  - 50  - 1,514  - 40  - 55  
  Cash flow from investing activities - 30,941  - 3,419  - 81,702  - 109,580  - 112,632  
 
 
 
Note tEUR Q3 2023 Q3 2022 YTD 2023 YTD 2022 2022 
              
  Repayment of borrowings  0 - 5,041  - 1,486  - 15,150  - 215,993  
  Proceeds from borrowings  0 28  45,490  95,010  296,665  
  Lease liabilities - 1,475  - 297  - 1,993  - 987  - 1,274  
  
Other non-current liabilities 4,569   0 444   0  0 
  
Capital increase 397  285  634  601  618  
  Treasury shares -3,804  - 2,089  - 13,381  - 8,684  - 14,250  
  Transaction cost -4  - 5  - 13  - 20  - 28  
  Cash flow from financing activities - 317  - 7,119  29,694  70,770  65,737  
              
  Cash flows for the period - 23,853  - 567  8,967  1,767  1,306  
  
Cash and cash equivalents at beginning 64,536  32,971  31,497  30,093  30,093  
  
Foreign currency translation of cash and cash equivalents - 7  160  211  704  99  
  Cash and cash equivalents period end* 40,676  32,564  40,676  32,564  31,497  
              
  Cash and cash equivalents period end           
  Cash 40,676  32,564  40,676  32,564  31,497  
  Cash and cash equivalents period end 40,676  32,564  40,676  32,564  31,497

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

Q3 report 2023 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 affiliate marketing. Better Collective’s vision 
is to empower iGamers by leading the way in transparency and technology. 
Basis of preparation  
The Interim Report (condensed consolidated interim financial statements) for the period January 1 - September 30, 2023, 
has been prepared in accordance with IAS 34 “Interim financial statements” 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 subsidiaries. 
The condensed consolidated interim financial statements refer to certain key performance indicators, which Better Collective 
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 
All new or amended standards (IFRS) and interpretations (IFRIC) as adopted by the EU and which are effective for the 
financial year beginning on  January 1, 2023, have been adopted. The implementation of these new or amended  
standards and interpretations had no material impact on the condensed consolidated interim financial statements. 
Accounting policies  
The condensed consolidated interim financial statements have been prepared using the same accounting policies as set out 
in note 1 of the 2022 annual report which contains a full description of the accounting policies for the Group and the parent 
company, except for the scope of operating segments and “Other current assets”.  
The scope of operating segments has been modified following changes in management responsibilities as from January 1, 
2023. US has been renamed to North America (NA) and will now cover both USA and Canada. Canada was previously included 
in the operating segment “Europe and RoW”. 2022 comparative information has been restated.  
Revenue recognised under the hybrid revenue model consists of upfront revenue share (one-time upfront fee for each new 
referred player) and revenue share for the amount that aggregate revenue share exceeds the aggregate upfront revenue 
share. Upfront revenue share is recognized at a point in time equal to the month in which the player referral is made. Revenue 
share is recognised once the aggregate revenue share exceeds the upfront revenue share and is recognised at a point in 
time equal to the month that it is earned by the respective gaming operator. 
Listed shares included under other current financial assets are measured at fair value (market price) at the balance sheet 
date. (Fair Value Level 1) 
Fair Value Level 1: Value based on the fair value of corresponding assets/liabilities in a well-functioning market. 
The annual report for 2022 including full description of the accounting policies can be found on Better Collective’s website: 
https://storage.mfn.se/0e9df7fa-f018-42b8-9189-6ee99458c094/bc-2022-annual-report-final.pdf 
Significant accounting judgements, estimates and assumptions 
The preparation of condensed consolidated interim financial statements requires management to make judgements, 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 con-
solidated interim financial statements are the same as disclosed in note 2 in the annual report for 202 2 which  
contains a full description of significant accounting judgements, estimates and assumptions.

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

Q3 report 2023 Page 24  
2. Segments 
Publishing and Paid Media 
Better Collective operates two different business models regarding customer acquisition with different earnings - 
profiles. The segments Publishing and Paid Media have been measured and disclosed separately for Revenue, Cost and 
Earnings. The Publishing business includes revenue from Better Collective’s proprietary online sports media and media part-
nerships where the online traffic is coming either directly or through organic search results, whereas Paid Media generates 
revenue through paid ad-traffic to our websites, thereby running on a lower earnings margin. 
The performance for each segment is presented in the below tables: 
  Publishing Paid Media Group 
tEUR 
Q3 2023 Q3 2022 Q3 2023 Q3 2022 Q3 2023 Q3 2022 
              
Revenue 48,463  41,300  26,969  18,420  75,431  59,720  
Cost 36,574  28,858  19,262  16,306  55,837  45,164  
              
Operating profit before depreciation,  
amortization and special items 11,888  12,442  7,707  2,114  19,595  14,556  
EBITDA-Margin before special items 25% 30% 29% 11% 26% 24% 
              
Special items, net - 522  - 621   0  0 - 522  - 621  
              
Operating profit  
before depreciation and amortization 11,366  11,821  7,707  2,114  19,073  13,935  
EBITDA-Margin 23% 29% 29% 11% 25% 23% 
              
Depreciation 1,196  620  4  3  1,200  623  
              
Operating profit before amortization 10,170  11,201  7,703  2,111  17,873  13,312  
EBITA-Margin 21% 27% 29% 11% 24% 22% 
 
 
  Publishing Paid Media Group 
tEUR 
YTD 2023 YTD 2022 YTD 2023 YTD 2022 YTD 2023 YTD 2022 
              
Revenue 161,214  127,806  80,277  55,351  241,491  183,157  
Cost 102,761  85,118  57,164  48,147  159,925  133,265  
              
Operating profit before depreciation,  
amortization and special items 58,452  42,688  23,113  7,204  81,566  49,892  
EBITDA-Margin before special items 36% 33% 29% 13% 34% 27% 
              
Special items, net - 2,347  - 1,664   0  0 - 2,347  - 1,664  
              
Operating profit  
before depreciation and amortization 56,105  41,024  23,113  7,204  79,218  48,228  
EBITDA-Margin 35% 32% 29% 13% 33% 26% 
              
Depreciation 2,601  1,581  10  12  2,611  1,593  
              
Operating profit before amortization 53,504  39,443  23,103  7,192  76,607  46,635  
EBITA-Margin 33% 31% 29% 13% 32% 25% 
 
  
Publishing Paid Media Group 
tEUR 2022 2022 2022 
Revenue 187,057  82,241  269,297  
Cost 115,376  68,846  184,222  
Operating profit before depreciation,  
amortization and special items 71,681  13,394  85,075  
EBITDA-Margin before special items 38% 16% 32% 
Special items, net - 54   0 - 54  
Operating profit  
before depreciation and amortization 71,627  13,394  85,021  
EBITDA-Margin 38% 16% 32% 
Depreciation 2,306  15  2,321  
Operating profit before amortization 69,321  13,379  82,700  
EBITA-Margin 37% 16% 31%

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

Q3 report 2023 Page 25  
 
 
2. Segments, continued 
Europe & Rest of World and North America 
Better Collective’s products cover more than 30 languages and attract millions of users worldwide - with international brands 
with a global reach as well as regional brands with a local reach. Better Collective’s regional brands are tailored according to 
the specific regions or countries and their respective regulations, sports, betting behaviors, user needs, and languages. From 
Q2 2021 and following the acquisition of Action Network (included in Group accounts from time of closing on May 28, 2021) 
the US market constitutes >20% of Group Revenue and >30% of revenue in Publishing on an annualized basis. Hence, 
Better Collective reports on the geographical segments North America and Europe & ROW (Rest of World), measuring and 
disclosing separately for Revenue, Cost and Earnings. Historical financial figures are reported accordingly.  
 
The performance for each segment is presented in the below tables: 
  Europe & RoW North America Group 
tEUR Q3 2023 Q3 2022 Q3 2023 Q3 2022 Q3 2023 Q3 2022               
Revenue 52,941  41,595  22,490  18,125  75,431  59,720  
Cost 36,305  28,955  19,532  16,209  55,837  45,164                
Operating profit before depreciation,  
amortization and special items 16,637  12,640  2,958  1,915  19,595  14,556  
EBITDA-Margin before special items 31% 30% 13% 11% 26% 24%               
Special items, net - 118  - 585  - 403  - 36  - 522  - 621                
Operating profit  
before depreciation and amortization 16,519  12,055  2,554  1,880  19,073  13,935  
EBITDA-Margin 31% 29% 11% 10% 25% 23%               
Depreciation 912  462  288  161  1,200  623                
Operating profit before amortization 15,607  11,593  2,266  1,719  17,873  13,312  
EBITA-Margin 29% 28% 10% 9% 24% 22% 
 
* 2022 figures have been restated because of the transfer of Canada and renaming USA to North America (NA), which now covers both USA 
and Canada from January 1, 2023. 
 
  Europe & RoW North America Group 
tEUR YTD 2023 YTD 2022 YTD 2023 YTD 2022 YTD 2023 YTD 2022               
Revenue 158,932  119,600  82,559  63,558  241,491  183,157  
Cost 102,434  84,022  57,491  49,243  159,925  133,265                
Operating profit before depreciation,  
amortization and special items 56,498  35,578  25,068  14,314  81,566  49,892  
EBITDA-Margin before special items 36% 30% 30% 23% 34% 27%               
Special items, net - 1,443  - 875  - 904  - 790  - 2,347  - 1,664                
Operating profit  
before depreciation and amortization 55,055  34,703  24,164  13,525  79,218  48,228  
EBITDA-Margin 35% 29% 29% 21% 33% 26%               
Depreciation 1,853  1,235  759  358  2,611  1,593                
Operating profit before amortization 53,202  33,468  23,405  13,167  76,607  46,635  
EBITA-Margin 33% 28% 28% 21% 32% 25% 
 
  Europe & Row North America Group 
tEUR 2022 2022 2022         
Revenue 173,664  95,633  269,297  
Cost 115,620  68,602  184,222          
Operating profit before depreciation,  
amortization and special items 58,044  27,031  85,075  
EBITDA-Margin before special items 33% 28% 32%         
Special items, net - 1,360  1,306  - 54          
Operating profit  
before depreciation and amortization 56,684  28,336  85,021  
EBITDA-Margin 33% 30% 32%         
Depreciation 1,671  650  2,321          
Operating profit before amortization 55,013  27,687  82,700  
EBITA-Margin 32% 29% 31%

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

Q3 report 2023 Page 26  
3. Revenue specification 
In accordance with IFRS 15 disclosure requirements, total revenue is split on Revenue Share, Cost per Acquisition (CPA), 
Subscription, and Other as follows: 
tEUR Q3 2023 Q3 2022 YTD 2023 YTD 2022 2022 
            
Revenue category           
Recurring revenue (Revenue share, Subscription, CPM) 46,312  31,075  141,864  82,052  129,274  
CPA, Fixed Fees 29,055  28,290  99,539  100,113  139,696  
Other 64  355  88  992  327  
Total revenue 75,431  59,720  241,491  183,157  269,297  
            
%-split           
Recurring revenue 61  52  59  45  48  
CPA, Fixed Fees 39  47  41  55  52  
Other 0  1  0  0  0  
Total 100  100  100  100  100  
 
tEUR Q3 2023 Q3 2022 YTD 2023 YTD 2022 2022 
            
Revenue type           
Revenue Share 39,955  24,993  121,504  66,210  102,358  
CPA 20,837  23,350  77,848  87,673  118,415  
Subscription 4,106  3,975  12,669  11,623  18,003  
Other 10,533  7,402  29,469  17,651  30,521  
Total revenue 75,431  59,720  241,491  183,157  269,297  
            
%-split           
Revenue Share 53  42  50  36  38  
CPA 28  39  32  48  44  
Subscription 5  7  5  6  7  
Other 14  12  12  10  11  
Total 100  100  100  100  100  
* 2022 figures have been restated for Revenue Share and CPA because of the reclassification of upfront payments related to hybrid  revenue 
share contracts as well as 2023 numbers, impacting Q3, 2023 with 3.8 mEUR and YTD 12.7 mEUR, respectively (2022: 5.9 mEUR). 
4. Share-based payment plans 
2019 Warrant programs: 
During the third quarter of 2023 the company did not grant any new warrants and 47,011 warrants were exercised under 
this program.  
2022 Incentive Program: 
During the third quarter of 2023 no performance share units or share options were granted under this program. A new Long-
term Incentive (LTI) program was established for key employees in Q1 2022, and 73,894 performance share units and 24,564 
share options were granted to a total of 36 employees. 
2023 Incentive Program: 
During the first quarter of 2023 a new Long-term Incentive (LTI) program was established for key employees. Under the 
program 134,953 performance share units and 239,350 share options were granted to a total of 63 employees. 
 
2023 CXO Options Program: 
During the second quarter of 2023 a new options program was established for the executive management. Under the 
program 300,000 share options were granted to a total of 3 employees. 
 
The total share-based compensation expense for the above programs recognized for Q3 2023 is 1,407 tEUR (Q3 2022: 501 
tEUR) and the cost YTD 2023 is 2.4 mEUR (YTD 2022: 1,314 tEUR).

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

Q3 report 2023 Page 27  
5. Special items 
Special items consist of recurring and non-recurring items that management does not consider to be part of the group’s 
ordinary operating activities, i.e. acquisition costs, adjustment of earn-out payments related to acquisitions, and restructur-
ing 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 Q3 2023 Q3 2022 YTD 2023 YTD 2022 2022 
            
Operating profit 11,498  9,630  60,293  37,913  70,353  
            
Special Items related to:           
Special items related to M&A - 760  - 621  - 1,716  - 910  - 1,263  
Variable payments regarding acquisitions - cost 98   0 - 44  2,408  2,275  
Variable payments regarding acquisitions - income           
Special items related to Restructuring 158   0 - 509  - 0  - 130  
Special items related to Divestiture of Assets  0  0  0  0  0 
Special items related to Management Incentive Program - 18   0 - 78  - 3,162  - 936  
Special items, total - 522  - 621  - 2,347  - 1,664  - 54  
            
Operating profit (EBIT) before special items 12,019  10,251  62,640  39,578  70,407  
            
Amortization and impairment 6,375  3,682  16,314  8,722  12,347  
            
Operating profit before amortization  
and special items (EBITA before special items)  18,395  13,933  78,954  48,300  82,754  
            
Depreciation 1,200  623  2,611  1,593  2,321  
            
Operating profit before depreciation, amortization,  
and special items (EBITDA before special items)  19,595  14,556  81,566  49,892  85,075  
 
6. Income tax 
Total tax for the period is specified as follows: 
tEUR Q3 2023 Q3 2022 YTD 2023 YTD 2022 2022 
Tax for the period 2,012  2,068  11,964  8,156  16,888  
Tax on other comprehensive income 1,772  4,115  671  9,535  3,747  
Total 3,784  6,183  12,635  17,691  20,635  
 
Income tax on profit for the period is specified as follows: 
tEUR Q3 2023 Q3 2022 YTD 2023 YTD 2022 2022 
Deferred tax - 283  - 130  1,608  2,017  6,785  
Current tax 1,829  2,171  9,906  6,091  10,153  
Adjustment from prior years 467  26  450  48  - 49  
Total 2,012  2,068  11,964  8,156  16,888  
Tax on the profit for the period can be explained as follows: 
tEUR Q3 2023 Q3 2022 YTD 2023 YTD 2022 2022 
Specification for the period:           
Calculated 22% tax of the result before tax 1,126  1,984  9,748  7,909  14,292  
Adjustment of the tax rates  
in foreign subsidiaries relative to the 22% 470  - 235  1,467  231  1,563  
Tax effect of:      0  0   
Special items 186  138  573  398  - 83  
Special items - taxable items - 541  - 0  - 541  - 822  - 243  
Other non-taxable income - 312  - 50  - 1,027  - 150  - 150  
Other non-deductible costs 752  205  1,431  541  1,558  
Tax deductable - 136    - 136      
Adjustment of tax relating to prior periods* 467  26 450 48  -49 
Total 2,012  2,068  11,964  8,156  16,888  
Effective tax rate 39.3% 22.9% 27.0% 22.7% 26.0%

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

Q3 report 2023 Page 28  
 
7. Intangible assets 
tEUR Goodwill 
Domains 
 and  
websites 
Accounts  
and other 
 intangible 
 assets Total 
          
Cost or valuation         
As of January 1, 2023 183,942  460,513  63,705  708,159  
Additions  0 3,832  16,231  20,063  
Acquisitions through business combinations 78,350  7,758  29,579  115,688  
Transfer    0  0  0 
Disposals  0  0 - 2,324  - 2,324  
Currency Translation 688  1,333  74  2,096  
At September 30, 2023 262,980  473,436  107,265  843,681  
          
Amortization and impairment         
As of January 1, 2023  0  0 36,688  36,688  
Amortization for the period  0  0 16,345  16,345  
Impairment for the period*  0  0  0  0 
Amortization on disposed assets  0  0  0  0 
Currency translation  0  0 - 747  - 747  
At September 30, 2023  0  0 52,286  52,286  
          
Net book value at September 30, 2023 262,980  473,436  54,978  791,395  
 
 
 
 
 
 
 
 
tEUR Goodwill 
Domains 
 and  
websites 
Accounts  
and other 
 intangible 
 assets Total 
          
Cost or valuation         
As of January 1, 2022 178,182  329,276  36,827  544,285  
Additions  0 118,185  26,337  144,522  
Acquisitions through business combinations  0  0  0  0 
Transfer  0  0  0  0 
Disposals  0  0  0  0 
Currency Translation 5,760  13,051  540  19,351  
At December 31, 2022 183,942  460,513  63,705  708,159  
          
Amortization and impairment         
As of January 1, 2022  0  0 24,374  24,374  
Amortization for the period  0  0 12,348  12,348  
Impairment for the period*  0  0  0  0 
Amortization on disposed assets  0  0  0  0 
Currency translation 0   0 - 33  - 33  
At December 31, 2022 0   0 36,688  36,688  
          
Net book value at December 31, 2022 183,942  460,513  27,016  671,471

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

Q3 report 2023 Page 29  
7. Intangible assets, continued 
tEUR Goodwill 
Domains 
 and  
websites 
Accounts  
and 
other 
 intangi-
ble 
 assets Total 
          
Cost or valuation         
As of January 1, 2022 178,182  329,276  36,827  544,285  
Additions 499  118,185  23,482  142,166  
Acquisitions through business combinations  0  0  0  0 
Transfer  0  0  0  0 
Disposals  0  0  0  0 
Currency Translation 14,461  33,905  1,404  49,770  
At September 30, 2022 193,142  481,366  61,713  736,221  
          
Amortization and impairment         
As of January 1, 2022  0  0 24,374  24,374  
Amortization for the period  0  0 9,118  9,118  
Impairment for the period*  0  0  0  0 
Amortization on disposed assets  0  0  0  0 
Currency translation  0  0 306  306  
At September 30, 2022  0  0 33,797  33,797  
          
Net book value at September 30, 2022 193,142  481,366  27,916  702,424  
 
8. Non-current liabilities and other current financial liabilities 
Debt to credit institutions: 
As per September 30, 2023, Better Collective has drawn 248.3 mEUR (2022: 201.7) out of the total committed club facility 
of 319 mEUR established with Nordea, Nykredit, and Citibank. In August Better Collective extended the club-financing from 
October 2022 with Nordea, Nykredit and Citibank by 3 years to October 2026  as well as executing the accordion option  
increasing available facilities with 72 mEUR , leaving the group with a total financing of 319 mEUR where aforementioned 
246.9 mEUR has been utilized.  
 
Lease liabilities:  
Non-current and current lease liabilities, of 15.3 mEUR (Q3 2022: 4.7 mEUR) and 1.3 mEUR (Q3 2022: 1.5 mEUR) respec-
tively.  
Deferred Tax liability:  
Deferred tax liability as of September 30, 2023, amounted to 90.1 mEUR (Q3 2022: 78.9 mEUR). The change from January 
1, 2023, originates from changes in deferred tax  related to acquisitions, amortization of accounts from acquisitions, and 
deferred tax changes in Parent Company and Better Collective US, Inc.  
Deferred Tax asset:  
Deferred tax asset as of September 30, 2023, amounted to 10.7 mEUR (Q3 2022: 11.1 mEUR). 
Other financial liabilities:  
As per September 30, 2023, other financial liabilities amounted to 104.3 mEUR (Q3 2022: 49.1 mEUR) due to deferred and 
variable payments related to acquisitions. The increase from January 1, 2023, is related to the capitalization of media agree-
ments, acquisition of Skycon, Playmaker HQ and Digital Sportmedia i Norden.  
Fair Value is measured based on level 3 - Valuation techniques. In all material aspects the fair value of the financial assets 
and liabilities is considered equal to the booked value. 
 
9. Business combinations 
Acquisition of Skycon Limited 
On April 14, 2023 Better Collective completed the acquisition of Skycon Limited (Skycon) for a total consideration up to 51 
mEUR (45 mGBP) with an initial consideration of 28.3 mEUR (25 mGBP) on a cash and debt-free basis. Skycon is a global 
display advertising company and perfectly complements Better Collective’s Paid Media division. The acquisition is a strategic 
move for Better Collective with significant synergistic opportunities.

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

Q3 report 2023 Page 30  
 
tEUR   
Purchase amount 56,029  
Cash and cash equivalents 3,647  
Deferred payment 22,614  
Cash outflow 29,767  
 
The transferred consideration was in cash and a deferred payment payable in cash. 
Acquired net assets at the time of acquisition  tEUR 
Accounts and other intangible assets 24,227  
Accrued Income   2,372  
Other receivables   45  
Cash   3,647  
Deferred Tax Liability -6,502  
Identified net assets  23,790  
Goodwill 32,239 
Total consideration 56,029  
 
A goodwill of 32,239 tEUR emerged from the acquisition of Skycon as an effect of the difference between the transferred 
consideration and the fair value of acquired net assets. Goodwill is connected to the future growth expectations given the 
strong platform and significant synergistic opportunities. The earn outs are based on certain financial performance targets in 
the 12 months post-closing period. The goodwill is not tax deductible.  
Transaction costs related to the acquisition of Skycon amounts to 381 tEUR in 2023. Transaction costs are accounted for in 
the income statements under “special items”. The acquisition was completed on April 14, 2023. If the transaction had been 
completed on January 1, 2023 the group’s revenue YTD would have amounted to 171 mEUR and result after tax would have 
amounted to 33 mEUR. The purchase price allocation is provisional due to uncertainties regarding measurement of acquired 
intangible assets. 
 
 
Acquisition of Playmaker HQ  
On July 3, after the end of Q2, 2023 Better Collective US, Inc. completed the acquisition of Playmaker HQ for up to 51 mEUR 
(54 mUSD) with an initial consideration of 14.1 mEUR (15 mUSD) on a cash and debt-free basis. Playmaker HQ is a leading 
sports and entertainment media platform headquartered in South Florida, US. The sports media group specializes in providing 
original entertainment and sports content with exclusive athlete collaborations and creator talent mainly targeting the US 
market.  
tEUR   
Purchase amount 44,174  
Cash and cash equivalents 0  
Deferred payment 29,818  
Cash outflow 14,897  
 
The transferred consideration was in cash and a deferred payment payable in cash. 
Acquired net assets at the time of acquisition  tEUR 
Accounts and other intangible assets 5,352  
Accounts receivable   320  
Trade payables   -94  
Total net assets 5,578  
Goodwill 39,136 
Total consideration 44,174  
 
A goodwill of 39,136 tEUR emerged from the acquisition of Playmaker HQ as an effect of the difference between the trans-
ferred consideration and the fair value of acquired net assets. Goodwill is connected to the future growth expectations given 
the strong platform and significant synergistic opportunities. In order to reach the full earn-out payment, Playmaker HQ will

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

Q3 report 2023 Page 31  
have to generate >75 mUSD in accumulating revenues and >25 mUSD in accumulating operational earnings (EBITDA) during 
the first three years post acquisition. The goodwill is tax deductible.  
Transaction costs related to the acquisition of Playmaker HQ amounts to 347 tEUR in 2023. Transaction costs are accounted 
for in the income statements under “special items”. The acquisition was completed on July 3, 2023. If the transaction had 
been completed on January 1, 2023 the group’s revenue YTD would have amounted to 244 mEUR and result after tax would 
have amounted to 32 mEUR. The purchase price allocation is provisional due to uncertainties regarding measurement of 
acquired intangible assets. 
Other acquisitions in Q3 
On August 15, 2023 Better Collective announced the acquisition of four brands SvenskaFans.com, Hockeysverige.se, 
Fotbolldirekt.se and Innebandymagazinet.se by acquiring Digital Sportmedia i Norden AB from Everysport Group to further 
expand its position within the Swedish sports media ecosystem for a total consideration of 3.7 mEUR on a cash and debt -
free basis.  
On September 4, 2023 Better Collective announced the acquisition of the platform Torcedores.com, by acquiring Goalmedia 
Technologia E Marketing Digital S.A. The acquisition strengthens Better Collectives position in the South American region 
through the acquisition of leading national Brazilian sports media platform Torcedores.com. Adding the first Brazilian sports 
media brand to the group, Better Collective will leverage its best-in-class digital expertise in one of the world’s fastest growing 
markets.  
Acquired net assets during acquisitions 
Domains 7,954  
Contingent liabilities  -1,728  
Deferred tax liabilities -2,282 
Net assets (other) - 1,348  
Total net assets  2,597  
Goodwill 6,459  
Total consideration 9,056  
 
A goodwill of 6,459 tEUR emerged from the acquisitions as an effect of the difference between the transferred consideration 
and the fair value of acquired net assets. The goodwill is not tax deductible. 
The purchase price allocation is provisional due to uncertainties regarding measurement of acquired intangible assets.  
Acquisition of Tipsbladet.dk 
On September 18, 2023 Better Collective announced the acquisition of Tipsbladet.dk ApS to further expand its position  in 
Denmark for a total consideration of 6.5 mEUR on a cash and debt-free basis with closing 2 October 2023.  
As per the date of publication of the interim financial statements it has not been possible to obtain sufficient financial da ta 
to fulfill reporting requirements according to IFRS3. Therefore, the opening balance, the acquired net assets at the time of 
the acquisition, goodwill and pro-forma impact on the revenue and profit after tax is not included in these interim financial 
statements. 
Acquisition of Playmaker Capital 
On November 6, 2023 Better Collective announced the acquisition of Playmaker Capital for a total price consideration of 
176 mEUR. Playmaker Capital is a leading digital sports media group that owns and operates several strong sports media 
brands across the Americas. 
The closing of the transaction is subject to approval by the shareholders of Playmaker Capital, court approval, applicable 
regulatory approvals and certain other closing conditions customary in transactions of this nature. The transaction is ex-
pected to close before the end of Q1 of 2024, whereafter Playmaker Capital will be consolidated into the Better Collective 
group.

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

Q3 report 2023 Page 32  
10. Note to cash flow statement 
tEUR Q3 2023 Q3 2022 YTD 2023 YTD 2022 2022 
            
Acquisition of business combinations:           
Net Cash outflow  
from business combinations at acquisition - 19,636   0 - 49,403   0  0 
Business Combinations  
deferred payments from current period  0  0  0  0  0 
Deferred payments  
- business combinations from prior periods  0 - 639   0 - 13,819  - 14,337  
Total cash flow from business combinations - 19,636  - 639  - 49,403  - 13,819  - 14,337  
            
Acquisition of intangible assets:           
Acquisitions through asset transactions - 4,120  - 7,909  - 20,063  - 141,668  - 144,522  
Deferred payments related to acquisition value  0  0  0 29,408  29,408  
Deferred payments  
- acquisitions from prior periods - 9,250   0 - 9,738  - 121  - 121  
Intangible assets with no cash flow effect 5,276  6,975  18,287  20,430  24,325  
Other investments   - 1,093  - 203  - 2,507  - 5,541  
Total cash flow from intangible assets - 8,094  - 2,028  - 11,718  - 94,458  - 96,452

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

Q3 report 2023 Page 33  
Financial statements for the period January 1 – September 30 
Condensed interim  
income statement – Parent company  
tEUR Q3 2023 Q3 2022 YTD 2023 YTD 2022 2022 
Revenue 23,101  16,855  71,306  44,617  65,282              
Other operating income 3,284  4,128  12,177  9,433  14,797              
Direct costs related to revenue 6,928  3,665  18,006  9,767  14,292  
Staff costs  11,418  7,219  30,034  16,396  25,061  
Depreciation 510  137  822  404  540  
Other external expenses 4,648  4,358  12,891  13,809  17,248              
Operating profit before amortization (EBITA) 
and special items 2,881  5,605  21,730  13,673  22,939              
Amortization 2,281  1,144  6,117  2,723  3,875              
Operating profit (EBIT) before special items 600  4,461  15,613  10,950  19,064              
Special items, net - 276  - 585  - 1,443  - 875  - 1,168              
Operating profit 324  3,876  14,170  10,075  17,896  
Financial income 36,361  23,562  48,951  64,664  72,388  
Financial expenses 7,096  1,353  24,459  4,457  35,057              
Profit before tax 29,589  26,085  38,663  70,282  55,227  
Tax on profit for the period 1,490  5,574  2,197  12,756  8,279              
Profit for the period 28,099  20,511  36,465  57,526  46,949  
 
 
 
 
 
Condensed interim  
statement of other comprehensive income 
tEUR Q3 2023 Q3 2022 YTD 2023 YTD 2022 2022             
Profit for the period 28,099  20,511  36,465  57,526  46,949              
Other comprehensive income           
Other comprehensive income to be reclassified 
to profit or loss in subsequent periods:           
Currency translation to presentation currency 441  84  - 1,162  22  22  
Currency translation of non-current intercom-
pany loans           
Income tax  0  0  0  0  0 
Net other comprehensive income/loss 441  84  - 1,162  22  22  
Total comprehensive income/(loss) for the pe-
riod, net of tax 28,540  20,595  35,303  57,548  46,970

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

Q3 report 2023 Page 34  
Condensed interim  
balance sheet – Parent company 
tEUR Q3 2023 Q3 2022 2022         
Assets               
Non-current assets       
Intangible assets       
Goodwill 17,802   0  0 
Domains and websites 168,387  144,374  144,374  
Accounts and other intangible assets 22,184  10,420  13,287  
Total intangible assets 208,373  154,795  157,662          
Property, plant and equipment       
Land and building       
Right of use assets 7,889  413  334  
Fixtures and fittings, other plant and equipment 2,228  468  410  
Total property, plant and equipment 10,117  881  744          
Financial assets       
Investments in subsidiaries 226,799  192,481  190,448  
Receivables from subsidiaries 293,908  299,250  273,515  
Deposits 1,094  174  174  
Total financial assets 521,801  491,905  464,137          
Total non-current assets 740,291  647,581  622,542          
Current assets       
Trade and other receivables 12,584  11,467  17,163  
Receivables from subsidiaries 15,151  26,871  30,229  
Tax receivable 6,153   0 5,913  
Prepayments 2,251  2,119  2,519  
Other current financial assets 9,751   0  0 
Cash 17,978  14,062  8,705  
Total current assets 63,867  54,519  64,529          
Total assets 804,158  702,100  687,072  
 
 
 
 
 
tEUR Q3 2023 Q3 2022 2022         
Equity and liabilities       
Equity       
Share Capital 552  551  551  
Share Premium 273,184  272,535  272,550  
Currency Translation Reserve - 588  574  574  
Treasury shares - 21,050  - 2,102  - 7,669  
Retained Earnings 186,997  157,047  145,047  
Proposed Dividends  0  0  0 
Total equity 439,095  428,605  411,054          
Non-current Liabilities       
Debt to credit institutions 248,359  85,725  201,708  
Lease liabilities 6,392  107  16  
Deferred tax liabilities 12,400  4,959  6,141  
Other non-current financial liabilities 15,362  15,628  19,543  
Total non-current liabilities 282,513  106,419  227,408          
Current Liabilities       
Prepayments received from customers and deferred revenue  - 382   0 1,583  
Trade and other payables 7,851  4,416  5,719  
Payables to subsidiaries 23,223  17,272  20,822  
Tax payable 309  10,436  30  
Other current financial liabilities 50,068  19,431  19,045  
Contingent Consideration       
Debt to credit institutions  0 115,171  1,055  
Lease liabilities 1,482  350  356  
Total current liabilities 82,550  167,076  48,609  
Total liabilities 365,063  273,495  276,017  
Total equity and liabilities 804,158  702,100  687,072

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

Q3 report 2023 Page 35  
 
Condensed interim  
statement of changes in equity – Parent company 
tEUR 
Share capi-
tal 
Share pre-
mium 
Currency 
translation 
reserve 
Treasury 
shares 
Retained 
earnings 
Proposed 
dividend 
Total 
equity 
                
As of January 1, 2023 551  272,550  574  - 7,669  145,047   0 411,054  
Result for the period  0  0  0  0 36,465   0 36,465  
                
Other comprehensive income               
Currency translation  
to presentation currency  0  0 - 1,162   0  0  0 - 1,162  
Tax on other  
comprehensive income  0  0  0  0  0  0  0 
Total other  
comprehensive income  0  0 - 1,162   0  0  0 - 1,162  
Total comprehensive income for the year  0  0 - 1,162   0 36,465   0 35,303  
                
Transactions with owners               
Capital Increase 1  634   0  0 3,152   0 3,787  
Acquisition of treasury shares  0  0  0 - 13,368   0  0 - 13,368  
Disposal of treasury shares  0  0  0  0  0  0  0 
Share based payments  0  0  0  0 2,359   0 2,359  
Transaction cost  0  0  0 - 13  - 27   0 - 40  
Total transactions with owners 1  634   0 - 13,381  5,485   0 - 7,262  
                
At September 30, 2023 552  273,184  - 588  - 21,050  186,997   0 439,095  
 
 
 
 
 
 
 
 
 
 
 
tEUR 
Share  
capital 
Share  
premium 
Currency 
translation  
reserve 
Treasury 
shares 
Retained 
earnings 
Proposed 
dividend 
Total eq-
uity 
                
As of January 1, 2022 546  267,873  552  - 8,074  94,223   0 355,121  
Result for the period  0  0  0  0 46,949   0 46,949  
                
Other comprehensive income               
Currency translation  
to presentation currency  0  0 22   0  0  0 22  
Tax on other  
comprehensive income  0  0  0  0  0  0  0 
Total other  
comprehensive income  0  0 22   0  0  0 22  
Total comprehensive income for the year  0  0 22   0 46,949   0 46,970  
                
Transactions with owners               
Capital Increase 5  4,677   0  0  0  0 4,683  
Acquisition of treasury shares  0  0  0 - 14,250   0  0 - 14,250  
Disposal of treasury shares  0  0  0 14,656  842   0 15,498  
Share based payments  0  0  0  0 3,061   0 3,061  
Transaction cost  0  0  0  0 - 28   0 - 28  
Total transactions with owners 5  4,677   0 406  3,875   0 8,963  
                
At December 31, 2022 551  272,550  574  - 7,669  145,047   0 411,054

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

Q3 report 2023 Page 36  
 
 
tEUR 
Share capi-
tal 
Share pre-
mium 
Currency 
translation 
reserve 
Treasury 
shares 
Retained 
earnings 
Proposed 
dividend 
Total 
equity 
                
As of January 1, 2022 546  267,873  552  - 8,074  94,223   0 355,121  
Result for the period  0  0  0  0 57,526   0 57,526  
                
Other comprehensive income               
Currency translation  
to presentation currency  0  0 22   0  0  0 22  
Tax on other  
comprehensive income  0  0  0  0  0  0  0 
Total other  
comprehensive income  0  0 22   0  0  0 22  
Total comprehensive income for the year  0  0 22   0 57,526   0 57,548  
                
Transactions with owners               
Capital Increase 5  4,662   0  0  0  0 4,667  
Acquisition of treasury shares  0  0  0 - 8,684   0  0 - 8,684  
Disposal of treasury shares  0  0  0 14,656  842   0 15,498  
Share based payments  0  0  0  0 4,475   0 4,475  
Transaction cost  0  0  0  0 - 20   0 - 20  
Total transactions with owners 5  4,662   0 5,972  5,298   0 15,936  
                
At September 30, 2022 551  272,535  574  - 2,102  157,047   0 428,605

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

Q3 report 2023 Page 37  
The group uses and communicate certain Alternative Performance Measures (“APM”), which are not defined under IFRS. 
Such are not to replace performance measures defined and under IFRS. The APM’s may not be indicative of the group’s 
historical operating results, nor are such measures meant to be predictive of the group’s future results. The group believes 
however that the APMs are useful supplemental indicators that may be used to assist in evaluating a company’s future op-
erating performance, and its ability to service its debt. Accordingly, the APMs are disclosed to permit a more complete and 
comprehensive analysis of the group’s operating performance, consistently with how the group’s business performance is 
evaluated by the Management. The group believes that the presentation of these APMs enhances an investor’s understand-
ing 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 accord-
ance with IFRS. The group’s APM’s have important limitations as analytical tools, and they should not be considered in iso-
lation or as substitutes for analysis of the group’s results of operations as reported under IFRS. Our currently applied APM’s 
are summarized and described below. 
 
Alternative Performance Measures 
Alternative  
Performance Measure Description SCOPE 
Earnings per share 
(EPS) 
Net Profit for the period / (Average number of 
shares - Average number of treasury shares 
held by the company) 
The group reports this APM for users to monitor devel-
opment in the net profit per share. 
Diluted earnings  
per share 
Net profit for the period / (Average number of 
shares + Average number of outstanding war-
rants - Average number of treasury shares held 
by the company) 
The group reports this APM for users to monitor devel-
opment in the net profit per share, assuming full dilu-
tion from active warrant programs. 
Operating profit  
before amortization 
(EBITA) 
Operating profit plus amortizations Better Collective reports this APM to allow monitoring 
and evaluation of the Group’s operational profitability. 
Operating profit  
before amortizations 
margin (%) 
Operating profit before amortizations / revenue This APM supports the assessment and monitoring of 
the Group’s performance and profitability 
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 exclud-
ing special items that do no stem from ongoing oper-
ations, providing a more comparable measure over 
time. 
Operating profit  
before amortizations  
and special items  
margin (%) 
Operating profit before amortizations and spe-
cial items / revenue 
This APM supports the assessment and monitoring of 
the Group’s performance as well as profitability exclud-
ing special items that do no stem from ongoing oper-
ations, providing a more comparable measure 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 lever-
age of the funding. 
Liquidity ratio Current Assets / Current Liabilities Measures the ability of the group to pay its current li-
abilities using current assets. 
Equity to assets ratio Equity / Total Assets Reported to show how much of the assets in the com-
pany 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 his-
torical baseline performance. 
Reported to measure the ability to generate growth 
from existing business 
Alternative Performance Measures  
and Definitions

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

Q3 report 2023 Page 38  
Alternative  
Performance Measure Description SCOPE 
Recurring revenue Recurring revenue is a combined set of revenues 
that is defined as recurring as management con-
siders that the sources of these revenue streams 
will continuously generate revenue over a varia-
ble period of time and size e.g. if players con-
tinue to bet with g aming operators with which 
BC has revenue share agreements, customers 
continue current subscriptions or if BC on a cur-
rent basis receive revenues from customers hav-
ing current marketing agreements in respect of 
banners, etc. on the group’s websites. Accord-
ingly, it includes Revenue share income, CPM 
/Advertising and subscription revenues. 
The group reports this APM to distinguish between 
what management consider as recurring revenue 
streams and what management consider as non-recur-
ring revenue streams, e.g. revenues reflecting one -
time settlements with gaming operators. 
*Net debt definition has been changed from Q3, 2023 so it is excluding earn -outs. Comparatives have been changed accordingly. 
 
Definitions 
Term Description 
PPC Pay-Per-Click 
SEO Search Engine Optimization 
Sports win margin Sports net player winnings (operators) / sports wagering 
Sports wagering The value of bets placed by the players 
Recurring revenue Recurring revenue is a combined set of revenues that is defined as recurring. It includes revenue share 
income, CPM/Advertising and subscription revenues 
Board The Board of Directors of the company 
Executive management Executives that are registered with the Danish Company register  
Company Better Collective A/S, a company registered under the laws of Denmark

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

Q3 report 2023 Page 39  
 
 
 
 
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