Kvartalsrapport Q3 2024

Automatiskt nyckeltalsindex

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

Fulltext

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

Q3 report 2024   
 
 
 
 
November 13, 2024  
Better Collective A/S  
Sankt Annæ Plads 28-30 
1250 Copenhagen  (DK) 
 
www.bettercollective.com 
CVR NO.:  27 65 29 13 
     
 Interim report Q3, 2024 
 • Rev enue of 81  mEUR, growth of 8%, organic growth -6% 
• Recurring revenue of 53 mEUR, growth of 14% 
• EBITDA before special items of 22 mEUR up 14% 
• Net debt to EBITDA of 2x 
• Downgrade of 2024 financial guidance ahead of the report due to 
lower-than-expected partner activity in the US , and a n accelerated  
slowdown in Brazil heading into the expected regulation next year 
• Initiated a 50  mEUR cost reduction program to streamline operations 
and align investment base with market dynamics and outlook 
• 2023-2027 targets remain unchanged

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

Q3 report 2024 Page 1  
 
 
  
*Before special items 
EBITDA* 
mEUR 
 
 
Revenue 
mEUR 
Recurring revenue 
mEUR

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

Q3 report 2024 Page 2  
Highlights Q3, 2024 3 
Financial highlights and key figures 5 
CEO letter 6 
Business review and financial performance 7 
Financial performance for the period 11 
Financial targets 13 
Other 14 
Statement by the Board of Directors and the 
Executive Management 16 
Independent auditor’s report 17 
Condensed interim financial statements for the 
period 18
 
Notes 23 
Parent Company 36 
 
A conference call for Better Collective’s stakeholders 
will be held on November 14 , at 14:3 0 CET and can be 
joined online here. The conference call is later than usual 
as it will be hosted from New York. 
To participate through phone , follow this link . Once 
signed up you will receive an e -mail with a phone num-
ber and a personal dial-in code for the call. 
The presentation material for the webcast will be avail-
able after market close on November 13th via: 
www.Bettercollective.com  
 
Upcoming events 
• Q4 release – February 19, 2025  
• Annual Report – March 25, 2025  
    
Q3 report 2024 Page 2  
   
Table of  
contents   Q3 webcast  
November 14th, 2024

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

Q3 report 2024 Page 3  
Highlights Q3, 2024 
Ahead of the release of the Q3 report, Better Collective 
downgraded its financial guidance as per below: 
• Revenue of 355-375 mEUR (previously 395-425 
mEUR) 
• EBITDA of 100-110 mEUR (previously 130-140 
mEUR) 
• Net debt to EBITDA below 3x (unchanged) 
Long term 2023-2027 targets remain unchanged as per 
below: 
• Revenue CAGR of +20%  
• EBITDA before special items margin of 35-40%  
• Net debt to EBITDA below 3x 
Group revenue increased 8% to 81 mEUR with organic 
growth declining  -6%. The decline was due to a lower 
activity than expected by partners in the US as well as 
an accelerated slowdown in Brazil heading into the ex-
pected regulation from next year . The rest of the busi-
ness is performing in line with expectations. 
Recurring revenue grew by 14% to 53  mEUR making up 
65% of group revenues.  
EBITDA before special items was 22 mEUR up 14% com-
pared to Q3 last year.  
Cash flow from operations before special items was 32 
mEUR. The cash conversion was 131%. By the end of Q3, 
capital reserves stood at 107 mEUR of which cash of 44 
mEUR and unused credit facilities of 61 mEUR. 
The group delivered 396.000 New Depositing Custom-
ers (NDCs) of which 84% were on revenue share con-
tracts. The NDCs were down 11% due to the factors men-
tion under revenue development.  
Better Collective has experienced a changing landscape 
in the US market, primarily when it comes to the part of 
business that relies on performance marketing. The US 
market stands out from most of the rest of the world be-
cause it is young, constantly evolving, and dominated by 
a few key players. In the past quarter, Better Collective 
has experienced overall partner activity  has decreased. 
We have continued to see increased success in our col-
laborations with partners working on  revenue share 
contracts building a sustainable long-term growth, how-
ever deferring revenue and earnings. In response to 
these market changes, Management has initiated a re-
structuring of operations to ensure continued sustaina-
bility and profitability in North America whilst continu-
ing to build value around revenue share. 
Central to the US strategy is the transition from upfront 
payments to revenue share income. This shift not only 
aligns with the changing market dynamics but also pro-
vides long-term financial stability. The transition started 
two years ago, and as of this q uarter, the Group esti-
mates this strategic shift has resulted in an accumulated 
Customer Lifetime Value (CLV) database  of more than 
155 mEUR, with a portion already recognized as revenue 
in hybrid deals. This leaves approximately an estimated 
more than 120 mEUR to be recognized in the future. Bet-
ter Collective continues to send new depositing custom-
ers to its partners daily , constantly adding more and 
more value to the revenue share databases. In 2025, 
Better Collective expects to recognize around 10 -15 
mEUR in pure revenue share income in the US market 
and expects this to increase in the future. 
Management has decided to aim for the North American 
business to deliver a minimum 20% reported EBITDA -
margin, and more than 35% margin when incorporating 
the continued revenue -share build up. As the business 
navigates this transition, the commitment to adapting to 
the US market's shifting landscape remains steadfast.  
The Brazilian market has within a few years grown to be-
come a significant part of Better Collective’s operations 
accounting for approximately 20 % of Group revenues. 
These revenues are predominantly generated through 
revenue share income as well as advertising revenues. 
At the outset of 2024, Better Collective anticipated a 
highly active year leading up to the expected regulation 
that has been awaited for years. Better Collective notes 
that several international sportsbooks have reduced ac-
tivity in anticipation of the official regulation early 2025. 
This dynamic has affected Better Collective in two ways; 
Firstly, revenue share income has declined and sec-
ondly, there has been a decrease in new depositing cus-
tomers as partners have limited marketing activity in the 
period leading up to the regulation. This was mentioned 
earlier in the year and has accelerated in Q3. 
While regulation is anticipated by early 2025, final deci-
sions have not been made, leaving some uncertainties. 
Brazil remains a new and immature market, and Better 
Collective does expect the period after a potential 
launch to include changes and adjustment s from a reg-
ulatory point of view, like  other markets post launch. 
Once the market regulations take effect, Better Collec-
tive's revenue share income in Brazil will be subject to a 
still unknown tax rate. It is anticipated that approxi-
mately 100 sportsbooks will be granted licenses, creat-
ing a highly competitive market dynamic that offers a 
favorable business environment for Better Collective . 
Better Collective remains confident in the long -term 
growth trajectory of the Brazilian market and is greatly 
positioned to grasp growth opportunities ahead. 
Following recent large acquisitions as well as a changing 
market outlook, Better Collective has announced a cost 
reduction program of more than 50 mEUR. At the end

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

Q3 report 2024 Page 4  
of October, Better Collective made the difficult decision 
to lay off more than 300 employees, representing more 
than 15% of the workforce, and certain other operating 
costs will be reduced to lower levels.  With most 
measures already having been executed, Better Collec-
tive is well on track for the cost reductions and tactical 
adjustments to have full effect from the beginning of 
2025. 
On May 5, Google activated a new policy focusing on 
third-party content across a variety of commercial cat-
egories. This impacted the rankings and thereby audi-
ence to some of Better Collective’s media partnerships. 
The owned and operated sports media portfolio has 
made up for the decreased performance. Since Q2, Bet-
ter Collective has not experienced more changes.  
Better Collective has acquired Playmaker HQ, Playmaker 
Capital and AceOdds within the past year. The acquisi-
tions have developed in line with integration plans – ex-
cept for Playmaker HQ where there was an earn-out set-
tlement in Q2 . Following the settlement the brand  has 
been performing as expected.   
In Q3, Better Collective has acquired a smaller social me-
dia asset in North America for a consideration of 7 
mUSD.  
Better Collective is still working on implementing the ad 
serving platform, Advantage, on larger brand s, and 
remains committed to the development of the platform 
and the long -term opportunities it entails within its  
sports media network. 
On 6th of September, Better Collective’s Board of Direc-
tors resolved to extend the buy -back program so that 
execution of the buy-back program will take place until 
and including 27th of November 2024. With the exten-
sion the intention remains to acquire up to 20mEUR. 
 
 
 
 
 
 
 
 
 
 
Significant events 
after close 
On October 10, Better Collective appointed its nomina-
tion committee as per Regulatory Release no. 50. 
On October 24, Better Collective adjusted its financial 
guidance for 2024 following an assessment of prelimi-
nary Q3 performance, including the first six weeks of 
high season in the US market. After recent large acqui-
sitions and the market outlook, Better Collective also an-
nounced the implementation of a streamlining process 
to optimize the organization accordingly.

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

Q3 report 2024 Page 5  
Financial highlights and key figures 
tEUR Q3 2024 Q3 2023 YTD 2024 YTD 2023 2023             
Income statements           
Revenue 81,152  75,431  275,305  241,491  326,686  
Recurring revenue 52,825  46,312  167,661  141,864  191,118  
Revenue Growth (%) 8% 26% 14% 32% 21% 
Organic Revenue Growth (%) -6% 16% 0% 23% 13% 
Operating profit before depreciation, amortization,  
and special items (EBITDA before special items)  22,333  19,595  79,881  81,566  111,080  
Operating profit before depreciation  
and amortization (EBITDA) 21,905  19,073  76,451  79,218  109,132  
Depreciation 2,281  1,200  5,383  2,611  3,958  
Operating profit before amortization  
and special items (EBITA before special items)  20,052  18,395  74,497  78,954  107,122  
Special items, net - 428  - 522  - 3,429  - 2,347  - 1,948  
Operating profit before amortization (EBITA) 19,624  17,873  71,068  76,607  105,174  
Amortization and impairment 10,712  6,375  26,830  16,314  24,283  
Operating profit before special items  
(EBIT before special items)  9,340  12,019  47,667  62,640  82,839  
Operating profit (EBIT) 8,913  11,498  44,238  60,293  80,891  
Result of financial items - 5,346  - 6,378  - 17,759  - 15,985  - 22,881  
Profit before tax 3,566  5,119  26,479  44,308  58,010  
Profit after tax 1,119  3,107  18,966  32,344  39,835  
Earnings per share (in EUR) 0.01  0.06  0.31  0.59  0.74  
Diluted earnings per share (in EUR) 0.01  0.05  0.29  0.56  0.70  
For a definition of financial key figures and ratios, please refer to page 40. 
 
 
 
tEUR Q3 2024 Q3 2023 YTD 2024 YTD 2023 2023             
Balance sheet           
Balance Sheet Total 1,141,598  930,934  1,141,598  930,934  937,862  
Equity 650,319  437,744  650,319  437,744  435,273  
Current assets 104,977  106,674  104,977  106,674  105,812  
Current liabilities 76,810  92,666  76,810  92,666  103,493  
Net interest bearing debt 236,185  222,991  236,185  222,991  221,133              
Cashflow           
Cash flow from operations before special items 32,421  14,245  81,271  81,859  119,384  
Cash flow from operations 31,879  13,912  68,205  79,858  114,639  
Investments in tangible assets - 3,296  - 1,958  - 4,866  - 4,140  - 5,143  
Cash flow from investment activities - 24,112  - 30,941  - 147,098  - 81,702  - 106,248  
Cash flow from financing activities - 5,348  - 318  106,303  29,695  29,334              
Financial ratios           
Operating profit before depreciation,  
amortization (EBITDA) and special items margin (%) 28% 26% 29% 34% 34% 
Operating profit before amortization margin (EBITDA) (%) 27% 25% 28% 33% 33% 
Operating profit margin (%) 11% 15% 16% 25% 25% 
Publishing segment  
- EBITDA before special items margin (%) 29% 25% 30% 36% 37% 
Paid media segment  
- EBITDA before special items margin (%) 24% 29% 26% 29% 29% 
Net interest bearing debt / EBITDA before special items 2.16 1.91 2.16 1.91 1.99 
Liquidity ratio 1.37 1.15 1.37 1.15 1.02 
Equity to assets ratio (%) 57% 47% 57% 47% 46% 
Cash conversion rate before special items (%) 131% 63% 96% 95% 103% 
Average number of full-time employees 1,874  1,053  1,776  1,126  1,252  
NDCs (thousand) 396 445  1,347 1,447  1,916

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

Q3 report 2024 Page 6  
CEO letter 
 
Positioning Better 
Collective for the next 
chapter of growth 
Better Collective has been on a strong  path of growth 
for over two decades both financially as well as organi-
zationally, expanding the team significantly across 
many geographies. Our audience across our sports me-
dia network has surged from 7 million to over 400 mil-
lion visits since 2018, a testament to the impact we've 
made in the digital sports media arena in the pursuit of 
becoming the leading digital sports media group . How-
ever, sometimes, in the pursuit of growth, it's necessary 
to pause, reassess, and adapt, to prepare for the next 
chapter of growth. 
During Q3 we have experienced  changing dynamics in 
the US market, which has changed the outlook. Further, 
Brazil has seen an increasing slowdown all year heading 
into the expected regulation. The impact on Q3 and the 
outlook led us to lower our financial targets for the year, 
marking the first downgrade since becoming a listed 
company in 2018. Although the first state in the US has 
been operational for six years, it is effectively only three 
years mature for most states. Meanwhile, the Brazilian 
market is expectedly on the brink of regulation. Young 
markets bring challenges and opportunities, and we are 
committed to navigating this , like done historically in 
more mature regulations. 
In the fast-evolving digital sports media landscape, 
adaptability is key. We have initiated a review of our 
Group’s operational cost. The decision to streamline our 
operations comes against the backdrop of 35 acquisi-
tions, as the complexity introduced by such rapid ex-
pansion has made it essential to find efficiencies and op-
timize our structure . Furthermore, the changed market 
outlook makes it important to readjust. Regrettably, as 
part of this process, more than 300 valued colleagues 
have left our team post Q3, representing around 15% of 
our workforce. I want to take a moment to acknowledge 
the contributions of these colleagues. Their hard work 
and dedication have been instrumental in building this 
company, and w e remain grateful for their efforts in 
helping us reach where we are today. 
Our tactical adjustments have concentrated on reducing 
operational expenses, specifically targeting non -reve-
nue driving costs and pausing certain investments. This 
approach has been crucial in minimizing effects on our 
commercial organization, impacting only those areas 
with changing growth outlooks. We have strategically 
safeguarded direct costs associated with our Paid Media 
and Media Partnerships businesses to preserve their 
growth roles in our operations . Lastly, we remain firm 
believers in our strategy  to own the strongest sports 
media brands  and foresee great growth ahead, hence 
the portfolio of brands remains unaffected of the initia-
tives taken. 
I have been asked  whether the changes we have en-
countered represents a structural shift  to our business 
model. I want to assure you that it does not. We operate 
in the sports media and sports betting industries which 
are sectors with bright futures and significant growth 
potential. In an expanding, growing and competitive in-
dustry, sportsbooks and other partners will continue to 
seek growth in new and existing markets through cus-
tomer acquisition and brand awareness. I remain certain 
that our  unique product s and offerings will remain a 
central part of our partners pursuit for growth in the fu-
ture, just as it has been the case over the past 20 years. 
This is how I have always considered our business: given 
the nature of our high-margin operating model, we have 
operated in full investment mode, supported by a strong 
database of contractually secured revenue share that 
promises steady inflow of revenues well into the future. 
This stability has allowed us to remain ambitious and 
pursue numerous investment projects that drive innova-
tion and expansion. When we encounter changed mar-
ket dynamics and/or shifts in the market outlook, it has 
always been our option to pull the breaks and readjust.  
The recent changes leave Better Collective a leaner or-
ganization, poised to attack future opportunities and 
challenges head-on. By ensuring our operations reflect 
current demand, we retain the flexibility to scale up as 
opportunities arise. I am optimistic that this strategic re-
calibration will lead to a stronger foundation for future 
growth, allowing us to cont inue delivering exceptional 
value to our partners and stakeholders. Related to re-
turning to growth, our long -term financial guidance re-
mains intact , i mplying strong growth ahead , including 
M&A when the timing is right. 
Lastly, I want to extend a big thank you to my incredible 
colleagues, investors, partners, and other stakeholders 
for your unwavering support. Despite current times pre-
senting headwinds, we are  adapting and building a re-
silient future together . Thank you for your trust and 
partnership.  
Jesper Søgaard 
Co-founder & CEO 
 
    
“I have been asked whether the 
changes we have encountered  
represent a structu ral shift to our 
business model. I wa nt to assure  
you that it does not”.

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

Q3 report 2024 Page 7  
Business review 
and financial 
performance
 
Group 
Q3 revenues came in at 81 mEUR gr owing 8% driven by 
M&A, as organic growth declined by 6%. The decline was 
due to a lower activity by partners in the US as well as a 
continued slowdown in Brazil heading into the expected 
regulation next year.  
Recurring revenue grew by 14% to 53  mEUR making up 
65% of group revenues.  
Costs were up by 5% while EBITDA before special items 
was up 14%. 
Q3 is typically characterized as a relatively low -season 
quarter until the commencement of the US season to-
wards its end. 
The group delivered 396.000 New Depositing Custom-
ers (NDCs) of which 84% were on revenue share con-
tracts. The NDCs were down 11% due to the factors men-
tion under revenue development. 
  
 
 
 
  
    
Q3 report 2024 Page 7  
       
Key figures for the group 
tEUR Q3 2024 Q3 2023 Growth YTD 2024 YTD 2023 Growth               
Revenue 81,152  75,431  8% 275,305  241,491  14% 
Cost 58,820  55,837  5% 195,424  159,925  22% 
Operating profit before depreciation and amortization 
and special items 22,333  19,595  14% 79,881  81,566  -2% 
EBITDA-Margin before special items 28% 26%   29% 34%   
Operating profit before depreciation and amortization 21,905  19,073  15% 76,451  79,218  -3% 
EBITDA-Margin 27% 25%   28% 33%   
Organic Growth -6% 16%   -3% 23%

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

Q3 report 2024 Page 8  
Publishing 
The Publishing business generates revenue from Better 
Collective’s owned and operated sports media network 
and its Media Partnerships. The audience mainly comes 
from direct traffic and organic search results. 
The Publishing revenue reached 56  mEUR, reflecting a 
16% growth, though organic growth declined by 5%. The 
operational profit was 16 mEUR, an increase of 38%, re-
sulting in a margin of 29%. This business contributed to 
69% of the group's  revenues and 73% of its operating 
profit. 
The growth in Publishing was due to M&A activity, as the 
business experienced an organic decline. This decline 
stemmed from reduced activity by partners in the US 
and a continued slowdown in the Brazilian market, an-
ticipating regulation next year. Revenue share income 
remained flat compared to last year, with decreased ac-
tivity in Brazil impacting the revenue share databases. 
Similarly, CPA saw no growth due to the changed mar-
ket dynamics in the US and Brazil. Other revenues grew 
by 8 mEUR or 80% to 18 mEUR, driven by recent acqui-
sitions of Playmaker Capital and Playmaker HQ. 
The media partnership business was affected in May by 
a Google Policy change. Since Q2, the group has  not 
seen further changes.  
Paid Media  
The Paid Media business involves purchasing advertis-
ing on search engines and third-party sports media plat-
forms. Because this requires upfront payments for ad-
vertising on external platforms, the gross margin is typ-
ically lower than that of the Publishing business, due to 
substantial direct costs. 
The Paid Media revenue was 25 mEUR, reflecting an 8% 
decline and a 9% decrease in organic growth. This lack 
of growth was largely due to lower -than-expected CPA 
revenue from the US and secondly reduced revenue 
share in Brazil, attributed to decreased activity ahead of 
anticipated regulation next year.  
While revenue share income grew by 10% to 12  mEUR, 
CPA revenues fell by 18% due to this. The operating 
profit stood at 6  mEUR, a 23% decrease compared to 
last year, resulting in a margin of 24%. Paid Media con-
tributed to 31% of group revenues and 27% of group op-
erational profits. 
 
 
 
 
Key figures for the Publishing segment 
tEUR Q3 2024 Q3 2023 Growth YTD 2024 YTD 2023 Growth               
Revenue 56,361  48,463  16% 193,845  161,214  20% 
Share of Group 69% 64%   70% 67%   
Cost 39,997  36,574  9% 134,882  102,761  31% 
Share of Group 68% 66%   69% 64%   
              
Operating profit before depreciation and amortization 
and special items 16,364  11,888  38% 58,963  58,452  1% 
Share of Group 73% 61%   74% 72%   
EBITDA-Margin before special items 29% 25%   30% 36%   
Operating profit before depreciation and amortization 15,936  11,366  40% 55,550  56,105  -1% 
EBITDA-Margin 28% 23%   29% 35%   
Organic Growth -5% 14%   0% 21%    
Key figures for the Paid Media segment 
tEUR Q3 2024 Q3 2023 Growth YTD 2024 YTD 2023 Growth               
Revenue 24,792  26,969  -8% 81,459  80,277  1% 
Share of Group 31% 36%   30% 33%   
Cost 18,822  19,262  -2% 60,542  57,164  6% 
Share of Group 32% 34%   31% 36%   
              
Operating profit before depreciation and amortization 
and special items 5,969  7,707  -23% 20,917  23,113  -9% 
Share of Group 27% 40%   26% 28%   
EBITDA-Margin before special items 24% 29%   26% 29%   
Operating profit before depreciation and amortization 5,969  7,707  -23% 20,901  23,113  -10% 
EBITDA-Margin 24% 29%   26% 29%   
Organic Growth -9% 19%   -7% 27%

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

Q3 report 2024 Page 9  
Europe & Rest of World 
The Europe & Rest of the World (ROW) division encom-
passes all markets outside of North America. Within this 
division, the European markets are characterized as ma-
ture and represent Better Collective's legacy markets. 
South America is experiencing strong growth and is be-
coming an increasingly significant part of the business. 
Key sports brands in the Europe portfolio include s Soc-
cernews in the Netherlands, Betarades in Greece, 
AceOdds in the UK, Tipsbladet in Denmark, Wettbasis in 
Germany, Goal.pl in Poland , and Svenska Fans  in Swe-
den. In South America, notable brands are Bolavip, So-
mosFanaticos in Brazil, and Redgol in Chile. The portfo-
lio also features prominent esport communities such as 
HLTV and FUTBIN. Due to the long history of revenue 
share in Europe & ROW, this business has a significant 
part of recurring revenue. 
Revenue for this business reached 62 mEUR, marking a 
growth of 15%, with 1% from organic growth. Revenue 
share income increased by 10% to 37  mEUR, while CPA 
dropped by 13% to 13 mEUR. Both revenue streams were 
affected by the ongoing slowdown in Brazil, in anticipa-
tion of expected regulation next year. Other revenues 
rose by 32%, driven by M&A, including advertising reve-
nue. Operational profits were 23  mEUR, a 39% increase 
compared to last year. This business contributed 77% of 
the group's total revenue and 104% of its operational 
profits. 
 
 
 
 
 
    
Q3 report 2024 Page 9  
Key figures for Europe & RoW segment 
tEUR Q3 2024 Q3 2023 Growth YTD 2024 YTD 2023 Growth               
Revenue 62,180  53,988  15% 196,532  159,978  23% 
Share of Group 77% 70%   71% 66%   
Cost 39,005  36,305  7% 126,841  102,434  24% 
Share of Group 66% 65%   65% 64%   
              
Operating profit before depreciation and amortization 
and special items 23,175  16,637  39% 69,691  56,498  23% 
Share of Group 104% 85%   87% 69%   
EBITDA-Margin before special items 37% 31%   35% 36%   
Operating profit before depreciation and amortization 23,476  16,519  42% 70,621  55,055  28% 
EBITDA-Margin 38% 31%   36% 35%   
Organic Growth 1% 15%   7% 21%

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

Q3 report 2024 Page 10  
North America  
North America, encompassing the United States and 
Canada, has recently initiated the regulation of sports 
betting and iGaming in selected states and provinces. As 
these markets are still relatively new in terms of regula-
tion, most of the revenues have been generated from 
one-time payments (CPA). However, there is a gradual 
shift towards revenue sharing. Our North American 
portfolio features prominent sports brands such as Ac-
tion Network, Yardbarker, The Nation Network, Play-
maker HQ, VegasInsider, RotoGrinders, Sports Handle, 
and Canada Sports Betting, among others. 
North American revenue totaled 19 mEUR, reflecting a 
12% decline overall, with organic growth decreasing by 
24%. Revenue share income fell to 4  mEUR, primarily 
due to a reduced number of hybrid (revenue share con-
tracts including an upfront payment) NDCs sent during 
the quarter. CPA revenue dropped by 13% to 5  mEUR, 
while subscription revenue remained steady. However, 
other revenues saw a 20% increase, driven by M&A ac-
tivities. 
Better Collective has experienced market changes, re-
quiring strategic flexibility, as overall partner activity  
has decreased.  
Following these changes, the  North American  group's  
largest partners primarily operate on revenue share con-
tracts. This approach is focused on sustainable long -
term growth, however amplifying the short -term reve-
nue decline. In response to these market changes, the 
Management has initiated a restructuring of its  opera-
tions to ensure sustainability and profitability in North 
America.  
Operational profits were at -1 mEUR due to decreas ing 
revenues. This business contributed 23% to the group's 
total revenue.  
Q3 is typically characterized as a relatively low -season 
quarter especially in this market until the commence-
ment of the US season towards its end. 
The US business has been on a revenue share transition 
which started two years ago, and as of this quarter, the 
Group estimates this strategic shift has resulted in an ac-
cumulated Customer Lifetime Value (CLV) database 
value of more than 155 mEUR, with a portion already rec-
ognized as revenue in hybrid deals. This leaves approxi-
mately an estimated more than 120 mEUR to be recog-
nized in the future, further supporting the financial out-
look and growth prospects. The CLV database has not 
been discounted back, an d assumptions includ e churn, 
no inflation, and no change in the number of regulated 
states nor further regulation of online casino. Better Col-
lective continues to send new depositing customers to 
its partners constantly adding more and more value to 
the revenue share databases.  
In 2025, Better Collective expects to recognize around 
10-15 mEUR in pure revenue share income in the US mar-
ket and expects this to increase in the future. 
Management has decided to aim for the North Ameri-
can business to deliver a minimum 20% reported 
EBITDA-margin, and more than 35% margin when incor-
porating the continued revenue -share build up. As the 
business navigates this transition, the commitment to 
adapting to the US market's shifting landscape remains 
steadfast. 
 
 
 
 
 
 
 
Key figures North America segment 
tEUR Q3 2024 Q3 2023 Growth YTD 2024 YTD 2023 Growth               
Revenue 18,972  21,444  -12% 78,773  81,514  -3% 
Share of Group 23% 30%   29% 34%   
Cost 19,814  19,532  1% 68,583  57,491  19% 
Share of Group 34% 35%   35% 36%   
              
Operating profit before depreciation and amortization 
and special items - 842  2,958  -128% 10,190  25,068  -59% 
Share of Group -4% 15%   13% 31%   
EBITDA-Margin before special items -4% 13%   13% 30%   
Operating profit before depreciation and amortization - 1,571  2,554  -161% 5,830  24,164  -76% 
EBITDA-Margin -8% 11%   7% 29%   
Organic Growth -24% 18%   -21% 25%

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

Q3 report 2024 Page 11  
Financial 
performance for the 
period 
Revenue growth of 14% to 275 
mEUR  
Revenue showed growth v ersus 2023 of 14% and 
amounted to 275 mEUR (YTD 2023: 241 mEUR). Reve-
nue share accounted for 4 8% of the revenue with 2 6% 
coming from CPA, 4 % from subscription sales, and 2 1% 
from other income.  
Cost of 195 mEUR - up 22%  
The increase in costs compared to Q3, 2023 is primarily 
driven by acquisitions contributing with 46 mEUR in in-
creased cost base. 
The increase in personnel cost is mainly driven by an in-
crease in average number of employees increasing from 
average 1,126 in Q3 2023 to 1,776 in Q3 2024, where 370 
employees joined Better Collective as part of the acqui-
sition of Playmaker Capital.  
Total direct cost relating to revenue increased by 7  
mEUR to 82 mEUR (YTD 2023: 75 mEUR) corresponding 
to an increase of 10%. The increase primarily stems from 
increased cost related to media partnerships , paid 
media spending and increased cost base due to acquisi-
tions. 
Personnel cost increased 30% to 86 mEUR 2024 (YTD 
2023: 66 mEUR) due to the increase in the average num-
ber of employees. Personnel costs include costs related 
to warrants of 1 mEUR (YTD 2023: 2 mEUR).  
Other external costs increased 9  mEUR or 4 6% to 28 
mEUR (YTD 2023: 19 mEUR) primarily due to other pro-
motions costs and increased cost base due to acquisi-
tions.  
Depreciation and amortization  amounted to 32 mEUR 
(YTD 2023: 19 mEUR), an increase of 13 mEUR compared 
to YTD 2023. The increase is mainly due to amortization 
related to intangible assets accounted for as part of the 
acquisitions of Skycon in Q2, 2023 and the acquisitions 
in H2, 2023 of Playmaker HQ, Digital Sportmedia I Nor-
den AB  (the four brands are SvenskaFans.com, Hock-
eysverige.se, Fotbolldirekt.se and Innebandymaga-
zinet.se), Goalmedia Technologia E Marketing Digital 
(the brand is Torcedores) and Tipsbladet as well as the 
acquisition of Playmaker Capital completed February 6, 
2024 and new media partnerships  entered during 2023 
and 2024.  
Special items 
Special items amounted to an expense of 3 mEUR (YTD 
2023: 2 mEUR). The net expense of 3 mEUR is primarily 
related to M&A expenses of 2  mEUR, restructuring of 1 
mEUR, the early settlement of the Playmaker HQ 
earnout and related impairment of goodwill in Q2, with 
a net financial impact of 2.4 mEUR  and positive impact 
of 2.5 mEUR related to earnout adjustments. 
Earnings 
Operational earnings (EBITDA) before special items de-
creased 2% to 80 mEUR ( YTD 2023: 82 mEUR). The 
EBITDA-margin before special items was 29% ( YTD 
2023: 34%). Including  special items, the reported 
EBITDA was 75 mEUR. (YTD 2023: 79 mEUR).  
EBIT before special items decreased 24% to 48 mEUR 
(YTD 2023: 63 mEUR). Including special items, the re-
ported EBIT was 44 mEUR (YTD 2023: 60 mEUR). 
Net financial items 
Net financial costs amounted to 17 mEUR (YTD 2023: 16 
mEUR) and included net interest, fees relating to bank 
credit lines , unrealized losses on shares  and exchange 
rate adjustments. Interest expenses amounted to 21  
mEUR and included non-payable, calculated interest ex-
penses on certain balance sheet items , 16 mEUR had 
cash flow effect.   
Net financial costs are impacted by a  realized loss of 4 
mEUR on Catena Media shares  and unrealized net ex-
change rate loss amounted to 3 mEUR. 
Income tax 
Better Collective has a tax presence in the places where 
the Group is incorporated . Income tax amounted to 8 
mEUR (YTD 2023: 12 mEUR). The Effective Tax Rate was 
28.4% (YTD Q3 2023: 27.0%) increasing primarily due to 
unrecognized tax losses of 1 mEUR. 
Net profit 
Net profit after tax was 19 mEUR (YTD 2023: 32 mEUR). 
Earnings per share (EPS) was  EUR/share 0.31 versus 
0.59 EUR/share YTD 2023. 
Equity 
The equity increased to 650 mEUR as per September 30, 
2024, from 435  mEUR on December 31, 202 3. Besides 
the net profit of 19 mEUR, the equity has been primarily 
impacted by the share exchange in connection with the 
acquisition of Playmaker Capital of 46 mEUR, the acqui-
sition and disposal of treasury shares of 3 0 mEUR and 
the capital increase in March with 145 mEUR.  
Balance sheet  
Total assets amounted to 1,142 mEUR ( YTD 2023: 931 
mEUR), with an equity of 650 mEUR (2023: 438 mEUR). 
This corresponds to an equity to assets ratio of 5 7% 
(2023: 47%). The liquidity ratio was 1. 37 resulting from 
current assets of 105  mEUR and current liabilities of 7 7 
mEUR. The ratio of net interest-bearing debt to EBITDA 
before special items was 2.16 at the end of September.

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

Q3 report 2024 Page 12  
Investments 
In Q4 of 2023 Better Collective announced the acquisi-
tion of Playmaker Capital, which closed on 6 February 
2024. This strategic move, with a total purchase price of 
111 million EUR, cements our position as a market leader 
in South America while reinforcing  our North American 
market presence. 
Better Collective announced the acquisition of AceOdds 
on May 16, 2024 , for a total consideration of 4 3 mEUR 
on a net cash- /debt free basis. AceOdds is a UK sports 
betting media brand with its roots in the UK, and this 
acquisition is poised to enhance Better Collective's pres-
ence across the UK, significantly.  
In Q3, Better Collective has acquired a smaller social me-
dia asset in North America for a consideration of 7 
mUSD. 
Cash flow and financing 
Cash flow from operations before special items was 32 
mEUR (2023: 14 mEUR) with a cash conversion of 131% 
in Q3 2024.  
Better Collective A/S completed its offering of new 
shares through an accelerated bookbuilding process 
with a subscription price at market of DKK 189.4 on Feb-
ruary 28. Total proceeds from the accel erated book-
building process amounted to DKK 1,081.9 million  (app. 
145 mEUR). The proceeds prepare the Company for fu-
ture M&A opportunities as the sports media landscape 
remains highly fragmented. 
On July 5, 2024 , Better Collective reestablished its 3 -
year financing agreement with Nordea, Nykredit Bank 
and Citibank with a total committed facility of 319 mEUR 
and a 100 mEUR higher accordion option. By the end of 
September 2024, capital reserves stood at 107  mEUR 
consisting of cash of 4 4 mEUR and unused bank credit 
facilities of 61 mEUR.  
The parent company 
Better Collective A/S is the parent company of the 
group. Revenue grew by 35 % to 96 mEUR (Q3 2023: 71 
mEUR). Total costs including depreciation and amorti-
zation was 86  mEUR (Q3 2023: 68 mEUR). Profit after 
tax was 33  mEUR (Q3 2023: 36 mEUR). The change in 
profit after tax is primarily due to  increased cost and 
amortizations. Total equity ended at 676 mEUR by Sep-
tember 30, 2024 (2023: 443 mEUR).

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

Q3 report 2024 Page 13  
Financial targets  
2024  
Prior to releasing its Q3 report, Better Collective down-
graded its 2024 financial targets as follows: 
• Revenue of 355-375 mEUR previously 395-425 
mEUR 
• EBITDA of 100-110 mEUR previously 130-140 
mEUR 
• Net/debt to EBITDA stay below 3x (unchanged) 
 
 
 
 
 
 
 
 
 
2023- 2027  
The long -term 2023 -2027 financial targets remain un-
changed: 
• Revenue CAGR of +20%  
• EBITDA margin before special items of 35-40%. 
• Net debt to EBITDA before special items of <3. 
2023-2027 implications  
The long-term targets include M&A funded by own cash 
flow and debt and not capital increases. After the 
changes to the short term 2024 guidance and uncertain-
ties relating to selected markets, the targets remain in-
tact. 
 
 
 
 
 
 
 
 
 
Disclaimer 
This report contains certain forward-looking statements 
and opinions. Forward -looking statements are state-
ments that do not relate to historical facts and events. 
Such statements or opinions pertaining to the future, for 
example wording like; “believes”, “deems”, “estimates”, 
“anticipates”, “aims’, and “forecasts” or similar expres-
sions are intended to identify a statement as forward -
looking. This applies to statements and opinions con-
cerning the future financial returns, plans and expecta-
tions with respect  to the business and management of 
the group, future growth , profitability, general eco-
nomic and regulatory environment , and other matters 
affecting Better Collective.  
Forward-looking statements are based on current esti-
mates and assumptions made according to the best of 
the group’s knowledge. These statements are inherently 
associated with both known and unknown risks, uncer-
tainties, and other factors that could cause t he results, 
including the group’s cash flow, financial condition, and 
operations, to differ materially from the results, or fail to 
meet expectations expressly or implicitly, assumed or 
described in those statements or to turn out to be less 
favorable than  the results expressly or implicitly as-
sumed or described in those statements. Better Collec-
tive can give no assurance regarding the future accuracy 
of the opinions set forth herein or as to the actual occur-
rence of any predicted developments and/or targets. 
Considering the risks, uncertainties and assumptions as-
sociated with forward-looking statements, it is possible 
that certain future events may not occur. Moreover, for-
ward-looking estimates derived from third -party stud-
ies may prove to be inaccurate. Actual results, perfor-
mance or events may differ materially from those in 
such statements e.g. due to changes in general eco-
nomic conditions, in particular economic conditions in 
the markets in which the group operates, changes af-
fecting interest rate levels, c hanges affecting currency 
exchange rates, changes in competition levels, changes 
in laws and regulations, and occurrence of accidents or 
environmental damages and systematic delivery fail-
ures. We undertake no obligation to update or revise 
any forward -looking statements, whether because  of 
new information, future events or otherwise, except to 
the extent required by law.

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

Q3 report 2024 Page 14  
Other 
Shares and share capital 
Better Collective A/S is listed on Nasdaq Stockholm 
main market and Nasdaq Copenhagen main market. The 
shares are traded under the ticker “BETCO” and “BETCO 
DKK”. As per September  30, 202 4, the share capital 
amounted to 6 30,776.27 EUR, and the total number of 
issued shares was 63,076,627. The company has one (1) 
class of shares. Each share entitles the holder to one 
vote at the general meetings.  
Shareholder structure 
As of September  30, 202 4, the total number of share-
holders was 5,478. A list of top ten shareholders in Bet-
ter Collective A/S can be found on the group’s website. 
Incentive programs 
To attract and retain key competences, the company 
has established warrant programs for certain key em-
ployees. All warrants with the right to subscribe for one 
ordinary share. If all outstanding long -term incentive 
programs are subscribed, then the maximum 
shareholders dilution will be approximately 2.93%. On 
January 2, 2024, the board of directors implemented a 
Long-Term Incentive Plan (LTI) for key employees in the 
Better Collective group.  
On June 5, 2024, CFO exercised 150,000 warrants and 
on September 5, 2024, CEO, CFO and COO exercised 
150,000 warrants each under the 2019 programs in ac-
cordance with the terms of the long-term incentive pro-
grams. As the program expires this was the final window 
to exercise. The Board decided to cash settled the pro-
gram.   
In total the grants under the LTI in 202 4 cover 61,523 
performance share units and  426,870 share options to 
79 key employees in total, vesting over a 3-year period. 
The total value of the 202 4 LTI grant program is 3.6 
mEUR (calculated Black-Scholes value) measured at the 
target level, which is to say 100% achievement of the fi-
nancial goals.
  
Risk management 
Through an Enterprise Risk Management process, vari-
ous gross risks in Better Collective are identified. Each 
risk is described, including current risk mitigation in 
place, or planned mitigating actions. The subsequent 
analysis of the identified risks inclu des an inherent risk 
evaluation based on two main parameters: probability 
of occurrence and impact on future earnings and cash 
flow. Better Collective’s management continuously 
monitors risk development in the Better Collective 
group. The risk evaluation is presented to the Board of 
Directors annually. The board evaluates risk dynamically 
to account for this variation in risk impact. The policies 
and guidelines in place stipulate how management must 
work with risk management. 
Better Collective’s compliance with these policies and 
guidelines is also monitored by the management on an 
ongoing basis. Better Collective seeks to identify and 
understand risks and mitigate them accordingly. Also, 
the group’s close and longstanding relationships with 
customers allow Better Collective to anticipate and re-
spond to market movements and new regulations in-
cluding compliance requirements from authorities and 
sportsbooks.  
With the continued expansion in North and South Amer-
ica, the overall  r isk profile of Better Collective has 
changed, and compliance as well as financial risk have  
increased. Better Collective has mitigated the additional 
risks in several ways, compliance risk through involve-
ment of regulatory bodies in our licensing process for 
newly established entities, financial risk through a per-
formance-based valuation of the acquired entities, and 
organizational risk through establishment of local gov-
ernance, and finance, HR, and l egal organization dedi-
cated to the North  and South American  operations. 
Other key risk factors are described in the Annual report 
2023. 
Program 
Long-term incentive programs  
outstanding September, 2024 Vesting period  Exercise period  
Exercise price  
DKK 
Exercise price  
EUR (rounded) 
2019* 0  2020-2023 2022-2024 64.78  8.69  
2020** 25,000  2021-2023 2023-2025 61.49  8.24  
2020* 163,999  2021-2023 2023-2025 106.35  14.26  
2021* 377,372  2022-2024 2024-2026 150.41  20.17  
2021 US MIP Options 43,358  2021-2024 2024-2026 138.90  18.62  
2022 US MIP Options 15,238  2022-2023 2023-2026 107.25  14.38  
2022 Options 20,973  2022-2024 2025-2027 130.98  17.56  
2022 PSU 62,810  2022-2024 2025-2027     
2023 CXO Options 300,000  2023-2025 2026-2028 142.08  19.05  
2023 Options 236,730  2023-2025 2026-2028 87.06  11.67  
2023 PSU 120,650  2023-2025 2026-2028     
2024 Options 426,870 2024-2026 2027-2029 173.87 23.31 
2024 PSU 55,236 2024-2026 2027-2029   
* Key employees and members of executive management 
** Following the AGM on April 22, 2020, 25,000 warrants were issued to the new board member, Todd Dunlap.

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

Q3 report 2024 Page 15  
 
Contacts 
VP of Group Strategy, Investor Relations and Corporate 
Communications; Mikkel Munch-Jacobsgaard 
investor@bettercollective.com  
This information is such information as Better Collective 
A/S is obliged to make public pursuant to the EU Market 
Abuse Regulation. The information was submitted for 
publication, through the agency of the contact person 
set out above on November 13, 2024, after market close 
(CET). 
About 
Better Collective owns global and national sport media, 
with a vision to become the leading digital sports media 
group. We are on a mission to excite sports fans through 
engaging content and foster passionate communities 
worldwide. Better Collective's portfolio of digital sports 
media brands includes; HLTV , FUTBIN, Betarades, 
Soc-
cernews, Tipsbladet, Action Network , Playmaker HQ , 
VegasInsider, Bolavip and Redgol. Headquartered in Co-
penhagen, Denmark, and dual listed on Nasdaq Stock-
holm (BETCO) and Nasdaq Copenhagen (BETCO DKK).  
To learn more about Better Collective please visit  
www.Bettercollective.com 
 
 
 
 
  
    
Q3 report 2024 Page 15

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

Q3 report 2024 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 in-
terim financial statements and the parent company 
condensed interim financial statements for the period 
January  1 – September  30, 2024. 
Today, the B oard of D irectors and the E xecutive  
Management have discussed and approved the  
condensed consolidated interim financial statements 
and the parent company condensed interim financial 
statements of Better Collective A/S for the period Jan-
uary 1 – September 30, 2024.  
The condensed consolidated interim financial state-
ments for the period January  1 – September 30, 2024. , 
are prepared in accordance with IAS 34 Interim Financial 
Reporting as adopted by the EU, and additional require-
ments of the Danish Financial Statements Act. The  par-
ent company condensed interim financial statements 
have been included according to the Danish Executive 
Order on the Preparation of Interim Financial Reports.  
In our opinion, the condensed consolidated interim  
financial statements and the parent company con-
densed interim financial statements give a true and fair 
view of the group’s and parent company’s assets, liabil-
ities, and financial position on September 30, 2024, and 
of the results of the group’s and parent company’s op-
erations and the group’s cash flows for the period Janu-
ary 1 – September 30, 2024.  
Further, in our opinion, the management’s review gives 
a fair review of the development in the group’s and the 
parent company’s operations and financial matters and 
the results of the group’s and the parent company’s op-
erations and financial position, as well as a description 
of the major risks and uncertainties, the group and the 
parent company are facing. The Interim Report has not 
been audited nor reviewed by the Company’s auditor. 
Copenhagen, November 13, 2024 
 
 
 
  
Executive 
Management 
  
 
 
Jesper Søgaard 
Co-founder & CEO 
 
 
Christian Kirk Rasmussen 
Co-founder & COO  
Executive Vice President 
 
 
Flemming Pedersen 
CFO 
Executive Vice President 
   
Board of Directors   
Jens Bager 
Chair 
 Therese Hillman 
 Vice Chair 
Britt Boeskov 
   
Todd Dunlap   Leif Nørgaard René Rechtman 
   
Petra von Rohr

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

Q3 report 2024 Page 17  
Independent auditor’s 
report 
To the shareholders of Better 
Collective A/S 
We have reviewed the condensed consolidated interim 
financial statements of Better Collective A/S for the pe-
riod 1 January –  30 September 2024, which comprise a 
consolidated income statement, consolidated state-
ment of other comprehensive income, consolidated bal-
ance sheet, consolidated statement of changes in eq-
uity, consolidated cash flow statement and notes as pre-
sented on page 18 - 35. The condensed consolidated in-
terim financial statements are prepared in accordance 
with IAS 34 
Interim Financial Reporting , as adopted by 
the EU, and additional requirements of the Danish Finan-
cial Statements Act. 
Management's responsibilities for the 
condensed consolidated interim finan-
cial 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 
control as Management determines is necessary to en-
able 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 
conducted our review in accordance with the Interna-
tional Standard on Review of Interim Financial Infor-
mation Performed by the Independent Auditor of the 
Entity and additional requirements applicable in Den-
mark.  
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 
accordance 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 finan-
cial statements in accordance with the International 
Standard on Review of Interim Financial Information 
Performed by the Independent Auditor of the Entity is a 
limited assurance engagement. The auditor p erforms 
procedures primarily consisting of making enquiries of 
Management and others within the company, as appro-
priate, applying analytical procedures and evaluate the 
evidence obtained.  
The procedures performed in a review are substantially 
less that those performed in an audit conducted in ac-
cordance 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 
Financial Reporting , as adopted by the EU, and addi-
tional requirements of the Danish Financial Statements 
Act. 
Other matters 
The condensed consolidated interim financial state-
ments contain actual figures for the period 1 July –  30 
September 2024 (Q3 2024), together with comparative 
figures for the period 1 July –  30 September 2023 (Q3 
2023). The actual figures for Q3 2024 and the compara-
tive figures for Q3 2023 have not been subject to review. 
Accordingly, we do not express an opinion or any other 
form of assurance on the actual Q3 2024 figures or on 
the comparative figures for Q3 2023. 
 
 
 
Copenhagen, November 13, 2024 
EY Godkendt Revisionspartnerselskab   
CVR no. 30 70 02 28 
 
Mikkel Sthyr  
State Authorised Public Accountant  
mne26693 
 
Kennet Hartmann   
State Authorised Public Accountant  
mne40036

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

Q3 report 2024 Page 18  
Condensed interim financial statements for the 
period  
Consolidated income statement 
Note tEUR Q3 2024 Q3 2023 YTD 2024 YTD 2023 2023 
3 Revenue 81,152  75,431  275,305  241,491  326,686  
  Direct costs related to revenue 24,871  25,669  82,008  74,862  99,296  
4 Staff costs  25,852  23,408  85,564  66,018  88,921  
  Other external expenses 8,097  6,760  27,852  19,045  27,389  
  
Operating profit before depreciation and amortization 
(EBITDA) and special items 22,333  19,595  79,881  81,566  111,080  
  Depreciation 2,281  1,200  5,383  2,611  3,958  
  
Operating profit before amortization (EBITA) and special 
items 20,052  18,395  74,497  78,954  107,122  
7 Amortization and impairment 10,712  6,375  26,830  16,314  24,283  
  Operating profit (EBIT) before special items 9,340  12,019  47,667  62,640  82,839  
5 Special items, net - 428  - 522  - 3,429  - 2,347  - 1,948  
  Operating profit 8,913  11,498  44,238  60,293  80,891  
  Financial income 496  799  3,686  4,179  5,987  
  Financial expenses 5,842  7,178  21,446  20,164  28,868  
  Profit before tax 3,566  5,119  26,479  44,308  58,010  
6 Tax on profit for the period 2,447  2,012  7,513  11,964  18,175  
  Profit for the period 1,119  3,107  18,966  32,344  39,835  
              
  
Earnings per share attributable to equity holders of the 
company           
  Average number of shares 62,219,980  55,183,479  61,472,484  55,164,474  55,186,772  
  
Average number of warrants - converted to number of 
shares 2,385,990  2,635,780  2,506,396  2,679,260  2,658,571  
  Earnings per share (in EUR) 0.01  0.06  0.31  0.59  0.74 
  Diluted earnings per share (in EUR) 0.01  0.05  0.29  0.56  0.70 
 
 
 
Consolidated statement of other comprehensive income 
Note tEUR Q3 2024 Q3 2023 YTD 2024 YTD 2023 2023 
  Profit for the period 1,119  3,107  18,966  32,344  39,835  
  Other comprehensive income           
  
Other comprehensive income that may be reclassified to 
profit or loss in subsequent periods:           
  Fair value adjustment of hedges for the year  - 537   0 - 54   0 - 483  
  Currency translation to presentation currency - 2,170  805  - 2,512  521  1,318  
  Currency translation of non-current intercompany loans - 12,834  8,055  - 3,650  3,048  - 9,440  
  Income tax 2,941  - 1,772  921  - 671   0 
  Net other comprehensive income/loss - 12,600  7,087  - 5,296  2,898  - 8,605  
  
Total comprehensive income/(loss) for the period, net of 
tax - 11,481  10,194  13,671  35,242  31,230  
              
  Attributable to:           
  Shareholders of the parent - 11,481  10,194  13,671  35,242  31,230

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

Q3 report 2024 Page 19  
Consolidated statement of financial position 
Note tEUR Q3 2024 Q3 2023 2023           
  Assets                 
  Non-current assets       
7 Intangible assets       
  Goodwill 344,660 262,980 255,074 
  Domains and websites 537,686 473,436 466,615 
  Accounts and other intangible assets 122,688 54,978 79,740 
  Total intangible assets 1,005,035 791,395 801,429           
  Tangible assets       
  Right of use assets 18,774 14,906 15,575 
  Leasehold improvements, Fixtures and fittings, other plant and equipment 7,371 5,510 6,006 
  Total tangible assets 26,145 20,416 21,582           
  Other non-current assets       
  Deposits 1,829  1,716  1,803  
  Deferred tax asset 3,612  10,732  7,236  
  Total other non-current assets 5,441  12,448  9,039            
  Total non-current assets 1,036,621  824,259  832,050            
  Current assets       
  Trade and other receivables 47,151  45,097  48,954  
  Corporation tax receivable 7,624  6,854  2,252  
  Prepayments 6,585  4,306  4,250  
  Other current financial assets 0  9,742  6,804  
  Cash 43,617  40,676  43,552  
  Total current assets 104,977  106,674  105,812            
  Total assets 1,141,598  930,934  937,862  
 
 
Note tEUR Q3 2024 Q3 2023 2023           
  Equity and liabilities                 
  Equity       
  Share Capital 631  552  554  
  Share Premium 469,460  273,184  274,580  
  Reserves - 3,941  5,024  - 6,486  
  Retained Earnings 184,168  158,983  166,624  
  Total equity 650,319  437,744  435,273            
  Non-current Liabilities       
8 Debt to credit institutions 260,100  248,359  248,657  
8 Lease liabilities 14,942  12,577  13,326  
8 Deferred tax liabilities 100,051  90,173  84,670  
8 Other long-term financial liabilities 39,377  49,415  52,443  
  Total non-current liabilities 414,469  400,524  399,096            
  Current Liabilities       
  Prepayments received from customers and deferred revenue 6,436  4,066  4,262  
  Trade and other payables 27,773  26,486  27,838  
  Corporation tax payable 5,988  4,516  6,754  
8 Other financial liabilities 31,853  54,866  61,938  
  Debt to credit institutions 0  23   0 
8 Lease liabilities 4,760  2,708  2,702  
  Total current liabilities 76,810  92,666  103,493  
  Total liabilities 491,279  493,189  502,589            
  Total Equity and liabilities 1,141,598  930,934  937,862

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

Q3 report 2024 Page 20  
Consolidated statement of changes in equity 
tEUR 
Share  
capital 
Share  
premium 
Currency 
translation 
reserve 
Hedging 
reserves 
Treasury 
shares 
Retained 
earnings 
Total  
equity 
                
As at January 1, 2024 554  274,580  15,055  - 483  - 21,057  166,624  435,273  
Result for the period  0  0  0  0  0 18,966  18,966  
                
Fair value adjustment of 
hedges  0  0  0 - 54   0  0 - 54  
Currency translation  
to presentation currency  0  0 - 6,162   0  0  0 - 6,162  
Tax on other  
comprehensive income  0  0 803  118   0  0 921  
Total other  
comprehensive income  0  0 - 5,360  64   0  0 - 5,296  
Total comprehensive  
income for the year  0  0 - 5,360  64   0 18,966  13,671  
                
Transactions with owners               
Capital Increase 77  194,880   0  0  0 - 1,758  193,199  
Acquisition of treasury shares  0  0  0  0 - 15,414   0 - 15,414  
Disposal of treasury shares  0  0  0  0 23,254  9,017  32,271  
Share based payments  0  0  0  0  0 - 5,679  - 5,679  
Transaction cost  0  0  0  0  0 - 3,002  - 3,002  
Total transactions with owners 77  194,880   0  0 7,840  - 1,422  201,375  
                
At September 30, 2024 631  469,460  9,695  - 419  - 13,217  184,168  650,319  
During the period no dividend was paid. 
 
 
 
tEUR 
Share  
capital 
Share  
premium 
Currency 
translation 
reserve 
Hedging 
reserves 
Treasury 
shares 
Retained 
earnings 
Total  
equity 
                
As at January 1, 2023 551  272,550  23,177   0 - 7,669  124,307  412,917  
Result for the period  0  0  0  0  0 32,344  32,344  
                
Fair value adjustment of 
hedges 0  0 0  0 0 0 0 
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  0 32,344  35,242  
                
Transactions with owners               
Capital Increase 1  634   0  0  0  0 635  
Acquisition of treasury shares  0  0  0  0 - 13,368   0 - 13,368  
Disposal of treasury shares  0  0  0  0  0  0  0 
Share based payments  0  0  0  0  0 2,359  2,359  
Transaction cost  0  0  0  0 - 13  - 27  - 40  
Total transactions with owners 1  634   0  0 - 13,381  2,332  - 10,414  
                
At September 30, 2023 552  273,184  26,074   0 - 21,050  158,983  437,744  
During the period no dividend was paid.

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

Q3 report 2024 Page 21  
Consolidated statement of changes in equity - continued 
tEUR 
Share  
capital 
Share  
premium 
Currency 
translation 
reserve 
Hedging 
reserves 
Treasury 
shares 
Retained 
earnings 
Total  
equity 
                
As at January 1, 2023 551  272,550  23,177   0 - 7,669  124,307  412,917  
Result for the period  0  0  0  0  0 39,835  39,835  
                
Fair value adjustment of 
hedges  0  0  0 - 483   0  0 - 483  
Currency translation  
to presentation currency  0  0 - 8,122   0  0  0 - 8,122  
Tax on other  
comprehensive income  0  0  0  0  0  0  0 
Total other  
comprehensive income  0  0 - 8,122  - 483   0  0 - 8,605  
Total comprehensive  
income for the year  0  0 - 8,122  - 483   0 39,835  31,230  
                
Transactions with owners               
Capital Increase 3  2,030   0  0  0  0 2,033  
Acquisition of treasury shares  0  0  0  0 - 13,375   0 - 13,375  
Disposal of treasury shares  0  0  0  0  0  0  0 
Share based payments  0  0  0  0  0 2,495  2,495  
Transaction cost  0  0  0  0 - 13  - 12  - 26  
Total transactions with owners 3  2,030   0  0 - 13,389  2,482  - 8,874  
                
At December 31, 2023 554  274,580  15,055  - 483  - 21,057  166,624  435,273  
During the period no dividend was paid.

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

Q3 report 2024 Page 22  
Consolidated statement of cash flows 
Note tEUR Q3 2024 Q3 2023 YTD 2024 YTD 2023 2023 
              
  Profit before tax 3,566  5,119  26,479  44,308  58,010  
  Adjustment for finance items 5,346  6,378  17,759  15,985  22,882  
  Adjustment for special items 428  522  3,429  2,347  1,947  
  Operating Profit for the period before special items 9,340  12,019  47,667  62,640  82,839  
  Depreciation and amortization 12,992  7,575  32,213  18,926  28,241  
  Other adjustments of non-cash operating items - 691  807  1,168  2,417  2,581  
  
Cash flow from operations  
before changes in working capital and special items 21,640  20,402  81,048  83,983  113,661  
  Change in working capital 10,780  - 6,157  222  - 2,124  5,722  
  Cash flow from operations before special items 32,421  14,245  81,271  81,859  119,384  
  Special items, cash flow - 542  - 333  - 13,065  - 2,000  - 4,744  
  Cash flow from operations 31,879  13,912  68,205  79,858  114,639  
  Financial income, received  161  - 475  1,169  166  493  
  Financial expenses, paid - 3,633  - 3,027  - 18,468  - 7,078  - 10,712  
  Cash flow from activities before tax 28,407  10,410  50,907  72,946  104,420  
  Income tax paid  - 4,069  - 3,005  - 9,884  - 11,972  - 15,411  
  Cash flow from operating activities 24,338  7,406  41,023  60,974  89,009  
              
9 Acquisition of businesses - 900  - 19,636  - 117,399  - 49,403  - 57,282  
7 Acquisition of intangible assets - 20,556  - 8,094  - 28,588  -11,718 - 27,469  
  Acquisition of property, plant and equipment - 3,296  - 1,958  - 4,866  - 4,140  - 5,143  
  Sale of property, plant and equipment 117   0 555  3  3  
  Acquisition of other financial assets  0  0  0 - 14,930  - 14,930  
  Sale of other financial assets 454   0 3,226   0  0 
  Change in other non-current assets 69  - 1,253  - 25  - 1,514  - 1,427  
  Cash flow from investing activities - 24,112  - 30,941  - 147,098  - 81,702  - 106,248  
 
 
Note tEUR Q3 2024 Q3 2023 YTD 2024 YTD 2023 2023 
              
  Repayment of borrowings 0   0 - 136,321  - 1,486  - 1,486  
  Proceeds from borrowings 13,434   0 124,195  45,490  45,490  
  Lease liabilities - 1,669  - 1,475  - 3,548  - 1,993  - 2,814  
  Other non-current liabilities  0 4,569  - 2,582  444  - 483  
  Capital increase 1,218  397  146,362  634  2,033  
  Treasury shares - 13,103  - 3,804  - 13,103  - 13,381  - 13,381  
  Transaction cost - 33  - 4  - 3,002  - 13  - 26  
  Warrant settlement, sale of warrants - 5,195   0 - 5,698   0  0 
  Cash flow from financing activities - 5,348  - 317  106,303  29,694  29,334  
              
  Cash flows for the period - 5,121  - 23,853  227  8,967  12,095  
  Cash and cash equivalents at beginning 48,756  64,536  43,552  31,497  31,497  
  
Foreign currency translation of cash and cash 
equivalents - 18  - 7  - 163  211  - 41  
  Cash and cash equivalents period end 43,617  40,676  43,617  40,676  43,552  
              
  Cash and cash equivalents period end           
  Cash 43,617  40,676  43,617  40,676  43,552  
  Cash and cash equivalents period end 43,617  40,676  43,617  40,676  43,552

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

Q3 report 2024 Page 23  
Notes 
1. General information 
Better Collective A/S is a limited liability company and is incorporated in Denmark. The parent company and its  
subsidiaries (referred to as the “Group” or “Better Collective”) engage in online performance marketing. Better Collec-
tive’s vision is to become the leading digital sports media group. 
Basis of preparation  
The Interim Report (condensed consolidated interim financial statements) for the period January  1 – September 30, 
2024, has been prepared in accordance with IAS 34 “Interim financial reporting ” as adopted by the EU and additional 
requirements in the Danish Financial Statements Act. The parent company condensed interim financial statements has 
been included according to the Danish Executive Order on the Preparation of Interim Financial Reports. 
These condensed consolidated interim financial statements incorporate the results of Better Collective A/S and its sub-
sidiaries. 
The condensed consolidated interim financial statements refer to certain key performance indicators, which Better Col-
lective and others use when evaluating the performance of Better Collective. These are referred to as alternative per-
formance measures (APM s) and are not defined under IFRS. The figures and related subtotals give management and 
investors important information to enable them to fully analyze the Better Collective business and trends. The APMs are 
not meant to replace but to complement the performance measures defined under IFRS. 
New financial reporting standards 
All new or amended standards (IFRS) and interpretations (IFRIC) as adopted by the EU and which are effective for the 
financial year beginning on  January 1, 2024, have been adopted. The implementation of these new or amended  
standards and interpretations had no material impact on the condensed consolidated interim financial statements. 
 
Accounting policies  
The condensed consolidated interim financial statements have been prepared using the same accounting policies as set 
out in note 1 of the 2023 annual report which contains a full description of the accounting policies for the Group and the 
parent company. The lifetime of accounts and other intangible assets has been reassessed in connection with acquisi-
tions in 2024. The lifetime for accounts is 3-5 years and for other intangible assets 2-3 years. 
The annual report for 2023 including full description of the accounting policies can be found on Better Collective’s web-
site: https://storage.mfn.se/9896a1ee-39d1-49c3-a0fd-7447b83bcb8e/annual-report-2023.pdf  
Significant accounting judgements, estimates and assumptions 
The preparation of condensed consolidated interim financial statements requires management to make judgements, 
estimates and assumptions that affect the reported amounts of revenue, expenses, assets, and liabilities. 
Beyond the risks mentioned above, the significant accounting judgements, estimates and assumptions applied in these 
consolidated interim financial statements are the same as disclosed in note 2 in the annual report for 202 3 which  
contains a full description of significant accounting judgements, estimates and assumptions.

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

Q3 report 2024 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 
partnerships where the audience is coming either directly or through organic search results, whereas Paid Media gener-
ates revenue through paid ad-traffic to our brands, thereby running on a lower gross margin. 
The performance for each segment is presented in the below tables: 
  Publishing Paid Media Group 
tEUR Q3 2024 Q3 2023 Q3 2024 Q3 2023 Q3 2024 Q3 2023               
Revenue Share 28,573  28,636  12,455  11,319  41,028  39,955  
CPA 5,784  5,717  12,336  15,120  18,120  20,837  
Subscription 3,986  4,106   0  0 3,986  4,106  
Other 18,018  10,003  0  530  18,018  10,533  
Revenue 56,361  48,463  24,792  26,969  81,152  75,431  
Cost 39,997  36,574  18,822  19,262  58,820  55,837                
Operating profit before depreciation, amortization 
and special items 16,364  11,888  5,969  7,707  22,333  19,595  
EBITDA-Margin before special items 29% 25% 24% 29% 28% 26%               
Special items, net - 428  - 522  - 0   0 - 428  - 522                
Operating profit  before depreciation and amortiza-
tion 15,936  11,366  5,969  7,707  21,905  19,073  
EBITDA-Margin 28% 23% 24% 29% 27% 25% 
Depreciation 2,230  1,196  50  4  2,281  1,200                
Operating profit before amortization 13,705  10,170  5,919  7,703  19,624  17,873  
EBITA-Margin 24% 21% 24% 29% 24% 24% 
 
 
 
 
 
 
  Publishing Paid Media Group 
tEUR YTD 2024 YTD 2023 YTD 2024 YTD 2023 YTD 2024 YTD 2023               
Revenue Share 92,878  91,934  39,343  29,571  132,222  121,504  
CPA 33,116  28,698  39,730  49,150  72,846  77,848  
Subscription 12,204  12,669   0  0 12,204  12,669  
Other 55,648  27,912  2,386  1,557  58,033  29,469  
Revenue 193,845  161,214  81,459  80,277  275,305  241,491  
Cost 134,882  102,761  60,542  57,164  195,424  159,925                
Operating profit before depreciation, amortization 
and special items 58,963  58,452  20,917  23,113  79,881  81,566  
EBITDA-Margin before special items 30% 36% 26% 29% 29% 34%               
Special items, net - 3,413  - 2,347  - 16   0 - 3,429  - 2,347                
Operating profit  before depreciation and amortiza-
tion 55,550  56,105  20,901  23,113  76,451  79,218  
EBITDA-Margin 29% 35% 26% 29% 28% 33% 
Depreciation 5,237  2,601  147  10  5,383  2,611                
Operating profit before amortization 50,314  53,504  20,754  23,103  71,068  76,607  
EBITA-Margin 26% 33% 25% 29% 26% 32%

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

Q3 report 2024 Page 25  
2. Segments, continued 
  Publishing Paid Media Group 
tEUR 2023 2023 2023         
Revenue Share 120,776  41,049  161,825  
CPA 40,589  63,371  103,960  
Subscription 17,959   0 17,959  
Other 41,003  1,938  42,941  
Revenue 220,328  106,358  326,686  
Cost 139,685  75,920  215,605          
Operating profit before depreciation, amortization and special items 80,642  30,438  111,080  
EBITDA-Margin before special items 37% 29% 34%         
Special items, net - 1,948   0 - 1,948          
Operating profit  before depreciation and amortization 78,695  30,438  109,132  
EBITDA-Margin 36% 29% 33% 
Depreciation 3,909  49  3,958          
Operating profit before amortization 74,785  30,389  105,174  
EBITA-Margin 34% 29% 32%

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

Q3 report 2024 Page 26  
2. Segments, continued 
Europe & Rest of World  and North A merica  
Better Collective’s products cover more than 30 languages and attract millions of users worldwide - with international 
brands with a global reach as well as regional brands with a national reach. Better Collective’s regional brands are tai-
lored according to the specific regions or countries and their respective regulations, sports, betting behaviors, user 
needs, and languages. Better Collective reports on the geographical segments Europe & ROW (Rest of World) and North 
America, measuring and disclosing sepa rately 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 2024 Q3 2023* Q3 2024 Q3 2023* Q3 2024 Q3 2023               
Revenue Share 37,478  33,918  3,550  6,037  41,028  39,955  
CPA 12,645  14,621  5,475  6,216  18,120  20,837  
Subscription 645  477  3,342  3,630  3,986  4,107  
Other 11,413  4,971  6,606  5,562  18,018  10,533  
Revenue 62,180  53,988  18,972  21,444  81,152  75,431  
Cost 39,005  36,305  19,814  19,532  58,820  55,837                
Operating profit before depreciation,  
amortization and special items 23,175  16,637  - 842  2,958  22,333  19,595  
EBITDA-Margin before special items 37% 31% -4% 13% 28% 26%               
Special items, net 301  - 118  - 728  - 403  - 428  - 522                
Operating profit  
before depreciation and amortization 23,476  16,519  - 1,571  2,554  21,905  19,073  
EBITDA-Margin 38% 31% -8% 11% 27% 25%               
Depreciation 1,922  912  359  288  2,281  1,200                
Operating profit before amortization 21,554  15,607  - 1,929  2,266  19,624  17,873  
EBITA-Margin 35% 29% -10% 10% 24% 24% 
 
*Figures were restated because of the transfer of Canada and renaming USA to North America (NA) in Q3 2023 and Q4 2023. 
 
 
 
 
 
 
  Europe & RoW North America Group 
tEUR YTD 2024 YTD 2023* YTD 2024 YTD 2023* YTD 2024 YTD 2023               
Revenue Share 118,657  100,764  13,565  20,740  132,222  121,504  
CPA 41,385  36,675  31,461  41,173  72,846  77,848  
Subscription 1,877  1,531  10,327  11,138  12,204  12,670  
Other 34,613  21,007  23,420  8,462  58,033  29,469  
Revenue 196,532  159,978  78,773  81,514  275,305  241,491  
Cost 126,841  102,434  68,583  57,491  195,424  159,925                
Operating profit before depreciation,  
amortization and special items 69,691  56,498  10,190  25,068  79,881  81,566  
EBITDA-Margin before special items 35% 36% 13% 30% 29% 34%               
Special items, net 930  - 1,443  - 4,360  - 904  - 3,429  - 2,347                
Operating profit  
before depreciation and amortization 70,621  55,055  5,830  24,164  76,451  79,218  
EBITDA-Margin 36% 35% 7% 29% 28% 33%               
Depreciation 4,461  1,853  922  759  5,383  2,611                
Operating profit before amortization 66,160  53,202  4,908  23,405  71,068  76,607  
EBITA-Margin 34% 33% 6% 28% 26% 32%

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

Q3 report 2024 Page 27  
2. Segments, continued 
  Europe & Row North America Group 
tEUR 2023 2023 2023         
Revenue Share 136,211  25,614  161,825  
CPA 49,173  54,787  103,960  
Subscription 2,461  15,499  17,960  
Other 30,241  12,700  42,941  
Revenue 218,085  108,600  326,686  
Cost 137,903  77,702  215,605          
Operating profit before depreciation, amortization and special items 80,182  30,898  111,080  
EBITDA-Margin before special items 37% 28% 34%         
Special items, net - 1,060  - 888  - 1,948          
Operating profit  
before depreciation and amortization 79,123  30,010  109,132  
EBITDA-Margin 37% 27% 33%         
Depreciation 3,199  759  3,958          
Operating profit before amortization 76,176  28,998  105,174  
EBITA-Margin 35% 27% 32%

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

Q3 report 2024 Page 28  
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 2024 Q3 2023 YTD 2024 YTD 2023 2023             
Revenue category           
Recurring revenue (Revenue share, Subscription, CPM) 52,825  46,312  167,661  141,864  191,118  
CPA, Fixed Fees 28,183  29,055  106,991  99,539  135,385  
Other 144  64  653  88  183  
Total revenue 81,152  75,431  275,305  241,491  326,686  
            
%-split           
Recurring revenue 65  61  61  59  58  
CPA, Fixed Fees 35  39  39  41  42  
Other 0   0 0   0  0 
Total 100  100  100  100  100  
 
tEUR Q3 2024 Q3 2023 YTD 2024 YTD 2023 2023             
Revenue type           
Revenue Share 41,028  39,955  132,222  121,504  161,825  
CPA 18,120  20,837  72,846  77,848  103,960  
Subscription 3,986  4,107  12,204  12,669  17,959  
Other 18,018  10,533  58,033  29,469  42,941  
Total revenue 81,152  75,431  275,305  241,491  326,686  
            
%-split           
Revenue Share 51  53  48  50  50  
CPA 22  28  26  32  32  
Subscription 5  5  4  5  5  
Other 22  14  21  12  13  
Total 100  100  100  100  100  
 
 
4. Share-based payment plans 
2019 Warrant programs: 
During the third  quarter of 202 4 the company did not grant any new warrants and 545,835  warrants were exercised 
under this program.  
2020 Warrant programs: 
During the third  quarter of 2024 the company did not grant any new warrants and 27,000 warrants were exercised 
under this program.  
2021 Incentive Program: 
During the third quarter of 2024 the company did not grant any new warrants and 0 warrants were exercised under this 
program.  
2022 Incentive Program: 
During the third quarter of 2024 the company did not grant any new warrants and 0 warrants were exercised under this 
program.  
2023 Incentive Program: 
During the third quarter of 2024 the company did not grant any new warrants and 0 warrants were exercised under this 
program.  
2023 CXO Options Program: 
During the third quarter of 2024 the company did not grant any new warrants and 0 warrants were exercised under this 
program.  
2024 Incentive Program: 
On January 2, 2024, a new LTI program consisting of Performance Stock Units and stock options was announced. Un-
der the program 426,870 options and 61,523 PSUs were granted to certain key employees. Whereas the options have 
the right to subscribe for one ordinary share, the PSUs have a performance-based element that can increase to two 
shares for one PSU – both are classified as equity-settled share-based payment transactions*. The vesting period runs 
from 2024-2026 and the exercise period runs from 2027 to 2029.

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

Q3 report 2024 Page 29  
4. Share-based payment plans, continued 
Management Incentive Program - Action Network:  
During the third quarter of 2024 the company did not grant any new warrants and 0 warrants were exercised under this 
program.  
Total share-based compensation: 
The total share-based compensation expense for the above programs recognized for Q3 2024 is -693 tEUR (Q3 2023: 
1,407 tEUR) and the cost YTD 2024 is 1,167 tEUR (YTD 2023: 2,467 tEUR).  
The Board of Directors keeps the right to change the classification of the share-based programs, to a cash-settled. 
5. Special items 
Special items consist of recurring and non-recurring items that management does not consider to be part of the 
group’s ordinary operating activities, i.e. acquisition costs, dual listing, adjustment of earn-out payments related to 
acquisitions, impairments and restructuring costs are presented in the Income statement in a separate line item la-
belled ‘Special items’. The impact of special items is specified as follows: 
tEUR Q3 2024 Q3 2023 YTD 2024 YTD 2023 2023             
Operating profit 8,908  11,498  44,234  60,293  80,891              
Special Items related to:           
Special items related to dual listing  0  0  0  0 - 1,129  
Special items related to M&A 728  - 760  - 1,359  - 1,716  - 10,224  
Variable payments regarding acquisitions - cost  0 98   0 - 44   0 
Variable payments regarding acquisitions - income 115   0 19,114   0 9,924  
Special items related to Restructuring - 1,270  158  - 2,601  - 509  - 519  
Special items related to impairment  0  0 - 18,584   0  0 
Special items related to Management Incentive Program  0 - 18   0 - 78  0  
Special items, total - 428  - 522  - 3,429  - 2,347  - 1,948  
            
Operating profit (EBIT) before special items 9,336  12,019  47,663  62,640  82,839  
            
Amortization and impairment 9,158  6,375  26,830  16,314  24,283              
Operating profit before amortization  
and special items (EBITA before special items)  18,494  18,395  74,493  78,954  107,122              
Depreciation 2,281  1,200  5,383  2,611  3,958              
Operating profit before depreciation, amortization,  
and special items (EBITDA before special items)  20,775  19,595  79,876  81,566  111,080  
 
Due to underperformance from acquisition of SOME content producer and podcast maker Playmaker HQ (not to be confused with Play-
maker Capital), Better Collective and the founders and former owners of Playmaker HQ have agreed to renegotiate and settle the earn 
out. The initial acquisition price of Playmaker HQ was 54mUSD of which 15mUSD was upfront cash. The final price agreed is 25mUSD 
(23m EUR). Consequently, Better Collective have performed an impairment test based on the reassessment, identifying an impairment 
of 20mUSD (18m EUR) for the CGU North America, recognized in Q2. The net impact on special items is negative 2.4mEUR, resulting 
from the aforementioned goodwill impairment and the recognition of the remaining earn-out as income.

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

Q3 report 2024 Page 30  
6. Income tax 
Total tax for the period is specified as follows: 
tEUR Q3 2024 Q3 2023 YTD 2024 YTD 2023 2023 
Tax for the period 2,447  2,012  7,513  11,964  18,175  
Tax on other comprehensive income - 2,941  1,772  - 921  671   0 
Total - 494  3,784  6,592  12,635  18,175  
Income tax on profit for the period is specified as follows: 
tEUR Q3 2024 Q3 2023 YTD 2024 YTD 2023 2023 
Deferred tax 261  - 283  1,499  1,608  3,641  
Current tax 1,749  1,829  6,345  9,906  16,400  
Adjustment from prior years 437  467  - 331  450  - 1,867  
Total 2,447  2,012  7,513  11,964  18,175  
Tax on the profit for the period can be explained as follows: 
tEUR Q3 2024 Q3 2023 YTD 2024 YTD 2023 2023 
Specification for the period:           
Calculated 22% tax of the result before tax 785  1,126  5,825  9,748  12,762  
Adjustment of the tax rates  
in foreign subsidiaries relative to the 22% - 167  470  361  1,467  1,955  
Tax effect of:           
Special items  0 186   0 573  868  
Special items - taxable items  0 - 541   0 - 541  - 233  
Other non-taxable income - 348  - 312  - 652  - 1,027  - 410  
Other non-deductible costs 374  752  943  1,431  3,461  
Unrecognized tax losses carried forward 1,366   0 1,366   0 2,010  
Tax deductible  0 - 136   0 - 136  - 371  
Adjustment of tax relating to prior periods 437  467 - 331  450  -1,867 
Total 2,447  2,012  7,513  11,964  18,175  
Effective tax rate 68.6% 39.3% 28.4% 27.0% 31.3% 
 
7. Intangible assets 
 
tEUR Goodwill 
Domains 
and  
websites 
Accounts 
and other  
intangible 
assets* Total           
Cost or valuation         
As of January 1, 2024 255,074  466,615  140,065  861,754  
Additions  0  0 29,149  29,149  
Acquisitions through business combinations 110,322  76,523  41,510  228,355  
Transfer  0  0 - 295  - 295  
Disposals  0  0 - 4,655  - 4,655  
Currency Translation - 2,872  - 5,452  645  - 7,679  
At September 30, 2024 362,524  537,686  206,420  1,106,630  
          
Amortization and impairment         
As of January 1, 2024  0  0 60,325  60,325  
Amortization for the period  0  0 26,717  26,717  
Impairment for the period 18,584   0  0 18,584  
Amortization on disposed assets  0  0 - 2,151  - 2,151  
Currency translation -720  0 - 1,159  - 1,879  
At September 30, 2024 17,863   0 83,732  101,595  
          
Net book value at September 30, 2024 344,660 537,686  122,688  1,005,035  
*Accounts and other intangible assets consist of accounts (63,373 tEUR), Media Partnerships (53,521 tEUR), Development projects 
(1,550 tEUR) and software and others (4,245 tEUR)

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

Q3 report 2024 Page 31  
7. Intangible assets, continued 
 
tEUR Goodwill 
Domains 
and  
websites 
Accounts 
and other  
intangible 
assets* Total           
Cost or valuation         
As of January 1, 2023 183,942  460,513  63,705  708,159  
Additions  0 3,832  16,231  20,063  
Acquisitions through business combinations 78,350  7,758  29,579  115,688  
Transfer  0  0  0  0 
Disposals  0  0 - 2,324  - 2,324  
Currency Translation 688  1,333  74  2,095  
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  
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  
*Accounts and other intangible assets consist of accounts (36,398 tEUR), Media Partnerships (18,027 tEUR) and software and others 
(553 tEUR) 
 
 
 
 
 
 
tEUR Goodwill 
Domains 
and  
websites 
Accounts 
and other  
intangible 
assets* Total           
Cost or valuation         
As of January 1, 2023 183,942  460,513  63,705  708,159  
Additions 0  3,412  53,914  57,326  
Acquisitions through business combinations 75,335  10,842  29,579  115,756  
Transfer  0  0  0  0 
Disposals  0  0 - 6,531  - 6,531  
Currency Translation - 4,203  - 8,151  - 602  - 12,956  
At December 31, 2023 255,074  466,616  140,065  861,754  
          
Amortization and impairment         
As of January 1, 2023  0  0 36,688  36,688  
Amortization for the period  0  0 24,283  24,283  
Currency translation  0  0 - 646  - 646  
At December 31, 2023  0  0 60,325  60,325  
          
Net book value at December 31,  2023 255,074  466,616  79,740  801,429  
*Accounts and other intangible assets consist of accounts (30,474 tEUR), Media Partnerships (48,769 tEUR) and software and others 
(497 tEUR)

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

Q3 report 2024 Page 32  
7. Intangible assets, continued  
Goodwill and intangible assets with indefinite life 
The Group normally performs its annual impairment test in December or otherwise when circumstances my indicate that 
the carrying amount may be impaired. When it was announced on 24,October 2024 that the financial outlook for 2024 
had been changed and the financial guidance was downgraded. The changed outlook  indicates a potential decrease in 
the recoverable amount, for which reason management have performed an impairment test for the group and the indi-
vidual CGUs. 
The Group added intangible assets YTD 2024 from business combinations of AceOdds and Playmaker Capital. Goodwill 
and domains and websites arising on business combinations are not subject to amortization, but are reviewed annually 
for impairment, or more frequently if there are any indicators of impairment that are noted during the year.  The Group’s 
impairment test for goodwill and domains and websites with indefinite life are based on a value-in-use basis. 
Cash-generating units 
Goodwill from a business combination is allocated to cash-generating units in which synergies are expected to be gen-
erated from the acquisition. A cash -generating unit represents the smallest identifiable group of assets that together 
have cash inflows that are largely independent of the cash inflows from other assets. 
In Q3 2024 Better Collective continues to have four cash generating units with the business acquisitions of Aceodds  
included in Publishing, and the acquisition of Playmaker Capital Playmaker allocated between existing cash generating 
units. Goodwill in Playmaker Capital is allocated to  the CGU’s; Paid Media (9%), Rest of BC  (57%) and North America  
(35%) based on the proportional share of the fair value of acquired intangible assets identified in the Purchase Price 
Allocation (PPA). This allocation reflects the economic benefits each CGU is expected to generate . The allocation is 
provisional due to uncertainties regarding measurement of acquired intangible assets. 
Performance and cash flows from domains and websites owned by the individual cash generating units are allocated for 
the basis for impairment. 
Recoverable amount  
When testing for impairment, the Group estimates a recoverable amount for goodwill and for domain s and websites. 
The recoverable amount is the higher of the asset or cash-generating unit’s fair value less costs of disposal and its value 
in use. The recoverable amount is normally determined for an individual asset, unless the asset does not generate cas h 
inflows that are largely independent of those from other assets or groups of assets. The recoverable amount of domains 
and websites has been determined on the level of the cash-generating units, as explained above.  
Carrying amount of goodwill and Domains and Websites for the CGUs 
Impairment test 
For all CGUs North America, HLTV, Paid Media and the rest of Better Collective, the Group has performed an impairment 
test on goodwill and domains and websites as of September 30, 202 4, on a value -in-use basis. Key estimates in the 
impairment test are growth in revenue, gross profits, discount rate and growth expectations in the terminal period. 
These are based on current and future development in the four CGUs and on historical data, including expected long -
term market growths. Data is based on both internal and external data sources. 
The Group uses a 10 -year forecast in the Discounted Cash Flow (DCF) model, including a 3-year budget and a 7 -year 
projection leading to steady -state. This period is chosen due to high expected growth in the initial years, with growth 
gradually reducing to a steady rate by the terminal period. A shorter forecast would result in an inflated terminal value . 
Therefore, a 10-year period allows for a more accurate present value of the groups assets for impairment assessment. 
Management has based the value-in-use by estimating the present value of future cash flows from a three-year forecast 
for 2025-2027. The forecast indicates an average annual revenue  growth up to 11% in 2028 and a normalized average 
margin of 35% . Beyond the forecast, EBITDA growth, cash conversion and tax -rates have been projected with a time 
horizon of 7 years until 2034. From 2028 onward, the average gross profit growth rate is estimated to decline. In 202 8, 
the average growth rate is projected to be 9% and the decline continues, reaching 3% by 2034, stabilizing thereafter at 
a theoretical steady state level in the terminal period.  
Q3 2024           
tEUR North America HLTV Paid Media Rest of BC Total 
Goodwill 138,868  17,812  81,347  106,633  344,660  
Domains and Websites 236,336  20,579   0 280,771  537,686  
 
2023           
tEUR North America  HLTV Paid Media Rest of BC Total 
Goodwill 126,399  17,812  73,771  37,092  255,074  
Domains and Websites 213,764  20,551   0 232,300  466,615

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

Q3 report 2024 Page 33  
7. Intangible assets, continued  
Based on expected 2034 EBITDA and cash flow, management has applied a terminal value rate of 2.5%. The cash flows 
assume a discount factor of 9.2% for HLTV, Paid Media,  Rest of BC and 10.4 % for North America based on the Group’s 
weighted average cost of capital (WACC) in all years 202 5-2034, with individual tax rates per country (22 -25%). The 
applied pre-tax discount rate was 12% in 2023 for all CGU’s.  
As at September 30, 2024 and December 31, 2023 the Board of Directors have evaluated goodwill, domains and websites 
for impairment. The results of the impairment tests for goodwill and domains and websites showed that the recoverable 
amount exceeded the carrying value and that there was no impairment loss to be recognized. The Board of Directors 
have approved the inputs to the impairment testing and are satisfied that the judgements made are appropriate.  
Sensitivity test 
Sensitivity tests have been performed to determine the lowest forecast and terminal period growth rates and/or high-
est discount rates that can occur in the CGUs with indefinite useful life without leading to any impairment loss.  
 
 
 
 
 
 
 
 
 
 
8. Non-current liabilities and other current financial liabilities 
Debt to credit institutions 
As per September  30, 2024, Better Collective has drawn 2 60.1 mEUR (2023: 248.7) out of the total committed club 
facility of 319 mEUR established with Nordea, Nykredit, and Citibank. On July 5, 2024 Better Collective reestablished its 
3 year financing agreement with Nordea, Nykredit Bank and Citibank with a total committed facility of 319 mEUR and a 
100 mEUR higher accordion option with expiry at the end of October 2026.  
Lease liabilities  
Non-current and current lease liabilities, of 14.9 mEUR (2023: 13.3 mEUR) and 4.7 mEUR (2023: 2.7 mEUR) respectively.  
Deferred Tax liability  
Deferred tax liability as of September 30, 2024, amounted to 100 mEUR (2023: 86.2 mEUR). The change from January 
1, 2024, originates from changes in deferred tax related to acquisitions, amortization of accounts from acquisitions, and 
deferred tax changes in the Parent Company and Better Collective US, Inc. 
Deferred Tax asset  
Deferred tax asset as of September 30, 2024, amounted to 3.6 mEUR (2023: 7.2 mEUR). The change from January 1, 
2024, originates from changes in deferred tax related to acquisitions, amortization of accounts from acquisitions, and 
deferred tax changes in Better Collective US, Inc and Playmaker Capital. 
The group has total tax assets of 1,366t EUR related to tax losses carried forward, which are not recognized in the finan-
cial statement due to the uncertainty of utilizing the tax asset. Of not recognized tax losses carry forwards 1,366t EUR, 
may be carried forward for up to 3 years. 
Other financial liabilities  
As per September 30, 202 4, other non- current and current financial liabilities amounted to 70.7  mEUR (202 3: 114.4 
mEUR) due to deferred and variable payments related to acquisitions  and media partnerships. The decrease from Jan-
uary 1, 2024, is mainly related to changes in earn outs and media partnerships. 
Fair Value of financial assets and liabilities  is measured based on level 3 -  Valuation techniques. In all material aspects 
the fair value of the financial assets and liabilities is considered equal to the booked value. 
The fair value of  financial instruments is measured based on level 2. The fair value is measured according to generally 
accepted valuation techniques. Market-based input is used to measure the fair value.

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

Q3 report 2024 Page 34  
9. Business combinations 
Acquisition of Playmaker Capital 
On November 6, 2023 Better Collective announced the acquisition of Playmaker Capital for a total price consideration 
of 176 mEUR. The consideration comprises 35 % cash and a cap of 65 % shares in Better Collective A/S. The considera-
tion is financed partly by own cash and utilization of available facilities of 72 mEUR as well as a share consideration. 
The share consideration payable to Playmaker Capital shareholders, a total of 3,143,009 Better Collective shares, has 
been provided by Better Collective delivering 1,387,580 existing shares held as treasury shares and by issuing 
1,755,429 new shares.  
Playmaker Capital is a leading digital sports media group that owns and operates several strong sports media brands 
across the Americas. The acquisition has been closed on 6 February 2024, and Playmaker Capital are consolidated into 
Better Collective Group from the closing date.   
tEUR   
Purchase amount 110,762  
Cash and cash equivalents 4,840  
Shares 73,314  
Cash outflow 32,608  
The transferred consideration was in cash and shares in Better Collective A/S. 
Acquired net assets at the time of acquisition tEUR 
Domains and websites 76,523  
Customer Relations 7,446  
Technology 2,137  
Other assets 18,034  
Deferred tax liabilities - 18,376  
Other liabilities - 68,314  
Identified net assets 17,450  
Goodwill 93,312  
Total consideration 110,762  
 
 
A goodwill of 93,312 tEUR emerged from the acquisition of Playmaker Capital as an effect of the difference between the 
transferred consideration and the fair value of acquired net assets. Goodwill is connected to the future growth expecta-
tions given the strong platform and significant synergistic opportunities. The goodwill is not tax deductible.  
Transaction costs related to the acquisition of Playmaker Capital amounts to 6,420 tEUR. Transaction costs are ac-
counted for in the income statements under “special items” since the announcement. The acquisition was completed on 
February 6, 2024. If the transaction had been completed on January 1, 2024 the group’s revenue would have amounted 
to 279 mEUR and result after tax would have amounted to 21 mEUR. The purchase price allocation is provisional due to 
uncertainties regarding measurement of acquired intangible assets. 
Acquisition of AceOdds 
On May 16, 2024 Better Collective announced the acquisition of AceOdds for a total price consideration of 43 mEUR. 
The consideration consist of 38 mEUR in cash and 2mEUR as shares in Better Collective A/S.  AceOdds is a UK sports 
betting media brand with its roots in the UK, and this acquisition is poised to enhance Better Collective's presence 
across the UK, significantly. The acquisition is a strategic move for Better Collective with significant synergistic oppor-
tunities. The acquisition was closed on 16 May 2024, and AceOdds are consolidated into Better Collective Group from 
the closing date.   
tEUR   
Purchase amount 42,969  
Cash and cash equivalents 2,919  
Shares 2,340  
Cash outflow 37,710  
The transferred consideration was in cash and shares in Better Collective A/S. 
Acquired net assets at the time of acquisition  tEUR 
Accounts  31,927  
Other receivables and assets 680  
Cash 2,919  
Corporate Tax - 1,420  
Deferred Tax Liability - 7,982  
Identified net assets 26,124  
Goodwill 16,845  
Total consideration 42,969

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

Q3 report 2024 Page 35  
9. Business combinations, continued 
A goodwill of 16,845 tEUR emerged from the acquisition of AceOdds as an effect of the difference between the trans-
ferred consideration and the fair value of acquired net assets. Goodwill is connected to the future growth expectations 
given the strong platform and significant synergistic opportunities. The goodwill is not tax deductible.  
Transaction costs related to the acquisition of AceOdds amounts to 283 tEUR. Transaction costs are accounted for in 
the income statements under “special items” since the announcement. The acquisition was completed on May 16, 2024. 
If the transaction had been completed on January 1, 2024 the group’s revenue would have amounted to 280 mEUR 
and result after tax would have amounted to 22 mEUR. The purchase price allocation is provisional due to uncertain-
ties regarding measurement of acquired intangible assets. 
 
10. Note to cash flow statement 
tEUR Q3 2024 Q3 2023 YTD 2024 YTD 2023 2023             
Acquisition of business combinations:           
Net Cash outflow  
from business combinations at acquisition  0 - 19,636  - 70,318  - 49,403  - 57,282  
Business Combinations  
deferred payments from current period  0  0  0  0  0 
Deferred payments  
- business combinations from prior periods - 900   0 - 47,081   0  0 
Total cash flow from business combinations - 900  - 19,636  - 117,399  - 49,403  - 57,282              
Acquisition of intangible assets:           
Acquisitions through asset transactions - 5,806  - 4,120  - 5,806  - 20,063  - 50,639  
Deferred payments related to acquisition value  0  0  0  0 - 494  
Deferred payments  
- acquisitions from prior periods - 8,500  - 9,250  - 8,500  - 9,738  - 9,745  
Intangible assets with no cash flow effect  0 5,276   0 18,287  33,613  
Other investments - 6,250   0 - 14,283  - 203  - 203  
Total cash flow from intangible assets - 20,556  - 8,094  - 28,588  - 11,718  - 27,469  
 
 
11. Subsequent events after closing 
On 10th of October, Better Collective appointed its nomination committee as per Regulatory Release no. 50. On 24th 
of October. 
Better Collective adjusted its financial guidance for 2024 following an assessment of preliminary Q3 performance, in-
cluding the first six weeks of high season in the US market. After recent large acquisitions and the market outlook, the 
Group also announced the implementation of a streamlining process to optimize the organization accordingly.

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

Q3 report 2024 Page 36  
Financial statements for the period  
Income statement – Parent company  
tEUR Q3 2024 Q3 2023 YTD 2024 YTD 2023 2023             
Revenue 29,269  23,101  96,033  71,306  98,513              
Other operating income 3,108  3,284  9,352  12,177  12,516              
Direct costs related to revenue 5,000  6,928  16,620  18,006  23,071  
Staff costs  12,656  11,418  38,229  30,034  40,796  
Depreciation 1,176  510  2,375  822  1,438  
Other external expenses 5,762  4,648  18,645  12,891  18,632              
Operating profit before amortization (EBITA) and special 
items 7,783  2,881  29,516  21,730  27,091              
Amortization 4,168  2,281  10,147  6,117  9,908              
Operating profit (EBIT) before special items 3,614  600  19,370  15,613  17,182              
Special items, net - 50  - 276  1,895  - 1,443  312              
Operating profit 3,565  324  21,265  14,170  17,494  
Financial income 6,090  36,361  47,225  48,951  70,010  
Financial expenses 18,236  7,096  32,180  24,459  45,054              
Profit before tax - 8,581  29,589  36,310  38,663  42,450  
Tax on profit for the period - 1,067  1,490  2,838  2,197  3,181              
Profit for the period - 7,515  28,099  33,472  36,465  39,269  
 
 
 
Statement of other comprehensive income 
tEUR Q3 2024 Q3 2023 YTD 2024 YTD 2023 2023             
Profit for the period - 7,515  28,099  33,472  36,465  39,269  
            
Other comprehensive income           
Other comprehensive income that may be  
reclassified to profit or loss in subsequent periods:           
Fair value adjustment of hedges for the year  - 537   0 - 54   0 - 483  
Currency translation to presentation  
currency 33  441  - 2,477  - 1,162  - 910  
Income tax 118   0 118   0  0 
Net other comprehensive income/loss - 386  441  - 2,413  - 1,162  - 1,393  
Total comprehensive income/(loss) for the period, net of tax - 7,901  28,540  31,058  35,303  37,877

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

Q3 report 2024 Page 37  
Statement of financial position – Parent company 
tEUR Q3 2024 Q3 2023 2023         
Assets               
Non-current assets       
Intangible assets       
Goodwill 17,805  17,802  17,812  
Domains and websites 169,180  168,387  167,831  
Accounts and other intangible assets 49,976  22,184  50,418  
Total intangible assets 236,960  208,373  236,061          
Tangible assets       
Right of use assets 9,057  7,889  7,469  
Fixtures and fittings, other plant and equipment 3,132  2,228  2,494  
Total tangible assets 12,189  10,117  9,962          
Financial assets       
Investments in subsidiaries 375,991  226,799  234,330  
Receivables from subsidiaries 347,098  293,908  282,016  
Deposits 958  1,094  940  
Total financial assets 724,047  521,801  517,285          
Total non-current assets 973,197  740,291  763,308          
Current assets       
Trade and other receivables 15,262  12,584  15,735  
Receivables from subsidiaries 22,897  15,151  13,153  
Tax receivable 2,580  6,153  1,479  
Prepayments 3,384  2,251  2,453  
Other current financial assets  0 9,751  6,804  
Cash 18,134  17,978  17,825  
Total current assets 62,256  63,867  57,450          
Total assets 1,035,452  804,158  820,758  
 
 
 
tEUR Q3 2024 Q3 2023 2023         
Equity and liabilities               
Equity       
Share Capital 631  552  554  
Share Premium 469,460  273,184  274,580  
Reserves - 16,449  - 21,638  - 21,876  
Retained Earnings 222,002  186,997  189,953  
Total equity 675,645  439,095  443,211          
Non-current Liabilities       
Debt to credit institutions 260,100  248,359  248,657  
Lease liabilities 7,123  6,392  6,024  
Deferred tax liabilities 15,582  12,400  13,832  
Other non-current financial liabilities 199  15,362  25,261  
Total non-current liabilities 283,004  282,513  293,774          
Current Liabilities       
Prepayments received from customers and deferred revenue 2,012  - 382  312  
Trade and other payables 4,707  7,851  11,495  
Payables to subsidiaries 15,453  23,223  11,993  
Tax payable 906  309  196  
Other current financial liabilities 51,671  50,068  58,295  
Lease liabilities 2,054  1,482  1,483  
Total current liabilities 76,803  82,550  83,773  
Total liabilities 359,806  365,063  377,547  
Total equity and liabilities 1,035,452  804,158  820,758

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

Q3 report 2024 Page 38  
Statement of changes in equity – Parent company 
tEUR 
Share  
capital 
Share  
premium 
Currency 
transla-
tion re-
serve 
Hedging 
reserves 
Treasury  
shares 
Retained 
earnings 
Total  
equity                 
As of January 1, 2024 554  274,580  - 336  - 483  - 21,057  189,952  443,211  
Result for the period  0  0  0  0  0 33,472  33,472  
                
Fair value adjustment of 
hedges  0  0  0 - 54   0  0 - 54  
Currency translation  
to presentation currency  0  0 - 2,477   0  0  0 - 2,477  
Tax on other  
comprehensive income  0  0  0 118   0  0 118  
Total other  
comprehensive income  0  0 - 2,477  64   0  0 - 2,413  
Total comprehensive income for the year  0  0 - 2,477  64   0 33,472  31,059  
                
Transactions with owners               
Capital Increase 77  194,880   0  0  0 - 1,758  193,199  
Acquisition of treasury shares  0  0  0  0 - 15,414   0 - 15,414  
Disposal of treasury shares  0  0  0  0 23,254  9,017  32,271  
Share based payments  0  0  0  0  0 - 5,679  - 5,679  
Transaction cost  0  0  0  0  0 - 3,002  - 3,002  
Total transactions with owners 77  194,880   0  0 7,840  - 1,422  201,375  
                
At September 30, 2024 631 469,460  - 2,813  - 419  - 13,217  222,002  675,645  
During the period no dividend was paid. 
 
 
 
 
 
tEUR 
Share  
capital 
Share  
premium 
Currency 
transla-
tion re-
serve 
Hedging 
reserves 
Treasury  
shares 
Retained 
earnings 
Total  
equity                 
As of January 1, 2023 551  272,550  574   0 - 7,669  145,047  411,054  
Result for the period  0  0  0  0  0 36,465  36,465  
                
Fair value adjustment of 
hedges  0  0  0  0  0  0  0 
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  0 36,465  35,303  
                
Transactions with owners               
Capital Increase 1  634   0  0  0 3,152  3,787  
Acquisition of treasury shares  0  0  0  0 - 13,368   0 - 13,368  
Disposal of treasury shares  0  0  0  0  0  0  0 
Share based payments  0  0  0  0  0 2,359  2,359  
Transaction cost  0  0  0  0 - 13  - 27  - 40  
Total transactions with owners 1  634   0  0 - 13,381  5,485  - 7,262  
                
At September 30, 2023 552  273,184  - 588   0 - 21,050  186,997  439,095  
During the period no dividend was paid.

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

Q3 report 2024 Page 39  
Statement of changes in equity – Parent company 
tEUR 
Share  
capital 
Share  
premium 
Currency 
transla-
tion re-
serve 
Hedging 
reserves 
Treasury  
shares 
Retained 
earnings 
Total  
equity                 
As of January 1, 2023 551  272,550  574   0 - 7,669  145,047  411,054  
Result for the period  0  0  0  0  0 39,269  39,269  
                
Fair value adjustment of 
hedges  0  0  0 - 483   0  0 - 483  
Currency translation  
to presentation currency  0  0 - 910   0  0  0 - 910  
Tax on other  
comprehensive income  0  0  0  0  0  0  0 
Total other  
comprehensive income  0  0 - 910  - 483   0  0 - 1,393  
Total comprehensive income for the year  0  0 - 910  - 483   0 39,269  37,877  
                
Transactions with owners               
Capital Increase 3  2,030   0  0  0 3,154  5,187  
Acquisition of treasury shares  0  0  0  0 - 13,375   0 - 13,375  
Disposal of treasury shares  0  0  0  0  0  0  0 
Share based payments  0  0  0  0  0 2,495  2,495  
Transaction cost  0  0  0  0 - 13  - 12  - 26  
Total transactions with owners 3  2,030   0  0 - 13,389  5,636  - 5,720  
                
At December 31, 2023 554  274,580  - 336  - 483  - 21,057  189,953  443,211  
During the period no dividend was paid.

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

Q3 report 2024 Page 40  
    
The group uses and communicate certain Alternative Performance Measures (“APM”), which are not defined under IFRS. 
Such are not to replace performance measures defined and under IFRS. The APM’s may not be indicative of the group’s 
historical operating results, nor are such measures meant to be predictive of the group’s future results. The group be-
lieves however that the APMs are useful supplemental indicators that may be used to assist in evaluating a company’s 
future operating performance, and its ability to service its debt. Accordingly, the APMs are disclosed to permit a more 
complete and comprehensive analysis of the group’s operating performance, consistently with how the group’s business 
performance is evaluated by the Management. The group believes th at the presentation of these APMs enhances an 
investor’s understanding of the group’s operating performance and the group’s ability to service its debt. Accordingly, 
the group discloses the APM’s to permit a more complete and comprehensive analysis of its operating performance 
relative to other companies and across periods, and of the group’s ability to service its debt. However, these APM’s may 
be calculated differently by other companies and may not be comparable with APM’s with similarly titled measures used 
by other companies. The group’s APMs are not measurements of financial performance under IFRS and should not be 
considered as alternatives to other indicators of the Company’s operating performance, cash flows or any other 
measures of performance derived in accordance with IFRS. The group’s APM’s have important limitations as analytical 
tools, and they should not be considered in isolation or as substitutes for analysis of the group’s results of operations as 
reported under IFRS. Our currently applied APM’s are summarized and described below. 
Alternative Performance Measures 
Alternative  
Performance Measure Description SCOPE 
Earnings per share 
(EPS) 
Net Profit for the period / (Average number 
of shares - Average number of treasury 
shares held by the company) 
The group reports this APM for users to monitor de-
velopment in the net profit per share. 
Diluted earnings  
per share 
Net profit for the period / (Average number 
of shares + Average number of outstanding 
warrants - Average number of treasury 
shares held by the company) 
The group reports this APM for users to monitor de-
velopment in the net profit per share, assuming full 
dilution from active warrant programs. 
Operating profit  
before amortization 
(EBITA) 
Operating profit plus amortizations Better Collective reports this APM to allow monitor-
ing and evaluation of the Group’s operational profit-
ability. 
Alternative  
Performance Measure Description SCOPE 
Operating profit  
before amortizations 
margin (%) 
Operating profit before amortizations / reve-
nue 
This APM supports the assessment and monitoring 
of the Group’s performance and profitability 
EBITDA before  
special items 
EBITDA adjusted for special items This APM supports the assessment and monitoring 
of the Group’s performance as well as profitability 
excluding special items that do no stem from ongo-
ing operations, providing a more comparable meas-
ure over time. 
Operating profit  
before amortizations  
and special items  
margin (%) 
Operating profit before amortizations and 
special items / revenue 
This APM supports the assessment and monitoring 
of the Group’s performance as well as profitability 
excluding special items that do no stem from ongo-
ing operations, providing a more comparable meas-
ure over time. 
Special items Items that are considered not part of ongoing 
business 
Items that are not part of ongoing business, e.g. cost 
related to M&A and restructuring, adjustments of 
earn-out payments. 
Net Debt / EBITDA  
before special items* 
(Interest bearing debt, minus cash and cash 
equivalents) / EBITDA before special items on 
rolling twelve months basis 
This ratio is used to describe the horizon for pay 
back of the interest-bearing debt and measures the 
leverage of the funding. 
Liquidity ratio Current Assets / Current Liabilities Measures the ability of the group to pay its  current 
liabilities using current assets. 
Equity to assets ratio Equity / Total Assets Reported to show how much of the assets in the 
company is funded by equity 
Cash conversion rate 
before special items 
(Cash flow from operations before special 
items + Cash from CAPEX) / EBITDA before 
special items 
This APM is reported to illustrate the Group’s ability 
to convert profits to cash 
NDC New depositing customers A key figure to reflect the Group’s ability to fuel 
long-term revenue and organic growth 
Organic Growth Revenue growth as compared to the same pe-
riod previous year. Organic growth from ac-
quired companies or assets are calculated 
from the date of acquisition measured against 
the historical baseline performance. 
Reported to measure the ability to generate growth 
from existing business 
Alternative Performance Measures  
and Definitions

===== SIDA 42 =====

Q3 report 2024 Page 41  
    
Alternative  
Performance Measure Description SCOPE 
Recurring revenue Recurring revenue is a combined set of reve-
nues that is defined as recurring as manage-
ment considers that the sources of these rev-
enue streams will continuously generate reve-
nue over a variable period of time and size e.g. 
if players continue to bet with gaming opera-
tors with which BC has revenue share agree-
ments, customers continue current subscrip-
tions or if BC on a current basis receive reve-
nues from customers having current market-
ing agreements in respect of banners, etc. on 
the group’s websites. Accordingly, it includes 
Revenue share income, CPM /Advertising and 
subscription revenues. 
The group reports this APM to distinguish between 
what management consider as recurring revenue 
streams and what management consider as non-re-
curring revenue streams, e.g. revenues reflecting 
one-time settlements with gaming operators. 
CLV The Customer Lifetime Value (CLV) shows 
expected revenue generated throughout the 
lifetime of a New Depositing Customer 
(NDC). This measure is pivotal for under-
standing how much value a NDC is antici-
pated to bring to the Group. The prerequi-
sites going into the CLV are a number of fac-
tors such as average value, average fre-
quency, NDC lifespan and churn rate. 
 
Average revenue per NDC x NDC lifespan 
A key figure to assess the value of NDCs generated 
by the Group, providing critical insights into NDC 
profitability. It allows the Group to identify the most 
valuable segments and optimize marketing strate-
gies accordingly.  
*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 43 =====

Q3 report 2024 Page 42  
    
 
 
 
 
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