Kvartalsrapport Q3 2025

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Q3 report 2025 Page 1  Q3 report 2025 Page 1  
 
 
 
 
 
 
 
 
November 12th, 2025  
Better Collective A/S  
Sankt Annæ Plads 28 
1250 Copenhagen  (DK) 
www.bettercollective.com 
CVR NO.:  27 65 29 13 
  
 Interim report Q3, 2025 
• Revenue of 78 mEUR, impacted negatively by 10 mEUR versus last year 
due to lower sports win margin following player-friendly results 
• Recurring revenue of 50 mEUR, 64% of total revenue 
• Revenue share income from the North American market doubled versus 
last year 
• EBITDA before special items of 21 mEUR, 26% margin 
• Successful launch of AI betting solution, Playbook, sending millions of 
bets to partners 
• Full-year guidance remains unchanged

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Q3 report 2025 Page 2  Q3 report 2025 Page 2  
EBITDA before special items 
mEUR 
Recurring revenue 
mEUR 
Revenue 
mEUR

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Q3 report 2025 Page 3  
Highlights Q3 4 
Significant events after the close 6 
Financial targets 7 
Financial highlights and key figures 8 
CEO letter 9 
Business review and financial performance 11 
Financial performance for the period 17 
Other 19 
Statement by the Board of Directors and the 
Executive Management 21 
Condensed interim financial statements for the 
period 22 
Notes 26 
Parent Company 35 
 
A live webcast and presentation  for Better Collective’s 
stakeholders will be held on November 13 th, 2025 , at 
10:00 CET and can be joined online here. 
To participate by phone, follow this link. Once signed up, 
you will receive an email with a phone number and a per-
sonal dial-in code for the call. 
The presentation material for the webcast will be avail-
able after market close on November 12
th, 2025, via: 
www.bettercollective.com  
 
Upcoming events 
• Annual report 2025 – February 25th, 2026 
• Q1 report – May 20th, 2026 
• Q2 report – August 20th, 2026 
• Q3 report – November 18th, 2026 
• Annual report 2026 – February 24th, 2027 
  
 
 
  
 
   
Table of  
contents   Q3 webcast  
November 13th, 2025 
Q3 report 2025 Page 3

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Q3 report 2025 Page 4  
Highlights Q3 
The financial guidance for full -year 2025 remains un-
changed. 
Revenue decreased by 4% to 78 mEUR, with organic 
growth reflecting the same development. The perfor-
mance was in line with expectations when adjusting for 
the impact of an unusually low sports win margin.  
The main year-over-year drivers impacting performance 
during the quarter were as follows: 
1. Sports win margin : Player-friendly results in Sep-
tember led to a record -low sports win margin for 
the month, negatively impacting Q3 revenue by ap-
proximately 10 mEUR compared to the same period 
last year. 
2. The Brazilian market : Revenue share income from 
the Brazilian market continued to develop ahead of 
expectations, yet the ongoing regulatory transition 
had a negative impact of around 4 mEUR. 
3. Foreign exchange : FX movements negatively af-
fected revenue by approximately 2 mEUR during 
the quarter. 
4. North American revenue share: North American 
revenue share doubled and thus,  increased by 4 
mEUR, driven by the substantial unrecognized rev-
enue share accumulated since Q3 2022, when the  
US transition from upfront payments to recurring 
revenues began. 
5. Growth: Underlying business performance was 
strong, with several areas contributing to solid 
growth of approximately 9 mEUR. The main drivers 
were Paid Media, Sports Media, and Talent-led Me-
dia.  
Recurring revenue declined by 5% YoY to 50 mEUR, pri-
marily driven by lower revenue share stemming from 
the unfavorable sports win margin and the ongoing reg-
ulatory transition in Brazil. 
Since Q3 2022, Better Collective has been transitioning 
towards revenue share agreements in the North Ameri-
can market. While this shift has temporarily impacted 
reported revenue, it has built a strong foundation for fu-
ture recurring revenue to be recognize d in the coming 
quarters and years. During Q3, revenue share income in 
North America began to ramp up, doubling compared to 
the same period last year. Management expects revenue 
share income in North America to continue growing 
steadily, ultimately providi ng a more stable recurring 
revenue base, similar to the Group ’s established model 
in the rest of the world.  
CPM-based revenues remained flat during the quarter, 
reflecting market rates returning to normal levels after a 
weak H1. Better Collective sees early positive impact of 
several internal initiatives within AdVantage, which are 
expected to drive incremental growth in the coming 
quarters.

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Q3 report 2025 Page 5  
Costs decreased by 2% year-over-year, remaining 
broadly in line with Q3 2024. It is important to note the 
following factors for year-over-year comparison: 
1. The comparable quarter last year benefited from 
several one-off cost reductions of around 6 mEUR, 
including variable pay reversals and more.  
2. Furthermore, given the strong performance in the 
Paid Media business, it has increased the spend by 
2 mEUR.  
3. The cost reduction this year reflects the execution 
of the 50 mEUR cost -efficiency program initiated 
in 2024, resulting in approximately 8 mEUR in cost 
reductions. 
 
Following these factors, EBITDA before special items 
amounted to 2 1 mEUR, representing a decrease of 8% 
year-over-year, corresponding to an EBITDA margin be-
fore special items of 26%. Profitability was negatively af-
fected by the record-low sports win margin and the on-
going regulatory transition in Brazil.  
Free cash flow amounted to 11 mEUR in Q3 and 32 mEUR 
year-to-date 2025, in line with expectations and the full-
year guidance range of 55–75 mEUR. 
Cash flow from operations before special items was 3 5 
mEUR with a cash conversion of 168% in Q3 2025. Previ-
ously d elayed customer payments in Brazil positively 
impacted the cash flow this quarter. 
On 30 September, Better Collective entered into a new 
three-year committed club facility of 319 mEUR and a n 
80 mEUR higher accordion option with Nordea and 
Nykredit. The new club facility is set to expire in October 
2028, with an option to extend for one additional year. 
By the end of September 2025, capital reserves stood at 
88 mEUR, consisting of cash of 23 mEUR and unused 
bank credit facilities of 65 mEUR. 
On September  12
th, 2025, Better Collective launched 
Playbook, an AI-powered betting solution transforming 
how fans place bets by fitting seamlessly into the way 
they already engage. Find out more about Playbook in 
the CEO letter.  
On September 16th, 2025, Better Collective announced a 
content partnership with BetMGM, making BetMGM the 
presenting sponsor of Playmaker HQ ’s “Roommates 
Show” as well as debuting a new casino show called “No 
Limit”.  
On August 27 th, 2025, Better Collective completed its 
share buyback program, buying back approximately 10 
mEUR since May 22nd, 2025. Furthermore, Better Collec-
tive’s Board of Directors decided to initiate a buyback of 
up to 20 mEUR running until March 4 th, 2026. So far in 
2025, Better Collective has repurchased 978,362 shares 
in the first buy-back program and 807,900 shares in the 
second program, equal to approximately 2.9% of the 
company’s 61,958,870 shares outstanding. Including the 
newly initiated 20 mEUR program, based on the current 
share price, this corresponds to approximately 6% of 
shares outstanding. Furthermore, at the Annual General 
Meeting earlier in 2025, the company cancelled 1.8% of 
its share capital.

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Q3 report 2025 Page 6  
NDCs developed in line with expectations when exclud-
ing the impact of the Brazilian regulatory transition. For 
the quarter, the total number of NDCs was 279,000, of 
which 81% were on revenue share contracts. Activity lev-
els remained affected by the situation in Brazil, where 
the prohibition of welcome bonuses has redirected 
many new players to offshore sportsbooks. In addition, 
the conclusion of EURO 2024 in July created a challeng-
ing comparison base for the quarter. 
Introduced in Q2 2025, Value of Deposits (VoD) 
measures the total amount deposited by referred users 
across partner platforms over time. This KPI provides a 
clear indication of traffic quality and player value. The 
continued positive development underscores Better 
Collective’s ability to deliver high -quality traffic, as re-
ferred players demonstrate increasing lifetime value -  
even amid lower NDC volumes. This reflects the Group’s 
strategic focus on attracting higher-value customers for 
its partners. 
During Q3, Value of Deposits reached 726 mEUR, repre-
senting 2% year -over-year growth. This performance 
shows that the company  has effectively offset the im-
pact from the Brazilian regulatory transition and 
indicates a healthy underlying development of the rev-
enue share base.  
Significant events 
after the close 
On October  1st, 2025, Better Collective announced a 
strategic partnership with X to launch Playbook as the 
premier sports betting bot across the US. Find out more 
about Playbook in the CEO letter.

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Q3 report 2025 Page 7  
Financial targets  
2025 guidance  
Better Collective’s guidance for 2025 is unchanged as 
follows: 
• Revenue of 320-350 mEUR 
• EBITDA before special items of 100-120 mEUR  
• Free cash flow of 55-75 mEUR 
• Net debt to EBITDA below 3x 
2025 guidance implications 
Revenue growth will, as expected, be impacted by the 
Brazilian market regulation. Given the afore mentioned 
factors in Brazil, including taxation, added costs on net 
gaming revenue, and expected customer churn. Better 
Collective estimates a 50-70% decline in Brazilian reve-
nue share income in the short term, which impacts 
EBITDA for 2025 by an estimated 35-50 mEUR. H1 2024 
further provides a tough comparison with a 20 mEUR  
EBITDA before special items  effect stemming from a 
higher US marketing activity from partners last year, the 
state launch in North Carolina, and the European Cham-
pionships in soccer. On the other hand, Better Collective 
expects absolute growth in its European, Esports, South 
America (excl. Brazil), and Canadian businesses, as well 
as the US growing from its lower baseline. This is esti-
mated to generate EBITDA before special items growth 
boost of 20 to 40 mEUR in 2025. Lastly, the cost -effi-
ciency program will have full effect of 50 mEUR for the 
year. All this combined means EBITDA before special 
items is guided flat versus last year. Following Q3, Better 
Collective sees no change to this.  
Long-term guidance for 2027 
• Positive organic growth from 2026 
• EBITDA margin before special items for 2027 con-
tinued at 35-40% 
• Continued strong cash conversion 
• Net debt to EBITDA below 3x 
2027 guidance assumptions 
When introducing the long-term guidance in 2023, Bet-
ter Collective included both organic growth and M&A. 
Given the changing market conditions and share price 
developments, Better Collective will likely consider 
other capital allocation measures in the near term, such 
as reducing debt and pursuing share buybacks. 
 
Disclaimer 
This report contains certain forward-looking statements 
and opinions. Forward -looking statements are state-
ments that do not relate to historical facts and events. 
Such statements or opinions pertaining to the future, for 
example, wording like; “believes”, “deems”, “estimates”, 
“anticipates”, “aims’, and “forecasts” or similar expres-
sions are intended to identify a statement as forward -
looking. This applies to statements and opinions con-
cerning the future financial returns, plans, and expecta-
tions with respect to the business and management of 
Better Collective, future growth, profitability, general 
economic and regulatory environment, and other mat-
ters affecting Better Collective.  
Forward-looking statements are based on current esti-
mates and assumptions made according to the best of 
Better Collective’s knowledge. These statements are in-
herently associated with both known and unknown risks, 
uncertainties, and other factors that could cause the re-
sults, including Better Collective ’s cash flow, financial 
condition, and operations, to differ materially from the 
results, or fail to meet expectations expressly or implic-
itly, assumed or described in those statements or to turn 
out to be less favorable than the results expressly or im-
plicitly assumed or described in those statements. Bet-
ter Collective can give no assurance regarding the future 
accuracy of the opinions set forth herein or as to the ac-
tual occurrence of any predicted developments and/or 
targets. 
Considering the risks, uncertainties , and assumptions 
associated with forward-looking statements, it is possi-
ble that certain future events may not occur. Moreover, 
forward-looking estimates derived from third -party 
studies may prove to be inaccurate. Actual results, per-
formance or events may differ materially from those in 
such statements e.g. due to changes in general eco-
nomic conditions, in particular economic conditions in 
the markets in which Better Collective  operates, 
changes affecting interest rate levels, changes affecting 
currency exchange rates, changes in competition levels, 
changes in laws and regulations, and occurrence of ac-
cidents or environmental damages and systematic de-
livery failures. We undertake no obligation to update or 
revise any for ward-looking statements, whether be-
cause of new information, future events , or otherwise, 
except to the extent required by law.

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Q3 report 2025 Page 8 
Financial highlights and key figures 
tEUR Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024 
Income statements 
Revenue 78,261  81,152  242,401  275,305  371,487  
Recurring revenue 49,955  52,825  151,487  167,661  230,735  
Revenue Growth (%) -4% 8% -12% 14% 14% 
Organic Revenue Growth (%) -4% -6% -14% 0% -2%
Operating profit before depreciation, amortization,  
and special items (EBITDA before special items)  20,644  22,333  65,168  79,881  113,403  
Operating profit before depreciation  
and amortization (EBITDA) 17,203  21,905  58,103  76,451  102,517  
Depreciation 1,622  2,281  5,336  5,383  6,990  
Operating profit before amortization  
and special items (EBITA before special items)  19,023  20,052  59,832  74,497  106,413  
Special items, net - 3,441 - 428 - 7,065 - 3,429 - 10,886 
Operating profit before amortization (EBITA) 15,582 19,624  52,766 71,068 95,527 
Amortization and impairment 7,537 10,712  24,112 26,830 34,080 
Operating profit before special items  
(EBIT before special items)  11,485  9,340  35,720  47,667  72,334  
Operating profit (EBIT) 8,044  8,913  28,654  44,238  61,447  
Result of financial items - 4,470 - 5,346 - 16,821 - 17,759 - 18,583 
Profit before tax 3,574 3,566 11,833 26,479 42,865 
Profit after tax 1,641 1,119 10,560 18,966 34,014 
Earnings per share (in EUR) 0.03 0.01 0.17  0.31  0.55  
Diluted earnings per share (in EUR) 0.03 0.01 0.16  0.29  0.53  
For a definition of financial key figures and ratios, please refer to page 38. 
tEUR Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024 
Balance sheet 
Balance Sheet Total 1,067,988  1,141,598  1,067,988  1,141,598  1,172,119  
Equity 627,262  650,319  627,262  650,319  685,929  
Current assets 102,945  104,977  102,945  104,977  110,472  
Current liabilities 63,041  76,810  63,041  76,810  73,235  
Net interest bearing debt 248,138  236,185  248,138  236,185  238,953  
Cash flow 
Cash flow from operations before special items  34,750  32,421  74,168  81,271  101,009  
Cash flow from operations 30,133  31,879  63,826  68,205  82,619  
Investments in tangible assets - 99 - 3,296 - 305 - 4,866 - 3,942
Cash flow from investment activities - 5,299 - 24,112 - 23,702 - 147,098 - 154,829 
Cash flow from financing activities - 12,477 - 5,348 - 28,691 106,303 99,154 
Free cash flow 11,134 9,863 32,337 43,656 62,480 
Financial ratios 
Operating profit before depreciation,  
amortization (EBITDA) and special items margin (%)  26% 28% 27% 29% 31% 
Operating profit before amortization margin (EBITDA) (%)  22% 27% 24% 28% 28% 
Operating profit margin (%) 10% 11% 12% 16% 17% 
Publishing EBITDA before special items margin (%)  24% 29% 25% 30% 30% 
Paid media EBITDA before special items margin (%)  26% 24% 25% 26% 27% 
Esports EBITDA before special items margin (%) 53% 60% 66% 57% 60% 
Net interest bearing debt / EBITDA before special items  2.51 2.16 2.53 2.16 2.11 
Liquidity ratio 1.63 1.37 1.63 1.37 1.51 
Equity to assets ratio (%) 59% 57% 59% 57% 59% 
Cash conversion rate before special items (%) 168% 131% 113% 96% 86% 
Average number of full-time employees 1,513  1,874  1,628  1,776  1,773  
NDCs (thousand) 279  396  895 1,347  1,754

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Q3 report 2025 Page 9  
CEO letter 
Playbook marks a new chapter 
as Better Collective expands 
from customer acquisition to 
include retention, following 
an exponential AI -powered 
launch already generating mil-
lions of bets placed  and rede-
fining betting engagement 
After an H1 that performed in line with our expectations, 
Q3 continued the same trajectory, driven by disciplined 
operational execution across our business and strong 
engagement across our brands and platforms. The quar-
ter was, however, impacted by an unus ually low sports 
win margin due to player -friendly results in September 
– in fact, September was the lowest monthly margin we 
have ever seen in over 20 years. These short -term fluc-
tuations are a natural part of our industry and do not 
change the underlying performance or fundamentals of 
our business model. 
During the quarter, we made great innovative progress 
through the launch of Playbook, our new AI -powered 
betting solution . This  marks one of the most defining 
milestones in Better Collective’s history. It realizes a vi-
sion my co-founder, Christian, and I have shared since 
founding the company – to empower fans with smarter, 
more personal, and intuitive ways to engage with sports 
and betting. 
By using AI to understand intent and context at scale, 
Playbook transforms engagement into real -time, data-
driven experiences. Integrated with live odds and part-
ner platforms, it allows fans to act on insights directly 
from social media like X, messaging apps, and our own 
media brands. Within weeks, it has already driven mil-
lions of bets placed and shown exceptional growth. 
As fan conversations increasingly take place in social en-
vironments, our collaboration with X positions us where 
engagement naturally happens, giving us unique access 
to scale, data, and first -party insights. Playbook repre-
sents the next evolution of Better Collective - expanding 
our focus from acquisition to retention, deepening user 
engagement, and creating lasting value for fans and 
partners alike. 
If we turn back to our Q3 performance and to the Pub-
lishing business, we saw momentum in North America 
as the NFL season kicked off, with performance picking 
up throughout the quarter. Back in Q3 2022, we initiated 
a major strategic transition in North America -  moving 
from a model based solely on upfront payments to one 
increasingly built on recurring reve nue share agree-
ments. Encouragingly, our North American revenue 
share is ramping up meaningfully, with quarterly and 
yearly high double-digit growth. Thi s is a significant 
milestone as the revenue we are now seeing from this 
important market is recurring and thereby of very high 
quality.  
We also strengthened our brand presence in the US 
through the Roommates podcast’s annual Block Party in 
Central Park, New York - a flagship event that fuses en-
tertainment, sports culture, and brand engagement. 
Thousands of fans and notable guests, including Ben 
Stiller and Eli Manning, attended, reflecting its growing 
mainstream appea l. From a commercial perspective, 
brand interest remained high, with Tommy John return-
ing as the main sponsor alongside new partners such as 
Bodyarmor. The event once again demonstrated the 
power of combining original IP with live experiences to 
deepen relationships with fans and advertisers, reinforc-
ing our position at the intersection of media, entertain-
ment, and sports. 
The Brazilian market continued in line with H1, with solid 
activity for existing revenue share due to better -than-
expected migration, when normalizing the negative im-
pact from the sports win margin in the quarter.  How-
ever, competition between licensed sportsbooks re-
mains limited, as the current regulatory framework un-
fortunately still directs a large share of players toward 
unlicensed companies. As I have stated before, a stable 
and competitive regulatory environment is essential to 
unlocking the full potential of the Brazilian market; most 
importantly, to ensure the needed user protection for 
sports fans, but also to secure tax revenues for the coun-
try and ensure fair competition among licensed sports-
books and partners. 
The Paid Media business delivered a strong quarter with 
11% growth, increasing its revenue share income despite 
the previously mentioned headwinds. When adjusting 
for the impact of the sports win margin  and Brazilian 
regulatory transition, the business demonstrated signif-
icant underlying growth.  CPA revenues also increased 
by 21% during the quarter. We continue to see substan-
tial opportunities and scalability in this channel. As a 
data-rich and performance -led part of our business, 
Paid Media allows us to d eploy capital efficiently, test 
and scale new markets quickly, and strengthen relation-
ships with key partners. Combined with audience in-
sights from and user engagement learnings from Play-
book, Paid Media is becoming an increasingly powerful 
growth engine i n our diversified revenue model -  ena-
bling us to combine predictable recurring revenue from 
revenue share with flexible, high-return campaigns that 
adapt to changing market dynamics. 
In our Esports business, HLTV continues to perform 
strongly, supported by sustained high demand for its 
premium inventory and audience reach. FUTBIN, on the 
other hand, has faced a challenging year, impacted by 
declining market CPM rates. Encouragingly, the new 
EAFC 26 game, launched in September, is showing solid

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Q3 report 2025 Page 10  
early engagement, providing a positive outlook for 
FUTBIN heading into the new game cycle. 
As we look ahead, I am confident about the path we are 
on. The foundation we have built over the years - rooted 
in technology, data, trusted partnerships, and recurring 
revenue - is now converging with new AI -driven capa-
bilities that are transforming how we engage with fans, 
strengthening our long -term strategic relevance in the 
ecosystem.  
None of this progress would be possible without the in-
credible commitment and adaptability of our colleagues 
across Better Collective. This past year has demanded 
focus and resilience as we continue to execute on the 
largest transformation in our history - evolving our busi-
ness, our technology, and our ways of working to match 
the scale of our ambitions and a rapidly changing mar-
ket. The dedication, creativity, and collaboration make 
me confident that we are well-equipped to seize the op-
portunities ahead. 
Jesper Søgaard 
Co-CEO & Co-Founder  
 
 
 
 
 
 
 
 
 
 
 
  
    
Q3 report 2025 Page 10

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Q3 report 2025 Page 11  
Business review 
and financial 
performance 
Group 
The financial guidance for full -year 2025 remains un-
changed.  
Revenue decreased by 4% to 78 mEUR, with organic 
growth reflecting the same development. The perfor-
mance was in line with expectations when adjusting for 
the impact of an unusually low sports win margin.  
The main year-over-year drivers impacting performance 
during the quarter were as follows: 
1. Sports win margin:  Player-friendly results in Sep-
tember led to a record -low sports win margin for 
the month, negatively impacting Q3 revenue by ap-
proximately 10 mEUR compared to the same period 
last year.  
2. The Brazilian market:  Revenue share income from 
the Brazilian market continued to develop ahead of 
expectations, yet the ongoing regulatory transition 
had a negative impact of around 4 mEUR. 
3. Foreign exchange : FX movements negatively af-
fected revenue by approximately 2  mEUR during 
the quarter. 
4. North American revenue share: North American 
revenue share doubled and thus,  increased by 4 
mEUR, driven by the substantial unrecognized rev-
enue share accumulated since Q3 2022, when the  
US transition from upfront payments to recurring 
revenues began. 
5. Growth: Underlying business performance was 
strong, with several areas contributing to  solid 
growth of approximately 9 mEUR. The main drivers 
were Paid Media, Sports Media, and Talent-led Me-
dia.  
Organic growth in Q 3 for North America was 10%, and 
negative 8% for Europe & ROW.  Recurring revenue de-
clined by 5% to 50 mEUR, primarily driven by lower rev-
enue share stemming from the unfavorable sports win 
margin and the ongoing regulatory transition in Brazil. 
Since Q3 2022, Better Collective has been transitioning 
towards revenue share agreements in the North Ameri-
can market. While this shift has temporarily impacted 
reported revenue, it has built a strong foundation for fu-
ture recurring revenue to be recognize d in the coming 
quarters and years. During Q3, revenue share income in 
North America began to ramp up, doubling compared to 
the same period last year. Management expects revenue 
share income in North America to continue growing 
steadily, ultimately providi ng a more stable recurring 
revenue base, similar to the Group ’s established model 
in the rest of the world. 
CPM-based revenues remained flat during the quarter, 
reflecting market rates returning to normal levels after a 
weak H1. Better Collective sees early positive impact of 
several internal initiatives within AdVantage, which are 
expected to drive incremental growth in the coming 
quarters. 
CPA revenue overall remained stable during the quarter. 
Within Publishing, CPA declined due to lower activity in 
the North American market, while Paid Media achieved 
21% growth, driven primarily by strong performance 
among partners in North America and the UK. Sponsor-
ship mainly remained unchanged compared to the prior-
year period.  
Costs decreased by 2% year -over-year, remaining 
broadly in line with Q3 2024. It is important to note that 
the comparable quarter last year benefited from several 
one-off cost reductions of around 6 mEUR, including 
variable pay reversals, which were not pr esent in Q3 
2025. Furthermore, given the strong performance in the 
Paid Media business, it has increased its spend by 2 
mEUR. The cost reduction this year reflects the execu-
tion of the 50 mEUR cost-efficiency program initiated in 
Key figures for the group 
tEUR Q3 2025 Q3 2024 Growth YTD 2025 YTD 2024 Growth               
Revenue Share 38,441  41,028  -6% 116,788  132,222  -12% 
CPA 18,495  18,120  2% 57,520  72,846  -21% 
Subscription 3,882  3,986  -3% 13,086  12,204  7% 
Sponsorships 9,536  10,063  -5% 32,580  34,144  -5% 
CPM 7,632  7,811  -2% 21,613  23,236  -7% 
Other 275  144  91% 813  653  24% 
Revenue 78,261  81,152  -4% 242,401  275,305  -12% 
Cost 57,617  58,820  -2% 177,232  195,424  -9% 
Operating profit before depreciation and amortization 
and special items 20,644  22,333  -8% 65,168  79,881  -18% 
EBITDA-Margin before special items 26% 28%   27% 29%   
Operating profit before depreciation and amortization 17,203  21,905  -21% 58,103  76,451  -24% 
EBITDA-Margin 22% 27%   24% 28%   
Organic Growth -4% -6%   -14% -3%

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Q3 report 2025 Page 12  
2024, resulting in approximately 8 mEUR in cost reduc-
tions. 
EBITDA before special items amounted to 21 mEUR, rep-
resenting a decrease of 8% year-over-year, correspond-
ing to an EBITDA margin before special items of 26%. 
Profitability was negatively affected by the record -low 
sports win margin and the ongoing regulatory transition 
in Brazil. 
 
 
 
  
    
Q3 report 2025 Page 12

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Q3 report 2025 Page 13  
Publishing 
Publishing revenue declined 1 1% to 46 mEUR . Revenue 
share income was down 9% during the quarter, driven 
by the regulatory transition in Brazil and  by the sports 
win margin, which reached a record low in  September. 
CPA revenue declined 38%, driven by lower CPA activity 
mainly in the North American market.  
Subscription revenue was flat , whereas sponsorships 
declined 14% driven by postponed podcast shows. 
CPM revenue during the quarter was up 5%, which is 
outperforming the development of market rates. The 
performance was driven by  initiatives implemented by 
the company in previous quarters, enabling better sales 
of brand inventory.  
Costs decreased by 8%, reflecting the full impact of the 
efficiency program initiated last year.  
EBITDA before special items was 11 mEUR, down 18%, re-
flecting the full impact of the low sports win margin and 
the Brazilian impact . Publishing accounted for 59% of 
group revenue and 54% of group EBITDA before special 
items.  
 
 
 
 
 
 
 
  
Key figures for the Publishing segment 
tEUR Q3 2025 Q3 2024 Growth YTD 2025 YTD 2024 Growth               
Revenue Share 25,517  28,080  -9% 81,740  91,273  -10% 
CPA 3,596  5,777  -38% 14,454  33,095  -56% 
Subscription 3,882  3,986  -3% 13,086  12,203  7% 
Sponsorships 6,873  7,990  -14% 24,790  25,379  -2% 
CPM 6,143  5,871  5% 16,802  17,362  -3% 
Other 275  144  91% 813  649  25% 
Revenue 46,286  51,848  -11% 151,685  179,963  -16% 
Share of Group 59% 64%   63% 65%   
Cost 35,038  38,179  -8% 114,411  128,845  -11% 
Share of Group 61% 65%   65% 66%   
              
Operating profit before depreciation and amortization 
and special items 11,247  13,669  -18% 37,274  51,117  -27% 
Share of Group 54% 61%   57% 64%   
EBITDA-Margin before special items 24% 26%   25% 28%   
Operating profit before depreciation and amortization 8,237  13,241  -38% 31,342  47,704  -34% 
EBITDA-Margin 18% 26%   21% 27%   
Organic Growth -11% -13%    -19% -3%    
Publishing  
 
 
The Publishing business generates rev-
enue from Better Collective’s owned 
and operated sports media network and 
its partnerships. The audience mainly 
comes from direct traffic and organic 
search results. 
 
 
 
*Selection of brands (not exhaustive):

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

Q3 report 2025 Page 14  
  
Publishing content highlights

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

Q3 report 2025 Page 15  
Paid Media  
Paid Media revenue increased by 11%, despite revenue 
share income being affected by the regulatory transition 
in Brazil and a low sports win margin during the quarter. 
When normalizing for these factors, the underlying rev-
enue share growth was significantly higher than the re-
ported 2%. CPA revenues grew by 21% during the quar-
ter, driven primarily by strong performance in the North 
American and UK markets with key partners. 
Costs increased by 9% during the quarter, as the Paid 
Media business continues to invest in building future 
revenue share income. 
EBITDA before special items increased by an impressive 
19% to 7 mEUR, despite the significant impact from both 
the regulatory transition in Brazil and the low sports win 
margin during the period. 
Paid Media accounted for 35% of group revenue and de-
livered 34% of group EBITDA before special items. 
 
 
 
 
 
 
 
Key figures for the Paid Media segment 
tEUR Q3 2025 Q3 2024 Growth YTD 2025 YTD 2024 Growth               
Revenue Share 12,697  12,455  2% 34,246  39,343  -13% 
CPA 14,896  12,336  21% 43,036  39,730  8% 
Subscription  0  0 0%  0  0 0% 
Sponsorships 0   0 0% 0  2,381  -100% 
CPM  0  0 0%  0  0 0% 
Other 0   0 0%  0 4  -100% 
Revenue 27,593  24,792  11% 77,282  81,459  -5% 
Share of Group 35% 31%   32% 30%   
Cost 20,511  18,822  9% 58,212  60,542  -4% 
Share of Group 36% 32%   33% 31%   
              
Operating profit before depreciation and amortization 
and special items 7,082  5,969  19% 19,070  20,917  -9% 
Share of Group 34% 27%   29% 26%   
EBITDA-Margin before special items 26% 24%   25% 26%   
Operating profit before depreciation and amortization 6,651  5,969  11% 17,937  20,901  -14% 
EBITDA-Margin 24% 24%   23% 26%   
Organic Growth 11% -9%   -5% -7%    
Paid Media  
 
The Paid Media business involves pur-
chasing advertising on search engines, 
social media, and third-party sports 
media platforms. Because this requires 
upfront payments for advertising on 
external platforms, the gross margin is 
typically lower than that of the Publish-
ing business, due to substantial direct 
costs, and may fluctuate with the level 
of activity and investments into reve-
nue share NDCs.

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

Q3 report 2025 Page 16  
Esports 
Esports revenue declined by 3% to 4 mEUR in the quar-
ter. Sponsorship revenue grew by 28%, reflecting  the 
continued strong demand for the HLTV brand. 
CPM revenue decreased by 23%, primarily due to lower 
player engagement in the FUTBIN community  during 
the final phase of the old EAFC game cycle, ahead of the 
new release. The early launch of EAFC 26 looks to be 
well-received by the community. 
Costs increased by 14%, driven by ongoing investments 
to support the future growth of both brands. 
EBITDA before special items amounted to 2 mEUR, cor-
responding to a margin of 53%. Esports contributed 6% 
of group revenue and 11% of group EBITDA before spe-
cial items.   
 
 
 
  
Key figures for the Esports segment 
tEUR Q3 2025 Q3 2024 Growth YTD 2025 YTD 2024 Growth               
Revenue Share 227  493  -54% 802  1,605  -50% 
CPA 3  7  -57% 30  21  46% 
Subscription  0  0 0%  0 0  0% 
Sponsorships 2,663  2,073  28% 7,790  6,383  22% 
CPM 1,489  1,940  -23% 4,811  5,875  -18% 
Other  0  0 0%  0  0 0% 
Revenue 4,382  4,513  -3% 13,433  13,884  -3% 
Share of Group 6% 6%   5% 5%   
Cost 2,067  1,818  14% 4,609  6,036  -24% 
Share of Group 4% 3%   3% 3%   
              
Operating profit before depreciation and amortization 
and special items 2,315  2,696  -14% 8,824  7,848  12% 
Share of Group 11% 12%   14% 10%   
EBITDA-Margin before special items 53% 60%   66% 57%   
Operating profit before depreciation and amortization 2,315  2,696  -14% 8,824  7,848  12% 
EBITDA-Margin 53% 60%   66% 57%   
Organic Growth -3% -7%   -3% -19%    
Esports  
 
Reported for the first time as a 
stand‑alone segment in Q2 2025, Es-
ports encompasses Better Collective’s 
flagship community platforms HLTV 
(Counter‑Strike) and FUTBIN 
(EA Sports FC). The business monetizes 
primarily through programmatic and di-
rect advertising, sponsorships, and an 
emerging layer of premium data prod-
ucts.

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

Q3 report 2025 Page 17  
Financial 
performance for the 
period 
Revenue decline of 4% to 
78mEUR  
Revenue showed a decline versus Q3 2024 of 4% and 
amounted to 78 mEUR (Q3 2024: 81 mEUR). The perfor-
mance was in line with expectations when adjusting for 
the impact of an unusually low sports win margin.  
Revenue share accounted for 49 % of the revenue, with 
24% coming from CPA, 5% from subscription sales, 
sponsorships 12% and 10% from CPM.  
Cost of 58 mEUR - down 2% vs 
Q3 2024 
Costs decreased by 2% compared to the same period 
last year, remaining broadly in line with Q3 2024. It is 
important to note that the comparable quarter last year 
benefited from several one -off cost reductions of 
around 6 mEUR, including variable pay reversals, which 
were not present in Q3 2025.  
Staff cost decreased 4 % to 25  mEUR ( Q3 2024: 26 
mEUR) due to the decrease in the number of employees. 
Staff cost include costs related to warrants of 0.3 mEUR 
(Q3 2024: 0.7 mEUR).  
Total direct cost relating to revenue increased by 0.5 
mEUR to 25.5 mEUR (Q3 2024: 25 mEUR), correspond-
ing to an increase of 2% related to spend in Paid. 
Other external costs decreased 1 mEUR or 9% to 7 mEUR 
(Q3 2024: 8 mEUR). 
Depreciation and amortization amounted to 9 mEUR 
(Q3 2024: 13 mEUR).  
Special items 
Special items amounted to a n expense of 3 mEUR (Q3 
2024: 0.5 mEUR). The net expense of 3 mEUR is primar-
ily related to organizational restructuring. 
Earnings 
Operational earnings (EBITDA) before special items de-
creased 8 % to 21  mEUR ( Q3 2024: 22 mEUR). The 
EBITDA margin before special items was 26% (Q3 2024: 
28%). Including special items, the reported EBITDA was 
17 mEUR (Q3 2024: 22 mEUR).  
EBIT before special items increased 22% to 11 mEUR (Q3 
2024: 9 mEUR). Including special items, the reported 
EBIT was 8 mEUR (Q3 2024: 9 mEUR). 
Net financial items 
Net financial costs amounted to 4 mEUR (Q3 2024: 6 
mEUR) and included net interest, fees relating to ba nk 
credit lines, refinancing , and unrealized exchange rate 
adjustments. These costs are impacted by an unrealized 
loss of 2 mEUR related to USD and GBP fluctuations. 
Financial expenses paid in Q3 2025  amounted to 6 
mEUR (Q3 2024: 4 mEUR) and mainly relates to paid in-
terest and costs related to the new loan agreement. 
Income tax 
Better Collective has a tax presence in the places where 
it is incorporated . Income tax amounted to  a tax ex-
pense of net to 2 mEUR (Q3 2024: 2 mEUR). The Effec-
tive Tax Rate was 54% (Q3 2024: 69%). The tax rate YTD 
is impacted by a reassessment of the deductibility of 
certain foreign currency exchange losses in past years.  
Net profit 
Net profit after tax was 2 mEUR ( Q3 2024: 1 mEUR). 
Earnings per share (EPS) was EUR/share 0.03 versus 
0.01 EUR/share in Q3 2024. 
 
 
 
 
 
  
Q3 report 2025 Page 17

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

Q3 report 2025 Page 18  
Equity 
The equity decreased to 627 mEUR as per September 
30, 2025, from 686  mEUR on December 31, 202 4. Be-
sides the net profit of 11 mEUR, the equity has been im-
pacted negatively by currency translations of 54 mEUR, 
share buy-back of 25 mEUR, and share-based payments 
of 2 mEUR. 
On 26 May 2025, Better Collective A/S completed a 
share capital reduction by cancelling 1,117,757 treasury 
shares, equivalent to 1.8% of the company’s outstanding 
share capital. 
Balance sheet  
Total assets amounted to 1,068 mEUR (202 4: 1,142 
mEUR). This corresponds to an equity to assets ratio of 
59% (2024: 57%).  
The liquidity ratio was 1 .6 resulting from current assets 
of 103 mEUR and current liabilities of 63 mEUR. The ratio 
of net interest-bearing debt to EBITDA before special 
items was 2.51.  
Cash flow and financing 
Cash flow from operations before special items was 3 5 
mEUR (Q3 2024: 32 mEUR) with a cash conversion of 
168% in Q3 2025.  
 
On 30 September Better Collective entered a new 3 year 
committed club facility of 319 mEUR and an  80 mEUR 
higher accordion option with Nordea and Nykredit. The 
new club facility expires October 2028 and include an 
option to extent one additional year. 
By the end of September 2025, capital reserves stood at 
88 mEUR consisting of cash of 23 mEUR and unused 
bank credit facilities of 65 mEUR. 
The parent company 
Better Collective A/S is the group’s parent company. 
Revenue declined by 10% to 26  mEUR ( Q3 2024: 29 
mEUR). Total costs, including depreciation and amorti-
zation, were 29 mEUR (Q3 2024: 29 mEUR). Profit after 
tax was 4 mEUR ( Q3 2024: -8 mEUR). The change in 
profit after tax is primarily due to the positive tax impact 
related to foreign currency ex change losses. Total eq-
uity ended at 6 79 mEUR by September 30, 2025 (Q3 
2024: 675 mEUR). The equity was primarily impacted by 
the share buy back and net profit.  
 
 
 
 
 
 
    
Q3 report 2025 Page 18

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

Q3 report 2025 Page 19  
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 5, the share capital 
amounted to 6 19,588.70 EUR, and the total number of 
issued shares was 61,958,870. The company has one (1) 
class of shares. Each share entitles the holder to one 
vote at the general meetings.  
Shareholder structure 
As of September  30, 2025, the total number of share-
holders was 5,292. A list of the +5% shareholders in Bet-
ter Collective A/S can be found on Better Collective ’s 
website. 
Incentive programs 
To attract and retain key competenc ies, the company 
has established warrant programs for certain key em-
ployees. All warrants with the right to subscribe for one 
ordinary share. If all outstanding long -term incentive 
programs are subscribed, the maximum shareholders 
dilution will be approximately 4.62%. On March 7, 2025, 
the board of directors implemented a Long-Term Incen-
tive Plan (LTI) for key employees in the Better Collective 
group.  
The grants under the LTI in 202 5 cover 1,114,577 share 
options to 220 key employees in total, vesting over a 3-
year period. The total value of the 202 5 LTI grant pro-
gram is 5 mEUR (calculated Black-Scholes value).  
Thomas Plenborg, member of t he Board of D irectors, 
has on the Company’s annual general meeting held on 
Tuesday 22 April 2025 been granted 25,000 stock op-
tions. 
Risk management 
Through an Enterprise Risk Management process, vari-
ous gross risks in Better Collective are identified. Each 
risk is described, including current risk mitigation in 
place or planned mitigating actions. The subsequent 
analysis of the identified risks includ es an inherent risk 
evaluation based on two main parameters: probability 
of occurrence and impact on future earnings and cash 
flow. Better Collective’s management continuously 
monitors risk development in the Better Collective 
group. The risk evaluation is  presented to the Board of 
Directors annually. The board evaluates risk dynamically 
to account for this variation in risk impact. The policies 
and guidelines in place stipulate how management must 
work with risk management. 
Better Collective’s compliance with these policies and 
guidelines is also monitored by the management on an 
ongoing basis. Better Collective seeks to identify and 
understand risks and mitigate them accordingly. Also, 
Better Collective’s close and longstanding relationships 
with customers allow Better Collective to anticipate and 
respond to market movements and new regulations, in-
cluding compliance requirements from authorities and 
sportsbooks.  
With the continued expansion in North and South Amer-
ica, the overall  risk profile of Better Collective has 
changed, and compliance as well as financial risk ha ve 
increased. Better Collective has mitigated the additional 
risks in several ways, compliance risk through involve-
ment of regulatory bodies in our licensing process for 
newly established entities, financial risk through a per-
formance-based valuation of the acquired ent ities, and 
organizational risk through establishment of local gov-
ernance, and finance, HR, and legal organization dedi-
cated to the North  and South American  operations. 
Other key risk factors are described in the Annual report 
2024. 
 
Program 
Long-term incentive programs  
outstanding September, 2025 Vesting period  Exercise period  
Exercise price  
DKK 
Exercise price  
EUR (rounded) 
2020** 0 2021-2023 2023-2025 61.49 8.24 
2020* 163,999 2021-2023 2023-2025 106.35 14.26 
2021* 377,372 2022-2024 2024-2026 150.41 20.16 
2021 US MIP Options 43,358 2021-2024 2024-2026 138.90 18.62 
2022 US MIP Options 15,238 2022-2023 2023-2026 107.25 14.38 
2022 Options 20,346 2022-2024 2025-2027 130.98 17.56 
2022 PSU 0 2022-2024 2025-2027     
2023 CXO Options 300,000 2023-2025 2026-2028 142.08 19.05 
2023 Options 234,525 2023-2025 2026-2028 87.06 11.67 
2023 PSU 111,631 2023-2025 2026-2028     
2024 Options 412,305 2024-2026 2027-2029 173.87 23.31 
2024 PSU 49,242 2024-2026 2027-2029     
2025 Options 1,135,872 2025-2028 2028-2030 78.20 10.48 
* Key employees and members of executive management

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

Q3 report 2025 Page 20  
V 
Contacts 
VP of Investor Relations & Communications; 
Mikkel Munch-Jacobsgaard 
investor@bettercollective.com  
This information is the type of information that Better 
Collective A/S is required to disclose to the public under 
the EU Market  Abuse Regulation. The information was 
submitted for publication, through the agency of the 
contact person set out above, on 12 November 2025 af-
ter market close (CET). 
About 
Better Collective owns global and national sport media, 
with a vision to become the leading digital sports media 
group. We are on a mission to excite sports fans through 
engaging content and foster passionate communities 
worldwide. Better Collective's portfolio of digital sports 
media brands includes: HLTV, FUTBIN, Betarades, Soc-
cernews, Tipsbladet, Action Network, Playmaker HQ, 
VegasInsider, Bolavip,  and Redgol. Headquartered in 
Copenhagen, Denmark, and dual-listed on Nasdaq 
Stockholm (BETCO) and Nasdaq Co penhagen (BETCO 
DKK).  
To learn more about Better Collective please visit  
www.bettercollective.com 
 
 
 
 
 
 
  
        
Q3 report 2025 Page 20

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

Q3 report 2025 Page 21  
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, 2025. 
Today, the Board of Directors and the E xecutive  
Management have discussed and approved the  
condensed consolidated interim financial statements 
and the parent company condensed interim financial 
statements of Better Collective A/S for the period Jan-
uary 1 – September 30, 2025.  
The condensed consolidated interim financial state-
ments for the period January  1 – September 30, 2025, 
are prepared following IAS 34 Interim Financial Report-
ing, as adopted by the EU, and the additional require-
ments of the Danish Financial Statements Act. The par-
ent company’s condensed interim financial statements 
have been included according to the Danish Executive 
Order on the Preparation of Interim Financial Reports.  
In our opinion, the condensed consolidated interim  
financial statements and the parent company con-
densed interim financial statements give a true and fair 
view of Better Collective’s and parent company’s assets, 
liabilities, and financial position on September 30, 2025, 
and of the results of Better Collective’s and parent com-
pany’s operations and Better Collective’s cash flows for 
the period January 1 –September 30, 2025.  
Further, in our opinion, the management’s review gives 
a fair review of the development in Better Collective ’s 
and the parent company’s operations and financial mat-
ters and the results of Better Collective’s and the parent 
company’s operations and financial position, as well as 
a description of the major risks and uncertainties, Better 
Collective and the p arent company are facing. The In-
terim Report has not been audited or reviewed by the 
Company’s auditor. 
Copenhagen, November 12, 2025 
 
 
 
  
Executive 
Management 
  
 
 
Jesper Søgaard 
Co-CEO & Co-Founder 
Executive Vice President 
 
 
Christian Kirk Rasmussen 
Co-CEO & Co-Founder  
Executive Vice President 
 
 
Flemming Pedersen 
CFO 
Executive Vice President 
   
Board of Directors   
Jens Bager 
Chair 
 Therese Hillman 
 Vice Chair 
Britt Boeskov 
   
Todd Dunlap   Leif Nørgaard Thomas Stig Plenborg 
   
René Rechtman

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

Q3 report 2025 Page 22  
Condensed interim financial statements for the 
period  
Consolidated income statement 
Note tEUR Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024 
3 Revenue 78,261  81,152  242,401  275,305  371,487  
  Direct costs related to revenue 25,358  24,871  73,994  82,008  107,167  
4 Staff costs  24,873  25,852  79,060  85,564  113,000  
  Other external expenses 7,386  8,097  24,178  27,852  37,917  
  
Operating profit before depreciation and amortiza-
tion (EBITDA) and special items 20,644  22,333  65,168  79,881  113,403  
  Depreciation 1,622  2,281  5,336  5,383  6,990  
  
Operating profit before amortization (EBITA) and 
special items 19,023  20,052  59,832  74,497  106,413  
7 Amortization and impairment 7,537  10,712  24,112  26,830  34,080  
  Operating profit (EBIT) before special items 11,485  9,340  35,720  47,667  72,334  
5 Special items, net - 3,441  - 428  - 7,065  - 3,429  - 10,886  
  Operating profit 8,044  8,913  28,654  44,238  61,447  
  Financial income 672  496  4,314  3,686  7,310  
  Financial expenses 5,142  5,842  21,136  21,446  25,893  
  Profit before tax 3,574  3,566  11,833  26,479  42,865  
6 Tax on profit for the period 1,934  2,447  1,273  7,513  8,850  
  Profit for the period 1,641  1,119  10,560  18,966  34,014  
              
  
Earnings per share attributable to equity holders of 
the company           
  Earnings per share (in EUR) 0.03  0.01  0.17  0.31  0.55 
  Diluted earnings per share (in EUR) 0.03  0.01  0.16  0.29  0.53 
 
 
 
Consolidated statement of other comprehensive income 
Note tEUR Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024 
  Profit for the period 1,641  1,119  10,560  18,966  34,014  
  Other comprehensive income           
  
Other comprehensive income that may be reclassi-
fied to profit or loss in subsequent periods:           
  Fair value adjustment of hedges for the year  261  - 537  - 81  - 54  - 180  
  Currency translation to presentation currency - 4,456  - 2,170  - 19,803  - 2,512  6,297  
  
Currency translation of non-current intercompany 
loans - 514  - 12,834  - 34,567  - 3,650  17,325  
  Income tax 80  2,941  7,623  921  - 1,589  
  Net other comprehensive income/loss - 4,629  -12,600  - 46,828  - 5,296  21,853  
  
Total comprehensive income/(loss) for the period, 
net of tax - 2,988  -11,481  - 36,268  13,671  55,867  
              
  Attributable to:           
  Shareholders of the parent - 2,988  - 11,481  - 36,268  13,671  55,867

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

Q3 report 2025 Page 23  
Consolidated statement of financial position 
Note tEUR Q3 2025 Q3 2024 2024           
  Assets                 
  Non-current assets       
7 Intangible assets       
  Goodwill 333,590 344,660 360,988 
  Domains and websites 521,206 537,686 553,886 
  Accounts and other intangible assets 87,538 122,688 117,628 
  Total intangible assets 942,333 1,005,035 1,032,501           
  Tangible assets       
  Right of use assets 11,709 18,774 15,929 
  Leasehold improvements, Fixtures and fittings, other plant and equipment  4,605 7,371 6,704 
  Total tangible assets 16,314 26,145 22,633           
  Other non-current assets       
  Deposits 1,752  1,829  1,940  
  Deferred tax asset 4,644  3,612  4,573  
  Total other non-current assets 6,396  5,441  6,513            
  Total non-current assets 965,044  1,036,621  1,061,647            
  Current assets       
  Trade and other receivables 59,654  47,151  63,763  
  Corporation tax receivable 12,233  7,624  2,934  
  Prepayments 7,655  6,585  6,101  
  Cash 23,402  43,617  37,674  
  Total current assets 102,945  104,977  110,472            
  Total assets 1,067,988  1,141,598  1,172,119  
 
 
Note tEUR Q3 2025 Q3 2024 2024           
  Equity and liabilities                 
  Equity       
  Share Capital 620  631  631  
  Share Premium 469,444  469,460  469,460  
  Reserves - 35,238  - 3,941  16,089  
  Retained Earnings 192,435  184,168  199,749  
  Total equity 627,262  650,319  685,929            
  Non-current Liabilities       
8 Debt to credit institutions 258,896  260,100  259,691  
8 Lease liabilities 8,948  14,942  12,560  
8 Deferred tax liabilities 82,457  100,051  98,673  
8 Other long-term financial liabilities 27,384  39,377  42,030  
  Total non-current liabilities 377,685  414,469  412,955            
  Current Liabilities       
  Prepayments received from customers and deferred revenue  11,035  6,436  10,275  
  Trade and other payables 32,319  27,773  26,894  
  Corporation tax payable 4,083  5,988  4,764  
8 Other financial liabilities 11,909  31,853  26,926  
8 Lease liabilities 3,696  4,760  4,376  
  Total current liabilities 63,041  76,810  73,235  
  Total liabilities 440,726  491,279  486,190            
  Total Equity and liabilities 1,067,988  1,141,598  1,172,119

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

Q3 report 2025 Page 24  
Consolidated statement of changes in equity 
 
tEUR 
Share  
capital 
Share  
premium 
Currency 
translation 
reserve 
Hedging 
reserves 
Treasury 
shares 
Retained 
earnings 
Total  
equity 
                
As at January 1, 2025 631  469,460  36,941  - 517  - 20,336  199,749  685,929  
Result for the period  0  0  0  0  0 10,560  10,560  
                
Fair value adjustment of 
hedges  0  0  0 - 81   0  0 - 81  
Foreign currency translation  0  0 - 54,370   0  0  0 - 54,370  
Tax on other  
comprehensive income  0  0 7,605  18   0  0 7,623  
Total other  
comprehensive income  0  0 - 46,765  - 63   0  0 - 46,828  
Total comprehensive  
income for the year  0  0 - 46,765  - 63   0 10,560  - 36,268  
                
Transactions with owners               
Capital Decrease - 11  - 16   0  0 20,336  - 20,309   0 
Acquisition of treasury shares  0  0  0  0 - 24,945   0 - 24,945  
Disposal of treasury shares  0  0  0  0 112   0 112  
Share based payments  0  0  0  0  0 2,460  2,460  
Transaction cost  0  0  0  0  0 - 25  - 25  
Total transactions with owners - 11  - 16   0  0 - 4,497  - 17,874  - 22,398  
                
At September 30 2025 620  469,444  - 9,824  - 580  - 24,833  192,435  627,262  
During the period no dividend was paid. 
 
 
 
 
 
 
 
 
 
 
tEUR 
Share  
capital 
Share  
premium 
Currency 
translation 
reserve 
Hedging 
reserves 
Treasury 
shares 
Retained 
earnings 
Total  
equity 
                
As at January 1, 2024 554  274,580  15,055  - 483  - 21,057  166,624  435,273  
Result for the period  0  0  0  0  0 18,966  18,966  
                
Fair value adjustment of 
hedges  0  0  0 - 54   0  0 - 54  
Foreign currency translation  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.

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

Q3 report 2025 Page 25  
 
Consolidated statement of cash flows 
Note tEUR Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024 
              
  Profit before tax 2,315  3,566  10,573  26,479  42,865  
  Adjustment for finance items 5,256  5,346  17,608  17,759  18,583  
  Adjustment for special items 3,441  428  7,065  3,429  10,886  
  Operating Profit for the period before special items 11,012  9,340  35,246  47,667  72,334  
  Depreciation and amortization 9,632  12,992  29,922  32,213  41,070  
  Other adjustments of non-cash operating items 272  - 691  1,664  1,168  1,244  
  
Cash flow from operations  
before changes in working capital and special items 20,917  21,640  66,832  81,048  114,647  
  Change in working capital 13,833  10,780  7,336  222  - 13,638  
  Cash flow from operations before special items 34,750  32,421  74,168  81,271  101,009  
  Special items, cash flow - 4,617  - 542  - 10,342  - 13,065  - 18,390  
  Cash flow from operations 30,133  31,879  63,826  68,205  82,619  
  Financial income, received  34  161  449  1,169  3,111  
  Financial expenses, paid - 5,928  - 3,633  - 13,019  - 18,468  - 19,501  
  Cash flow from activities before tax 24,240  28,407  51,257  50,907  66,228  
  Income tax paid  - 5,402  - 4,069  - 12,992  - 9,884  - 16,731  
  Cash flow from operating activities 18,837  24,338  38,265  41,023  49,497  
              
9 Acquisition of businesses - 356  - 900  - 8,766  - 117,399  - 120,451  
7 Acquisition of intangible assets - 4,844  - 20,556  - 14,732  -28,588 - 33,532  
  Acquisition of tangible assets - 99  - 3,296  - 305  - 4,866  - 3,942  
  Sale of tangible assets  0 117   0 555   0 
  Sale of other financial assets  0 454   0 3,226  3,232  
  Change in other non-current assets  0 69  100  - 25  - 136  
  Cash flow from investing activities - 5,299  - 24,112  - 23,702  - 147,098  - 154,829  
 
 
 
 
 
Note tEUR Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024 
              
  Repayment of borrowings  0  0  0 - 136,321  - 136,321  
  Proceeds from borrowings  0 13,434   0 124,195  124,196  
  Lease liabilities - 1,038  - 1,669  - 3,350  - 3,548  - 4,384  
  Other non-current liabilities  0  0  0 - 2,582  - 434  
  Capital increase  0 1,218   0 146,362  146,362  
  Treasury shares - 11,428  - 13,103  - 24,945  - 13,103  - 20,336  
  Transaction cost - 11  - 33  - 25  - 3,002  - 3,018  
  Warrant settlement, sale of warrants  0 - 5,195  - 371  - 5,698  - 6,911  
  Cash flow from financing activities - 12,477  - 5,348  - 28,691  106,303  99,154  
              
  Cash flows for the period 1,061  - 5,121  - 14,128  227  - 5,624  
  Cash and cash equivalents at beginning 22,387  48,756  37,674  43,552  43,552  
  
Foreign currency translation of cash and cash 
equivalents - 46  - 18  - 144  - 163  - 254  
  Cash and cash equivalents period end 23,402  43,617  23,402  43,617  37,674  
              
  Cash and cash equivalents period end           
  Cash 23,402  43,617  23,402  43,617  37,674  
  Cash and cash equivalents period end 23,402  43,617  23,402  43,617  37,674

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

Q3 report 2025 Page 26  
Notes 
1. General information 
Better Collective A/S is a limited liability company and is incorporated in Denmark. The parent company and its  
subsidiaries (referred to as the “Group” or “Better Collective”) engage in online performance marketing. Better Collective’s 
vision is to become the leading digital sports media group. 
Basis of preparation  
The Interim Report (condensed consolidated interim financial statements) for the period January 1 – September 30, 2025, 
has been prepared in accordance with IAS 34 “Interim financial reporting ” as adopted by the EU and additional require-
ments in the Danish Financial Statements Act. The parent company condensed interim financial statements has been in-
cluded according to the Danish Executive Order on the Preparation of Interim Financial Reports. 
These condensed consolidated interim financial statements incorporate the results of Better Collective A/S and its subsid-
iaries. 
The condensed consolidated interim financial statements refer to certain key performance indicators, which Better Collec-
tive and others use when evaluating the performance of Better Collective. These are referred to as alternative performance 
measures (APMs) and are not defined under IFRS. The figures and related subtotals give management and investors im-
portant information to enable them to fully analyze the Better Collective business and trends. The APMs are not meant to 
replace but to complement the performance measures defined under IFRS. 
New financial reporting standards 
The IASB has issued several new or amended standards and interpretations with effective date beginning on January 1, 
2025. Better Collective expects to adopt the new standards and interpretations when they become mandatory.  
None of the standards are expected to have a significant effect for the consolidated financial statements or the parent 
financial statements for the financial year  2025. Better Collective is currently assessing the impact IFRS 18 will have on 
factors such as presentation of the income statement and cash flow statement and disclosures to be provided in the notes. 
 
Accounting policies  
The condensed consolidated interim financial statements have been prepared using the same accounting policies as set 
out in note 1 of the 2024 annual report which contains a full description of the accounting policies for Better Collective and 
the parent company.  
The annual report for 2024 including full description of the accounting policies can be found on Better Collective’s website: 
https://storage.mfn.se/5693126b-c889-4145-999f-f31afdfbfa8c/annual-report-2024-final-1.pdf 
Better Collective has implemented an organizational restructuring going from a local to a global management structure 
and transitioning from a geographical setup to a structure built around three global business units: Publishing, Paid Media, 
and Esports. Consequently, the revenue segmentation has been adjusted to align with this new structure. We refer to note 
2 for the new segmentation. Historical financial figures are reported accordingly. 
 
Significant accounting judgements, estimates and assumptions 
The preparation of condensed consolidated interim financial statements requires management to make judgements, esti-
mates and assumptions that affect the reported amounts of revenue, expenses, assets, and liabilities. 
Beyond the risks mentioned above, the significant accounting judgements, estimates and assumptions applied in these 
consolidated interim financial statements are the same as disclosed in note 2 in the annual report for 202 4 which  
contains a full description of significant accounting judgements, estimates and assumptions.

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

Q3 report 2025 Page 27  
2. Operating segments 
Publishing , Paid Media  and Esport s 
Better Collective operates three distinct business models for customer acquisition, each with unique earnings profiles: 
Publishing, Paid Media, and Esports. Publishing generates revenue from Better Collective’s owned and operated sports 
media network and its media partnerships. Paid Media involves purchasing advertising on search engines, social media, 
and third-party sports media platforms, thereby operating with a lower gross margin. Due to recent organizational re-
structuring, Esports will be reported separately. Esports has been carved out from Publishing. This change reflects our 
strategic commitment to capitalizing on growth opportunities within Esports. 
The performance for each segment is presented in the below tables: 
  Publishing** Paid Media Esports Group 
tEUR Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024                   
Revenue Share 25,517  28,080  12,697  12,455  227  493  38,441  41,028  
CPA 3,596  5,777  14,896  12,336  3  7  18,495  18,120  
Subscription 3,882  3,986   0  0  0  0 3,882  3,986  
Sponsorships 6,873  7,990  0   0 2,663  2,073  9,536  10,063  
CPM 6,143  5,871   0  0 1,489  1,940  7,632  7,811  
Other 275  144  0   0  0  0 275  144  
Revenue 46,286  51,848  27,593  24,792  4,382  4,513  78,261  81,152  
Cost 35,038  38,179  20,511  18,822  2,067  1,818  57,617  58,820                    
Operating profit before depreciation, amortization  
and special items 11,247  13,668  7,082  5,969  2,315  2,696  20,644  22,333  
EBITDA-Margin before special items 24% 26% 26% 24% 53% 60% 26% 28%                   
Special items, net - 3,010  - 428  - 431   0  0  0 - 3,441  - 428                    
Operating profit  before depreciation and  
amortization 8,237  13,241  6,651  5,969  2,315  2,696  17,203  21,905  
EBITDA-Margin 18% 26% 24% 24% 53% 60% 22% 27% 
Depreciation 1,473  2,230  149  50   0  0 1,622  2,281                    
Operating profit before amortization 6,765  11,010  6,502  5,919  2,315  2,696  15,582  19,624  
EBITA-Margin 15% 21% 24% 24% 53% 60% 20% 24% 
*2024 figures has been adjusted due to the new segmentation, where Esport s has been carved out from Publishing as a distinct segment. 
** Majority of costs related to support functions are presented under Publishing.

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

Q3 report 2025 Page 28  
2. Operating segments, continue 
  Publishing** Paid Media Esports Group 
tEUR YTD 2025 YTD 2024 YTD 2025 YTD 2024 YTD 2025 YTD 2024 YTD 2025 YTD 2024                   
Revenue Share 81,740  91,273  34,246  39,343  802  1,605  116,788  132,222  
CPA 14,454  33,095  43,036  39,730  30  21  57,520  72,846  
Subscription 13,086  12,203   0  0  0 0  13,086  12,204  
Sponsorships 24,790  25,379  0  2,381  7,790  6,383  32,580  34,144  
CPM 16,802  17,362   0  0 4,811  5,875  21,613  23,236  
Other 813  649   0 4   0  0 813  653  
Revenue 151,685  179,963  77,282  81,459  13,433  13,884  242,401  275,305  
Cost 114,411  128,845  58,212  60,542  4,609  6,036  177,232  195,424                    
Operating profit before depreciation, amortization  
and special items 37,274  51,117  19,070  20,917  8,824  7,848  65,168  79,881  
EBITDA-Margin before special items 25% 28% 25% 26% 66% 57% 27% 29%                   
Special items, net - 5,932  - 3,413  - 1,133  - 16   0  0 - 7,065  - 3,429                    
Operating profit  before depreciation and 
 amortization 31,342  47,704  17,937  20,901  8,824  7,848  58,103  76,451  
EBITDA-Margin 21% 27% 23% 26% 66% 57% 24% 28% 
Depreciation 5,087  5,236  250  147   0  0 5,336  5,383                    
Operating profit before amortization 26,255  42,468  17,687  20,754  8,824  7,848  52,766  71,068  
EBITA-Margin 17% 24% 23% 25% 66% 57% 22% 26% 
 *2024 figures has been adjusted due to the new segmentation, where Esports has been carved out  from Publishing as a distinct segment. 
** Majority of costs related to support functions are presented under Publishing.

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

Q3 report 2025 Page 29  
2. Operating segments, continued 
  Publishing** Paid Media Esports Group 
tEUR 2024* 2024 2024 2024           
Revenue Share 125,676  52,598  2,009  180,283  
CPA 40,485  51,804  33  92,323  
Subscription 18,326   0 0  18,326  
Sponsorships 35,359  2,382  9,585  47,326  
CPM 23,390   0 8,736  32,126  
Other 1,098  4   0 1,103  
Revenue 244,333  106,789  20,364  371,487  
Cost 172,179  77,767  8,137  258,084            
Operating profit before depreciation, amortization and special 
items 72,155  29,022  12,227  113,403  
EBITDA-Margin before special items 30% 27% 60% 31%           
Special items, net - 10,849  - 37   0 - 10,886            
Operating profit  before depreciation and amortization 61,306  28,985  12,227  102,517  
EBITDA-Margin 25% 27% 60% 28% 
Depreciation 6,787  203   0 6,990            
Operating profit before amortization 54,518  28,782  12,226  95,527  
EBITA-Margin 22% 27% 60% 26% 
*2024 figures has been adjusted due to the new segmentation, where Esports has been carved out  from Publishing as a distinct segment. 
** Majority of costs related to support functions are presented under Publishing.

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

Q3 report 2025 Page 30  
2. Geographic segments 
Europe & Rest of World  and North America  
Better Collective’s products cover more than 30 languages and attract millions of users worldwide - with international 
brands with a global reach as well as regional brands with a national reach. Better Collective’s regional brands are tailored 
according to the specific regions or countries and their respective regulations, sports, betting behaviors, user needs, and 
languages. Better Collective reports on the geographical segments Europe & R oW (Rest of World)  and North America, 
measuring and disclosing separately for Revenue, Cost and Earnings.  
The performance for each segment is presented in the below tables: 
  Europe & RoW North America Group 
tEUR Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024               
Revenue Share 31,375  37,478  7,066  3,550  38,441  41,028  
CPA 14,500  12,645  3,995  5,475  18,495  18,120  
Subscription 704  645  3,177  3,342  3,882  3,986  
Sponsorships 5,215  5,275  4,321  4,788  9,536  10,063  
CPM 5,382  6,055  2,251  1,756  7,632  7,811  
Other 239  82  36  62  275  144  
Revenue 57,416  62,180  20,846  18,972  78,261  81,152  
Cost 40,114  39,005  17,502  19,814  57,617  58,820                
Operating profit before depreciation,  
amortization and special items 17,301  23,175  3,344  - 842  20,644  22,333  
EBITDA-Margin before special items 30% 37% 16% -4% 26% 28%               
Special items, net - 2,832  301  - 608  - 728  - 3,441  - 428                
Operating profit  before depreciation and 
amortization 14,469  23,476  2,735  - 1,571  17,203  21,905  
EBITDA-Margin 25% 38% 13% -8% 22% 27% 
Depreciation 1,981  1,922  - 359  359  1,622  2,281                
Operating profit before amortization 12,488  21,554  3,096  - 1,929  15,582  19,624  
EBITA-Margin 22% 35% 15% -10% 20% 24% 
 
 
 
 
 
 
 
 
 
  Europe & RoW North America Group 
tEUR YTD 2025 YTD 2024 YTD 2025 YTD 2024 YTD 2025 YTD 2024               
Revenue Share 101,689  118,657  15,099  13,565  116,788  132,222  
CPA 43,638  41,385  13,882  31,461  57,520  72,846  
Subscription 2,281  1,877  10,805  10,327  13,086  12,204  
Sponsorships 16,609  17,373  15,971  16,771  32,580  34,144  
CPM 15,716  16,796  5,897  6,441  21,613  23,236  
Other 643  443  170  209  813  653  
Revenue 180,575  196,532  61,825  78,773  242,401  275,305  
Cost 123,950  126,841  53,282  68,583  177,232  195,424                
Operating profit before depreciation,  
amortization and special items 56,625  69,691  8,543  10,190  65,168  79,881  
EBITDA-Margin before special items 31% 35% 14% 13% 27% 29%               
Special items, net - 5,002  930  - 2,063  - 4,360  - 7,065  - 3,429                
Operating profit  before depreciation and 
 amortization 51,623  70,621  6,480  5,830  58,103  76,451  
EBITDA-Margin 29% 36% 10% 7% 24% 28% 
Depreciation 4,195  4,461  1,142  922  5,336  5,383                
Operating profit before amortization 47,428  66,160  5,339  4,908  52,766  71,068  
EBITA-Margin 26% 34% 9% 6% 22% 26%

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

Q3 report 2025 Page 31  
2. Geographic segments, continued 
 
 
  Europe & RoW North America  Group 
tEUR 2024 2024 2024         
Revenue Share 159,671  20,612  180,283  
CPA 53,858  38,465  92,323  
Subscription 2,787  15,539  18,326  
Sponsorships 23,751  23,576  47,326  
CPM 23,250  8,877  32,126  
Other 822  281  1,103  
Revenue 264,138  107,349  371,487  
Cost 167,730  90,353  258,084          
Operating profit before depreciation,  
amortization and special items 96,407  16,996  113,403  
EBITDA-Margin before special items 36% 16% 31%         
Special items, net - 2,716  - 8,170  - 10,886          
Operating profit  before depreciation and 
 amortization 93,692  8,827  102,517  
EBITDA-Margin 35% 8% 28% 
Depreciation 5,794  1,196  6,990          
Operating profit before amortization 87,897  7,631  95,527  
EBITA-Margin 33% 7% 26% 
 
 
 
 
 
3. Revenue specification 
In accordance with IFRS 15 disclosure requirements, total revenue is split on revenue category and revenue types as fol-
lows: 
tEUR Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024             
Revenue category           
Recurring revenue (Revenue share, Subscription, CPM)  49,955  52,825  151,487  167,661  230,735  
CPA, Sponsorships 28,031  28,183  90,100  106,991  139,649  
Other 275  144  813  653  1,103  
Total revenue 78,261  81,152  242,401  275,305  371,487              
%-split           
Recurring revenue 64 65  62 61  62  
CPA, Sponsorships 36 35  38 39  38  
Other 0  0 0 0  0  
Total 100  100  100  100  100  
 
%-split Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024             
Revenue Share 49  51  48  48  49  
CPA 24  22  24  26  25  
Subscription 5  5  6  4  5  
Sponsorships 12  12  14  12  13  
CPM 10  10  8  8  8  
Other 0  0  0  0  0  
Total 100  100  100  100  100

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

Q3 report 2025 Page 32 
4. Special items
Sp
ecial items consist of recurring and non-recurring items that management does not consider to be part of Better Col-
lective’s ordinary operating activities, i.e. acquisition costs, adjustment of earn-out payments related to acquisitions, im-
pairments, disputes and restructuring costs are presented in the Income statement in a separate line item labelled ‘Spe-
cial items’. The impact of special items is specified as follows:  
tEUR Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024 
Operating profit 8,044  8,913  28,654  44,238  61,447  
Special Items related to: 
Special items related to M&A - 818 728  - 1,161 - 1,359 - 2,223 
Variable payments regarding acquisitions - income  0 115   0 19,114 19,114 
Special items related to Restructuring - 2,624 - 1,270 - 5,904 - 2,601 - 9,193
Special items related to impairment  0  0  0 - 18,584 - 18,584 
Special items, total - 3,441 - 428 - 7,065 - 3,429 - 10,886 
Operating profit (EBIT) before special items 11,485  9,340  35,720  47,667  72,334  
Amortization and impairment 7,537  10,712  24,112  26,830  34,080  
Operating profit before amortization  
and special items (EBITA before special items)  19,023  20,052  59,832  74,497  106,413  
Depreciation 1,622  2,281  5,336  5,383  6,990  
Operating profit before depreciation, amortization,  
and special items (EBITDA before special items)  20,644  22,333  65,168  79,881  113,403  
* In 2024 Better Collective and the founders and former owners of Playmaker HQ  agreed to renegotiate and settle the earn out due to 
underperformance from acquisition of SOME content producer and podcast maker Playmaker HQ (not to be confused with Playmaker 
Capital). The initial acquisition price of Playmaker HQ was 54mUSD of which 15mUSD was upfront cash. The final price agreed is 25mUSD  
(23m EUR). Consequently, Better Collective have performed an impairment test based on the reassessment, identifying an impair ment of 
20mUSD (18m EUR) for the CGU North America, recognized in Q2 2024. The net impact on special items is negative 2.4mEUR, resulting 
from the aforementioned goodwill impairment and the recognition of the remaining earn -out as income. 
Furthermore On October 28th, it was announced that Management has decided to streamline Better Collective’s business to identify and 
leverage synergies. Costs related to this amounted to 6 mEUR in Q4 2024, recognized as Special Items related to restructuring.  
5. Inc
ome tax
Tota
l tax for the period is specified as follows: 
tEUR Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024 
Tax for the period 1,934  2,447  1,273  7,513  8,850  
Tax on other comprehensive income - 80 -2,941 - 7,623 - 921 1,589  
Total 1,854  - 494 - 6,350 6,592  10,440  
Income tax on profit for the period is specified as follows: 
tEUR Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024 
Deferred tax 12  261  - 2,888 1,499  1,282  
Current tax 1,920  1,749  7,458 6,345  7,181  
Adjustment from prior years 2  437  - 3,297 - 331 387  
Total 1,934  2,447  1,273  7,513  8,850  
Tax on the profit for the period can be explained as follows: 
tEUR Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024 
Specification for the period: 
Calculated 22% tax of the result before tax 786  785  2,603  5,825  9,430  
Adjustment of the tax rates 
in foreign subsidiaries relative to the 22% - 542 - 167 558  361  - 3,731
Tax effect of:  0 
Special items 578   0 359   0 1,082  
Other non-taxable income - 434 - 348 - 434 - 652 - 670 
Other non-deductible costs 504 374 785 943 1,719 
Unrecognized tax losses carried forward 1,139  1,366  699 1,366  633  
Reassessment of unrecognized tax losses carried forward   0  0 - 2,285  0  0 
Adjustment of tax relating to prior periods - 97 437  - 1,012 -331 387  
Total 1,934  2,447  1,273  7,513  8,850  
Effective tax rate 54.1% 68.6% 10.8% 28.4% 20.6%

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

Q3 report 2025 Page 33  
 
6. Intangible assets 
tEUR Goodwill 
Domains 
and  
websites 
Accounts 
and other  
intangible 
assets* Total           
Cost or valuation         
As of January 1, 2025 380,138  553,886  211,066  1,145,089  
Additions  0  0 1,849  1,849  
Acquisitions through business combinations  0  0  0  0 
Transfer  0  0  0  0 
Disposals  0  0 - 13,809  - 13,809  
Currency Translation - 29,514  - 32,680  - 4,234  - 66,428  
At September 30, 2025 350,624  521,206  194,873  1,066,702  
          
Amortization and impairment         
As of January 1, 2025 19,150   0 93,438  112,588  
Amortization for the period  0  0 23,574  23,574  
Impairment for the period  0  0  0  0 
Amortization on disposed assets  0  0 - 9,671  - 9,671  
Currency translation -2,115  0 - 7  - 2,123  
At September 30, 2025 17,035   0 107,334  124,369  
          
Net book value at September 30, 2025 333,590 521,206  87,539  942,333  
 *Accounts and other intangible assets consist of accounts ( 48,812 tEUR), Media Partnerships (34,517 tEUR), Development projects  
(3,931 tEUR) and software and others (278 tEUR) 
 
 
 
 
 
 
 
tEUR Goodwill 
Domains 
and  
websites 
Accounts 
and other  
intangible 
assets* Total           
Cost or valuation         
As of January 1, 2024 255,074  466,615  140,065  861,754  
Additions  0  0 29,149  29,149  
Acquisitions through business combinations 110,233  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  237,686  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 (53,521tEUR) and software and others  
(5.795 tEUR)

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Q3 report 2025 Page 34  
 
7. Non-current liabilities and other current financial liabilities 
Debt to credit institutions 
On 30 September Better Collective entered into a new 3 year committed club facility of 319 mEUR and a 80 mEUR higher 
accordion option with Nordea and Nykredit. The new club facility expire October 2028 and include an option to extent one 
additional year. As per September  30, 2025, Better Collective has drawn 2 59 mEUR (2024: 260). Better Collective has 
entered into two hedging contracts regarding the interest rate risk expiring October 2026, with a nominal amount of 550 
mDKK each securing the interest rate at 2.32% and 2.34% respectively.  
Lease liabilities  
Non-current and current lease liabilities, of 9 mEUR (Q3 2024: 15 mEUR) and 4 mEUR (Q3 2024: 4 mEUR) respectively.  
Deferred Tax liability 
Deferred tax liability as of September 30, 2025, amounted to 82 mEUR (Q3 2024: 100 mEUR). The change from January 1, 
2025, originates from changes in deferred tax related to acquisitions, amortization of accounts from acquisitions, and de-
ferred tax changes in the  Parent Company, Better Collective US, Inc  and Playmaker Capital. The deferred tax liability is 
positive impacted by a reassessment of non-deductible foreign currency exchange losses. 
Deferred Tax asset  
Deferred tax asset as of September 30, 2025, amounted to 5 mEUR (Q3 2024: 4 mEUR). The change from January 1, 2025, 
originates from changes in Playmaker Capital.  
Other financial liabilities  
As per September 30, 2025, other non-current and current financial liabilities amounted to 39 mEUR (Q3 2024: 71 mEUR) 
due to deferred and variable payments related to acquisitions and media partnerships. The decrease from January 1, 2025, 
is mainly related to changes in earn outs and media partnerships. 
Fair Value of financial assets and liabilities is measured based on level 3 - Valuation techniques. In all material aspects the 
fair value of the financial assets and liabilities is considered equal to the booked value. 
The fair value of  financial instruments is measured based on level 2. The fair value is measured according to generally 
accepted valuation techniques. Market-based input is used to measure the fair value. 
 
8. Note to cash flow statement 
tEUR Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024             
Acquisition of business combinations:           
Net Cash outflow  
from business combinations at acquisition  0  0  0 - 70,318  - 70,318  
Business Combinations  
deferred payments from current period  0  0  0  0  0 
Deferred payments  
- business combinations from prior periods - 356  - 900  - 8,766  - 47,081  - 50,133  
Total cash flow from business combinations - 356  - 900  - 8,766  - 117,399  - 120,451              
Acquisition of intangible assets:           
Acquisitions through asset transactions  0 - 5,806   0 - 5,806  - 5,806  
Deferred payments related to acquisition value   0  0  0  0  0 
Deferred payments  
- acquisitions from prior periods - 426  - 8,500  - 426  - 8,500  - 8,500  
Other investments - 4,418  - 6,250  - 14,306  - 14,283  - 19,226  
Total cash flow from intangible assets - 4,844  - 20,556  - 14,732  - 28,588  - 33,532

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

Q3 report 2025 Page 35  
Financial statements for the period  
 
Income statement – Parent company  
 
tEUR Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024             
Revenue 26,245  29,269  78,505  96,033  129,221              
Other operating income 4,641  3,108  14,061  9,352  21,435              
Direct costs related to revenue 5,421  5,000  13,557  16,620  21,306  
Staff costs  11,830  12,656  36,365  38,229  52,240  
Depreciation 787  1,176  2,370  2,375  2,978  
Other external expenses 6,052  5,762  17,585  18,645  26,487              
Operating profit before amortization (EBITA) and special 
items 6,797  7,783  22,688  29,516  47,645              
Amortization 3,094  4,168  9,235  10,147  13,420              
Operating profit (EBIT) before special items 3,703  3,614  13,453  19,370  34,225              
Special items, net - 282  - 50  - 1,263  1,895  960              
Operating profit 3,421  3,565  12,190  21,265  35,186  
Financial income 6,599  6,090  29,175  47,225  80,222  
Financial expenses 5,553  18,236  54,749  32,180  34,749  
            
Profit before tax 4,467  - 8,581  - 13,384  36,310  80,658  
Tax on profit for the period 117  - 1,067  - 9,046  2,838  9,549              
Profit for the period 4,350  - 7,515  - 4,338  33,472  71,109  
 
 
 
 
Statement of other comprehensive income 
 
tEUR Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024             
Profit for the period 4,350  - 7,515  - 4,338  33,472  71,109  
            
Other comprehensive income           
Other comprehensive income that may be  
reclassified to profit or loss in subsequent periods:           
Fair value adjustment of hedges for the year  261  - 537  - 81  - 54  - 180  
Currency translation to presentation  
currency - 247  33  - 197  - 2,477  - 2,688  
Income tax - 42  118  18  118  146  
Net other comprehensive income/loss - 28  - 386  - 260  - 2,413  - 2,722  
Total comprehensive income/(loss) for the period, net of tax 4,322  - 7,901  - 4,598  31,058  68,387

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

Q3 report 2025 Page 36  
 
Statement of financial position – Parent company 
tEUR Q3 2025 Q3 2024 2024         
Assets               
Non-current assets       
Intangible assets       
Goodwill 17,783  17,805  17,795  
Domains and websites 167,975  169,180  169,227  
Accounts and other intangible assets 33,224  49,976  46,543  
Total intangible assets 218,983  236,960  233,565          
Tangible assets       
Right of use assets 6,255  9,057  7,750  
Fixtures and fittings, other plant and equipment 2,028  3,132  2,891  
Total tangible assets 8,283  12,189  10,641          
Financial assets       
Investments in subsidiaries 376,837  375,991  377,085  
Receivables from subsidiaries 349,351  347,098  372,121  
Deposits 1,013  958  1,000  
Total financial assets 727,201  724,047  750,206          
Total non-current assets 954,467  973,197  994,413          
Current assets       
Trade and other receivables 16,623  15,262  22,089  
Receivables from subsidiaries 42,140  22,897  39,698  
Tax receivable 5,526  2,580   0 
Prepayments 2,587  3,384  3,220  
Cash 2,979  18,134  12,667  
Total current assets 69,855  62,256  77,675          
Total assets 1,024,323  1,035,452  1,072,088  
 
 
 
 
 
 
 
 
 
 
 
 
tEUR Q3 2025 Q3 2024 2024         
Equity and liabilities               
Equity       
Share Capital 620  631  631  
Share Premium 469,444  469,460  469,460  
Reserves - 28,634  - 16,449  - 23,876  
Retained Earnings 237,960  222,002  260,171  
Total equity 679,392  675,645  706,387          
Non-current Liabilities       
Debt to credit institutions 258,896  260,100  259,691  
Lease liabilities 4,545  7,123  6,043  
Deferred tax liabilities 11,067  15,582  18,375  
Other non-current financial liabilities 25,082  199  34,887  
Total non-current liabilities 299,590  283,004  318,996          
Current Liabilities       
Prepayments received from customers and deferred revenue  7,216  2,012  4,612  
Trade and other payables 6,562  4,707  6,302  
Payables to subsidiaries 20,128  15,453  17,579  
Tax payable  0 906  2,433  
Other current financial liabilities 9,452  51,671  13,856  
Lease liabilities 1,982  2,054  1,924  
Total current liabilities 45,342  76,803  46,705  
Total liabilities 344,932  359,806  365,701  
Total equity and liabilities 1,024,323  1,035,452  1,072,088

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

Q3 report 2025 Page 37  
 
Statement of changes in equity – Parent company 
tEUR 
Share  
capital 
Share  
premium 
Currency 
transla-
tion re-
serve 
Hedging 
reserves 
Treasury  
shares 
Retained 
earnings 
Total  
equity                 
As of January 1, 2025 631  469,460  - 3,024  - 517  - 20,336  260,171  706,387  
Result for the period  0  0  0  0  0 - 4,338  - 4,338  
                
Fair value adjustment of 
hedges  0  0  0 - 81   0  0 - 81  
Foreign currency translation  0  0 - 197   0  0  0 - 197  
Tax on other  
comprehensive income  0  0  0 18   0  0 18  
Total other  
comprehensive income  0  0 - 197  - 63   0  0 - 260  
Total comprehensive income for the year  0  0 - 197  - 63   0 - 4,338  - 4,598  
                
Transactions with owners               
Capital Decrease - 11  - 16   0  0 20,336  - 20,309   0 
Acquisition of treasury shares  0  0  0  0 - 24,945   0 - 24,945  
Disposal of treasury shares  0  0  0  0 112   0 112  
Share based payments  0  0  0  0  0 2,460  2,460  
Transaction cost  0  0  0  0  0 - 25  - 25  
Total transactions with owners - 11  - 16   0  0 - 4,497  - 17,874  - 22,398  
                
At September 30, 2025 620 469,444  - 3,221  - 580  - 24,833  237,960  679,392  
During the period no dividend was paid. 
 
 
 
 
 
 
 
 
 
tEUR 
Share  
capital 
Share  
premium 
Currency 
transla-
tion re-
serve 
Hedging 
reserves 
Treasury  
shares 
Retained 
earnings 
Total  
equity                 
As of January 1, 2024 554  274,580  - 336  - 483  - 21,057  189,952  443,211  
Result for the period  0  0  0  0  0 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.

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Better Collective uses and communicate certain Alternative Performance Measures (“APM”), which are not defined un-
der IFRS. Such are not to replace performance measures defined and under IFRS. The APM’s may not be indicative of 
the group’s historical operating results, nor are such measures meant to be predictive of the group’s future results. The 
group believes however that the APMs are useful supplemental indicators that may be used to assist in evaluating a 
company’s future operating performance, and its ability to service its debt. Accordingly, the APMs are disclosed to per-
mit a more complete and comprehensive analysis of the group’s operating performance, consistently with how the 
group’s business performance is evaluated by the Management. The group believes that the presentation of these APMs 
enhances an investor’s understanding of the group’s operating performance and the group’s ability to service its debt. 
Accordingly, the group discloses the APM’s to permit a more complete and comprehensive analysis of its operating 
performance relative to other companies and across periods, and of the group’s ability to service its debt. However, 
these APM’s may be calculated differently by other companies and may not be comparable with APM’s with similarly 
titled measures used by other companies. The group’s APMs are not measurements of financial performance under IFRS 
and should not be considered as alternatives to other indicators of the Company’s operating performance, cash flows or 
any other measures of performance derived in accordance with IFRS. T he group’s APM’s have important limitations as 
analytical tools, and they should not be considered in isolation or as substitutes for analysis of the group’s results of 
operations as reported under IFRS. Our currently applied APM’s are summarized and described below. 
Alternative Performance Measures 
Alternative  
Performance Measure Description SCOPE 
Operating profit  
before amortization 
(EBITA) 
Operating profit plus amortizations Better Collective reports this APM to allow mon-
itoring and evaluation of the Group’s operational 
profitability. 
Operating profit  
before amortizations 
margin (%) 
Operating profit before amortizations / 
revenue 
This APM supports the assessment and monitor-
ing of the Group’s performance and profitability 
Free Cash Flow EBITDA before special items adjusted for 
net acquisition of business and intangible 
assets, net working capital and other con-
tingent liabilities (media partnerships, 
lease liability etc.), repayments, interest 
and tax. 
This APM supports the assessment of the Group’s 
ability to create a free cash flow. 
Alternative  
Performance Measure Description SCOPE 
EBITDA before  
special items 
EBITDA adjusted for special items This APM supports the assessment and monitor-
ing of the Group’s performance as well as profit-
ability excluding special items that do no stem 
from ongoing operations, providing a more com-
parable measure over time. 
Operating profit  
before amortizations  
and special items  
margin (%) 
Operating profit before amortizations and 
special items / revenue 
This APM supports the assessment and monitor-
ing of the Group’s performance as well as profit-
ability excluding special items that do no stem 
from ongoing operations, providing a more com-
parable measure over time. 
Special items Items that are considered not part of on-
going business 
Items that are not part of ongoing business, e.g. 
cost related to M&A and restructuring, adjust-
ments 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 cur-
rent 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 be-
fore 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 
period previous year. Organic growth from 
acquired companies or assets are calcu-
lated from the date of acquisition meas-
ured against the historical baseline perfor-
mance. 
Reported to measure the ability to generate 
growth from existing business 
Alternative Performance Measures  
and Definitions

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

Q3 report 2025 Page 39  
Alternative  
Performance Measure Description SCOPE 
Recurring revenue Recurring revenue is a combined set of 
revenues that is defined as recurring as 
management considers that the sources of 
these revenue streams will continuously 
generate revenue over a variable period of 
time and size e.g. if players continue to bet 
with gaming operators with which BC has 
revenue share agreements, customers 
continue current subscriptions or if BC on 
a current basis receive revenues from cus-
tomers having current marketing agree-
ments in respect of banners, etc. on the 
group’s websites. Accord ingly, it includes 
Revenue share income, CPM /Advertising 
and subscription revenues. 
The group reports this APM to distinguish be-
tween what management consider as recurring 
revenue streams and what management con-
sider as non-recurring revenue streams, e.g. rev-
enues reflecting one-time settlements with gam-
ing operators. 
CLV The Customer Lifetime Value (CLV) shows 
expected revenue generated throughout 
the lifetime of a New Depositing Cus-
tomer (NDC). This measure is pivotal for 
understanding how much value a NDC is 
anticipated to bring to the Group. The 
prerequisites going into the CLV are a 
number of factors such as average value, 
average frequency, NDC lifespan and 
churn rate. 
 
Average revenue per NDC x NDC lifespan 
A key figure to assess the value of NDCs gener-
ated by the Group, providing critical insights into 
NDC profitability. It allows the Group to identify 
the most valuable segments and optimize mar-
keting strategies 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 manage-
ment 
Executives that are registered with the Danish Company register  
Company Better Collective A/S, a company registered under the laws of Denmark

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

Q3 report 2025 Page 40  
 
 
 
 
Better Collective A/S 
Sankt Annæ Plads 28 
1250 Copenhagen K 
Denmark 
CVR no 27 65 29 13 
+45 29 91 99 65 
info@bettercollective.com 
bettercollective.com