FULLTEXT DEL 1 AV 1
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
===== SIDA 13 =====
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 =====
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Notes
1. General information
Better Collective A/S is a limited liability company and is incorporated in Denmark. The parent company and its
subsidiaries (referred to as the “Group” or “Better Collective”) engage in online performance marketing. Better Collective’s
vision is to become the leading digital sports media group.
Basis of preparation
The Interim Report (condensed consolidated interim financial statements) for the period January 1 – 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 =====
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2. Operating segments
Publishing , Paid Media and Esport s
Better Collective operates three distinct business models for customer acquisition, each with unique earnings profiles:
Publishing, Paid Media, and Esports. Publishing generates revenue from Better Collective’s owned and operated sports
media network and its media partnerships. Paid Media involves purchasing advertising on search engines, social media,
and third-party sports media platforms, thereby operating with a lower gross margin. Due to recent organizational re-
structuring, Esports will be reported separately. Esports has been carved out from Publishing. This change reflects our
strategic commitment to capitalizing on growth opportunities within Esports.
The performance for each segment is presented in the below tables:
Publishing** Paid Media Esports Group
tEUR 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.
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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 =====
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2. Operating segments, continued
Publishing** Paid Media Esports Group
tEUR 2024* 2024 2024 2024
Revenue Share 125,676 52,598 2,009 180,283
CPA 40,485 51,804 33 92,323
Subscription 18,326 0 0 18,326
Sponsorships 35,359 2,382 9,585 47,326
CPM 23,390 0 8,736 32,126
Other 1,098 4 0 1,103
Revenue 244,333 106,789 20,364 371,487
Cost 172,179 77,767 8,137 258,084
Operating profit before depreciation, amortization and special
items 72,155 29,022 12,227 113,403
EBITDA-Margin before special items 30% 27% 60% 31%
Special items, net - 10,849 - 37 0 - 10,886
Operating profit before depreciation and amortization 61,306 28,985 12,227 102,517
EBITDA-Margin 25% 27% 60% 28%
Depreciation 6,787 203 0 6,990
Operating profit before amortization 54,518 28,782 12,226 95,527
EBITA-Margin 22% 27% 60% 26%
*2024 figures has been adjusted due to the new segmentation, where Esports has been carved out from Publishing as a distinct segment.
** Majority of costs related to support functions are presented under Publishing.
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2. Geographic segments
Europe & Rest of World and North America
Better Collective’s products cover more than 30 languages and attract millions of users worldwide - with international
brands with a global reach as well as regional brands with a national reach. Better Collective’s regional brands are tailored
according to the specific regions or countries and their respective regulations, sports, betting behaviors, user needs, and
languages. Better Collective reports on the geographical segments Europe & R oW (Rest of World) and North America,
measuring and disclosing separately for Revenue, Cost and Earnings.
The performance for each segment is presented in the below tables:
Europe & RoW North America Group
tEUR 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 =====
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2. Geographic segments, continued
Europe & RoW North America Group
tEUR 2024 2024 2024
Revenue Share 159,671 20,612 180,283
CPA 53,858 38,465 92,323
Subscription 2,787 15,539 18,326
Sponsorships 23,751 23,576 47,326
CPM 23,250 8,877 32,126
Other 822 281 1,103
Revenue 264,138 107,349 371,487
Cost 167,730 90,353 258,084
Operating profit before depreciation,
amortization and special items 96,407 16,996 113,403
EBITDA-Margin before special items 36% 16% 31%
Special items, net - 2,716 - 8,170 - 10,886
Operating profit before depreciation and
amortization 93,692 8,827 102,517
EBITDA-Margin 35% 8% 28%
Depreciation 5,794 1,196 6,990
Operating profit before amortization 87,897 7,631 95,527
EBITA-Margin 33% 7% 26%
3. Revenue specification
In accordance with IFRS 15 disclosure requirements, total revenue is split on revenue category and revenue types as fol-
lows:
tEUR 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
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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%
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6. Intangible assets
tEUR Goodwill
Domains
and
websites
Accounts
and other
intangible
assets* Total
Cost or valuation
As of January 1, 2025 380,138 553,886 211,066 1,145,089
Additions 0 0 1,849 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)
===== SIDA 34 =====
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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 =====
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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 =====
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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.
===== SIDA 38 =====
Q3 report 2025 Page 38
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