Kvartalsrapport Q4 2023

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Playmaker HQ and Shaquille O’Neal have  
partnered to launch “The BIG Podcast”  
 
 
 
February 21, 2024  
Better Collective A/S  
Sankt Annæ Plads 28-30, 1250 Copenhagen K 
(DK) 
 
www.bettercollective.com 
CVR NO.:  27 65 29 13 
 
Better Collective  
Interim report Q4 2023 
Q4  
• Strong performance with revenue of 85m EUR made it possible to exceed  
the 2023 revenue target 
• Recurring revenue of 47 mEUR; growth of 15% 
• EBITDA before special items 30 mEUR; down 16%; EBITDA-margin 35%;  
EBITDA ended in the high end of the range for the year 
• January trading; Revenue 27 mEUR, down 27%, following tough comparisons  
from strong launch of sports betting in Ohio last year 
2023 
• Revenue 327 mEUR, up 21%; on top of 52% growth the year prior  
• Recurring revenue 189 mEUR; growth of 47%  
• EBITDA before special items 111 mEUR; up 31%; EBITDA-margin 34% 
• 2023 financial targets; Revenue exceeded (315-325 mEUR), 
EBITDA in the high end of the target range (105-115 mEUR), debt target met (<2x) 
• 2024 financial targets; Revenue 390-420 mEUR (19-29% growth), EBITDA before  
special items 125-135 mEUR (13-22% growth), net debt to EBITDA below 3x

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Q4 report 2023 Page 1  
*Before special items 
 
 Revenue 
mEUR 
EBITDA* 
mEUR 
 
Recurring revenue 
mEUR

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Q4 report 2023 Page 2  
Highlights Q4, 2023   3 
Significant events after close 3 
Financial highlights and key figures 4 
CEO letter 5 
Business review and financial performance 7 
Financial targets 12 
Other 13 
Condensed interim financial statements  16 
Notes 20 
 
A conference call for Better Collective’s stakeholders 
will be held on February 22, at 10:00 a.m. CET  and can 
be joined online here. 
To participate telephonically follow  this link . Once 
signed up you will receive an e-mail with a phone num-
ber and a personal dial-in code for the call. 
The presentation material for the webcast will be avail-
able after market close on February 21 via: 
www.Bettercollective.com  
Upcoming events 
• March 20, 2024, Annual Report release 
• May 21, 2024, Q1 release 
• August 21, 2024, Q2 release  
  
   
Table of  
contents   Q4 webcast  
February 22, 2024 
Q4 report 2023 Page 2

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Q4 report 2023 Page 3  
Highlights Q4, 2023 
Group revenue was flat at 85 mEUR (Q4 2022: 86 mEUR) 
with organic revenue growth of -7%. In constant curren-
cies revenue was negatively impacted by 2%-points. The 
strong performance made it possible to exceed  the full 
year guidance on revenue. 
Recurring revenue was 4 7 mEUR, posting 15% growth, 
implying higher quality revenue.  Recurring revenue 
makes up 56% of total group revenue.  
Group EBITDA before special items was 30 mEUR, down 
16% versus the year before (Q4 2022: 35  mEUR). The 
group EBITDA- margin before special items was 3 5%. 
EBITDA was mainly impacted by the ongoing transition 
to revenue share in the US  and the tough comparison 
from the Ohio state launch pre-registration.  
Cash flow from operations before special items was 3 8 
mEUR (Q4 2022: 21 mEUR). The cash conversion was 
124%. By the end of 2023, capital reserves stood at 122  
mEUR of which cash of 43  mEUR, and other current  fi-
nancial assets of 7 mEUR and unused credit facilities of 
72 mEUR.  
New depositing customers (NDC) numbered more than 
483,000 down 17% on tough comparisons as Better Col-
lective sent more than 300,000 NDCs during the World 
Cup 2022. Of the 483 ,000, 80% were sent on revenue 
share contracts. During 2023,  Better Collective sent a 
record-breaking 1.9 million NDCs up 14 % out of which 
83% were sent on revenue share contracts. 
The North American contractual transition towards rev-
enue share continues at fast pace. In terms of NDCs, Bet-
ter Collective sent 483,000 NDCs during the quarter. Of 
this 115,000 were sent in the US, where 55% of those 
were on revenue share contracts. This equal g rowth in 
North American revenue share NDCs of 66%.  
Special items amounted to an expense of 1.9 mEUR (YTD 
2022: -54 tEUR). The net expense of 1.9 mEUR is primar-
ily related to M&A expenses of 10.2 mEUR, dual listing in 
Copenhagen of 1.1 mEUR and restructuring of 0.5 mEUR 
as well as an income related to reversal of an earn-out in 
FUTBIN of 9.9 mEUR. The earn -out was related to cer-
tain extraordinarily high-performance criteria that will 
not be met. 
Better Collective made its second largest acquisition to 
date, in a transaction to acquire Playmaker Capital for a 
total price consideration of 176 mEUR. Playmaker Capi-
tal is a leading digital sports media group that owns and 
operates several strong sports media brands across the 
Americas. The acquisition will be transformational for 
Better Collective and will strengthen the group’s market 
leading position in North America, while also taking 
market leadership in South America. The closing of the 
transaction happened post-closing of Q4. 
Mindway AI, the Better Collective owned safer gambling 
software provider, entered a strategic partnership with 
the United States’ National Council on Problem Gam-
bling (NCPG). The partnership will see the integration of 
Gamalyze, into NCPG’s flagship responsible gambling 
website; responsiblePlay.org  
In late September, Better  Collective announced its in-
tention to carry out a dual listing of the group’s shares 
on Nasdaq Copenhagen, in addition to the current listing 
on Nasdaq Stockholm. The first day of trading on 
Nasdaq Copenhagen was November 17, 2023.  
Significant events 
after close 
January revenues came in at 27  mEUR, implying a de-
cline of 27 %. This was mainly impacted by tough com-
parisons from January last year where the group saw a 
huge boost from the Ohio launch making it the strongest 
month ever. Further this is impacted  by the ongoing 
transition towards revenue share in the US. While North 
America was impacted, Europe & ROW grew 12% assum-
ing the same sports win margin as January last year. This 
will be the last time Better Collective reports on trading 
for the first month of the following quarter due to big 
fluctuations within quarters like seen in Q4 2023. 
The transaction of Playmaker Capital closed on February 
6, 2024 , following which  Playmaker Capital has been 
consolidated into the Better Collective group.  All rele-
vant information about the closing  and share issue  can 
be found in the regulatory release no 2/2024.  
Following the close of the Playmaker Capital transac-
tion, Better Collective revisited its long -term financial 
targets for the per iod 2023-2027. The upgraded long -
term financial targets are as follow:  
• Revenue CAGR of +20% (unchanged) 
• EBITDA margin before special items of 35-40% 
(previously 30-40%) 
• Net debt to EBITDA below 3 (unchanged). 
Better Collective announced a new major shareholder as 
BLS Capital Fondsmæg lerselskab A/S now has 6.7% of 
the voting rights. 
 
Better Collective is now  included in the Nasdaq Stock-
holm and Nasdaq Copenhagen Large Cap Index with 
companies that have a market cap higher than 1 bnEUR. 
 
HLTV, the leading es port community for CS:GO, suc-
cessfully hosted its 2023 Award Show  in Belgrade, Ser-
bia, to celebrate and pay tribute to the legends of the 
global Counter-Strike scene.

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Q4 report 2023 Page 4  
Financial highlights and key figures 
tEUR Q4 2023 Q4 2022 2023 2022 
          
Income statements         
Revenue 85,195  86,140  326,686  269,297  
Recurring revenue 47,402  41,314  189,267  128,534  
Revenue Growth (%) -1% 63% 21% 52% 
Organic Revenue Growth (%) -7% 44% 13% 34% 
Operating profit before depreciation, amortization,  
and special items (EBITDA before special items)  29,514  35,183  111,080  85,075  
Operating profit before depreciation  
and amortization (EBITDA) 29,914  36,793  109,132  85,021  
Depreciation 1,347  728  3,958  2,321  
Operating profit before amortization  
and special items (EBITA before special items)  28,168  34,455  107,122  82,754  
Special items, net 399  1,610  - 1,948  - 54  
Operating profit before amortization (EBITA) 28,567  36,065  105,174  82,700  
Amortization and impairment 7,969  3,625  24,283  12,347  
Operating profit before special items  
(EBIT before special items)  20,199  30,829  82,839  70,407  
Operating profit (EBIT) 20,598  32,439  80,891  70,353  
Result of financial items - 6,896  - 3,428  - 22,881  - 5,389  
Profit before tax 13,702  29,012  58,010  64,964  
Profit after tax 7,491  20,279  39,835  48,075  
Earnings per share (in EUR) 0.14  0.37  0.74  0.88  
Diluted earnings per share (in EUR) 0.13  0.36  0.70  0.85  
For a definition of financial key figures and ratios, please refer to page 34. 
 
 
tEUR Q4 2023 Q4 2022 2023 2022 
Balance sheet         
Balance Sheet Total 937,862  785,229  937,862  785,229  
Equity 435,273  412,917  435,273  412,917  
Current assets 105,812  95,025  105,812  95,025  
Current liabilities 103,493  65,068  103,493  65,068  
Net interest bearing debt 221,133  177,879  221,133  177,879  
Cashflow         
Cash flow from operations before special items 37,525  20,997  119,384  69,816  
Cash flow from operations 34,781  20,515  114,639  68,423  
Investments in tangible assets - 1,003  - 541  - 5,143  - 1,788  
Cash flow from investment activities - 24,546  - 3,052  - 106,248  - 112,632  
Cash flow from financing activities - 361  - 5,033  29,334  65,737            
Financial ratios         
Operating profit before depreciation,  
amortization (EBITDA) and special items margin (%) 35% 41% 34% 32% 
Operating profit before amortization margin (EBITDA) (%) 35% 43% 33% 32% 
Operating profit margin (%) 24% 38% 25% 26% 
Publishing segment  
- EBITDA before special items margin (%) 38% 49% 37% 38% 
Paid media segment  
- EBITDA before special items margin (%) 28% 23% 29% 16% 
Net interest bearing debt / EBITDA before special items 1.99 2.09 1.99 2.09 
Liquidity ratio 1.02 1.46 1.02 1.46 
Equity to assets ratio (%) 46% 53% 46% 53% 
Cash conversion rate before special items (%) 124% 58% 103% 80% 
Average number of full-time employees 1,211  943  1,252  878  
NDCs (thousand) 483  581  1,916  1,683

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Q4 report 2023 Page 5  
CEO letter 
 
A successful year 
anchored in strong 
profitable growth and 
strategic investments 
for the future 
After a remarkable ending to 2022 driven by the suc-
cessful men’s soccer World Cup, we initially scaled back 
our growth expectations for 2023. O ur financial targets 
by early 2023 anticipated topline of 290-300 mEUR and 
EBITDA of 90-100 implying growth of 9-11% and EBITDA 
growth of 6-18%. However, the exceptional efforts of the 
Better Collective group once again exceeded our expec-
tations, resulting in a revision of  our targets upwards , 
not once but twice during the year. 
The first revision took place with the acquisition of Sky-
con, increasing the revenue range by 15 m EUR and the 
EBITDA range by 5 mEUR. In June, we experienced out-
standing group performance, prompting us to further 
upgrade our targets with both the revenue and EBITDA 
ranges, seeing a positive adjustment of 10 mEUR. We 
closed 2023 just above the revenue target at 327 mEUR 
and with EBITDA of 111 mEUR in the high end of the 
range. This implies growth of 21% and 31% respectively.  
During the year we saw strong profitable growth in all 
areas of Better Collective as the group delivered its 
highest revenue and EBITDA ever while continuously 
making progress towards our vision of becoming the 
leading digital sports media group. Our global audience 
grew by an astonishing 270  million monthly visits both 
organically and through M&A, making us reach a sports 
audience of roughly 400 million monthly visits. 
We have continuously been investing in the future , 
sending a record number of new depositing customers 
(NDCs) to our partners on recurring revenue share con-
tracts. The NDCs during the full year grew 14% of which 
83% were on revenue share. Our recurring revenue - 
mainly stem ming from revenue share income - grew 
47% to 18 9 mEUR, making our result of higher quality 
compared to last year. We estimate that a database of 
revenue share NDCs turns profitable 12 -18 months out, 
hence it is worth noting that most of our revenue share 
income stems from NDCs sent prior to 2022. Therefore, 
I am very optimistic about the future as we have sent 
more than 3  million revenue share NDCs during 2022 
and 2023 which in turn will increase the “snowball” of 
recurring revenues moving forward . This means we in 
the past two years have sent more NDCs than we have 
accumulated from our beginning in 2004 and up until 
2022.  
One of our core objectives for 2023  was to establish a 
physical presence in South America  as well as securing 
leading sports brands in this region. During Q1, a mem-
ber of our management moved to Rio de Janeiro to put 
together a regional team, and it has already turned out 
to be beneficial to have feet on the ground. We now 
have two offices in Brazil, in Rio de Janeiro and São 
Paulo. Intensifying on our South American efforts  has 
made us better capable at integrating Playmaker Capi-
tal’s South American business, “Futbol Sites”, with its re-
gional audience of more than 180 million monthly visits 
from sport fans and its large organization anchored in 
Buenos Aires. Additionally , our  media partnerships in 
South America have continued to perform well. We have 
paved the way for a clear market leading position in and 
we are geared to play an even bigger role as the Brazil-
ian iGaming regulation is expectedly approaching.  
Since 2018, more than 30 US states have launched online 
sports betting and during this phase we have worked to 
perfect our commercial efforts during launch es. This 
year, we delivered our strongest monthly revenue of 37 
mEUR in January, driven by the launch of onli ne sports 
betting in Ohio. Our previous revenue record was set in 
January 2022 as the New York state launched, landing 
at 31 mEUR. As we steadily transition to revenue share 
contracts in North America, we will see tough Q1 com-
parisons. Despite this  the entire group  still expects 
strong NDC -growth, strong growth in revenue share 
build-up, and growth in absolute revenue and profits for 
the full year . During Q4 we have sent 115,000 NDCs of 
which 55% were on revenue share contracts. This 
transition will prove to be crucial for Better Collective to 
ensure a long-term sustainable business in the region -  
just as it has for our operations in the rest of the world  
during the past decade. We are confident that this is the 
right strategy for us to take part in the underlying mar-
ket growth and future opportunities within iGaming and 
beyond.  
The European markets delivered  strong growth 
throughout the year in both owned and operated sports 
brands and media partnerships.  Even Q4 grew  14% of 
which 4% organically on the very t ough comparison 
from the World Cup. We have seen success in acquiring 
national sports media and integrating these on our tech 
platforms, which immediately has created better Google 
rankings and strong audience growth. This is a topic we 
will dive more into in the 2023 Annual Report. It is a 
pleasure to have such a strong business in our core re-
gion, making it possible to absorb the North American 
revenue share transition as well as our many invest-
ments. 
Seven acquisitions take us 
closer to our vision  
2023 was an acquisitive year fo r Better Collective , ac-
quiring seven businesses for a consideration of up to 
298 mEUR. These businesses and brands have their own 
stake in realizing our vision to become the leading digi-
tal sports media group.

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Q4 report 2023 Page 6  
The acquisition of the global display advertising com-
pany, Skycon, provided our Paid Media division with 
great knowledge and intel within a new field and ex-
panded the addressable market. The integration was 
swift, and the company has out performed our expecta-
tions.  
The acqui sitions of strong sports media brands in the 
Nordics and emerging markets  secured our position as 
a market lead er in this region. We have seen great 
trends in audience growth as well as  monetization and 
we have been approached by new customers to discuss 
collaborations. 
Playmaker HQ is a content and social media company, 
which provided the group with greater knowledge 
within these areas and expanded our reach to new plat-
forms. We are extremely excited to have announced a 
new Podcast series with the basketball legend, Shaquille 
O’Neill. 
The acquisition of Torcedores, a Brazilian sports media, 
provided intel on the market as well as an office in Sao 
Paolo. Following integration into our tech stack the au-
dience has grown an astonishing +170% over a few 
months, while we have decreased operational costs by 
35%. 
Playmaker Capital is a group of strong sports media 
brands. The group has the biggest sports media 
audience in South America as well as strong North 
American brands. The acquisition doubles Better Collec-
tive’s global reach to nearly  400 million monthly visits. 
With the acquisition we secured the market leading po-
sition in South America and cemented our leading posi-
tion in North America. The deal closed after Q4. 
AdVantage shows a promising 
start 
I have previously expressed that our extensive reach de-
serves an in -house AdTech platform, and developing 
such a platform  has been a  strategic initiative we  
launched during 2023. Our audience has more than dou-
bled, making the proposition even more relevant. During 
2023, we absorbed the project  investments in building 
our internal AdTech platform, “AdVantage”, while  al-
ready having secured proof of concept. The develop-
ment of the platform was demand-driven, with many in-
coming requests from different brands wanting to reach 
our audience.  
AdVantage will enable us to better cater and serve tar-
geted and contextual content and advertising.  The first 
AdVantage campaigns have been run on our brands and 
media partnerships ac ross eight markets.  If successful, 
the platform will optimize our third-party agency rela-
tions, and we will rid ourselves of most of the interme-
diary fees. Being able to do more direct advertising, we 
also expect a significantly higher CPM than currently  
achieved. Our long-term ambition with AdVantage is to 
become the go -to par tner for organizations searching 
for sports audience exposure and sports fan engage-
ment. Currently, we only run ads on our esport brands 
but moving forward this will expand to most of  our 
owned and operated sports brands, and ideally in t he 
long run also all our media partnerships. 
Integrating, innovating, and 
investing in the future 
Following the seven acquisitions made during 2023 , 
2024 calls for consolidation and integration. It is time to 
harvest the fruits through tech platform migration and 
optimization of revenue models, resulting in audience 
growth and improved monetization. 2024 will also be a 
year where we continue our innovation and investments 
into AdVantage as well as several AI-projects such as 
automated proprietary content cr eation and distribu-
tion. Further, we will continue to push the North Ameri-
can revenue share transition. For Playmaker Capital we 
will shift the revenue mix towards performance market-
ing, which will result in a change in cash flow recognition 
and flat performance during 2024 for this asset. 
 
2024 outlook and update of 
long-term targets  
2024 is filled with exciting sporting events such as the 
Africa Cup of Nations at  the start of the year as well as 
a busy summer with both the European Championship 
and Copa America both for men’s soccer. It is also 
expected that the state of North Carolina will launch 
online sports betting in Q1. Lastly, the legalization of 
sports betting in Brazil also seems to be approaching, 
however the timing is uncertain.  With the abovemen-
tioned anticipations for the future, I am excited to share 
our bold 2024 financi al targets  expecting revenue of 
390-420 mEUR, implying 19-29% growth, and EBITDA of 
125-135 mEUR implying 13-22% growth with net/debt to 
EBITDA to stay below 3x.  We will thereby maintain 
strong operational earnings  while confidently continu-
ing our investments in the future. For more intel on our 
financial targets go to page 12.  
All of this c ould only be achieved with a talented and 
dedicated group and therefore I would like to thank all 
my colleagues in Better Collective for their outstanding 
efforts. I also welcome our new colleagues who have be-
come part of the Better Collective group during the past 
year.
  
In Better Collective, we pride ourselves in delivering on 
our promises and we are proud to have done so year af-
ter year since the IPO. Looking ahead, we remain highly 
committed to our financial targets as we see significant 
growth prospects within the sports media industry. An 
industry Better Collective 
will take the leading position 
within. 
J esper  Søgaar d  
Co-founder & CEO Better Collective

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Q4 report 2023 Page 7  
Business review 
and financial 
performance
 
Group 
Q4 was another solid  quarter for the Better Collective 
group, however given the tough comparison from Q4 
2022 revenues were flat at 85 mEUR. 
Operational earnings (EBITDA before special items) 
were 30 mEUR, implying a margin of 35 %. The group ’s 
operational income decreased by 16% due to tough 
comparisons, the ongoing revenue share transition in 
the US, and the negative impact from a weak sports win 
margin recorded during October. 
Recurring revenue came in at 4 7 mEUR, implying 
growth of 15%, and made up 56% of group revenues.  
Of the recurring revenues 75% came from revenue share 
income, 17% from subscription, and 8% from advertise-
ment sales.   
The group delivered 483,000 new depositing customers 
to partnering sportsbooks and continued its strong 
growth path during its transitional phase to revenue 
share agreements in the US. Q4 NDCs was down by 17% 
due to the tough comparison from the men’s soccer 
World Cup 2022. Out of the total NDCs 80% were reve-
nue share contracts.  
 
 
 
  
    
Q4 report 2023 Page 7  
        
Key figures for the group  
tEUR Q4 2023 Q4 2022 Growth 2023 2022 Growth               
Revenue 85,195  86,140  -1% 326,686  269,297  21% 
Cost 55,680  50,957  9% 215,605  184,222  17% 
Operating profit before depreciation and amortization and special items 29,514  35,183  -16% 111,080  85,075  31% 
EBITDA-Margin before special items 35% 41%  34% 32%  
Operating profit before depreciation and amortization 29,914  36,793  -19% 109,132  85,021  28% 
EBITDA-Margin 35% 43%  33% 32%  
Organic Growth -7% 44%  13% 34%

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Q4 report 2023 Page 8  
Publishing 
The Publishing business includes revenue from Better 
Collective’s proprietary owned and operated sports me-
dia as well as  media partnerships. The  audiences for  
these brands are mostly generated through direct or or-
ganic search results.  
Revenues from this segment came in at 59 mEUR imply-
ing a flat development. Operational profits came in at 22 
mEUR, implying a margin of 38%. The publishing seg-
ment accounted for 69 % of group revenue and 75 % of 
operational earnings.  
The flat development was a chieved despite very tough 
comparisons from 2022 where the m en’s soccer World 
Cup was a big boost to the group. In the Publishing seg-
ment the performance came from strongly  owned and 
operated sports brands as well as well performing media 
partnerships. For the full year the revenue growth and 
EBITDA growth ended at 18% and 13% respectively with 
organic growth at 15%. 
The North American contractual transition towards rev-
enue share has continued in full force . In terms of US-
NDCs, Better Collective grew extensively during Q4 and 
sent 115.000 NDCs, of which 55% were on revenue share 
contracts. This implies grow th of 66%. The transition 
postpones revenue and earnings, as it has a short -term 
dampening effect on revenues and earnings. All central 
costs and costs of new areas of expansion are recorded 
in the Publishing segment. 
Paid Media  
The Paid Media business includes revenue efforts in paid 
advertising on search platforms like Google and Bing, as 
well as advertising on third party sports media. Given 
the upfront  payment to advertise on t hird party plat-
forms the gross margin is lower than in the Publishing 
business. 
Paid Media revenue was 26 mEUR, implying a decline of 
3%. This was quite an achievement as Paid Media was at 
full force during the men’s soccer  World Cup during 
2022 as well as the Ohio pre -registration, which always 
is the case during large single events.  Over the past 
quarters, the transition in revenue share agreements has 
paid off as margins have improved and made it possible 
to further fuel growth.  
Operational profits came in at 7 mEUR with a margin of 
28%, which implies growth of 18 % versus last year. For 
the full year the Paid Media division has increased reve-
nues by 29% and operational earnings by 127%, of which 
13% was organic.  
  
Key figures for the Publishing segment 
tEUR Q4 2023 Q4 2022 Growth 2023 2022 Growth               
Revenue 59,114  59,251  0% 220,328  187,057  18% 
Share of Group 69% 69%  67% 69%  
Cost 36,924  30,258  22% 139,685  115,376  21% 
Share of Group 66% 59%  65% 63%  
            
Operating profit before depreciation and 
amortization and special items 22,190  28,993  -23% 80,642  71,681  13% 
Share of Group 75% 82%  73% 84%  
EBITDA-Margin before special items 38% 49%  37% 38%  
Operating profit before depreciation and 
amortization 22,589  30,603  -26% 78,695  71,627  10% 
EBITDA-Margin 38% 52%  36% 38%  
Organic Growth -2% 29%  15% 30%   
Key figures for the Paid Media segment 
tEUR Q4 2023 Q4 2022 Growth 2023 2022 Growth               
Revenue 26,081  26,889  -3% 106,358  82,241  29% 
Share of Group 31% 31%  33% 31%  
Cost 18,757  20,699  -9% 75,920  68,846  10% 
Share of Group 34% 41%  35% 37%  
            
Operating profit before depreciation and 
amortization and special items 7,324  6,190  18% 30,438  13,394  127% 
Share of Group 25% 18%  27% 16%  
EBITDA-Margin before special items 28% 23%  29% 16%  
Operating profit before depreciation and 
amortization 7,324  6,190  18% 30,438  13,394  127% 
EBITDA-Margin 28% 23%  29% 16%  
Organic Growth -16% 94%  13% 45%

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Q4 report 2023 Page 9  
Europe & Rest of World 
The Europe & Rest of the world (ROW) business includes 
all markets outside of North America. The European 
markets consist of more mature markets and are the leg-
acy markets of Better Collective . South America is a 
strong growth market and makes up an increasingly big-
ger part of the business. Examples of sports brands in-
clude Soccernews in the Netherlands, Betarades in 
Greece, Tipsbladet in Denmark,  Wettbasis in Germany, 
Goal.pl in Poland, and Les Transferts in France. The port-
folio further includes the esport communities HLTV and 
FUTBIN. Given the strong legacy in the European mar-
kets there is a lot of recurring revenue in this business.  
Europe & ROW posted revenues of 58 mEUR, implying 
growth of 14%. Operational profits came in at 23 mEUR, 
giving a margin of 39%, which is a decline of 6%. Europe 
& ROW revenue accounted for 68% and operational 
earnings accounted for 77% of the group. As mentioned, 
these markets  are heavily exposed towards recurring 
revenue share income, meaning fluctuations in the 
sports win margin has a bigger impact here. During Q4, 
the sports win margin was abnormally low in October, 
impacting the performance. With time  the sports win 
margin will return to its mean, which was also the case 
for the rest of Q4. Despite of the tough comparison from 
the World Cup and the sport win mar gin, Q4 still grew 
14% of which 4 % was organic. For the full year the 
Europe & ROW segment grew revenues 29% and opera-
tional earnings by 49%.  
North America 
Both the US and the Canadian markets are somewhat 
recently regulated. The first states in the US started reg-
ulating in 2018. As both markets are young, revenues 
largely have  been generated from one- time payments  
(CPA). During Q3 2022 , Better Collective started its  
transition towards recuring revenues in the US. Key 
North American sports brands include  but are not lim-
ited to  Action Network, Playmaker C apital, Playmaker  
HQ VegasInsider, RotoGrinders, Sportshandle, and 
Canada Sports Betting.  The North Ameri can revenue 
came in at 27 mEUR, implying a decline of 23% impacted 
by the ongoing transition of revenues  and the tough 
comparison from the Ohio preregistration period during 
the year prior . Operational profits came in at 7 mEUR 
equaling a margin of 25% , impacted by th e same 
measures. The group continues its transition towards re-
curring revenue share. In terms of NDCs, Better Collec-
tive sent 115,000 NDCs during the quarter, whereof 55% 
of those  were on revenue share contracts. This equal 
growth of 66% in revenue share NDCs. Despite the rev-
enue share transition, the North American business still 
grew 5% organically during 2023. 
Key figures for North America segment 
      North America                   
tEUR Q4 2023 Q4 2022 Growth 2023 2022 Growth               
Revenue 27,086  35,200  -23% 108,600  100,022  9% 
Share of Group 32% 41%   33% 37%   
Cost 20,212  19,359  4% 77,703  68,602  13% 
Share of Group 36% 38%   36% 37%   
      -     - 
Operating profit before depreciation and 
amortization and special items 6,875  15,841  -57% 30,897  31,420  -2% 
Share of Group 23% 45%   28% 37%   
EBITDA-Margin before special items 25% 45%  28% 31%   
Operating profit before depreciation and 
amortization 6,891  17,936  -62% 30,009  32,725  -8% 
EBITDA-Margin 25% 51%   28% 33%   
Organic Growth -24% 71%  5% 71%   
Key figures for Europe & RoW segment 
      Europe & ROW                   
tEUR Q4 2023 Q4 2022 Growth 2023 2022 Growth               
Revenue 58,108  50,939  14% 218,085  169,275  29% 
Share of Group 68% 59%   67% 63%   
Cost 35,468  31,598  12% 137,902  115,620  19% 
Share of Group 64% 62%   64% 63%   
              
Operating profit before depreciation and 
amortization and special items 22,640  19,342  17% 80,183  53,656  49% 
Share of Group 77% 55%   72% 63%   
EBITDA-Margin before special items 39% 38%   37% 32%   
Operating profit before depreciation and 
amortization 23,023  18,857  22% 79,123  52,296  51% 
EBITDA-Margin 40% 37%   36% 31%   
Organic Growth 4% 30%   17% 22%

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

Q4 report 2023 Page 10  
Financial 
performance 2023  
Revenue growth of 21% to 327 
mEUR and organic growth of 
13% 
Revenue showed strong growth versus 2022 of 21% and 
amounted to 326.7 mEUR (2022: 269.3 mEUR). Revenue 
share accounted for 44% of the revenue with 37% com-
ing from CPA, 5% from subscription sales, and 14% from 
other income.  
Cost of 216 mEUR - up from 184 
mEUR  
The increase in costs is primarily driven by personnel 
costs increasing 20.1 mEUR  corresponding to an in-
crease of 43 %. The increase is driven by an increase  in 
average number of employees increasing from average 
878 in 2022 to 1,252 in 2023.  Direct costs related to me-
dia partnerships and Paid Media increased as well, how-
ever in line with overall growth in revenue. The cost base 
excluding depreciation and amortization grew 32 mEUR, 
up to 215.6 mEUR (2022: 184.2 mEUR).  
Total direct cost relating to revenue increased by 7 .1 
mEUR to 99.3 mEUR (2022: 92.2 mEUR) with the growth 
coming from increased cost in Paid Media , and direct 
costs related to media partnerships. Beyond the cost of 
paid traffic, this includes hosting fees of websites, con-
tent generation, and external development.  
Personnel cost increased 30 % from Dec ember 2022 to 
88.9 mEUR 2023 (2022: 68.6 mEUR). The average num-
ber of employees increased 43% to 1,252 (2022: 878). 
Personnel costs include costs related to warrants of 2, 5 
mEUR (2022: 1.9 mEUR).  
Other external costs increased 4.0 mEUR or 17% to 27.4 
mEUR (2022: 23 .4 mEUR). Depreciation and amortiza-
tion amounted to 28.2 mEUR (2022: 14.7 mEUR). The in-
crease is primarily due to amortization related to the ac-
quisition of FUTBIN , and acquisitions during 2023 as  
Skycon, Playmaker HQ, Digital Sportmedia I Norden AB  
(the four brands are  SvenskaFans.com, Hockeysve-
rige.se, Fotbolldirekt.se and Innebandymagazinet.se ), 
Goalmedia Technologia E Marketing Digital (the brand is 
Torcedores.) and Tipsbladet as well as new media part-
nerships. 
Special items 
Special items amounted to an expense of 1.9 mEUR (YTD 
2022: -54 tEUR). The net expense of 1.9 mEUR is primar-
ily related to M&A expenses of 10.2 mEUR, dual listing in 
Copenhagen of 1.1 mEUR and restructuring of 0.5 mEUR 
as well as an income related to reversal of an earn -out 
of 9.9 mEUR. The earn -out was related to certain ex-
traordinarily high-performance criteria that will not be 
met. 
Earnings 
Operational earnings (EBITDA) before special items 
grew 31% to 111.1 mEUR (2022: 85.1 mEUR). The EBITDA-
margin before special items was 3 4% (2022: 32 %). In-
cluding special items, the reported EBITDA was 109 .1 
mEUR. (2022: 85.1 mEUR).  
EBIT before sp ecial items increased 18 % to 82.8 mEUR 
(2022: 70.4 mEUR). Including special items, the re-
ported EBIT was 80.9 mEUR (2022: 70.4 mEUR). 
Net financial items 
Net financial cos ts amounted to 22. 9 mEUR (2022: 5.4  
mEUR) and included net interest, fees relating to bank 
credit lines , unrealized losses on shares  and exchange 
rate adjustments. Interest expenses amounted to 12 .6 
mEUR and included non-payable, calculated interest ex-
penses on certain balance sheet items . Out of the net 
interest 10.7 mEUR is paid.   
Net financial costs are impacted by an unrealized loss of 
8.1 mEUR on Catena Media shares  and financing fees of 
1.2 mEUR whereas net exchange rate loss amounted to 
1.3 mEUR. 
Income tax 
Better Collective has a tax presence in the places where 
the company is incorporated . These places count  Den-
mark (where the parent company is incorporated), 
Austria, France, Greece, Malta, Netherlands, Poland, 
Portugal, Romania, Serbia, Sweden, UK, Canada , Brazil, 
and the US. Income tax amounted to 1 8.2 mEUR (2022: 
16.9 mEUR). The  Effective Tax Rate (ETR) was 3 1% 
(2022: 26%). 
Net profit 
Net profit after tax was 39.8 mEUR (2022: 48.1 mEUR). 
Earnings per share (EPS) decreased by nearly 15% to 
0.74 EUR/share versus 0.88 EUR/share 2022. 
Equity 
The equity increased to 4 35.2 mEUR as per Dec ember 
31, 2023, from 412.9  mEUR on December 31, 202 2. Be-
sides the net  profit of 39.8 mEUR, the equity has been 
impacted by the acquisition  of treasury shares of 13 .4 
mEUR and share-based payments of 2.5 mEUR. The de-
crease in USD versus EUR has impacted the equity by 8.1 
mEUR.  
Balance sheet  
Total assets amounted to 9 37.9 mEUR (202 2: 785.2 
mEUR), with an equity of 43 5.2 mEUR (202 2: 412.9 
mEUR). This corresponds to an equ ity to assets ratio of 
46% (2022: 53%). The liquidity ratio was 1. 02 resulting 
from current assets of 105.8 mEUR and current liabilities 
of 103.5 mEUR. The ratio of net interest-bearing debt to 
EBITDA before special items was 1. 99 at the end of De-
cember.

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

Q4 report 2023 Page 11  
Investments 
On 14 April, Better Collective acquired Skycon for a pur-
chase price of up to 51 mEUR  (45 mGBP) on a cash and 
debt free basis. The net cash flow impact of the transac-
tion was 30 mEUR considering  deferred payments and 
acquired net assets.  
On July 3, 2023, Better Collective US, Inc. completed the 
acquisition of Playmaker HQ for up to 51 mEUR (54 
mUSD) with an initial consideration of 14.1 mEUR ( 15 
mUSD) on a cash and debt-free basis.  
On August 15, 2023, Better Collective announced the ac-
quisition of four brands SvenskaFans.com, Hockeysve-
rige.se, Fotbolldirekt.se and Innebandymagazinet.se 
from Everysport Group to further expand its position 
within the Swedish sports media ecosystem for a total 
consideration of 3.7 mEUR on a cash and debt -free ba-
sis. 
On September 4, 2023, Better Collective announced the 
acquisition of Torcedores.com, by acquiring Goalmedia 
Technologia E Marketing Digital S.A.  
On September 18, 2023, Better Collective announced the 
acquisition of Tipsbladet.dk ApS to further expand  its 
position in Denmark for a total consideration of 6.5 
mEUR on a cash and debt -free basis with closing 2 Oc-
tober 2023. During the period investments in accounts 
and other intangible assets amounted to 8.1 mEUR.  
Cash flow and financing 
Cash flow from operations before special items was 119.4 
mEUR (202 2: 69.8 mEUR) with a cash conversion of 
103%.  
In August Better Collective extended the bank-financing 
by three years to October 2026 as well as executing the 
accordion option and thereby increasing the available 
facilities with 72 mEUR, leaving the group with a total 
financing of 319 mEUR where 247 mEUR has been uti-
lized by the end of December. By the end of 2023, capi-
tal reserves stood at 122  mEUR of which cash of 43  
mEUR, and other current financial assets of 7  mEUR in 
form of listed shares  and unused credit facilities of 72 
mEUR.  
The parent company 
Better Collective A/S, is the parent company of the 
group. Revenue grew by 51% to 98.5 mEUR (2022: 65.3 
mEUR). Total costs including depreciation and amorti-
zation was 93.8 mEUR (2022: 61 mEUR). Profit after tax 
was 39.3 mEUR (2022: 46.9 mEUR). The change in profit 
after tax is primarily due to differences in dividend pay-
ments from subsidiaries, exchange rate adjustments, fi-
nancial expenses, and corporate tax. Total equity ended 
at 443.2 mEUR by Dec ember 31, 202 3 (2022: 411.1 
mEUR). The equity in the parent company was impacted 
by treasury share transactions (13.4 mEUR), cost of war-
rants of 2.5 mEUR and HLTV merger (3.2 mEUR).

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

Q4 report 2023 Page 12  
Financial targets  
2023 
The Board of Directors decided on targets for the finan-
cial year 2023 as announced in the 2022 full year report. 
Following the acquisition of Skycon Limited and the rec-
ord-breaking Q1, the financial targets were upgraded  
with 15 mEUR on revenues and 5 mEUR on EBITDA. Fol-
lowing a very strong H1, the targets were upgraded 
again by 10 mEUR on both revenue and EBTIDA.  
• Revenue of 315-325 mEUR; Exceeded at 327 
mEUR 
• EBITDA before special items of 105-115 mEUR; In 
the high end of range at 111 mEUR 
• Net debt to EBITDA before special items <2.0; Met  
2024  
The Board of Directors has  decided on financial targets 
for the Better Collective group for the year 2024: 
• Revenue of 390 -420 mEUR, implying 1 9-29% 
growth. 
• EBITDA of 125-135 mEUR implying 13-22% growth. 
• Net/debt to EBITDA stay below 3x. 
2024 implications 
The targets factor in an  eleven-month impact from the 
Playmaker Capital acquisition with  the deal clos ing on 
February 6. The acquisition is expected to ramp up over 
time with expected flat revenue and earnings for 2024.  
More factors are c ontinued investment in developing 
the AdTech platform , several AI-projects and scaling 
commercial development. Further the continued North 
American recurring revenue share transition to invest in 
future sustainable growth coupled with high expecta-
tions for the men’s European Championship this  sum-
mer. 
2023- 2027 
The long-term 2023 -2027 financial targets have been 
updated following the acquisition of Playmaker Capital.  
• Revenue CAGR of +20% (unchanged)  
• EBITDA margin before special items  of 35-40% 
(previously 30-40%).  
• Net debt to EBITDA before special items of <3 (un-
changed). 
 
 
2023-2027 implications 
The long-term targets include M&A funded by own cash 
flow and debt, and not ca pital increases. With Play-
maker Capital, Better Collective  utilized cash, debt, 
treasury shares and a small capital increase, resulting in 
a minimal dilution of 3 %. Hence, a large part of the ac-
quisition was already included in the guidance , making 
the group more comfortable in its ability to reach these. 
Given the opportunity to move  revenue from advertis-
ing to performance marketing and the increased profit-
ability therein the margin target is upgraded, narrowing 
it toward the high end. Given the nature of performance 
marketing and the change in cash flow, the margin up-
tick will happen after 12-24 months.  
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. Thi s applies to stat ements and opinions con-
cerning the future financial returns, plans and expecta-
tions with respect  to the busines s and management of 
the group, future growth , profitability, general eco-
nomic and regulatory environment , and other matters 
affecting Better Collective. Forward-looking statements 
are based on current estimates and ass umptions made 
according to the best of the group’s knowledge. These 
statements are inherently associated with both known 
and unknown risks, uncertainties, and other factors that 
could cause the results, including the group’s cash flow, 
financial condition, and operations, to dif fer materially 
from the results, or fail to meet expectations expressly 
or implicitly, assumed or described in those statements 
or to turn out to be less favorable than the results ex-
pressly or implicitly assumed  or described in thos e 
statements. Better Collective can give no assurance re-
garding the future accuracy of the opinions set forth 
herein or as to the actual occurrence of any predicted 
developments and/or targets. Considering the risks, un-
certainties and assumptions associated with forward -
looking statements, it is possible that certain future 
events may not occur. Moreover, forward -looking esti-
mates derived from third-party studies may prove to be 
inaccurate. Actual results, performance or events may 
differ materially from those in such statements e.g. due 
to changes in general economic conditions, in particular 
economic conditions in the markets in which the group 
operates, changes affecting interest rate levels, changes 
affecting currency exchange rates, changes in competi-
tion levels, changes in laws and regulat ions, and occur-
rence of accidents or environmental damages and sys-
tematic delivery failures. We undertake no obligation to 
update or revise any forward -looking statements, 
whether because of new inform ation, future eve nts or 
otherwise, except to the extent required by law.

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

Q4 report 2023 Page 13  
Other 
Shares and share capital 
Better Collective A/S is listed on Nasdaq Stockholm 
main market. The shares are traded under th e ticker 
“BETCO”. As per December 31 , 2023, the share capital 
amounted to 55 3,674.18 EUR, and the total number of 
issued shares was 55, 367,418. The company has one (1) 
class of shares. Each share entitles the holder to one 
vote at the general meetings.  
Shareholder structure 
As of December 31, 2023, the total number of sharehold-
ers was 4, 820. A list of top ten shareholders in Better 
Collective A/S can be found on the group’s website.  
Annual General Meeting 2024 
The annual general meeting 2024 will be held on April 
22, 2024. Shareholders who wish to have a specific mat-
ter brought before the general meeting must submit a 
written request to the company’s Board of Directors no 
later than six weeks prior to the general meeting. If the 
request is received less than six weeks before the date 
of the general meeting, the Board of Directors must de-
cide whether the request has been made with enough 
time for the issue to be included on the agenda. 
Dual listing 
In late September, Better Collective announced its in-
tention to carry out a dual listing of the group’s shares 
on Nasdaq Copenhagen, in addition to the current listing 
on Nasdaq Stockholm. The first day of trading on  
Nasdaq Copenhagen was November 17, 2023. 
Incentive programs 
To attract and retain key  competences, the  company 
has established warrant programs for certain key em-
ployees. All warrants with the right to subscribe for one 
ordinary share. If all outstanding warrants are sub-
scribed, then the maximum shareholders dilution will be 
approximately 4.1%. On January 3, 2023, the board of di-
rectors implemented a Long -Term Incentive Plan (LTI) 
for key employees in the Better Collective group.  
In total the grants under the LTI in 2023 cover 13 1,311 
performance share units and 239, 360 share options to 
64 key employees in total, vesting over a 3-year period. 
The total value of the 2023 LTI grant program is 2.9 
mEUR (calculated Black-Scholes value) measured at the 
target level, which is to say 100% achievement of the fi-
nancial goals.
 On April 25, 2023, a new LTI program was 
approved for executive management. The total grant of 
300,000 share options will vest over a 3 -year period 
given certain vesting conditions set by the Board of Di-
rectors. The total value of the 2023 LTI grant program is 
2.6 mEUR (calculated Black-Scholes value) measured at 
the target level, which is to say 100% achievement of the 
financial goals. 
 
 
Program 
Warrants outstanding  
December 31, 2023 Vesting period  Exercise period  
Exercise price  
DKK 
Exercise price  
EUR (rounded) 
2019* 805,183  2020-2023 2022-2024 64.78  8.70  
2020** 25,000  2021-2023 2023-2025 61.49  8.26  
2020* 219,998  2021-2023 2023-2025 106.35  14.28  
2021* 377,372  2022-2024 2024-2026 150.41  20.20  
2021 US MIP Options 43,358  2021-2024 2024-2026 138.90  18.65  
2021 US MIP PSU*** 0  2021-2024 2024-2026     
2022 US MIP Options*** 15,238  2022-2023 2023-2026 107.25  14.40  
2022 US MIP PSU 0  2022-2023 2023-2026     
2022 Options 22,138  2022-2024 2025-2027 130.98  17.59  
2022 PSU 67,276  2022-2024 2025-2027     
2023 CXO Options 300,000  2023-2025 2026-2028 142.08  19.08  
2023 Options 239,336  2023-2025 2026-2028 85.76  11.52  
2023 PSU 131,311  2023-2025 2026-2028     
* Key employees and members of executive management 
** Following the AGM on April 22, 2020, 25,000 warrants were issued to the new board member, Todd Dunlap. 
*** Performance adjusted during 2023 to 0

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

Q4 report 2023 Page 14  
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 planne d mitigating actions. The subsequent 
analysis of the identified risks includes an inherent risk 
evaluation based on two main parameters: probability 
of occurrence and impact on future earnings and cash  
flow. Better Col lective’s management continuously 
monitors risk development in the Better Collective 
group. The risk evaluation is presented to the Board of 
Directors annually, for d iscussion and any  further miti-
gating actions required.  The board evaluates risk dy-
namically to account for this variation in risk impact. The 
policies and guidelines in place stipulate how manage-
ment must work with risk management. 
Better Collective’s compliance with these policies and 
guidelines is also monitored by the manage ment on an 
ongoing basis. Better Collective seeks to identify and 
understand risks and mitigate them accordingly. Also, 
the group’s close and longstanding relationships with 
customers allow Better Collective to anticipate and re-
spond to market movements and new regulations in-
cluding compliance requirements fro m authorities and 
sportsbooks.  
With the US division, the overall risk profile of Better 
Collective has changed, and compliance as well as finan-
cial risk have increased. Better Collective has mitigated  
the additional risks in US in several ways, compliance 
risk through involvement of regulatory bodies in our li-
censing process for newly established entities, financial 
risk through a  performance-based valuation of the ac-
quired entities, and organizational risk through estab-
lishment of local governance, and finance, HR, and legal 
organization dedicated to the US operations. During 
2022 and 2023 the macroeconomic environment has im-
pacted the global economy with rising interest rates. 
Better Collective has mitigated and addressed the credit 
and interest rate risk by entering a new long-term com-
mitted facility with three banking partners in August, se-
curing attractive terms and a long-term 3-year commit-
ment. Other key risk factors are described in the Annual 
report 2022. 
Contacts 
Senior Director Group Strategy, Investor Relations and 
Corporate Communications; Mikkel Munch-Jacobsgaard 
investor@bettercollective.com  
This information is such information as Better Collective 
A/S is obliged to make public pursuant to the EU Market 
Abuse Regulation. The information was submitt ed for 
publication, through the agency of the contact person 
set out above on February 21, 2024, after market close 
(CET). 
About 
Better Collective owns global and national sport media, 
with a vision to become the leading digital sports media 
group. We are on a mission to excite sports fans through 
engaging content and foster pa ssionate communit ies 
worldwide. Better Collective's portfolio of digital sports 
media brands includes; HLTV , FUTBIN, Betarades, Soc-
cernews, Tipsbladet, Action Network , Playmaker HQ , 
VegasInsider, Bolavip and Redgol. Headquartered in Co-
penhagen, Denmark, and dual listed on Nasdaq Stock-
holm (BETCO) and Nasdaq Copenhagen (BETCO DKK). 
To learn more about Better Collective please visit bet-
tercollective.com. 
To learn more about Better Collective please visit  
www.Bettercollective.com

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

Q4 report 2023 Page 15  
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 – December  31, 2023.  
Today, the B oard of D irectors and the E xecutive  
Management have discussed and approved the  
condensed consolidated interim financial statements 
and the parent company condensed interim financial 
statements of Better Collective A/S for the period Jan-
uary 1 – December 31, 2023.  
The condensed consolidated interim financial state-
ments for the period January 1 – December 31, 2023, are 
prepared in accordance with IAS 34 Interim Financial 
Reporting as adopted by the EU, and additional require-
ments of the Danish Financial Statements Act. The  par-
ent company condensed interim financial statements 
have been included according to the Danish Executive 
Order on the Preparation of Interim Financial Reports.  
In our opinion, the condensed consolidated interim  
financial statements and the parent company con-
densed interim financial statements give a true and fair 
view of the group’s and parent company’s assets, liabil-
ities, and financial position on December  31, 2023, and 
of the results of the group’s and parent company’s op-
erations and the group’s cash flows for the period Janu-
ary 1 – December 31, 2023.  
Further, in our opinion, the management’s review gives 
a fair review of the development in the group’s and t he 
parent company’s operations and financial matters and 
the results of the group’s and the parent company’s op-
erations and financial position, as well as a description 
of the major risks and uncertainties, the group and the 
parent company are facing. The Interim Report has not 
been audited nor reviewed by the Company’s auditor. 
Copenhagen, February 21, 2024 
 
 
 
  
Executive 
Management 
  
 
Jesper Søgaard 
Co-founder & CEO 
 
Christian Kirk Rasmussen 
Co-founder & COO  
Executive Vice President 
 
Flemming Pedersen 
CFO 
Executive Vice President 
   
Board of Directors   
Jens Bager 
Chair 
 Therese Hillman 
 Vice Chair 
Britt Boeskov 
   
Todd Dunlap   Leif Nørgaard René Rechtman 
   
Petra von Rohr

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

Q4 report 2023 Page 16  
Condensed interim financial statements for the 
period  
Consolidated income statement 
Note tEUR Q4 2023 Q4 2022 2023 2022 
3 Revenue 85,195  86,140  326,686  269,297  
  Direct costs related to revenue 24,434  26,780  99,296  92,227  
4 Staff costs  22,903  17,912  88,921  68,639  
  Other external expenses 8,343  6,265  27,389  23,356  
  
Operating profit before depreciation and amortization (EBITDA) and 
special items 29,514  35,183  111,080  85,075  
  Depreciation 1,347  728  3,958  2,321  
  Operating profit before amortization (EBITA) and special items 28,168  34,455  107,122  82,754  
7 Amortization and impairment 7,969  3,625  24,283  12,347  
  Operating profit (EBIT) before special items 20,199  30,829  82,839  70,407  
5 Special items, net 399  1,610  - 1,948  - 54  
  Operating profit 20,598  32,439  80,891  70,353  
  Financial income 1,808  19  5,987  4,198  
  Financial expenses 8,705  3,447  28,868  9,587  
  Profit before tax 13,702  29,012  58,010  64,964  
6 Tax on profit for the period 6,211  8,733  18,175  16,888  
  Profit for the period 7,491  20,279  39,835  48,075  
            
  Earnings per share attributable to equity holders of the company         
  Average number of shares 55,252,940  54,768,551  55,186,772  54,363,312  
  Average number of warrants - converted to number of shares 2,598,855  2,368,829  2,658,571  2,495,614  
  Earnings per share (in EUR) 0.14  0.37  0.74 0.88 
  Diluted earnings per share (in EUR) 0.13  0.36  0.70 0.85 
 
 
Consolidated statement of other comprehensive income 
Note tEUR Q4 2023 Q4 2022 2023 2022             
  Profit for the period 7,491  20,279  39,835  48,075  
  Other comprehensive income         
  
Other comprehensive income to be reclassified to 
profit or loss in subsequent periods:         
  Fair value adjustment of hedges for the year  - 483   0 - 483   0 
  Currency translation to presentation currency 797  - 752  1,318  - 905  
  
Currency translation of non-current intercompany 
loans - 12,488  - 26,313  - 9,440  17,030  
  Income tax  0 5,789   0 - 3,747  
  Net other comprehensive income/loss - 11,690  - 21,276  - 8,122  12,379  
  
Total comprehensive income/(loss) for the period, net 
of tax - 4,682  - 997  31,230  60,455              
  Attributable to:         
  Shareholders of the parent - 4,682  - 997  31,230  60,455

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

Q4 report 2023 Page 17  
Consolidated statement of financial position 
Note tEUR 2023 2022         
  Assets             
  Non-current assets     
7 Intangible assets     
  Goodwill 255,074  183,942  
  Domains and websites 466,615  460,513  
  Accounts and other intangible assets 79,740  27,016  
  Total intangible assets 801,429  671,471          
  Property, plant and equipment     
  Right of use assets 15,575  6,269  
  Leasehold improvements, Fixtures and fittings, other plant and equipment 6,006  2,574  
  Total property, plant and equipment 21,582  8,843  
        
  Other non-current assets     
  Deposits 1,803  726  
  Deferred tax asset 7,236  9,165  
  Total other non-current assets 9,039  9,891          
  Total non-current assets 832,050  690,204  
        
  Current assets     
  Trade and other receivables 48,954  53,179  
  Corporation tax receivable 2,252  6,423  
  Prepayments 4,250  3,926  
  Other current financial assets 6,804   0 
  Cash 43,552  31,497  
  Total current assets 105,812  95,025          
  Total assets 937,862  785,229  
 
 
 
Note tEUR 2023 2022 
        
  Equity and liabilities             
  Equity     
  Share Capital 554  551  
  Share Premium 274,580  272,550  
  Currency Translation Reserve 15,055  23,177  
  Hedging reserves - 483   0 
  Treasury Shares - 21,057  - 7,669  
  Retained Earnings 166,624  124,307  
  Total equity 435,273  412,917          
  Non-current Liabilities     
8 Debt to credit institutions 248,657  201,708  
8 Lease liabilities 13,326  4,962  
8 Deferred tax liabilities 84,670  78,167  
8 Other long-term financial liabilities 52,443  22,407  
  Total non-current liabilities 399,096  307,244  
        
  Current Liabilities     
  Prepayments received from customers and deferred revenue 4,262  8,023  
  Trade and other payables 27,838  22,252  
  Corporation tax payable 6,754  5,221  
8 Other financial liabilities 61,938  26,865  
  Debt to credit institutions  0 1,055  
8 Lease liabilities 2,702  1,653  
  Total current liabilities 103,493  65,068  
        
  Total liabilities 502,589  372,312  
        
  Total Equity and liabilities 937,862  785,229

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

Q4 report 2023 Page 18  
 
Consolidated statement of changes in equity 
tEUR 
Share  
capital 
Share  
premium 
Currency 
translation 
reserve 
Hedging 
reserves 
Treasury 
shares 
Retained 
earnings 
Total  
equity 
                
As of January 1, 2023 551  272,550  23,177   0 - 7,669  124,307  412,917  
Result for the period  0  0  0  0  0 39,835  39,835  
                
Other comprehensive income  0  0  0 - 483   0  0 - 483  
Currency translation  
to presentation currency  0  0 - 8,122   0  0  0 - 8,122  
Tax on other  
comprehensive income  0  0  0  0  0  0  0 
Total other  
comprehensive income  0  0 - 8,122  - 483   0  0 - 8,605  
Total comprehensive  
income for the year  0  0 - 8,122  - 483   0 39,835  31,230  
                
Transactions with owners               
Capital Increase 3  2,030   0  0  0  0 2,033  
Acquisition of treasury shares  0  0  0  0 - 13,375   0 - 13,375  
Disposal of treasury shares  0  0  0  0  0  0  0 
Share based payments  0  0  0  0  0 2,495  2,495  
Transaction cost  0  0  0  0 - 13  - 12  - 26  
Total transactions with owners 3  2,030   0  0 - 13,389  2,482  - 8,874  
                
At December 31, 2023 554  274,580  15,055  - 483  - 21,057  166,624  435,273  
During the period no dividend was paid. 
 
 
 
 
tEUR 
Share  
capital 
Share  
premium 
Currency 
translation 
reserve 
Hedging 
reserves 
Treasury 
shares 
Retained 
earnings 
Total  
equity 
                
As of January 1, 2022 546  267,873  10,798   0 - 8,074  73,705  344,848  
Result for the period  0  0  0  0  0 48,075  48,075  
                
Other comprehensive income  0  0  0  0  0  0  0 
Currency translation  
to presentation currency  0  0 16,125   0  0  0 16,125  
Tax on other  
comprehensive income  0  0 - 3,747   0  0  0 - 3,747  
Total other  
comprehensive income  0  0 12,379   0  0  0 12,379  
Total comprehensive  
income for the year  0  0 12,379   0  0 48,075  60,454  
                
Transactions with owners               
Capital Increase 5  4,677   0  0  0  0 4,683  
Acquisition of treasury shares  0  0  0  0 - 14,250   0 - 14,250  
Disposal of treasury shares  0  0  0  0 14,656  842  15,498  
Share based payments  0  0  0  0  0 1,713  1,713  
Transaction cost  0  0  0  0  0 - 28  - 28  
Total transactions with owners 5  4,677   0  0 406  2,526  7,615  
                
At December 31, 2022 551  272,550  23,177   0 - 7,669  124,307  412,917  
During the period no dividend was paid.

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

Q4 report 2023 Page 19  
Consolidated statement of cash flows 
Note tEUR Q4 2023 Q4 2022 2023 2022 
            
  Profit before tax 13,702  29,012  58,010  64,964  
  Adjustment for finance items 6,897  3,428  22,882  5,389  
  Adjustment for special items - 400  - 1,610  1,947  54  
  Operating Profit for the period before special items 20,199  30,829  82,839  70,407  
  Depreciation and amortization 9,315  4,354  28,241  14,668  
  Other adjustments of non-cash operating items 164  512  2,581  1,690  
  
Cash flow from operations  
before changes in working capital and special items 29,679  35,695  113,661  86,765  
  Change in working capital 7,846  - 14,698  5,722  - 16,949  
  Cash flow from operations before special items 37,525  20,997  119,384  69,816  
  Special items, cash flow - 2,744  - 482  - 4,744  - 1,393  
  Cash flow from operations 34,781  20,515  114,639  68,423  
  Financial income, received  327  115  493  1,682  
  Financial expenses, paid - 3,635  - 1,579  - 10,712  - 5,666  
  Cash flow from activities before tax 31,473  19,051  104,420  64,439  
  Income tax paid  - 3,439  - 11,428  - 15,411  - 16,239  
  Cash flow from operating activities 28,035  7,623  89,009  48,200  
            
9 Acquisition of businesses - 7,387  - 517  - 57,282  - 14,337  
7 Acquisition of intangible assets - 16,243  - 1,994  - 27,469  - 96,452  
  Acquisition of property, plant and equipment - 1,003  - 541  - 5,143  - 1,804  
  Sale of property, plant and equipment 0  16  3  16  
  Acquisition of other financial assets  0  0 - 14,930   0 
  Change in other non-current assets 87  - 15  - 1,427  - 55  
  Cash flow from investing activities - 24,546  - 3,052  - 106,248  - 112,632  
 
 
Note tEUR Q4 2023 Q4 2022 2023 2022 
            
  Repayment of borrowings  0 - 200,844  - 1,486  - 215,993  
  Proceeds from borrowings - 0  201,655  45,490  296,665  
  Lease liabilities - 820  - 287  - 2,814  - 1,274  
  Other non-current liabilities - 927   0 - 483   0 
  Capital increase 1,399  17  2,033  618  
  Treasury shares 0  - 5,566  - 13,381  - 14,250  
  Transaction cost - 13  - 8  - 26  - 28  
  Warrant settlement, sale of warrants  0  0  0  0 
  Cash flow from financing activities - 361  - 5,033  29,334  65,737  
           
  Cash flows for the period 3,128  - 461  12,095  1,306  
  Cash and cash equivalents at beginning 40,676  32,564  31,497  30,093  
  
Foreign currency translation of cash and cash equiva-
lents - 252  - 605  - 41  99  
  Cash and cash equivalents period end* 43,552  31,497  43,552  31,497  
           
  Cash and cash equivalents period end         
  Cash 43,552  31,497  43,552  31,497  
  Cash and cash equivalents period end 43,552  31,497  43,552  31,497

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

Q4 report 2023 Page 20  
Notes 
1. General information 
Better Collective A/S is a limited liability company and is incorporated in  Denmark. The parent company and its  
subsidiaries (referred to as the “Group” or “Better Collective”) engage in online affiliate marketing. Better Collective’s 
vision is to empower iGamers by leading the way in transparency and technology. 
Basis of preparation  
The Interim Report (condensed consolidated interim financial statements) for the period January 1 - December 31, 2023, 
has been prepared in ac cordance with IAS 34 “Interim f inancial statements” as adopted by the EU and additional re-
quirements in the  Danish Financial Statements Act. The parent company condensed interim financial statements has 
been included according to the Danish Executive Order on the Preparation of Interim Financial Reports. 
These condensed consolidated interim financial statements incorporate the results of Better Collective A/S and its sub-
sidiaries. 
The condensed consolidated interim financial statements refer to certain key performance indicators, which Better Col-
lective and others use when evaluating the performance of Better Co llective. These are referred to as alternative per-
formance measures (APMs) and are not defined under IFRS. The figures and related subtotals give management and 
investors important information to enable them to fully analyze the Better Collective business and trends. The APMs are 
not meant to replace but to complement the performance measures defined under IFRS. 
New financial reporting standards 
All new or amended standards (IFRS) a nd interpretations (IFRIC) as adopted by the EU and which are effective for the 
financial year beginning on  January 1, 2023, have been adopted. The implementation of these new or amended  
standards and interpretations had no material impact on the condensed consolidated interim financial statements. 
Accounting policies  
The condensed consolidated interim financial statements have been prepared using the same accounting policies as set 
out in note 1 of the 2022 annual report which contains a full description of the accounting policies for the Group and the 
parent company, except for the scope of operating segments, “Other current assets” and financial instruments. 
 
The scope of operating segments has been modified following changes in management responsibilities as from January 
1, 2023. US has been renamed to North America (NA) and will now cover both USA and Canada. Canada was previously 
included in the operating segment “Europe and RoW”. 2022 comparative information has been restated.  
Revenue recognized under the hybrid revenue model consists of upfront revenue share (one- time upfront fee for each 
new referred player) and revenue share for the amount that aggregate revenue share exceeds the aggregate upfront 
revenue share. Upfront revenue share is recognized at a point in time equal to the month in which the player referral is 
made. Revenue share is recognized once the aggregate revenue share exceeds the upfront revenue share and is recog-
nized at a point in time equal to the month that it is earned by the respective gaming operator. 
Listed shares included under other current financial assets are measured at fair value (market price) at the balance sheet 
date. (Fair Value Level 1) 
Fair Value Level 1: Value based on the fair value of corresponding assets/liabilities in a well-functioning market. 
Financial instruments:  Financial instruments are recognize d on the tra de date and are measured at fair value.  
Positive and negative fair values are included in other current receivables or other current payables in the statement of 
financial position. Positive and negative fair values are only of fset if the Group has a right and an intention to settle 
several financial instruments net (by means of settlement of differences). Fair value is determined based on generally 
accepted valuation methods using available observable market data. 
When entering into contracts f or financial instruments, an assessment is made of whether the instrument qualifies for 
hedge accounting, including whether the instrument hedges recognized assets and liabilities. Fair value changes classi-
fied as and fulfilling the criteria for recognition as a fair value hedge are recognize d in the statement of profit or loss 
together with changes in the value of the specific portion of the asset or liability that has been hedged. 
Fair value changes in the part of the derivative which is classified as and qualifies f or recognition as a future cash flow 
hedge and which effectively hedges against changes i n the value of the hedged item are recognized in other compre-
hensive income as a separate hedging reserve.  When the underlying hedged item  is realized, any gain or loss on the 
hedging transaction is transferred from equity and recognized together with the hedged item. 
Fair value changes that do not meet the criteria for treatment as hedging instruments are recognize d on an ongoing 
basis in the statement of profit or loss under financial items.

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

Q4 report 2023 Page 21  
The annual report for 2022 including full description of the accounting policies can be found on Better Collective’s web-
site: https://storage.mfn.se/0e9df7fa-f018-42b8-9189-6ee99458c094/bc-2022-annual-report-final.pdf 
Significant accounting judgements, estimates and assumptions 
The preparation of condensed consolidated inte rim financial statements requires management to make ju dgements, 
estimates and assumptions that affect the reported amounts of revenue, expenses, assets, and liabilities. 
Beyond the risks mentioned above, the significant accounting judgements, estimates and assumptions applied in t hese 
consolidated interim financial statements are the same as disclosed in note 2 in the annual report for 202 2 which  
contains a full description of significant accounting judgements, estimates and assumptions.

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

Q4 report 2023 Page 22  
2. Segments 
Publishing and Paid Media  
Better Collective operates two different business models regarding customer acquisi tion with different earnings - 
profiles. The segments Publishing and Paid Media have been measured and disclosed separately for Revenue, Co st and 
Earnings. The Publishing business includes revenue from Better Collective’s proprietary online sports media and media 
partnerships where the online traffic is coming either directly or through organic search results, wherea s Paid Media 
generates revenue through paid ad-traffic to our websites, thereby running on a lower earnings margin. 
The performance for each segment is presented in the below tables: 
  Publishing Paid Group 
tEUR Q4 2023 Q4 2022 Q4 2023 Q4 2022 Q4 2023 Q4 2022               
Revenue Share 26,991  23,908  11,479  6,331  38,470  30,239  
CPA 11,891  16,692  14,221  19,959  26,112  36,651  
Subscription 5,290  5,419   0  0 5,290  5,419  
Other 14,941  14,193  381  599  15,323  14,792  
Revenue 59,114  59,251  26,081  26,889  85,195  86,140  
Cost 36,924  30,258  18,757  20,699  55,680  50,957                
Operating profit before depreciation,  
amortization and special items 22,190  28,993  7,324  6,190  29,514  35,183  
EBITDA-Margin before special items 38% 49% 28% 23% 35% 41%               
Special items, net 399  1,610   0  0 399  1,610                
Operating profit  
before depreciation and amortization 22,589  30,603  7,324  6,190  29,914  36,793  
EBITDA-Margin 38% 52% 28% 23% 35% 43%               
Depreciation 1,308  725  39  3  1,347  728                
Operating profit before amortization 21,282  29,878  7,286  6,187  28,567  36,065  
EBITA-Margin 36% 50% 28% 23% 34% 42% 
 
 
 
 
 
 
 
 
 
 
 
 
  Publishing Paid Group 
tEUR 2023 2022 2023 2022 2023 2022               
Revenue Share 118,925  78,581  41,049  17,868  159,974  96,449  
CPA 40,590  60,567  63,371  63,757  103,960  124,324  
Subscription 17,959  17,042   0  0 17,959  17,042  
Other 42,855  30,867  1,937  615  44,792  31,482  
Revenue 220,328  187,057  106,358  82,241  326,686  269,297  
Cost 139,685  115,376  75,920  68,846  215,605  184,222                
Operating profit before depreciation,  
amortization and special items 80,642  71,681  30,438  13,394  111,080  85,075  
EBITDA-Margin before special items 37% 38% 29% 16% 34% 32%               
Special items, net - 1,948  - 54   0  0 - 1,948  - 54                
Operating profit  
before depreciation and amortization 78,695  71,627  30,438  13,394  109,132  85,021  
EBITDA-Margin 36% 38% 29% 16% 33% 32%               
Depreciation 3,909  2,306  49  15  3,958  2,321                
Operating profit before amortization 74,785  69,321  30,389  13,379  105,174  82,700  
EBITA-Margin 34% 37% 29% 16% 32% 31%

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

Q4 report 2023 Page 23  
2. Segments, continued 
Europe & Rest of World  and North A merica  
Better Collective’s products cover more than 30 languages and attract millions of users worldwide -  with international 
brands with a global reach as well as regional brands with a local reach. Better Collective’s regional brands are tailored 
according to the specific regions or countries and their respective regulations, sports, betting behaviors, user needs, and 
languages. From Q2 2021 and following the acquisition of Action N etwork (included in Group accounts from time of 
closing on May 28, 2021) the North American market constitutes >20% of Group Revenue and >30% of revenue in Pub-
lishing on an annualized basis. Hence, Better Collective reports on the geographical segments North America and Europe 
& ROW (Rest of World), measuring and disclosing separately for Revenue, Cost and Earnings. Historical financial figures 
are reported accordingly. 
The performance for each segment is presented in the below tables: 
  Europe & RoW North America Group 
tEUR Q4 2023 Q4 2022 Q4 2023 Q4 2022 Q4 2023 Q4 2022               
Revenue Share 35,447  28,873  3,023  1,366  38,470  30,239  
CPA 12,498  11,860  13,614  24,791  26,112  36,651  
Subscription 930  249  4,361  5,170  5,290  5,419  
Other 9,234  9,958  6,089  3,873  15,323  14,792  
Revenue 58,108  50,939  27,086  35,200  85,195  86,140  
Cost 35,468  31,598  20,212  19,359  55,680  50,957                
Operating profit before depreciation,  
amortization and special items 22,640  19,342  6,875  15,841  29,514  35,183  
EBITDA-Margin before special items 39% 36% 25% 49% 35% 41%               
Special items, net 383  - 485  16  2,095  399  1,610                
Operating profit  
before depreciation and amortization 23,023  18,857  6,891  17,936  29,914  36,793  
EBITDA-Margin 40% 35% 25% 56% 35% 43%               
Depreciation 1,094  436  252  292  1,347  728                
Operating profit before amortization 21,929  18,421  6,638  17,644  28,567  36,065  
EBITA-Margin 38% 34% 24% 55% 34% 42% 
* 2022 figures have been restated because of the transfer of Canada and renaming USA to North America (NA), which now covers both USA and Canada 
from January 1, 2023. 
 
 
 
 
 
 
 
  Europe & RoW North America Group 
tEUR 2023 2022 2023 2022 2023 2022               
Revenue Share 136,211  90,874  23,763  5,576  159,974  96,449  
CPA 49,173  54,061  54,788  70,263  103,960  124,324  
Subscription 2,461  1,539  15,499  16,464  17,959  17,042  
Other 30,241  22,802  14,551  7,719  44,792  31,482  
Revenue 218,085  169,275  108,600  100,022  326,686  269,297  
Cost 137,902  115,620  77,703  68,602  215,605  184,222                
Operating profit before depreciation,  
amortization and special items 80,183  53,656  30,897  31,420  111,080  85,075  
EBITDA-Margin before special items 37% 32% 28% 31% 34% 32%               
Special items, net - 1,060  - 1,360  - 888  1,306  - 1,948  - 54                
Operating profit  
before depreciation and amortization 79,123  52,296  30,009  32,725  109,132  85,021  
EBITDA-Margin 36% 31% 28% 33% 33% 32%               
Depreciation 2,947  1,671  1,011  650  3,958  2,321                
Operating profit before amortization 76,176  50,625  28,998  32,075  105,174  82,700  
EBITA-Margin 35% 30% 27% 32% 32% 31%

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

Q4 report 2023 Page 24  
3. Revenue specification 
In accordance with IFRS 15 disclosure requirements, total revenue is split on Revenue Share, Cost per Acquisition 
(CPA), Subscription, and Other as follows: 
Note tEUR Q4 2023 Q4 2022 2023 2022             
4 Revenue category         
  Recurring revenue (Revenue share, Subscription, CPM) 47,402  40,353  189,267  127,573  
  CPA, Fixed Fees 37,697  45,492  137,236  140,436  
  Other 95  296  183  1,288  
  Total revenue 85,195  86,140  326,686  269,297  
            
  %-split         
  Recurring revenue 56  47  58  48  
  CPA, Fixed Fees 44  53  42  52  
  Other 0  0  0  0  
  Total 100  100  100  100  
 
Note tEUR Q4 2023 Q4 2022 2023 2022             
4 Revenue type         
  Revenue Share 38,470  30,239  159,974  101,618  
  CPA 26,112  36,651  103,960  119,155  
  Subscription 5,290  5,419  17,959  17,042  
  Other 15,323  13,831  44,792  31,482  
  Total revenue 85,195  86,140  326,686  269,297  
            
  %-split         
  Revenue Share 45  35  49  38  
  CPA 31  43  32  44  
  Subscription 6  6  5  6  
  Other 18  16  14  12  
  Total 100  100  100  100  
* 2022 figures have been restated for Revenue Share and CPA because of the reclassification of upfront payments related to hybrid revenue share contracts 
as well as 2023 numbers, impacting Q4, 2023 with 2.9 mEUR and YTD 15.7 mEUR, respectively (2022: 5.9 mEUR). 
 
4. Share-based payment plans 
2019 Warrant programs: 
During the fourth quarter of 202 3 the company did not grant any new warrants and 116,903 warrants were exercised 
under this program.  
2020 Warrant programs: 
During the fourth quarter of 2023 the co mpany did not grant any n ew warrants and 26, 608 warrants were exercised 
under this program.  
2022 Incentive Program: 
During the fourth quarter of 2023 no performance share units or share options were granted under this program. A 
new Long-term Incentive (LTI) program was established for key employees in Q1 2022, and 73,894 performance share 
units and 24,564 share options were granted to a total of 36 employees. 
2023 Incentive Program: 
During the first quarter of 2023 a new Long-term Incentive (LTI) program was established for key employees. Under 
the program 134,953 performance share units and 239,350 share options were granted to a total of 64 employees. 
2023 CXO Options Program: 
During the second quarter of 2023 a new options program was established for the executive management. Under the 
program 300,000 share options were granted to a total of 3 employees. 
Management Incentive Program - Action Network:  
During the quarter no performance share units or share options were granted under this program. The cost related to 
the MIP program is recognized as special items and amounts to 0 tEUR in 2023 (2022: 936 tEUR). 
Total share-based compensation: 
The total share-based compensation expense for the above programs recognized for Q4 2023 is 150 tEUR (Q4 2022: 
621 tEUR) and the cost in 2023 is 2.5 mEUR (2022: 1.9 mEUR).

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

Q4 report 2023 Page 25  
5. Special items 
Special items consist of recurring and non-recurring items that management does not consider to be part of the 
group’s ordinary operating activities, i.e. acquisition costs, adjustment of earn-out payments related to acquisitions, 
and restructuring costs are presented in the Income statement in a separate line item labelled ‘Special items’.  
The impact of special items is specified as follows: 
tEUR Q4 2023 Q4 2022 2023 2022           
Operating profit 20,598  32,439  80,891  70,353            
Special Items related to:         
Special items related to dual listing - 1,129   0 - 1,129   0 
Special items related to M&A - 8,508  - 352  - 10,224  - 1,263  
Variable payments regarding acquisitions - cost  0 - 133   0 - 192  
Variable payments regarding acquisitions - income 9,969   0 9,924  2,467  
Special items related to Restructuring - 10  - 130  - 519  - 130  
Special items related to Management Incentive Program 78  2,225  0  - 936  
Special items, total 399  1,610  - 1,948  - 54            
Operating profit (EBIT) before special items 20,199  30,829  82,839  70,407            
Amortization and impairment 7,969  3,625  24,283  12,347            
Operating profit before amortization  
and special items (EBITA before special items)  28,168  34,455  107,122  82,754            
Depreciation 1,347  728  3,958  2,321            
Operating profit before depreciation, amortization,  
and special items (EBITDA before special items)  29,514  35,183  111,080  85,075  
 
6. Income tax 
Total tax for the period is specified as follows: 
tEUR Q4 2023 Q4 2022 2023 2022 
Tax for the period 6,211  8,733  18,175  16,888  
Tax on other comprehensive income  0 - 5,789   0 3,747  
Total 6,211  2,944  18,175  20,635  
 
Income tax on profit for the period is specified as follows: 
tEUR Q4 2023 Q4 2022 2023 2022 
Deferred tax 2,033  4,768  3,641  6,785  
Current tax 6,495  4,062  16,400  10,153  
Adjustment from prior years - 2,317  - 97  - 1,867  - 49  
Total 6,211  8,733  18,175  16,888  
Tax on the profit for the period can be explained as follows: 
tEUR Q4 2023 Q4 2022 2023 2022 
Specification for the period:         
Calculated 22% tax of the result before tax 3,015  6,383  12,762  14,292  
Adjustment of the tax rates  
in foreign subsidiaries relative to the 22% 488  1,332  1,955  1,563  
Tax effect of:         
Special items 295  - 480  868  - 83  
Special items - taxable items 308  579  - 233  - 243  
Other non-taxable income 1,682  1  - 410  - 150  
Other non-deductible costs 2,976  1,017  5,471  1,558  
Tax deductable - 235   0 - 371   0 
Adjustment of tax relating to prior periods - 2,317  -97 -1,867 -49 
Total 6,211  8,733  18,175  16,888  
Effective tax rate 45.3% 30.1% 31.3% 26.0%

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

Q4 report 2023 Page 26  
 
7. Intangible assets 
tEUR Goodwill 
Domains and  
websites 
Accounts and other  
intangible assets Total 
          
Cost or valuation         
As of January 1, 2023 183,942  460,513  63,705  708,159  
Additions 0  3,412  53,914  57,326  
Acquisitions through business combinations 75,335  10,842  29,579  115,756  
Transfer    0  0  0 
Disposals  0  0 - 6,531  - 6,531  
Currency Translation - 4,203  - 8,151  - 602  - 12,956  
At December 31, 2023 255,074  466,615  140,065  861,754  
          
Amortization and impairment         
As of January 1, 2023  0  0 36,688  36,688  
Amortization for the period  0 0  24,707  24,707  
Impairment for the period  0  0  0  0 
Amortization on disposed assets  0  0  0  0 
Currency translation  0  0 - 1,070  - 1,070  
At December 31, 2023  0 0  60,325  60,325  
          
Net book value at December 31, 2023 255,074  466,615  79,740  801,429  
 
 
 
 
tEUR Goodwill 
Domains and  
websites 
Accounts and other 
 intangible assets Total 
          
Cost or valuation         
As of January 1, 2022 178,182  329,276  36,827  544,285  
Additions  0 118,185  26,337  144,522  
Acquisitions through business combinations  0  0  0  0 
Transfer  0  0  0  0 
Disposals  0  0  0  0 
Currency Translation 5,760  13,051  540  19,351  
At December 31, 2022 183,942  460,513  63,705  708,159  
          
Amortization and impairment         
As of January 1, 2022  0  0 24,374  24,374  
Amortization for the period  0  0 12,348  12,348  
Impairment for the period  0  0  0  0 
Amortization on disposed assets  0  0  0  0 
Currency translation  0  0 - 33  - 33  
At December 31, 2022  0  0 36,688  36,688  
          
Net book value at December 31, 2022 183,942  460,513  27,016  671,471

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

Q4 report 2023 Page 27  
8. Non-current liabilities and other current financial liabilities 
Debt to credit institutions: 
As per December 31, 2023, Better Collective has drawn 248.7 mEUR (2022: 201.7) out of the total committed club facility 
of 319 mEUR established with Nordea, Nykredit, and Citibank.  In August Better Collective extended the club -financing 
from October 2022 with Nordea, Ny kredit and Citibank by 3 years to October 2026 as well as executing the accordion 
option increasing available facilities with 72 mEUR , leaving the group with a total financing of 319  mEUR where afore-
mentioned 248.7 mEUR has been utilized.  
Lease liabilities:  
Non-current and current lease liabilities, of 13.3 mEUR (2022: 5.0 mEUR) and 2.7 mEUR (2022: 1.7 mEUR) respectively.  
Deferred Tax liability:  
Deferred tax liability as of December 31, 2023, amounted to 84.7 mEUR (2022: 78.2 mEUR). The change from January 1, 
2023, originates from changes in deferred tax  related to acquisitions, amortization of accounts fr om acquisitions, and 
deferred tax changes in Parent Company and Better Collective US, Inc.  
Deferred Tax asset:  
Deferred tax asset as of December 31, 2023, amounted to 7.2 mEUR (2022: 9.2 mEUR). 
Other financial liabilities:  
As per December  31, 2023, other financial liabilities amounted to 61.9  mEUR (2022: 26. 9 mEUR) due to deferred and 
variable payments related to acquisitions. The increase f rom January 1, 2023, is related to the capitalization of media 
agreements, acquisition of Skycon, Playmaker HQ and Digital Sportmedia i Norden.  
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 are 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. 
 
 
9. Business combinations 
Acquisition of Skycon Limited 
On April 14, 2023 Better Collective completed the acquisition of Skycon Limited (Skycon) for a total consideration up to 
51 mEUR (45 mGBP) with an initial consideration of 28.3 mEUR (25 mGBP ) on a cash and debt -free basis. Skycon is a 
global display advertising company and perfectly complements Better Collective’s Paid Media division. The acquisition 
is a strategic move for Better Collective with significant synergistic opportunities.  
The transferred consideration was in cash and a deferred payment payable in cash. 
Acquired net assets at the time of acquisition  tEUR 
Accounts and other intangible assets 24,227  
Accrued Income 2,372  
Other receivables 45  
Cash 3,647  
Deferred Tax Liability - 6,502  
Identified net assets 23,790  
Goodwill 32,239  
Total consideration 56,029  
 
A goodwill of 32,239 tEUR emerged from the acquisition of Skycon as an effect of the difference between the transferred 
consideration and the fair value of acquired net assets. Goodwill is connected to the future growth expectations given 
the strong platform and significant synergistic opportunities. The earn outs are based on certain financial performance 
targets in the 12 months post-closing period. The goodwill is not tax deductible.  
Transaction costs related to the acquisition of Skycon amounts to 381 tEUR in 2023. Transaction costs are accounted for 
in the income statements under “special items”. The acquisition was completed on April 14, 2023. If the transaction had 
been completed on January 1, 2023 the group’s revenue YTD would have amounted to 332 mEUR and result after tax 
would have amounted to 43 mEUR. The purchase price allocation is provisional due to uncertainties regarding measure-
ment of acquired intangible assets. 
tEUR  
Purchase amount 56,029  
Cash and cash equivalents 3,647  
Deferred payment 22,614  
Cash outflow 29,767

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

Q4 report 2023 Page 28  
Acquisition of Playmaker HQ  
On July 3, after the end of Q2, 2023 Better Collecti ve US, Inc. completed the acquisition of Playmaker HQ for up to 51 
mEUR (54 mUSD) with an initial consideration o f 14.1 mEUR (15 mUSD) on a cash and debt-free basis. Playmaker HQ is 
a leading sports and entertainment media platform headquartered in South Florida, US. The sports media group special-
izes in providing original entertainment and sports content with exclusive athlete collaborations and creator talent 
mainly targeting the US market.  
tEUR   
Purchase amount 38,864  
Cash and cash equivalents  0 
Deferred payment 23,968  
Cash outflow 14,896  
The transferred consideration was in cash and a deferred payment payable in cash. 
Acquired net assets at the time of acquisition  tEUR 
Accounts and other intangible assets 5,352  
Accounts receivable 320  
Trade payables - 94  
Total net assets 5,578  
Goodwill 33,286  
Total consideration 38,864  
 
The acquisition of Playmaker HQ was included in the balance sheet for the condensed consolidated interim report ended 
September 30, 2023 based on a provisional assessment.The opening balance was amended per December 31, 2023 and 
a revised PPA is th erefore included in this rep ort. The revised PPA includes an adjustment on goodwill of 5,850 tEUR. 
Goodwill is connected to the future growth expectations given the strong platform and significant synergistic opportu-
nities. In order to reach the full earn-out payment, Playmaker HQ will have to generate >75 mUSD in accumulating rev-
enues and >25 mUSD in accumulating operational earnings (EBITDA) during the first three years p ost acquisition. The 
goodwill is tax deductible.  
Transaction costs related to the acquisition of Playmaker HQ  amounts to 347  tEUR in 2023. Transaction costs are ac-
counted for in the income statements under “special items”. The acquisition was completed on July 3, 2023. If the trans-
action had been completed on January 1, 2023 the group’s revenue YTD would have amounted to 330 mEUR and result 
after tax would have amounted to 39 mEUR. The purchase price allocation is provisional due to uncertainties regarding 
measurement of acquired intangible assets. 
Other acquisitions 2023 
On August 15, 2023 Better Collective announce d the acquisition of four brands SvenskaFans.com, Hockeysverige.se, 
Fotbolldirekt.se and Innebandymagazinet.se by acquiring Digital Sportmedia i  Norden AB from Everysport Group to 
further expand its position within the Swedish sports media ecosystem for a total consideration of 3.7 mEUR  on a cash 
and debt-free basis.  
On September 4, 2023 Better Collective announced the acquisition of the platform Torcedor es.com, by acq uiring 
Goalmedia Technologia E Marketing Digital S.A. The acquisition strengthens Better Collectives position in the South 
American region through the acquisition of leading national Brazilian sports media platform Torcedores.com. Adding 
the first Brazilian sports media brand to the group, Better Collective will leverage its best -in-class digital expertise in 
one of the world’s fastest growing markets.  
Acquired net assets during acquisitions   
Domains 6,650  
Contingent liabilities - 1,902  
Deferred tax liabilities - 1,308  
Net assets (other) - 1,099  
Total net assets 2,341  
Goodwill 6,614  
Total consideration 8,955  
 
A goodwill of 6,614 tEUR emerged from the acquisitions as an effect of the difference between the transferred consid-
eration and the fair value of acquired net assets. The goodwill is not tax deductible. 
Transaction costs related to the acquisition of Digital Sport Media i Norden AB and Torcedores amounts to 484 tEUR in 
2023. Transaction costs are accounted for in the income  statements under “special items”. The acquisition s were com-
pleted on August 15, 2023 and September 4, 2023. If the transactions had been completed on January 1, 2023 the group’s 
revenue YTD would have amounted to 328 mEUR and result after tax would have amounted to 39 mEUR. The purchase 
price allocation is provisional due to uncertainties regarding measurement of acquired intangible assets.

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

Q4 report 2023 Page 29  
Acquisition of Tipsbladet.dk 
On September 18, 2023 Better Collective announced the acquisition of Tipsbla det.dk ApS to further expand its position 
in Denmark for a total consideration of 6.5 mEUR on a cash and debt-free basis with closing 2 October 2023.  
tEUR   
Purchase amount 7,432  
Cash and cash equivalents  0 
Deferred payment 1,500  
Cash outflow 5,932  
The transferred consideration was in cash and a deferred payment payable in cash. 
Acquired net assets at the time of acquisition  tEUR 
Domains 4,192  
Net assets (other) 1,548  
Cash - 587  
Deferred Tax Liability - 917  
Identified net assets 4,236  
Goodwill 3,196  
Total consideration 7,432  
  
A goodwill of 3,196 tEUR emerged from the acquisition of Tipsblade t as an effect of the difference between the trans-
ferred consideration and the fair value of acquired net assets. Goodwill is connected to the future growth expectations 
given the strong platform and significant synergistic opportunities. The earn outs are based on certain performance 
targets in the 12 months post-closing period. The goodwill is not tax deductible.  
Transaction costs related to the acquisition of Tipsbladet amounts to 42 tEUR in 2023. Transaction costs are accounted 
for in the income statements under “special items”. The acquisition was completed on October 2, 2023. If the transaction 
had been completed on January 1, 2023 the group’s revenue YTD would have amounted to 328 mEUR and result after 
tax would have amounted to 39 mEUR. The purchase price allocation is provisional due to uncertainties regarding meas-
urement of acquired intangible assets. 
Acquisition of Playmaker Capital 
On November 6, 2023 Better Collective announced the acquisition of Playmaker Capital for a total price consideration 
of 176 mEUR. The consideration comprises 35 % cash and a cap of 65 % shares in Better Collective A/S. The considera-
tion is financed partly by own cash and utilization of available facilities of 72 mEUR as well as a share consideration. 
The share consideration payable to Playmaker Capital shareholders, a total of 3,143,009 Better Collective shares, has 
been provided by Better Collective delivering 1,387,580 existing shares held as treasury shares and by issuing 
1,755,429 new shares.  
Playmaker Capital is a leading digital sports media group that owns and operates several strong sports media brands 
across the Americas. The acquisition has been closed on 6 February 2024, and Playmaker Capital will be consolidated 
into Better Collective Group from the closing date.  
As per the date of publication of the interim financial statements it has not been possible to obtain sufficient financial 
data to fulfill reporting requirements according to IFRS3. Therefore, the opening balance, the acquired net assets at 
the time of the acquisition and goodwill are not included in these interim financial statements.

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

Q4 report 2023 Page 30  
 
10. Note to cash flow statement 
tEUR Q4 2023 Q4 2022 2023 2022 
          
Acquisition of business combinations:         
Net Cash outflow  
from business combinations at acquisition - 7,387   0 - 57,282   0 
Business Combinations  
deferred payments from current period  0  0  0  0 
Deferred payments  
- business combinations from prior periods  0 - 517   0 - 14,337  
Total cash flow from business combinations - 7,387  - 517  - 57,282  - 14,337  
          
Acquisition of intangible assets:         
Acquisitions through asset transactions - 30,576  - 2,855  - 50,639  - 144,522  
Deferred payments related to acquisition value - 494   0 - 494  29,408  
Deferred payments  
- acquisitions from prior periods - 7   0 - 9,745  - 121  
Intangible assets with no cash flow effect 14,834  3,895  33,613  24,325  
Other investments  0 - 3,034  - 203  - 5,541  
Total cash flow from intangible assets - 16,243  - 1,994  - 27,469  - 96,452

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

Q4 report 2023 Page 31  
Financial statements for the period  
Income statement – Parent company  
tEUR Q4 2023 Q4 2022 2023 2022 
Revenue 27,207  20,665  98,513  65,282            
Other operating income 339  6,762  12,516  14,797            
Direct costs related to revenue 5,065  4,524  23,071  14,292  
Staff costs  10,762  8,664  40,796  25,061  
Depreciation 616  136  1,438  540  
Other external expenses 5,742  5,126  18,632  17,248            
Operating profit before amortization (EBITA) and special items 5,360  8,976  27,091  22,939            
Amortization 3,791  1,152  9,908  3,875            
Operating profit (EBIT) before special items 1,569  7,824  17,182  19,064            
Special items, net 1,755  - 293  312  - 1,168            
Operating profit 3,324  7,532  17,494  17,896  
Financial income 21,059  7,724  70,010  72,388  
Financial expenses 20,595  30,600  45,054  35,057            
Profit before tax 3,788  - 15,344  42,450  55,227  
Tax on profit for the period 984  - 4,477  3,181  8,279            
Profit for the period 2,804  - 10,867  39,269  46,949  
 
 
 
Statement of other comprehensive income 
tEUR Q4 2023 Q4 2022 2023 2022           
Profit for the period 2,804  - 10,867  39,269  46,949            
Other comprehensive income         
Other comprehensive income to be  
reclassified to profit or loss in subsequent periods:         
Fair value adjustment of hedges for the year  - 483   0 - 483   0 
Currency translation to presentation  
currency  0  0 - 910  22  
Currency translation of non-current  
intercompany loans         
Income tax  0  0  0  0 
Net other comprehensive income/loss  0  0 - 910  22  
Total comprehensive income/(loss) for the period, net of tax 2,321  - 10,867  37,877  46,970

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

Q4 report 2023 Page 32  
Statement of financial position – Parent company 
tEUR 2023 2022       
Assets           
Non-current assets     
Intangible assets     
Goodwill 17,812   0 
Domains and websites 167,831  144,374  
Accounts and other intangible assets 50,418  13,287  
Total intangible assets 236,061  157,661        
Property, plant and equipment     
Right of use assets 7,469  334  
Fixtures and fittings, other plant and equipment 2,494  410  
Total property, plant and equipment 9,962  744        
Financial assets     
Investments in subsidiaries 234,330  190,448  
Receivables from subsidiaries 282,016  273,515  
Deposits 940  174  
Total financial assets 517,285  464,137        
Total non-current assets 763,308  622,542        
Current assets     
Trade and other receivables 15,735  17,163  
Receivables from subsidiaries 13,153  30,229  
Tax receivable 1,479  5,913  
Prepayments 2,453  2,519  
Other current financial assets 6,804   0 
Cash 17,825  8,705  
Total current assets 57,450  64,529        
Total assets 820,758  687,071  
 
 
 
tEUR 2023 2022       
Equity and liabilities     
Equity     
Share Capital 554  551  
Share Premium 274,580  272,550  
Currency Translation Reserve - 336  574  
Hedging reserves - 483   0 
Treasury shares - 21,057  - 7,669  
Retained Earnings 189,953  145,047  
Total equity 443,211  411,054        
Non-current Liabilities     
Debt to credit institutions 248,657  201,708  
Lease liabilities 6,024  16  
Deferred tax liabilities 13,832  6,141  
Other non-current financial liabilities 25,261  19,543  
Total non-current liabilities 293,774  227,408        
Current Liabilities     
Prepayments received from customers and deferred revenue 312  1,583  
Trade and other payables 11,495  5,719  
Payables to subsidiaries 11,993  20,822  
Tax payable 196  30  
Other current financial liabilities 58,295  19,045  
Debt to credit institutions  0 1,055  
Lease liabilities 1,483  356  
Total current liabilities 83,773  48,609  
Total liabilities 377,547  276,017  
Total equity and liabilities 820,758  687,071

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

Q4 report 2023 Page 33  
Statement of changes in equity – Parent company 
tEUR 
Share  
capital 
Share  
pre-
mium 
Currency 
translation 
reserve 
Hedging 
reserves 
Treasury  
shares 
Retained 
earnings 
Total  
equity 
                
As of January 1, 2023 551  272,550  574   0 - 7,669  145,047  411,054  
Result for the period  0  0  0  0  0 39,269  39,269  
                
Other comprehensive income  0  0  0 - 483   0  0 - 483  
Currency translation  
to presentation currency  0  0 - 910   0  0  0 - 910  
Tax on other  
comprehensive income  0  0  0  0  0  0  0 
Total other  
comprehensive income  0  0 - 910  - 483   0  0 - 1,393  
Total comprehensive income for the year  0  0 - 910  - 483   0 39,269  37,877  
                
Transactions with owners               
Capital Increase 3  2,030   0  0  0 3,154  5,187  
Acquisition of treasury shares  0  0  0  0 - 13,375   0 - 13,375  
Disposal of treasury shares  0  0  0  0  0  0  0 
Share based payments  0  0  0  0  0 2,495  2,495  
Transaction cost  0  0  0  0 - 13  - 12  - 26  
Total transactions with owners 3  2,030   0  0 - 13,389  5,636  - 5,720  
                
At December 31, 2023 554 274,580  - 336  - 483  - 21,057  189,953  443,211  
During the period no dividend was paid. 
 
 
 
 
 
 
tEUR 
Share  
capital 
Share  
pre-
mium 
Currency 
translation 
reserve 
Hedging 
reserves 
Treasury  
shares 
Retained 
earnings 
Total  
equity 
                
As of January 1, 2022 546  267,873  552   0 - 8,074  94,223  355,121  
Result for the period  0  0  0  0  0 46,949  46,949  
                
Other comprehensive income  0  0  0  0  0  0  0 
Currency translation  
to presentation currency  0  0 22   0  0  0 22  
Tax on other  
comprehensive income  0  0  0  0  0  0  0 
Total other  
comprehensive income  0  0 22   0  0  0 22  
Total comprehensive income for the year  0  0 22   0  0 46,949  46,970  
                
Transactions with owners               
Capital Increase 5  4,677   0  0  0  0 4,683  
Acquisition of treasury shares  0  0  0  0 - 14,250   0 - 14,250  
Disposal of treasury shares  0  0  0  0 14,656  842  15,498  
Share based payments  0  0  0  0  0 3,061  3,061  
Transaction cost  0  0  0  0  0 - 28  - 28  
Total transactions with owners 5  4,677   0  0 406  3,875  8,963  
                
At December 31, 2022 551  272,550  574   0 - 7,669  145,047  411,054  
During the period no dividend was paid.

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

Q4 report 2023 Page 34  
    
The group uses and communicate certain Alternative Performance Measures (“APM”), which are not defined under IFRS. 
Such are not to replace performance measures defined and under IFRS. The APM’s may not be indicative of the group’s 
historical operating results, nor are such measures meant to be predictive of the group’s future results. The group be-
lieves however that the APMs are useful supplemental indicators that may be used to assist in evaluating a company’s 
future operating performance, and its ability  to service its debt. Accordingly, the APMs are disclosed to permit a more 
complete and comprehensive analysis of the group’s operating performance, consistently with how the group’s business 
performance is evaluated by the Management. The group believes 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 und er IFRS and should not be 
considered as alternatives to other indicators of the Company’s operating performance, cash flows or any other 
measures of performance derived in accordance with IFRS. The group’s APM’s have important limitations as analytical 
tools, and they should not be considered in isolation or as substitutes for analysis of the group’s results of operations as 
reported under IFRS. Our currently applied APM’s are summarized and described below. 
Alternative Performance Measures 
Alternative  
Performance Measure Description SCOPE 
Earnings per share 
(EPS) 
Net Profit for the period / (Average number 
of shares - Average number of treasury 
shares held by the company) 
The group reports this APM for users to monitor de-
velopment in the net profit per share. 
Diluted earnings  
per share 
Net profit for the period / (Average number 
of shares + Average number of outstanding 
warrants - Average number of treasury 
shares held by the company) 
The group reports this APM for users to monitor de-
velopment in the net profit per share, assuming full 
dilution from active warrant programs. 
Operating profit  
before amortization 
(EBITA) 
Operating profit plus amortizations Better Collective reports this APM to allow monitor-
ing and evaluation of the Group’s operational profit-
ability. 
Alternative  
Performance Measure Description SCOPE 
Operating profit  
before amortizations 
margin (%) 
Operating profit before amortizations / reve-
nue 
This APM supports the assessment and monitoring 
of the Group’s performance and profitability 
EBITDA before  
special items 
EBITDA adjusted for special items This APM supports the assessment and monitoring 
of the Group’s performance as well as profitability 
excluding special items that do no stem from ongo-
ing operations, providing a more comparable meas-
ure over time. 
Operating profit  
before amortizations  
and special items  
margin (%) 
Operating profit before amortizations and 
special items / revenue 
This APM supports the assessment and monitoring 
of the Group’s performance as well as profitability 
excluding special items that do no stem from ongo-
ing operations, providing a more comparable meas-
ure over time. 
Special items Items that are considered not part of ongoing 
business 
Items that are not part of ongoing business, e.g. cost 
related to M&A and restructuring, adjustments of 
earn-out payments. 
Net Debt / EBITDA  
before special items* 
(Interest bearing debt, minus cash and cash 
equivalents) / EBITDA before special items on 
rolling twelve months basis 
This ratio is used to describe the horizon for pay 
back of the interest-bearing debt and measures the 
leverage of the funding. 
Liquidity ratio Current Assets / Current Liabilities Measures the ability of the group to pay its  current 
liabilities using current assets. 
Equity to assets ratio Equity / Total Assets Reported to show how much of the assets in the 
company is funded by equity 
Cash conversion rate 
before special items 
(Cash flow from operations before special 
items + Cash from CAPEX) / EBITDA before 
special items 
This APM is reported to illustrate the Group’s ability 
to convert profits to cash 
NDC New depositing customers A key figure to reflect the Group’s ability to fuel 
long-term revenue and organic growth 
Organic Growth Revenue growth as compared to the same pe-
riod previous year. Organic growth from ac-
quired companies or assets are calculated 
from the date of acquisition measured against 
the historical baseline performance. 
Reported to measure the ability to generate growth 
from existing business 
Alternative Performance Measures  
and Definitions

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

Q4 report 2023 Page 35  
    
Alternative  
Performance Measure Description SCOPE 
Recurring revenue Recurring revenue is a combined set of reve-
nues that is defined as recurring as manage-
ment considers that the sources of these rev-
enue streams will continuously generate reve-
nue over a variable period of time and size e.g. 
if players continue to bet with gaming opera-
tors with which BC has revenue share agree-
ments, customers continue current subscrip-
tions or if BC on a current basis receive reve-
nues from customers having current market-
ing agreements in respect of banners, etc. on 
the group’s websites. Accordingly, it includes 
Revenue share income, CPM /Advertising and 
subscription revenues. 
The group reports this APM to distinguish between 
what management consider as recurring revenue 
streams and what management consider as non-re-
curring revenue streams, e.g. revenues reflecting 
one-time settlements with gaming operators. 
*Net debt definition has been changed from Q3, 2023 so it is excluding earn-outs. Comparatives have been changed accordingly. 
 
Definitions 
Term Description 
PPC Pay-Per-Click 
SEO Search Engine Optimization 
Sports win margin Sports net player winnings (operators) / sports wagering 
Sports wagering The value of bets placed by the players 
Recurring revenue Recurring revenue is a combined set of revenues that is defined as recurring. It includes revenue 
share income, CPM/Advertising and subscription revenues 
Board The Board of Directors of the company 
Executive management Executives that are registered with the Danish Company register 
Company Better Collective A/S, a company registered under the laws of Denmark

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

Q4 report 2023 Page 36  
    
 
 
 
 
Better Collective A/S 
Sankt Annæ Plads 26-28 
1250 Copenhagen K 
Denmark 
CVR no 27 65 29 13 
+45 29 91 99 65 
info@bettercollective.com 
bettercollective.com