Kvartalsrapport Q4 2024

Automatiskt nyckeltalsindex

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

Fulltext

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

Q4 report 2024   
 
 
 
 
 
 
February 19, 2025  
Better Collective A/S  
Sankt Annæ Plads 28-30 
1250 Copenhagen  (DK) 
www.bettercollective.com 
CVR NO.:  27 65 29 133 
  
 Interim report Q4, 2024 
 
Full year 2024 highlights 
 
• Revenue of 371 mEUR, growth of 14% 
• Recurring revenue of 231 mEUR, growth of 21% 
• EBITDA before special items of 113 mEUR up 2%, 31% margin 
• Net debt to EBITDA of 2x 
• Revenue ended in the high end of full year guidance with EBITDA end-
ing slightly above revised targets 
• Revenue of 96 mEUR, growth of 13% 
• Recurring revenue of 63 mEUR, growth of 28% 
• EBITDA before special items of 34 mEUR up 14%, 35% margin 
• 50 mEUR efficiency program was executed faster than expected  
Other highlights 
 
• 2025 guidance  
• Revenue 320-350 mEUR, EBITDA 100-120 mEUR, Free cash flow be-
tween 55-75 mEUR, Net debt to EBITDA below 3 
• New adjusted 2023-2027 guidance excluding M&A 
• Announcement of new 10 mEUR share buyback program and proposal 
for the cancellation of holding of own shares at upcoming AGM

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

Q4 report 2024   
 
 
    
Q4 report 2024 Page 1  
EBITDA* 
mEUR 
Recurring revenue 
mEUR 
Revenue 
mEUR 
*Before special items 
Q4 
FULL YEAR

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

Q4 report 2024 Page 1  
Highlights Q4, 2024 2 
Financial targets 3 
Significant events after close 4 
Financial highlights and key figures 5 
CEO letter 6 
Business review and financial performance 8 
Other 14 
Statement by the Board of Directors and the 
Executive Management 16 
Condensed interim financial statements for the 
period 17 
Notes 21 
Parent Company 32 
 
A conference call for Better Collective’s stakeholders 
will be held on February 20th, at 10:00 CET and can be 
joined online here.  
To participate through phone , follow this link . Once 
signed up you will receive an e-mail with a phone num-
ber and a personal dial-in code for the call. 
The presentation material for the webcast will be avail-
able after market close on February 19th via: 
www.Bettercollective.com  
 
Upcoming events 
• Annual Report – March 25, 2025 
• Annual General Meeting – April 22, 2025 
• Q1 report – May 21, 2025 
• Q2 report – August 20, 2025 
• Q3 report – November 13, 2025  
 
   
Table of  
contents   Q4 webcast  
February 20th, 2025

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

Q4 report 2024 Page 2  
Highlights Q4, 2024 
Better Collective announced its preliminary headline 
numbers on February 6, 2025, showing revenue in the 
high end of guidance, and EBITDA above the guidance.  
Revenue grew by 13% to 96 mEUR, with a 2% decline in 
organic growth. After the guidance update  in October, 
the US and Brazilian markets performed as anticipated, 
while the rest of the business —including Europe, Can-
ada, and esports— grew in line with expectations. 
Recurring revenue grew by 28% to 63 mEUR making up 
65% of group revenues. This was driven by organic rev-
enue share growth  plus the acquisitions of Playmaker 
Capital and AceOdds. 
EBITDA before special items was 34 mEUR, up 14% and 
exceeded the recent guidance given in connection with 
the downgrade in October. This was primarily driven by 
revenues ending in the high end of the range, as well as 
the cost efficiency program being implemented faster 
than expected. The EBITDA-margin for the quarter was 
35%.  
Cash flow from operations before special items was 20  
mEUR. The cash conversion was 60 %. The lower cash 
conversion relates to increase in trade receivables that 
is expected to be paid during Q1, 2025. By the end of Q4, 
capital reserves stood at 102 mEUR of which cash of 38 
mEUR and unused credit facilities of 64 mEUR
. 
The group delivered 407.000 New Depositing Custom-
ers (NDCs) of which 82% were on revenue share con-
tracts. The number of NDCs were down 15% due to the 
development in Brazil.  
Brazilian market update.  During 2024, Better Collective 
experienced an increasing slowdown in the Brazilian 
market in anticipation of the regulation January 1, 2025. 
This impacted both NDCs and financial performance 
throughout the year and accelerated in Q3 as well as fur-
ther in Q4. The Brazilian market has now gone live under 
new local gambling regulation  on January 1, 2025, and 
the implications and experiences so far are the follow-
ing:  
• Better Collective had around 70 mEUR in revenues 
from Brazil in 2024, equivalent to 19% of group rev-
enues. Most of  the revenue is revenue share in-
come. 
• A local tax on gambling revenue (GGR) and added 
costs on net gaming revenue  is estimated at 26%. 
This will expectedly affect revenue negatively by 
15-20 mEUR in 2025. 
• In the move to a regulated market all players must 
re-activate their accounts, and in this process, it is 
expected for sportsbooks to see customer churn - 
further negatively amplified by the increasing com-
petition between sportsbooks. This is estimated to 
impact Better Collective’s revenue share income in 
the market by around 20 -30 mEUR in 2025. The  
players left after this process is however expected 
to be of very high quality with higher lifetime val-
ues in comparison to the previous database. 
• The negative impact of the  new regulation is 
thereby estimated to be 35- 50 mEUR on revenue 
and EBITDA before special items in 2025. 
• Throughout 2023 and 2024, Better Collective has 
expanded its localization efforts by building a team 
of over 100 employees in Brazil to meet all onshor-
ing requirements under the regulation.  
• The market has launched with some sportsbooks 
being granted l icenses, while t he market is in low 
season. The activity is expected to pick up from 
March when the high season for sports begins.  
 
The Brazilian market is expected to return to growth by 
2026 and Better Collective expects Brazil to become a 
highly profitable and high growth market for the group 
in the mid-to-long-term, which will outweigh the short-
term impact. Better Collective always welcomes a regu-
lated market as  the better alternative for both player 
protection, taxation, and for  other stakeholders in-
volved. 
Cost efficiency program.  The efficiency program that 
was initiated in October  was fully implemented during 
Q4 2024 and executed faster than expected. The pro-
gram had a partial effect in Q4 2024 of 10 mEUR as well 
as one -off savings of bonuses and other of 5 mEUR, 
which improved EBITDA by 15 mEUR. The program will 
have full  annual effect of 50 mEUR in  2025. Approxi-
mately 65% of the total program cost is allocated to sal-
aries, with 2% attributed to Executive Management. Ad-
ditional cost savings include  13% from editorial reduc-
tions, 9% from  procurement, 3% from  office closures, 
and 10% from other savings. 
Better Collective continues to focus on its AdVantage 
platform. During Q4 the development has been moving 
forward as the Group has increased the connectivity 
across brands. Throughout the year of 2024, the Group 
has strengthened its commercial team, which has re-
sulted in expanding presence in global agency budgets. 
On September 6, Better Collective’s Board of Directors 
resolved to extend the buy-back program, allowing it to 
continue until November 27, 2024. The program was fi-
nalized on that date, and as a result, Better Collective 
now owns 1.8% of the company’s outstanding capital.

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

Q4 report 2024 Page 3  
Financial targets  
2025 guidance  
Better Collective’s guidance for 2025 is as follows: 
• Revenue of 320-350 mEUR 
• EBITDA before special items of 100-120 mEUR  
• Free cash flow of 55-75 mEUR 
• Net debt to EBITDA below 3x 
 
2025 guidance implications 
Revenue growth will be short-term impacted by the Bra-
zilian market regulation. Given the before -mentioned 
factors in Brazil including taxation  and added costs on 
net gaming revenue as well as  expected customer 
churn, Better Collective estimates between 50-70% de-
cline in  Brazilian revenue share income short term, 
which impacts EBITDA for 2025 by estimated 35 -50 
mEUR. H1 2024 further provides a tough comparison 
with a 20 mEUR  EBITDA before special items  effect 
stemming from a higher US marketing activity from 
partners last year, the state launch in North Carolina as 
well as the European Championships in Soccer. On the 
other hand, Better Collective expects absolute growth 
in its European, Esport, South America ex Brazil and Ca-
nadian businesses, as well as US growing from its lower 
baseline. This is estimated to give a n EBITDA before 
special items growth boost of between 20 to 40 mEUR 
during 2025.  Lastly, the cost efficiency program will 
have full effect of 50 mEUR for the year. All this com-
bined means EBITDA before special items is guided flat 
versus last year.  
Adjusted long-term guidance 
for 2027 
• Positive organic growth from 2026 
• EBITDA-margin before special items for 2027 con-
tinued at 35-40% 
• Continued strong cash conversion 
• Net debt to EBITDA below 3x 
 
2027 guidance assumptions 
When launching the long-term guidance in 2023, Better 
Collective included both organic growth and M&A. Given 
the changing market conditions and share price devel-
opment Better Collective will likely consider other capi-
tal allocation measures in the near -term such as bring-
ing down debt and share buybacks. This consideration 
combined with the challenges in the US and Brazilian 
markets make the company adjust its guidance to focus 
on organic growth.   
Disclaimer 
This report contains certain forward-looking statements 
and opinions. Forward -looking statements are state-
ments that do not relate to historical facts and events. 
Such statements or opinions pertaining to the future, for 
example wording like; “believes”, “deems”, “estimates”, 
“anticipates”, “aims’, and “forecasts” or similar expres-
sions are intended to identify a statement as forward -
looking. This applies to statements and opinions con-
cerning the future financial returns, plans and expecta-
tions with respect to the business and management of 
the group, future growth, profitability, general eco-
nomic and regulatory environment, and other matters 
affecting Better Collective.  
Forward-looking statements are based on current esti-
mates and assumptions made according to the best of 
the group’s knowledge. These statements are inherently 
associated with both known and unknown risks, uncer-
tainties, and other factors that could cause the results, 
including the group’s cash flow, financial condition, and 
operations, to differ materially from the results, or fail to 
meet expectations expressly or implicitly, assumed or 
described in those statements or to turn out to be less 
favorable than  the results expressly or implicitly as-
sumed or described in those statements. Better 
Collective can give no assurance regarding the future 
accuracy of the opinions set forth herein or as to the ac-
tual occurrence of any predicted developments and/or 
targets. 
Considering the risks, uncertainties and assumptions as-
sociated with forward-looking statements, it is possible 
that certain future events may not occur. Moreover, for-
ward-looking estimates derived from third -party stud-
ies may prove to be inaccurate. Actua l results, perfor-
mance or events may differ materially from those in 
such statements e.g. due to changes in general eco-
nomic conditions, in particular economic conditions in 
the markets in which the group operates, changes af-
fecting interest rate levels, c hanges affecting currency 
exchange rates, changes in competition levels, changes 
in laws and regulations, and occurrence of accidents or 
environmental damages and systematic delivery fail-
ures. We undertake no obligation to update or revise 
any forward -looking statements, whether because of 
new information, future events or otherwise, except to 
the extent required by law.

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

Q4 report 2024 Page 4  
Significant events 
after close 
Better Collective’s Board and Executive Management  
propose to the Annual G eneral Meeting that the  1.8% 
holding of own shares as of December 31, 2024, be can-
celed. 
Better Collective has decided to launch a new share buy-
back of 10 mEUR.  
Better Collective’s leading esport community, HLTV, 
hosted its annual HLTV Award Show for the fourth year 
in a row. The event brought together the global Coun-
ter-Strike community to honor and celebrate the best 
and brightest in the world of CS 2. HLTV stands as the 
leading Counter-Strike platform in the world featuring 
news, live-streaming, statistics, on-site tournament cov-
erage and more. On average, the HLTV webs ite has 
more than 270 million monthly pageviews while across 
social media platforms the brand has nearly two million 
followers. 
 
 
 
    
    
Q4 report 2024 Page 4

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

Q4 report 2024 Page 5  
Financial highlights and key figures 
tEUR Q4 2024 Q4 2023 2024 2023           
Income statements         
Revenue 96,182  85,195  371,487  326,686  
Recurring revenue 63,074  49,253  230,735  191,118  
Revenue Growth (%) 13% -1% 14% 21% 
Organic Revenue Growth (%) -2% -7% -2% 13% 
Operating profit before depreciation, amortization,  
and special items (EBITDA before special items)  33,522  29,514  113,403  111,080  
Operating profit before depreciation  
and amortization (EBITDA) 26,065  29,914  102,517  109,132  
Depreciation 1,607  1,347  6,990  3,958  
Operating profit before amortization  
and special items (EBITA before special items)  31,915  28,168  106,413  107,122  
Special items, net - 7,457  399  - 10,886  - 1,948  
Operating profit before amortization (EBITA) 24,458  28,567  95,527  105,174  
Amortization and impairment 7,250  7,969  34,080  24,283  
Operating profit before special items  
(EBIT before special items)  24,665  20,199  72,334  82,839  
Operating profit (EBIT) 17,208  20,598  61,447  80,891  
Result of financial items - 824  - 6,896  - 18,583  - 22,881  
Profit before tax 16,385  13,702  42,865  58,010  
Profit after tax 15,047  7,491  34,014  39,835  
Earnings per share (in EUR) 0.24  0.14  0.55  0.74  
Diluted earnings per share (in EUR) 0.24  0.13  0.53  0.70  
For a definition of financial key figures and ratios, please refer to page 35. 
 
 
 
tEUR Q4 2024 Q4 2023 2024 2023           
Balance sheet         
Balance Sheet Total 1,172,119  937,862  1,172,119  937,862  
Equity 685,929  435,273  685,929  435,273  
Current assets 110,472  105,812  110,472  105,812  
Current liabilities 73,235  103,493  73,235  103,493  
Net interest bearing debt 238,953  221,133  238,953  221,133            
Cashflow         
Cash flow from operations before special items 19,738  37,525  101,009  119,384  
Cash flow from operations 14,413  34,781  82,619  114,639  
Investments in tangible assets 924  - 1,003  - 3,942  - 5,143  
Cash flow from investment activities - 7,176  - 24,546  - 154,829  - 106,248  
Cash flow from financing activities - 7,149  - 361  99,154  29,334            
Financial ratios         
Operating profit before depreciation,  
amortization (EBITDA) and special items margin (%)  35% 35% 31% 34% 
Operating profit before amortization margin (EBITDA) (%) 27% 35% 28% 33% 
Operating profit margin (%) 18% 24% 17% 25% 
Publishing segment  
- EBITDA before special items margin (%) 36% 38% 32% 37% 
Paid media segment  
- EBITDA before special items margin (%) 32% 28% 27% 29% 
Net interest bearing debt / EBITDA before special items  2.11 1.99 2.11 1.99 
Liquidity ratio 1.51 1.02 1.51 1.02 
Equity to assets ratio (%) 59% 46% 59% 46% 
Cash conversion rate before special items (%) 60% 124% 86% 103% 
Average number of full-time employees 1,765  1,211  1,773  1,252  
NDCs (thousand) 407  483  1,754 1,916

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

Q4 report 2024 Page 6  
CEO letter 
Navigating a 
challenging year and 
positioning for future 
growth 
2024 was a year of unexpected challenges, shaped by 
significant external headwinds. The first half of 2024 de-
livered strong results, but challenges emerged in May 
with the announcement of the Google Policy Update. 
While we mitigated its effects at the group level, our Me-
dia Partnership business was nonetheless impacted. 
A second driver of uncertainty came later in the year as 
we renegotiated the earn-out of Playmaker HQ, a deal 
we remain highly satisfied with. However, the earn -out 
settlement was based on underperformance of the asset 
and the settlement brought an impairment, creating 
some market uncertainty about our acquisitive growth 
strategy. 
Brazil presented another headwind throughout the year, 
with sportsbook marketing activity slowing progres-
sively and significantly accelerating in Q3 and Q4. This 
slowdown was driven by the anticipation of Brazil’s 
online gaming regulation, effective January 1, 2025. The 
transition led to deferred marketing spending by our 
partners as they focused on obtaining licenses and lo-
calizing their operations.  
Brazil has been a key growth driver for us in recent 
years, rising from insignificant revenues to contributing 
19% of 2024 Group revenues. Despite the short -term 
challenges posed by taxation, onshoring, and expected 
player churn with reactivation and increased sportsbook 
competition, we see strong long-term potential in a reg-
ulated Brazilian market. A well-implemented regulatory 
framework benefits players, the market, and all its par-
ticipants.  
We are positioned to play a significant role in helping 
licensed sportsbooks grow market share s. Encourag-
ingly, all our media inventory in Brazil is sold out for the 
launch, providing clear evidence that our leading sports 
media brands offer something highly unique and valued 
by our partners. Additionally, we are delivering a good 
volume of new depositing customers (NDCs) to both ex-
isting and new partners, despite many still not having a 
full license in place and it currently being low season for 
local sports. We do expect the activity to pick up over 
the coming quarters as licenses are obtained and the 
sports season kicks in.  
In the US, our business started the year of 2024 well -  
also helped by the launch of sports betting in North Car-
olina but faced lower than expected activity leading into 
the NFL season. The US market’s dynamics, dominated 
by few sportsbooks, highlighted the importance of ac-
tive challengers. Many challenger brands shifted focus 
away from the US, reducing competitive pressure as 
well as lowering marketing spending by market leaders.  
Following the market conditions and changes in US and 
Brazil, we initiated a streamlining process with the aim 
of reducing costs by 50 mEUR to ensure our global op-
erations are aligned with the market outlook. As the US 
and Brazil remain young and evolving markets, we are 
prepared to scale when competitive dynamics inevitably 
shift, and markets find their ground. The potential of the 
US market as the world’s largest sports bettin g and 
iGaming opportunity as well as a newly regulated Bra-
zilian market remains compelling, and we are well-posi-
tioned to capitalize on its growth. 
The combined impacts of Brazilian market slowdown, 
and reduced US marketing activity led to a downgrade 
of our guidance in October. While disappointing for my 
colleagues, shareholders and myself, we remained true 
to our DNA and took swift action to make an efficient 
response. Our cost -efficiency program was imple-
mented faster than expected, and we’ve successfully re-
based the business for 2025. 
Naturally the US and Brazilian markets have taken a lot 
of attention recently, however I have been happy to see 
our developments in other parts of our business.  Our 
European, Canadian, South America ex Brazil and esport 
businesses have done well. The US transition to revenue 
share has continued, and we further build for the future.  
Excluding Brazil and the US, we delivered good revenue 
and EBITDA growth, supported by our M&A strategy. 
Our revenue continued throughout the year to become 
of higher quality as recurring revenue grew 21% to 231 
mEUR.  
We remain strong financially, well positioned with mar-
ket-leading sports media brands such as the world-lead-
ing esports community HLTV, leading EA FC- platform 
FUTBIN, BolaVIP, the leading sports media in South 
America, Action Network, the leading sports betting 
media in North America , and many talent -led brands 
such as Playmaker HQ and The Nation Network. We fur-
ther sit on strong European sports brands and sports 
betting brands like Betarades, Aceodds and Wettbasis, 
which continue to enhance their quality year after year. 
We still see significant opportunities to improve effec-
tiveness across our “ House of Brands ”. Strengthening 
operational efficiencies and leveraging synergies within 
our portfolio will remain a key focus area to drive global 
scale and maximize long-term profitability. 
Despite short -term challenges, Better Collective re-
mains uniquely positioned at the forefront of the global 
sports media and betting media landscape. Our diversi-
fied portfolio of leading brands, combined with strong

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

Q4 report 2024 Page 7  
financial discipline and a commitment to innovation, po-
sitions us well for sustained growth. With a shift toward 
organic expansion, disciplined capital allocation, and a 
continued focus on operational excellence, we are con-
fident in our ability to generate long-term value for our 
shareholders. 
We recognize there are multiple ways to create share-
holder value. While M&A has been a key driver in the 
past, our near -term focus will shift toward driving or-
ganic growth and safeguarding the robust cash flow of 
the business to bring down debt and buy back own 
shares. This approach ensures that we remain agile and 
resilient, laying the groundwork for long-term value cre-
ation, and eventually getting us back to the M&A agenda 
that still offers many great opportunities. 
As we close this chapter and look forward to 2025, I am 
incredibly confident about the future of Better Collec-
tive. The resilience and dedication of our teams have 
been instrumental in navigating a challenging year, and 
I want to express my deepest gratitude to all our em-
ployees. Your passion, creativity, and unwavering com-
mitment continue to drive our success. While the road 
ahead will have its twists and turns, I firmly believe we 
are stronger, leaner, and better positioned than ever to 
capture new opportunities and shape the future of digi-
tal sports media globally. Together, we will continue to 
build a business that delivers value for our partners, 
shareholders, and sports fans around the world. 
Jesper Søgaard 
Co-founder & CEO 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
        
Q4 report 2024 Page 7  
    
“As we close this chapter and look 
forward to 2025, I am incredibly con-
fident about the future of Better Col-
lective. The resilience and dedication 
of our teams have been instrumental 
in navigating a challenging year, and I 
want to express my deepest grati-
tude to all our employees ”.

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

Q4 report 2024 Page 8  
Business review 
and financial 
performance 
Group 
Q4 revenues came in at 96 mEUR growing 13% driven by 
M&A as organic growth declined by 2%. The decline was 
due to a lower marketing activity by partners in the US 
as well as a continued slowdown in Brazil heading into 
the regulation January 1, 2025. After the guidance up-
date, the US and Brazil performed as anticipated, while 
the rest of the business  including Europe, Canada, and 
esports grew in line with expectations. 
Recurring revenue grew by 28% to 63 mEUR making up 
65% of group revenues.  
Costs were up by 13% to 63 mEUR, while EBITDA before 
special items was 34 mEUR, up 14%.  
The group delivered 407.000 New Depositing Custom-
ers (NDCs) of which 82% were on revenue share con-
tracts. The number of NDCs were down 15% mainly due 
to the Brazilian development.  
 
 
 
 
  
    
Q4 report 2024 Page 8  
       
Key figures for the group 
tEUR Q4 2024 Q4 2023 Growth 2024 2023 Growth               
Revenue 96,182  85,195  13% 371,487  326,686  14% 
Cost 62,660  55,680  13% 258,084  215,605  20% 
Operating profit before depreciation and amortization 
and special items 33,522  29,514  14% 113,403  111,080  2% 
EBITDA-Margin before special items 35% 35%   31% 34%   
Operating profit before depreciation and amortization 26,065  29,914  -13% 102,517  109,132  -6% 
EBITDA-Margin 27% 35%   28% 33%   
Organic Growth -2% -7%   -2% 13%

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

Q4 report 2024 Page 9  
Publishing 
The Publishing business generates revenue from Better 
Collective’s owned and operated sports media network 
and its media partnerships. The audience mainly comes 
from direct traffic and organic search results. 
The Publishing revenue reached 71 mEUR, reflecting a 
20% growth, with 1% organic growth. Revenue share in-
come was up 20% driven by acquisitions  – while still 
negatively impacted by the Brazilian and US market de-
velopments. CPA was down driven by the US market 
mainly. Sponsorship and CPM revenue growth was 
driven by acquisitions of Playmaker HQ and Playmaker 
Capital.  
Operational profit was 25 mEUR, up 15% , resulting in a 
margin of 36%. The business contributed with 74% of 
group revenues and 76% of group operational earnings.   
 
 
 
 
 
 
 
 
Paid Media  
The Paid Media business involves purchasing advertis-
ing on search engines, social media and third -party 
sports media platforms. Because this requires upfront 
payments for advertising on external platforms, the 
gross margin is typically lower than that of the Publish-
ing business, due to substantial direct costs  and may 
fluctuate with the level of activity and investments into 
revenue share NDC’s. 
The Paid Media revenue was down 3%, with organic 
growth down 7%. Revenue share income was up 15%, 
while CPA was down 15%. This performance was driven 
by the market developments in Brazil and the US. Oper-
ational income was 8 mEUR up 11%, resulting in a margin 
of 32%. The business contributed with 26% of group rev-
enues and 24% of group operational earnings. 
 
 
 
 
 
Key figures for the Publishing segment 
tEUR Q4 2024 Q4 2023 Growth 2024 2023 Growth               
Revenue 70,852  59,114  20% 264,698  220,328  20% 
Share of Group 74% 69%   71% 67%   
Cost 45,435  36,924  23% 180,316  139,685  29% 
Share of Group 73% 66%   70% 65%   
              
Operating profit before depreciation and amortization 
and special items 25,417  22,190  15% 84,381  80,642  5% 
Share of Group 76% 75%   74% 73%   
EBITDA-Margin before special items 36% 38%   32% 37%   
Operating profit before depreciation and amortization 17,981  22,589  -20% 73,532  78,695  -7% 
EBITDA-Margin 25% 38%   28% 36%   
Organic Growth 1% -2%   0% 15%    
Key figures for the Paid Media segment 
tEUR Q4 2024 Q4 2023 Growth 2024 2023 Growth               
Revenue 25,330  26,081  -3% 106,789  106,358  0% 
Share of Group 26% 31%   29% 33%   
Cost 17,225  18,757  -8% 77,767  75,920  2% 
Share of Group 27% 34%   30% 35%   
              
Operating profit before depreciation and amortization 
and special items 8,105  7,324  11% 29,022  30,438  -5% 
Share of Group 24% 25%   26% 27%   
EBITDA-Margin before special items 32% 28%   27% 29%   
Operating profit before depreciation and amortization 8,084  7,324  10% 28,985  30,438  -5% 
EBITDA-Margin 32% 28%   27% 29%   
Organic Growth -7% -16%   -7% 13%

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

Q4 report 2024 Page 10  
Europe & Rest of World 
The Europe & Rest of the World (ROW) division encom-
passes all markets outside of North America. Within this 
division, the European markets are characterized as ma-
ture and represent Better Collective's legacy markets. 
Key sports brands in the Europe portfolio includes Soc-
cernews in the Netherlands, Betarades in Greece, 
AceOdds in the UK, Tipsbladet in Denmark, Wettbasis in 
Germany, Goal.pl in Poland, and Svenska Fans  in Swe-
den. In South America, notable brands are Bolavip, So-
mosFanaticos in Brazil, and Redgol in Chile. The portfo-
lio also features prominent esport communities such as 
HLTV and FUTBIN. Due to the long history of revenue 
share in Europe & ROW, this business has a significant 
part of recurring revenue. 
Revenue reached 68 mEUR, marking growth of 16%, with 
2% organic growth. Revenue share income was up 15% 
to 41 mEUR, while CPA was flat at 12 mEUR. Both reve-
nue and revenue share income were impacted by the 
Brazilian slowdown. CPM revenue was up 8 4% to 6 
mEUR driven by the acquisition of Playmaker Capital.  
Operational profits were 27 mEUR, an 18% increase, and 
a margin of 40%. The business contributed with 70% of 
groups total revenue and 80% of the group’s total oper-
ational profit.  
 
 
 
 
 
    
Q4 report 2024 Page 10  
Key figures for Europe & RoW segment 
tEUR Q4 2024 Q4 2023 Growth 2024 2023 Growth               
Revenue 67,606  58,108  16% 264,138  218,085  21% 
Share of Group 70% 68%   71% 67%   
Cost 40,889  35,468  15% 167,730  137,902  22% 
Share of Group 65% 64%   65% 64%   
              
Operating profit before depreciation and 
amortization and special items 26,717  22,640  18% 96,407  80,183  20% 
Share of Group 80% 77%   85% 72%   
EBITDA-Margin before special items 40% 39%   36% 37%   
Operating profit before depreciation and 
amortization 23,070  23,023  0% 93,692  79,123  18% 
EBITDA-Margin 34% 40%   35% 36%   
Organic Growth 2% 4%   6% 17%

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

Q4 report 2024 Page 11  
North America  
North America, encompassing the United States and 
Canada, has recently initiated the regulation of sports 
betting and iGaming in selected states and provinces. As 
these markets are still relatively new in terms of regula-
tion, most of the revenues have been generated from 
one-time payments (CPA). However, there is a gradual 
shift towards revenue sharing. Our North American 
portfolio features prominent sports brands such as Ac-
tion Network, Yardbarker, The Nation Network, Play-
maker HQ, VegasInsider, RotoGrinders, Sports Handle, 
and Canada Sports Betting, among others. 
 
North American revenue came in at 29 mEUR, up 6% 
with an organic decline of 8%. Revenue share income 
was 7 mEUR, up 45% due to good developments in the 
revenue share databases.  CPA revenue was down to 7 
mEUR due to the lower marketing activity from part-
ners. Sponsorship revenue grew by 3 mEUR to 7 mEUR 
driven by Playmaker HQ  and CPM revenue grew by 2 
mEUR driven by Playmaker Capital acquisition. Opera-
tional earnings were flat at 7 mEUR equaling a margin of 
24%. Revenue contributed with 30% of group revenues 
and 20% of group operational earnings.  
As mentioned in the Q3 report, Better Collective experi-
enced market changes, and acted quickly upon it to re-
base the business. For 2025, the North American 
business aims at delivering a minimum of 20% reported 
EBITDA-margin and more than 35% margin including 
the revenue share build up.  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Key figures North America segment 
tEUR Q4 2024 Q4 2023 Growth 2024 2023 Growth               
Revenue 28,577  27,086  6% 107,349  108,600  -1% 
Share of Group 30% 32%   29% 33%   
Cost 21,770  20,212  8% 90,353  77,703  16% 
Share of Group 35% 36%   35% 36%   
              
Operating profit before depreciation and amortization 
and special items 6,806  6,875  -1% 16,996  30,897  -45% 
Share of Group 20% 23%   15% 28%   
EBITDA-Margin before special items 24% 25%   16% 28%   
Operating profit before depreciation and amortization 2,996  6,891  -57% 8,827  30,009  -71% 
EBITDA-Margin 10% 25%   8% 28%   
Organic Growth -8% -24%   -18% 5%

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

Q4 report 2024 Page 12  
Financial 
performance for the 
period 
Revenue growth of 14% to 371 
mEUR  
Revenue showed growth v ersus 2023 of 14% and 
amounted to 371 mEUR (202 3: 327 mEUR). Revenue 
share accounted for 49% of the revenue with 25% com-
ing from CPA, 5% from subscription sales, and 22% from 
other income.  
Cost of 258 mEUR - up 20%  
The increase  in costs compared to 2023 is primarily 
driven by acquisitions contributing with 59 mEUR in in-
creased cost base. 
The increase in personnel cost is mainly driven by an in-
crease in average number of employees increasing from 
average 1,252 in 2023 to 1,773 in 2024, where 370 em-
ployees joined Better Collective as part of the acquisi-
tion of Playmaker Capital.  
Total direct cost relating to revenue increased by 8  
mEUR to 107 mEUR (2023: 99 mEUR) corresponding to 
an increase of 8%. The increase primarily stems from 
increased cost related to media partnerships , paid me-
dia spending and increased cost base due to  acquisi-
tions. 
Personnel cost increased 27% to 113 mEUR 2024 (2023: 
89 mEUR) due to the increase in the average number of 
employees. Personnel costs include costs related to 
warrants of 1 mEUR (2023: 3 mEUR).  
Other external costs increased 11  mEUR or 38 % to 38  
mEUR (2023: 27 mEUR) primarily due to other promo-
tions costs and increased cost base due to acquisitions.  
Depreciation and amortization  amounted to 4 1 mEUR 
(2023: 28 mEUR), an increase of 13 mEUR compared to 
2023. The increase is mainly related to the amortization 
of intangible assets accounted for as part of the acqui-
sitions of Skycon in Q2, 2023 and the acquisitions in H2, 
2023 of 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), Tipsbladet as well as the acquisition of 
Playmaker Capital completed February 6, 2024 and ac-
quisition of AceOdds completed May 16, 2024, and new 
media partnerships entered during 2023 and 2024.  
Special items 
Special items amounted to a n expense of 11 mEUR 
(2023: 2 mEUR). The net expense of 11 mEUR is primarily 
related to M&A expenses of 2  mEUR and restructuring 
of 9 mEUR. The early settlement of the Playmaker HQ 
earnout had net-zero effect as impairment of goodwill 
were offset by cancelling earnouts payments. 
Earnings 
Operational earnings (EBITDA) before special items in-
creased 2% to 113 mEUR (2023: 110 mEUR). The EBITDA-
margin before special items was 31 % (2023: 34%). In-
cluding special items, the reported EBITDA was 103  
mEUR (2023: 109 mEUR).  
EBIT before special items de creased 14% to 72 mEUR 
(2023: 83 mEUR). Including special items, the reported 
EBIT was 61 mEUR (2023: 81 mEUR). 
Net financial items 
Net financial costs amounted to 19 mEUR (202 3: 23 
mEUR) and included net interest, fees relating to bank 
credit lines, unrealized losses on shares  and exchange 
rate adjustments. Interest expenses amounted to 16  
mEUR and included non-payable, calculated interest ex-
penses on certain balance sheet items, 16 mEUR had  in 
total net cash flow effect.   
Net financial costs include a realized loss of 4 mEUR on 
Catena Media shares and unrealized net exchange rate 
loss of 1 mEUR. 
Income tax 
Better Collective has a tax presence in the places where 
the Group is incorporated. Income tax amounted to 9  
mEUR (202 3: 18 mEUR). The Effective Tax Rate was 
20.6% (2023: 31.3%) decreasing primarily due to utiliza-
tion of tax losses of 2 mEUR from previous years. 
Net profit 
Net profit after tax was 3 4 mEUR (202 3: 40 mEUR). 
Earnings per share (EPS) was EUR/share 0.55 versus 
0.74 EUR/share in 2023. 
Equity 
The equity increased to 686 mEUR as per December 31, 
2024, from 435  mEUR on December 31, 202 3. Besides 
the net profit of 35 mEUR, the equity has been primarily 
impacted by the share exchange in connection with the 
acquisition of Playmaker Capital of 46 mEUR, the acqui-
sition and disposal of treasury shares of 20 mEUR and 
the capital increase in March with 145 mEUR.  
Balance sheet  
Total assets amounted to 1,172 mEUR (2023: 938 mEUR), 
with an equity of 686 mEUR (2023: 435 mEUR). This cor-
responds to an equity to assets ratio of 59% (202 3: 
46%). The liquidity ratio was 1 .51 resulting from current 
assets of 110 mEUR and current liabilities of 73 mEUR. 
The ratio of net interest-bearing debt to EBITDA before 
special items was 2.11.

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

Q4 report 2024 Page 13  
Investments 
In Q4 of 2023 Better Collective announced the acquisi-
tion of Playmaker Capital, which closed on February 6,  
2024. This strategic move, with a total purchase price of 
111 million EUR, cement ed our position as a market 
leader in South America while reinforcing our North 
American market presence. 
Better Collective announced the acquisition of AceOdds 
on May 16, 2024 , for a total consideration of 4 3 mEUR 
on a net cash -/debt free basis. AceOdds is a UK sports 
betting media brand with its roots in the UK, and this 
acquisition is poised to enhance Better Collective's pres-
ence across the UK, significantly.  
In Q3, Better Collective has acquired a smaller social me-
dia asset in North America for a consideration of 7 
mUSD. 
Cash flow and financing 
Cash flow from operations before special items was 20  
mEUR (Q4 2023: 38 mEUR) with a cash conversion of 
60% in Q4 2024. The lower cash conversion for Q4 and 
the year relates to increase in trade receivables that is 
expected to be paid during Q1, 2025. 
Better Collective A/S completed an  offering of new 
shares through an accelerated bookbuilding process 
with a subscription price at market of DKK 189.4 on 
February 28. Total proceeds from the accelerated book-
building process amounted to DKK 1,081.9 million (app. 
145 mEUR).  
On July 5, 2024 , Better Collective reestablished its 3 -
year financing agreement with Nordea, Nykredit Bank 
and Citibank with a total committed facility of 319 mEUR 
and a 100 mEUR higher accordion option. By the end of 
December 2024, capital reserves stood at 1 02 mEUR 
consisting of cash of 38 mEUR and unused bank credit 
facilities of 64 mEUR.  
The parent company 
Better Collective A/S is the parent company of the 
group. Revenue grew by 3 1% to 129 mEUR (202 3: 99 
mEUR). Total costs including depreciation and amorti-
zation was 116 mEUR (2023: 68 mEUR). Profit after tax 
was 71 mEUR (2023: 39 mEUR). The change in profit af-
ter tax is primarily due to  increased income including 
revenue and net financials. Total equity ended at 706 
mEUR by December 31, 2024 (2023: 443 mEUR).

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

Q4 report 2024 Page 14  
Other 
Shares and share capital 
Better Collective A/S is listed on Nasdaq Stockholm 
main market and Nasdaq Copenhagen main market. The 
shares are traded under the ticker “BETCO” and “BETCO 
DKK”. As per 31 December, 202 4, the share capital 
amounted to 630,776.27 EUR, and the total number of 
issued shares was 63,076,627. The company has one (1) 
class of shares. Each share entitles the holder to one 
vote at the general meetings.  
Shareholder structure 
As of December 31, 2024, the total number of sharehold-
ers was 5,4 33. A list of top ten  shareholders in Better 
Collective A/S can be found on the group’s website. 
Incentive programs 
To attract and retain key competences, the company 
has established warrant programs for certain key em-
ployees. All warrants with the right to subscribe for one 
ordinary share. If all outstanding long -term incentive 
programs are subscribed, then the maximum 
shareholders dilution will be approximately 2. 89%. On 
January 2, 2024, the board of directors implemented a 
Long-Term Incentive Plan (LTI) for key employees in the 
Better Collective group.  
On June 5, 2024, CFO exercised 150,000 warrants and 
on September 5, 2024, CEO, CFO and COO exercised 
150,000 warrants each under the 2019 programs in ac-
cordance with the terms of the long-term incentive pro-
grams. As the program expires this was the final window 
to exercise. The Board decided to cash settle the pro-
gram.   
In total the grants under the LTI in 202 4 cover 61,523 
performance share units and 426 ,870 share options to 
79 key employees in total, vesting over a 3-year period. 
The total value of the 202 4 LTI grant program is 3.6 
mEUR (calculated Black-Scholes value) measured at the 
target level, which is to say 100% achievement of the fi-
nancial goals.
  
Risk management 
Through an Enterprise Risk Management process, vari-
ous gross risks in Better Collective are identified. Each 
risk is described, including current risk mitigation in 
place, or planned mitigating actions. The subsequent 
analysis of the identified risks inclu des an inherent risk 
evaluation based on two main parameters: probability 
of occurrence and impact on future earnings and cash 
flow. Better Collective’s management continuously 
monitors risk development in the Better Collective 
group. The risk evaluation i s presented to the Board of 
Directors annually. The board evaluates risk dynamically 
to account for this variation in risk impact. The policies 
and guidelines in place stipulate how management must 
work with risk management. 
Better Collective’s compliance with these policies and 
guidelines is also monitored by the management on an 
ongoing basis. Better Collective seeks to identify and 
understand risks and mitigate them accordingly. Also, 
the group’s close and longstanding relationships with 
customers allow Better Collective to anticipate and re-
spond to market movements and new regulations in-
cluding compliance requirements from authorities and 
sportsbooks.  
With the continued expansion in North and South Amer-
ica, the overall  r isk profile of Better Collective has 
changed, and compliance as well as financial risk ha ve 
increased. Better Collective has mitigated the additional 
risks in several ways, compliance risk through involve-
ment of regulatory bodies in our licensing process for 
newly established entities, financial risk through a per-
formance-based valuation of the acquired ent ities, and 
organizational risk through establishment of local gov-
ernance, and finance, HR, and legal organization dedi-
cated to the North  and South American  operations. 
Other key risk factors are described in the Annual report 
2023. 
Program 
Long-term incentive programs  
outstanding December, 2024 Vesting period  Exercise period  
Exercise price  
DKK 
Exercise price  
EUR (rounded) 
2019* 0  2020-2023 2022-2024 64.78  8.69  
2020** 0 2021-2023 2023-2025 61.49  8.24  
2020* 163,999  2021-2023 2023-2025 106.35  14.26  
2021* 377,372  2022-2024 2024-2026 150.41  20.17  
2021 US MIP Options 43,358  2021-2024 2024-2026 138.90  18.62  
2022 US MIP Options 15,238  2022-2023 2023-2026 107.25  14.38  
2022 Options 20,973  2022-2024 2025-2027 130.98  17.56  
2022 PSU 62,810  2022-2024 2025-2027     
2023 CXO Options 300,000  2023-2025 2026-2028 142.08  19.05  
2023 Options 236,730  2023-2025 2026-2028 87.06  11.67  
2023 PSU 120,650  2023-2025 2026-2028     
2024 Options 426,870 2024-2026 2027-2029 173.87 23.31 
2024 PSU 55,236 2024-2026 2027-2029   
* Key employees and members of executive management  
** Following the AGM on April 22, 2020, 25,000 warrants were issued to the new board member, Todd Dunlap.

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

Q4 report 2024 Page 15  
 
Contacts 
VP of Group Strategy, Investor Relations and Corporate 
Communications; Mikkel Munch-Jacobsgaard 
investor@bettercollective.com  
This information is such information as Better Collective 
A/S is obliged to make public pursuant to the EU Market 
Abuse Regulation. The information was submitted for 
publication, through the agency of the contact person 
set out above on 19 February 2025 after market close 
(CET). 
About 
Better Collective owns global and national sport media, 
with a vision to become the leading digital sports media 
group. We are on a mission to excite sports fans through 
engaging content and foster passionate communities 
worldwide. Better Collective's portfolio of digital sports 
media brands includes; HLTV , FUTBIN, Betarades, 
Soc-
cernews, Tipsbladet, Action Network , Playmaker HQ , 
VegasInsider, Bolavip and Redgol. Headquartered in Co-
penhagen, Denmark, and dual listed on Nasdaq Stock-
holm (BETCO) and Nasdaq Copenhagen (BETCO DKK).  
To learn more about Better Collective please visit  
www.Bettercollective.com 
 
 
 
 
  
    
Q4 report 2024 Page 15

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

Q4 report 2024 Page 16  
Statement by the 
Board of Directors 
and the Executive 
Management 
Statement by the Board of Directors and the Execu-
tive Management on the condensed consolidated in-
terim financial statements and the parent company 
condensed interim financial statements for the period 
January 1 – December 31, 2024. 
Today, the Board of Directors and the E xecutive  
Management have discussed and approved the  
condensed consolidated interim financial statements 
and the parent company condensed interim financial 
statements of Better Collective A/S for the period Jan-
uary 1 – December 31, 2024.  
The condensed consolidated interim financial state-
ments for the period January 1 – December 31, 2024., are 
prepared in accordance with IAS 34 Interim Financial 
Reporting as adopted by the EU, and additional require-
ments of the Danish Financial Statements Act. The par-
ent company condensed interim financial statements 
have been included according to the Danish Executive 
Order on the Preparation of Interim Financial Reports.  
In our opinion, the condensed consolidated interim  
financial statements and the parent company con-
densed interim financial statements give a true and fair 
view of the group’s and parent company’s assets, liabil-
ities, and financial position on December 31, 2024 , and 
of the results of the g roup’s and parent company’s op-
erations and the group’s cash flows for the period Janu-
ary 1 – December 31, 2024.  
Further, in our opinion, the management’s review gives 
a fair review of the development in the group’s and the 
parent company’s operations and financial matters and 
the results of the group’s and the parent company’s op-
erations and financial position, as well as a description 
of the major risks and uncertainties, the g roup and the 
parent company are facing. The Interim Report has not 
been audited nor reviewed by the Company’s auditor. 
Copenhagen, February 19, 2025 
 
 
 
  
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 19 =====

Q4 report 2024 Page 17  
Condensed interim financial statements for the 
period  
Consolidated income statement 
Note tEUR Q4 2024 Q4 2023 2024 2023 
3 Revenue 96,182  85,195  371,487  326,686  
  Direct costs related to revenue 25,159  24,434  107,167  99,296  
4 Staff costs  27,436  22,903  113,000  88,921  
  Other external expenses 10,065  8,343  37,917  27,389  
  
Operating profit before depreciation and amortization (EBITDA) 
and special items 33,522  29,514  113,403  111,080  
  Depreciation 1,607  1,347  6,990  3,958  
  Operating profit before amortization (EBITA) and special items 31,915  28,168  106,413  107,122  
7 Amortization and impairment 7,250  7,969  34,080  24,283  
  Operating profit (EBIT) before special items 24,665  20,199  72,334  82,839  
5 Special items, net - 7,457  399  - 10,886  - 1,948  
  Operating profit 17,208  20,598  61,447  80,891  
  Financial income 3,624  1,808  7,310  5,987  
  Financial expenses 4,447  8,705  25,893  28,868  
  Profit before tax 16,385  13,702  42,865  58,010  
6 Tax on profit for the period 1,337  6,211  8,850  18,175  
  Profit for the period 15,047  7,491  34,014  39,835  
            
  Earnings per share attributable to equity holders of the company         
  Average number of shares 63,076,627  55,252,940  61,876,816  55,186,772  
  Average number of warrants - converted to number of shares 1,844,238  2,598,855  2,339,557  2,658,571  
  Earnings per share (in EUR) 0.24  0.14  0.55  0.74 
  Diluted earnings per share (in EUR) 0.24  0.13  0.53  0.70 
 
 
 
Consolidated statement of other comprehensive income 
Note tEUR Q4 2024 Q4 2023 2024 2023 
  Profit for the period 15,047  7,491  34,014  39,835  
  Other comprehensive income         
  
Other comprehensive income that may be reclassified to profit or 
loss in subsequent periods:         
  Fair value adjustment of hedges for the year  - 126  - 483  - 180  - 483  
  Currency translation to presentation currency 8,809  797  6,297  1,318  
  Currency translation of non-current intercompany loans 20,975  - 12,488  17,325  - 9,440  
  Income tax - 2,510   0 - 1,589   0 
  Net other comprehensive income/loss 27,148  - 12,174  21,853  - 8,605  
  Total comprehensive income/(loss) for the period, net of tax 42,196  - 4,682  55,867  31,230  
            
  Attributable to:         
  Shareholders of the parent 42,196  - 4,682  55,867  31,230

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

Q4 report 2024 Page 18  
Consolidated statement of financial position 
Note tEUR 2024 2023         
  Assets             
  Non-current assets     
7 Intangible assets     
  Goodwill 360,988 255,074 
  Domains and websites 553,886 466,615 
  Accounts and other intangible assets 117,628 79,740 
  Total intangible assets 1,032,501 801,429         
  Tangible assets     
  Right of use assets 15,929 15,575 
  Leasehold improvements, Fixtures and fittings, other plant and equipment  6,704 6,006 
  Total tangible assets 22,633 21,582         
  Other non-current assets     
  Deposits 1,940  1,803  
  Deferred tax asset 4,573  7,236  
  Total other non-current assets 6,513  9,039          
  Total non-current assets 1,061,647  832,050          
  Current assets     
  Trade and other receivables 63,763  48,954  
  Corporation tax receivable 2,934  2,252  
  Prepayments 6,101  4,250  
  Other current financial assets  0 6,804  
  Cash 37,674  43,552  
  Total current assets 110,472  105,812          
  Total assets 1,172,119  937,862  
 
 
Note tEUR 2024 2023         
  Equity and liabilities             
  Equity     
  Share Capital 631  554  
  Share Premium 469,460  274,580  
  Reserves 16,089  - 6,486  
  Retained Earnings 199,749  166,624  
  Total equity 685,929  435,273          
  Non-current Liabilities     
8 Debt to credit institutions 259,691  248,657  
8 Lease liabilities 12,560  13,326  
8 Deferred tax liabilities 98,673  84,670  
8 Other long-term financial liabilities 42,030  52,443  
  Total non-current liabilities 412,955  399,096          
  Current Liabilities     
  Prepayments received from customers and deferred revenue 10,275  4,262  
  Trade and other payables 26,894  27,838  
  Corporation tax payable 4,764  6,754  
8 Other financial liabilities 26,926  61,938  
8 Lease liabilities 4,376  2,702  
  Total current liabilities 73,235  103,493  
  Total liabilities 486,190  502,589          
  Total Equity and liabilities 1,172,119  937,862

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

Q4 report 2024 Page 19  
Consolidated statement of changes in equity 
tEUR 
Share  
capital 
Share  
premium 
Currency 
translation 
reserve 
Hedging 
reserves 
Treasury 
shares 
Retained 
earnings 
Total  
equity 
                
As at January 1, 2024 554  274,580  15,055  - 483  - 21,057  166,624  435,273  
Result for the period  0  0  0  0  0 34,014  34,014  
                
Fair value adjustment of 
hedges  0  0  0 - 180   0  0 - 180  
Foreign currency translation  0  0 23,622   0  0  0 23,622  
Tax on other  
comprehensive income  0  0 - 1,735  146   0  0 - 1,589  
Total other  
comprehensive income  0  0 21,887  - 34   0  0 21,853  
Total comprehensive  
income for the year  0  0 21,887  - 34   0 34,014  55,867  
                
Transactions with owners               
Capital Increase 77  194,880   0  0  0 - 1,758  193,199  
Acquisition of treasury shares  0  0  0  0 - 22,533   0 - 22,533  
Disposal of treasury shares  0  0  0  0 23,254  9,017  32,271  
Share based payments  0  0  0  0  0 - 5,131  - 5,131  
Transaction cost  0  0  0  0  0 - 3,018  - 3,018  
Total transactions with owners 77  194,880   0  0 721  - 890  194,788  
                
At December 31, 2024 631  469,460  36,941  - 517  - 20,336  199,749  685,929  
During the period no dividend was paid. 
 
 
 
tEUR 
Share  
capital 
Share  
premium 
Currency 
translation 
reserve 
Hedging 
reserves 
Treasury 
shares 
Retained 
earnings 
Total  
equity 
                
As at January 1, 2023 551  272,550  23,177   0 - 7,669  124,307  412,917  
Result for the period  0  0  0  0  0 39,835  39,835  
                
Fair value adjustment of 
hedges  0  0  0 - 483   0  0 - 483  
Foreign currency translation  0  0 - 8,122   0  0  0 - 8,122  
Tax on other  
comprehensive income  0  0  0  0  0  0  0 
Total other  
comprehensive income  0  0 - 8,122  - 483   0  0 - 8,605  
Total comprehensive  
income for the year  0  0 - 8,122  - 483   0 39,835  31,230  
                
Transactions with owners               
Capital Increase 3  2,030   0  0  0  0 2,033  
Acquisition of treasury shares  0  0  0  0 - 13,375   0 - 13,375  
Disposal of treasury shares  0  0  0  0  0  0  0 
Share based payments  0  0  0  0  0 2,495  2,495  
Transaction cost  0  0  0  0 - 13  - 12  - 26  
Total transactions with owners 3  2,030   0  0 - 13,389  2,482  - 8,874  
                
At December 31, 2023 554  274,580  15,055  - 483  - 21,057  166,624  435,273  
During the period no dividend was paid.

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

Q4 report 2024 Page 20  
Consolidated statement of cash flows 
Note tEUR Q4 2024 Q4 2023 2024 2023 
            
  Profit before tax 16,386  13,702  42,865  58,010  
  Adjustment for finance items 824  6,897  18,583  22,882  
  Adjustment for special items 7,457  - 400  10,886  1,947  
  Operating Profit for the period before special items  24,666  20,199  72,334  82,839  
  Depreciation and amortization 8,857  9,315  41,070  28,241  
  Other adjustments of non-cash operating items 75  164  1,244  2,581  
  
Cash flow from operations  
before changes in working capital and special items  33,599  29,679  114,647  113,661  
  Change in working capital - 13,860  7,846  - 13,638  5,722  
  Cash flow from operations before special items 19,738  37,525  101,009  119,384  
  Special items, cash flow - 5,325  - 2,744  - 18,390  - 4,744  
  Cash flow from operations 14,413  34,781  82,619  114,639  
  Financial income, received  1,942  327  3,111  493  
  Financial expenses, paid - 1,033  - 3,635  - 19,501  - 10,712  
  Cash flow from activities before tax 15,322  31,473  66,228  104,420  
  Income tax paid  - 6,848  - 3,439  - 16,731  - 15,411  
  Cash flow from operating activities 8,474  28,035  49,497  89,009  
            
9 Acquisition of businesses - 3,052  - 7,387  - 120,451  - 57,282  
7 Acquisition of intangible assets - 4,943  - 16,243  - 33,532  - 27,469  
  Acquisition of property, plant and equipment 924  - 1,003  - 3,942  - 5,143  
  Sale of property, plant and equipment  0  0  0 3  
  Acquisition of other financial assets  0  0  0 - 14,930  
  Sale of other financial assets 0    3,232   0 
  Change in other non-current assets - 105  87  - 136  - 1,427  
  Cash flow from investing activities - 7,176  - 24,546  - 154,829  - 106,248  
 
 
Note tEUR Q4 2024 Q4 2023 2024 2023 
            
  Repayment of borrowings 0   0 - 136,321  - 1,486  
  Proceeds from borrowings 0   0 124,196  45,490  
  Lease liabilities - 836  - 820  - 4,384  - 2,814  
  Other non-current liabilities 2,148  - 927  - 434  - 483  
  Capital increase  0 1,399  146,362  2,033  
  Treasury shares - 7,233   0 - 20,336  - 13,381  
  Transaction cost - 16  - 13  - 3,018  - 26  
  Warrant settlement, sale of warrants - 1,213   0 - 6,911   0 
  Cash flow from financing activities - 7,149  - 361  99,154  29,334  
            
  Cash flows for the period - 5,851  3,128  - 5,624  12,095  
  Cash and cash equivalents at beginning 43,617  40,676  43,552  31,497  
  Foreign currency translation of cash and cash equivalents  - 91  - 252  - 254  - 41  
  Cash and cash equivalents period end 37,674  43,552  37,674  43,552  
            
  Cash and cash equivalents period end         
  Cash 37,674  43,552  37,674  43,552  
  Cash and cash equivalents period end 37,674  43,552  37,674  43,552

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

Q4 report 2024 Page 21  
Notes 
1. General information 
Better Collective A/S is a limited liability company and is incorporated in Denmark. The parent company and its  
subsidiaries (referred to as the “Group” or “Better Collective”) engage in online performance marketing. Better Collec-
tive’s vision is to become the leading digital sports media group. 
Basis of preparation  
The Interim Report (condensed consolidated interim financial statements) for the period January 1 – December 31, 2024, 
has been prepared in accordance with IAS 34 “Interim financial reporting” as adopted by the EU and additional require-
ments in the Danish Financial Statements Act. The parent company condensed interim financial statements has been 
included according to the Danish Executive Order on the Preparation of Interim Financial Reports. 
These condensed consolidated interim financial statements incorporate the results of Better Collective A/S and its sub-
sidiaries. 
The condensed consolidated interim financial statements refer to certain key performance indicators, which Better Col-
lective and others use when evaluating the performance of Better Collective. These are referred to as alternative per-
formance measures (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) and interpretations (IFRIC) as adopted by the EU and which are effective for the 
financial year beginning on  January 1, 2024, have been adopted. The implementation of these new or amended  
standards and interpretations had no material impact on the condensed consolidated interim financial statements. 
 
Accounting policies  
The condensed consolidated interim financial statements have been prepared using the same accounting policies as set 
out in note 1 of the 2023 annual report which contains a full description of the accounting policies for the Group and the 
parent company. The lifetime of accounts and other intangible assets has been reassessed in connection with acquisi-
tions in 2024. The lifetime for accounts is 3-5 years and for other intangible assets 2-3 years. 
The annual report for 2023 including full description of the accounting policies can be found on Better Collective’s web-
site: https://storage.mfn.se/9896a1ee-39d1-49c3-a0fd-7447b83bcb8e/annual-report-2023.pdf  
Significant accounting judgements, estimates and assumptions 
The preparation of condensed consolidated interim financial statements requires management to make judgements, 
estimates and assumptions that affect the reported amounts of revenue, expenses, assets, and liabilities. 
Beyond the risks mentioned above, the significant accounting judgements, estimates and assumptions applied in these 
consolidated interim financial statements are the same as disclosed in note 2 in the annual report for 202 3 which  
contains a full description of significant accounting judgements, estimates and assumptions.

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

Q4 report 2024 Page 22  
2. Segments 
Publishing and Paid Media  
Better Collective operates two different business models regarding customer acquisition with different earnings - 
profiles. The segments Publishing and Paid Media have been measured and disclosed separately for Revenue, Cost and 
Earnings. The Publishing business includes revenue from Better Collective’s proprietary online sports media and media 
partnerships where the audience is coming either directly or through organic search results, whereas Paid Media gener-
ates revenue through paid ad-traffic to our brands, thereby running on a lower gross margin. 
The performance for each segment is presented in the below tables: 
  Publishing Paid Media Group 
tEUR Q4 2024 Q4 2023 Q4 2024 Q4 2023 Q4 2024 Q4 2023               
Revenue Share 34,806  28,842  13,255  11,479  48,061  40,321  
CPA 7,402  11,891  12,075  14,221  19,477  26,112  
Subscription 6,123  5,290   0  0 6,123  5,290  
Sponsorships 13,181  9,354  0  381  13,182  9,735  
CPM 8,890  3,643   0  0 8,890  3,643  
Other 450  95  1   0 450  95  
Revenue 70,852  59,114  25,330  26,081  96,182  85,195  
Cost 45,435  36,924  17,225  18,757  62,660  55,680                
Operating profit before depreciation, amorti-
zation and special items 25,417  22,190  8,105  7,324  33,522  29,514  
EBITDA-Margin before special items 36% 38% 32% 28% 35% 35%               
Special items, net - 7,436  399  - 21   0 - 7,457  399                
Operating profit  before depreciation and 
amortization 17,981  22,589  8,084  7,324  26,065  29,914  
EBITDA-Margin 25% 38% 32% 28% 27% 35% 
Depreciation 1,551  1,308  57  39  1,607  1,347                
Operating profit before amortization 16,430  21,282  8,028  7,286  24,458  28,567  
EBITA-Margin 23% 36% 32% 28% 25% 34% 
 
 
 
 
 
 
 
  Publishing Paid Media Group 
tEUR 2024 2023 2024 2023 2024 2023               
Revenue Share 127,684  120,776  52,598  41,049  180,283  161,825  
CPA 40,518  40,590  51,804  63,371  92,323  103,960  
Subscription 18,326  17,959   0  0 18,326  17,959  
Sponsorships 44,944  29,487  2,382  1,937  47,326  31,424  
CPM 32,126  11,333   0  0 32,126  11,334  
Other 1,098  182  4  1  1,103  183  
Revenue 264,698  220,328  106,789  106,358  371,487  326,686  
Cost 180,316  139,685  77,767  75,920  258,084  215,605                
Operating profit before depreciation, amorti-
zation and special items 84,381  80,642  29,022  30,438  113,403  111,080  
EBITDA-Margin before special items 32% 37% 27% 29% 31% 34%               
Special items, net - 10,849  - 1,948  - 37   0 - 10,886  - 1,948                
Operating profit  before depreciation and 
amortization 73,532  78,695  28,985  30,438  102,517  109,132  
EBITDA-Margin 28% 36% 27% 29% 28% 33% 
Depreciation 6,787  3,909  203  49  6,990  3,958                
Operating profit before amortization 66,745  74,785  28,782  30,389  95,527  105,175  
EBITA-Margin 25% 34% 27% 29% 26% 32%

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

Q4 report 2024 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 national reach. Better Collective’s regional brands are tai-
lored according to the specific regions or countries and their respective regulations, sports, betting behaviors , user 
needs, and languages. Better Collective reports on the geographical segments Europe & ROW (Rest of World) and North 
America, measuring and disclosing 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 2024 Q4 2023 Q4 2024 Q4 2023* Q4 2024 Q4 2023*               
Revenue Share 41,014  35,447  7,047  4,874  48,061  40,321  
CPA 12,473  12,498  7,004  13,614  19,477  26,112  
Subscription 910  930  5,213  4,361  6,123  5,290  
Sponsorships 6,377  5,651  6,805  4,083  13,182  9,735  
CPM 6,454  3,500  2,436  145  8,890  3,643  
Other 378  83  72  10  450  95  
Revenue 67,606  58,108  28,577  27,086  96,182  85,195  
Cost 40,889  35,468  21,770  20,212  62,660  55,680                
Operating profit before depreciation,  
amortization and special items 26,717  22,640  6,806  6,875  33,522  29,514  
EBITDA-Margin before special items 40% 39% 24% 25% 35% 35%               
Special items, net - 3,646  383  - 3,810  16  - 7,457  399                
Operating profit  
before depreciation and amortization 23,070  23,023  2,996  6,891  26,065  29,914  
EBITDA-Margin 34% 40% 10% 25% 27% 35%               
Depreciation 1,333  1,094  273  252  1,607  1,347                
Operating profit before amortization 21,737  21,929  2,723  6,638  24,458  28,567  
EBITA-Margin 32% 38% 10% 25% 25% 34% 
 
 
 
 
 
 
 
 
 
  Europe & RoW North America Group 
tEUR 2024 2023 2024 2023* 2024 2023*               
Revenue Share 159,671  136,211  20,612  25,614  180,283  161,825  
CPA 53,858  49,173  38,465  54,787  92,323  103,960  
Subscription 2,787  2,461  15,539  15,499  18,326  17,959  
Sponsorships 23,751  18,883  23,576  12,541  47,326  31,424  
CPM 23,250  11,186  8,877  150  32,126  11,334  
Other 822  172  281  9  1,103  183  
Revenue 264,138  218,085  107,349  108,600  371,487  326,686  
Cost 167,730  137,902  90,353  77,703  258,084  215,605                
Operating profit before depreciation,  
amortization and special items 96,407  80,183  16,996  30,897  113,403  111,080  
EBITDA-Margin before special items 36% 37% 16% 28% 31% 34%               
Special items, net - 2,716  - 1,060  - 8,170  - 888  - 10,886  - 1,948                
Operating profit  
before depreciation and amortization 93,692  79,123  8,827  30,009  102,517  109,132  
EBITDA-Margin 35% 36% 8% 28% 28% 33%               
Depreciation 5,794  2,947  1,196  1,011  6,990  3,958                
Operating profit before amortization 87,897  76,176  7,631  28,998  95,527  105,175  
EBITA-Margin 33% 35% 7% 27% 26% 32% 
*Reclassification has been made on 1,851 tEUR in 2023 figures for North America since publishing Q4 report 2023. The effected lines are 
revenue share and Other. Recurring revenue has been adjusted accordingly.

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

Q4 report 2024 Page 24  
3. Revenue specification 
In accordance with IFRS 15 disclosure requirements, total revenue is split on revenue category and revenue types as 
follows: 
tEUR Q4 2024 Q4 2023 2024 2023           
Revenue category         
Recurring revenue (Revenue share, Subscription, CPM)  63,074  49,253  230,735  191,118  
CPA, Sponsorships 32,658  35,846  139,649  135,385  
Other 450  95  1,103  183  
Total revenue 96,182  85,195  371,487  326,686            
%-split         
Recurring revenue 66  58  62  58  
CPA, Sponsorships 34  42  38  42  
Other 0  0  0  0  
Total 100  100  100  100  
 
tEUR Q4 2024 Q4 2023 2024 2023           
Revenue type         
Revenue Share 48,061  40,321  180,283  161,825  
CPA 19,477  26,112  92,323  103,960  
Subscription 6,123  5,290  18,326  17,959  
Sponsorships 13,182  9,735  47,326  31,424  
CPM 8,890  3,643  32,126  11,334  
Other 450  95  1,103  183  
Total revenue 96,182  85,196  371,487  326,686            
%-split         
Revenue Share 50  47  49  50  
CPA 21  31  25  32  
Subscription 6  6  5  5  
Sponsorships 14  11  13  10  
CPM 9  5  8  3  
Other 0  0  0  0  
Total 100  100  100  100  
4. Share-based payment plans 
Long-term incentive programs: 
During the last quarter of 2024 the company did not grant any new warrants, and 0 warrants were exercised under the 
2019, 2021, 2022, 2023, or 2023 CXO Program. 25,000 warrants related to the 2020 program were exercised and settled 
in cash during Q4 2024, accordingly no new shares have been issued in connection with the exercise.   
During the last quarter of 2024 the company did not grant any new warrants and 0 warrants were exercised under the 
Action Network management incentive program. 
On January 2, 2024, a new LTI program consisting of Performance Stock Units and stock options was announced. Un-
der the program 426,870 options and 61,523 PSUs were granted to certain key employees. Whereas the options have 
the right to subscribe for one ordinary share, the PSUs have a performance-based element that can increase to two 
shares for one PSU – both are classified as equity-settled share-based payment transactions. The vesting period runs 
from 2024-2026 and the exercise period runs from 2027 to 2029.  
The Board of Directors keeps the right to change the classification of share-based programs, to cash-settle. 
Total share-based compensation: 
The total share-based compensation expense recognized for Q4 2024 is 77 tEUR (Q4 2023: 150 tEUR) and the cost in 
2024 is 1,244 tEUR (2023: 2,509 tEUR).

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

Q4 report 2024 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, dual listing, adjustment of earn-out payments related to 
acquisitions, impairments and restructuring costs are presented in the Income statement in a separate line item la-
belled ‘Special items’. The impact of special items is specified as follows: 
tEUR Q4 2024 Q4 2023 2024 2023           
Operating profit 17,208  20,598  61,447  80,891            
Special Items related to:         
Special items related to dual listing  0 - 1,129   0 - 1,129  
Special items related to M&A - 865  - 8,508  - 2,223  - 10,224  
Variable payments regarding acquisitions - cost  0  0  0  0 
Variable payments regarding acquisitions - income  0 9,969  19,114  9,924  
Special items related to Restructuring - 6,592  - 10  - 9,193  - 519  
Special items related to impairment  0  0 - 18,584   0 
Special items related to Management Incentive Program   0 78   0  0 
Special items, total - 7,457  399  - 10,886  - 1,948  
          
Operating profit (EBIT) before special items 24,665  20,199  72,334  82,839  
          
Amortization and impairment 7,250  7,969  34,080  24,283            
Operating profit before amortization  
and special items (EBITA before special items)  31,915  28,168  106,413  107,122            
Depreciation 1,607  1,347  6,990  3,958            
Operating profit before depreciation, amortization,  
and special items (EBITDA before special items)  33,522  29,514  113,403  111,080  
 
 
 
 
 
5. Special items, continued 
Due to underperformance from acquisition of SOME content producer and podcast maker Playmaker HQ (not to be 
confused with Playmaker Capital), Better Collective and the founders and former owners of Playmaker HQ have 
agreed to renegotiate and settle the earn out. The initial acquisition price of Playmaker HQ was 54mUSD of which 
15mUSD was upfront cash. The final price agreed is 25mUSD (23m EUR). Consequently, Better Collective have per-
formed an impairment test based on the reassessment, identifying an impairment of 20mUSD (18m EUR) for the CGU 
North America, recognized in Q2. The net impact on special items is negative 2.4mEUR, resulting from the aforemen-
tioned goodwill impairment and the recognition of the remaining earn-out as income. 
On October 28th, it was announced that Management has decided to streamline the Group’s business to identify and 
leverage synergies. Costs related to this amounted to 6 mEUR in Q4, recognized as Special Items related to restructur-
ing.

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

Q4 report 2024 Page 26  
 
6. Income tax 
Total tax for the period is specified as follows: 
tEUR Q4 2024 Q4 2023 2024 2023 
Tax for the period 1,337  6,211  8,850  18,175  
Tax on other comprehensive income 2,510   0 1,589   0 
Total 3,847  6,211  10,440  18,175  
Income tax on profit for the period is specified as follows: 
tEUR Q4 2024 Q4 2023 2024 2023 
Deferred tax - 217  2,033  1,282  3,641  
Current tax 836  6,495  7,181  16,400  
Adjustment from prior years 718  - 2,317  387  - 1,867  
Total 1,337  6,211  8,850  18,175  
Tax on the profit for the period can be explained as follows: 
tEUR Q4 2024 Q4 2023 2024 2023 
Specification for the period:         
Calculated 22% tax of the result before tax 3,605  3,015  9,430  12,762  
Adjustment of the tax rates  
in foreign subsidiaries relative to the 22% - 4,092  488  - 3,731  1,955  
Tax effect of:         
Special items 1,082  295  1,082  868  
Special items - taxable items  0 308   0 - 233  
Other non-taxable income - 18  1,682  - 670  - 410  
Other non-deductible costs 776  2,976  1,719  3,461  
Unrecognized tax losses carried forward - 733   0 633  2,010  
Tax deductible  0 - 235   0 - 371  
Adjustment of tax relating to prior periods 718  -2,317 387  -1,867 
Total 1,337  6,211  8,850  18,175  
Effective tax rate 8.2% 45.3% 20.6% 31.3% 
 
7. Intangible assets 
tEUR Goodwill 
Domains 
and  
websites 
Accounts 
and other  
intangible 
assets* Total           
Cost or valuation         
As of January 1, 2024 255,074  466,615  140,065  861,754  
Additions  0  0 31,082  31,082  
Acquisitions through business combinations 110,157  76,523  41,510  228,190  
Transfer  0  0 - 295  - 295  
Disposals  0  0 - 4,655  - 4,655  
Currency Translation 14,907  10,748  3,359  29,014  
At December 31, 2024 380,138  553,886  211,066  1,145,091  
          
Amortization and impairment         
As of January 1, 2024  0  0 60,325  60,325  
Amortization for the period  0  0 33,966  33,966  
Impairment for the period 18,584   0  0 18,584  
Amortization on disposed assets  0  0 - 2,151  - 2,151  
Currency translation 566  0 1,299  1,865  
At December 31, 2024 19,150   0 93,439  112,590  
          
Net book value at December 31, 2024 360,988 553,886  117,628  1,032,501  
*Accounts and other intangible assets consist of accounts ( 65,525 tEUR), Media Partnerships (49,461 tEUR), Development projects 
(2,088 tEUR) and software and others (554 tEUR)

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

Q4 report 2024 Page 27  
7. Intangible assets, continued 
tEUR Goodwill 
Domains 
and  
websites 
Accounts 
and other  
intangible 
assets* Total           
Cost or valuation         
As of January 1, 2023 183,942  460,513  63,705  708,159  
Additions 0  3,412  53,914  57,326  
Acquisitions through business combinations 75,335  10,842  29,579  115,756  
Transfer  0  0  0  0 
Disposals  0  0 - 6,531  - 6,531  
Currency Translation - 4,203  - 8,151  - 602  - 12,956  
At December 31, 2023 255,074  466,615  140,065  861,754  
          
Amortization and impairment         
As of January 1, 2023  0  0 36,688  36,688  
Amortization for the period  0  0 24,283  24,283  
Currency translation  0  0 - 646  - 646  
At December 31, 2023  0  0 60,325  60,325  
          
Net book value at December 31, 2023 255,074  466,615  79,740  801,429  
*Accounts and other intangible assets consist of accounts (30,474 tEUR), Media Partnerships (48,769 tEUR) and software and ot hers 
(497 tEUR) 
 
 
 
 
 
 
7. Intangible assets, continued  
Goodwill and intangible assets with indefinite life 
The Group added intangible assets in  2024 from business combinations of AceOdds and Playmaker Capital. Goodwill 
and domains and websites arising on business combinations are not subject to amortization, but are reviewed annually 
for impairment, or more frequently if there are any indicators of impairment that are noted during the year.  The Group’s 
impairment test for goodwill and domains and websites with indefinite life are based on a value-in-use basis. 
Cash-generating units 
Goodwill from a business combination is allocated to cash-generating units in which synergies are expected to be gen-
erated from the acquisition. A cash-generating unit represents the smallest identifiable group of assets that together 
have cash inflows that are largely independent of the cash inflows from other assets. 
In Q4 2024 Better Collective continues to have four cash generating units with the business acquisitions of Aceodds  
included in Publishing, and the acquisition of Playmaker Capital Playmaker allocated between existing cash generating 
units. Goodwill in Playmaker Capital is allocated to  the CGU’s; Paid Media (9%), Rest of BC  (57%) and North America 
(35%) based on the proportional share of the fair value of acquired intangible assets identified in the Purchase Price 
Allocation (PPA). This allocation reflects the economic benefits each CGU is expected to generate.  The allocation is 
provisional due to uncertainties regarding measurement of acquired intangible assets. 
Performance and cash flows from domains and websites owned by the individual cash generating units are allocated for 
the basis for impairment. 
Recoverable amount  
When testing for impairment, the Group estimates a recoverable amount for goodwill and for domain s and websites. 
The recoverable amount is the higher of the asset or cash-generating unit’s fair value less costs of disposal and its value 
in use. The recoverable amount is normally determined for an individual asset, unless the asset does not generate cash 
inflows that are largely independent of those from other assets or groups of assets. The recoverable amount of domains 
and websites has been determined on the level of the cash-generating units, as explained above.

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

Q4 report 2024 Page 28  
7. Intangible assets, continued  
 
Carrying amount of goodwill and Domains and Websites for the CGUs 
 
2024           
tEUR North America HLTV Paid Media Rest of BC Total 
Goodwill 147,852  17,795  87,662  107,678  360,988  
Domains and Websites 254,780  20,610   0 278,496  553,886  
            
2023           
tEUR North America  HLTV Paid Media Rest of BC Total 
Goodwill 126,399  17,812  73,771  37,092  255,074  
Domains and Websites 213,764  20,551   0 232,300  466,615  
 
Impairment test 
For all CGUs North America, HLTV, Paid Media and the rest of Better Collective, the Group has performed an impairment 
test on goodwill and domains and websites as of 31 December, 2024, on a value-in-use basis. Key estimates in the im-
pairment test are growth in revenue, gross profits, discount rate and growth expectations in the terminal period. These 
are based on current and future development in the four CGUs and on historical data, including expected long -term 
market growths. Data is based on both internal and external data sources. 
The Group uses a 10-year forecast in the Discounted Cash Flow (DCF) model, including a 3 -year budget and a 7 -year 
projection leading to steady-state. This period is chosen due to high expected growth in the initial years, with growth 
gradually reducing to a steady rate by the terminal period. A shorter forecast would result in an inflated terminal value. 
Therefore, a 10-year period allows for a more accurate present value of the groups assets for impairment assessment. 
Management has based the value-in-use by estimating the present value of future cash flows from a three-year forecast 
for 2025-2027. The forecast indicates an average annual revenue growth up to 11% in 2028 and a normalized average 
margin of 33%. Beyond the forecast, EBITDA growth, cash conversion and tax -rates have been projected with a time 
horizon of 7 years until 2034. From 2028 onward, the average gross profit growth rate is estimated to decline. In 2028, 
the average growth rate is projected to be 9% and the decline continues, reaching 3% by 2034, stabilizing thereafter at 
a theoretical steady state level in the terminal period.  
 
7. Intangible assets, continued  
Based on expected 2034 EBITDA and cash flow, management has applied a terminal value rate of 2.5%. The cash flows 
assume a discount factor of 9. 3% for HLTV, Paid Media,  Rest of BC and 11 % for North America based on the Group’s 
weighted average cost of capital (WACC) in all years 202 5-2034, with individual tax rates per country (22 -25%). The 
applied pre-tax discount rate was 12% in 2023 for all CGU’s.  
As at December 31, 2024 and December 31, 2023 the Board of Directors have evaluated goodwill, domains and websites 
for impairment. The results of the impairment tests for goodwill and domains and websites showed that the recoverable 
amount exceeded the carrying value and that there was no impairment loss to be recognized, except for the impairment 
regarding Playmaker HQ, disclosed as special items. The Board of Directors have approved the inputs to the impairment 
testing and are satisfied that the judgements made are appropriate.  
Sensitivity test 
Sensitivity tests have been performed to determine the lowest forecast and terminal period growth rates and/or high-
est discount rates that can occur in the CGUs with indefinite useful life. The sensitivity shows that an increase of 1% in 
WACC will not result in any impairment loss.

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

Q4 report 2024 Page 29  
8. Non-current liabilities and other current financial liabilities 
Debt to credit institutions 
As per December 31, 2024, Better Collective has drawn 260.8 mEUR (2023: 248.7) out of the total committed club facility 
of 319 mEUR established with Nordea, Nykredit, and Citibank. On July 5, 2024 Better Collective reestablished its 3 year 
financing agreement with Nordea, Nykredit Bank and Citibank with a total committed facility of 319 mEUR  and a 100 
mEUR higher accordion option with expiry at the end of October 2026. Better Collective has entered two hedging con-
tracts regarding the interest rate risk for the period October 2024 to October 2026, nominal amount of 550 mDKK each 
securing the interest rate at 2.32% and 2.34% respectively.  
Lease liabilities  
Non-current and current lease liabilities, of 12.5 mEUR (2023: 13.3 mEUR) and 4.3 mEUR (2023: 2.7 mEUR) respectively.  
Deferred Tax liability  
Deferred tax liability as of December 31, 2024, amounted to 98.6 mEUR (2023: 84.7 mEUR). The change from January 1, 
2024, originates from changes in deferred tax  related to acquisitions, amortization of accounts from acquisitions, and 
deferred tax changes in the Parent Company and Better Collective US, Inc. 
Deferred Tax asset  
Deferred tax asset as of December 31, 2024, amounted to 4.5 mEUR (2023: 7.2 mEUR). The change from January 1, 2024, 
originates from changes in deferred tax related to acquisitions, amortization of accounts from acquisitions, and deferred 
tax changes in Better Collective US, Inc and Playmaker Capital. 
The group has utilized tax assets of 2,010 tEUR related to tax losses carried forward from previous years.  
Other financial liabilities  
As per December 31, 2024, other non-current and current financial liabilities amounted to 68.9 mEUR (2023: 114.4 mEUR) 
due to deferred and variable payments related to acquisitions and media partnerships. The decrease from January 1, 
2024, is mainly related to changes in earn outs and media partnerships. 
Fair Value of financial assets and liabilities is measured based on level 3 - Valuation techniques. In all material aspects 
the fair value of the financial assets and liabilities is considered equal to the booked value. 
The fair value of financial instruments is measured based on level 2. The fair value is measured according to generally 
accepted valuation techniques. Market-based input is used to measure the fair value. 
9. Business combinations 
Acquisition of Playmaker Capital 
On November 6, 2023 Better Collective announced the acquisition of Playmaker Capital for a total price consideration 
of 176 mEUR. The consideration comprises 35 % cash and a cap of 65 % shares in Better Collective A/S. The considera-
tion is financed partly by own cash and utilization of available facilities of 72 mEUR as well as a share consideration. 
The share consideration payable to Playmaker Capital shareholders, a total of 3,143,009 Better Collective shares, has 
been provided by Better Collective delivering 1,387,580 existing shares held as treasury shares and by issuing 
1,755,429 new shares.  
Playmaker Capital is a leading digital sports media group that owns and operates several strong sports media brands 
across the Americas. The acquisition has been closed on 6 February 2024, and Playmaker Capital are consolidated into 
Better Collective Group from the closing date.   
tEUR   
Purchase amount 110,762  
Cash and cash equivalents 4,840  
Shares 73,314  
Cash outflow 32,608  
The transferred consideration was in cash and shares in Better Collective A/S. 
Acquired net assets at the time of acquisition tEUR 
Domains and websites 76,523  
Customer Relations 7,446  
Technology 2,137  
Other assets 18,034  
Deferred tax liabilities - 18,376  
Other liabilities - 68,314  
Identified net assets 17,450  
Goodwill 93,312  
Total consideration 110,762

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

Q4 report 2024 Page 30  
A goodwill of 93,312 tEUR emerged from the acquisition of Playmaker Capital as an effect of the difference between the 
transferred consideration and the fair value of acquired net assets. Goodwill is connected to the future growth expecta-
tions given the strong platform and significant synergistic opportunities. The goodwill is not tax deductible.  
Transaction costs related to the acquisition of Playmaker Capital amounts to 6 ,420 tEUR. Transaction costs are ac-
counted for in the income statements under “special items” since the announcement. The acquisition was completed on 
February 6, 2024. If the transaction had been completed on January 1, 2024 the group’s revenue would have amounted 
to 375 mEUR and result after tax would have amounted to 37 mEUR. The purchase price allocation is provisional due to 
uncertainties regarding measurement of acquired intangible assets. 
Acquisition of AceOdds 
On May 16, 2024 Better Collective announced the acquisition of AceOdds for a total price consideration of 43 mEUR. 
The consideration consist of 38 mEUR in cash and 2mEUR as shares in Better Collective A/S.  AceOdds is a UK sports 
betting media brand with its roots in the UK, and this acquisition is poised to enhance Better Collective's presence 
across the UK, significantly. The acquisition is a strategic move for Better Collective with significant synergistic oppor-
tunities. The acquisition was closed on 16 May 2024, and AceOdds are consolidated into Better Collective Group from 
the closing date.   
tEUR   
Purchase amount 42,969  
Cash and cash equivalents 2,919  
Shares 2,340  
Cash outflow 37,710  
The transferred consideration was in cash and shares in Better Collective A/S. 
Acquired net assets at the time of acquisition  tEUR 
Accounts  31,927  
Other receivables and assets 680  
Cash 2,919  
Corporate Tax - 1,420  
Deferred Tax Liability - 7,982  
Identified net assets 26,124  
Goodwill 16,845  
Total consideration 42,969  
 
9. Business combinations, continued 
A goodwill of 16,845 tEUR emerged from the acquisition of AceOdds  as an effect of the difference between the trans-
ferred consideration and the fair value of acquired net assets. Goodwill is connected to the future growth expectations 
given the strong platform and significant synergistic opportunities. The goodwill is not tax deductible.  
Transaction costs related to the acquisition of AceOdds amounts to 283 tEUR. Transaction costs are accounted for in 
the income statements under “special items” since the announcement. The acquisition was completed on May 16, 2024. 
If the transaction had been completed on January 1, 2024 the group’s revenue would have amounted to 376 mEUR and 
result after tax would have amounted to 38 mEUR. The purchase price allocation is provisional due to uncertainties 
regarding measurement of acquired intangible assets.

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

Q4 report 2024 Page 31  
10. Note to cash flow statement 
tEUR Q4 2024 Q4 2023 2024 2023           
Acquisition of business combinations:         
Net Cash outflow  
from business combinations at acquisition  0 - 7,387  - 70,318  - 57,282  
Business Combinations  
deferred payments from current period  0  0  0  0 
Deferred payments  
- business combinations from prior periods - 3,052   0 - 50,133   0 
Total cash flow from business combinations - 3,052  - 7,387  - 120,451  - 57,282            
Acquisition of intangible assets:         
Acquisitions through asset transactions  0 - 30,576  - 5,806  - 50,639  
Deferred payments related to acquisition value   0 - 494   0 - 494  
Deferred payments  
- acquisitions from prior periods  0 - 7  - 8,500  - 9,745  
Intangible assets with no cash flow effect  0 14,834   0 33,613  
Other investments - 4,943   0 - 19,226  - 203  
Total cash flow from intangible assets - 4,943  - 16,243  - 33,532  - 27,469

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

Q4 report 2024 Page 32  
Financial statements for the period  
Income statement – Parent company  
tEUR Q4 2024 Q4 2023 2024 2023           
Revenue 33,188  27,207  129,221  98,513            
Other operating income 12,083  339  21,435  12,516            
Direct costs related to revenue 4,686  5,065  21,306  23,071  
Staff costs  14,012  10,762  52,240  40,796  
Depreciation 603  616  2,978  1,438  
Other external expenses 7,842  5,742  26,487  18,632            
Operating profit before amortization (EBITA) and special items 18,128  5,360  47,645  27,091            
Amortization 3,273  3,791  13,420  9,908            
Operating profit (EBIT) before special items 14,855  1,569  34,225  17,182            
Special items, net - 935  1,755  960  312            
Operating profit 13,920  3,324  35,186  17,494  
Financial income 32,997  21,059  80,222  70,010  
Financial expenses 2,569  20,595  34,749  45,054            
Profit before tax 44,348  3,788  80,658  42,450  
Tax on profit for the period 6,711  984  9,549  3,181            
Profit for the period 37,637  2,804  71,109  39,269  
 
 
Statement of other comprehensive income 
tEUR Q4 2024 Q4 2023 2024 2023           
Profit for the period 37,637  2,804  71,109  39,269  
          
Other comprehensive income         
Other comprehensive income that may be  
reclassified to profit or loss in subsequent periods:         
Fair value adjustment of hedges for the year  - 126  - 483  - 180  - 483  
Currency translation to presentation  
currency - 211   0 - 2,688  - 910  
Currency translation of non-current  
intercompany loans  0    0  0 
Income tax 28   0 146   0 
Net other comprehensive income/loss - 309  - 483  - 2,722  - 1,393  
Total comprehensive income/(loss) for the period, net of tax 37,328  2,321  68,387  37,877

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

Q4 report 2024 Page 33  
Statement of financial position – Parent company 
tEUR 2024 2023       
Assets           
Non-current assets     
Intangible assets     
Goodwill 17,795  17,812  
Domains and websites 169,227  167,831  
Accounts and other intangible assets 46,543  50,418  
Total intangible assets 233,565  236,061        
Tangible assets     
Right of use assets 7,750  7,469  
Fixtures and fittings, other plant and equipment 2,891  2,494  
Total tangible assets 10,641  9,962        
Financial assets     
Investments in subsidiaries 377,085  234,330  
Receivables from subsidiaries 372,121  282,016  
Deposits 1,000  940  
Total financial assets 750,206  517,285        
Total non-current assets 994,413  763,308        
Current assets     
Trade and other receivables 22,089  15,735  
Receivables from subsidiaries 39,698  13,153  
Tax receivable 0  1,479  
Prepayments 3,220  2,453  
Other current financial assets  0 6,804  
Cash 12,667  17,825  
Total current assets 77,675  57,450        
Total assets 1,072,088  820,758  
 
 
 
tEUR 2024 2023       
Equity and liabilities           
Equity     
Share Capital 631  554  
Share Premium 469,460  274,580  
Reserves - 23,876  - 21,876  
Retained Earnings 260,171  189,953  
Total equity 706,387  443,211        
Non-current Liabilities     
Debt to credit institutions 259,691  248,657  
Lease liabilities 6,043  6,024  
Deferred tax liabilities 18,375  13,832  
Other non-current financial liabilities 34,887  25,261  
Total non-current liabilities 318,996  293,774        
Current Liabilities     
Prepayments received from customers and deferred revenue  4,612  312  
Trade and other payables 6,302  11,495  
Payables to subsidiaries 17,579  11,993  
Tax payable 2,433  196  
Other current financial liabilities 13,856  58,295  
Lease liabilities 1,924  1,483  
Total current liabilities 46,705  83,773  
Total liabilities 365,701  377,547  
Total equity and liabilities 1,072,088  820,758

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

Q4 report 2024 Page 34  
Statement of changes in equity – Parent company 
tEUR 
Share  
capital 
Share  
premium 
Currency 
transla-
tion re-
serve 
Hedging 
reserves 
Treasury  
shares 
Retained 
earnings 
Total  
equity                 
As of January 1, 2024 554  274,580  - 336  - 483  - 21,057  189,952  443,211  
Result for the period  0  0  0  0  0 71,109  71,109  
                
Fair value adjustment of 
hedges  0  0  0 - 180   0  0 - 180  
Foreign currency translation  0  0 - 2,688   0  0  0 - 2,688  
Tax on other  
comprehensive income  0  0  0 146   0  0 146  
Total other  
comprehensive income  0  0 - 2,688  - 34   0  0 - 2,722  
Total comprehensive income for the year  0  0 - 2,688  - 34   0 71,109  68,387  
                
Transactions with owners               
Capital Increase 77  194,880   0  0  0 - 1,758  193,199  
Acquisition of treasury shares  0  0  0  0 - 22,533   0 - 22,533  
Disposal of treasury shares  0  0  0  0 23,254  9,017  32,271  
Share based payments  0  0  0  0  0 - 5,131  - 5,131  
Transaction cost  0  0  0  0  0 - 3,018  - 3,018  
Total transactions with owners 77  194,880   0  0 721  - 890  194,788  
                
At December 31, 2024 631 469,460  - 3,024  - 517  - 20,336  260,171  706,387  
During the period no dividend was paid. 
 
 
 
 
 
 
tEUR 
Share  
capital 
Share  
premium 
Currency 
transla-
tion re-
serve 
Hedging 
reserves 
Treasury  
shares 
Retained 
earnings 
Total  
equity                 
As of January 1, 2023 551  272,550  574   0 - 7,669  145,047  411,054  
Result for the period  0  0  0  0  0 39,269  39,269  
                
Fair value adjustment of 
hedges  0  0  0 - 483   0  0 - 483  
Foreign currency translation  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  189,952  443,211  
During the period no dividend was paid.

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

Q4 report 2024 Page 35  
    
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 38 =====

Q4 report 2024 Page 36  
    
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. Accord ingly, it includes 
Revenue share income, CPM /Advertising and 
subscription revenues. 
The group reports this APM to distinguish between 
what management consider as recurring revenue 
streams and what management consider as non -re-
curring revenue streams, e.g. revenues reflecting 
one-time settlements with gaming operators.  
CLV The Customer Lifetime Value (CLV) shows 
expected revenue generated throughout the 
lifetime of a New Depositing Customer 
(NDC). This measure is pivotal for under-
standing how much value a NDC is antici-
pated to bring to the Group. The prerequi-
sites going into the CLV are a number of fac-
tors such as average value, average fre-
quency, NDC lifespan and churn rate. 
 
Average revenue per NDC x NDC lifespan 
A key figure to assess the value of NDCs generated 
by the Group, providing critical insights into NDC 
profitability. It allows the Group to identify the most 
valuable segments and optimize marketing strate-
gies accordingly.  
*Net debt definition has been changed from Q3, 2023 so it is excluding earn-outs. Comparatives have been changed accordingly. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Definitions 
Term Description 
PPC Pay-Per-Click 
SEO Search Engine Optimization 
Sports win margin Sports net player winnings (operators) / sports wagering  
Sports wagering The value of bets placed by the players 
Recurring revenue Recurring revenue is a combined set of revenues that is defined as recurring. It includes revenue 
share income, CPM/Advertising and subscription revenues 
Board The Board of Directors of the company 
Executive management Executives that are registered with the Danish Company register  
Company Better Collective A/S, a company registered under the laws of Denmark

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

Q4 report 2024 Page 37  
    
 
 
 
 
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