FULLTEXT DEL 1 AV 1
Kvartalsrapport Q4 2024
===== 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