Q3 report 2025
Page 1
Q3 report 2025
Page 1
November 12th, 2025
Better Collective A/S
Sankt Annæ Plads 28
1250 Copenhagen (DK)
www.bettercollective.com
CVR NO.: 27 65 29 13
Interim report Q3, 2025
• Revenue of 78 mEUR, impacted negatively by 10 mEUR versus last year
due to lower sports win margin following player-friendly results
• Recurring revenue of 50 mEUR, 64% of total revenue
• Revenue share income from the North American market doubled versus
last year
• EBITDA before special items of 21 mEUR, 26% margin
• Successful launch of AI betting solution, Playbook, sending millions of
bets to partners
• Full-year guidance remains unchanged
Q3 report 2025
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Q3 report 2025
Page 2
EBITDA before special items
mEUR
Recurring revenue
mEUR
Revenue
mEUR
Q3 report 2025
Page 3
Highlights Q3 4
Significant events after the close 6
Financial targets 7
Financial highlights and key figures 8
CEO letter 9
Business review and financial performance 11
Financial performance for the period 17
Other 19
Statement by the Board of Directors and the
Executive Management 21
Condensed interim financial statements for the
period 22
Notes 26
Parent Company 35
A live webcast and presentation for Better Collective’s
stakeholders will be held on November 13
th
, 2025, at
10:00 CET and can be joined online
here.
To participate by phone, follow
this link
. Once signed up,
you will receive an email with a phone number and a per-
sonal dial-in code for the call.
The presentation material for the webcast will be avail-
able after market close on November 12
th
, 2025, via:
www.bettercollective.com
Upcoming events
• Annual report 2025 – February 25
th
, 2026
• Q1 report – May 20
th
, 2026
• Q2 report – August 20
th
, 2026
• Q3 report – November 18
th
, 2026
• Annual report 2026 – February 24
th
, 2027
Table of
contents
Q3 webcast
November 13
th
, 2025
Q3 report 2025
Page 3
Q3 report 2025
Page 4
Highlights Q3
The financial guidance for full-year 2025 remains un-
changed.
Revenue decreased by 4% to 78 mEUR, with organic
growth reflecting the same development. The perfor-
mance was in line with expectations when adjusting for
the impact of an unusually low sports win margin.
The main year-over-year drivers impacting performance
during the quarter were as follows:
1. Sports win margin: Player-friendly results in Sep-
tember led to a record-low sports win margin for
the month, negatively impacting Q3 revenue by ap-
proximately 10 mEUR compared to the same period
last year.
2. The Brazilian market: Revenue share income from
the Brazilian market continued to develop ahead of
expectations, yet the ongoing regulatory transition
had a negative impact of around 4 mEUR.
3. Foreign exchange: FX movements negatively af-
fected revenue by approximately 2 mEUR during
the quarter.
4. North American revenue share: North American
revenue share doubled and thus, increased by 4
mEUR, driven by the substantial unrecognized rev-
enue share accumulated since Q3 2022, when the
US transition from upfront payments to recurring
revenues began.
5. Growth: Underlying business performance was
strong, with several areas contributing to solid
growth of approximately 9 mEUR. The main drivers
were Paid Media, Sports Media, and Talent-led Me-
dia.
Recurring revenue declined by 5% YoY to 50 mEUR, pri-
marily driven by lower revenue share stemming from
the unfavorable sports win margin and the ongoing reg-
ulatory transition in Brazil.
Since Q3 2022, Better Collective has been transitioning
towards revenue share agreements in the North Ameri-
can market. While this shift has temporarily impacted
reported revenue, it has built a strong foundation for fu-
ture recurring revenue to be recognized in the coming
quarters and years. During Q3, revenue share income in
North America began to ramp up, doubling compared to
the same period last year. Management expects revenue
share income in North America to continue growing
steadily, ultimately providing a more stable recurring
revenue base, similar to the Group’s established model
in the rest of the world.
CPM-based revenues remained flat during the quarter,
reflecting market rates returning to normal levels after a
weak H1. Better Collective sees early positive impact of
several internal initiatives within AdVantage, which are
expected to drive incremental growth in the coming
quarters.
Q3 report 2025
Page 5
Costs decreased by 2% year-over-year, remaining
broadly in line with Q3 2024. It is important to note the
following factors for year-over-year comparison:
1. The comparable quarter last year benefited from
several one-off cost reductions of around 6 mEUR,
including variable pay reversals and more.
2. Furthermore, given the strong performance in the
Paid Media business, it has increased the spend by
2 mEUR.
3. The cost reduction this year reflects the execution
of the 50 mEUR cost-efficiency program initiated
in 2024, resulting in approximately 8 mEUR in cost
reductions.
Following these factors, EBITDA before special items
amounted to 21 mEUR, representing a decrease of 8%
year-over-year, corresponding to an EBITDA margin be-
fore special items of 26%. Profitability was negatively af-
fected by the record-low sports win margin and the on-
going regulatory transition in Brazil.
Free cash flow amounted to 11 mEUR in Q3 and 32 mEUR
year-to-date 2025, in line with expectations and the full-
year guidance range of 55–75 mEUR.
Cash flow from operations before special items was 35
mEUR with a cash conversion of 168% in Q3 2025. Previ-
ously delayed customer payments in Brazil positively
impacted the cash flow this quarter.
On 30 September, Better Collective entered into a new
three-year committed club facility of 319 mEUR and an
80 mEUR higher accordion option with Nordea and
Nykredit. The new club facility is set to expire in October
2028, with an option to extend for one additional year.
By the end of September 2025, capital reserves stood at
88 mEUR, consisting of cash of 23 mEUR and unused
bank credit facilities of 65 mEUR.
On September 12
th
, 2025, Better Collective launched
Playbook, an AI-powered betting solution transforming
how fans place bets by fitting seamlessly into the way
they already engage. Find out more about Playbook in
the CEO letter.
On September 16
th
, 2025, Better Collective announced a
content partnership with BetMGM, making BetMGM the
presenting sponsor of Playmaker HQ’s “Roommates
Show” as well as debuting a new casino show called “No
Limit”.
On August 27
th
, 2025, Better Collective completed its
share buyback program, buying back approximately 10
mEUR since May 22
nd
, 2025. Furthermore, Better Collec-
tive’s Board of Directors decided to initiate a buyback of
up to 20 mEUR running until March 4
th
, 2026. So far in
2025, Better Collective has repurchased 978,362 shares
in the first buy-back program and 807,900 shares in the
second program, equal to approximately 2.9% of the
company’s 61,958,870 shares outstanding. Including the
newly initiated 20 mEUR program, based on the current
share price, this corresponds to approximately 6% of
shares outstanding. Furthermore, at the Annual General
Meeting earlier in 2025, the company cancelled 1.8% of
its share capital.
Q3 report 2025
Page 6
NDCs developed in line with expectations when exclud-
ing the impact of the Brazilian regulatory transition. For
the quarter, the total number of NDCs was 279,000, of
which 81% were on revenue share contracts. Activity lev-
els remained affected by the situation in Brazil, where
the prohibition of welcome bonuses has redirected
many new players to offshore sportsbooks. In addition,
the conclusion of EURO 2024 in July created a challeng-
ing comparison base for the quarter.
Introduced in Q2 2025, Value of Deposits (VoD)
measures the total amount deposited by referred users
across partner platforms over time. This KPI provides a
clear indication of traffic quality and player value. The
continued positive development underscores Better
Collective’s ability to deliver high-quality traffic, as re-
ferred players demonstrate increasing lifetime value -
even amid lower NDC volumes. This reflects the Group’s
strategic focus on attracting higher-value customers for
its partners.
During Q3, Value of Deposits reached 726 mEUR, repre-
senting 2% year-over-year growth. This performance
shows that the company has effectively offset the im-
pact from the Brazilian regulatory transition and
indicates a healthy underlying development of the rev-
enue share base.
Significant events
after the close
On October 1
st
, 2025, Better Collective announced a
strategic partnership with X to launch Playbook as the
premier sports betting bot across the US. Find out more
about Playbook in the CEO letter.
Q3 report 2025
Page 7
Financial targets
2025 guidance
Better Collective’s guidance for 2025 is unchanged as
follows:
• Revenue of 320-350 mEUR
• EBITDA before special items of 100-120 mEUR
• Free cash flow of 55-75 mEUR
• Net debt to EBITDA below 3x
2025 guidance implications
Revenue growth will, as expected, be impacted by the
Brazilian market regulation. Given the aforementioned
factors in Brazil, including taxation, added costs on net
gaming revenue, and expected customer churn. Better
Collective estimates a 50-70% decline in Brazilian reve-
nue share income in the short term, which impacts
EBITDA for 2025 by an estimated 35-50 mEUR. H1 2024
further provides a tough comparison with a 20 mEUR
EBITDA before special items effect stemming from a
higher US marketing activity from partners last year, the
state launch in North Carolina, and the European Cham-
pionships in soccer. On the other hand, Better Collective
expects absolute growth in its European, Esports, South
America (excl. Brazil), and Canadian businesses, as well
as the US growing from its lower baseline. This is esti-
mated to generate EBITDA before special items growth
boost of 20 to 40 mEUR in 2025. Lastly, the cost-effi-
ciency program will have full effect of 50 mEUR for the
year. All this combined means EBITDA before special
items is guided flat versus last year. Following Q3, Better
Collective sees no change to this.
Long-term guidance for 2027
• Positive organic growth from 2026
• EBITDA margin before special items for 2027 con-
tinued at 35-40%
• Continued strong cash conversion
• Net debt to EBITDA below 3x
2027 guidance assumptions
When introducing the long-term guidance in 2023, Bet-
ter Collective included both organic growth and M&A.
Given the changing market conditions and share price
developments, Better Collective will likely consider
other capital allocation measures in the near term, such
as reducing debt and pursuing share buybacks.
Disclaimer
This report contains certain forward-looking statements
and opinions. Forward-looking statements are state-
ments that do not relate to historical facts and events.
Such statements or opinions pertaining to the future, for
example, wording like; “believes”, “deems”, “estimates”,
“anticipates”, “aims’, and “forecasts” or similar expres-
sions are intended to identify a statement as forward-
looking. This applies to statements and opinions con-
cerning the future financial returns, plans, and expecta-
tions with respect to the business and management of
Better Collective, future growth, profitability, general
economic and regulatory environment, and other mat-
ters affecting Better Collective.
Forward-looking statements are based on current esti-
mates and assumptions made according to the best of
Better Collective’s knowledge. These statements are in-
herently associated with both known and unknown risks,
uncertainties, and other factors that could cause the re-
sults, including Better Collective’s cash flow, financial
condition, and operations, to differ materially from the
results, or fail to meet expectations expressly or implic-
itly, assumed or described in those statements or to turn
out to be less favorable than the results expressly or im-
plicitly assumed
or described in those statements. Bet-
ter Collective can give no assurance regarding the future
accuracy of the opinions set forth herein or as to the ac-
tual occurrence of any predicted developments and/or
targets.
Considering the risks, uncertainties, and assumptions
associated with forward-looking statements, it is possi-
ble that certain future events may not occur. Moreover,
forward-looking estimates derived from third-party
studies may prove to be inaccurate. Actual results, per-
formance or events may differ materially from those in
such statements e.g. due to changes in general eco-
nomic conditions, in particular economic conditions in
the markets in which Better Collective operates,
changes affecting interest rate levels, changes affecting
currency exchange rates, changes in competition levels,
changes in laws and regulations, and occurrence of ac-
cidents or environmental damages and systematic de-
livery failures. We undertake no obligation to update or
revise any forward-looking statements, whether be-
cause of new information, future events, or otherwise,
except to the extent required by law.
Q3 report 2025
Page 8
Financial highlights and key figures
tEUR Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024
Income statements
Revenue
Recurring revenue
Revenue Growth () - -
Organic Revenue Growth () - - - -
Operating profit before depreciation amortization
and special items (EBITDA before special items)
Operating profit before depreciation
and amortization (EBITDA)
Depreciation
Operating profit before amortization
and special items (EBITA before special items)
Special items net - - - - -
Operating profit before amortization (EBITA)
Amortization and impairment
Operating profit before special items
(EBIT before special items)
Operating profit (EBIT)
Result of financial items - - - - -
Profit before tax
Profit after tax
Earnings per share (in EUR)
Diluted earnings per share (in EUR)
For a definition of financial key figures and ratios please refer to page 8
tEUR Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024
Balance sheet
Balance Sheet Total
Equity
Current assets
Current liabilities
Net interest bearing debt
Cash flow
Cash flow from operations before special items
Cash flow from operations
Investments in tangible assets - - - - -
Cash flow from investment activities - - - - -
Cash flow from financing activities - - -
Free cash flow
Financial ratios
Operating profit before depreciation
amortization (EBITDA) and special items margin ()
Operating profit before amortization margin (EBITDA) ()
Operating profit margin ()
Publishing EBITDA before special items margin ()
Paid media EBITDA before special items margin ()
Esports EBITDA before special items margin ()
Net interest bearing debt EBITDA before special items
Liquidity ratio
Equity to assets ratio ()
Cash conversion rate before special items ()
Average number of full-time employees
NDCs (thousand)
Q3 report 2025
Page 9
CEO letter
Playbook marks a new chapter
as Better Collective expands
from customer acquisition to
include retention, following
an exponential AI-powered
launch already generating mil-
lions of bets placed and rede-
fining betting engagement
After an H1 that performed in line with our expectations,
Q3 continued the same trajectory, driven by disciplined
operational execution across our business and strong
engagement across our brands and platforms. The quar-
ter was, however, impacted by an unusually low sports
win margin due to player-friendly results in September
– in fact, September was the lowest monthly margin we
have ever seen in over 20 years. These short-term fluc-
tuations are a natural part of our industry and do not
change the underlying performance or fundamentals of
our business model.
During the quarter, we made great innovative progress
through the launch of
Playbook, our new AI-powered
betting solution. This marks one of the most defining
milestones in Better Collective’s history. It realizes a vi-
sion my co-founder, Christian, and I have shared since
founding the company – to empower fans with smarter,
more personal, and intuitive ways to engage with sports
and betting.
By using AI to understand intent and context at scale,
Playbook transforms engagement into real-time, data-
driven experiences. Integrated with live odds and part-
ner platforms, it allows fans to act on insights directly
from social media like X, messaging apps, and our own
media brands. Within weeks, it has already driven mil-
lions of bets placed and shown exceptional growth.
As fan conversations increasingly take place in social en-
vironments, our collaboration with X positions us where
engagement naturally happens, giving us unique access
to scale, data, and first-party insights. Playbook repre-
sents the next evolution of Better Collective - expanding
our focus from acquisition to retention, deepening user
engagement, and creating lasting value for fans and
partners alike.
If we turn back to our Q3 performance and to the Pub-
lishing business, we saw momentum in North America
as the NFL season kicked off, with performance picking
up throughout the quarter. Back in Q3 2022, we initiated
a major strategic transition in North America - moving
from a model based solely on upfront payments to one
increasingly built on recurring revenue share agree-
ments. Encouragingly, our North American revenue
share is ramping up meaningfully, with quarterly and
yearly high double-digit growth. This is a significant
milestone as the revenue we are now seeing from this
important market is recurring and thereby of very high
quality.
We also strengthened our brand presence in the US
through the Roommates podcast’s annual Block Party in
Central Park, New York - a flagship event that fuses en-
tertainment, sports culture, and brand engagement.
Thousands of fans and notable guests, including Ben
Stiller and Eli Manning, attended, reflecting its growing
mainstream appeal. From a commercial perspective,
brand interest remained high, with Tommy John return-
ing as the main sponsor alongside new partners such as
Bodyarmor. The event once again demonstrated the
power of combining original IP with live experiences to
deepen relationships with fans and advertisers, reinforc-
ing our position at the intersection of media, entertain-
ment, and sports.
The Brazilian market continued in line with H1, with solid
activity for existing revenue share due to better-than-
expected migration, when normalizing the negative im-
pact from the sports win margin in the quarter. How-
ever, competition between licensed sportsbooks re-
mains limited, as the current regulatory framework un-
fortunately still directs a large share of players toward
unlicensed companies. As I have stated before, a stable
and competitive regulatory environment is essential to
unlocking the full potential of the Brazilian market; most
importantly, to ensure the needed user protection for
sports fans, but also to secure tax revenues for the coun-
try and ensure fair competition among licensed sports-
books and partners.
The Paid Media business delivered a strong quarter with
11% growth, increasing its revenue share income despite
the previously mentioned headwinds. When adjusting
for the impact of the sports win margin and Brazilian
regulatory transition, the business demonstrated signif-
icant underlying growth. CPA revenues also increased
by 21% during the quarter. We continue to see substan-
tial opportunities and scalability in this channel. As a
data-rich and performance-led part of our business,
Paid Media allows us to deploy capital efficiently, test
and scale new markets quickly, and strengthen relation-
ships with key partners. Combined with audience in-
sights from and user engagement learnings from Play-
book, Paid Media is becoming an increasingly powerful
growth engine in our diversified revenue model - ena-
bling us to combine predictable recurring revenue from
revenue share with flexible, high-return campaigns that
adapt to changing market dynamics.
In our Esports business, HLTV continues to perform
strongly, supported by sustained high demand for its
premium inventory and audience reach. FUTBIN, on the
other hand, has faced a challenging year, impacted by
declining market CPM rates. Encouragingly, the new
EAFC 26 game, launched in September, is showing solid
Q3 report 2025
Page 10
early engagement, providing a positive outlook for
FUTBIN heading into the new game cycle.
As we look ahead, I am confident about the path we are
on. The foundation we have built over the years - rooted
in technology, data, trusted partnerships, and recurring
revenue - is now converging with new AI-driven capa-
bilities that are transforming how we engage with fans,
strengthening our long-term strategic relevance in the
ecosystem.
None of this progress would be possible without the in-
credible commitment and adaptability of our colleagues
across Better Collective. This past year has demanded
focus and resilience as we continue to execute on the
largest transformation in our history - evolving our busi-
ness, our technology, and our ways of working to match
the scale of our ambitions and a rapidly changing mar-
ket. The dedication, creativity, and collaboration make
me confident that we are well-equipped to seize the op-
portunities ahead.
Jesper Søgaard
Co-CEO & Co-Founder
Q3 report 2025
Page 10
Q3 report 2025
Page 11
Business review
and financial
performance
Group
The financial guidance for full-year 2025 remains un-
changed.
Revenue decreased by 4% to 78 mEUR, with organic
growth reflecting the same development. The perfor-
mance was in line with expectations when adjusting for
the impact of an unusually low sports win margin.
The main year-over-year drivers impacting performance
during the quarter were as follows:
1. Sports win margin: Player-friendly results in Sep-
tember led to a record-low sports win margin for
the month, negatively impacting Q3 revenue by ap-
proximately 10 mEUR compared to the same period
last year.
2. The Brazilian market: Revenue share income from
the Brazilian market continued to develop ahead of
expectations, yet the ongoing regulatory transition
had a negative impact of around 4 mEUR.
3. Foreign exchange: FX movements negatively af-
fected revenue by approximately 2 mEUR during
the quarter.
4. North American revenue share: North American
revenue share doubled and thus, increased by 4
mEUR, driven by the substantial unrecognized rev-
enue share accumulated since Q3 2022, when the
US transition from upfront payments to recurring
revenues began.
5. Growth: Underlying business performance was
strong, with several areas contributing to solid
growth of approximately 9 mEUR. The main drivers
were Paid Media, Sports Media, and Talent-led Me-
dia.
Organic growth in Q3 for North America was 10%, and
negative 8% for Europe & ROW. Recurring revenue de-
clined by 5% to 50 mEUR, primarily driven by lower rev-
enue share stemming from the unfavorable sports win
margin and the ongoing regulatory transition in Brazil.
Since Q3 2022, Better Collective has been transitioning
towards revenue share agreements in the North Ameri-
can market. While this shift has temporarily impacted
reported revenue, it has built a strong foundation for fu-
ture recurring revenue to be recognized in the coming
quarters and years. During Q3, revenue share income in
North America began to ramp up, doubling compared to
the same period last year. Management expects revenue
share income in North America to continue growing
steadily, ultimately providing a more stable recurring
revenue base, similar to the Group’s established model
in the rest of the world.
CPM-based revenues remained flat during the quarter,
reflecting market rates returning to normal levels after a
weak H1. Better Collective sees early positive impact of
several internal initiatives within AdVantage, which are
expected to drive incremental growth in the coming
quarters.
CPA revenue overall remained stable during the quarter.
Within Publishing, CPA declined due to lower activity in
the North American market, while Paid Media achieved
21% growth, driven primarily by strong performance
among partners in North America and the UK. Sponsor-
ship mainly remained unchanged compared to the prior-
year period.
Costs decreased by 2% year-over-year, remaining
broadly in line with Q3 2024. It is important to note that
the comparable quarter last year benefited from several
one-off cost reductions of around 6 mEUR, including
variable pay reversals, which were not present in Q3
2025. Furthermore, given the strong performance in the
Paid Media business, it has increased its spend by 2
mEUR. The cost reduction this year reflects the execu-
tion of the 50 mEUR cost-efficiency program initiated in
Key figures for the group
tEUR Q3 2025 Q3 2024 Growth YTD 2025 YTD 2024 Growth
Revenue Share
-
-
CPA
-
Subscription
-
Sponsorships
-
-
CPM
-
-
Other
Revenue
78,261
81,152
-4%
242,401
275,305
-12%
Cost
57,617
58,820
-2%
177,232
195,424
-9%
Operating profit before depreciation and amortization
and special items
20,644
22,333
-8%
65,168
79,881
-18%
EBITDA-Margin before special items
Operating profit before depreciation and amortization 17,203
21,905 -21% 58,103
76,451
-24%
EBITDA-Margin
Organic Growth - - - -
Q3 report 2025
Page 12
2024, resulting in approximately 8 mEUR in cost reduc-
tions.
EBITDA before special items amounted to 21 mEUR, rep-
resenting a decrease of 8% year-over-year, correspond-
ing to an EBITDA margin before special items of 26%.
Profitability was negatively affected by the record-low
sports win margin and the ongoing regulatory transition
in Brazil.
Q3 report 2025
Page 12
Q3 report 2025
Page 13
Publishing
Publishing revenue declined 11% to 46 mEUR. Revenue
share income was down 9% during the quarter, driven
by the regulatory transition in Brazil and by the sports
win margin, which reached a record low in September.
CPA revenue declined 38%, driven by lower CPA activity
mainly in the North American market.
Subscription revenue was flat, whereas sponsorships
declined 14% driven by postponed podcast shows.
CPM revenue during the quarter was up 5%, which is
outperforming the development of market rates. The
performance was driven by initiatives implemented by
the company in previous quarters, enabling better sales
of brand inventory.
Costs decreased by 8%, reflecting the full impact of the
efficiency program initiated last year.
EBITDA before special items was 11 mEUR, down 18%, re-
flecting the full impact of the low sports win margin and
the Brazilian impact. Publishing accounted for 59% of
group revenue and 54% of group EBITDA before special
items.
Key figures for the Publishing segment
tEUR
Q3 2025
Q3 2024
Growth
YTD 2025
YTD 2024
Growth
Revenue Share
-
-
CPA
-
-
Subscription
-
Sponsorships
-
-
CPM
-
Other
Revenue 46,286
51,848 -11% 151,685 179,963
-16%
Share of Group
Cost
-
-
Share of Group
Operating profit before depreciation and amortization
and special items 11,247
13,669 -18% 37,274 51,117
-27%
Share of Group
EBITDA-Margin before special items
Operating profit before depreciation and amortization
8,237
13,241
-38%
31,342
47,704
-34%
EBITDA-Margin
Organic Growth - -
- -
Publishing
The Publishing business generates rev-
enue from Better Collective’s owned
and operated sports media network and
its partnerships. The audience mainly
comes from direct traffic and organic
search results.
*Selection of brands (not exhaustive):
Q3 report 2025
Page 14
Publishing content highlights
Q3 report 2025
Page 15
Paid Media
Paid Media revenue increased by 11%, despite revenue
share income being affected by the regulatory transition
in Brazil and a low sports win margin during the quarter.
When normalizing for these factors, the underlying rev-
enue share growth was significantly higher than the re-
ported 2%. CPA revenues grew by 21% during the quar-
ter, driven primarily by strong performance in the North
American and UK markets with key partners.
Costs increased by 9% during the quarter, as the Paid
Media business continues to invest in building future
revenue share income.
EBITDA before special items increased by an impressive
19% to 7 mEUR, despite the significant impact from both
the regulatory transition in Brazil and the low sports win
margin during the period.
Paid Media accounted for 35% of group revenue and de-
livered 34% of group EBITDA before special items.
Key figures for the Paid Media segment
tEUR Q3 2025 Q3 2024 Growth YTD 2025 YTD 2024 Growth
Revenue Share
-
CPA
Subscription
Sponsorships
-
CPM
Other
-
Revenue
27,593
24,792
11%
77,282
81,459
-5%
Share of Group
Cost
-
Share of Group
Operating profit before depreciation and amortization
and special items
7,082
5,969
19%
19,070
20,917
-9%
Share of Group
EBITDA-Margin before special items
Operating profit before depreciation and amortization
6,651
5,969
11%
17,937
20,901
-14%
EBITDA-Margin
Organic Growth -
- -
Paid Media
The Paid Media business involves pur-
chasing advertising on search engines,
social media, and third-party sports
media platforms. Because this requires
upfront payments for advertising on
external platforms, the gross margin is
typically lower than that of the Publish-
ing business, due to substantial direct
costs, and may fluctuate with the level
of activity and investments into reve-
nue share NDCs.
Q3 report 2025
Page 16
Esports
Esports revenue declined by 3% to 4 mEUR in the quar-
ter. Sponsorship revenue grew by 28%, reflecting the
continued strong demand for the HLTV brand.
CPM revenue decreased by 23%, primarily due to lower
player engagement in the FUTBIN community during
the final phase of the old EAFC game cycle, ahead of the
new release. The early launch of EAFC 26 looks to be
well-received by the community.
Costs increased by 14%, driven by ongoing investments
to support the future growth of both brands.
EBITDA before special items amounted to 2 mEUR, cor-
responding to a margin of 53%. Esports contributed 6%
of group revenue and 11% of group EBITDA before spe-
cial items.
Key figures for the Esports segment
tEUR Q3 2025 Q3 2024 Growth YTD 2025 YTD 2024 Growth
Revenue Share
-
-
CPA
-
Subscription
Sponsorships
CPM
-
-
Other
Revenue
4,382
4,513
-3%
13,433
13,884
-3%
Share of Group
Cost
-
Share of Group
Operating profit before depreciation and amortization
and special items
2,315
2,696
-14%
8,824
7,848
12%
Share of Group
EBITDA-Margin before special items
Operating profit before depreciation and amortization
2,315
2,696
-14%
8,824
7,848
12%
EBITDA-Margin
Organic Growth - -
- -
Esports
Reported for the first time as a
stand‑alone segment in Q2 2025, Es-
ports encompasses Better Collective’s
flagship community platforms HLTV
(Counter‑Strike) and FUTBIN
(EA Sports FC). The business monetizes
primarily through programmatic and di-
rect advertising, sponsorships, and an
emerging layer of premium data prod-
ucts.
Q3 report 2025
Page 17
Financial
performance for the
period
Revenue decline of 4% to
78mEUR
Revenue showed a decline versus Q3 2024 of 4% and
amounted to 78 mEUR (Q3 2024: 81 mEUR). The perfor-
mance was in line with expectations when adjusting for
the impact of an unusually low sports win margin.
Revenue share accounted for 49% of the revenue, with
24% coming from CPA, 5% from subscription sales,
sponsorships 12% and 10% from CPM.
Cost of 58 mEUR - down 2% vs
Q3 2024
Costs decreased by 2% compared to the same period
last year, remaining broadly in line with Q3 2024. It is
important to note that the comparable quarter last year
benefited from several one-off cost reductions of
around 6 mEUR, including variable pay reversals, which
were not present in Q3 2025.
Staff cost decreased 4% to 25 mEUR (Q3 2024: 26
mEUR) due to the decrease in the number of employees.
Staff cost include costs related to warrants of 0.3 mEUR
(Q3 2024: 0.7 mEUR).
Total direct cost relating to revenue increased by 0.5
mEUR to 25.5 mEUR (Q3 2024: 25 mEUR), correspond-
ing to an increase of 2% related to spend in Paid.
Other external costs decreased 1 mEUR or 9% to 7 mEUR
(Q3 2024: 8 mEUR).
Depreciation and amortization amounted to 9 mEUR
(Q3 2024: 13 mEUR).
Special items
Special items amounted to an expense of 3 mEUR (Q3
2024: 0.5 mEUR). The net expense of 3 mEUR is primar-
ily related to organizational restructuring.
Earnings
Operational earnings (EBITDA) before special items de-
creased 8% to 21 mEUR (Q3 2024: 22 mEUR). The
EBITDA margin before special items was 26% (Q3 2024:
28%). Including special items, the reported EBITDA was
17 mEUR (Q3 2024: 22 mEUR).
EBIT before special items increased 22% to 11 mEUR (Q3
2024: 9 mEUR). Including special items, the reported
EBIT was 8 mEUR (Q3 2024: 9 mEUR).
Net financial items
Net financial costs amounted to 4 mEUR (Q3 2024: 6
mEUR) and included net interest, fees relating to bank
credit lines, refinancing, and unrealized exchange rate
adjustments. These costs are impacted by an unrealized
loss of 2 mEUR related to USD and GBP fluctuations.
Financial expenses paid in Q3 2025 amounted to 6
mEUR (Q3 2024: 4 mEUR) and mainly relates to paid in-
terest and costs related to the new loan agreement.
Income tax
Better Collective has a tax presence in the places where
it is incorporated. Income tax amounted to a tax ex-
pense of net to 2 mEUR (Q3 2024: 2 mEUR). The Effec-
tive Tax Rate was 54% (Q3 2024: 69%). The tax rate YTD
is impacted by a reassessment of the deductibility of
certain foreign currency exchange losses in past years.
Net profit
Net profit after tax was 2 mEUR (Q3 2024: 1 mEUR).
Earnings per share (EPS) was EUR/share 0.03 versus
0.01 EUR/share in Q3 2024.
Q3 report 2025
Page 17
Q3 report 2025
Page 18
Equity
The equity decreased to 627 mEUR as per September
30, 2025, from 686 mEUR on December 31, 2024. Be-
sides the net profit of 11 mEUR, the equity has been im-
pacted negatively by currency translations of 54 mEUR,
share buy-back of 25 mEUR, and share-based payments
of 2 mEUR.
On 26 May 2025, Better Collective A/S completed a
share capital reduction by cancelling 1,117,757 treasury
shares, equivalent to 1.8% of the company’s outstanding
share capital.
Balance sheet
Total assets amounted to 1,068 mEUR (2024: 1,142
mEUR). This corresponds to an equity to assets ratio of
59% (2024: 57%).
The liquidity ratio was 1.6 resulting from current assets
of 103 mEUR and current liabilities of 63 mEUR. The ratio
of net interest-bearing debt to EBITDA before special
items was 2.51.
Cash flow and financing
Cash flow from operations before special items was 35
mEUR (Q3 2024: 32 mEUR) with a cash conversion of
168% in Q3 2025.
On 30 September Better Collective entered a new 3 year
committed club facility of 319 mEUR and an 80 mEUR
higher accordion option with Nordea and Nykredit. The
new club facility expires October 2028 and include an
option to extent one additional year.
By the end of September 2025, capital reserves stood at
88 mEUR consisting of cash of 23 mEUR and unused
bank credit facilities of 65 mEUR.
The parent company
Better Collective A/S is the group’s parent company.
Revenue declined by 10% to 26 mEUR (Q3 2024: 29
mEUR). Total costs, including depreciation and amorti-
zation, were 29 mEUR (Q3 2024: 29 mEUR). Profit after
tax was 4 mEUR (Q3 2024: -8 mEUR). The change in
profit after tax is primarily due to the positive tax impact
related to foreign currency exchange losses. Total eq-
uity ended at 679 mEUR by September 30, 2025 (Q3
2024: 675 mEUR). The equity was primarily impacted by
the share buy back and net profit.
Q3 report 2025
Page 18
Q3 report 2025
Page 19
Other
Shares and share capital
Better Collective A/S is listed on Nasdaq Stockholm
main market and Nasdaq Copenhagen main market. The
shares are traded under the ticker “BETCO” and “BETCO
DKK”. As per September 30, 2025, the share capital
amounted to 619,588.70 EUR, and the total number of
issued shares was 61,958,870. The company has one (1)
class of shares. Each share entitles the holder to one
vote at the general meetings.
Shareholder structure
As of September 30, 2025, the total number of share-
holders was 5,292. A list of the +5% shareholders in Bet-
ter Collective A/S can be found on Better Collective’s
website.
Incentive programs
To attract and retain key competencies, the company
has established warrant programs for certain key em-
ployees. All warrants with the right to subscribe for one
ordinary share. If all outstanding long-term incentive
programs are subscribed, the maximum shareholders
dilution will be approximately 4.62%. On March 7, 2025,
the board of directors implemented a Long-Term Incen-
tive Plan (LTI) for key employees in the Better Collective
group.
The grants under the LTI in 2025 cover 1,114,577 share
options to 220 key employees in total, vesting over a 3-
year period. The total value of the 2025 LTI grant pro-
gram is 5 mEUR (calculated Black-Scholes value).
Thomas Plenborg, member of the Board of Directors,
has on the Company’s annual general meeting held on
Tuesday 22 April 2025 been granted 25,000 stock op-
tions.
Risk management
Through an Enterprise Risk Management process, vari-
ous gross risks in Better Collective are identified. Each
risk is described, including current risk mitigation in
place or planned mitigating actions. The subsequent
analysis of the identified risks includes an inherent risk
evaluation based on two main parameters: probability
of occurrence and impact on future earnings and cash
flow. Better Collective’s management continuously
monitors risk development in the Better Collective
group. The risk evaluation is presented to the Board of
Directors annually. The board evaluates risk dynamically
to account for this variation in risk impact. The policies
and guidelines in place stipulate how management must
work with risk management.
Better Collective’s compliance with these policies and
guidelines is also monitored by the management on an
ongoing basis. Better Collective seeks to identify and
understand risks and mitigate them accordingly. Also,
Better Collective’s close and longstanding relationships
with customers allow Better Collective to anticipate and
respond to market movements and new regulations, in-
cluding compliance requirements from authorities and
sportsbooks.
With the continued expansion in North and South Amer-
ica, the overall risk profile of Better Collective has
changed, and compliance as well as financial risk have
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 entities, and
organizational risk through establishment of local gov-
ernance, and finance, HR, and legal organization dedi-
cated to the North and South American operations.
Other key risk factors are described in the Annual report
2024.
Program
Long-term incentive programs
outstanding September, 2025 Vesting p
eriod
Exercise p
eriod
Exercise price
DKK
Exercise price
EUR (rounded)
** - -
* - -
* - -
US MIP Options - -
US MIP Options - -
Options - -
PSU - -
CXO Options - -
Options
-
-
PSU
-
-
Options - -
PSU - -
Options - -
* Key employees and members of executive management
Q3 report 2025
Page 20
V
Contacts
VP of Investor Relations & Communications;
Mikkel Munch-Jacobsgaard
investor@bettercollective.com
This information is the type of information that Better
Collective A/S is required to disclose to the public under
the EU Market Abuse Regulation. The information was
submitted for publication, through the agency of the
contact person set out above, on 12 November 2025 af-
ter market close (CET).
About
Better Collective owns global and national sport media,
with a vision to become the leading digital sports media
group. We are on a mission to excite sports fans through
engaging content and foster passionate communities
worldwide. Better Collective's portfolio of digital sports
media brands includes: HLTV, FUTBIN, Betarades, Soc-
cernews, Tipsbladet, Action Network, Playmaker HQ,
VegasInsider, Bolavip, and Redgol. Headquartered in
Copenhagen, Denmark, and dual-listed on Nasdaq
Stockholm (BETCO) and Nasdaq Copenhagen (BETCO
DKK).
To learn more about Better Collective please visit
www.bettercollective.com
Q3 report 2025
Page 20
Q3 report 2025
Page 21
Statement by the
Board of Directors
and the Executive
Management
Statement by the Board of Directors and the Execu-
tive Management on the condensed consolidated in-
terim financial statements and the parent company
condensed interim financial statements for the period
January 1 – September 30, 2025.
Today, the Board of Directors and the Executive
Management have discussed and approved the
condensed consolidated interim financial statements
and the parent company condensed interim financial
statements of Better Collective A/S for the period Jan-
uary 1 – September 30, 2025.
The condensed consolidated interim financial state-
ments for the period January 1 – September 30, 2025,
are prepared following IAS 34 Interim Financial Report-
ing, as adopted by the EU, and the additional require-
ments of the Danish Financial Statements Act. The par-
ent company’s condensed interim financial statements
have been included according to the Danish Executive
Order on the Preparation of Interim Financial Reports.
In our opinion, the condensed consolidated interim
financial statements and the parent company con-
densed interim financial statements give a true and fair
view of Better Collective’s and parent company’s assets,
liabilities, and financial position on September 30, 2025,
and of the results of Better Collective’s and parent com-
pany’s operations and Better Collective’s cash flows for
the period January 1 –September 30, 2025.
Further, in our opinion, the management’s review gives
a fair review of the development in Better Collective’s
and the parent company’s operations and financial mat-
ters and the results of Better Collective’s and the parent
company’s operations and financial position, as well as
a description of the major risks and uncertainties, Better
Collective and the parent company are facing. The In-
terim Report has not been audited or reviewed by the
Company’s auditor.
Copenhagen, November 12, 2025
Executive
Management
Jesper Søgaard
Co-CEO & Co-Founder
Executive Vice President
Christian Kirk Rasmussen
Co-CEO & Co-Founder
Executive Vice President
Flemming Pedersen
CFO
Executive Vice President
Board of Directors
Jens Bager
Chair
Therese Hillman
Vice Chair
Britt Boeskov
Todd Dunlap
Leif Nørgaard
Thomas Stig Plenborg
René Rechtman
Q3 report 2025
Page 22
Condensed interim financial statements for the
period
Consolidated income statement
Note tEUR Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024
Revenue 78,261
Direct costs related to revenue 25,358
Staff costs
Other external expenses 7,386
Operating profit before depreciation and amortiza-
tion (EBITDA) and special items
Depreciation 1,622
Operating profit before amortization (EBITA) and
special items 19,023
Amortization and impairment
Operating profit (EBIT) before special items
Special items net - 3,441
- 428
- 7,065
- 3,429 - 10,886
Operating profit
Financial income 672
Financial expenses
Profit before tax 3,574
Tax on profit for the period 1,934
Profit for the period
Earnings per share attributable to equity holders of
the company
Earnings per share (in EUR) 0.03
Diluted earnings per share (in EUR) 0.03
Consolidated statement of other comprehensive income
Note tEUR Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024
Profit for the period 1,641
Other comprehensive income
Other comprehensive income that may be reclassi-
fied to profit or loss in subsequent periods
Fair value adjustment of hedges for the year 261
- 537
- 81 - 54 - 180
Currency translation to presentation currency - 4,456
- 2,170
- 19,803 - 2,512 6,297
Currency translation of non-current intercompany
loans
- 514
- 12,834
- 34,567 - 3,650 17,325
Income tax
- 1,589
Net other comprehensive income/loss
- 4,629
-12,600
- 46,828
- 5,296
Total comprehensive income/(loss) for the period,
net of tax
- 2,988
-11,481
- 36,268
Attributable to:
Shareholders of the parent
- 2,988
- 11,481
- 36,268
Q3 report 2025
Page 23
Consolidated statement of financial position
Note tEUR Q3 2025 Q3 2024 2024
Assets
Non-current assets
Intangible assets
Goodwill 333,590 344,660 360,988
Domains and websites 521,206 537,686 553,886
Accounts and other intangible assets
Total intangible assets
Tangible assets
Right of use assets 11,709 18,774 15,929
Leasehold improvements Fixtures and fittings other plant and equipment
Total tangible assets
Other non-current assets
Deposits 1,752
Deferred tax asset 4,644
Total other non-current assets
Total non-current assets 965,044 1,036,621 1,061,647
Current assets
Trade and other receivables
Corporation tax receivable 12,233
Prepayments 7,655
Cash 23,402
Total current assets
Total assets 1,067,988 1,141,598 1,172,119
Note
tEUR
Q3 2025
Q3 2024
2024
Equity and liabilities
Equity
Share Capital 620 631 631
Share Premium 469,444 469,460 469,460
Reserves - 35,238 - 3,941 16,089
Retained Earnings 192,435 184,168 199,749
Total equity
Non-current Liabilities
Debt to credit institutions 258,896 260,100 259,691
Lease liabilities 8,948 14,942 12,560
Deferred tax liabilities
Other long-term financial liabilities
Total non-current liabilities 377,685 414,469 412,955
Current Liabilities
Prepayments received from customers and deferred revenue
Trade and other payables 32,319 27,773 26,894
Corporation tax payable 4,083 5,988 4,764
Other financial liabilities 11,909 31,853 26,926
Lease liabilities 3,696 4,760 4,376
Total current liabilities
Total liabilities
Total Equity and liabilities
Q3 report 2025
Page 24
Consolidated statement of changes in equity
tEUR
Share
capital
Share
premium
Currency
translation
reserve
Hedging
reserves
Treasury
shares
Retained
earnings
Total
equity
As at January 1, 2025
- 517
- 20,336
Result for the period
Fair value adjustment of
hedges 0 0 0 - 81
Foreign currency translation 0 0 - 54,370
Tax on other
comprehensive income 0 0 7,605
Total other
comprehensive income 0 0 - 46,765
- 63
Total comprehensive
income for the year 0 0 - 46,765
- 63
Transactions with owners
Capital Decrease - 11
- 16 0 0 20,336
- 20,309 0
Acquisition of treasury shares 0 0 0 0 - 24,945
Disposal of treasury shares 0 0 0 0 112
Share based payments 0 0 0 0 0 2,460 2,460
Transaction cost 0 0 0 0 0 - 25 - 25
Total transactions with owners - 11 - 16 0 0 - 4,497 - 17,874 - 22,398
At September 30 2025
- 9,824
- 580
- 24,833
During the period no dividend was paid
tEUR
Share
capital
Share
premium
Currency
translation
reserve
Hedging
reserves
Treasury
shares
Retained
earnings
Total
equity
As at January 1, 2024 554 274,580 15,055
- 483
- 21,057 166,624 435,273
Result for the period 0 0 0 0 0 18,966 18,966
Fair value adjustment of
hedges 0 0 0 - 54
Foreign currency translation 0 0 - 6,162
Tax on other
comprehensive income 0 0 803
Total other
comprehensive income 0 0 - 5,360
Total comprehensive
income for the year 0 0 - 5,360
Transactions with owners
Capital Increase 77
Acquisition of treasury shares 0 0 0 0 - 15,414 0 - 15,414
Disposal of treasury shares
Share based payments
- 5,679
- 5,679
Transaction cost 0 0 0 0 0 - 3,002 - 3,002
Total transactions with owners 77 194,880 0 0 7,840 - 1,422 201,375
At September 30, 2024
- 419
- 13,217
During the period no dividend was paid
Q3 report 2025
Page 25
Consolidated statement of cash flows
Note tEUR Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024
Profit before tax 2,315
Adjustment for finance items
Adjustment for special items 3,441
Operating Profit for the period before special items 11,012
Depreciation and amortization 9,632
Other adjustments of non-cash operating items 272
- 691
Cash flow from operations
before changes in working capital and special items
Change in working capital
- 13,638
Cash flow from operations before special items 34,750
Special items cash flow - 4,617
- 542
- 10,342
- 13,065 - 18,390
Cash flow from operations
Financial income received 34
Financial expenses paid
- 5,928
- 3,633
- 13,019
- 18,468
- 19,501
Cash flow from activities before tax 24,240
Income tax paid - 5,402
- 4,069
- 12,992
- 9,884 - 16,731
Cash flow from operating activities
Acquisition of businesses - 356
- 900
- 8,766
- 117,399 - 120,451
Acquisition of intangible assets - 4,844
- 20,556
- 14,732
-28,588 - 33,532
Acquisition of tangible assets - 99
- 3,296
- 305
- 4,866 - 3,942
Sale of tangible assets 0 117
Sale of other financial assets
Change in other non-current assets
- 25
- 136
Cash flow from investing activities
- 5,299
- 24,112
- 23,702
- 147,098
- 154,829
Note tEUR Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024
Repayment of borrowings 0 0 0 - 136,321 - 136,321
Proceeds from borrowings
Lease liabilities - 1,038
- 1,669
- 3,350 - 3,548 - 4,384
Other non-current liabilities 0 0 0 - 2,582 - 434
Capital increase 0 1,218
Treasury shares
- 11,428
- 13,103
- 24,945
- 13,103
- 20,336
Transaction cost
- 11
- 33
- 25
- 3,002
- 3,018
Warrant settlement sale of warrants 0 - 5,195
- 371 - 5,698 - 6,911
Cash flow from financing activities - 12,477
- 5,348
- 28,691 106,303 99,154
Cash flows for the period 1,061
- 5,121
- 14,128 227 - 5,624
Cash and cash equivalents at beginning
Foreign currency translation of cash and cash
equivalents - 46
- 18
- 144 - 163 - 254
Cash and cash equivalents period end
Cash and cash equivalents period end
Cash 23,402
Cash and cash equivalents period end 23,402
Q3 report 2025
Page 26
Notes
1. General information
Better Collective A/S is a limited liability company and is incorporated in Denmark. The parent company and its
subsidiaries (referred to as the “Group” or “Better Collective”) engage in online performance marketing. Better Collective’s
vision is to become the leading digital sports media group.
Basis of preparation
The Interim Report (condensed consolidated interim financial statements) for the period January 1 – September 30, 2025,
has been prepared in accordance with IAS 34 “Interim financial reporting” as adopted by the EU and additional require-
ments in the Danish Financial Statements Act. The parent company condensed interim financial statements has been in-
cluded according to the Danish Executive Order on the Preparation of Interim Financial Reports.
These condensed consolidated interim financial statements incorporate the results of Better Collective A/S and its subsid-
iaries.
The condensed consolidated interim financial statements refer to certain key performance indicators, which Better Collec-
tive and others use when evaluating the performance of Better Collective. These are referred to as alternative performance
measures (APMs) and are not defined under IFRS. The figures and related subtotals give management and investors im-
portant information to enable them to fully analyze the Better Collective business and trends. The APMs are not meant to
replace but to complement the performance measures defined under IFRS.
New financial reporting standards
The IASB has issued several new or amended standards and interpretations with effective date beginning on January 1,
2025. Better Collective expects to adopt the new standards and interpretations when they become mandatory.
None of the standards are expected to have a significant effect for the consolidated financial statements or the parent
financial statements for the financial year 2025. Better Collective is currently assessing the impact IFRS 18 will have on
factors such as presentation of the income statement and cash flow statement and disclosures to be provided in the notes.
Accounting policies
The condensed consolidated interim financial statements have been prepared using the same accounting policies as set
out in note 1 of the 2024 annual report which contains a full description of the accounting policies for Better Collective and
the parent company.
The annual report for 2024 including full description of the accounting policies can be found on Better Collective’s website:
https://storage.mfn.se/5693126b-c889-4145-999f-f31afdfbfa8c/annual-report-2024-final-1.pdf
Better Collective has implemented an organizational restructuring going from a local to a global management structure
and transitioning from a geographical setup to a structure built around three global business units: Publishing, Paid Media,
and Esports. Consequently, the revenue segmentation has been adjusted to align with this new structure. We refer to note
2 for the new segmentation. Historical financial figures are reported accordingly.
Significant accounting judgements, estimates and assumptions
The preparation of condensed consolidated interim financial statements requires management to make judgements, esti-
mates and assumptions that affect the reported amounts of revenue, expenses, assets, and liabilities.
Beyond the risks mentioned above, the significant accounting judgements, estimates and assumptions applied in these
consolidated interim financial statements are the same as disclosed in note 2 in the annual report for 2024 which
contains a full description of significant accounting judgements, estimates and assumptions.
Q3 report 2025
Page 27
2. Operating segments
Publishing, Paid Media and Esports
Better Collective operates three distinct business models for customer acquisition, each with unique earnings profiles:
Publishing, Paid Media, and Esports. Publishing generates revenue from Better Collective’s owned and operated sports
media network and its media partnerships. Paid Media involves purchasing advertising on search engines, social media,
and third-party sports media platforms, thereby operating with a lower gross margin. Due to recent organizational re-
structuring, Esports will be reported separately. Esports has been carved out from Publishing. This change reflects our
strategic commitment to capitalizing on growth opportunities within Esports.
The performance for each segment is presented in the below tables:
Publishing** Paid Media Esports Group
tEUR
Q3 2025
Q3 2024
Q3 2025
Q3 2024
Q3 2025
Q3 2024
Q3 2025
Q3 2024
Revenue Share
CPA
Subscription
Sponsorships
CPM
Other
Revenue 46,286
51,848
27,593
24,792 4,382 4,513 78,261 81,152
Cost
Operating profit before depreciation, amortization
and special items
11,247
13,668
7,082
5,969
2,315
2,696
20,644
22,333
EBITDA-Margin before special items
Special items net
-
-
-
-
-
Operating profit before depreciation and
amortization
8,237
13,241
6,651
5,969
2,315
2,696
17,203
21,905
EBITDA-Margin
Depreciation
Operating profit before amortization
6,765
11,010
6,502
5,919
2,315
2,696
15,582
19,624
EBITA-Margin
*2024 figures has been adjusted due to the new segmentation, where Esports has been carved out from Publishing as a distinct segment.
** Majority of costs related to support functions are presented under Publishing.
Q3 report 2025
Page 28
2. Operating segments, continue
Publishing** Paid Media Esports Group
tEUR
YTD 2025
YTD 2024
YTD 2025
YTD 2024
YTD 2025
YTD 2024
YTD 2025
YTD 2024
Revenue Share
CPA
Subscription
Sponsorships
CPM
Other
Revenue 151,685
179,963
77,282
81,459 13,433 13,884 242,401 275,305
Cost
Operating profit before depreciation, amortization
and special items
37,274
51,117
19,070
20,917
8,824
7,848
65,168
79,881
EBITDA-Margin before special items
Special items net -
-
-
- - -
Operating profit before depreciation and
amortization
31,342
47,704
17,937
20,901
8,824
7,848
58,103
76,451
EBITDA-Margin
Depreciation
Operating profit before amortization
26,255
42,468
17,687
20,754
8,824
7,848
52,766
71,068
EBITA-Margin
*2024 figures has been adjusted due to the new segmentation, where Esports has been carved out from Publishing as a distinct segment.
** Majority of costs related to support functions are presented under Publishing.
Q3 report 2025
Page 29
2. Operating segments, continued
Publishing** Paid Media Esports Group
tEUR
2024*
2024
2024
2024
Revenue Share
CPA
Subscription
Sponsorships
CPM
Other
Revenue 244,333 106,789
20,364 371,487
Cost
Operating profit before depreciation, amortization and special
items
72,155
29,022
12,227
113,403
EBITDA-Margin before special items
Special items net - -
-
Operating profit before depreciation and amortization
61,306
28,985
12,227
102,517
EBITDA-Margin
Depreciation
Operating profit before amortization
54,518
28,782
12,226
95,527
EBITA-Margin
*2024 figures has been adjusted due to the new segmentation, where Esports has been carved out from Publishing as a distinct segment.
** Majority of costs related to support functions are presented under Publishing.
Q3 report 2025
Page 30
2. Geographic segments
Europe & Rest of World and North America
Better Collective’s products cover more than 30 languages and attract millions of users worldwide - with international
brands with a global reach as well as regional brands with a national reach. Better Collective’s regional brands are tailored
according to the specific regions or countries and their respective regulations, sports, betting behaviors, user needs, and
languages. Better Collective reports on the geographical segments Europe & RoW (Rest of World) and North America,
measuring and disclosing separately for Revenue, Cost and Earnings.
The performance for each segment is presented in the below tables:
Europe & RoW North America Group
tEUR
Q3 2025
Q3 2024
Q3 2025
Q3 2024
Q3 2025
Q3 2024
Revenue Share
CPA
Subscription
Sponsorships
CPM
Other
Revenue 57,416 62,180
20,846
18,972 78,261 81,152
Cost
Operating profit before depreciation,
amortization and special items
17,301
23,175
3,344
- 842
20,644
22,333
EBITDA-Margin before special items -
Special items net
-
-
-
-
-
Operating profit before depreciation and
amortization
14,469
23,476
2,735
- 1,571
17,203
21,905
EBITDA-Margin -
Depreciation
-
Operating profit before amortization
12,488
21,554
3,096
- 1,929
15,582
19,624
EBITA-Margin -
Europe & RoW
North America
Group
tEUR YTD 2025 YTD 2024 YTD 2025 YTD 2024 YTD 2025 YTD 2024
Revenue Share
CPA
Subscription
Sponsorships
CPM
Other
Revenue
180,575
196,532
61,825
78,773
242,401
275,305
Cost
Operating profit before depreciation,
amortization and special items 56,625 69,691
8,543
10,190 65,168 79,881
EBITDA-Margin before special items
Special items net -
-
- - -
Operating profit before depreciation and
amortization 51,623 70,621
6,480
5,830 58,103 76,451
EBITDA-Margin
Depreciation
Operating profit before amortization
47,428
66,160
5,339
4,908
52,766
71,068
EBITA-Margin
Q3 report 2025
Page 31
2. Geographic segments, continued
Europe & RoW North America Group
tEUR
2024
2024
2024
Revenue Share
CPA
Subscription
Sponsorships
CPM
Other
Revenue 264,138 107,349 371,487
Cost
Operating profit before depreciation,
amortization and special items
96,407 16,996 113,403
EBITDA-Margin before special items
Special items net - - -
Operating profit before depreciation and
amortization
93,692 8,827 102,517
EBITDA-Margin
Depreciation
Operating profit before amortization
87,897
7,631
95,527
EBITA-Margin
3. Revenue specification
In accordance with IFRS 15 disclosure requirements, total revenue is split on revenue category and revenue types as fol-
lows:
tEUR Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024
Revenue category
Recurring revenue (Revenue share Subscription CPM)
CPA Sponsorships
Other
Total revenue 78,261
81,152
242,401 275,305 371,487
%-split
Recurring revenue
CPA Sponsorships
Other
Total 100
100
100 100 100
%-split Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024
Revenue Share
CPA
Subscription
Sponsorships
CPM
Other
Total
100
100
100
100
100
Q3 report 2025
Page 32
4. Special items
Special items consist of recurring and non-recurring items that management does not consider to be part of Better Col-
lective’s ordinary operating activities, i.e. acquisition costs, adjustment of earn-out payments related to acquisitions, im-
pairments, disputes and restructuring costs are presented in the Income statement in a separate line item labelled ‘Spe-
cial items’. The impact of special items is specified as follows:
tEUR
Q3 2025
Q3 2024
YTD 2025
YTD 2024
2024
Operating profit
Special Items related to
Special items related to M&A -
- - -
Variable payments regarding acquisitions - income
Special items related to Restructuring - - - - -
Special items related to impairment - -
Special items, total
- 3,441
- 428
- 7,065
- 3,429
- 10,886
Operating profit (EBIT) before special items
11,485
9,340
35,720
47,667
72,334
Amortization and impairment
Operating profit before amortization
and special items (EBITA before special items)
19,023
20,052
59,832
74,497
106,413
Depreciation
Operating profit before depreciation, amortization,
and special items (EBITDA before special items)
20,644
22,333
65,168
79,881
113,403
* In 2024 Better Collective and the founders and former owners of Playmaker HQ agreed to renegotiate and settle the earn out due to
underperformance from acquisition of SOME content producer and podcast maker Playmaker HQ (not to be confused with Playmaker
Capital). The initial acquisition price of Playmaker HQ was 54mUSD of which 15mUSD was upfront cash. The final price agreed is 25mUSD
(23m EUR). Consequently, Better Collective have performed an impairment test based on the reassessment, identifying an impairment of
20mUSD (18m EUR) for the CGU North America, recognized in Q2 2024. The net impact on special items is negative 2.4mEUR, resulting
from the aforementioned goodwill impairment and the recognition of the remaining earn-out as income.
Furthermore On October 28th, it was announced that Management has decided to streamline Better Collective’s business to identify and
leverage synergies. Costs related to this amounted to 6 mEUR in Q4 2024, recognized as Special Items related to restructuring.
5. Income tax
Total tax for the period is specified as follows:
tEUR
Q3 2025
Q3 2024
YTD 2025
YTD 2024
2024
Tax for the period
Tax on other comprehensive income - - - -
Total 1,854
- 494 - 6,350 6,592 10,440
Income tax on profit for the period is specified as follows:
tEUR Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024
Deferred tax
-
Current tax
Adjustment from prior years
-
-
Total
1,934
2,447
1,273
7,513
8,850
Tax on the profit for the period can be explained as follows:
tEUR Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024
Specification for the period
Calculated tax of the result before tax
Adjustment of the tax rates
in foreign subsidiaries relative to the
- - -
Tax effect of
Special items
Other non-taxable income
-
-
-
-
-
Other non-deductible costs
Unrecognized tax losses carried forward
Reassessment of unrecognized tax losses carried forward -
Adjustment of tax relating to prior periods -
- -
Total
1,934
2,447
1,273
7,513
8,850
Effective tax rate 54.1% 68.6% 10.8% 28.4% 20.6%
Q3 report 2025
Page 33
6. Intangible assets
tEUR Goodwill
Domains
and
websites
Accounts
and other
intangible
assets* Total
Cost or valuation
As of January 1, 2025 380,138
553,886 211,066 1,145,089
Additions
Acquisitions through business combinations
Transfer
Disposals
-
-
Currency Translation
-
-
-
-
At September 30, 2025
350,624
521,206
194,873
1,066,702
Amortization and impairment
As of January 1, 2025
19,150
0
93,438
112,588
Amortization for the period
Impairment for the period
Amortization on disposed assets - -
Currency translation - - -
At September 30, 2025
17,035
0
107,334
124,369
Net book value at September 30, 2025
333,590
521,206
87,539
942,333
*Accounts and other intangible assets consist of accounts (48,812 tEUR), Media Partnerships (34,517 tEUR), Development projects
(3,931 tEUR) and software and others (278 tEUR)
tEUR Goodwill
Domains
and
websites
Accounts
and other
intangible
assets* Total
Cost or valuation
As of January 1, 2024 255,074
466,615 140,065 861,754
Additions
Acquisitions through business combinations
Transfer - -
Disposals - -
Currency Translation -
- -
At September 30, 2024
362,524
237,686
206,420
1,106,630
Amortization and impairment
As of January 1, 2024 0 0 60,325 60,325
Amortization for the period
Impairment for the period
Amortization on disposed assets - -
Currency translation -
- -
At September 30, 2024 17,863
0 83,732 101,595
Net book value at September 30, 2024 344,660
537,686 122,688 1,005,035
*Accounts and other intangible assets consist of accounts (63,373 tEUR), Media Partnerships (53,521tEUR) and software and others
(5.795 tEUR)
Q3 report 2025
Page 34
7. Non-current liabilities and other current financial liabilities
Debt to credit institutions
On 30 September Better Collective entered into a new 3 year committed club facility of 319 mEUR and a 80 mEUR higher
accordion option with Nordea and Nykredit. The new club facility expire October 2028 and include an option to extent one
additional year. As per September 30, 2025, Better Collective has drawn 259 mEUR (2024: 260). Better Collective has
entered into two hedging contracts regarding the interest rate risk expiring October 2026, with a nominal amount of 550
mDKK each securing the interest rate at 2.32% and 2.34% respectively.
Lease liabilities
Non-current and current lease liabilities, of 9 mEUR (Q3 2024: 15 mEUR) and 4 mEUR (Q3 2024: 4 mEUR) respectively.
Deferred Tax liability
Deferred tax liability as of September 30, 2025, amounted to 82 mEUR (Q3 2024: 100 mEUR). The change from January 1,
2025, originates from changes in deferred tax related to acquisitions, amortization of accounts from acquisitions, and de-
ferred tax changes in the Parent Company, Better Collective US, Inc and Playmaker Capital. The deferred tax liability is
positive impacted by a reassessment of non-deductible foreign currency exchange losses.
Deferred Tax asset
Deferred tax asset as of September 30, 2025, amounted to 5 mEUR (Q3 2024: 4 mEUR). The change from January 1, 2025,
originates from changes in Playmaker Capital.
Other financial liabilities
As per September 30, 2025, other non-current and current financial liabilities amounted to 39 mEUR (Q3 2024: 71 mEUR)
due to deferred and variable payments related to acquisitions and media partnerships. The decrease from January 1, 2025,
is mainly related to changes in earn outs and media partnerships.
Fair Value of financial assets and liabilities is measured based on level 3 - Valuation techniques. In all material aspects the
fair value of the financial assets and liabilities is considered equal to the booked value.
The fair value of financial instruments is measured based on level 2. The fair value is measured according to generally
accepted valuation techniques. Market-based input is used to measure the fair value.
8. Note to cash flow statement
tEUR Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024
Acquisition of business combinations:
Net Cash outflow
from business combinations at acquisition - -
Business Combinations
deferred payments from current period
Deferred payments
- business combinations from prior periods
-
-
- - -
Total cash flow from business combinations - 356
- 900
- 8,766 - 117,399 - 120,451
Acquisition of intangible assets:
Acquisitions through asset transactions -
- -
Deferred payments related to acquisition value
Deferred payments
- acquisitions from prior periods
-
-
- - -
Other investments -
-
- - -
Total cash flow from intangible assets
- 4,844
- 20,556
- 14,732
- 28,588
- 33,532
Q3 report 2025
Page 35
Financial statements for the period
Income statement – Parent company
tEUR Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024
Revenue
26,245
29,269
78,505
96,033
129,221
Other operating income
Direct costs related to revenue
Staff costs
Depreciation
Other external expenses
Operating profit before amortization (EBITA) and special
items 6,797
7,783
22,688 29,516 47,645
Amortization
Operating profit (EBIT) before special items
3,703
3,614
13,453
19,370
34,225
Special items net -
-
-
Operating profit
3,421
12,190
21,265
35,186
Financial income
Financial expenses
Profit before tax
4,467
- 8,581
- 13,384
36,310
80,658
Tax on profit for the period
-
-
Profit for the period 4,350
- 7,515
- 4,338 33,472 71,109
Statement of other comprehensive income
tEUR Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024
Profit for the period
4,350
- 7,515
- 4,338
33,472
71,109
Other comprehensive income
Other comprehensive income that may be
reclassified to profit or loss in subsequent periods
Fair value adjustment of hedges for the year
-
- - -
Currency translation to presentation
currency -
- - -
Income tax -
Net other comprehensive income/loss - 28
- 386 - 260 - 2,413 - 2,722
Total comprehensive income/(loss) for the period, net of tax
4,322
- 7,901
- 4,598
31,058
68,387
Q3 report 2025
Page 36
Statement of financial position – Parent company
tEUR Q3 2025 Q3 2024 2024
Assets
Non-current assets
Intangible assets
Goodwill
Domains and websites
Accounts and other intangible assets
Total intangible assets
218,983
236,960
233,565
Tangible assets
Right of use assets
Fixtures and fittings other plant and equipment
Total tangible assets
8,283
12,189
10,641
Financial assets
Investments in subsidiaries
Receivables from subsidiaries
Deposits
Total financial assets 727,201 724,047 750,206
Total non-current assets 954,467 973,197 994,413
Current assets
Trade and other receivables
Receivables from subsidiaries
Tax receivable
Prepayments
Cash
Total current assets
69,855
62,256
77,675
Total assets 1,024,323 1,035,452 1,072,088
tEUR Q3 2025 Q3 2024 2024
Equity and liabilities
Equity
Share Capital
Share Premium
Reserves -
- -
Retained Earnings
Total equity
679,392
675,645
706,387
Non-current Liabilities
Debt to credit institutions
Lease liabilities
Deferred tax liabilities
Other non-current financial liabilities
Total non-current liabilities 299,590 283,004 318,996
Current Liabilities
Prepayments received from customers and deferred revenue
Trade and other payables
Payables to subsidiaries
Tax payable
Other current financial liabilities
Lease liabilities
Total current liabilities
45,342
76,803
46,705
Total liabilities 344,932 359,806 365,701
Total equity and liabilities
1,024,323
1,035,452
1,072,088
Q3 report 2025
Page 37
Statement of changes in equity – Parent company
tEUR
Share
capital
Share
premium
Currency
transla-
tion re-
serve
Hedging
reserves
Treasury
shares
Retained
earnings
Total
equity
As of January 1, 2025 631
469,460 - 3,024 - 517 - 20,336
260,171 706,387
Result for the period
-
-
Fair value adjustment of
hedges
-
-
Foreign currency translation - -
Tax on other
comprehensive income
Total other
comprehensive income - -
-
Total comprehensive income for the year
0
0
- 197
- 63
0
- 4,338
- 4,598
Transactions with owners
Capital Decrease -
-
-
Acquisition of treasury shares
-
-
Disposal of treasury shares
Share based payments
Transaction cost -
-
Total transactions with owners
- 11
- 16
0
0
- 4,497
- 17,874
- 22,398
At September 30, 2025
620
469,444
- 3,221
- 580
- 24,833
237,960
679,392
During the period no dividend was paid
tEUR
Share
capital
Share
premium
Currency
transla-
tion re-
serve
Hedging
reserves
Treasury
shares
Retained
earnings
Total
equity
As of January 1, 2024 554 274,580
- 336 - 483
- 21,057 189,952
443,211
Result for the period
Fair value adjustment of
hedges -
-
Currency translation
to presentation currency
-
-
Tax on other
comprehensive income
Total other
comprehensive income -
-
Total comprehensive income for the year 0 0 - 2,477 64
0 33,472
31,059
Transactions with owners
Capital Increase
-
Acquisition of treasury shares - -
Disposal of treasury shares
Share based payments
-
-
Transaction cost -
-
Total transactions with owners 77 194,880
0 0 7,840 - 1,422
At September 30, 2024
631
469,460
- 2,813
- 419
- 13,217
222,002
675,645
During the period no dividend was paid
Q3 report 2025
Page 38
Better Collective uses and communicate certain Alternative Performance Measures (“APM”), which are not defined un-
der IFRS. Such are not to replace performance measures defined and under IFRS. The APM’s may not be indicative of
the group’s historical operating results, nor are such measures meant to be predictive of the group’s future results. The
group believes however that the APMs are useful supplemental indicators that may be used to assist in evaluating a
company’s future operating performance, and its ability to service its debt. Accordingly, the APMs are disclosed to per-
mit a more complete and comprehensive analysis of the group’s operating performance, consistently with how the
group’s business performance is evaluated by the Management. The group believes that the presentation of these APMs
enhances an investor’s understanding of the group’s operating performance and the group’s ability to service its debt.
Accordingly, the group discloses the APM’s to permit a more complete and comprehensive analysis of its operating
performance relative to other companies and across periods, and of the group’s ability to service its debt. However,
these APM’s may be calculated differently by other companies and may not be comparable with APM’s with similarly
titled measures used by other companies. The group’s APMs are not measurements of financial performance under IFRS
and should not be considered as alternatives to other indicators of the Company’s operating performance, cash flows or
any other measures of performance derived in accordance with IFRS. 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
Operating profit
before amortization
(EBITA)
Operating profit plus amortizations
Better Collective reports this APM to allow mon-
itoring and evaluation of the Group’s operational
profitability
Operating profit
before amortizations
margin (%)
Operating profit before amortizations
revenue
This APM supports the assessment and monitor-
ing of the Group’s performance and profitability
Free Cash Flow EBITDA before special items adjusted for
net acquisition of business and intangible
assets net working capital and other con-
tingent liabilities (media partnerships
lease liability etc) repayments interest
and tax
This APM supports the assessment of the Group’s
ability to create a free cash flow
Alternative
Performance Measure Description SCOPE
EBITDA before
special items
EBITDA adjusted for special items
This APM supports the assessment and monitor-
ing of the Group’s performance as well as profit-
ability excluding special items that do no stem
from ongoing operations providing a more com-
parable measure over time
Operating profit
before amortizations
and special items
margin (%)
Operating profit before amortizations and
special items revenue
This APM supports the assessment and monitor-
ing of the Group’s performance as well as profit-
ability excluding special items that do no stem
from ongoing operations providing a more com-
parable measure over time
Special items
Items that are considered not part of on-
going business
Items that are not part of ongoing business eg
cost related to M&A and restructuring adjust-
ments of earn-out payments
Net Debt / EBITDA
before special items
(Interest bearing debt minus cash and
cash equivalents) EBITDA before special
items on rolling twelve months basis
This ratio is used to describe the horizon for pay
back of the interest-bearing debt and measures
the leverage of the funding
Liquidity ratio Current Assets Current Liabilities
Measures the ability of the group to pay its cur-
rent liabilities using current assets
Equity to assets ratio Equity Total Assets Reported to show how much of the assets in the
company is funded by equity
Cash conversion rate
before special items
(Cash flow from operations before special
items Cash from CAPEX) EBITDA be-
fore special items
This APM is reported to illustrate the Group’s
ability to convert profits to cash
NDC New depositing customers A key figure to reflect the Group’s ability to fuel
long-term revenue and organic growth
Organic Growth
Revenue growth as compared to the same
period previous year Organic growth from
acquired companies or assets are calcu-
lated from the date of acquisition meas-
ured against the historical baseline perfor-
mance
Reported to measure the ability to generate
growth from existing business
Alternative Performance Measures
and Definitions
Q3 report 2025
Page 39
Alternative
Performance Measure Description SCOPE
Recurring revenue
Recurring revenue is a combined set of
revenues that is defined as recurring as
management considers that the sources of
these revenue streams will continuously
generate revenue over a variable period of
time and size eg if players continue to bet
with gaming operators with which BC has
revenue share agreements customers
continue current subscriptions or if BC on
a current basis receive revenues from cus-
tomers having current marketing agree-
ments in respect of banners etc on the
group’s websites Accordingly it includes
Revenue share income CPM Advertising
and subscription revenues
The group reports this APM to distinguish be-
tween what management consider as recurring
revenue streams and what management con-
sider as non-recurring revenue streams eg rev-
enues reflecting one-time settlements with gam-
ing operators
CLV The Customer Lifetime Value (CLV) shows
expected revenue generated throughout
the lifetime of a New Depositing Cus-
tomer (NDC) This measure is pivotal for
understanding how much value a NDC is
anticipated to bring to the Group The
prerequisites going into the CLV are a
number of factors such as average value
average frequency NDC lifespan and
churn rate
Average revenue per NDC x NDC lifespan
A key figure to assess the value of NDCs gener-
ated by the Group providing critical insights into
NDC profitability It allows the Group to identify
the most valuable segments and optimize mar-
keting strategies accordingly
Definitions
Term
Description
PPC Pay-Per-Click
SEO
Search Engine Optimization
Sports win margin Sports net player winnings (operators) sports wagering
Sports wagering
The value of bets placed by the players
Recurring revenue
Recurring revenue is a combined set of revenues that is defined as recurring It includes revenue
share income CPMAdvertising and subscription revenues
Board
The Board of Directors of the company
Executive manage-
ment
Executives that are registered with the Danish Company register
Company
Better Collective AS a company registered under the laws of Denmark
Q3 report 2025
Page 40
Denmark
CVR no 27 65 29 13
+45 29 91 99 65
info@bettercollective.com
bettercollective.com