Q1 report 2026
Page 2
Q1 25 Q1 26
83
86
+5%
Q1 25 Q1 26
22
25
+14%
+9% c.c.
Revenue
mEUR
EBITDA
before
special items
mEUR
INTERIM REPORT Q1, 2026
• Revenue of 86 mEUR, organic growth 5%, 9% in constant curren-
cies (c.c.)
• EBITDA before special items 25 mEUR, growth 14%, 29% margin
• Revenue share income from the North American market grew 46%
• Playbook partnership with X expanded to global partnership fol-
lowing strong North American traction
• Full year guidance remains unchanged
Q1 report 2026
Page 3
Our vision
Q1 report 2026
Page 3
Our vision is to become the leading digital sports
media group; Better Collective owns and operates
global and national sports media, sports betting
media, and Esports & gaming communities. We are
on a mission to excite fans and foster passionate
communiti
es worldwide.
Our House of Brands attracts more than 112 million
unique users, generating more than 450 million
sessions and
2.7 billion pageviews a month. Our
combined offerings include everything from
quality sports content, communities, data insights,
and apps, to video content, podcast, and
innovative technology.
Q1 report 2026
Page 5
Highlights Q1 6
Financial targets 9
Financial highlights and key figures 10
CEO letter 11
Business review and financial performance 13
Financial performance for the period 21
Other 23
Statement by the Board of Directors and the
Executive Management 25
Condensed interim financial statements for the
period 26
Notes 31
Parent Company 40
A live webcast and presentation for Better Collective’s
stakeholders will be held on May 21
st
, 2026, 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 May 20
th
, 2026, via:
www.bettercollective.com
Upcoming events
• Q2 report – August 20
th
, 2026
• Q3 report – November 18
th
, 2026
• Annual report 2026 – February 24
th
, 2027
• Q1 report – May 19
th
, 2027
Table of
contents
Q1 webcast
May 21
st
, 2026
Q1 report 2026
Page 5
Q1 report 2026
Page 6
Highlights Q1
The financial guidance for full-year 2026 remains un-
changed.
Revenue increased organically by 5%, or 9% in constant
currencies. The quarter saw the following key drivers:
1. FX movements had a negative year-over-year rev-
enue impact of 4 mEUR, mainly driven by the USD.
2. Sports win margin impacted revenue and EBITDA
negatively with 1.3 mEUR versus last year and 3.7
mEUR versus the normalized margin.
3. The Brazilian market continued to show minor neg-
ative effects following broader regulatory changes
which impacted the quarter by around 1 mEUR.
4. Underlying growth of 9 mEUR was primarily driven
by strong performance in Paid Media and Talent-
led Media as well as North American revenue share
growth.
Recurring revenue increased by 2% to 50 mEUR, driven
by 7% growth in revenue share income, primarily sup-
ported by strong performance in Paid Media and contin-
ued growth in North American revenue share.
Since Q3 2022, Better Collective has been transitioning
the North American business towards revenue share
agreements. While this transition has temporarily damp-
ened reported revenue, it has established a strong
foundation for future recurring revenue to be recog-
nized in the coming quarters and years.
During Q1, revenue share income in North America con-
tinued to develop positively, increasing by 46% to 6
mEUR. Management expects revenue share income in
North America to continue growing steadily over time,
supporting a more stable and higher-quality recurring
revenue base, in line with the established model in other
regions.
Sponsorship revenue increased by 21%, driven by strong
development in Playmaker HQ and HLTV. Better Collec-
tive continues to see significant future growth potential
in these businesses, further supporting the diversifica-
tion of the revenue base.
Better Collective expanded its strategic partnership
with X. Playbook™ is named the exclusive global AI bet-
ting product. Under the new agreement, Better Collec-
tive’s AI-powered betting solution, Playbook™, becomes
the official and exclusive global betting product on X.
The expanded partnership builds on the successful
launch in the United States and introduces a suite of en-
hanced product features.
On January 9, Better Collective held an Extraordinary
General Meeting, where the cancellation of 5.17% of the
share capital was approved. Following the cancellation,
Better Collective flagged below 5% ownership of its own
shares.
Following the Annual Report, Better Collective initiated
a new share buyback program of up to 40 mEUR, to be
executed during the period from March 5, 2026, to
March 3, 2027.
On February 2, Better Collective announced that it had
received notification from Lind Invest that Lind Value II
ApS held 6.53% of the share capital and voting rights in
Better Collective, hence flagging above the 5% thresh-
old.
On March 6, Better Collective announced that it had re-
ceived notification from Triton Administration (Jersey)
Limited that it had indirectly acquired 3,076,663 shares
and voting rights in Better Collective, corresponding to
approximately 5.24% of the total issued share capital
and voting rights, hence flagging above the 5% thresh-
old. The shares are held directly by Bolero Holdings
SARL.
On March 19, Better Collective announced the strategic
rollout of prediction market-focused content and prod-
ucts targeting the rapidly growing U.S. user base. The
initiative represents an important step in Better Collec-
tive’s ambition to position itself at the forefront of a new
and fast-emerging entertainment category.
Costs increased by 1%, driven by cost efficiencies in Pub-
lishing and Esports, partly offset by a 9% increase in Paid
Media spend during the quarter. The higher Paid Media
Revenue
9 mEUR
Q1 25
(4 mEUR)
FX
(1 mEUR)
Brazil
(1 mEUR)
SWM Growth Q1 26
83 mEUR
86 mEUR
Q1 report 2026
Page 7
spend reflects Management’s continued confidence in
the growth trajectory and attractive return profile of the
business.
EBITDA before special items amounted to 25 mEUR,
corresponding to growth of 14% and a margin of 29%.
Cash flow from operations before special items was 25
mEUR (Q1 2025: 21 mEUR) with a cash conversion of
101% in Q1 2026.
In line with Better Collective’s capital allocation policy,
the company remains committed to delivering sustaina-
ble shareholder returns while maintaining the financial
flexibility to pursue long-term growth opportunities.
During the period, Better Collective completed 6.7
mEUR of share buybacks, in line with the same period in
2025. The program reflects the Group’s disciplined ap-
proach to capital allocation, balancing investments in
organic growth, strategic business development includ-
ing M&A, and direct shareholder returns.
Better Collective has bank credit facilities for a total of
319 mEUR. By the end of March 2026, capital reserves
stood at 75 mEUR consisting of cash of 20 mEUR and
unused bank credit facilities of 55 mEUR.
Q1 report 2026
Page 7
EBITDA before special items
22 mEUR
25 mEUR
3 mEUR
2 mEUR
Q1 25 Revenue
growth
Increased Paid
Media spend
Cost reductions Q1 26
(2 mEUR)
Q1 report 2026
Page 8
New Depositing Customers
growth QoQ
New Depositing Customers (NDCs) developed in line
with expectations. For the quarter, the total number of
NDCs was 308,000, of which 77% were on revenue share
contracts, up from 73% in Q4 2025. The total number of
NDCs were broadly flat versus both last year and last
quarter. Activity levels remained impacted by the regu-
latory changes in Brazil, where the prohibition of wel-
come bonuses has redirected many users to unlicensed
sportsbooks. In addition, the broader regulatory
changes in Brazil continued to impact performance neg-
atively during the quarter.
Value of Deposits
Introduced as an external KPI in Q2 2025, Value of De-
posits (VoD) measures the total amount deposited into
revenue share accounts by referred users across partner
platforms during the period. The KPI provides a clear in-
dication of traffic quality and player value. The contin-
ued positive development of VoD underscores Better
Collective’s ability to deliver high-quality audience, with
referred players demonstrating increasing lifetime value
despite lower NDC volumes. This reflects Better Collec-
tive’s strategic focus on attracting higher-value custom-
ers for its partners.
For clarity, VoD represents deposits generated within
the quarter and is not a cumulative metric.
During Q1, Value of Deposits reached 799 mEUR, repre-
senting 15% growth compared to Q1 last year. This con-
tinued strong development demonstrates the increasing
lifetime value of referred customers and confirms the
underlying strength and health of the revenue share da-
tabases.
200
400
600
0
Q1
2020
Q2 Q3 Q4 Q1
2021
Q2 Q3 Q4 Q1
2022
Q3 Q4 Q1
2023
Q2 Q3 Q4 Q1
2024
Q2 Q3 Q4 Q1
2025
Q2 Q3 Q4 Q1
2026
Q2
NDC development (’000 NDCs)
VoD development (mEUR)
200
400
600
800
0
Q1
2020
Q2 Q3 Q4 Q1
2021
Q2 Q3 Q4 Q2 Q3 Q4 Q1
2023
Q2 Q3 Q4 Q1
2024
Q2 Q3 Q4 Q1
2025
Q2 Q3 Q4 Q1
2026
Q1
2022
Q1 report 2026
Page 9
Financial targets
2026 guidance
Guidance for 2026 is unchanged as follows:
• Organic revenue growth 7-12%
• EBITDA before special items growth 8-18%
• Annual share buybacks of 40 mEUR
• Net debt to EBITDA below 3x
2026 guidance implications
The year will benefit from normalized year-over-year
comparisons versus 2025, and management expects un-
derlying growth across all business segments, including
Publishing, Paid Media, and Esports.
In addition, the FIFA World Cup will take place during
the summer across several of Better Collective’s core
markets, providing a meaningful tailwind to user acqui-
sition, reactivation, and overall activity levels.
The UK and Brazilian tax increases are expected to neg-
atively impact EBITDA before special items by approxi-
mately 8 mEUR.
The Board of Directors has decided to guide for an an-
nual 40 mEUR share buybacks. Net debt to EBITDA is to
stay below 3x.
2027-2028 Guidance
• Organic revenue growth
• EBITDA-margin before special items at 35-40%
• Continued strong cash conversion
• Net debt to EBITDA below 3x
Capital allocation policy
• Reduction of net interest-bearing debt when lev-
erage exceeds 3x net debt/EBITDA level.
• Investments in organic growth initiatives and se-
lective, value-accretive acquisitions.
• Distribution to shareholders, primarily through
share buybacks, secondarily, dividends.
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.
Q1 report 2026
Page 10
Financial highlights and key figures
tEUR Q1 2026 Q1 2025 2025
Income statements
Revenue
86,323
82,590
336,669
Recurring revenue 50,141 49,047 206,484
Operating profit before depreciation, amortization,
and special items (EBITDA before special items) 25,086 22,005 102,053
Depreciation 1,706 1,965 6,864
Operating profit before amortization
and special items (EBITA before special items) 23,380 20,041 95,189
Special items, net
- 1,810
- 726
- 10,411
Amortization and impairment 8,591 8,556 33,807
Operating profit before special items
(EBIT before special items) 14,789 11,485 61,382
Result of financial items - 2,538 - 5,777 - 19,790
Profit after tax 7,322 3,639 23,590
Earnings per share (in EUR)
0.12
0.06
0.41
Diluted earnings per share (in EUR) 0.12 0.06 0.39
Balance sheet
Balance Sheet Total 1,092,349 1,139,042 1,074,121
Equity
639,537
672,744
631,004
Current assets 112,404 106,328 100,841
Current liabilities 64,400 67,358 62,671
Net interest bearing debt 257,696 248,101 258,428
For a definition of financial key figures and ratios, please refer to page 44-45.
tEUR Q1 2026 Q1 2025 2025
Cash flow
Cash flow from operations before special items 25,307 20,642 94,453
Cash flow from operations 23,246 18,692 81,595
Investments in tangible assets - 53 - 176 - 347
Cash flow from investment activities
- 8,959
- 13,679
- 34,679
Cash flow from financing activities
- 1,211
- 7,485
- 40,557
Financial ratios
Revenue Growth (%) 5% -13% -9%
Organic Revenue Growth (%) 5% -18% -11%
Operating profit before depreciation,
amortization (EBITDA) and special items margin (%) 29% 27% 30%
Operating profit margin (%) 15% 13% 15%
Publishing EBITDA before special items margin (%) 29% 29% 32%
Paid media EBITDA before special items margin (%) 25% 22% 24%
Esports EBITDA before special items margin (%) 62% 42% 53%
Net interest bearing debt / EBITDA before special items
2.45
2.33
2.53
Cash conversion rate before special items (%) 101% 93% 92%
Average number of full-time employees 1,582 1,688 1,600
NDCs (thousand) 308 316 1,200
Q1 report 2026
Page 11
CEO letter
With a return to growth in Q1,
Better Collective continues to
build long term value through
disciplined execution, product
innovation, and a stronger po-
sition in the global sports eco-
system
We started 2026 with a solid first quarter and a return
to organic growth of 5% or 9% in constant currencies,
with performance broadly in line with our expectations.
As always, our business reflects both the strength of our
diversified model and the realities of operating in dy-
namic and regulated markets. During the quarter, we
continued to see encouraging progress in several stra-
tegic areas, while navigating external factors that af-
fected market sentiment and short-term performance in
certain geographies. The growth was driven in particular
by continued strong momentum in Paid Media, Talent-
Led Media, North American revenue share, and our es-
port community, HLTV.
Diving into one area where developments continue to
be particularly encouraging is prediction markets. This
category is performing ahead of our expectations, both
in terms of user interest and commercial traction. At the
same time, competition among our customers to attract
users is gradually intensifying. This is beneficial for Bet-
ter Collective and fully in line with our expectations for
an attractive and expanding market. We expect addi-
tional players to enter the field throughout the year, and
we view this as further evidence of the size and rele-
vance of the opportunity. Better Collective is well posi-
tioned to benefit from this development through our
strong sports audience reach, our commercial capabili-
ties, and our ability to connect users with relevant and
trusted offerings across fast evolving sports- and
sports-related categories.
Another strategic priority where we continue to make
important progress is Playbook™. During the quarter,
Playbook™ advanced further across user engagement,
product development and commercialization. We are
particularly excited to continue and expand our strate-
gic partnership with X, which now includes a new global
agreement and an enhanced product scope, including
the introduction of Playbook™ directly into Direct Mes-
saging on X.
Over time, we believe Playbook™ can become a core
platform for sports bettors worldwide: one that stream-
lines the path from intent to action, reduces friction in
the user journey, improves discovery, and makes it eas-
ier for users to compare outcomes and find the best
available offer in the market. In that sense, Playbook™ is
positioned at the intersection of media, product, and
monetization and reflects how Better Collective is
evolving its role in the value chain. Rather than only di-
recting traffic, we are increasingly building products
that improve the user experience itself and deepen our
relevance to both users and partners.
This is strategically important. The future winners in our
industry will not only be those with reach, but those that
can create better user journeys, stronger engagement
loops, and more valuable commercial ecosystems
around their audiences. Playbook™ is a strong example
of that ambition in action. It allows us to participate
more directly in product innovation around sports bet-
ting, while at the same time strengthening partner value
through improved conversion quality, retention poten-
tial, and differentiated distribution. We remain highly
excited about the long-term potential of Playbook™ and
believe it can become an increasingly important part of
how we create value in the decade ahead.
Another good example is our talent-led media Play-
maker HQ. Since acquiring the business in 2023, it has
developed into an increasingly important brand within
our North American portfolio and is now performing
very well both operationally and commercially. While
the transaction was structured with a disciplined finan-
cial rationale, ensuring that growth and value creation
were closely aligned, the true significance of Playmaker
HQ lies in its business model differentiation. By leaning
into a talent-led, video-first narrative, we are defining
the future of media. With the leading network of North
American talent-led sports media podcast shows, Play-
maker HQ significantly strengthens our position within
the entire sports ecosystem and elevates our value
proposition toward partners, as we offer authentic en-
gagement that traditional models cannot replicate.
Playmaker HQ has expanded its talent roster, strength-
ened its position in the North American sports podcast
landscape, and built a highly attractive commercial plat-
form around unique content generated by some of the
biggest North American sports names. We are seeing
strong and consistent demand for its shows, not only
from sportsbook partners, but also from a broader
group of blue-chip brands seeking brand exposure to
highly engaged sports audiences.
Strategically, this is important as it demonstrates our
ability to identify, acquire, and scale premium sports
media brands in attractive markets, and secondly, it
highlights one of Better Collective’s core strengths: our
ability to monetize sports audiences at scale through a
differentiated commercial platform spanning both
sports betting and broader brand advertising.
In Brazil, market conditions remain muted. The absence
of welcome bonuses continues to impact activity levels,
while other regulatory changes have also affected mar-
ket dynamics. More recently, a bill proposing a potential
ban has added further uncertainty to sentiment. From
our point of view, such an outcome appears unlikely,
Q1 report 2026
Page 12
that said, this type of public debate does not support
confidence in the near term.
Let me therefore restate our position clearly: we are
supportive of sound and responsible regulation. Well-
functioning regulation is essential to protect users from
harmful behavior and bad actors, and to ensure that
markets develop in a sustainable way. At the same time,
all stakeholders, including sportsbooks, media compa-
nies, and end users, benefit from having a stable, pre-
dictable, and workable regulatory framework that also
ensures taxes are paid locally. That is what allows regu-
lated markets to perform well over time. Despite the
current muted backdrop, we remain optimistic on Brazil
over the long term. It is a large market with a deep-
rooted passion for sport, and we continue to see mean-
ingful structural potential as the market matures.
As we enter the second quarter, we continue preparing
for one of the largest business catalysts our industry has
in front of it: the FIFA World Cup 2026. We have been
preparing for this tournament for more than a year, and
we are looking forward to what is expected to become
the biggest sporting event ever. Beyond the significant
commercial opportunity, it is also an event we are gen-
uinely excited about as sports fans ourselves. Moments
like these matter as they bring together global audi-
ences in ways few other events can. We believe Better
Collective is very well positioned to capture that oppor-
tunity.
In summary, Q1 was a quarter of stable growth execution
and continued strategic progress. We delivered as we
expected, with some underlying elements performing
better than headline numbers suggest. We continue to
navigate short term external headwinds in selected mar-
kets, while investing in and advancing the initiatives that
we believe will drive meaningful long term value crea-
tion.
I would like to thank our employees, partners, and all
other stakeholders for their continued dedication, trust,
and collaboration. I would also like to thank our share-
holders for your continued support. Together, we have
delivered another solid quarter, and we remain focused
on executing on the many opportunities ahead.
Jesper Søgaard
Co-CEO & Co-Founder
Q1 report 2026
Page 12
Q1 report 2026
Page 13
Business review
and financial
performance
Group
The financial guidance for full-year 2026 remains un-
changed.
Revenue increased organically by 5%, or 9% in constant
currencies. The quarter was impacted by the following
key drivers:
1. FX movements had a negative year-over-year rev-
enue impact of 4 mEUR, mainly driven by the USD.
2. Sports win margin impacted revenue and EBITDA
negatively with 1.3 mEUR versus last year and 3.7
mEUR versus the normalized margin.
3. The Brazilian market continued to show minor neg-
ative effects following broader regulatory changes
which impacted the quarter by around 1 mEUR.
4. Underlying growth of 9 mEUR was primarily driven
by strong performance in Paid Media and Talent-
led Media as well as North American revenue share
growth.
On a constant currency basis, revenue share would have
increased by 9% compared to 7% reported, CPA revenue
would have increased 5% compared to a reported de-
cline of 1%, subscription revenue would have declined by
5% compared to a reported decline of 12%, sponsorship
revenue would have increased by 29% compared to 21%
reported, and CPM revenue would have declined by 6%
compared to a reported decline of 13%.
Recurring revenue increased by 2% to 50 mEUR, driven
by 7% growth in revenue share income, primarily sup-
ported by strong performance in Paid Media and contin-
ued growth in North American revenue share.
Since Q3 2022, Better Collective has been transitioning
the North American business towards revenue share
agreements. While this transition has temporarily damp-
ened reported revenue, it has established a strong foun-
dation for future recurring revenue to be recognized in
the coming quarters and years.
During Q1, revenue share income in North America con-
tinued to develop positively, increasing by 46% to 6
mEUR. Management expects revenue share income in
North America to continue growing steadily over time,
supporting a more stable and higher-quality recurring
revenue base, in line with the established model in other
regions.
Sponsorship revenue increased by 21%, driven by strong
development in Playmaker HQ and HLTV. Better Collec-
tive continues to see significant future growth potential
in these businesses, further supporting the diversifica-
tion of the revenue base.
Better Collective expanded its strategic partnership
with X. Playbook™ is named the exclusive global AI bet-
ting product. Under the new agreement, Better Collec-
tive's AI-powered betting solution, Playbook™, becomes
the official and exclusive global betting product on X.
The expanded partnership builds on the successful
launch in the United States and introduces a suite of en-
hanced product features.
Costs increased by 1%, driven by cost efficiencies in Pub-
lishing and Esports, partly offset by a 9% increase in Paid
Media spend during the quarter. The higher Paid Media
spend reflects Management’s continued confidence in
the growth trajectory and attractive return profile of the
business.
EBITDA before special items amounted to 25 mEUR,
corresponding to growth of 14% and a margin of 29%.
Cash flow from operations before special items was 25
mEUR (Q1 2025: 21 mEUR) with a cash conversion of
101% in Q1 2026.
Key figures for the group
tEUR
Q1 2026
Q1 2025
Growth
2025
Revenue Share
CPA
-
Subscription
-
Sponsorships
CPM
-
Other
Revenue 86,323
82,590
5% 336,669
Cost
234,616
Operating profit before depreciation and amortization and special items
25,086
22,005
14%
102,053
EBITDA-Margin before special items
Operating profit before depreciation and amortization 23,276
21,280
9% 91,642
EBITDA-Margin
Organic Growth -
-
Q1 report 2026
Page 14
In line with Better Collective’s capital allocation policy,
the company remains committed to delivering sustaina-
ble shareholder returns while maintaining the financial
flexibility to pursue long-term growth opportunities.
During the period, Better Collective completed 6.7
mEUR of share buybacks, in line with the same period in
2025. The program reflects the Group’s disciplined ap-
proach to capital allocation, balancing investments in
organic growth, strategic business development includ-
ing M&A, and direct shareholder returns.
Better Collective has bank credit facilities for a total of
319 mEUR. By the end of March 2026, capital reserves
stood at 75 mEUR consisting of cash of 20 mEUR and
unused bank credit facilities of 55 mEUR.
On January 9, Better Collective held an Extraordinary
General Meeting, where the cancellation of 5.17% of the
share capital was approved. Following the cancellation,
Better Collective flagged below 5% ownership of its own
shares.
On August 27, 2025, Better Collective initiated a share
buyback program of up to 20 mEUR, to be executed
during the period from August 27, 2025 to March 4,
2026. As March 4, 2026, was the final trading day of the
program, the share buyback program was completed.
Following the Annual Report, Better Collective initiated
a new share buyback program of up to 40 mEUR, to be
executed during the period from March 5, 2026 to March
3, 2027.
On February 2, Better Collective announced that it had
received notification from Lind Invest that Lind Value II
ApS held 6.53% of the share capital and voting rights in
Better Collective, hence flagging above the 5% thresh-
old.
On March 6, Better Collective announced that it had re-
ceived notification from Triton Administration (Jersey)
Limited that it had indirectly acquired 3,076,663 shares
and voting rights in Better Collective, corresponding to
approximately 5.24% of the total issued share capital
and voting rights, hence flagging above the 5% thresh-
old. The shares are held directly by Bolero Holdings
SARL.
On March 19, Better Collective announced the strategic
rollout of prediction market-focused content and prod-
ucts targeting the rapidly growing U.S. user base. The
initiative represents an important step in Better Collec-
tive’s ambition to position itself at the forefront of a new
and fast-emerging entertainment category.
On March 24, Better Collective held its Annual General
Meeting, where the Annual Report 2025 was approved.
At the meeting, Thomas Plenborg was elected as the
new Chair of the Board, succeeding Jens Bager, who de-
cided to step down after more than a decade of service.
Thomas Plenborg brings extensive experience to the
role, currently serving as Professor at the Department of
Accounting at Copenhagen Business School and as
Chair of the Board of DSV. At DSV, he has played a piv-
otal role in the company’s transformation from a re-
gional player into a global leader in transport and logis-
tics, while overseeing substantial shareholder value cre-
ation and the execution and integration of large-scale
acquisitions.
On January 5, Better Collective-owned Mindway AI an-
nounced a partnership with DraftKings to expand re-
sponsible gaming tools and resources. Through Gama-
lyze, DraftKings customers gain personalized insights
designed to support more informed gaming decisions.
Q1 report 2026
Page 16
Publishing
Publishing revenue was up 1% in Q1 to 54 mEUR, or 6%
in constant currencies.
Revenue share grew by 4%, despite adverse FX move-
ments and the impact from broader regulatory changes
in Brazil.
Sponsorship revenue increased by 19%, driven by strong
performance across the Group’s talent-led sports media
brands, spearheaded by Playmaker HQ.
CPA revenue declined by 2 mEUR, or 25%, year-over-
year, while the quarter-over-quarter development was
flat and increased in constant currencies. The perfor-
mance was driven by an increased mix of revenue share
NDCs versus CPA as well as being positively impacted
by prediction markets, which contributed well during
the quarter.
CPM revenue declined by 11%, mainly reflecting a post-
ponement of advertising spend ahead of the FIFA World
Cup 2026, and foreign exchange headwinds.
Subscription revenue declined by 0.3 mEUR, or 7%,
mainly due to foreign exchange movements.
Publishing costs slightly declined year-over-year, while
operational earnings increased by 5% driven by effi-
ciency gains in the organization.
Key figures for the Publishing segment
tEUR Q1 2026 Q1 2025 Growth 2025
Revenue Share
CPA
-
Subscription
-
Sponsorships
CPM
-
Other
Revenue
53,986
53,614
1%
211,243
Share of Group
Cost
-
Share of Group
Operating profit before depreciation and amortization and special items
15,392
14,723
5%
66,575
Share of Group
EBITDA-Margin before special items
Operating profit before depreciation and amortization
13,937
13,998
0%
56,262
EBITDA-Margin
Organic Growth -
-
Publishing
The Publishing business generates revenue
from Better Collective’s owned and oper-
ated sports media network and its media
partnerships. The audience mainly comes
from direct traffic and organic search re-
sults
.
*Selection of brands (not exhaustive):
Q1 report 2026
Page 18
Paid Media
Paid Media continued its strong growth trajectory in Q1,
with revenue increasing by 12% to 28 mEUR or 17% in
constant currencies.
The growth was evenly distributed across revenue share
and CPA revenue and was supported by a stronger-
than-expected development in the UK ahead of the reg-
ulatory changes effective from April 1, despite increased
taxation and lower deposit values.
The Paid Media division has developed proprietary AI
models, which supported improved deposit values and
are expected to drive further efficiencies and higher
yields over time.
Reflecting the underlying strength of the business, Man-
agement continued to increase investments, with spend
growing by 10% during the quarter. As Paid Media is fun-
damentally driven by data modelling and return-based
investment decisions, the increased spend reflects
Management’s confidence in the scalability and attrac-
tive return profile of the business.
EBITDA before special items increased by 25% to 7
mEUR, demonstrating the operational scalability of the
Paid Media business.
Key figures for the Paid Media segment
tEUR Q1 2026 Q1 2025 Growth 2025
Revenue Share
CPA
Subscription
Sponsorships
CPM
Other
Revenue
27,610
24,581
12%
105,510
Share of Group
Cost
Share of Group
Operating profit before depreciation and amortization and special items
6,765
5,429
25%
25,006
Share of Group
EBITDA-Margin before special items
Operating profit before depreciation and amortization
6,410
5,429
18%
24,908
EBITDA-Margin
Organic Growth -
-
Paid Media
The Paid Media business involves pur-
chasing advertising on search engines, so-
cial media, and third
-party sports media
platforms. Because this requires upfront
payments for advertising on external plat-
forms, the gross margin is typically lower
than that of
the Publishing business, due
to substantial direct costs, and may fluc-
tuate with the level of activity and invest-
ments into revenue share NDCs
. However
,
Paid Media requires significantly lower
balance sheet investment and a leaner op-
erating setup, making i
t a highly asset-
light business model.
Q1 report 2026
Page 20
Esports
Esports revenue increased by 8% to 5 mEUR, marking a
return to growth for the business. The development was
supported by continued strong momentum in sponsor-
ship revenue of 29%, reflecting continued solid demand
for HLTV and its position as a leading esports commu-
nity.
CPM revenue declined by 31%, primarily driven by
weaker performance of the new EA FC title, which
resulted in lower user traction and engagement on
FUTBIN. Several initiatives, such as FanReach, have
been initiated to mitigate this development and support
future monetization.
Costs decreased by 29% during the quarter, supported
by improved operational leverage and lower-than-ex-
pected marketing spend. As a result, EBITDA before
special items increased by 58% to 3 mEUR, correspond-
ing to an EBITDA margin of 62%, compared with 42% in
the same period last year.
Key figures for the Esports segment
tEUR Q1 2026 Q1 2025 Growth 2025
Revenue Share
CPA
-
Subscription
Sponsorships
CPM
-
Other
Revenue
4,727
4,395
8%
19,916
Share of Group
Cost
-
Share of Group
Operating profit before depreciation and amortization and special items
2,929
1,853
58%
10,472
Share of Group
EBITDA-Margin before special items
Operating profit before depreciation and amortization
2,929
1,853
58%
10,472
EBITDA-Margin
Organic Growth -
-
Esports
Reported for the first time as a stand‑alone
segment in Q2
2025, Esports encompasses
Better
Collective’s flagship community
platforms HLTV (Counter
‑Strike) and
FUTBIN (EA
Sports FC). The business mon-
etizes primarily through programmatic and
direct advertis
ing, sponsorships, and an
emerging layer of premium data products.
Q1 report 2026
Page 21
Financial
performance for the
period
Revenue growth of 5% to 86
mEUR
Revenue showed growth versus Q1 2025 of 5% and
amounted to 86 mEUR (Q1 2025: 83 mEUR). Revenue
share accounted for 47% of the revenue, with 25% com-
ing from CPA, 5% from subscription sales, 16% from
sponsorships and 7% from CPM.
Cost of 61 mEUR - 1% increase
vs Q1 2025
Costs increased by 1% compared to the same period last
year, remaining broadly in line with Q1 2025.
Staff costs decreased 6% to 26 mEUR (Q1 2025: 27
mEUR) due to the decrease in number of employees.
Staff cost includes costs related to share based pay-
ments of 0.8 mEUR (Q1 2025: 0.5 mEUR).
Total direct cost relating to revenue increased by 2
mEUR to 27 mEUR (Q1 2025: 25 mEUR), corresponding
to an increase of 10% and primarily relates to spend in
Paid Media.
Other external costs of 9 mEUR are at level (Q1 2025: 9
mEUR).
Depreciation and amortization amounted to 10 mEUR
(Q1 2025: 11 mEUR).
Special items
Special items amounted to an expense of 2 mEUR (Q1
2025: 1 mEUR). The net expense of 2 mEUR is primarily
related to organizational restructuring and other costs
not considered part of ordinary business.
Earnings
Operational earnings (EBITDA) before special items in-
creased 14% to 25 mEUR (Q1 2025: 22 mEUR). The
EBITDA margin before special items increased to 29%
(Q1 2025: 26%). Including special items, the reported
EBITDA was 23 mEUR (Q1 2025: 21 mEUR).
EBIT before special items increased 29% to 15 mEUR (Q1
2025: 11 mEUR). Including special items, the reported
EBIT was 13 mEUR (Q1 2025: 11 mEUR).
Net financial items
Net financial costs amounted to 3 mEUR (Q1 2025: 6
mEUR) and included net interest, fees relating to bank
credit lines, and unrealized exchange rate adjustments.
Net financial items are positively affected by a net unre-
alized exchange rate gain of 1 mEUR.
Interest expenses totaled 6 mEUR and comprised non-
payable, calculated interest expenses on certain balance
sheet items, with a total net cash flow effect of 4 mEUR.
Income tax
Better Collective has a tax presence in the places where
it is incorporated. Tax for the period amounted to a net
tax expense of 3 mEUR (Q1 2025: 1 mEUR). The Effective
Tax Rate was 27% (Q1 2025: 27%).
Net profit
Net profit after tax was 7 mEUR (Q1 2025: 4 mEUR).
Earnings per share (EPS) was EUR/share 0.12 versus
0.06 EUR/share in Q1 2025.
Q1 report 2026
Page 21
Q1 report 2026
Page 22
Equity
The equity increased to 640 mEUR as per March 31,
2026, from 631 mEUR on December 31, 2025. Besides the
net profit of 7 mEUR, the equity has been impacted pos-
itively by net currency translations of 6 mEUR and
hedge fair value adjustment of 2 mEUR. Furthermore,
share buy-back of 7 mEUR and share based payments of
1 mEUR impacted negatively.
On 9 January 2026, Better Collective A/S completed a
share capital reduction by cancelling 3,204,020 treasury
shares, equivalent to 5.2% of the company’s outstanding
share capital.
Balance sheet
Total assets amounted to 1,092 mEUR (2025: 1,074
mEUR).
The ratio of net interest-bearing debt to EBITDA before
special items was 2.45.
Cash flow and financing
Cash flow from operations before special items was 25
mEUR (Q1 2025: 21 mEUR) with a cash conversion of
101% in Q1 2026.
Better Collective has bank credit facilities of a total of
319 mEUR. By the end of March 2026, capital reserves
stood at 75 mEUR consisting of cash of 20 mEUR and
unused bank credit facilities of 55 mEUR.
The parent company
Better Collective A/S is the Group’s parent company.
Revenue increased by 35% to 27 mEUR (Q1 2025: 20
mEUR). Total costs, including depreciation and amorti-
zation, were 26 mEUR (Q1 2025: 26 mEUR). Profit after
tax was 12 mEUR (Q1 2025: -2 mEUR). The change in
profit after tax is primarily due to the revenue growth
and decline in costs. Total equity ended at 676 mEUR by
March 31, 2026 (2025: 669 mEUR). The equity was pri-
marily impacted by the share buy back and net profit.
Q1 report 2026
Page 22
Q1 report 2026
Page 23
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 March 31, 2026, the share capital amounted
to 587,548.50 EUR, and the total number of issued
shares was 58,754,850. The company has one (1) class
of shares. Each share entitles the holder to one vote at
the general meetings.
Shareholder structure
As of March 31, 2026, the total number of shareholders
was 5,237. A list of shareholders above 5% ownership in
Better Collective A/S can be found on Better Collective’s
website.
Incentive programs
To attract and retain key competencies, the company
has established stock option programs for certain key
employees. All stock options have the right to subscribe
for one ordinary share. If all outstanding long-term in-
centive programs are subscribed, the maximum share-
holders dilution will be approximately 4.72%.
In December 2025, a new long-term incentive program
was announced with up to 750,000 stock options au-
thorized for key employees. Executive grants were is-
sued in Q4 2025, and remaining participant grants were
completed in Q1 2026.
The grants under the long-term incentive program in
2026 cover 461,012 stock options to 56 key employees
in total, vesting over a 4-year period. The total value of
the combined 2026 LTI grant program is 3.5 mEUR (cal-
culated Black-Scholes value).
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 Re-
port 2025.
Program
Long-term incentive programs
outstanding March, 2026 Vesting p
eriod
Exercise p
eriod
Exercise price
DKK
Exercise price
EUR (rounded)
* - -
Options - -
CXO Options - -
Options - -
Options - -
PSU - - - -
Options - -
CFO Options - -
Options - -
*Key employees and members of executive management
Q1 report 2026
Page 24
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 20 May 2026 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
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
Q1 report 2026
Page 24
Q1 report 2026
Page 25
Executive Management
Executive Vice President
Executive Vice President
Executive Vice President
Board of Directors
Q1 report 2026
Page 26
Condensed interim financial statements for the
period
Consolidated income statement
Note tEUR Q1 2026 Q1 2025 2025
Revenue 86,323
Direct costs related to revenue 27,061
Staff costs
Other external expenses 8,562
Operating profit before depreciation and amortization (EBITDA) and special
items
Depreciation 1,706
Operating profit before amortization (EBITA) and special items
Amortization and impairment
Operating profit (EBIT) before special items
Special items net - 1,810
- 726 - 10,411
Operating profit
Financial income 3,203
Financial expenses
Profit before tax 10,441
Tax on profit for the period 3,119
Profit for the period
Earnings per share attributable to equity holders of the company
Earnings per share (in EUR) 0.12
Diluted earnings per share (in EUR) 0.12
Consolidated statement of other comprehensive income
Note tEUR Q1 2026 Q1 2025 2025
Profit for the period 7,322
Other comprehensive income
Other comprehensive income that may be reclassified to profit or loss in sub-
sequent periods
Fair value adjustment of hedges for the year 1,623
- 43 542
Currency translation to presentation currency 869
- 2,904 - 19,623
Currency translation of non-current intercompany loans 6,387
- 10,733 - 34,999
Income tax
- 1,762
Net other comprehensive income/loss
- 11,310
- 46,509
Total comprehensive income/(loss) for the period, net of tax
- 7,671
- 22,918
Attributable to:
Shareholders of the parent
- 7,671
- 22,918
Q1 report 2026
Page 27
Consolidated statement of financial position
Note tEUR Q1 2026 Q1 2025 2025
Assets
Non-current assets
Intangible assets
Goodwill 338,307 353,627 333,483
Domains and websites 527,477 544,669 520,484
Accounts and other intangible assets
Total intangible assets
Tangible assets
Right of use assets 10,218 13,674 11,038
Leasehold improvements Fixtures and fittings other plant and equipment
Total tangible assets
Other non-current assets
Deposits 2,040 1,840 1,804
Deferred tax assets 4,258 4,609 4,086
Total other non-current assets
Total non-current assets 979,945 1,032,713 973,280
Current assets
Trade and other receivables
Corporation tax receivable 5,401 5,385 6,049
Prepayments 8,891 6,119 7,702
Cash 20,171 25,466 13,494
Total current assets
Total assets 1,092,349 1,139,042 1,074,121
Note tEUR Q1 2026 Q1 2025 2025
Equity and liabilities
Equity
Share Capital 588 631 620
Share Premium 461,480 469,460 469,444
Reserves - 9,684 - 1,561 - 45,563
Retained Earnings
Total equity
Non-current Liabilities
Debt to credit institutions 266,658 258,975 259,946
Lease liabilities 7,549 10,711 8,309
Deferred tax liabilities
Other long-term financial liabilities 28,260 36,884 30,665
Total non-current liabilities
Current Liabilities
Prepayments received from customers and deferred revenue
Trade and other payables 32,794 26,626 26,207
Corporation tax payable 1,996 4,497 2,291
Other financial liabilities 14,097 18,039 17,000
Lease liabilities
Total current liabilities
Total liabilities
Total Equity and liabilities 1,092,349 1,139,042 1,074,121
Q1 report 2026
Page 28
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, 2026
- 9,991
- 94
- 35,478
Result for the period
Fair value adjustment of
hedges 0 0 0 1,623
Currency translation to presen-
tation currency 0 0 869
Currency translation of non-
current intercompany loans
Tax on other
comprehensive income
- 1,405
- 357
- 1,762
Total other
comprehensive income
Total comprehensive
income for the year
Transactions with owners
Capital Decrease
- 32
- 7,964
- 27,482
Acquisition of treasury shares 0 0 0 0 - 6,716 0 - 6,716
Disposal of treasury shares 0 0 0 0 0 0 0
Share based payments 0 0 0 0 0 817 817
Transaction cost 0 0 0 0 0 - 7 - 7
Total transactions with owners
- 32
- 7,964
- 26,672
- 5,906
At March 31, 2026 588 461,480 - 4,140 1,172
- 6,716 187,153 639,537
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, 2025
- 517
-20,336
Result for the period
Fair value adjustment of
hedges 0 0 0 - 43 0 0 - 43
Currency translation
to presentation currency 0 0 -13,637 0 0 0 -13,637
Currency translation of non-
current intercompany loans
Tax on other
comprehensive income
Total other
comprehensive income
-11,276
- 34
-11,310
Total comprehensive
income for the year
-11,276
- 34
-7,671
Transactions with owners
Capital Increase
Acquisition of treasury shares 0 0 0 0 -6,338 0 -6,338
Disposal of treasury shares 0 0 0 0 0 0 0
Share based payments 0 0 0 0 0 830 830
Transaction cost 0 0 0 0 0 - 6 - 6
Total transactions with owners
-6,338
-5,514
At March 31, 2025
During the period no dividend was paid.
Q1 report 2026
Page 29
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 0 542
Currency translation to presen-
tation currency 0 0 -19,623 0 0 0 -19,623
Currency translation of non-
current intercompany loans
Tax on other
comprehensive income
- 119
Total other
comprehensive income
-46,932
-46,509
Total comprehensive
income for the year
-46,932
-22,918
Transactions with owners
Capital Decrease
- 11
- 16
-20,309
Acquisition of treasury shares 0 0 0 0 -35,590 0
Disposal of treasury shares 0 0 0 0 112 0
Share based payments 0 0 0 0 0
Transaction cost 0 0 0 0 0 - 36 - 36
Total transactions with owners
- 11
- 16
-15,142
-16,837
-32,006
At December 31, 2025
During the period no dividend was paid,
- 35,590
Q1 report 2026
Page 30
Consolidated statement of cash flows
Note tEUR Q1 2026 Q1 2025 2025
Profit before tax 10,441
Adjustment for finance items
Adjustment for special items 1,810
Operating Profit for the period before special items 14,789
Depreciation and amortization 10,297
Other adjustments of non-cash operating items
Cash flow from operations
before changes in working capital and special items 25,907
Change in working capital - 600 - 1,823 - 10,295
Cash flow from operations before special items 25,307
Special items, cash flow - 2,061 - 1,950 - 12,858
Cash flow from operations
Financial income, received 68
Financial expenses, paid - 3,832 - 3,847 - 14,673
Cash flow from activities before tax 19,482
Income tax paid - 2,560 - 6,149 - 16,012
Cash flow from operating activities 16,923 9,027 51,184
8 Acquisition of businesses 0 - 8,410 - 9,691
6 Acquisition of intangible assets - 8,723 - 5,194 - 24,741
Acquisition of tangible assets - 53 - 176 - 347
Change in other non-current assets
- 183
Cash flow from investing activities -8,959 - 13,679 - 34,679
Note
tEUR
Q1 2026
Q1 2025
2025
Proceeds from borrowings
Lease liabilities - 979 - 1,141 - 4,560
Treasury shares - 6,716 - 6,338 - 35,590
Transaction cost - 7 - 6 - 36
Share based payments, cash settlement - 200 0 - 371
Cash flow from financing activities
-1,212
- 7,485
- 40,557
Cash flows for the period 6,752 - 12,138 - 24,051
Cash and cash equivalents at beginning 13,494 37,674 37,674
Foreign currency translation of cash and cash equivalents - 75 - 71 - 129
Cash and cash equivalents period end
Cash and cash equivalents period end
Cash 20,171 25,466 13,494
Cash and cash equivalents period end 20,171 25,466 13,494
Q1 report 2026
Page 31
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 – March 31, 2026, has
been prepared in accordance with IAS 34 “Interim financial reporting” as adopted by the EU and additional requirements
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 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,
2026. 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 on the consolidated financial statements or the parent
financial statements for the financial year 2026.
IFRS 18 will be effective from the financial year 2027 and replaces IAS 1
Presentation of Financial Statements
, requiring
modifications to the financial statement presentation. The key modifications required are a new presentation of the income
statement into activities (i.e. operating, investing, financing and tax categories) introducing new line items, and the disclo-
sure of management-defined performance measures. Additionally, related amendments to IAS 7 Statement of Cash Flows
prescribe a new starting point for calculating operating cash flows under the indirect method and eliminate classification
options for interest and dividends.
Management expects that the adoption of IFRS 18 will not impact net profit or impose substantial changes to our founda-
tional accounting policies. The primary effects will be presentation, requiring the reclassification of specific line items within
the income statement and the subsequent redefinition of our key financial performance measures to align with the new
categories.
Accounting policies
The condensed consolidated interim financial statements have been prepared using the same accounting policies as set
out in note 1 of the 2025 annual report which contains a full description of the accounting policies for Better Collective and
the parent company.
The annual report for 2025 including full description of the accounting policies can be found on Better Collective’s website:
https://storage.mfn.se/d7de43dc-19a9-46e6-aec8-ef5ae6f46d3e/annual-report-2025-better-collective.pdf.
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 2025 which
contains a full description of significant accounting judgements, estimates and assumptions.
Q1 report 2026
Page 32
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. Esports monetizes through adver-
tising and sponsorships.
The performance for each segment is presented in the below tables:
Publishing** Paid Media Esport Group
tEUR
Q1 2026
Q1 2025
Q1 2026
Q1 2025
Q1 2026
Q1 2025*
Q1 2026
Q1 2025
Revenue Share
CPA
Subscription
Sponsorships
CPM
Other
Revenue 53,986
53,614 27,610 24,581 4,727
4,395 86,323 82,590
Cost
Operating profit before depreciation, amortization
and special items
15,392
14,723
6,765
5,429
2,929
1,853
25,086
22,005
EBITDA-Margin before special items
Special items net
-
-
-
-
-
Operating profit before depreciation and
amortization
13,937
13,998
6,410
5,429
2,929
1,853
23,276
21,280
EBITDA-Margin
Depreciation
Operating profit before amortization
12,277
12,084
6,364
5,378
2,929
1,853
21,570
19,315
EBITA-Margin
* 2025 figures have been adjusted due to the new segmentation, where Esports has been carved out from Publishing as a distinct seg-
ment.
** Majority of costs related to support functions are presented under Publishing.
Q1 report 2026
Page 33
2. Operating segments, continued
Publishing** Paid Media Esports Group
tEUR
2025
2025
2025*
2025
Revenue Share
CPA
Subscription
Sponsorships
CPM
Other
Revenue 211,243 105,510 19,916 336,669
Cost
Operating profit before depreciation, amorti-
zation and special items
66,575
25,006
10,472
102,053
EBITDA-Margin before special items
Special items net - - -
Operating profit before depreciation and
amortization
56,262
24,908
10,472
91,642
EBITDA-Margin
Depreciation
Operating profit before amortization
49,593
24,713
10,472
84,778
EBITA-Margin
* 2025 figures have been adjusted due to the new segmentation, where Esports has been carved out from Publishing as a distinct seg-
ment.
** Majority of costs related to support functions are presented under Publishing.
Q1 report 2026
Page 34
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
Q1 2026
Q1 2025
Q1 2026
Q1 2025
Q1 2026
Q1 2025
Revenue Share
CPA
Subscription
Sponsorships
CPM
Other
Revenue 60,475 59,544
25,848
23,047 86,323 82,590
Cost
Operating profit before depreciation,
amortization and special items
17,148
17,784
7,938
4,222
25,086
22,005
EBITDA-Margin before special items
Special items net
-
-
-
-
-
-
Operating profit before depreciation and
amortization
15,834
17,433
7,442
3,847
23,276
21,280
EBITDA-Margin
Depreciation
Operating profit before amortization
14,392
16,084
7,178
3,231
21,570
19,315
EBITA-Margin
Europe & RoW
North America
Group
tEUR 2025 2025 2025
Revenue Share
CPA
Subscription
Sponsorships
CPM
Other
Revenue
243,534
93,135
336,669
Cost
Operating profit before depreciation,
amortization and special items 76,038 26,015 102,053
EBITDA-Margin before special items
Special items net - - -
Operating profit
before depreciation and amortization 68,367 23,275 91,642
EBITDA-Margin
Depreciation
Operating profit before amortization
62,755
22,023
84,778
EBITA-Margin
Q1 report 2026
Page 35
3. Revenue specification
In accordance with IFRS 15 disclosure requirements, total revenue is split on revenue category and revenue types as fol-
lows:
tEUR Q1 2026 Q1 2025 2025
Revenue category
Recurring revenue (Revenue share Subscription CPM)
CPA Sponsorships
Other
Total revenue 86,323 82,590 336,669
%-split
Recurring revenue
CPA Sponsorships
Other
Total 100 100 100
%-split Q1 2026 Q1 2025 2025
Revenue Share
CPA
Subscription
Sponsorships
CPM
Other
Total
100
100
100
Q1 report 2026
Page 36
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, restructuring costs and lease contract termination costs are presented in the Income statement in a
separate line item labelled ‘Special items’. The impact of special items is specified as follows:
tEUR
Q1 2026
Q1 2025
2025
Operating profit
Special Items related to
M&A - -
Restructuring and other non-recurring items -
- -
Special items, total
- 1,810
- 726
- 10,411
Operating profit (EBIT) before special items 14,789 11,485 61,382
Amortization and impairment
Operating profit before amortization
and special items (EBITA before special items) 23,380 20,041 95,189
Depreciation
Operating profit before depreciation, amortization,
and special items (EBITDA before special items) 25,086 22,005 102,053
5. Income tax
Total tax for the period is specified as follows:
tEUR
Q1 2026
Q1 2025
2025
Tax for the period
Tax on other comprehensive income - -
Total 4,881 - 1,027 19
Income tax on profit for the period is specified as follows:
tEUR Q1 2026 Q1 2025 2025
Deferred tax - -
Current tax
Adjustment from prior years
-
-
-
Total
3,119
1,343
7,590
Tax on the profit for the period can be explained as follows:
tEUR Q1 2026 Q1 2025 2025
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
Reassesment of unrecognized tax losses carried forward -
Adjustment of tax relating to prior periods - - -
Total
3,119
1,343
7,590
Effective tax rate 29.9% 27.0% 24.3%
Q1 report 2026
Page 37
6. Intangible assets
tEUR Goodwill
Domains
and
websites
Accounts
and other
intangible
assets* Total
Cost or valuation
As of January 1, 2026
350,494
520,484
205,318
1,076,296
Additions
Acquisitions through business combinations
Transfer
Disposals
Currency Translation
At March 31, 2026
355,701
527,477
209,841
1,093,019
Amortization and impairment
As of January 1, 2026 17,011
0 107,111 124,122
Amortization for the period
Impairment for the period
Amortization on disposed assets
Currency translation
At March 31, 2026 17,394
0 115,715 133,109
Net book value at March 31, 2026
338,307
527,477
94,126
959,909
* Accounts and other intangible assets consist of accounts (45,503 tEUR), Media Partnerships (40,211 tEUR), Development projects
(7,200 tEUR) and software and others (1,211 tEUR)
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 March 31, 2025
372,120
544,669
200,401
1,117,189
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 March 31, 2025 18,493
0 91,978 110,471
Net book value at March 31, 2025
353,627
544,669
108,423
1,006,719
* Accounts and other intangible assets consist of accounts (60,670 tEUR), Media Partnerships (44,934 tEUR), Development projects
(2,558 tEUR) and software and others (261 tEUR)
Q1 report 2026
Page 38
6. Intangible assets, continued
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 1,145,090
Additions
Acquisitions through business combinations
Transfer
Disposals - -
Currency Translation -
-
- -
At December 31, 2025
350,494
520,484
205,318
1,076,296
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 December 31, 2025 17,011
0 107,111 124,122
Net book value at December 31, 2025 333,483
520,484 98,207 952,174
* Accounts and other intangible assets consist of accounts (47,484 tEUR), Media Partnerships (44,493 tEUR), Development projects
(5,443 tEUR) and software and others (788 tEUR)
7. Non-current liabilities and other current financial liabilities
Debt to credit institutions
As per March 31, 2026, Better Collective has drawn 267 mEUR (2025: 260) out of the total committed club facility of 319
mEUR established with Nordea and Nykredit. Better Collective has a total committed facility of 319 mEUR and an 80 mEUR
higher accordion option with expiry at the end of October 2028. Better Collective has entered two hedging contracts
regarding the interest rate risk for the period October 2025 to October 2028, nominal amount of 550 mDKK each securing
the interest rate at 2.29% and 2.31% respectively.
Lease liabilities
Non-current and current lease liabilities, of 8 mEUR (2025: 8 mEUR) and 4 mEUR (2025: 4 mEUR) respectively.
Deferred tax liabilities
Deferred tax liabilities as of March 31, 2026, amounted to 86 mEUR (2025: 82 mEUR). The change from January 1, 2026,
originates from changes in deferred tax related to acquisitions, amortization of accounts from acquisitions, and deferred
tax changes in the Parent Company, Better Collective US, Inc and Playmaker Capital.
Deferred tax assets
Deferred tax assets as of March 31, 2026, amounted to 5 mEUR (2025: 4 mEUR). The change from January 1, 2026, origi-
nates from changes in Playmaker Capital.
Other financial liabilities
As per March 31, 2026, other non-current and current financial liabilities amounted to 46 mEUR (2025: 48 mEUR) due to
deferred and variable payments related to acquisitions 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.
Q1 report 2026
Page 39
8. Note to cash flow statement
tEUR Q1 2026 Q1 2025 2025
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 0 - 8.410 - 9.691
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
- 8.723
- 5.194
- 24.741
Q1 report 2026
Page 40
Financial statements for the period
Income statement – Parent company
tEUR Q1 2026 Q1 2025 2025
Revenue
27,371
20,203
106,732
Other operating income
Direct costs related to revenue
Staff costs
Depreciation
Other external expenses
Operating profit before amortization (EBITA) and special items 10,262 2,540 34,734
Amortization
Operating profit (EBIT) before special items
7,950
- 518
23,093
Special items net -
- -
Operating profit
7,792
- 901
20,238
Financial income
Financial expenses
Profit before tax
15,665
- 5,478
- 11,644
Tax on profit for the period
- -
Profit for the period
12,494
- 2,470
- 5,207
Statement of other comprehensive income
tEUR Q1 2026 Q1 2025 2025
Profit for the period
12,494
- 2,470
- 5,207
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 857 - 23 - 276
Total comprehensive income/(loss) for the period, net of tax
13,351
- 2,493
- 5,483
Q1 report 2026
Page 41
Statement of financial position – Parent company
tEUR Q1 2026 Q1 2025 2025
Assets
Non-current assets
Intangible assets
Goodwill
Domains and websites
Accounts and other intangible assets
Total intangible assets
216,704
227,780
217,045
Tangible assets
Right of use assets
Fixtures and fittings other plant and equipment
Total tangible assets
6,709
9,865
7,495
Financial assets
Investments in subsidiaries
Receivables from subsidiaries
Deposits
Total financial assets 726,646 753,347 718,526
Total non-current assets 950,059 990,992 943,066
Current assets
Trade and other receivables
Receivables from subsidiaries
Tax receivable
Prepayments
Cash
Total current assets
85,325
65,663
73,259
Total assets 1,035,384 1,056,655 1,016,325
tEUR
Q1 2026
Q1 2025
2025
Equity and liabilities
Equity
Share Capital
Share Premium
Reserves -
- -
Retained Earnings
Total equity
676,484
698,380
668,896
Non-current Liabilities
Debt to credit institutions
Lease liabilities
Deferred tax liabilities
Other non-current financial liabilities
Total non-current liabilities 305,621 311,258 297,261
Current Liabilities
Prepayments received from customers and deferred revenue
Trade and other payables
Payables to subsidiaries
Other current financial liabilities
Lease liabilities
Total current liabilities
53,279
47,017
50,168
Total liabilities
358,900
358,275
347,429
Total equity and liabilities 1,035,384 1,056,655 1,016,325
Q1 report 2026
Page 42
Statement of changes in equity – Parent company
tEUR
Share
capital
Share
premium
Currency
translation
re-serve
Hedging
reserves
Treasury
shares
Retained
earnings
Total
equity
As of January 1, 2026 620
469,444 - 3,723
- 94
- 35,478 238,127 668,896
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 - 409
1,266
0 12,494 13,351
Transactions with owners
Capital Decrease -
-
-
Acquisition of treasury shares
-
-
Disposal of treasury shares
Share based payments
Transaction cost - -
Total transactions with owners - 32 - 7,964 0 0 28,762 - 26,529 - 5,763
At March 31, 2026
588
461,480
- 4,132
1,172
- 6,716
224,092
676,484
During the period no dividend was paid
tEUR
Share
capital
Share
premium
Currency
translation
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
11
- 34
0
- 2,470
- 2,493
Transactions with owners
Capital Increase
Acquisition of treasury shares -
-
Disposal of treasury shares
Share based payments
Transaction cost
-
-
Total transactions with owners 0 0 0 0 7,840 1,422 -
At March 31, 2025
631
469,460
- 3,013
- 551
- 12,496
259,123
698,380
During the period no dividend was paid
Q1 report 2026
Page 43
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
- 699
423
0
- 5,207
- 5,483
Transactions with owners
Capital Increase -
-
-
Acquisition of treasury shares -
-
Disposal of treasury shares
Share based payments
Transaction cost - -
Total transactions with owners
- 11
- 16
0
0
- 15,142
- 16,837
- 32,006
At December 31, 2025 620
469,444 - 3,723
- 94
- 35,478 238,127 668,896
During the period no dividend was paid
Q1 report 2026
Page 44
Better Collective 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 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
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
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 monitor-
ing and evaluation of the Group’s operational profit-
ability
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
Alternative
Performance Measure Description SCOPE
Operating profit before
amortizations and spe-
cial 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 eg 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
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
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 eg
if players continue to bet with sportsbooks
with which BC has revenue share agreements
customers continue current subscriptions or if
BC on a current basis receive revenues from
customers 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 between
what management consider as recurring revenue
streams and what management consider as non-re-
curring revenue streams eg revenues reflecting
one-time settlements with sportsbooks
Alternative Performance Measures
and Definitions
Q1 report 2026
Page 45
Alternative
Performance Measure Description SCOPE
CLV
The Customer Lifetime Value (CLV) shows ex-
pected revenue generated throughout the life-
time of a New Depositing Customer (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 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
Value of Deposits (VoD)
The Value of Deposits (VoD) represents the to-
tal amount of deposits by referred users across
partner platforms during the period VoD rep-
resents deposits generated within the quarter
and is not a cumulative metric
This reflects the Group’s strategic focus on attract-
ing fewer but higher-value customers for our part-
ners
Definitions
Term
Description
PPC Pay-Per-Click
SEO
Search Engine Optimization
Sports win margin Sports net player winnings (sportsbooks) 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 management Executives that are registered with the Danish Company register
Company
Better Collective AS a company registered under the laws of Denmark
