Slide 1: Better Collective A/S Q2 report 2026
August 20, 2026 Better Collective A/S Q2 report 2026 Page 1 Sankt Annæ Plads 28 bettercollective.com 1250 Copenhagen (DK) CVR NO.: 27 65 29 13
Slide 2: Interim Report Q2, 2026
+9% 89 INTERIM REPORT Q 2, 2026 82 • Revenue of 89 mEUR, growth of 9% Revenue mEUR • EBITDA before special items 2 7 mEUR, growth of 20 %, with EBITDA - margin increasing by 2 percentage points to 30% Q2 25 Q2 26 • Cash flow from operations before special items increased by 59% to 30 mEUR correspond
Slide 3: Our vision
Our vision 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 Brand
Slide 4: We are a global digital sports media group
6d BETTER > eolLecrive ESPORTS REVENUE i 22026 ' PUBLISHING PAID MEDIA. PUBLISHING The Publishing business generates revenue from Better Collective's owned and operated sports media network as well as its different partnerships. The audience mainly stems from loyal direct traffic and organic search
Slide 5: Table of contents
Table of Q 2 webcast contents August 21 st , 202 6 Highlights 6 A live webcast and presentation for Better Collective’s Highlights after the reporting period 7 stakeholders will be held on August 21st , 202 6, at 10:00 CET and can be joined online here . Financial targets 9 Financial highlights and
Slide 6: Highlights
Highlights primarily driven by strong momentum within Prediction Markets as competition intensified. of 7 -12% and EBITDA before special items growth of 8 18%, both in constant currencies. The targets of 40 - This growth more than offset: mEUR in share buybacks and net debt to EBITDA below 1. An app
Slide 7: Highlights after reporting period
Costs increased by 5% to 62 mEUR. This entirely came from direct costs increas ing by 3 mEUR, primarily re- Cash flow from operations before special items was mEUR , up from Q2 2025 of 19 mEUR , with a cash con- 30 Highlights after the flecting higher activity around the World Cup, increased version
Slide 8: New Depositing Customers increased by 24% to 373,000
New Depositing Customers Value of D eposits reach ed all - During Q2 , VoD reached an all -time high of 836 mEUR, increasing by 17% year over year and 5% quarter over increased by 24% to 373 ,000 time high quarter. The continued growth reflects strong activity New Depositing Customers developed stro
Slide 9: Financial targets
Financial targets The Board of Directors has decided to guide for an an- Disclaimer Considering the risks, uncertainties , and assumptions nual 40 mEUR share buybacks. Net debt to EBITDA is to associated with forward -looking statements, it is possi- This report contains certain forward -looking sta
Slide 10: Financial highlights and key figures
Financial highlights and key figures tEUR Q2 2026 Q2 2025 YTD 2026 YTD 2025 2025 tEUR Q2 2026 Q2 2025 YTD 2026 YTD 2025 2025 Income statements Cash flow Revenue 89,120 81,549 175,443 164,140 336,669 Cash flow from operations before special items 29,912 18,776 55,219 39,418 94,453 Recurring revenue 5
Slide 11: CEO letter
CEO l etter Prediction markets continued to contribute positively, particularly within Publishing, as North American CPA revenue grew 50% to 5 mEUR. User interest remained Q2 demonstrated the earnings strong, while increasing competition among operators power of our business supported demand for eff
Slide 12: CEO letter (continued)
the cultural relevance and audience connection that tal- During the quarter, we expanded Playbook into Brazil, to the many colleagues who worked long hours before ent -led media can create. representing another step in its development as a global and during the FIFA World Cup. The commitment across
Slide 13: Business review and financial performance
Business review Growth was broad -based across several of Better Col- lective ’s key strategic priorities. providing further evidence that the North American transition is delivering mEUR in share buybacks and net debt to EBITDA below 3x are also maintained. and financial Recurring revenue increased
Slide 14: EBITDA before special items increased by 20% to 27 mEUR
EBITDA before special items increased by 20% to 27 mEUR, corresponding to an EBITDA before special items -margin of 30%. Cash flow from operations before special items was 30 mEUR (Q2 2025: 19 mEUR) with a cash conversion of 111% in Q2 2026. In line with Better Collective’s capital allocation policy
Slide 15: Publishing: Trusted content and brands engaging sports fans worldwide
Publishing: Trusted content and brands engaging sports fans worldwide Click the stories to see more Q2 report 2026 Page 15
Slide 16: Publishing
Publishing CPA revenue increased by 45% to 5 mEUR, mainly re- Publishing costs increased by 6% . EBITDA before special flecting strong customer acquisition demand from pre- items increased by 26% to 17 mEUR , and the margin in- Publishing revenue increased by 11% to 58 mEUR in Q2 , diction market pa
Slide 17: Publishing continues to pursue the opportunities presented by AI
Publishing continues to pursue the significant opportu- nities presented by AI, with several initiatives aimed at improving scalability, content quality, and efficiency. Key developments in Q2 included: • Agentic content creation : Launched an end -to - end agentic content tool that uses multiple AI
Slide 18: Paid Media: Data-driven customer acquisition at scale
ETTER OLLECTIVE PAID MEDIA: DATA-DRIVEN CUSTOMER ACQUISITION AT SCALE Our Paid Media business operates as a disciplined flywheel built on three pillars: cash flow, scale and yield optimisation. CASH FLOW Capital is deployed into performance based channels with clear ROI and short payback cycles. Spe
Slide 19: Paid Media
Paid Media Performance was affected by an approximately 2 mEUR mization and value -creating activities. impact from the increase in UK Remote Gaming Duty Paid Media revenue increased by 6% to 27 mEUR , pri- from 21% to 40 %, effective from 1 April 2026 , as well as EBITDA before special items increa
Slide 20: Esports: Leading gaming communities connecting fans worldwide
Esports: Leading gam ing communities connecting fans worldwide Click the stories to see more Q2 report 2026 P age 20
Slide 21: Esports
Esports initiatives are underway to support renewed engage- ment and growth. Esports revenue increased by 9% to 5 mEUR, supported by a 24% increase in sponsorship revenue, primarily re- Costs declined by 8%, resulting in EBITDA before special Esports flecting continued commercial momentum and partne
Slide 22: Financial performance for the period
Financial Other external expenses were broadly unchanged at 8 mEUR. reflected a net unrealized foreign exchange gain of 1 mEUR . performance for the Depreciation and amortization increased to 11 mEUR Net financial costs also included interest expenses and period from 10 mEUR, primarily due to increa
Slide 23: Equity
Equity Better Collective has bank credit facilities for a total of 319 mEUR. By the end of June 2026, capital reserves Equity increased to 645 mEUR at 30 June 2026 from 631 stood at 80 mEUR consisting of cash of 25 mEUR and mEUR at 31 December 2025. The increase primarily re- unused bank credit faci
Slide 24: Shareholder structure
Other Shareholder structure In December 2025, a new long -term incentive program ongoing basis. Better Collective seeks to identify and As of June 30 , 202 6, the total number of shareholders was announced with up to 750,000 stock options au- understand risks and mitigate them accordingly. Also, was
Slide 25: Contacts
Contacts VP of Investor Relations & C omm unications; 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 publicati
Slide 26: Statement by the Board of Directors and the Executive Management
Executive M anagement Statement by the In our opinion, the condensed consolidated interim financial statements and the parent company con- B oard of D irectors densed interim financial statements give a true and fair view of Better Collective ’s and parent company’s assets, and the E xecutive liabil
Slide 27: Condensed interim financial statements for the period
Condensed i nterim f inancial s tatements for the period Consolidated income statement Consolidated statement of other c omprehensive income Note tEUR Q2 2026 Q2 2025 YTD 2026 YTD 2025 2025 Note tEUR Q2 2026 Q2 2025 YTD 2026 YTD 2025 2025 3 Revenue 89,120 81,549 175,443 164,140 336,669 Profit for th
Slide 28: Consolidated statement of financial position
Consolidated statement of financial position Note tEUR Q2 2026 Q2 2025 2025 Note tEUR Q2 2026 Q2 2025 2025 Assets Equity and liabilities Non -current assets Equity 6 Intangible assets Share Capital 588 620 620 Goodwill 340,729 337,106 333,483 Share Premium 461,480 469,444 469,444 Domains and website
Slide 29: Consolidated statement of changes in equity
Consolidated statement of changes in equity Currency Currency Share Share translation Hedging Treasury Retained Total Share Share translation Hedging Treasury Retained Total tEUR capital premium reserve reserves shares earnings equity tEUR capital premium reserve reserves shares earnings equity As a
Slide 30: Consolidated statement of cash flows
Consolidated statement of cash flows Note tEUR Q2 2026 Q2 2025 YTD 2026 YTD 2025 2025 Note tEUR Q2 2026 Q2 2025 YTD 2026 YTD 2025 2025 Profit before tax 10,916 3,276 21,357 8,258 31,181 Proceeds from borrowings 0 0 6,691 0 0 Adjustment for finance items 3,274 6,575 5,812 12,35 1 19,790 Lease liabili
Slide 31: Notes
Notes prescribe a new starting p oint for calculating operating cash flows under the indirect method and eliminate classification options for interest and dividends. 1. General information Management expects that the adoption of IFRS 18 will not impact net profit or impose substantial changes to our
Slide 32: Operating segments
2 . Ope rating s egments Publishing , Paid Media and Esport s Better Collective operates three distinct business models for customer acquisition , each with unique earnings profiles : Publishing, Paid Media, and Esport s. Publishing generates revenue from Better Collective’s owned and operated sport
Slide 33: Operating segments, continued
2. Operating segments, continued Publishing* Paid Media Esports Group tEUR YTD 2026 YTD 2025 YTD 2026 YTD 2025 YTD 2026 YTD 2025 YTD 2026 YTD 2025 Revenue Share 58,292 56,222 23,984 21,549 850 575 83,126 78,347 CPA 10,717 10,858 30,139 28,140 25 27 40,881 39,025 Subscription 8,553 9,205 0 0 0 0 8,55
Slide 34: Operating segments, continued
2. Operating s egments, continued Publishing** Paid Media Esports Group tEUR 2025 2025 2025* 2025 Revenue Share 110,995 45,441 1,048 157,484 CPA 19,950 60,049 41 80,040 Subscription 18,031 0 0 18,031 Sponsorships 36,809 19 11,952 48,781 CPM 24,094 0 6,875 30,969 Other 1,364 0 0 1,364 Revenue 211,243
Slide 35: Geographic segments
2. Geogra phic s egments 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 ar
Slide 36: Geographic segments, continued
2. Geographic segments, continued 3 . Revenue specification In accordance with IFRS 15 disclosure requirements, total revenue is split on revenue category and revenue types as fol- lows: Europe & RoW North America Group tEUR Q2 2026 Q2 2025 YTD 2026 YTD 2025 2025 Revenue category tEUR 2025 2025 2025
Slide 37: Special items
4 . Special items 5 . Income tax Tot al tax for the period is specified as follows: 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 paymen
Slide 38: Intangible assets
6 . Intangible assets Accounts Accounts Domains and other Domains and other and intangible and intangible tEUR Goodwill websites assets* Total tEUR Goodwill websites assets* Total Cost or valuation Cost or valuation As of January 1, 2026 350,494 520,484 205,318 1,076,296 As of January 1, 2025 380,13
Slide 39: Non-current liabilities and other current financial liabilities
7 . Non - current liabilities and other current financial liabilities 8 . Note to cash flow statement Debt to credit institutions As per June 30 , 202 6, Better Collective has drawn 267 mEUR (202 5: 260 ) out of the total committed club facility of 319 tEUR Q2 2026 Q2 2025 YTD 2026 YTD 2025 2025 mEU
Slide 40: Income statement - Parent company
Financial statements for the period Income statement – Parent company Statement of other comprehensive income tEUR Q2 2026 Q2 2025 YTD 2026 YTD 2025 2025 tEUR Q2 2026 Q2 2025 YTD 2026 YTD 2025 2025 Revenue 28,862 32,057 56,233 52,260 106,732 Profit for the period 19,220 - 6,217 31,714 - 8,687 - 5,20
Slide 41: Statement of financial position - Parent company
State ment of financial position – Parent company tEUR Q2 2026 Q2 2025 2025 tEUR Q2 2026 Q2 2025 2025 Assets Equity and liabilities Non -current assets Equity Intangible assets Share Capital 588 620 620 Goodwill 17,761 17,793 17,774 Share Premium 461,480 469,444 469,444 Domains and websites 167,349
Slide 42: Statement of changes in equity - Parent company
S tatement of changes in equity – Parent company Currency Currency Share Share transla - tion Hedging Treasury Retained Total Share Share transla - tion Hedging Treasury Retained Total tEUR capital premium re-serve reserves shares earnings equity tEUR capital premium re-serve reserves shares earning
Slide 43: Alternative Performance Measures and Definitions
Alternative Performance Measures and Definitions Alternative Better Collective uses and communicate certain Alternative Performance Measures (“APM”), which are not defined Performance Measure Description SCOPE under IFRS. Such are not to replace performance measures defined and under IFRS. The APM’s
Slide 44: Definitions
Alternative Performance Measure Description SCOPE CLV The Customer Lifetime Value (CLV) shows ex- A key figure to assess the value of NDCs generated pected revenue generated throughout the life- by the Group, providing critical insights into NDC time of a New Depositing Customer (NDC). profitability
Slide 45: Better Collective A/S
Better Collective A/S CVR no 27 65 29 13 Sankt Annæ Plads 28 +45 29 91 99 65 125 0 Copenhagen K info@bettercollective.com Denmark bettercollective.com Q2 report 2026 Page 45