Better Collective A/s · OMXCOP:BETCO_DKK

Better Collective A/s — Q3 2025 Earnings Presentation

19 slides from Better Collective A/s's earnings presentation, Nov 13, 2025

  1. Slide 1: Q3 2025 Webcast presentation

    Q3 2025 Webcast presentation

  2. Slide 2: Forward-looking statement

    Forward-looking statement This presentation contains certain forward-looking statements and opinions. Forward-looking statements are statements that do not relate to historical facts and events and such statements and opinions pertaining to the future that, for example, contain wording such as “beli

  3. Slide 3: Q3 highlights and business update

    Q3 highlights and business update By Jesper Søgaard Co-CEO & co-founder

  4. Slide 4: Underlying organic growth in Q3 2025, with reported results impacted by record-low sports win margin

    Better Collective saw underlying organic growth in Q3 2025, with reported results being impacted by record-low sports win margin 2025 Q3 highlights Group revenue of 78 mEUR and EBITDA of 21 mEUR, impacted by a record-low sports win margin; when normalized, the Group showed underlying organic growth

  5. Slide 5: Revenue showed solid organic growth when normalising for sports win margin

    Revenue showed solid organic growth when normalising for sports win margin, with reduced impact from Brazil Revenue impact, Q3 2024-Q3 2025 (mEUR) 5

  6. Slide 6: EBITDA impacted by low sports win margin; permanent cost reductions materialising

    EBITDA impacted by low sports win margin; while permanent cost reductions are materialising EBITDA1 impact, Q3 2024-Q3 2025 (mEUR) 1. Before special items 6

  7. Slide 7: Our 2025 and long-term guidance remains unchanged

    Our 2025 and long-term guidance remains unchanged 2025 and 2027 guidance 2025 2027 • Revenue: €320m-€350m • Revenue: Positive organic 1 • EBITDA : €100m-€120m growth from 2026 • Free cash flow: €55-€75m • EBITDA1 margin: 35-40% • Net debt to EBITDA: <3x • Net debt to EBITDA: <3x 1. Before special ite

  8. Slide 8: Launch of Playbook, our new AI-powered betting solution, is off to a great start

    Launch of Playbook, our new AI-powered betting solution, is off to a great start with strong user adoption Scaling fan engagement and monetization through AI Officially launched in September 2025 and signed partnership with X Playbook uses AI to turn fan posts into instant, one-click betslips Integrat

  9. Slide 9: Financial performance

    Financial performance By Flemming Pedersen EVP & CFO

  10. Slide 10: Q3 results impacted by record-low sports win margin

    Q3 results were impacted by a record-low sports win margin, which impacted underlying growth Revenue development, quarterly, 2022-2025 (mEUR) -4% 78 10

  11. Slide 11: Revenue share income accounts for more than 3/4 of recurring revenue

    Revenue share income continues to account for more than 3/4 of Better Collective’s recurring revenue Recurring revenue development, quarterly, 2022-2025 (mEUR) Revenue share Other recurring revenue 11

  12. Slide 12: North American revenue share is growing as expected

    North American revenue share is growing as expected North American revenue share development, quarterly, 2022-2025 (mEUR) +99% Mainly upfront element of hybrid deals Mainly “pure” revenue share 12

  13. Slide 13: Group costs steadily declining, now 18% below Q2 2024 peak

    Group costs have been steadily declining following launch of cost efficiency program, now 18% below the Q2 2024 peak Cost development, quarterly, 2022-2025 (mEUR) -18% Staff cost Direct cost related to revenue Other external expenses 13

  14. Slide 14: Sports win margin impacted EBITDA, cost discipline kept stable margin

    Sports win margin impacted EBITDA, however cost discipline kept stable EBITDA-margin EBITDA before special items (margin) development, quarterly, 2022-2025 (mEUR) -8% EBITDA before special items EBITDA before special items margin 14

  15. Slide 15: Free cash flow is on track to deliver within guidance

    Free cash flow is on track to deliver within guidance Adj. EBITDA YTD to free cash flow, incl. FY guidance, 2025 (mEUR) 15

  16. Slide 16: Fewer NDCs due to Brazil transition, deposit values continue to rise

    Despite fewer NDCs mainly driven by the regulatory transition in Brazil, deposit values continue to rise, reflecting a strong and loyal player base Quarterly # of NDC (‘000) and value of deposit development (mEUR), global, 2020-2025 # of NDCs (‘000) Value of deposits (mEUR) Reading aid: Deposit value

  17. Slide 17: Key takeaways

    Key takeaways By Jesper Søgaard Co-CEO & co-founder

  18. Slide 18: Q3 results impacted by record-low sports win margin, underlying business showed growth

    Q3 results were impacted by a record-low sports win margin, while underlying business performance showed growth Key takeaways Group revenue of 78 mEUR and EBITDA of 21 mEUR, impacted by a record-low sports win margin; when normalized, the Group showed underlying organic growth Brazil continued H1-tr

  19. Slide 19: Q&A

    Q&A Contact: Mikkel Munch-Jacobsgaard VP Investor Relations & Corporate Communication investor@bettercollective.com www.bettercollective.com

Better Collective — Q3 2025 Earnings Presentation on 6ix