Better Collective reports Q3 2025

About this update from Better Collective A/s

Interim report July 1 - September 30 2025Regulatory release 52/2025Flash Q3 2025 highlights:Revenue of 78 mEUR, impacted negatively by 10 mEUR versus last year due to lower sports win margin following player-friendly resultsRecurring revenue of 50 mEUR, 64% of total revenueRevenue share income from the North American market doubled versus last yearEBITDA before special items of 21 mEUR, 26% marginSuccessful launch of AI betting solution, Playbook, sending millions of bets to partnersFull-year guidance remains unchangedJesper Søgaard, Co-founder & Co-CEO of Better Collective, comments:“I’m pleased to see that, when adjusting for the unusually low sports win margin of the quarter, Better Collective is back to organic revenue growth. It’s a clear sign of the strength and resilience of our diversified business model and the solid execution across our organization. The launch of Playbook marks the next evolution of Better Collective as the digital home of sports fans - expanding our focus from customer acquisition to retention. Playbook is already generating millions of bets with our partners, showing strong early traction and user adoption. Thanks to all my colleagues for your hard work, innovation, and commitment to pushing us forward.”Highlights Q3, 2025:The financial guidance for full-year 2025 remains unchanged.Revenue decreased by 4% to 78 mEUR, with organic growth reflecting the same development. The performance was in line with expectations when adjusting for the impact of an unusually low sports win margin. The main year-over-year drivers impacting performance during the quarter were as follows:Sports win margin: Player-friendly results in September led to a record-low sports win margin for the month, negatively impacting Q3 revenue by approximately 10 mEUR compared to the same period last year.The Brazilian market: Revenue share income from the Brazilian market continued to develop ahead of expectations, yet the ongoing regulatory transition had a negative impact of around 4 mEUR.Foreign exchange: FX movements negatively affected revenue by approximately 2 mEUR during the quarter.North American revenue share: North American revenue share doubled and thus, increased by 4 mEUR, driven by the substantial unrecognized revenue share accumulated since Q3 2022, when the US transition from upfront payments to recurring revenues began.Growth: Underlying busin...

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