Better Collective A/S

Latest Results (01.09.2026):

Better Collective A/S — Q2 2026: Strong quarter with revenue of EUR 89.1m (+9% y/y) and EBITDA before special items of EUR 27.0m (+20% y/y), delivering a 30% EBITDA margin (up 2 ppt). Cash flow from operations before special items rose to EUR 29.9m (cash conversion 111%). The company maintained full‑year guidance after broad‑based growth led by North America and strong FIFA World Cup activity.

Top-line and margin

Revenue: EUR 89.1m (+9% y/y). EBITDA before special items: EUR 26.98m (+20% y/y) and EBITDA margin before special items of 30% (up 2 percentage points vs Q2 2025). Operating profit (EBIT) before special items was EUR 15.7m.

Cash generation and balance sheet

Cash flow from operations before special items: EUR 29.9m (Q2 2025: EUR 18.8m), cash conversion 111%. Cash and unused credit: capital reserves of EUR 80m (cash EUR 25m + unused bank facilities EUR 55m). Net interest‑bearing debt EUR 252.7m (net debt/EBITDA 2.31x).

Regional and product drivers

North America was a primary growth engine: revenue‑share increased 49% (to ~EUR 6m) and North American EBITDA before special items rose from EUR 1m to EUR 6m, lifting the regional margin from 5% to 26%. Growth was also supported by talent‑led media, Paid Media and prediction markets.

Customer KPIs and commercial momentum

Value of Deposits (VoD) reached an all‑time high of EUR 836m (+17% y/y). New Depositing Customers (NDCs) were 373k (+24% y/y; 70% generated via revenue share). CPA revenue grew 11% to EUR 19.5m (North America CPA +50% to EUR 5m).

Costs, investments and cash deployment

Total costs rose 5% to EUR 62.1m, driven by a EUR 3m increase in direct costs tied to tournament and event activity and Paid Media. Staff costs declined. Better Collective completed EUR 8m of share buybacks in Q2 (EUR 14m in H1) and reiterates a board target of EUR 40m annual buybacks.

Regulatory headwinds and impacts

Management flagged regulatory headwinds: an approximately EUR 2m negative impact in the quarter from the UK Remote Gaming Duty increase (21%→40%), and ~EUR 2m from regulatory changes in Brazil; the report also notes a combined expected negative impact on 2026 EBITDA before special items of ~EUR 8m.

Guidance and strategic initiatives

Full‑year 2026 guidance maintained: organic revenue growth 7–12% and EBITDA before special items growth 8–18% (guidance in constant currencies). Strategic moves include AI initiatives (Playbook expansion, AI content tools) and CMS/technology consolidation to scale operations and efficiency.