Interim report Q4, 2024

Revenue of 96 mEUR, growth of 13%
Recurring revenue of 63 mEUR, growth of 28%
EBITDA before special items of 34 mEUR up 14%, 35% margin
50 mEUR efficiency program was executed faster than expected

February 19, 2025 Better Collective A/S Sankt Annæ Plads 28-30 1250 Copenhagen (DK) www.bettercollective.com CVR NO.: 27 65 29 133

Full year 2024 highlights

Revenue of 371 mEUR, growth of 14%
Recurring revenue of 231 mEUR, growth of 21%
EBITDA before special items of 113 mEUR up 2%, 31% margin
Net debt to EBITDA of 2x
Revenue ended in the high end of full year guidance with EBITDA ending slightly above revised targets

Other highlights

2025 guidance
- Revenue 320-350 mEUR, EBITDA 100-120 mEUR, Free cash flow between 55-75 mEUR, Net debt to EBITDA below 3
New adjusted 2023-2027 guidance excluding M&A
Announcement of new 10 mEUR share buyback program and proposal for the cancellation of holding of own shares at upcoming AGM

Q4 report 2024

*Before special items

FULL YEAR

Highlights Q4, 2024	2
Financial targets	3
Significant events after close	4
Financial highlights and key figures	5
CEO letter	6
Business review and financial performance	8
Other	14
Statement by the Board of Directors and the Executive Management	16
Condensed interim financial statements for the period	17
Notes	21
Parent Company	32

Q4 webcast February 20th, 2025

A conference call for Better Collective's stakeholders will be held on February 20th, at 10:00 CET and can be joined online here.

To participate through phone, follow this link. Once signed up you will receive an e-mail with a phone number and a personal dial-in code for the call.

The presentation material for the webcast will be available after market close on February 19th via: www.Bettercollective.com

Upcoming events

Annual Report March 25, 2025
Annual General Meeting April 22, 2025
Q1 report May 21, 2025
Q2 report August 20, 2025
Q3 report November 13, 2025

Highlights Q4, 2024

Better Collective announced its preliminary headline numbers on February 6, 2025, showing revenue in the high end of guidance, and EBITDA above the guidance.

Revenue grew by 13% to 96 mEUR, with a 2% decline in organic growth. After the guidance update in October, the US and Brazilian markets performed as anticipated, while the rest of the business—including Europe, Canada, and esports— grew in line with expectations.

Recurring revenue grew by 28% to 63 mEUR making up 65% of group revenues. This was driven by organic revenue share growth plus the acquisitions of Playmaker Capital and AceOdds.

EBITDA before special items was 34 mEUR, up 14% and exceeded the recent guidance given in connection with the downgrade in October. This was primarily driven by revenues ending in the high end of the range, as well as the cost efficiency program being implemented faster than expected. The EBITDA-margin for the quarter was 35%.

Cash flow from operations before special items was 20 mEUR. The cash conversion was 60%. The lower cash conversion relates to increase in trade receivables that is expected to be paid during Q1, 2025. By the end of Q4, capital reserves stood at 102 mEUR of which cash of 38 mEUR and unused credit facilities of 64 mEUR.

The group delivered 407.000 New Depositing Customers (NDCs) of which 82% were on revenue share contracts. The number of NDCs were down 15% due to the development in Brazil.

Brazilian market update. During 2024, Better Collective experienced an increasing slowdown in the Brazilian market in anticipation of the regulation January 1, 2025. This impacted both NDCs and financial performance throughout the year and accelerated in Q3 as well as further in Q4. The Brazilian market has now gone live under new local gambling regulation on January 1, 2025, and the implications and experiences so far are the following:

Better Collective had around 70 mEUR in revenues from Brazil in 2024, equivalent to 19% of group revenues. Most of the revenue is revenue share income.
A local tax on gambling revenue (GGR) and added costs on net gaming revenue is estimated at 26%. This will expectedly affect revenue negatively by 15-20 mEUR in 2025.
In the move to a regulated market all players must re-activate their accounts, and in this process, it is

expected for sportsbooks to see customer churn further negatively amplified by the increasing competition between sportsbooks. This is estimated to impact Better Collective's revenue share income in the market by around 20-30 mEUR in 2025. The players left after this process is however expected to be of very high quality with higher lifetime values in comparison to the previous database.

The negative impact of the new regulation is thereby estimated to be 35-50 mEUR on revenue and EBITDA before special items in 2025.
Throughout 2023 and 2024, Better Collective has expanded its localization efforts by building a team of over 100 employees in Brazil to meet all onshoring requirements under the regulation.
The market has launched with some sportsbooks being granted licenses, while the market is in low season. The activity is expected to pick up from March when the high season for sports begins.

The Brazilian market is expected to return to growth by 2026 and Better Collective expects Brazil to become a highly profitable and high growth market for the group in the mid-to-long-term, which will outweigh the shortterm impact. Better Collective always welcomes a regulated market as the better alternative for both player protection, taxation, and for other stakeholders involved.

Cost efficiency program. The efficiency program that was initiated in October was fully implemented during Q4 2024 and executed faster than expected. The program had a partial effect in Q4 2024 of 10 mEUR as well as one-off savings of bonuses and other of 5 mEUR, which improved EBITDA by 15 mEUR. The program will have full annual effect of 50 mEUR in 2025. Approximately 65% of the total program cost is allocated to salaries, with 2% attributed to Executive Management. Additional cost savings include 13% from editorial reductions, 9% from procurement, 3% from office closures, and 10% from other savings.

Better Collective continues to focus on its AdVantage platform. During Q4 the development has been moving forward as the Group has increased the connectivity across brands. Throughout the year of 2024, the Group has strengthened its commercial team, which has resulted in expanding presence in global agency budgets.

On September 6, Better Collective's Board of Directors resolved to extend the buy-back program, allowing it to continue until November 27, 2024. The program was finalized on that date, and as a result, Better Collective now owns 1.8% of the company's outstanding capital.

Financial targets

2025 guidance

Better Collective's guidance for 2025 is as follows:

Revenue of 320-350 mEUR
EBITDA before special items of 100-120 mEUR
Free cash flow of 55-75 mEUR
Net debt to EBITDA below 3x

2025 guidance implications

Revenue growth will be short-term impacted by the Brazilian market regulation. Given the before-mentioned factors in Brazil including taxation and added costs on net gaming revenue as well as expected customer churn, Better Collective estimates between 50-70% decline in Brazilian revenue share income short term, which impacts EBITDA for 2025 by estimated 35-50 mEUR. H1 2024 further provides a tough comparison with a 20 mEUR EBITDA before special items effect stemming from a higher US marketing activity from partners last year, the state launch in North Carolina as well as the European Championships in Soccer. On the other hand, Better Collective expects absolute growth in its European, Esport, South America ex Brazil and Canadian businesses, as well as US growing from its lower baseline. This is estimated to give an EBITDA before special items growth boost of between 20 to 40 mEUR during 2025. Lastly, the cost efficiency program will have full effect of 50 mEUR for the year. All this combined means EBITDA before special items is guided flat versus last year.

Adjusted long-term guidance for 2027

Positive organic growth from 2026
EBITDA-margin before special items for 2027 continued at 35-40%
Continued strong cash conversion
Net debt to EBITDA below 3x

2027 guidance assumptions

When launching the long-term guidance in 2023, Better Collective included both organic growth and M&A. Given the changing market conditions and share price development Better Collective will likely consider other capital allocation measures in the near-term such as bringing down debt and share buybacks. This consideration combined with the challenges in the US and Brazilian markets make the company adjust its guidance to focus on organic growth.

Disclaimer

This report contains certain forward-looking statements and opinions. Forward-looking statements are statements 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 expressions are intended to identify a statement as forwardlooking. This applies to statements and opinions concerning the future financial returns, plans and expectations with respect to the business and management of the group, future growth, profitability, general economic and regulatory environment, and other matters affecting Better Collective.

Forward-looking statements are based on current estimates and assumptions made according to the best of the group's knowledge. These statements are inherently associated with both known and unknown risks, uncertainties, and other factors that could cause the results, including the group's cash flow, financial condition, and operations, to differ materially from the results, or fail to meet expectations expressly or implicitly, assumed or described in those statements or to turn out to be less favorable than the results expressly or implicitly assumed or described in those statements. Better

Collective can give no assurance regarding the future accuracy of the opinions set forth herein or as to the actual occurrence of any predicted developments and/or targets.

Considering the risks, uncertainties and assumptions associated with forward-looking statements, it is possible that certain future events may not occur. Moreover, forward-looking estimates derived from third-party studies may prove to be inaccurate. Actual results, performance or events may differ materially from those in such statements e.g. due to changes in general economic conditions, in particular economic conditions in the markets in which the group operates, changes affecting interest rate levels, changes affecting currency exchange rates, changes in competition levels, changes in laws and regulations, and occurrence of accidents or environmental damages and systematic delivery failures. We undertake no obligation to update or revise any forward-looking statements, whether because of new information, future events or otherwise, except to the extent required by law.

Significant events after close

Better Collective's Board and Executive Management propose to the Annual General Meeting that the 1.8% holding of own shares as of December 31, 2024, be canceled.

Better Collective has decided to launch a new share buyback of 10 mEUR.

Better Collective's leading esport community, HLTV, hosted its annual HLTV Award Show for the fourth year in a row. The event brought together the global Counter-Strike community to honor and celebrate the best and brightest in the world of CS 2. HLTV stands as the leading Counter -Strike platform in the world featuring news, live -streaming, statistics, on -site tournament coverage and more. On average, the HLTV website has more than 270 million monthly pageviews while across social media platforms the brand has nearly two million followers.

Financial highlights and key figures

tEUR	Q4 2024	Q4 2023	2024	2023

Income statements
Revenue	96,182	85,195	371,487	326,686
Recurring revenue	63,074	49,253	230,735	191,118
Revenue Growth (%)	13%	-1%	14%	21%
Organic Revenue Growth (%)	-2%	-7%	-2%	13%
Operating profit before depreciation, amortization,
and special items (EBITDA before special items)	33,522	29,514	113,403	111,080
Operating profit before depreciation
and amortization (EBITDA)	26,065	29,914	102,517	109,132
Depreciation	1,607	1,347	6,990	3,958
Operating profit before amortization
and special items (EBITA before special items)	31,915	28,168	106,413	107,122
Special items, net	- 7,457	399	- 10,886	- 1,948
Operating profit before amortization (EBITA)	24,458	28,567	95,527	105,174
Amortization and impairment	7,250	7,969	34,080	24,283
Operating profit before special items
(EBIT before special items)	24,665	20,199	72,334	82,839
Operating profit (EBIT)	17,208	20,598	61,447	80,891
Result of financial items	- 824	- 6,896	- 18,583	- 22,881
Profit before tax	16,385	13,702	42,865	58,010
Profit after tax	15,047	7,491	34,014	39,835
Earnings per share (in EUR)	0.24	0.14	0.55	0.74
Diluted earnings per share (in EUR)	0.24	0.13	0.53	0.70

For a definition of financial key figures and ratios, please refer to page 35.

tEUR	Q4 2024	Q4 2023	2024	2023
Balance sheet
Balance Sheet Total	1,172,119	937,862	1,172,119	937,862
Equity	685,929	435,273	685,929	435,273
Current assets	110,472	105,812	110,472	105,812
Current liabilities	73,235	103,493	73,235	103,493
Net interest bearing debt	238,953	221,133	238,953	221,133
Cashflow
Cash flow from operations before special items	19,738	37,525	101,009	119,384
Cash flow from operations	14,413	34,781	82,619	114,639
Investments in tangible assets	924	- 1,003	- 3,942	- 5,143
Cash flow from investment activities	- 7,176	- 24,546	- 154,829	- 106,248
Cash flow from financing activities	- 7,149	- 361	99,154	29,334
Financial ratios
Operating profit before depreciation,
amortization (EBITDA) and special items margin (%)	35%	35%	31%	34%
Operating profit before amortization margin (EBITDA) (%)	27%	35%	28%	33%
Operating profit margin (%)	18%	24%	17%	25%
Publishing segment
- EBITDA before special items margin (%)	36%	38%	32%	37%
Paid media segment
- EBITDA before special items margin (%)	32%	28%	27%	29%
Net interest bearing debt / EBITDA before special items	2.11	1.99	2.11	1.99
Liquidity ratio	1.51	1.02	1.51	1.02
Equity to assets ratio (%)	59%	46%	59%	46%
Cash conversion rate before special items (%)	60%	124%	86%	103%
Average number of full-time employees	1,765	1,211	1,773	1,252
NDCs (thousand)	407	483	1,754	1,916

CEO letter

Navigating a challenging year and positioning for future growth

2024 was a year of unexpected challenges, shaped by significant external headwinds. The first half of 2024 delivered strong results, but challenges emerged in May with the announcement of the Google Policy Update. While we mitigated its effects at the group level, our Media Partnership business was nonetheless impacted.

A second driver of uncertainty came later in the year as we renegotiated the earn-out of Playmaker HQ, a deal we remain highly satisfied with. However, the earn-out settlement was based on underperformance of the asset and the settlement brought an impairment, creating some market uncertainty about our acquisitive growth strategy.

Brazil presented another headwind throughout the year, with sportsbook marketing activity slowing progressively and significantly accelerating in Q3 and Q4. This slowdown was driven by the anticipation of Brazil's online gaming regulation, effective January 1, 2025. The transition led to deferred marketing spending by our partners as they focused on obtaining licenses and localizing their operations.

Brazil has been a key growth driver for us in recent years, rising from insignificant revenues to contributing 19% of 2024 Group revenues. Despite the short-term challenges posed by taxation, onshoring, and expected player churn with reactivation and increased sportsbook competition, we see strong long-term potential in a regulated Brazilian market. A well-implemented regulatory framework benefits players, the market, and all its participants.

We are positioned to play a significant role in helping licensed sportsbooks grow market shares. Encouragingly, all our media inventory in Brazil is sold out for the launch, providing clear evidence that our leading sports media brands offer something highly unique and valued by our partners. Additionally, we are delivering a good volume of new depositing customers (NDCs) to both existing and new partners, despite many still not having a full license in place and it currently being low season for local sports. We do expect the activity to pick up over the coming quarters as licenses are obtained and the sports season kicks in.

In the US, our business started the year of 2024 well also helped by the launch of sports betting in North Carolina but faced lower than expected activity leading into the NFL season. The US market's dynamics, dominated by few sportsbooks, highlighted the importance of active challengers. Many challenger brands shifted focus away from the US, reducing competitive pressure as well as lowering marketing spending by market leaders.

Following the market conditions and changes in US and Brazil, we initiated a streamlining process with the aim of reducing costs by 50 mEUR to ensure our global operations are aligned with the market outlook. As the US and Brazil remain young and evolving markets, we are prepared to scale when competitive dynamics inevitably shift, and markets find their ground. The potential of the US market as the world's largest sports betting and iGaming opportunity as well as a newly regulated Brazilian market remains compelling, and we are well-positioned to capitalize on its growth.

The combined impacts of Brazilian market slowdown, and reduced US marketing activity led to a downgrade of our guidance in October. While disappointing for my colleagues, shareholders and myself, we remained true to our DNA and took swift action to make an efficient response. Our cost-efficiency program was implemented faster than expected, and we've successfully rebased the business for 2025.

Naturally the US and Brazilian markets have taken a lot of attention recently, however I have been happy to see our developments in other parts of our business. Our European, Canadian, South America ex Brazil and esport businesses have done well. The US transition to revenue share has continued, and we further build for the future.

Excluding Brazil and the US, we delivered good revenue and EBITDA growth, supported by our M&A strategy. Our revenue continued throughout the year to become of higher quality as recurring revenue grew 21% to 231 mEUR.

We remain strong financially, well positioned with market-leading sports media brands such as the world-leading esports community HLTV, leading EA FC-platform FUTBIN, BolaVIP, the leading sports media in South America, Action Network, the leading sports betting media in North America, and many talent-led brands such as Playmaker HQ and The Nation Network. We further sit on strong European sports brands and sports betting brands like Betarades, Aceodds and Wettbasis, which continue to enhance their quality year after year. We still see significant opportunities to improve effectiveness across our "House of Brands". Strengthening operational efficiencies and leveraging synergies within our portfolio will remain a key focus area to drive global scale and maximize long-term profitability.

Despite short-term challenges, Better Collective remains uniquely positioned at the forefront of the global sports media and betting media landscape. Our diversified portfolio of leading brands, combined with strong financial discipline and a commitment to innovation, positions us well for sustained growth. With a shift toward organic expansion, disciplined capital allocation, and a continued focus on operational excellence, we are confident in our ability to generate long-term value for our shareholders.

We recognize there are multiple ways to create shareholder value. While M&A has been a key driver in the past, our near-term focus will shift toward driving organic growth and safeguarding the robust cash flow of the business to bring down debt and buy back own shares. This approach ensures that we remain agile and resilient, laying the groundwork for long-term value creation, and eventually getting us back to the M&A agenda that still offers many great opportunities.

As we close this chapter and look forward to 2025, I am incredibly confident about the future of Better Collective. The resilience and dedication of our teams have been instrumental in navigating a challenging year, and I want to express my deepest gratitude to all our employees. Your passion, creativity, and unwavering commitment continue to drive our success. While the road ahead will have its twists and turns, I firmly believe we are stronger, leaner, and better positioned than ever to capture new opportunities and shape the future of digital sports media globally. Together, we will continue to build a business that delivers value for our partners, shareholders, and sports fans around the world.

Jesper Søgaard Co-founder & CEO

"As we close this chapter and look forward to 2025, I am incredibly confident about the future of Better Collective. The resilience and dedication of our teams have been instrumental in navigating a challenging year, and I want to express my deepest gratitude to all our employees".

Business review and financial performance

Group

Q4 revenues came in at 96 mEUR growing 13% driven by M&A as organic growth declined by 2%. The decline was due to a lower marketing activity by partners in the US as well as a continued slowdown in Brazil heading into the regulation January 1, 2025. After the guidance update, the US and Brazil performed as anticipated, while the rest of the business including Europe, Canada, and esports grew in line with expectations.

Recurring revenue grew by 28% to 63 mEUR making up 65% of group revenues.

Key figures for the group

tEUR	Q4 2024	Q4 2023	Growth	2024	2023	Growth
Revenue	96,182	85,195	13%	371,487	326,686	14%
Cost	62,660	55,680	13%	258,084	215,605	20%
Operating profit before depreciation and amortization and special items	33,522	29,514	14%	113,403	111,080	2%
EBITDA -Margin before special items	35%	35%		31%	34%
Operating profit before depreciation and amortization	26,065	29,914	-13%	102,517	109,132	-6%
EBITDA -Margin	27%	35%		28%	33%
Organic Growth	-2%	-7%		-2%	13%

Costs were up by 1 3 % to 63 mEUR, while EBITDA before special items was 34 mEUR, up 14% .

The group delivered 407.000 New Depositing Customers (NDCs) of which 82% were on revenue share contracts. The number of NDCs were down 15% mainly due to the Brazilian development.

Publishing

The Publishing business generates revenue from Better Collective's owned and operated sports media network and its media partnerships. The audience mainly comes from direct traffic and organic search results.

The Publishing revenue reached 71 mEUR, reflecting a 20% growth, with 1% organic growth. Revenue share income was up 20% driven by acquisitions – while still negatively impacted by the Brazilian and US market developments. CPA was down driven by the US market mainly. Sponsorship and CPM revenue growth was driven by acquisitions of Playmaker HQ and Playmaker Capital.

Operational profit was 25 mEUR, up 15%, resulting in a margin of 36%. The business contributed with 74% of group revenues and 76% of group operational earnings.

Key figures for the Publishing segment

tEUR	Q4 2024	Q4 2023	Growth	2024	2023	Growth
Revenue	70,852	59,114	20%	264,698	220,328	20%
Share of Group	74%	69%		71%	67%
Cost	45,435	36,924	23%	180,316	139,685	29%
Share of Group	73%	66%		70%	65%

Operating profit before depreciation and amortization
and special items	25,417	22,190	15%	84,381	80,642	5%
Share of Group	76%	75%		74%	73%
EBITDA-Margin before special items	36%	38%		32%	37%
Operating profit before depreciation and amortization	17,981	22,589	-20%	73,532	78,695	-7%
EBITDA-Margin	25%	38%		28%	36%
Organic Growth	1%	-2%		0%	15%

Paid Media

The Paid Media business involves purchasing advertising on search engines, social media and third-party sports media platforms. Because this requires upfront payments for advertising on external platforms, the gross margin is typically lower than that of the Publishing business, due to substantial direct costs and may fluctuate with the level of activity and investments into revenue share NDC's.

The Paid Media revenue was down 3%, with organic growth down 7%. Revenue share income was up 15%, while CPA was down 15%. This performance was driven by the market developments in Brazil and the US. Operational income was 8 mEUR up 11%, resulting in a margin

Key figures for the Paid Media segment

tEUR	Q4 2024	Q4 2023	Growth	2024	2023	Growth
Revenue	25,330	26,081	-3%	106,789	106,358	0%
Share of Group	26%	31%		29%	33%
Cost	17,225	18,757	-8%	77,767	75,920	2%
Share of Group	27%	34%		30%	35%
Operating profit before depreciation and amortization and special items	8,105	7,324	11%	29,022	30,438	-5%
Share of Group	24%	25%		26%	27%
EBITDA-Margin before special items	32%	28%		27%	29%
Operating profit before depreciation and amortization	8,084	7,324	10%	28,985	30,438	-5%
EBITDA-Margin	32%	28%		27%	29%
Organic Growth	-7%	-16%		-7%	13%

of 32%. The business contributed with 26% of group revenues and 24% of group operational earnings.

Europe & Rest of World

The Europe & Rest of the World (ROW) division encompasses all markets outside of North America. Within this division, the European markets are characterized as mature and represent Better Collective's legacy markets. Key sports brands in the Europe portfolio include s Soccernews in the Netherlands, Betarades in Greece, AceOdds in the UK, Tipsbladet in Denmark, Wettbasis in Germany, Goal.pl in Poland, and Svenska Fans in Sweden. In South America, notable brands are Bolavip, SomosFanaticos in Brazil, and Redgol in Chile. The portfolio also features prominent esport communities such as HLTV and FUTBIN. Due to the long history of revenue share in Europe & ROW, this business has a significant part of recurring revenue.

Revenue reached 6 8 mEUR, marking growth of 16%, with 2% organic growth. Revenue share income was up 1 5 % to 41 mEUR, while CPA was flat at 12 mEUR. Both revenue and revenue share income were impacted by the Brazilian slowdown. CPM revenue was up 8 4% to 6 mEUR driven by the acquisition of Playmaker Capital. Operational profits were 27 mEUR, a n 18% increase, and a margin of 40%. The business contributed with 70% of groups total revenue and 80% of the group's total operational profit.

Key figures for Europe & RoW segment

tEUR	Q4 2024	Q4 2023	Growth	2024	2023	Growth
Revenue	67,606	58,108	16%	264,138	218,085	21%
Share of Group	70%	68%		71%	67%
Cost	40,889	35,468	15%	167,730	137,902	22%
Share of Group	65%	64%		65%	64%
Operating profit before depreciation and
amortization and special items	26,717	22,640	18%	96,407	80,183	20%
Share of Group	80%	77%		85%	72%
EBITDA -Margin before special items	40%	39%		36%	37%
Operating profit before depreciation and
amortization	23,070	23,023	0%	93,692	79,123	18%
EBITDA -Margin	34%	40%		35%	36%
Organic Growth	2%	4%		6%	17%

North America

North America, encompassing the United States and Canada, has recently initiated the regulation of sports betting and iGaming in selected states and provinces. As these markets are still relatively new in terms of regulation, most of the revenues have been generated from one-time payments (CPA). However, there is a gradual shift towards revenue sharing. Our North American portfolio features prominent sports brands such as Action Network, Yardbarker, The Nation Network, Playmaker HQ, VegasInsider, RotoGrinders, Sports Handle, and Canada Sports Betting, among others.

North American revenue came in at 29 mEUR, up 6% with an organic decline of 8%. Revenue share income was 7 mEUR, up 45% due to good developments in the revenue share databases. CPA revenue was down to 7 mEUR due to the lower marketing activity from partners. Sponsorship revenue grew by 3 mEUR to 7 mEUR driven by Playmaker HQ and CPM revenue grew by 2 mEUR driven by Playmaker Capital acquisition. Operational earnings were flat at 7 mEUR equaling a margin of 24%. Revenue contributed with 30% of group revenues and 20% of group operational earnings.

As mentioned in the Q3 report, Better Collective experienced market changes, and acted quickly upon it to rebase the business. For 2025, the North American

Key figures North America segment

tEUR	Q4 2024	Q4 2023	Growth	2024	2023	Growth
Revenue	28,577	27,086	6%	107,349	108,600	-1%
Share of Group	30%	32%		29%	33%
Cost	21,770	20,212	8%	90,353	77,703	16%
Share of Group	35%	36%		35%	36%
Operating profit before depreciation and amortization and special items Share of Group EBITDA-Margin before special items Operating profit before depreciation and amortization EBITDA-Margin	6,806 20% 24% 2,996 10%	6,875 23% 25% 6,891 25%	-1% -57%	16,996 15% 16% 8,827 8%	30,897 28% 28% 30,009 28%	-45% -71%
Organic Growth	-8%	-24%		-18%	5%

business aims at delivering a minimum of 20% reported EBITDA-margin and more than 35% margin including the revenue share build up.

Financial performance for the period

Revenue growth of 14% to 371 mEUR

Revenue showed growth versus 2023 of 14% and amounted to 371 mEUR (2023: 327 mEUR). Revenue share accounted for 49% of the revenue with 25% coming from CPA, 5% from subscription sales, and 22% from other income.

Cost of 258 mEUR - up 20%

The increase in costs compared to 2023 is primarily driven by acquisitions contributing with 59 mEUR in increased cost base.

The increase in personnel cost is mainly driven by an increase in average number of employees increasing from average 1,252 in 2023 to 1,773 in 2024, where 370 employees joined Better Collective as part of the acquisition of Playmaker Capital.

Total direct cost relating to revenue increased by 8 mEUR to 107 mEUR (2023: 99 mEUR) corresponding to an increase of 8%. The increase primarily stems from increased cost related to media partnerships, paid media spending and increased cost base due to acquisitions.

Personnel cost increased 27% to 113 mEUR 2024 (2023: 89 mEUR) due to the increase in the average number of employees. Personnel costs include costs related to warrants of 1 mEUR (2023: 3 mEUR).

Other external costs increased 11 mEUR or 38% to 38 mEUR (2023: 27 mEUR) primarily due to other promotions costs and increased cost base due to acquisitions.

Depreciation and amortization amounted to 41 mEUR (2023: 28 mEUR), an increase of 13 mEUR compared to 2023. The increase is mainly related to the amortization of intangible assets accounted for as part of the acquisitions of Skycon in Q2, 2023 and the acquisitions in H2, 2023 of Playmaker HQ, Digital Sportmedia I Norden AB (the four brands are SvenskaFans.com, Hockeysverige.se, Fotbolldirekt.se and Innebandymagazinet.se), Goalmedia Technologia E Marketing Digital (the brand is Torcedores), Tipsbladet as well as the acquisition of Playmaker Capital completed February 6, 2024 and acquisition of AceOdds completed May 16, 2024, and new media partnerships entered during 2023 and 2024.

Special items

Special items amounted to an expense of 11 mEUR (2023: 2 mEUR). The net expense of 11 mEUR is primarily related to M&A expenses of 2 mEUR and restructuring of 9 mEUR. The early settlement of the Playmaker HQ earnout had net-zero effect as impairment of goodwill were offset by cancelling earnouts payments.

Earnings

Operational earnings (EBITDA) before special items increased 2% to 113 mEUR (2023: 110 mEUR). The EBITDAmargin before special items was 31% (2023: 34%). Including special items, the reported EBITDA was 103 mEUR (2023: 109 mEUR).

EBIT before special items decreased 14% to 72 mEUR (2023: 83 mEUR). Including special items, the reported EBIT was 61 mEUR (2023: 81 mEUR).

Net financial items

Net financial costs amounted to 19 mEUR (2023: 23 mEUR) and included net interest, fees relating to bank credit lines, unrealized losses on shares and exchange rate adjustments. Interest expenses amounted to 16 mEUR and included non-payable, calculated interest expenses on certain balance sheet items, 16 mEUR had in total net cash flow effect.

Net financial costs include a realized loss of 4 mEUR on Catena Media shares and unrealized net exchange rate loss of 1 mEUR.

Income tax

Better Collective has a tax presence in the places where the Group is incorporated. Income tax amounted to 9 mEUR (2023: 18 mEUR). The Effective Tax Rate was 20.6% (2023: 31.3%) decreasing primarily due to utilization of tax losses of 2 mEUR from previous years.

Net profit

Net profit after tax was 34 mEUR (2023: 40 mEUR). Earnings per share (EPS) was EUR/share 0.55 versus 0.74 EUR/share in 2023.

Equity

The equity increased to 686 mEUR as per December 31, 2024, from 435 mEUR on December 31, 2023. Besides the net profit of 35 mEUR, the equity has been primarily impacted by the share exchange in connection with the acquisition of Playmaker Capital of 46 mEUR, the acquisition and disposal of treasury shares of 20 mEUR and the capital increase in March with 145 mEUR.

Balance sheet

Total assets amounted to 1,172 mEUR (2023: 938 mEUR), with an equity of 686 mEUR (2023: 435 mEUR). This corresponds to an equity to assets ratio of 59% (2023: 46%). The liquidity ratio was 1.51 resulting from current assets of 110 mEUR and current liabilities of 73 mEUR. The ratio of net interest-bearing debt to EBITDA before special items was 2.11.

Investments

In Q4 of 2023 Better Collective announced the acquisition of Playmaker Capital, which closed on February 6, 2024. This strategic move, with a total purchase price of 111 million EUR, cemented our position as a market leader in South America while reinforcing our North American market presence.

Better Collective announced the acquisition of AceOdds on May 16, 2024, for a total consideration of 43 mEUR on a net cash-/debt free basis. AceOdds is a UK sports betting media brand with its roots in the UK, and this acquisition is poised to enhance Better Collective's presence across the UK, significantly.

In Q3, Better Collective has acquired a smaller social media asset in North America for a consideration of 7 mUSD.

Cash flow and financing

Cash flow from operations before special items was 20 mEUR (Q4 2023: 38 mEUR) with a cash conversion of 60% in Q4 2024. The lower cash conversion for Q4 and the year relates to increase in trade receivables that is expected to be paid during Q1, 2025.

Better Collective A/S completed an offering of new shares through an accelerated bookbuilding process with a subscription price at market of DKK 189.4 on February 28. Total proceeds from the accelerated bookbuilding process amounted to DKK 1,081.9 million (app. 145 mEUR).

On July 5, 2024, Better Collective reestablished its 3 year financing agreement with Nordea, Nykredit Bank and Citibank with a total committed facility of 319 mEUR and a 100 mEUR higher accordion option. By the end of December 2024, capital reserves stood at 102 mEUR consisting of cash of 38 mEUR and unused bank credit facilities of 64 mEUR.

The parent company

Better Collective A/S is the parent company of the group. Revenue grew by 31% to 129 mEUR (2023: 99 mEUR). Total costs including depreciation and amortization was 116 mEUR (2023: 68 mEUR). Profit after tax was 71 mEUR (2023: 39 mEUR). The change in profit after tax is primarily due to increased income including revenue and net financials. Total equity ended at 706 mEUR by December 31, 2024 (2023: 443 mEUR).

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 31 December, 2024, the share capital amounted to 630,776.27 EUR, and the total number of issued shares was 63,076,627. The company has one (1) class of shares. Each share entitles the holder to one vote at the general meetings.

Shareholder structure

As of December 31, 2024, the total number of shareholders was 5,433. A list of top ten shareholders in Better Collective A/S can be found on the group's website.

Incentive programs

To attract and retain key competences, the company has established warrant programs for certain key employees. All warrants with the right to subscribe for one ordinary share. If all outstanding long-term incentive programs are subscribed, then the maximum

Program	Long-term incentive programs outstanding December, 2024	Vesting period	Exercise period	Exercise price DKK	Exercise price EUR (rounded)
2019*	0	2020-2023	2022-2024	64.78	8.69
2020**	0	2021-2023	2023-2025	61.49	8.24
2020*	163,999	2021-2023	2023-2025	106.35	14.26
2021*	377,372	2022-2024	2024-2026	150.41	20.17
2021 US MIP Options	43,358	2021-2024	2024-2026	138.90	18.62
2022 US MIP Options	15,238	2022-2023	2023-2026	107.25	14.38
2022 Options	20,973	2022-2024	2025-2027	130.98	17.56
2022 PSU	62,810	2022-2024	2025-2027
2023 CXO Options	300,000	2023-2025	2026-2028	142.08	19.05
2023 Options	236,730	2023-2025	2026-2028	87.06	11.67
2023 PSU	120,650	2023-2025	2026-2028
2024 Options	426,870	2024-2026	2027-2029	173.87	23.31
2024 PSU	55,236	2024-2026	2027-2029
* Key employees and members of executive management

** Following the AGM on April 22, 2020, 25,000 warrants were issued to the new board member, Todd Dunlap.

shareholders dilution will be approximately 2.89%. On January 2, 2024, the board of directors implemented a Long-Term Incentive Plan (LTI) for key employees in the Better Collective group.

On June 5, 2024, CFO exercised 150,000 warrants and on September 5, 2024, CEO, CFO and COO exercised 150,000 warrants each under the 2019 programs in accordance with the terms of the long-term incentive programs. As the program expires this was the final window to exercise. The Board decided to cash settle the program.

In total the grants under the LTI in 2024 cover 61,523 performance share units and 426,870 share options to 79 key employees in total, vesting over a 3-year period. The total value of the 2024 LTI grant program is 3.6 mEUR (calculated Black-Scholes value) measured at the target level, which is to say 100% achievement of the financial goals.

Risk management

Through an Enterprise Risk Management process, various 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, the group's close and longstanding relationships with customers allow Better Collective to anticipate and respond to market movements and new regulations including compliance requirements from authorities and sportsbooks.

With the continued expansion in North and South America, 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 involvement of regulatory bodies in our licensing process for newly established entities, financial risk through a performance-based valuation of the acquired entities, and organizational risk through establishment of local governance, and finance, HR, and legal organization dedicated to the North and South American operations. Other key risk factors are described in the Annual report 2023.

Contacts

VP of Group Strategy, Investor Relations and Corporate Communications; Mikkel Munch-Jacobsgaard [email protected]

This information is such information as Better Collective A/S is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above on 19 February 2025 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

Statement by the Board of Directors and the Executive Management

Statement by the Board of Directors and the Executive Management on the condensed consolidated interim financial statements and the parent company condensed interim financial statements for the period January 1 – December 31, 2024.

Today, the Board of Directors and the Executive Management have discussed and approved the condensed consolidated interim financial statements and the parent company condensed interim financial statements of Better Collective A/S for the period January 1 – December 31, 2024.

The condensed consolidated interim financial statements for the period January 1 – December 31, 2024., are prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU, and additional requirements of the Danish Financial Statements Act. The parent company condensed interim financial statements have been included according to the Danish Executive Order on the Preparation of Interim Financial Reports.

In our opinion, the condensed consolidated interim financial statements and the parent company condensed interim financial statements give a true and fair view of the group's and parent company's assets, liabilities, and financial position on December 31, 2024, and of the results of the group's and parent company's operations and the group's cash flows for the period January 1 – December 31, 2024.

Further, in our opinion, the management's review gives a fair review of the development in the group's and the parent company's operations and financial matters and the results of the group's and the parent company's operations and financial position, as well as a description of the major risks and uncertainties, the group and the parent company are facing. The Interim Report has not been audited nor reviewed by the Company's auditor.

Copenhagen, February 19, 2025

Executive Management

Jesper Søgaard Co-founder & CEO	Christian Kirk Rasmussen Co-founder & COO Executive Vice President	Flemming Pedersen CFO Executive Vice President
Board of Directors
Jens Bager Chair	Therese Hillman Vice Chair	Britt Boeskov
Todd Dunlap	Leif Nørgaard	René Rechtman
Petra von Rohr

Condensed interim financial statements for the period

Consolidated income statement

Note	tEUR	Q4 2024	Q4 2023	2024	2023
3	Revenue	96,182	85,195	371,487	326,686
	Direct costs related to revenue	25,159	24,434	107,167	99,296
4	Staff costs	27,436	22,903	113,000	88,921
	Other external expenses	10,065	8,343	37,917	27,389
	Operating profit before depreciation and amortization (EBITDA)
	and special items	33,522	29,514	113,403	111,080
	Depreciation	1,607	1,347	6,990	3,958
	Operating profit before amortization (EBITA) and special items	31,915	28,168	106,413	107,122
7	Amortization and impairment	7,250	7,969	34,080	24,283
	Operating profit (EBIT) before special items	24,665	20,199	72,334	82,839
5	Special items, net	- 7,457	399	- 10,886	- 1,948
	Operating profit	17,208	20,598	61,447	80,891
	Financial income	3,624	1,808	7,310	5,987
	Financial expenses	4,447	8,705	25,893	28,868
	Profit before tax	16,385	13,702	42,865	58,010
6	Tax on profit for the period	1,337	6,211	8,850	18,175
	Profit for the period	15,047	7,491	34,014	39,835

	Earnings per share attributable to equity holders of the company
	Average number of shares			63,076,627 55,252,940 61,876,816 55,186,772
	Average number of warrants - converted to number of shares	1,844,238	2,598,855	2,339,557	2,658,571
	Earnings per share (in EUR)	0.24	0.14	0.55	0.74
	Diluted earnings per share (in EUR)	0.24	0.13	0.53	0.70

Consolidated statement of other comprehensive income

tEUR	Q4 2024	Q4 2023	2024	2023
Profit for the period	15,047	7,491	34,014	39,835
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	- 126	- 483	- 180	- 483
Currency translation to presentation currency	8,809	797	6,297	1,318
Currency translation of non-current intercompany loans	20,975	- 12,488	17,325	- 9,440
Income tax	- 2,510	0	- 1,589	0
Net other comprehensive income/loss	27,148	- 12,174	21,853	- 8,605
Total comprehensive income/(loss) for the period, net of tax	42,196	- 4,682	55,867	31,230

Attributable to:
Shareholders of the parent	42,196	- 4,682	55,867	31,230

Consolidated statement of financial position

Note	tEUR	2024	2023
	Assets
	Non-current assets
7	Intangible assets
	Goodwill	360,988	255,074
	Domains and websites	553,886	466,615
	Accounts and other intangible assets	117,628	79,740
	Total intangible assets	1,032,501	801,429
	Tangible assets
	Right of use assets	15,929	15,575
	Leasehold improvements, Fixtures and fittings, other plant and equipment	6,704	6,006
	Total tangible assets	22,633	21,582
	Other non-current assets
	Deposits	1,940	1,803
	Deferred tax asset	4,573	7,236
	Total other non-current assets	6,513	9,039
	Total non-current assets	1,061,647	832,050
	Current assets
	Trade and other receivables	63,763	48,954
	Corporation tax receivable	2,934	2,252
	Prepayments	6,101	4,250
	Other current financial assets	0	6,804
	Cash	37,674	43,552
	Total current assets	110,472	105,812
	Total assets	1,172,119	937,862

Note	tEUR	2024	2023
	Equity and liabilities
	Equity
	Share Capital	631	554
	Share Premium	469,460	274,580
	Reserves	16,089	- 6,486
	Retained Earnings	199,749	166,624
	Total equity	685,929	435,273
	Non-current Liabilities
8	Debt to credit institutions	259,691	248,657
8	Lease liabilities	12,560	13,326
8	Deferred tax liabilities	98,673	84,670
8	Other long-term financial liabilities	42,030	52,443
	Total non-current liabilities	412,955	399,096
	Current Liabilities
	Prepayments received from customers and deferred revenue	10,275	4,262
	Trade and other payables	26,894	27,838
	Corporation tax payable	4,764	6,754
8	Other financial liabilities	26,926	61,938
8	Lease liabilities	4,376	2,702
	Total current liabilities	73,235	103,493
	Total liabilities	486,190	502,589
	Total Equity and liabilities	1,172,119	937,862

Consolidated statement of changes in equity

			Currency
tEUR	Share capital	Share premium	translation reserve	Hedging reserves	Treasury shares	Retained earnings	Total equity	tEUR

As at January 1, 2024	554	274,580	15,055	- 483	- 21,057	166,624	435,273
Result for the period	0	0	0	0	0	34,014	34,014
Fair value adjustment of								Fair value adjustment of
hedges	0	0	0	- 180	0	0	- 180
Foreign currency translation	0	0	23,622	0	0	0	23,622
Tax on other								Tax on other
comprehensive income	0	0	- 1,735	146	0	0	- 1,589
Total other								Total other
comprehensive income	0	0	21,887	- 34	0	0	21,853
Total comprehensive								Total comprehensive
income for the year	0	0	21,887	- 34	0	34,014	55,867
Transactions with owners
Capital Increase	77	194,880	0	0	0	- 1,758	193,199
Acquisition of treasury shares	0	0	0	0	- 22,533	0	- 22,533
Disposal of treasury shares	0	0	0	0	23,254	9,017	32,271
Share based payments	0	0	0	0	0	- 5,131	- 5,131
Transaction cost	0	0	0	0	0	- 3,018	- 3,018
Total transactions with owners	77	194,880	0	0	721	- 890	194,788
At December 31, 2024	631	469,460	36,941	- 517	- 20,336	199,749	685,929

tEUR	Share capital	Share premium	translation reserve	Hedging reserves	Treasury shares	Retained earnings	Total equity

As at January 1, 2023	551	272,550	23,177	0	- 7,669	124,307	412,917
Result for the period	0	0	0	0	0	39,835	39,835

Fair value adjustment of
hedges	0	0	0	- 483	0	0	- 483
Foreign currency translation	0	0	- 8,122	0	0	0	- 8,122
Tax on other
comprehensive income	0	0	0	0	0	0	0
Total other
comprehensive income	0	0	- 8,122	- 483	0	0	- 8,605
Total comprehensive
income for the year	0	0	- 8,122	- 483	0	39,835	31,230

Transactions with owners
Capital Increase	3	2,030	0	0	0	0	2,033
Acquisition of treasury shares	0	0	0	0	- 13,375	0	- 13,375
Disposal of treasury shares	0	0	0	0	0	0	0
Share based payments	0	0	0	0	0	2,495	2,495
Transaction cost	0	0	0	0	- 13	- 12	- 26
Total transactions with owners	3	2,030	0	0	- 13,389	2,482	- 8,874

At December 31, 2023	554	274,580	15,055	- 483	- 21,057	166,624	435,273

Currency

During the period no dividend was paid.

Consolidated statement of cash flows

Note	tEUR	Q4 2024	Q4 2023	2024	2023

	Profit before tax	16,386	13,702	42,865	58,010
	Adjustment for finance items	824	6,897	18,583	22,882
	Adjustment for special items	7,457	- 400	10,886	1,947
	Operating Profit for the period before special items	24,666	20,199	72,334	82,839
	Depreciation and amortization	8,857	9,315	41,070	28,241
	Other adjustments of non-cash operating items	75	164	1,244	2,581
	Cash flow from operations
	before changes in working capital and special items	33,599	29,679	114,647	113,661
	Change in working capital	- 13,860	7,846	- 13,638	5,722
	Cash flow from operations before special items	19,738	37,525	101,009	119,384
	Special items, cash flow	- 5,325	- 2,744	- 18,390	- 4,744
	Cash flow from operations	14,413	34,781	82,619	114,639
	Financial income, received	1,942	327	3,111	493
	Financial expenses, paid	- 1,033	- 3,635	- 19,501	- 10,712
	Cash flow from activities before tax	15,322	31,473	66,228	104,420
	Income tax paid	- 6,848	- 3,439	- 16,731	- 15,411
	Cash flow from operating activities	8,474	28,035	49,497	89,009

9	Acquisition of businesses	- 3,052	- 7,387	- 120,451	- 57,282
7	Acquisition of intangible assets	- 4,943	- 16,243	- 33,532	- 27,469
	Acquisition of property, plant and equipment	924	- 1,003	- 3,942	- 5,143
	Sale of property, plant and equipment	0	0	0	3
	Acquisition of other financial assets	0	0	0	- 14,930
	Sale of other financial assets	0		3,232	0
	Change in other non-current assets	- 105	87	- 136	- 1,427
	Cash flow from investing activities	- 7,176	- 24,546	- 154,829	- 106,248

tEUR	Q4 2024	Q4 2023	2024	2023

Repayment of borrowings	0	0	- 136,321	- 1,486
Proceeds from borrowings	0	0	124,196	45,490
Lease liabilities	- 836	- 820	- 4,384	- 2,814
Other non-current liabilities	2,148	- 927	- 434	- 483
Capital increase	0	1,399	146,362	2,033
Treasury shares	- 7,233	0	- 20,336	- 13,381
Transaction cost	- 16	- 13	- 3,018	- 26
Warrant settlement, sale of warrants	- 1,213	0	- 6,911	0
Cash flow from financing activities	- 7,149	- 361	99,154	29,334

Cash flows for the period	- 5,851	3,128	- 5,624	12,095
Cash and cash equivalents at beginning	43,617	40,676	43,552	31,497
Foreign currency translation of cash and cash equivalents	- 91	- 252	- 254	- 41
Cash and cash equivalents period end	37,674	43,552	37,674	43,552

Cash and cash equivalents period end
Cash	37,674	43,552	37,674	43,552
Cash and cash equivalents period end	37,674	43,552	37,674	43,552

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 – December 31, 2024, 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 subsidiaries.

The condensed consolidated interim financial statements refer to certain key performance indicators, which Better Collective 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 important 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

All new or amended standards (IFRS) and interpretations (IFRIC) as adopted by the EU and which are effective for the financial year beginning on January 1, 2024, have been adopted. The implementation of these new or amended standards and interpretations had no material impact on the condensed consolidated interim financial statements.

Accounting policies

The condensed consolidated interim financial statements have been prepared using the same accounting policies as set out in note 1 of the 2023 annual report which contains a full description of the accounting policies for the Group and the parent company. The lifetime of accounts and other intangible assets has been reassessed in connection with acquisitions in 2024. The lifetime for accounts is 3-5 years and for other intangible assets 2-3 years.

The annual report for 2023 including full description of the accounting policies can be found on Better Collective's website: https://storage.mfn.se/9896a1ee-39d1-49c3-a0fd-7447b83bcb8e/annual-report-2023.pdf

Significant accounting judgements, estimates and assumptions

The preparation of condensed consolidated interim financial statements requires management to make judgements, estimates 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 2023 which contains a full description of significant accounting judgements, estimates and assumptions.

2. Segments

Publishing and Paid Media

Better Collective operates two different business models regarding customer acquisition with different earningsprofiles. The segments Publishing and Paid Media have been measured and disclosed separately for Revenue, Cost and Earnings. The Publishing business includes revenue from Better Collective's proprietary online sports media and media partnerships where the audience is coming either directly or through organic search results, whereas Paid Media generates revenue through paid ad-traffic to our brands, thereby running on a lower gross margin.

The performance for each segment is presented in the below tables:

		Publishing Paid Media		Group

tEUR	Q4 2024	Q4 2023	Q4 2024	Q4 2023	Q4 2024	Q4 2023
Revenue Share	34,806	28,842	13,255	11,479	48,061	40,321
CPA	7,402	11,891	12,075	14,221	19,477	26,112
Subscription	6,123	5,290	0	0	6,123	5,290
Sponsorships	13,181	9,354	0	381	13,182	9,735
CPM	8,890	3,643	0	0	8,890	3,643
Other	450	95	1	0	450	95
Revenue	70,852	59,114	25,330	26,081	96,182	85,195
Cost	45,435	36,924	17,225	18,757	62,660	55,680
Operating profit before depreciation, amorti
zation and special items	25,417	22,190	8,105	7,324	33,522	29,514
EBITDA-Margin before special items	36%	38%	32%	28%	35%	35%
Special items, net	- 7,436	399	- 21	0	- 7,457	399
Operating profit before depreciation and
amortization	17,981	22,589	8,084	7,324	26,065	29,914
EBITDA-Margin	25%	38%	32%	28%	27%	35%
Depreciation	1,551	1,308	57	39	1,607	1,347
Operating profit before amortization	16,430	21,282	8,028	7,286	24,458	28,567
EBITA-Margin	23%	36%	32%	28%	25%	34%

	Publishing		Paid Media		Group
tEUR	2024	2023	2024	2023	2024	2023
Revenue Share	127,684	120,776	52,598	41,049	180,283	161,825
CPA	40,518	40,590	51,804	63,371	92,323	103,960
Subscription	18,326	17,959	0	0	18,326	17,959
Sponsorships	44,944	29,487	2,382	1,937	47,326	31,424
CPM	32,126	11,333	0	0	32,126	11,334
Other	1,098	182	4	1	1,103	183
Revenue	264,698	220,328	106,789	106,358	371,487	326,686
Cost	180,316	139,685	77,767	75,920	258,084	215,605
Operating profit before depreciation, amorti
zation and special items	84,381	80,642	29,022	30,438	113,403	111,080
EBITDA-Margin before special items	32%	37%	27%	29%	31%	34%
Special items, net	- 10,849	- 1,948	- 37	0	- 10,886	- 1,948
Operating profit before depreciation and
amortization	73,532	78,695	28,985	30,438	102,517	109,132
EBITDA-Margin	28%	36%	27%	29%	28%	33%
Depreciation	6,787	3,909	203	49	6,990	3,958
Operating profit before amortization	66,745	74,785	28,782	30,389	95,527	105,175
EBITA-Margin	25%	34%	27%	29%	26%	32%

2. Segments, continued

Eu r op e & Rest of W or ld an d North Am erica

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. Historical financial figures are reported accordingly.

The performance for each segment is presented in the below tables:

		Europe & RoW North America			Group

tEUR	Q4 2024	Q4 2023	Q4 2024	Q4 2023*	Q4 2024	Q4 2023*
Revenue Share	41,014	35,447	7,047	4,874	48,061	40,321
CPA	12,473	12,498	7,004	13,614	19,477	26,112
Subscription	910	930	5,213	4,361	6,123	5,290
Sponsorships	6,377	5,651	6,805	4,083	13,182	9,735
CPM	6,454	3,500	2,436	145	8,890	3,643
Other	378	83	72	10	450	95
Revenue	67,606	58,108	28,577	27,086	96,182	85,195
Cost	40,889	35,468	21,770	20,212	62,660	55,680
Operating profit before depreciation,
amortization and special items	26,717	22,640	6,806	6,875	33,522	29,514
EBITDA-Margin before special items	40%	39%	24%	25%	35%	35%
Special items, net	- 3,646	383	- 3,810	16	- 7,457	399
Operating profit
before depreciation and amortization	23,070	23,023	2,996	6,891	26,065	29,914
EBITDA-Margin	34%	40%	10%	25%	27%	35%
Depreciation	1,333	1,094	273	252	1,607	1,347
Operating profit before amortization	21,737	21,929	2,723	6,638	24,458	28,567
EBITA-Margin	32%	38%	10%	25%	25%	34%

	Europe & RoW			North America		Group
tEUR	2024	2023	2024	2023*	2024	2023*
Revenue Share	159,671	136,211	20,612	25,614	180,283	161,825
CPA	53,858	49,173	38,465	54,787	92,323	103,960
Subscription	2,787	2,461	15,539	15,499	18,326	17,959
Sponsorships	23,751	18,883	23,576	12,541	47,326	31,424
CPM	23,250	11,186	8,877	150	32,126	11,334
Other	822	172	281	9	1,103	183
Revenue	264,138	218,085	107,349	108,600	371,487	326,686
Cost	167,730	137,902	90,353	77,703	258,084	215,605
Operating profit before depreciation,
amortization and special items	96,407	80,183	16,996	30,897	113,403	111,080
EBITDA-Margin before special items	36%	37%	16%	28%	31%	34%
Special items, net	- 2,716	- 1,060	- 8,170	- 888	- 10,886	- 1,948
Operating profit
before depreciation and amortization	93,692	79,123	8,827	30,009	102,517	109,132
EBITDA-Margin	35%	36%	8%	28%	28%	33%
Depreciation	5,794	2,947	1,196	1,011	6,990	3,958
Operating profit before amortization	87,897	76,176	7,631	28,998	95,527	105,175
EBITA-Margin	33%	35%	7%	27%	26%	32%

*Reclassification has been made on 1,851 tEUR in 2023 figures for North America since publishing Q4 report 2023. The effected lines are revenue share and Other. Recurring revenue has been adjusted accordingly.

3. Revenue specification

In accordance with IFRS 15 disclosure requirements, total revenue is split on revenue category and revenue types as follows:

tEUR	Q4 2024	Q4 2023	2024	2023
Revenue category
Recurring revenue (Revenue share, Subscription, CPM)	63,074	49,253	230,735	191,118
CPA, Sponsorships	32,658	35,846	139,649	135,385
Other	450	95	1,103	183
Total revenue	96,182	85,195	371,487	326,686
%-split
Recurring revenue	66	58	62	58
CPA, Sponsorships	34	42	38	42
Other	0	0	0	0
Total	100	100	100	100

tEUR	Q4 2024	Q4 2023	2024	2023
Revenue type
Revenue Share	48,061	40,321	180,283	161,825
CPA	19,477	26,112	92,323	103,960
Subscription	6,123	5,290	18,326	17,959
Sponsorships	13,182	9,735	47,326	31,424
CPM	8,890	3,643	32,126	11,334
Other	450	95	1,103	183
Total revenue	96,182	85,196	371,487	326,686
%-split
Revenue Share	50	47	49	50
CPA	21	31	25	32
Subscription	6	6	5	5
Sponsorships	14	11	13	10
CPM	9	5	8	3
Other	0	0	0	0
Total	100	100	100	100

4. Share-based payment plans

Long-term incentive programs:

During the last quarter of 2024 the company did not grant any new warrants, and 0 warrants were exercised under the 2019, 2021, 2022, 2023, or 2023 CXO Program. 25,000 warrants related to the 2020 program were exercised and settled in cash during Q4 2024, accordingly no new shares have been issued in connection with the exercise.

During the last quarter of 2024 the company did not grant any new warrants and 0 warrants were exercised under the Action Network management incentive program.

On January 2, 2024, a new LTI program consisting of Performance Stock Units and stock options was announced. Under the program 426,870 options and 61,523 PSUs were granted to certain key employees. Whereas the options have the right to subscribe for one ordinary share, the PSUs have a performance-based element that can increase to two shares for one PSU – both are classified as equity-settled share-based payment transactions. The vesting period runs from 2024-2026 and the exercise period runs from 2027 to 2029.

The Board of Directors keeps the right to change the classification of share-based programs, to cash-settle.

Total share-based compensation:

The total share-based compensation expense recognized for Q4 2024 is 77 tEUR (Q4 2023: 150 tEUR) and the cost in 2024 is 1,244 tEUR (2023: 2,509 tEUR).

5. Special items

Special items consist of recurring and non-recurring items that management does not consider to be part of the group's ordinary operating activities, i.e. acquisition costs, dual listing, adjustment of earn-out payments related to acquisitions, impairments and restructuring 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	Q4 2024	Q4 2023	2024	2023
Operating profit	17,208	20,598	61,447	80,891
Special Items related to:
Special items related to dual listing	0	- 1,129	0	- 1,129
Special items related to M&A	- 865	- 8,508	- 2,223	- 10,224
Variable payments regarding acquisitions - cost	0	0	0	0
Variable payments regarding acquisitions - income	0	9,969	19,114	9,924
Special items related to Restructuring	- 6,592	- 10	- 9,193	- 519
Special items related to impairment	0	0	- 18,584	0
Special items related to Management Incentive Program	0	78	0	0
Special items, total	- 7,457	399	- 10,886	- 1,948

Operating profit (EBIT) before special items	24,665	20,199	72,334	82,839

Amortization and impairment	7,250	7,969	34,080	24,283
Operating profit before amortization
and special items (EBITA before special items)	31,915	28,168	106,413	107,122
Depreciation	1,607	1,347	6,990	3,958
Operating profit before depreciation, amortization,
and special items (EBITDA before special items)	33,522	29,514	113,403	111,080

5. Special items, continued

Due to underperformance from acquisition of SOME content producer and podcast maker Playmaker HQ (not to be confused with Playmaker Capital), Better Collective and the founders and former owners of Playmaker HQ have agreed to renegotiate and settle the earn out. The initial acquisition price of Playmaker HQ was 54mUSD of which 15mUSD was upfront cash. The final price agreed is 25mUSD (23m EUR). Consequently, Better Collective have performed an impairment test based on the reassessment, identifying an impairment of 20mUSD (18m EUR) for the CGU North America, recognized in Q2. The net impact on special items is negative 2.4mEUR, resulting from the aforementioned goodwill impairment and the recognition of the remaining earn-out as income.

On October 28th, it was announced that Management has decided to streamline the Group's business to identify and leverage synergies. Costs related to this amounted to 6 mEUR in Q4, recognized as Special Items related to restructuring.

6. Income tax

Total tax for the period is specified as follows:

tEUR	Q4 2024	Q4 2023	2024	2023
Tax for the period	1,337	6,211	8,850	18,175
Tax on other comprehensive income	2,510	0	1,589	0
Total	3,847	6,211	10,440	18,175

Income tax on profit for the period is specified as follows:

tEUR	Q4 2024	Q4 2023	2024	2023
Deferred tax	- 217	2,033	1,282	3,641
Current tax	836	6,495	7,181	16,400
Adjustment from prior years	718	- 2,317	387	- 1,867
Total	1,337	6,211	8,850	18,175

Tax on the profit for the period can be explained as follows:

tEUR	Q4 2024	Q4 2023	2024	2023
Specification for the period:
Calculated 22% tax of the result before tax	3,605	3,015	9,430	12,762
Adjustment of the tax rates
in foreign subsidiaries relative to the 22%	- 4,092	488	- 3,731	1,955
Tax effect of:
Special items	1,082	295	1,082	868
Special items - taxable items	0	308	0	- 233
Other non-taxable income	- 18	1,682	- 670	- 410
Other non-deductible costs	776	2,976	1,719	3,461
Unrecognized tax losses carried forward	- 733	0	633	2,010
Tax deductible	0	- 235	0	- 371
Adjustment of tax relating to prior periods	718	-2,317	387	-1,867
Total	1,337	6,211	8,850	18,175
Effective tax rate	8.2%	45.3%	20.6%	31.3%

7. Intangible assets

		Domains	Accounts and other
tEUR	Goodwill	and websites	intangible assets*	Total
Cost or valuation
As of January 1, 2024	255,074	466,615	140,065	861,754
Additions	0	0	31,082	31,082
Acquisitions through business combinations	110,157	76,523	41,510	228,190
Transfer	0	0	- 295	- 295
Disposals	0	0	- 4,655	- 4,655
Currency Translation	14,907	10,748	3,359	29,014
At December 31, 2024	380,138	553,886	211,066	1,145,091

Amortization and impairment
As of January 1, 2024	0	0	60,325	60,325
Amortization for the period	0	0	33,966	33,966
Impairment for the period	18,584	0	0	18,584
Amortization on disposed assets	0	0	- 2,151	- 2,151
Currency translation	566	0	1,299	1,865
At December 31, 2024	19,150	0	93,439	112,590

Net book value at December 31, 2024	360,988	553,886	117,628	1,032,501

*Accounts and other intangible assets consist of accounts (65,525 tEUR), Media Partnerships (49,461 tEUR), Development projects (2,088 tEUR) and software and others (554 tEUR)

7. Intangible assets, continued

		Domains	Accounts and other
tEUR	Goodwill	and websites	intangible assets*	Total
Cost or valuation
As of January 1, 2023	183,942	460,513	63,705	708,159
Additions	0	3,412	53,914	57,326
Acquisitions through business combinations	75,335	10,842	29,579	115,756
Transfer	0	0	0	0
Disposals	0	0	- 6,531	- 6,531
Currency Translation	- 4,203	- 8,151	- 602	- 12,956
At December 31, 2023	255,074	466,615	140,065	861,754

Amortization and impairment
As of January 1, 2023	0	0	36,688	36,688
Amortization for the period	0	0	24,283	24,283
Currency translation	0	0	- 646	- 646
At December 31, 2023	0	0	60,325	60,325

Net book value at December 31, 2023	255,074	466,615	79,740	801,429
*Accounts and other intangible assets consist of accounts (30,474 tEUR), Media Partnerships (48,769 tEUR) and software and others
(497 tEUR)

7. Intangible assets, continued

Goodwill and intangible assets with indefinite life

The Group added intangible assets in 2024 from business combinations of AceOdds and Playmaker Capital. Goodwill and domains and websites arising on business combinations are not subject to amortization, but are reviewed annually for impairment, or more frequently if there are any indicators of impairment that are noted during the year. The Group's impairment test for goodwill and domains and websites with indefinite life are based on a value-in-use basis.

Cash-generating units

Goodwill from a business combination is allocated to cash-generating units in which synergies are expected to be generated from the acquisition. A cash-generating unit represents the smallest identifiable group of assets that together have cash inflows that are largely independent of the cash inflows from other assets.

In Q4 2024 Better Collective continues to have four cash generating units with the business acquisitions of Aceodds included in Publishing, and the acquisition of Playmaker Capital Playmaker allocated between existing cash generating units. Goodwill in Playmaker Capital is allocated to the CGU's; Paid Media (9%), Rest of BC (57%) and North America (35%) based on the proportional share of the fair value of acquired intangible assets identified in the Purchase Price Allocation (PPA). This allocation reflects the economic benefits each CGU is expected to generate. The allocation is provisional due to uncertainties regarding measurement of acquired intangible assets.

Performance and cash flows from domains and websites owned by the individual cash generating units are allocated for the basis for impairment.

Recoverable amount

When testing for impairment, the Group estimates a recoverable amount for goodwill and for domains and websites. The recoverable amount is the higher of the asset or cash-generating unit's fair value less costs of disposal and its value in use. The recoverable amount is normally determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. The recoverable amount of domains and websites has been determined on the level of the cash-generating units, as explained above.

7. Intangible assets, continued

Carrying amount of goodwill and Domains and Websites for the CGUs

2024
tEUR	North America	HLTV	Paid Media	Rest of BC	Total
Goodwill	147,852	17,795	87,662	107,678	360,988
Domains and Websites	254,780	20,610	0	278,496	553,886

2023
tEUR	North America	HLTV	Paid Media	Rest of BC	Total
Goodwill	126,399	17,812	73,771	37,092	255,074

Domains and Websites	213,764	20,551	0	232,300	466,615

Impairment test

For all CGUs North America, HLTV, Paid Media and the rest of Better Collective, the Group has performed an impairment test on goodwill and domains and websites as of 31 December, 2024, on a value-in-use basis. Key estimates in the impairment test are growth in revenue, gross profits, discount rate and growth expectations in the terminal period. These are based on current and future development in the four CGUs and on historical data, including expected long-term market growths. Data is based on both internal and external data sources.

The Group uses a 10-year forecast in the Discounted Cash Flow (DCF) model, including a 3-year budget and a 7-year projection leading to steady-state. This period is chosen due to high expected growth in the initial years, with growth gradually reducing to a steady rate by the terminal period. A shorter forecast would result in an inflated terminal value. Therefore, a 10-year period allows for a more accurate present value of the groups assets for impairment assessment.

Management has based the value-in-use by estimating the present value of future cash flows from a three-year forecast for 2025-2027. The forecast indicates an average annual revenue growth up to 11% in 2028 and a normalized average margin of 33%. Beyond the forecast, EBITDA growth, cash conversion and tax-rates have been projected with a time horizon of 7 years until 2034. From 2028 onward, the average gross profit growth rate is estimated to decline. In 2028, the average growth rate is projected to be 9% and the decline continues, reaching 3% by 2034, stabilizing thereafter at a theoretical steady state level in the terminal period.

7. Intangible assets, continued

Based on expected 2034 EBITDA and cash flow, management has applied a terminal value rate of 2.5%. The cash flows assume a discount factor of 9.3% for HLTV, Paid Media, Rest of BC and 11 % for North America based on the Group's weighted average cost of capital (WACC) in all years 2025-2034, with individual tax rates per country (22-25%). The applied pre-tax discount rate was 12% in 2023 for all CGU's.

As at December 31, 2024 and December 31, 2023 the Board of Directors have evaluated goodwill, domains and websites for impairment. The results of the impairment tests for goodwill and domains and websites showed that the recoverable amount exceeded the carrying value and that there was no impairment loss to be recognized, except for the impairment regarding Playmaker HQ, disclosed as special items. The Board of Directors have approved the inputs to the impairment testing and are satisfied that the judgements made are appropriate.

Sensitivity test

Sensitivity tests have been performed to determine the lowest forecast and terminal period growth rates and/or highest discount rates that can occur in the CGUs with indefinite useful life. The sensitivity shows that an increase of 1% in WACC will not result in any impairment loss.

8. Non-current liabilities and other current financial liabilities

Debt to credit institutions

As per December 31, 2024, Better Collective has drawn 260.8 mEUR (2023: 248.7) out of the total committed club facility of 319 mEUR established with Nordea, Nykredit, and Citibank. On July 5, 2024 Better Collective reestablished its 3 year financing agreement with Nordea, Nykredit Bank and Citibank with a total committed facility of 319 mEUR and a 100 mEUR higher accordion option with expiry at the end of October 2026. Better Collective has entered two hedging contracts regarding the interest rate risk for the period October 2024 to October 2026, nominal amount of 550 mDKK each securing the interest rate at 2.32% and 2.34% respectively.

Lease liabilities

Non-current and current lease liabilities, of 12.5 mEUR (2023: 13.3 mEUR) and 4.3 mEUR (2023: 2.7 mEUR) respectively.

Deferred Tax liability

Deferred tax liability as of December 31, 2024, amounted to 98.6 mEUR (2023: 84.7 mEUR). The change from January 1, 2024, originates from changes in deferred tax related to acquisitions, amortization of accounts from acquisitions, and deferred tax changes in the Parent Company and Better Collective US, Inc.

Deferred Tax asset

Deferred tax asset as of December 31, 2024, amounted to 4.5 mEUR (2023: 7.2 mEUR). The change from January 1, 2024, originates from changes in deferred tax related to acquisitions, amortization of accounts from acquisitions, and deferred tax changes in Better Collective US, Inc and Playmaker Capital.

The group has utilized tax assets of 2,010 tEUR related to tax losses carried forward from previous years.

Other financial liabilities

As per December 31, 2024, other non-current and current financial liabilities amounted to 68.9 mEUR (2023: 114.4 mEUR) due to deferred and variable payments related to acquisitions and media partnerships. The decrease from January 1, 2024, is mainly related to changes in earn outs 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.

9. Business combinations

Acquisition of Playmaker Capital

On November 6, 2023 Better Collective announced the acquisition of Playmaker Capital for a total price consideration of 176 mEUR. The consideration comprises 35 % cash and a cap of 65 % shares in Better Collective A/S. The consideration is financed partly by own cash and utilization of available facilities of 72 mEUR as well as a share consideration.

The share consideration payable to Playmaker Capital shareholders, a total of 3,143,009 Better Collective shares, has been provided by Better Collective delivering 1,387,580 existing shares held as treasury shares and by issuing 1,755,429 new shares.

Playmaker Capital is a leading digital sports media group that owns and operates several strong sports media brands across the Americas. The acquisition has been closed on 6 February 2024, and Playmaker Capital are consolidated into Better Collective Group from the closing date.

tEUR

Cash outflow	32,608

Shares	73,314
Cash and cash equivalents	4,840
Purchase amount	110,762

The transferred consideration was in cash and shares in Better Collective A/S.

Acquired net assets at the time of acquisition	tEUR
Domains and websites	76,523
Customer Relations	7,446
Technology	2,137
Other assets	18,034
Deferred tax liabilities	- 18,376
Other liabilities	- 68,314
Identified net assets	17,450
Goodwill	93,312
Total consideration	110,762

A goodwill of 93,312 tEUR emerged from the acquisition of Playmaker Capital as an effect of the difference between the transferred consideration and the fair value of acquired net assets. Goodwill is connected to the future growth expectations given the strong platform and significant synergistic opportunities. The goodwill is not tax deductible.

Transaction costs related to the acquisition of Playmaker Capital amounts to 6,420 tEUR. Transaction costs are accounted for in the income statements under "special items" since the announcement. The acquisition was completed on February 6, 2024. If the transaction had been completed on January 1, 2024 the group's revenue would have amounted to 375 mEUR and result after tax would have amounted to 37 mEUR. The purchase price allocation is provisional due to uncertainties regarding measurement of acquired intangible assets.

Acquisition of AceOdds

On May 16, 2024 Better Collective announced the acquisition of AceOdds for a total price consideration of 43 mEUR. The consideration consist of 38 mEUR in cash and 2mEUR as shares in Better Collective A/S. AceOdds is a UK sports betting media brand with its roots in the UK, and this acquisition is poised to enhance Better Collective's presence across the UK, significantly. The acquisition is a strategic move for Better Collective with significant synergistic opportunities. The acquisition was closed on 16 May 2024, and AceOdds are consolidated into Better Collective Group from the closing date.

tEUR

Purchase amount	42,969
Cash and cash equivalents	2,919
Shares	2,340
Cash outflow	37,710

The transferred consideration was in cash and shares in Better Collective A/S.

Acquired net assets at the time of acquisition	tEUR
Accounts	31,927
Other receivables and assets	680
Cash	2,919
Corporate Tax	- 1,420
Deferred Tax Liability	- 7,982
Identified net assets	26,124
Goodwill	16,845
Total consideration	42,969

A goodwill of 16,845 tEUR emerged from the acquisition of AceOdds as an effect of the difference between the transferred consideration and the fair value of acquired net assets. Goodwill is connected to the future growth expectations given the strong platform and significant synergistic opportunities. The goodwill is not tax deductible.

Transaction costs related to the acquisition of AceOdds amounts to 283 tEUR. Transaction costs are accounted for in the income statements under "special items" since the announcement. The acquisition was completed on May 16, 2024. If the transaction had been completed on January 1, 2024 the group's revenue would have amounted to 376 mEUR and result after tax would have amounted to 38 mEUR. The purchase price allocation is provisional due to uncertainties regarding measurement of acquired intangible assets.

10. Note to cash flow statement

tEUR	Q4 2024	Q4 2023	2024	2023
Acquisition of business combinations:
Net Cash outflow
from business combinations at acquisition	0	- 7,387	- 70,318	- 57,282
Business Combinations
deferred payments from current period	0	0	0	0
Deferred payments
- business combinations from prior periods	- 3,052	0	- 50,133	0
Total cash flow from business combinations	- 3,052	- 7,387	- 120,451	- 57,282
Acquisition of intangible assets:
Acquisitions through asset transactions	0	- 30,576	- 5,806	- 50,639
Deferred payments related to acquisition value	0	- 494	0	- 494
Deferred payments
- acquisitions from prior periods	0	- 7	- 8,500	- 9,745
Intangible assets with no cash flow effect	0	14,834	0	33,613
Other investments	- 4,943	0	- 19,226	- 203
Total cash flow from intangible assets	- 4,943	- 16,243	- 33,532	- 27,469

Financial statements for the period

Income statement – Parent company

tEUR	Q4 2024	Q4 2023	2024	2023
Revenue	33,188	27,207	129,221	98,513
Other operating income	12,083	339	21,435	12,516
Direct costs related to revenue	4,686	5,065	21,306	23,071
Staff costs	14,012	10,762	52,240	40,796
Depreciation	603	616	2,978	1,438
Other external expenses	7,842	5,742	26,487	18,632
Operating profit before amortization (EBITA) and special items	18,128	5,360	47,645	27,091
Amortization	3,273	3,791	13,420	9,908
Operating profit (EBIT) before special items	14,855	1,569	34,225	17,182
Special items, net	- 935	1,755	960	312
Operating profit	13,920	3,324	35,186	17,494
Financial income	32,997	21,059	80,222	70,010
Financial expenses	2,569	20,595	34,749	45,054
Profit before tax	44,348	3,788	80,658	42,450
Tax on profit for the period	6,711	984	9,549	3,181
Profit for the period	37,637	2,804	71,109	39,269

Statement of other comprehensive income

tEUR	Q4 2024	Q4 2023	2024	2023
Profit for the period	37,637	2,804	71,109	39,269
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	- 126	- 483	- 180	- 483
Currency translation to presentation currency	- 211	0	- 2,688	- 910
Currency translation of non-current intercompany loans	0		0	0
Income tax	28	0	146	0
Net other comprehensive income/loss	- 309	- 483	- 2,722	- 1,393
Total comprehensive income/(loss) for the period, net of tax	37,328	2,321	68,387	37,877

Statement of financial position – Parent company

tEUR	2024	2023
Assets
Non-current assets
Intangible assets
Goodwill	17,795	17,812
Domains and websites	169,227	167,831
Accounts and other intangible assets	46,543	50,418
Total intangible assets	233,565	236,061
Tangible assets
Right of use assets	7,750	7,469
Fixtures and fittings, other plant and equipment	2,891	2,494
Total tangible assets	10,641	9,962
Financial assets
Investments in subsidiaries	377,085	234,330
Receivables from subsidiaries	372,121	282,016
Deposits	1,000	940
Total financial assets	750,206	517,285
Total non-current assets	994,413	763,308
Current assets
Trade and other receivables	22,089	15,735
Receivables from subsidiaries	39,698	13,153
Tax receivable	0	1,479
Prepayments	3,220	2,453
Other current financial assets	0	6,804
Cash	12,667	17,825
Total current assets	77,675	57,450
Total assets	1,072,088	820,758

tEUR	2024	2023
Equity and liabilities
Equity
Share Capital	631	554
Share Premium	469,460	274,580
Reserves	- 23,876	- 21,876
Retained Earnings	260,171	189,953
Total equity	706,387	443,211
Non-current Liabilities
Debt to credit institutions	259,691	248,657
Lease liabilities	6,043	6,024
Deferred tax liabilities	18,375	13,832
Other non-current financial liabilities	34,887	25,261
Total non-current liabilities	318,996	293,774
Current Liabilities
Prepayments received from customers and deferred revenue	4,612	312
Trade and other payables	6,302	11,495
Payables to subsidiaries	17,579	11,993
Tax payable	2,433	196
Other current financial liabilities	13,856	58,295
Lease liabilities	1,924	1,483
Total current liabilities	46,705	83,773
Total liabilities	365,701	377,547
Total equity and liabilities	1,072,088	820,758

Statement of changes in equity – Parent company

			Currency transla
tEUR	Share capital	Share premium	tion re serve	Hedging reserves	Treasury shares	Retained earnings	Total equity
As of January 1, 2024	554	274,580	- 336	- 483	- 21,057	189,952	443,211
Result for the period	0	0	0	0	0	71,109	71,109
Fair value adjustment of
hedges	0	0	0	- 180	0	0	- 180
Foreign currency translation	0	0	- 2,688	0	0	0	- 2,688
Tax on other
comprehensive income	0	0	0	146	0	0	146
Total other
comprehensive income	0	0	- 2,688	- 34	0	0	- 2,722
Total comprehensive income for the year	0	0	- 2,688	- 34	0	71,109	68,387

Transactions with owners
Capital Increase	77	194,880	0	0	0	- 1,758	193,199
Acquisition of treasury shares	0	0	0	0	- 22,533	0	- 22,533
Disposal of treasury shares	0	0	0	0	23,254	9,017	32,271
Share based payments	0	0	0	0	0	- 5,131	- 5,131
Transaction cost	0	0	0	0	0	- 3,018	- 3,018
Total transactions with owners	77	194,880	0	0	721	- 890	194,788
At December 31, 2024	631	469,460	- 3,024	- 517	- 20,336	260,171	706,387
During the period no dividend was paid.

			Currency transla
tEUR	Share capital	Share premium	tion re serve	Hedging reserves	Treasury shares	Retained earnings	Total equity
As of January 1, 2023	551	272,550	574	0	- 7,669	145,047	411,054
Result for the period	0	0	0	0	0	39,269	39,269
Fair value adjustment of
hedges	0	0	0	- 483	0	0	- 483
Foreign currency translation	0	0	- 910	0	0	0	- 910
Tax on other
comprehensive income	0	0	0	0	0	0	0
Total other
comprehensive income	0	0	- 910	- 483	0	0	- 1,393
Total comprehensive income for the year	0	0	- 910	- 483	0	39,269	37,877

Transactions with owners
Capital Increase	3	2,030	0	0	0	3,154	5,187
Acquisition of treasury shares	0	0	0	0	- 13,375	0	- 13,375
Disposal of treasury shares	0	0	0	0	0	0	0
Share based payments	0	0	0	0	0	2,495	2,495
Transaction cost	0	0	0	0	- 13	- 12	- 26
Total transactions with owners	3	2,030	0	0	- 13,389	5,636	- 5,720
At December 31, 2023	554	274,580	- 336	- 483	- 21,057	189,952	443,211

During the period no dividend was paid.

Alternative Performance Measures and Definitions

The group 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
Earnings per share (EPS)	Net Profit for the period / (Average number of shares - Average number of treasury shares held by the company)	The group reports this APM for users to monitor de velopment in the net profit per share.
Diluted earnings per share	Net profit for the period / (Average number of shares + Average number of outstanding warrants - Average number of treasury shares held by the company)	The group reports this APM for users to monitor de velopment in the net profit per share, assuming full dilution from active warrant programs.
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.

Alternative Performance Measure	Description	SCOPE
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.
Operating profit before amortizations and special 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, e.g. 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.
Liquidity ratio	Current Assets / Current Liabilities	Measures the ability of the group to pay its current liabilities using current assets.
Equity to assets ratio	Equity / Total Assets	Reported to show how much of the assets in the company is funded by equity
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 e.g. if players continue to bet with gaming opera	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, e.g. revenues reflecting one-time settlements with gaming operators.
	tors with which BC has revenue share agree ments, customers continue current subscrip tions or if BC on a current basis receive reve nues from customers having current market ing agreements in respect of banners, etc. on the group's websites. Accordingly, it includes Revenue share income, CPM /Advertising and subscription revenues.
CLV	The Customer Lifetime Value (CLV) shows expected revenue generated throughout the lifetime of a New Depositing Customer (NDC). This measure is pivotal for under standing how much value a NDC is antici pated to bring to the Group. The prerequi sites going into the CLV are a number of fac tors such as average value, average fre quency, 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.

Definitions

Term	Description
PPC	Pay-Per-Click
SEO	Search Engine Optimization
Sports win margin	Sports net player winnings (operators) / 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, CPM/Advertising 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 A/S, a company registered under the laws of Denmark

*Net debt definition has been changed from Q3, 2023 so it is excluding earn-outs. Comparatives have been changed accordingly.

Better Collective A/S Sankt Annæ Plads 26 -28 125 0 Copenhagen K Denmark

CVR no 27 65 29 13 +45 29 91 99 65 [email protected] bettercollective.com

Q4 report 2024 Page 37

AI Terminal

Better Collective A/S

8641_10-k_2025-02-19_388fc29e-b167-4b2c-b8ea-2f1a9efc9781.pdf

Interim report Q4, 2024

February 19, 2025 Better Collective A/S Sankt Annæ Plads 28-30 1250 Copenhagen (DK) www.bettercollective.com CVR NO.: 27 65 29 133

Full year 2024 highlights

Other highlights

Table of contents

Q4 webcast February 20th, 2025

Upcoming events

Highlights Q4, 2024

Financial targets

2025 guidance

2025 guidance implications

Adjusted long-term guidance for 2027

2027 guidance assumptions

Disclaimer

Significant events after close

Financial highlights and key figures

CEO letter

Navigating a challenging year and positioning for future growth

Business review and financial performance

Group

Key figures for the group

Publishing

Key figures for the Publishing segment

Paid Media

Key figures for the Paid Media segment

Europe & Rest of World

Key figures for Europe & RoW segment

North America

Key figures North America segment

Financial performance for the period

Revenue growth of 14% to 371 mEUR

Cost of 258 mEUR - up 20%

Special items

Earnings

Net financial items

Income tax

Net profit

Equity

Balance sheet

Investments

Cash flow and financing

The parent company

Other

Shares and share capital

Shareholder structure

Incentive programs

Risk management

Contacts

About

Statement by the Board of Directors and the Executive Management

Copenhagen, February 19, 2025

Executive Management

Condensed interim financial statements for the period

Consolidated income statement

Consolidated statement of other comprehensive income

Consolidated statement of financial position

Consolidated statement of changes in equity

Consolidated statement of cash flows

Notes

1. General information

Basis of preparation

New financial reporting standards

Accounting policies

Significant accounting judgements, estimates and assumptions

2. Segments

Publishing and Paid Media

2. Segments, continued

Eu r op e & Rest of W or ld an d North Am erica

3. Revenue specification

4. Share-based payment plans

Long-term incentive programs:

Total share-based compensation:

5. Special items

5. Special items, continued

6. Income tax

7. Intangible assets

7. Intangible assets, continued