Better Collective Reports Q2 2025 Results in Line with Expectations
The company highlighted that its cost efficiency programme has now been fully implemented, delivering 50 mEUR in annualised savings, while the financial guidance for the full year remains unchanged.
Better Collective has published its Q2 2025 results, reporting revenue of 82 mEUR, in line with expectations, and an EBITDA before special items of 23 mEUR, representing a margin of 28%. Recurring revenue accounted for 64% of total revenue (52 mEUR).
The company highlighted that its cost efficiency programme has now been fully implemented, delivering 50 mEUR in annualised savings, while the financial guidance for the full year remains unchanged.
The Board of Directors has also announced its intention to initiate a new 20 mEUR share buyback programme once the current programme concludes.
Jesper Søgaard, Co-founder & Co-CEO of Better Collective, commented:
“I’m pleased that our Q2 results were in line with expectations. The first half of the year was a transition period mainly driven by structural changes in key markets such as Brazil. We have completed the restructuring of our business and are ready to capture the opportunities of a sports-rich second half of the year, with preparations for the FIFA World Cup 2026 already underway. I would like to extend my sincere appreciation to all colleagues for your dedication and efforts during this transition phase.”
Q2 2025 Performance Highlights
Revenue decreased by 18% year-on-year to 82 mEUR, with organic growth down 19%, reflecting structural market changes.
Brazil: Revenue-share income came in 8 mEUR lower than last year, though still ahead of expectations, supported by strong player retention and wagering activity.
North America: Revenue fell by 8 mEUR versus Q2 2024 (including a 2 mEUR FX impact), reflecting lower marketing spend and the prior year’s North Carolina launch. Revenue share income increased 7% in the quarter.
Tournament effect: Last year’s UEFA EURO 2024 and Copa América delivered a 5 mEUR comparative boost not repeated in Q2 2025.
Growth areas: Paid Media revenue rose by 4 mEUR; Esports maintained momentum; M&A contributions from AceOdds added growth.
Recurring revenue fell 15%, driven by a 15% decline in revenue share due to Brazilian regulation. Subscription revenue rose 8%, supported by community-based media in North America.
Group costs declined by 12 mEUR year-on-year, with annualised savings meeting the 50 mEUR target.
Free cash flow reached 13 mEUR in Q2 and 21 mEUR YTD, in line with guidance.
Capital reserves stood at 87 mEUR at the end of June, including 22 mEUR cash and 65 mEUR in unused credit facilities.
Strategic Developments
Esports has been reported as a separate segment from Q2, anchored by HLTV and FUTBIN, generating 5 mEUR in quarterly revenue.
Digital sports audience grew by 10% to 450m monthly visits as of April 2025.
April 2025 AGM approved cancellation of 1.8% of share capital; Thomas Plenborg was elected to the Board.
Share buybacks: 10 mEUR completed in April; a further 10 mEUR programme initiated in May, with a new 20 mEUR programme planned.
Customer Trends
New Depositing Customers (NDCs) totalled 300,000 in Q2, of which 86% were on revenue share. Brazilian volumes remained constrained by the new regulatory framework, though the underlying NDC trend outside Brazil was stable.
Despite lower NDC volumes, the Value of Deposits continues to rise, reflecting higher-quality referred traffic and stronger player lifetime value, particularly from revenue share transitions in the US.
Better Collective expects to generate 10–15 mEUR in North American revenue share income in 2025.
Outlook
Better Collective confirmed its financial guidance for 2025, with free cash flow expected to reach 55–75 mEUR for the full year.
