Better Collective
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Better Collective (BETCO) investor relations material

Better Collective Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary26 Feb, 2026

Executive summary

  • Achieved full-year guidance and record Q4 EBITDA despite external headwinds such as Brazil regulation, FX movements, and sports win margin volatility.

  • Strategic transformation included a €50m efficiency program, resulting in a leaner, more scalable platform.

  • Accelerated innovation with the launch of Playbook (AI betting solution) and FanReach (audience segmentation platform), expanding international reach and engagement.

  • Positioned for renewed growth in 2026, supported by a strong sports calendar, World Cup tailwinds, and prediction markets.

Financial highlights

  • Q4 2025 revenue: €94 million, -2% year-over-year, +2% in constant currencies, impacted by sports win margin.

  • Record Q4 EBITDA before special items: €37 million, 39% margin, +10% year-over-year, driven by cost discipline.

  • Full-year 2025 revenue: €337 million, -9% year-over-year; EBITDA before special items: €102 million, -10%.

  • Value of deposits in Q4: €820 million, +6% year-over-year, +13% quarter-over-quarter, reaching an all-time high.

  • Revenue CAGR since 2018: 35%; EBITDA CAGR: 30%.

Outlook and guidance

  • 2026 organic revenue growth expected at 7%-12%; EBITDA before special items guided at €110-120 million (+8%-18%).

  • Medium-term (2027-2028) EBITDA margin target: 35%-40%, supported by scalability and recurring revenue.

  • Annual share buyback of €40 million planned for 2026.

  • Net debt to EBITDA to remain below 3x, with a new €319 million three-year committed bank facility.

Detail AI's risk to future publishing NDCs
M&A facility vs. share buyback priority
North America pure revenue share quality drivers
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Frequently asked questions

Better Collective A/S operates as a sports betting media company worldwide. It develops, markets, and sells products for iGaming operators that require a license to operate online gambling. The company offers various services, including tools and services designed to assist the user in making informed decisions on his gambling behavior; general information about the world of sports betting and betting tips; and resources to help understand the risks associated with excessive gambling that can affect their lives.

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