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Better Collective (BETCO) investor relations material
Better Collective Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 revenue was €82M and EBITDA €23M, both in line with expectations, supported by €12M in cost savings and completion of a €50M cost efficiency program.
Esports established as a standalone, high-margin segment, reflecting growth and audit requirements.
Brazil maintained strong activity post-regulation, though regulatory changes led to an 18% year-over-year revenue decline.
Recurring revenue made up 64% of total, with a new 'value of deposit' KPI introduced to confirm quality and stability.
Positioned for a busy second half with major sports events and a new €20M share buyback program.
Financial highlights
Revenue was €82M for Q2 2025, flat sequentially but down 18% year-over-year; organic growth -19%.
EBITDA before special items was €23M (28% margin), down €6M year-over-year, with €12M in cost savings.
Group costs declined 16% year-over-year, mainly from the efficiency program; staff costs down 13%.
Recurring revenue was €52M, 64% of total, with a €3M increase from Q1 but a 15% year-over-year decline.
Net profit was €5M (EPS €0.09), down from €10M (EPS €0.16) in Q2 2024.
Outlook and guidance
Full-year 2025 guidance unchanged: revenue €320–350M, EBITDA €100–120M, free cash flow €55–75M, net debt/EBITDA <3x.
2027 targets: positive organic growth from 2026, EBITDA margin 35–40%, net debt/EBITDA <3x.
Brazilian regulation expected to cause a 50–70% short-term decline in Brazilian revenue share income, impacting EBITDA by €35–50M.
Growth expected in Europe, Esports, South America (excluding Brazil), Canada, and US.
Anticipate increased activity in H2 due to major sports seasons.
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