Better Collective (BETCO) Investor update summary

Regulatory and Context Developments

• Brazil introduced a provisional nationwide ban on fixed-odds betting and online gaming, effective immediately, with a 10-day transition period.

• The measure is valid for 60 days, extendable once, and must be approved, amended, or rejected by Congress.

• The situation is highly uncertain, with potential for legal and legislative changes, coinciding with the presidential election on October 4, 2026.

• The outcome could range from a permanent ban to a return to previous regulations or a new framework.

Financial and Operational Impact

• Previous 2026 revenue expectations from Brazil were about EUR 45 million, or 12% of group revenue.

• 2026 guidance revised: organic revenue growth now 3-8% (was 7-12%), EBITDA growth -7% to +3% (was 8-18%).

• Estimated revenue impact for the remainder of the year is approximately EUR 15 million.

• The Brazilian operation has an annual cost base of about EUR 10 million, with significant prior investments in market establishment and compliance.

• 2027-2028 financial guidance suspended due to uncertainty.

Strategic and Capital Allocation Responses

• Share buyback program execution is suspended to preserve financial flexibility.

• Mitigating measures will be considered if restrictions persist, including cost base adjustments in Brazil and related group functions.

• No reliance on a regulatory reversal is factored into the 2026 outlook.

• Majority of Brazilian revenue is from revenue share agreements; impact depends on partners' responses.