Better Collective (BETCO) Q2 2026 earnings summary

Executive summary

• Q2 2026 delivered 9% organic revenue growth to €89 million and a 20% increase in EBITDA before special items to €27 million, with margin expanding to 30%.

• Growth was broad-based, led by North America, talent-led media, and prediction markets, with FIFA World Cup activities significantly boosting engagement and commercial activity.

• New Depositing Customers (NDCs) increased 24% year-over-year to 373,000, and Value of Deposits reached a record €836 million, up 17%.

• Cash flow before special items was €30 million, with a cash conversion rate of 111%.

• Full-year 2026 guidance remains unchanged, supported by strong H1 results and momentum entering the second half.

Financial highlights

• Revenue reached €89.1 million, up 9% year-over-year; EBITDA before special items was €27 million, up 20%, with a 30% margin.

• Cash flow from operations before special items rose 59% to €30 million, with a cash conversion rate of 111%.

• Recurring revenue increased to €53 million, with revenue share income up and recurring revenue up 2%.

• Share buybacks totaled €14 million in H1, with capital reserves at €80 million.

• Net profit was €8.2 million (up from €5.3 million YoY); EPS was €0.15 (up from €0.09 YoY).

Outlook and guidance

• Full-year 2026 guidance is unchanged: 7%-12% organic revenue growth and 8%-18% EBITDA growth.

• 2027-2028 targets include positive organic growth and an EBITDA margin of 35-40%.

• Net debt/EBITDA expected to remain below 3x.

• FIFA World Cup expected to provide a tailwind for user acquisition and activity.

• Regulatory changes in UK and Brazil expected to negatively impact EBITDA by €8 million in 2026.