Better Collective (BETCO) Q4 2025 earnings summary

Executive summary

• Achieved full-year guidance and record Q4 EBITDA despite significant external headwinds, including regulatory changes in Brazil, FX movements, and sports win margin volatility.

• Strategic transformation in 2025 included a simplified, scalable model and execution of a €50m efficiency program.

• Innovation accelerated with the launch of Playbook (AI-powered betting) and FanReach (advanced audience segmentation), expanding international reach.

• Positioned for renewed growth in 2026, with the World Cup expected to be a major catalyst.

Financial highlights

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

• Record Q4 EBITDA before special items: EUR 37 million (+10% year-over-year), 39% margin.

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

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

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

Outlook and guidance

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

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

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

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

• External tailwinds expected from the FIFA World Cup 2026 and prediction markets.