Better Collective AS (CHIX:BETCOs)

Q2 2026 Better Collective A/S Earnings Call Transcript

Aug 21, 2026 / 08:00AM GMT

Release Date Price: kr134

Transcript

Key Points

Positve

Revenue grew 9% year-over-year to EUR 89 million, with EBITDA up 20% to EUR 27 million and a 30% margin.
Cash flow before special items reached EUR 30 million, representing a strong 111% cash conversion.
New depositing customers increased 24% year-over-year, with 70% from revenue share agreements, and value of deposits hit an all-time high of EUR 836 million.
North American EBITDA margin improved significantly from 5% to 26%, driven by revenue share transition and prediction markets growth.
Advertising revenue grew 18% year-over-year, with sponsorship revenue up 39% to EUR 16 million, reflecting successful AdVantage strategy.

Negative

Regulatory headwinds in the U.K. (remote gaming duty increase) and Brazil negatively impacted revenue by approximately EUR 2 million each.
CPM revenue declined 16% year-over-year to EUR 6 million, reflecting a shift away from lower-yielding programmatic advertising.
The implied CPA per NDC dropped significantly from EUR 300 to EUR 175, partly due to prediction market dilution and hybrid deal structures.
Costs increased by 5% to EUR 62 million, driven by World Cup activities, Playmaker HQ events, and Paid Media investments.
The company expects additional restructuring charges in Q3 2026 as part of ongoing optimization and AI-driven efficiency initiatives.

Operator

Good day, and thank you for standing by. Welcome to Better Collective Q2 2026 presentation. (Operator Instructions) Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker today, Better Collective VP, Investor Relations and Communications, Mikkel Munch-Jacobsgaard. Please go ahead.

Mikkel Munch;Jacobsgaard;S;Vice President;Group Strategy

Better Collective A;Investor Relations and Corporate Communication

/-- -

Good morning, and welcome to Better Collective's Q2 2026 webcast. My name is Mikkel Munch-Jacobsgaard, VP of Investor Relations and Communications, and I'm joined today by our Co-Founder and Co-CEO, Jesper Sogaard; and CFO, Flemming Pedersen, who will provide today's business update. Please follow me to the next page. We ask you to pay attention to this slide where we display our disclaimer regarding any forward-looking statements in today's webcast. Please turn to the next page.

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