Better Collective A/s Stock Earnings Reports

Better Collective reported a solid start to 2026 with Q1 revenue of EUR 86m (5% reported, 9% in constant currencies) and operational earnings (EBITDA before special items) of EUR 25m, up 14% year-over-year. Key operational highlights: strong 46% growth in North American revenue share (now a larger share of recurring revenue), value of deposits up 15% to EUR 799m (indicating higher player value), and Paid Media delivering robust growth and margins. Strategically, Better Collective expanded its Playbook partnership to be the global partner to X (integrating private messaging, analytics and direct bet links) and is positioning to capture the emerging prediction markets opportunity via dedicated hubs, product integrations and paid-media capabilities. The company continues diversification into talent-led media and brand partnerships (e.g., Playmaker HQ, HLTV), preparing for revenue and engagement tailwinds from the 2026 FIFA World Cup. Financially, cash conversion was strong (101% in Q1), capital reserves are EUR 75m (EUR 20m cash + EUR 55m unused facilities), and the company launched a share buyback program up to EUR 40m (nearly EUR 7m executed in Q1). Guidance remains unchanged for 2026: organic revenue growth 7–12%, EBITDA growth 8–18%, annual share buyback of EUR 40m, and net debt/EBITDA below 3x. Management notes Brazil remains a political/regulatory risk but is not expected to result in an outright ban, and AI is being widely adopted across products and operations.