Interim report
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Q2 report 2026 Page 1 August 20, 2026 Better Collective A/S Sankt Annæ Plads 28 1250 Copenhagen (DK) bettercollective.com CVR NO.: 27 65 29 13
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Q2 report 2026 Page 2 Q2 25 Q2 26 82 89 +9% Q2 25 Q2 26 23 27 +20% Revenue mEUR INTERIM REPORT Q 2 , 2026 • Revenue of 89 mEUR, growth of 9% • EBITDA before special items 2 7 mEUR, growth of 20 %, with EBITDA - margin increasing by 2 percentage points to 30% • Cash flow from operations before special items increased by 59% to 30 mEUR corresponding to a c ash conversion of 111% • Broad - based growth led by North America, where revenue share, tal- ent - led media, and prediction markets drove expansion , lifting the re- gional EBITDA margin to 26% in Q2 this year from 5% in Q2 last year • FIFA World Cup 2026 delivered the expected business tailwind s with NDCs growing 2 4 % and value of deposits reaching an all - time high • Full - year guidance maintained EBITDA before special items mEUR
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Q2 report 2026 Page 3 Our vision Q2 report 2026 Page 3 Our vision is to become the leading digital sports media group; Better Collective owns and operates global and national sports media, sports betting media, and Esports & gaming communities. We are on a mission to excite fans and foster passionate communiti es worldwide. Our House of Brands attracts more than 112 million unique users, generating more than 450 million sessions and 2.7 billion pageviews a month. Our combined offerings include everything from quality sports content, communities, data insights, and apps, to vi deo content, podcast, and innovative technology.
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Q2 report 2026 Page 4 •
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Q2 report 2026 Page 5 Highlights 6 Highlights after the reporting period 7 Financial targets 9 Financial highlights and key figures 10 CEO letter 11 Business review and financial performance 13 Financial performance for the period 22 Other 24 Statement by the Board of Directors and the Executive Management 26 Condensed interim financial statements for the period 27 Notes 31 Parent Company 40 A live webcast and presentation for Better Collective’s stakeholders will be held on August 21 st , 202 6 , at 1 0:00 CET and can be joined online here . To participate by phone , follow this link . Once signed up , you will receive an email with a phone number and a per- sonal dial - in code for the call. The presentation material for the webcast will be avail- able after market close on August 20 th , 202 6 , via: www.bettercollective.com Upcoming events • Q3 report – November 18th, 2026 • Annual report 2026 – February 24th, 2027 • Q1 report – May 19th , 2027 • Q2 report – August 18 th, 2027 Table of contents Q 2 webcast August 21 st , 202 6 Q2 report 2026 Page 5
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Q2 report 2026 Page 6 Highlights Strong growth and operating leverage in Q2 Better Collective delivered a strong Q2, with organic revenue growth of 9% to 89 mEUR. EBITDA before spe- cial items increased by 20% to 27 mEUR, while the EBITDA - margin expanded by 2 percentage points to 30%, demonstrating the earnings power and scalability of the business. Growth was broad - based across several of Better Col- lective ’ s key strategic priorities , with North America serving as the main engine this quarter . Strong momen- tum in the revenue share transition (increasing 49% to 6 mEUR), alongside talent - led media and prediction mar- kets, lifted the North American EBITDA margin before special items from 5% to 26%, providing further proof that the regional transition is delivering. Sponsorship revenue increased by 39%, driven by strong commercial momentum at Playmaker HQ and HLTV. Demand from commercial partners seeking ac- cess to highly engaged sports audiences remains strong, supporting further growth and continued diversification o f the revenue base. CPA revenue increased by 11% to 19 mEUR. In North America, CPA revenue grew by 50% to 5 mEUR, primarily driven by strong momentum within Prediction Markets as competition intensified. Better Collective also launched its AI - powered betting solution, Playbook ™ , in Brazil ahead of the FIFA Men ’ s World Cup. Initially available through X, Telegram and Discord, the launch marks an important step in Play- book ’ s international expansion and strengthens Better Collecti ve ’ s ability to help sportsbook partners engage and retain high - quality audiences. The FIFA World Cup 2026 in men ’ s soccer provided the expected boost to activity across the business. Sports Media, Betting Media and Paid Media all benefited from strong tournament momentum, with NDCs growing 2 4 % and Value of Deposits reaching an all - time high. This strong underlying customer activity provides a solid foundation for future revenue share growth. Momentum was also evident across other parts of the business. Talent - led Media launched the new soccer show Man On, while several Sports Media brands deliv- ered solid underlying progress through audience growth, stronger advertising sales and performance ma rketing. Following the strong H1 performance, organic revenue increased by 9% and EBITDA before special items grew by 14%, both measured in constant currencies. Full - year guidance is maintained, with expected revenue growth of 7 - 12% and EBITDA before special items growth of 8 - 18%, both in constant currencies. The targets of 40 mEUR in share buybacks and net debt to EBITDA below 3x are also maintained. Growth more than offset external headwinds The business generated approximately 11 mEUR of rev- enue growth during the quarter, primarily driven by tal- ent - led media, Paid Media, p rediction m arkets and HLTV. This growth more than offset: 1. An approximately 2 mEUR negative impact from the increase in UK Remote Gaming Duty from 21% to 40%, effective from 1 April. 2. An approximately 2 mEUR negative impact from regulatory changes in Brazil. The sports win margin was broadly in line with Q2 2025 and therefore had no material year - over - year impact. 11 mEUR Q2 25 Growth (2 mEUR) Increased UK Remote Gaming Duty (2 mEUR) Brazilian Regulatory Changes Q2 26 82 mEUR 89 mEUR Revenue
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Q2 report 2026 Page 7 Costs increased by 5% to 62 mEUR. This entirely came from direct costs increas ing by 3 mEUR, primarily re- flecting higher activity around the World Cup, increased event activity at Playmaker HQ , and increased invest- ment in Paid Media campaigns. Staff costs declined, while other external expenses remained broadly un- changed. EBITDA before special items increased by 20% to 27 mEUR, corresponding to an EBITDA before special items - margin of 30%. Cash flow from operations before special items was 30 mEUR , up from Q2 2025 of 19 mEUR , with a cash con- version of 111 % . During Q2 , Better Collective completed 8 mEUR of share buybacks and 14 mEUR during H1 . Better Collective has bank credit facilities for a total of 319 mEUR. By the end of June 2026, capital reserves stood at 80 mEUR consisting of cash of 25 mEUR and unused bank credit facilities of 55 mEUR . Highlights after the reporting period After the quarter, Better Collective accelerated the inte- gration of technology platforms, CMS consolidation and content automation across its House of Brands. The transformation also included organizational changes to simplify operations, capture synergies and scale and align resources with the areas offering the strongest long - term growth potential. On July 13 2026, Better Collective launched in Alberta , Canada as the province opened its regulated online sports betting and iGaming market. Through brands in- cluding The Nation Network, Action Network and Can- ada Sports Betting, as well as Playbook ™ and its Paid Media capabilities, Better Collective is positioned to connect operators with highly engaged sports fans and scale its North American revenue share model into a new regulated market. Q2 report 2026 Page 7 EBITDA before special items 23 mEUR 7 mEUR Q2 25 Revenue growth (3 mEUR) Paid Media spend and increased event activity Q2 26 27 mEUR
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Q2 report 2026 Page 8 New Depositing Customers increased by 24% to 373 , 000 New Depositing Customers developed strongly during the quarter, increasing by 2 4 % year over year and 21% quarter over quarter to 373,000. Of the total, 70% were generated through revenue share agreements. The NDC growth was supported by the FIFA Men ’ s World Cup and continued momentum within Prediction Markets. CPA - based NDCs increased on a relative basis , driven by strong commercial momentum within Prediction Mar- kets in North America, where partner agreements are structured on a CPA basis. Value of D eposits reach ed all - time high Introduced as an external KPI in Q2 2025, Value of De- posits (VoD) measures the total amount deposited dur- ing the quarter by users referred under revenue share agreements. The KPI provides insight into the level of activity and deposit value generated acros s Better Col- lective ’ s revenue share databases. During Q2 , VoD reached an all - time high of 836 mEUR, increasing by 17% year over year and 5% quarter over quarter. The continued growth reflects strong activity across the revenue share databases and supports the ongoing development and maturation of these cus- tomer cohorts. For clarity, VoD represents deposits generated within the quarter and is not a cumulative metric. 200 400 600 800 0 Q1 2020 Q2 Q3 Q4 Q1 2021 Q2 Q3 Q4 Q1 2022 Q3 Q4 Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Q3 Q4 Q1 2026 Q2 Q2 NDC development (’000 NDCs) VoD development (mEUR) 200 400 600 0 Q1 2020 Q2 Q3 Q4 Q1 2021 Q2 Q3 Q4 Q1 2022 Q2 Q4 Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Q3 Q4 Q1 2026 Q2 Q3
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Q2 report 2026 Page 9 Financial targets 2026 guidance Guidance for 202 6 is unchanged as follows: • Organic revenue growth 7 - 12% • EBITDA before special items growth 8 - 18% • Annual share buybacks of 40 mEUR • Net debt to EBITDA below 3x 202 6 guidance imp lications The guidance is in constant currencies. M anagement ex- pects underlying growth across all business segments. The FIFA World Cup is tak ing place during the summer across several of Better Collective’s core markets, providing a meaningful tailwind to user acquisition, re- activation, and overall activity levels. The increase in UK Remote Gaming Duty and regulatory changes in Brazil are expected to negatively impact EBITDA before special items by approximately 8 mEUR in 2026. The Board of Directors has decided to guide for an an- nual 40 mEUR share buybacks. Net debt to EBITDA is to stay below 3x. 2027 - 2028 financial targets • Organic revenue growth • EBITDA - margin before special items at 35 - 40% • Continued strong cash conversion • Net debt to EBITDA below 3x Capital allocation policy • Reduction of net interest - bearing debt when lev- erage exceeds 3x net debt/EBITDA level. • Investments in organic growth initiatives and se- lective, value - accretive acquisitions. • Distribution to shareholders, primarily through share buybacks, secondarily, dividends. Disclaimer This report contains certain forward - looking statements and opinions. Forward - looking statements are state- ments that do not relate to historical facts and events. Such statements or opinions pertaining to the future, for example , wording like; “believes”, “deems”, “estimates”, “anticipates”, “aims’, and “forecasts” or similar expres- sions are intended to identify a statement as forward - looking. This applies to statements and opinions con- cerning the future financial returns, plans , and expecta- tions with respe ct to the business and management of Better Collective , future growth, profitability, general economic and regulatory environment, and other mat- ters affecting Better Collective. Forward - looking statements are based on current esti- mates and assumptions made according to the best of Better Collective ’s knowledge. These statements are in- herently associated with both known and unknown risks, uncertainties, and other factors that could cause the re- sults, including Better Collective ’s cash flow, financial condition, and operations, to differ materially from the results, or fail to meet expectations expressly or implic- itly, assumed or described in those statements or to turn out to be les s favorable than the results expressly or im- plicitly assumed or described in those statements. Bet- ter Collective can give no assurance regarding the future accuracy of the opinions set forth herein or as to the ac- tual occurrence of any predicted developments and/or targets. Considering the risks, uncertainties , and assumptions associated with forward - looking statements, it is possi- ble that certain future events may not occur. Moreover, forward - looking estimates derived from third - party studies may prove to be inaccurate. Actual results, per- formance or events may differ materially from those in such statements e.g. due to changes in general eco- nomic conditions, in particular economic conditions in the markets in which Better Collective operates, changes affecting interest rate levels, changes affecting currency exchange rates, changes in competition levels, changes in laws and regulations, and occurrence of ac- cidents or environmental damages and systematic de- livery failures. We undertake no obligation to update or revise any for ward - looking statements, whether be- cause of new information, future events , or otherwise, except to the extent required by law.
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Q2 report 2026 Page 10 Financial highlights and key figures tEUR Q2 2026 Q2 2025 YTD 2026 YTD 2025 2025 Income statements Revenue 89,120 81,549 175,443 164,140 336,669 Recurring revenue 53,467 52,485 103,608 101,532 206,484 Operating profit before depreciation, amortization, and special items (EBITDA before special items) 26,977 22,519 52,064 44,524 102,053 Depreciation 1,457 1,750 3,163 3,715 6,864 Operating profit before amortization and special items (EBITA before special items) 25,520 20,769 48,900 40,809 95,189 Special items, net - 1,545 - 2,899 - 3,355 - 3,624 - 10,411 Amortization and impairment 9,785 8,019 18,376 16,575 33,807 Operating profit before special items (EBIT before special items) 15,735 12,750 30,524 24,234 61,382 Result of financial items - 3,274 - 6,575 - 5,812 - 12,351 - 19,790 Profit after tax 8,227 5,280 15,549 8,919 23,59 1 Earnings per share (in EUR) 0.15 0.09 0.27 0.15 0.41 Diluted earnings per share (in EUR) 0.14 0.08 0.26 0.14 0.39 Balance sheet Balance Sheet Total 1,106,344 1,085,423 1,106,344 1,085,423 1,074,121 Equity 644,995 641,159 644,99 5 641,159 631,004 Current assets 114,583 103,051 114,583 103,051 100,841 Current liabilities 71,932 61,688 71,932 61,688 62,671 Net interest bearing debt 252,655 250,179 252,655 250,179 258,428 For a definition of financial key figures and ratios, please refer to page 4 3 - 4 4 . tEUR Q2 2026 Q2 2025 YTD 2026 YTD 2025 2025 Cash flow Cash flow from operations before special items 29,912 18,776 55,219 39,418 94,453 Cash flow from operations 29,423 15,001 52,669 33,693 81,595 Investments in tangible assets - 95 - 30 - 148 - 206 - 347 Cash flow from investment activities - 9,985 - 4,724 - 18,944 - 18,403 - 34,679 Cash flow from financing activities - 8,612 - 8,728 - 9,823 - 16,214 - 40,557 Financial ratios Revenue Growth (%) 9% - 18% 7% - 15% - 9% Organic Revenue Growth (%) 9% - 19% 7% - 19% - 11% Organic Revenue Growth in constant currencies 9% - 15 % 9% - 14 % - 7 % Operating profit before depreciation, amortization (EBITDA) and special items margin (%) 30% 28% 30% 27% 30% Operating profit margin (%) 16% 12% 15% 13% 15% Publishing EBITDA before special items margin (%) 29% 26% 29% 27% 32% Paid media EBITDA before special items margin (%) 26% 26% 25% 24% 24% Esports EBITDA before special items margin (%) 63% 56% 62% 49% 53% Net interest bearing debt / EBITDA before special items 2.31 2.49 2.31 2.49 2.53 Cash conversion rate before special items (%) 111% 83% 106% 88% 92% Average number of full - time employees 1,535 1,682 1,559 1,685 1,504 Value of Deposits (million) 836 715 1,635 1,399 2,945 NDCs (thousand) 373 300 681 616 1,200
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Q2 report 2026 Page 11 CEO l etter Q2 demonstrated the earnings power of our business Q2 was a strong quarter for Better Collective. Organic revenue increased by 9%, while EBITDA before special items grew by 20% to 27 mEUR and the margin ex- panded by 2 percentage points to 30%. The result was delivered despite regulatory headwinds in the UK and Brazil. P layer activity continues to perform well, anchored by Value of Deposits reaching all - time high and NDCs growing nicely , both supported by the FIFA World Cup. Overall growth was broad - based, with North America being the core driver. Momentum across revenue share (+49%), talent - led media, and prediction markets in- creased North American EBITDA before special items from 1 mEUR to 6 mEUR, expanding the regional margin from 5% to 26% and confirming the success of the tran- sition Following H1, organic revenue growth was 9% and EBITDA before special items growth was 14%, both in constant currencies. This places Better Collective within its full - year guidance ranges of 7 - 12% and 8 - 18%, respec- tively. The full - year guidance is maintained. Prediction markets continued to contribute positively, particularly within Publishing, as North American CPA revenue grew 50% to 5 mEUR. User interest remained strong, while increasing competition among operators supported demand for efficient distribution and high - quality customer acquisition. Although prediction mar- kets remain an emerging revenue stream, the category provided a positive contribution during the quarter. Sponsorship revenue increased by 39%, driven by strong commercial demand across several of our pre- mium sports media brands and the continued success of Playmaker HQ and HLTV. This demonstrates the value of owning trusted brands and highly engaged sports co m- munities that are attractive not only to sportsbooks, but also to a broader range of global consumer brands. Since acquiring Playmaker HQ in 2023, we have strengthened its talent network, commercial capabili- ties, and content formats. During Q2, the business con- tinued to make strong progress in audience engage- ment and commercial revenue. One of the standout moments was the success of The Roommates Show, hosted by New York Knicks stars Jalen Brunson and Josh Hart. Following the Knicks’ NBA championship victory, the show hosted a live event at the Madison Square Garden complex, selling more than 5,000 tickets in less than 15 minutes. This was a land- mark moment for the show and a strong illustration of Q2 report 2026 Page 11
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Q2 report 2026 Page 12 the cultural relevance and audience connection that tal- ent - led media can create. Talent - led formats provide commercial partners with access to highly engaged and clearly defined audiences. We continue to see strong demand from sportsbook partners and, increasingly, from blue - chip brands out- side sports betting. This broadens both our cu stomer base and the range of ways in which we can monetize our audiences. Paid Media continued to grow despite the impact of in- creased UK casino taxation and the developments in Brazil. Investments are continuously adjusted according to expected returns, performance, and market condi- tions, supported by proprietary data and AI mo dels. Our ability to redirect investment toward the most attractive opportunities provides flexibility in capital allocation and remains central to how we manage and scale the business. The FIFA World Cup 2026 was naturally a major focus during the quarter, with the first phase of the tourna- ment taking place in June. Following more than a year of preparation across our brands, products, and com- mercial teams, the tournament generated the h igh ac- tivity levels we expected, with user acquisition, reacti- vation, engagement, and sports win margin developing broadly in line with our assumptions. During the quarter, we expanded Playbook into Brazil, representing another step in its development as a global sports betting product. By simplifying the user journey and helping users discover and compare relevant bet- ting opportunities, Playbook is intend ed to improve the user experience and strengthen the value we deliver to our commercial partners. Alongside delivering growth, we continue to improve how Better Collective operates. During the quarter, we made further progress in simplifying the organization, reducing fragmentation, and creating a more scalable operating model across our House of Brand s. We have now consolidated our content management systems, creating a more integrated technology foundation across our brands. This reduces duplication, improves our ability to share products and capabilities, and ena- bles us to scale content and commercia l initiatives more efficiently across the portfolio. We are also implementing AI - driven efficiency gains across content, product development, data analysis, and selected commercial and support processes. The aim is to automate repetitive and standardized work, improve scalability, and allow our people to foc us on areas where human judgment, creativity, relationships, and strategic decision - making create the greatest value. I would like to thank all our employees for their contin- ued dedication and hard work, with a special thank you to the many colleagues who worked long hours before and during the FIFA World Cup. The commitment across our brands, products, platforms, and commercial teams was instrumental in ensuring that we were well prepared for the tournament and able to capture th e high level of activity it generated. I would also like to thank our customers and commercial partners for their trust and collaboration, and our share- holders and other stakeholders for their continued sup- port. Jesper Søgaard Co - CEO & Co - Founder
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Q2 report 2026 Page 13 Business review and financial performance Group Better Collective delivered a strong Q2, with organic revenue growth of 9% to 89 mEUR. EBITDA before spe- cial items increased by 20% to 27 mEUR, while the mar- gin expanded by 2 percentage points to 30%, demon- strating the earnings power and scalability of the busi- ness. Growth was broad - based across several of Better Col- lective ’ s key strategic priorities. Recurring revenue increased by 2% to 53 mEUR, sup- ported by growth in revenue share income, particularly in Paid Media and North America, despite regulatory headwinds in the UK and Brazil. The b road - based growth was anchored by North Amer- ica as the main engine, where strong momentum in rev- enue share income (up 49% to 6 mEUR), alongside tal- ent - led media and prediction markets, lifted the regional EBITDA margin before special items from 5% to 26% , providing further evidence that the North American transition is delivering Sponsorship revenue increased by 39%, driven by strong commercial momentum at Playmaker HQ and HLTV. Demand from commercial partners seeking ac- cess to highly engaged sports audiences remains strong, supporting further growth and continued diversification o f the revenue base. CPA revenue increased by 11% to 19 mEUR. In North America, CPA revenue grew by 50% to 5 mEUR, primar- ily driven by strong momentum within Prediction Mar- kets as competition intensified. Better Collective also launched its AI - powered betting solution, Playbook ™ , in Brazil ahead of the FIFA Men ’ s World Cup. Initially available through X, Telegram and Discord, the launch marks an important step in Play- book ’ s international expansion and strengthens Better Collecti ve s ability to help sportsbook partners engage and retain high - quality audiences. Following the strong H1 performance, organic revenue increased by 9% and EBITDA before special items grew by 14%, both measured in constant currencies. Full - year guidance is maintained, with expected revenue growth of 7 - 12% and EBITDA before special items growth of 8 - 18%, both in constant currencies. The targets of 40 mEUR in share buybacks and net debt to EBITDA below 3x are also maintained. The business generated approximately 11 mEUR of rev- enue growth during the quarter, primarily driven by tal- ent - led media, Paid Media, p rediction m arkets and HLTV. This growth more than offset: 1. An approximately 2 mEUR negative impact from the increase in UK Remote Gaming Duty from 21% to 40%, effective from 1 April. 2. An approximately 2 mEUR negative impact from regulatory changes in Brazil. The sports win margin was broadly in line with Q2 2025 and therefore had no material year - over - year impact. As in the comparative period, the margin remained above the normalized level, benefiting revenue share income by approximately 3 mEUR. Costs increased by 5% to 62 mEUR. Direct costs in- creased by 3 mEUR, primarily reflecting higher activity around the World Cup, increased event activity at Play- maker HQ, and increased investment in Paid Media cam- paigns. Staff costs declined, while other ext ernal ex- penses remained broadly unchanged. Key figures for the group tEUR Q2 2026 Q2 2025 Growth YTD 2026 YTD 2025 Growth Revenue Share 43,608 41,452 5% 83,126 78,347 6% CPA 19,489 17,524 11% 40,881 39,025 5% Subscription 4,222 4,281 - 1% 8,553 9,205 - 7% Sponsorships 15,654 11,272 39% 29,871 23,044 30% CPM 5,639 6,752 - 16% 11,930 13,981 - 15% Other 508 268 90% 1,083 538 101% Revenue 89,120 81,549 9% 175,443 164,140 7% Cost 62,143 59,031 5% 123,379 119,616 3% Operating profit before depreciation and amortization and special items 26,977 22,519 20% 52,064 44,524 17% EBITDA - Margin before special items 30% 28% 30% 27% Operating profit before depreciation and amortization 25,432 19,620 30% 48,708 40,900 19% EBITDA - Margin 29% 24% 28% 25% Organic Growth 9% - 19% 7% - 19%
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Q2 report 2026 Page 14 EBITDA before special items increased by 20% to 27 mEUR, corresponding to an EBITDA before special items - margin of 30%. Cash flow from operations before special items was 30 mEUR (Q2 2025: 19 mEUR) with a cash conversion of 111% in Q2 2026. In line with Better Collective’s capital allocation policy, the company remains committed to delivering sustaina- ble shareholder returns while maintaining the financial flexibility to pursue long - term growth opportunities. During the period, Better Collecti ve completed 8 mEUR of share buybacks. The program reflects the Group’s dis- ciplined approach to capital allocation, balancing invest- ments in organic growth, strategic business develop- ment including M&A, and direct shareholder returns. Better Collective has bank credit facilities for a total of 319 mEUR. By the end of June 2026, capital reserves stood at 80 mEUR consisting of cash of 25 mEUR and unused bank credit facilities of 55 mEUR. Q2 report 2026 Page 14
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Q2 report 2026 Page 15 Publishing: Trusted content and brands engaging sports fans worldwide Click the stories to see more
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Q2 report 2026 Page 16 Publishing Publishing revenue increased by 11% to 58 mEUR in Q2 , driven primarily by sponsorship and CPA revenue . Sponsorship revenue increased by 44% to 12 mEUR, supported by continued commercial momentum at Playmaker HQ and growing partner demand for talent - led formats, premium sports content and access to highly engaged audiences . CPA revenue increased by 45% to 5 mEUR, mainly re- flecting strong customer acquisition demand from pre- diction market partners in North America. Revenue share income increased by 3% , driven by the strong growth in North America. CPM revenue declined by 15%, or approximately 1 mEUR, partly reflecting a shift in advertiser budgets toward sponsorship activations around the NBA Finals and FIFA World Cup. Subscription revenue was broadly un- changed. Publishing costs increased by 6% . EBITDA before special items increased by 26% to 17 mEUR , and the margin in- creased from 26% to 29%, reflecting operating leverage and a favorable revenue mix. Key figures for the Publishing segment tEUR Q2 2026 Q2 2025 Growth YTD 2026 YTD 2025 Growth Revenue Share 30,858 29,868 3% 58,292 56,222 4% CPA 5,315 3,661 45% 10,717 10,858 - 1% Subscription 4,222 4,281 - 1% 8,553 9,205 - 7% Sponsorships 12,205 8,483 44% 23,399 17,916 31% CPM 4,431 5,223 - 15% 9,482 10,659 - 11% Other 508 268 90% 1,083 538 101% Revenue 57,540 51,785 11% 111,526 105,399 6% Share of Group 65% 64% 64% 64% Cost 40,679 38,415 6% 79,273 77,306 3% Share of Group 65% 65% 64% 65% Operating profit before depreciation and amortization and special items 16,861 13,370 26% 32,254 28,093 15% Share of Group 63% 59% 62% 63% EBITDA - Margin before special items 29% 26% 29% 27% Operating profit before depreciation and amortization 15,686 11,173 40% 29,623 25,171 18% EBITDA - Margin 27% 22% 27% 24% Organic Growth 11% - 24% 6% - 23% Publishing The Publishing business generates revenue from Better Collective’s owned and oper- ated sports media network and its media partnerships. The audience mainly comes from direct traffic and organic search re- sults . * Selection of brands (not exhaustive):
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Q2 report 2026 Page 17 Publishing continues to pursue the significant opportu- nities presented by AI, with several initiatives aimed at improving scalability, content quality, and efficiency. Key developments in Q2 included: • Agentic content creation : Launched an end - to - end agentic content tool that uses multiple AI agents and brand - specific guidelines to create edi- torial content at scale. The tool performed well dur- ing the FIFA World Cup, supporting increased page views while reducing content product ion costs. • AI - powered - tipster content : Continued scaling Better SAID, our AI - powered tipster tool, across multiple brands. During the FIFA World Cup, hun- dreds of manually created expert tips were trans- formed and localized into thousands of unique pieces of content across our House of Brands, sig- nificantly increasing scale and efficiency during the tournament. Q2 report 2026 Page 17
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Q2 report 2026 P age 19 Paid Media Paid Media revenue increased by 6% to 27 mEUR , pri- marily driven by a 10% increase in revenue share income as the underlying customer databases continued to ma- ture. The business saw positive momentum in key markets such as the UK and the US, as well as continued expan- sion in selected emerging geographies to strengthen market diversification . Performance was affected by an approximately 2 mEUR impact from the increase in UK Remote Gaming Duty from 21% to 40 %, effective from 1 April 2026 , as well as by regulatory changes in Brazil . Paid Media continued to advance its data and technol- ogy capabilities and is preparing to launch a fully inte- grated, AI - first operating system. The platform is de- signed to optimize campaigns at a highly granular level, reduce the risk of human error and aut omate mainte- nance - intensive tasks. This will enable employees to dedicate more time to growth initiatives, strategic opti - mization and value - creating activities. EBITDA before special items increased by 6% to 7 mEUR, corresponding to an unchanged margin of ap- proximately 26%. Key figures for the Paid Media segment tEUR Q2 2026 Q2 2025 Growth YTD 2026 YTD 2025 Growth Revenue Share 12,357 11,253 10% 23,984 21,549 11% CPA 14,156 13,856 2% 30,139 28,140 7% Revenue 26,513 25,109 6% 54,123 49,690 9% Share of Group 30% 31% 31% 30% Cost 19,568 18,549 5% 40,413 37,700 7% Share of Group 31% 31% 33% 32% Operating profit before depreciation and amortization and special items 6,945 6,560 6% 13,710 11,990 14% Share of Group 26% 29% 26% 27% EBITDA - Margin before special items 26% 26% 25% 24% Operating profit before depreciation and amortization 6,575 5,858 12% 12,985 11,287 15% EBITDA - Margin 25% 23% 24% 23% Organic Growth 6% - 10% 9% - 12% Paid Media The Paid Media business involves pur- chasing advertising on search engines, social media, and third - party sports me- dia platforms. Because this requires up- front payments for advertising on exter- nal platforms, the gross margin is typi- cally lower than that of the Publishing business, due to substantial direct costs, and may fluctuate with the level of activ- ity and investments into revenue share NDCs . However , Paid Media requires sig- nificantly lower balance sheet invest- ment and a leaner operating setup, mak- ing i t a highly asset - light business model.
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Q2 report 2026 P age 20 Esports: Leading gam ing communities connecting fans worldwide Click the stories to see more
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Q2 report 2026 P age 21 Esports Esports revenue increased by 9% to 5 mEUR, supported by a 24% increase in sponsorship revenue, primarily re- flecting continued commercial momentum and partner demand for access to HLTV ’ s audience . CPM revenue declined by 21%, mainly due to lower en- gagement and advertising monetization at FUTBIN fol- lowing weaker performance of the current EA SPORTS FC title. Product, partnership and monetization initiatives are underway to support renewed engage- ment and growth. Costs declined by 8%, resulting in EBITDA before special items increasing by 23% to 3 mEUR. The margin in- creased from 56% to 63%, and Esports accounted for 12% of Group EBITDA before special items . Key figures for the Esports segment tEUR Q2 2026 Q2 2025 Growth YTD 2026 YTD 2025 Growth Revenue Share 393 331 19% 850 575 48% CPA 18 7 157% 25 27 - 7% Subscription 0 0 0% 0 0 0% Sponsorships 3,448 2,788 24% 6,471 5,127 26% CPM 1,207 1,529 - 21% 2,447 3,322 - 26% Other 0 0 0% 0 0 0% Revenue 5,066 4,655 9% 9,793 9,051 8% Share of Group 5 % 6% 5% 5% Cost 1,895 2,067 - 8% 3,693 4,609 - 20% Share of Group 4 % 3% 3% 4% Operating profit before depreciation and amortization and special items 3,171 2,588 23% 6,100 4,442 37% Share of Group 12% 10% 1 2% 10% EBITDA - Margin before special items 63% 56% 62% 49% Operating profit before depreciation and amortization 3,171 2,588 23% 6,100 4,442 37% EBITDA - Margin 63% 56% 62% 49% Organic Growth 9% - 11% 9% - 3% Esports Reported for the first time as a stand ‑ alone segment in Q2 2025, Es- ports encompasses Better Collective’s flagship community platforms HLTV (Counter ‑ Strike) and FUTBIN (EA Sports FC). The business monetizes primarily through programmatic and di- rect advertis ing, sponsorships , and an emerging layer of premium data prod- ucts.
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Q2 report 2026 P age 22 Financial performance for the period Revenue increased by 9 % to 8 9 mEUR Revenue increased by 9% to 89 mEUR in Q2 2026, com- pared with 82 mEUR in Q2 2025. Revenue share income accounted for 49% of Group revenue, while CPA repre- sented 22%, sponsorships 18%, CPM 6% and subscrip- tions 5%. Costs increased by 5% to 62 mEUR Total costs increased by 5% to 62 mEUR, below revenue growth of 9%. Direct costs increased by 14% to 27 mEUR, compared with 24 mEUR in Q2 2025 , primarily reflecting higher ac- tivity around the World Cup, increased event activity at Playmaker HQ , and increased investment in Paid Media campaigns . Staff costs decreased by 2% to 26 mEUR, reflecting the lower average number of employees. Staff costs in- cluded share - based payment expenses of 0.1 mEUR, compared with 1 mEUR in Q2 2025. Other external expenses were broadly unchanged at 8 mEUR. Depreciation and amortization increased to 11 mEUR from 10 mEUR, primarily due to increased amortization of media partnerships. Special items Special items amounted to an expense of 2 mEUR, com- pared with an expense of 3 mEUR in Q2 2025. The ex- pense primarily relate s to organizational restructuring and other costs not considered part of the Group's ordi- nary operating activities. Earnings EBITDA before special items increased by 20% to 27 mEUR, compared with 23 mEUR in Q2 2025. The EBITDA margin before special items increased by 2 percentage points to 30%. Including special items, EBITDA in- creased to 25 mEUR from 20 mEUR. EBIT before special items increased by 23% to 16 mEUR, compared with 13 mEUR in Q2 2025. Including special items, EBIT increased to 14 mEUR from 10 mEUR. Net financial items Net financial costs amounted to 3 mEUR, compared with 7 mEUR in Q2 2025. The improvement primarily reflected a net unrealized foreign exchange gain of 1 mEUR . Net financial costs also included interest expenses and fees related to the Group's credit facilities. Financial ex- penses paid during the quarter amounted to approxi- mately 3 mEUR . Income tax The tax expense amounted to 3 mEUR, corresponding to an effective tax rate of 25 %. The effective tax rate was primarily affected by unrecognized tax losses and dif- ferences between tax rates across jurisdictions . Net profit Profit after tax increased to 8 mEUR from 5 mEUR in Q2 2025. Earnings per share increased to EUR 0.15 from EUR 0.09, while diluted earnings per share increased to EUR 0.14 from EUR 0.08 . Q2 report 2026 Page 22
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Q2 report 2026 P age 23 Equity Equity increased to 645 mEUR at 30 June 2026 from 631 mEUR at 31 December 2025. The increase primarily re- flected profit for the period of 16 mEUR and positive other comprehensive income of 12 mEUR, including cur- rency translation effects and fair value adju stments of hedging instruments. Share buybacks reduced equity by 14 mEUR, while share - based payments increased equity by approximately 1 mEUR. On 9 January 2026, Better Collective completed a share capital reduction by cancelling 3,204,020 treasury shares, corresponding to 5.2% of the company's out- standing share capital. Balance sheet Total assets amounted to 1,106 mEUR at 30 June 2026, compared with 1,074 mEUR at 31 December 2025. . Net interest - bearing debt amounted to 253 mEUR, cor- responding to net interest - bearing debt to EBITDA be- fore special items of 2.31x . Cash flow and financing Cash flow from operations before special items in- creased to 30 mEUR from 19 mEUR in Q2 2025. Cash conversion before special items was 111%. Better Collective has bank credit facilities for a total of 319 mEUR. By the end of June 2026, capital reserves stood at 80 mEUR consisting of cash of 25 mEUR and unused bank credit facilities of 55 mEUR. The parent company Better Collective A/S is the Group's Parent Company. Revenue decreased by 10% to 29 mEUR, compared with 32 mEUR in Q2 2025. Total costs, including depreciation and amortization, increased to 27 mEUR from 26 mEUR. Operating profit declined to 7 mEUR from 10 mEUR be- fore special items. Profit after tax increased to 19 mEUR from a loss of 6 mEUR, primarily due to the development in net financial items, including foreign exchange move- ments. Equity in the Parent Company increased to 689 mEUR at 30 June 2026 from 669 mEUR at 31 December 2025. The development primarily reflected profit for the pe- riod, partly offset by share buybacks . Q2 report 2026 Page 23
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Q2 report 2026 P age 24 Other Shares and share capital Better Collective A/S is listed on Nasdaq Stockholm main market and Nasdaq Copenhagen main market . The shares are traded under the ticker “BETCO” and “BETCO DKK” . As per June 3 0 , 202 6 , the share capital amounted to 587 , 548 . 50 EUR, and the total number of issued shares was 58 , 754 , 850 . The company has one (1) class of shares. Each share entitles the holder to one vote at the general meetings. Shareholder structure As of June 3 0 , 202 6 , the total number of shareholders was 4 , 999 . A list of shareholders above 5% ownership in Better Collective A/S can be found on Better Collective ’s website . Incentive programs To attract and retain key competenc i es, the company has established stock option programs for certain key employees. All stock options have the right to subscribe for one ordinary share. If all outstanding long - term in- centive programs are subscribed, the maximum share- holders dilution will be approximately 4 . 41 %. In December 2025, a new long - term incentive program was announced with up to 750,000 stock options au- thorized for key employees. Executive grants were is- sued in Q4 2025, and remaining participant grants were completed in Q1 2026. T he grants under the long - term incentive program in 202 6 cover 461 , 012 stock options to 56 key employees in total, vesting over a 4 - year period. The total value of the combined 202 6 LTI grant program is 3. 5 mEUR (cal- culated Black - Scholes value) . Risk management Through an Enterprise Risk Management process, vari- ous gross risks in Better Collective are identified. Each risk is described, including current risk mitigation in place or planned mitigating actions. The subsequent analysis of the identified risks includ es an inherent risk evaluation based on two main parameters: probability of occurrence and impact on future earnings and cash flow. Better Collective’s management continuously monitors risk development in the Better Collective g roup. The risk evaluation is presented to the Board of Directors annually . The b oard evaluates risk dynamically to account for this variation in risk impact. The policies and guidelines in place stipulate how management must work with risk management. Better Collective’s compliance with these policies and guidelines is also monitored by the management on an ongoing basis. Better Collective seeks to identify and understand risks and mitigate them accordingly. Also, Better Collective ’s close and longstanding relationships with customers allow Better Collective to anticipate and respond to market movements and new regulations , in- cluding compliance requirements from authorities and sportsbooks. With the continued expansion in North and South Amer- ica , the overall r isk profile of Better Collective has changed, and compliance as well as financial risk ha ve increased. Better Collective has mitigated the additional risks in several ways, compliance risk through involve- ment of regulatory bodies in our licensing process for newly established entities, financial risk through a per- formance - based valuation of the acquired ent ities, and organizational risk through establishment of local gov- ernance, and finan ce, HR, and l egal organization dedi- cated to the North and South American operations. Other key risk factors are described in the Annual Re- port 202 5 . Program Long - term incentive pr o gram s outstanding June , 202 6 Vesting p eriod Exercise p eriod Exercise p rice DKK Exercise p rice EUR (rounded) 2021 * 377,372 2022 - 2024 2024 - 2026 150.41 20.1 7 2022 Options 20,346 2022 - 2024 2025 - 2027 130.98 17.56 2023 CXO Options 180 ,000 2023 - 2025 2026 - 2028 142.08 19.05 2023 Options 234,525 2023 - 2025 2026 - 2028 87.06 11.67 2024 Options 319,331 2024 - 2026 2027 - 2029 173.87 23.31 2024 PSU 4 4 , 282 2024 - 2026 2027 - 2029 - - 2025 Options 963,036 2025 - 2028 2028 - 2030 78.20 10.48 2026 CFO Options 150,000 2025 - 202 8 2028 - 2030 76.2 0 10.20 2026 Options 422,760 2026 - 2029 2029 - 2031 76.2 0 10.20 * Key employees and members of executive management
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Q2 report 2026 P age 25 V Contacts VP of I nvestor Relations & C omm unications; Mikkel Munch - Jacobsgaard investor@bettercollective.com This information is the type of information that Better Collective A/S is required to disclose to the public under the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above , on 20 August 202 6 after market close (CET). About Better Collective owns global and national sport media, with a vision to become the leading digital sports media group. We are on a mission to excite sports fans through engaging content and foster passionate communities worldwide. Better Collective's port folio of digital sports media brands includes : HLTV, FUTBIN, Betarades, Soc- cernews, Tipsbladet, Action Network, Playmaker HQ, VegasInsider, Bolavip, and R edgol . Headquartered in Copenhagen, Denmark, and dual - listed on Nasdaq Stockholm (BETCO) and Nasdaq Co penhagen (BETCO DKK). To learn more about Better Collective please visit www.bettercollective.com Q2 report 2026 Page 25
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Q2 report 2026 P age 26 Statement by the B oard of D irectors and the E xecutive M anagement Statement by the B oard of D irectors and the E xecu- tive M anagement on the condensed consolidated in- terim financial statements and the parent company condensed interim financial statements for the period January 1 – June 3 0 , 202 6 . Today, the B oard of D irectors and the E xecutive M anagement have discussed and approved the condensed consolidated interim financial statements and the parent company condensed interim financial statements of Better Collective A/S for the period Jan- uary 1 – June 3 0 , 202 6 . The condensed consolidated interim financial state- ments for the period January 1 – June 3 0 , 202 6 , are pre- pared following IAS 34 Interim Financial Reporting, as adopted by the EU, and the additional requirements of the Danish Financial Statements Act. The p arent c om- pany ’s condensed interim financial statements have been included according to the Danish Executive Order on the Preparation of Interim Financial Reports. In our opinion, the condensed consolidated interim financial statements and the parent company con- densed interim financial statements give a true and fair view of Better Collective ’s and p arent c ompany’s assets, liabilities , and financial position on June 3 0 , 202 6 , and of the results of Better Collective ’s and p arent c om- pany’s operations and Better Collective ’s cash flows for the period January 1 – June 3 0 , 202 6 . Further, in our opinion, the management’s review gives a fair review of the development in Better Collective ’s and the p arent c ompany’s operations and financial mat- ters and the results of Better Collective ’s and the p arent c ompany’s operations and financial position, as well as a description of the major risks and uncertainties Better Collective and the p arent c ompany are facing. The In- terim Report has not been audited or reviewed by the Company’s auditor. Copenhagen, August 20 , 202 6 Executive M anagement Jesper Søgaard C o - C EO & Co - Founder Executive Vice President Christian Kirk Rasmussen C o - CEO & Co - Founder Executive Vice President Flemming Pedersen CFO Executive Vice President Board of D irectors Thomas Stig Plenborg Chair Therese Hillman Vice Chair Britt Ingrid Boeskov Todd Dunlap Leif Nørgaard René Efraim Rechtman
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Q2 report 2026 Page 27 Condensed i nterim f inancial s tatements for the period Consolidated income statement Note tEUR Q2 2026 Q2 2025 YTD 2026 YTD 2025 2025 3 Revenue 89,120 81,549 175,443 164,140 336,669 Direct costs related to revenue 27,279 23,978 54,340 48,636 101,943 Staff costs 26,474 27,022 52,088 54,187 100,218 Other external expenses 8,390 8,031 16,952 16,792 32,455 Operating profit before depreciation and amortiza- tion (EBITDA) and special items 26,977 22,519 52,064 44,524 102,053 Depreciation 1,457 1,750 3,163 3,715 6,864 Operating profit before amortization (EBITA) and special items 25,520 20,769 48,900 40,809 95,189 6 Amortization and impairment 9,785 8,019 18,376 16,575 33,807 Operating profit (EBIT) before special items 15,735 12,750 30,524 24,234 61,382 4 Special items, net - 1,545 - 2,899 - 3,355 - 3,624 - 10,411 Operating profit 14,190 9,851 27,169 20,610 50,971 Financial income 2,804 2,928 6,007 3,642 5,437 Financial expenses 6,078 9,503 11,819 15,993 25,227 Profit before tax 10,916 3,276 21,357 8,258 31,181 5 Tax on profit for the period 2,689 - 2,004 5,808 - 660 7,590 Profit for the period 8,227 5,280 15,549 8,919 23,591 Earnings per share attributable to equity holders of the company Earnings per share (in EUR) 0.15 0.09 0.27 0.15 0.41 Diluted earnings per share (in EUR) 0.14 0.08 0.26 0.14 0.39 Consolidated statement of other c omprehensive income Note tEUR Q2 2026 Q2 2025 YTD 2026 YTD 2025 2025 Profit for the period 8,227 5,280 15,549 8,919 23,591 Other comprehensive income Other comprehensive income that may be reclassi- fied to profit or loss in subsequent periods: Fair value adjustment of hedges for the year - 611 - 229 1,012 - 272 542 Currency translation to presentation currency 3,275 - 12,443 4,144 - 15,347 - 19,623 Currency translation of non - current intercompany loans 2,645 - 23,320 9,032 - 34,053 - 34,999 Income tax - 448 5,173 - 2,210 7,543 7,571 Net other comprehensive income/loss 4,861 - 30,819 11,978 - 42,129 - 46,509 Total comprehensive income/(loss) for the period, net of tax 13,088 - 25,539 27,527 - 33,210 - 22,918 Attributable to: Shareholders of the parent 13,088 - 25,539 27,527 - 33,210 - 22,918
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Q2 report 2026 Page 28 Consolidated statement of financial position Note tEUR Q2 2026 Q2 2025 2025 Assets Non - current assets 6 Intangible assets Goodwill 340,729 337,106 333,483 Domains and websites 529,393 522,562 520,484 Accounts and other intangible assets 102,138 98,455 98,207 Total intangible assets 972,260 958,124 952,174 Tangible assets Right of use assets 10,054 12,783 11,038 Leasehold improvements, Fixtures and fittings, other plant and equipment 3,114 5,105 4,178 Total tangible assets 13,168 17,888 15,216 Other non - current assets Deposits 2,107 1,829 1,804 Deferred tax asset 4,225 4,530 4,086 Total other non - current assets 6,332 6,359 5,890 Total non - current assets 991,760 982,371 973,280 Current assets Trade and other receivables 76,738 68,518 73,596 Corporation tax receivable 7,032 6,976 6,049 Prepayments 5,755 5,171 7,702 Cash 25,058 22,387 13,494 Total current assets 114,583 103,051 100,841 Total assets 1,106,344 1,085,423 1,074,121 Note tEUR Q2 2026 Q2 2025 2025 Equity and liabilities Equity Share Capital 588 620 620 Share Premium 461,480 469,444 469,444 Reserves - 12,500 - 19,111 - 45,563 Retained Earnings 195,427 190,204 206,503 Total equity 644,995 641,159 631,004 Non - current Liabilities 7 Debt to credit institutions 266,673 258,849 259,946 7 Lease liabilities 7,234 9,854 8,309 7 Deferred tax liabilities 86,163 82,517 81,526 7 Other long - term financial liabilities 29,346 31,355 30,665 Total non - current liabilities 389,416 382,576 380,446 Current Liabilities Prepayments received from customers and deferred revenue 9,425 8,910 13,506 Trade and other payables 35,308 27,798 26,207 Corporation tax payable 2,544 2,990 2,291 7 Other financial liabilities 20,850 18,129 17,000 7 Lease liabilities 3,806 3,862 3,667 Total current liabilities 71,93 2 61,688 62,671 Total liabilities 461,349 444,264 443,117 Total Equity and liabilities 1,106,344 1,085,423 1,074,121
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Q2 report 2026 Page 29 Consolidated statement of changes in equity tEUR Share capital Share premium Currency translation reserve Hedging reserves Treasury shares Retained earnings Total equity As at January 1, 2026 620 469,444 - 9,991 - 94 - 35,478 206,503 631,004 Result for the period 0 0 0 0 0 15,549 15,549 Fair value adjustment of hedges 0 0 0 1,012 0 0 1,012 Currency translation to presen- tation currency 0 0 4,144 0 0 0 4,144 Currency translation of non - current intercompany loans 0 0 9,032 0 0 0 9,032 Tax on other comprehensive income 0 0 - 1,987 - 223 0 0 - 2,210 Total other comprehensive income 0 0 11,189 789 0 0 11,978 Total comprehensive income for the year 0 0 11,189 789 0 15,549 27,527 Transactions with owners Capital Decrease - 32 - 7,964 0 0 35,478 - 27,482 0 Acquisition of treasury shares 0 0 0 0 - 14,393 0 - 14,393 Disposal of treasury shares 0 0 0 0 0 0 0 Share based payments 0 0 0 0 0 873 873 Transaction cost 0 0 0 0 0 - 15 - 15 Total transactions with owners - 32 - 7,964 0 0 21,085 - 26,624 - 13,535 At June 30, 2026 588 461,480 1,198 695 - 14,393 195,427 644,995 During the period no dividend was paid. tEUR Share capital Share premium Currency translation reserve Hedging reserves Treasury shares Retained earnings Total equity As at January 1, 2025 631 469,460 36,941 - 517 - 20,336 199,749 685,929 Result for the period 0 0 0 0 0 8,919 8,919 Fair value adjustment of hedges 0 0 0 - 272 0 0 - 272 Currency translation to presentation currency 0 0 - 49,400 0 0 0 - 49,400 Currency translation of non - current intercompany loans 0 0 0 0 0 0 0 Tax on other comprehensive income 0 0 7,483 60 0 0 7,543 Total other comprehensive income 0 0 - 41,917 - 212 0 0 - 42,129 Total comprehensive income for the year 0 0 - 41,917 - 212 0 8,919 - 33,210 Transactions with owners Capital Increase - 11 - 16 0 0 20,336 - 20,309 0 Acquisition of treasury shares 0 0 0 0 - 13,517 0 - 13,517 Disposal of treasury shares 0 0 0 0 112 0 112 Share based payments 0 0 0 0 0 1,859 1,859 Transaction cost 0 0 0 0 0 - 14 - 14 Total transactions with owners - 11 - 16 0 0 6,931 - 18,464 - 11,560 At June 30, 2025 620 469,444 - 4,976 - 729 - 13,405 190,204 641,159 During the period no dividend was paid.
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Q2 report 2026 Page 30 Consolidated statement of cash flows Note tEUR Q2 2026 Q2 2025 YTD 2026 YTD 2025 2025 Profit before tax 10,916 3,276 21,357 8,258 31,181 Adjustment for finance items 3,274 6,575 5,812 12,35 1 19,790 Adjustment for special items 1,545 2,899 3,355 3,624 10,411 Operating Profit for the period before special items 15,735 12,7 50 30,524 24,234 61,382 Depreciation and amortization 11,242 9,769 21,539 20,290 40,671 Other adjustments of non - cash operating items 375 932 1,196 1,392 2,695 Cash flow from operations before changes in working capital and special items 27,352 23,450 53,259 45,915 104,748 Change in working capital 2,560 - 4,674 1,960 - 6,497 - 10,295 Cash flow from operations before special items 29,912 18,776 55,219 39,418 94,453 Special items, cash flow - 489 - 3,775 - 2,550 - 5,725 - 12,858 Cash flow from operations 29,423 15,001 52,669 33,693 81,595 Financial income, received 98 85 166 415 274 Financial expenses, paid - 3,472 - 3,244 - 7,304 - 7,091 - 14,673 Cash flow from activities before tax 26,049 11,842 45,531 27,017 67,196 Income tax paid - 2,481 - 1,441 - 5,041 - 7,589 - 16,012 Cash flow from operating activities 23,568 10,401 40,490 19,428 51,184 8 Acquisition of businesses 0 0 0 - 8,410 - 9,691 6 Acquisition of intangible assets - 9,890 - 4,694 - 18,613 - 9,888 - 24,741 Acquisition of tangible assets - 95 - 30 - 148 - 206 - 347 Acquisition of other financial assets 0 0 - 183 0 0 Change in other non - current assets 0 0 0 100 100 Cash flow from investing activities - 9,985 - 4,724 - 18,944 - 18,403 - 34,679 Note tEUR Q2 2026 Q2 2025 YTD 2026 YTD 2025 2025 Proceeds from borrowings 0 0 6,691 0 0 Lease liabilities - 927 - 1,171 - 1,906 - 2,312 - 4,560 Treasury shares - 7,677 - 7,179 - 14,393 - 13,517 - 35,590 Transaction cost - 8 - 8 - 15 - 14 - 36 Share based payments, cash settlement 0 - 371 - 200 - 371 - 371 Cash flow from financing activities - 8,612 - 8,728 - 9,823 - 16,214 - 40,557 Cash flows for the period 4,971 - 3,052 11,723 - 15,189 - 24,051 Cash and cash equivalents at beginning 20,171 25,465 13,494 37,674 37,674 Foreign currency translation of cash and cash equivalents - 84 - 27 - 159 - 98 - 129 Cash and cash equivalents period end 25,058 22,387 25,058 22,387 13,494 Cash and cash equivalents period end Cash 25,058 22,387 25,058 22,387 13,494 Cash and cash equivalents period end 25,058 22,387 25,058 22,387 13,494
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Q2 report 2026 Page 31 Notes 1 . General information Better Collective A/S is a limited liability company and is incorporated in Denmark. The parent company and its subsidiaries (referred to as the “Group” or “Better Collective”) engage in online performance marketing. Better Collective’s vision is to become the leading digital sports media group . Basis of preparation The Interim Report (condensed consolidated interim financial statements) for the period January 1 – June 3 0 , 202 6 , has been prepared in accordance with IAS 34 “Interim financial reporting ” as adopted by the EU and additional requirements in the Danish Financial Statements Act. The parent company condensed interim financial statements has been included according to the Danish Executive Order on the Preparation of Interim Financial Reports. These condensed consolidated interim financial statements incorporate the results of Better Collective A/S and its subsid- iaries. The condensed consolidated interim financial statements refer to certain key performance indicators, which Better Collec- tive and others use when evaluating the performance of Better Collective. These are referred to as alternative performance measures (APM s) and are not defined under IFRS. The figures and related subtotals give management and investors im- portant information to enable them to fully analyze the Better Collective business and trends. The APMs are not meant to replace but to complement the perf ormance measures defined under IFRS. New financial reporting standards The IASB has issued several new or amended standards and interpretations with effective date beginning on January 1, 202 6 . Better Collective expects to adopt the new standards and interpretations when they become mandatory. None of the standards are expected to have a significant effect on the consolidated financial statements or the parent financial statements for the financial year 202 6 . IFRS 18 will be effective from the financial year 2027 and replaces IAS 1 Presentation of Financial Statements , requiring modifications to the financial statement presentation. The k ey modifications required ar e a new presentation of the income statement into activities (i.e. operating, investing, financing and tax categories ) introducing new line items , and the disclo- sure of management - defined performance measures. Additionally, related amendments to IAS 7 Statement of Cash Flows prescribe a new starting p oint for calculating operating cash flows under the indirect method and eliminate classification options for interest and dividends. Management expects that the adoption of IFRS 18 will not impact net profit or impose substantial changes to our founda- tional accounting policies. The primary effects will be presentation , requiring the reclassification of specific line items within the income statement and the subsequent redefinition of our key financial performance measures to align with the new categories. Accounting policies The condensed consolidated interim financial statements have been prepared using the same accounting policies as set out in note 1 of the 202 5 annual report which contains a full description of the accounting policies for Better Collective and the parent company . The annual report for 202 5 including full description of the accounting policies can be found on Better Collective’s we b site : https://storage.mfn.se/d7de43dc - 19a9 - 46e6 - aec8 - ef5ae6f46d3e/annual - report - 2025 - better - collective.pdf . Signi ficant accounting judgements, estimates and assumptions The preparation of condensed consolidated interim financial statements requires management to make judgements, esti- mates and assumptions that affect the reported amounts of revenue, expenses, assets, and liabilities. Beyond the risks mentioned above, the significant accounting judgements, estimates and assumptions applied in these consolidated interim financial statements are the same as disclosed in note 2 in the annual report for 202 5 which contains a full description of significant accounting judgements, estimates and assumptions.
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Q2 report 2026 Page 32 2 . Ope rating s egments Publishing , Paid Media and Esport s Better Collective operates three distinct business models for customer acquisition , each with unique earnings profiles : Publishing, Paid Media, and Esport s . Publishing generates revenue from Better Collective’s owned and operated sports media network and its media partnerships . Paid Media involves purchasing advertising on search engines, social media, and third - party sports media platforms , thereby operating with a lower gross margin. Esports monetize through adver- tising and sponsorships . The performance for ea ch segment is presented in the below tables: Publishing* Paid Media Esport Group tEUR Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025 Revenue Share 30,858 29,868 12,357 11,253 393 331 43,608 41,452 CPA 5,315 3,661 14,156 13,856 18 7 19,489 17,524 Subscription 4,222 4,281 0 0 0 0 4,222 4,281 Sponsorships 12,205 8,483 0 0 3,448 2,788 15,654 11, 27 2 CPM 4,431 5,223 0 0 1,207 1,529 5,639 6,752 Other 508 268 0 0 0 0 508 268 Revenue 57,540 51,785 26,513 25,109 5,066 4,655 89,1 20 81,549 Cost 40,679 38,415 19,568 18,549 1,895 2,067 62,14 3 59,031 Operating profit before depreciation, amortization and special items 16,861 13,370 6,945 6,560 3,171 2,588 26,977 22,519 EBITDA - Margin before special items 29% 26% 26% 26% 63% 56% 30% 28% Special items, net - 1,175 - 2,197 - 370 - 702 0 0 - 1,545 - 2,899 Operating profit before depreciation and amortization 15,686 11,173 6,575 5,858 3,171 2,588 25,432 19,620 EBITDA - Margin 27% 22% 25% 23% 63% 56% 29% 24% Depreciation 1,411 1,700 46 50 0 0 1,457 1,750 Operating profit before amortization 14,276 9,473 6,529 5,808 3,171 2,588 23,975 17,871 EBITA - Margin 25% 18% 25% 23% 63% 56% 27% 22% *Majority of costs related to support functions are presented under Publishing.
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Q2 report 2026 Page 33 2. Operating segments, continued Publishing* Paid Media Esports Group tEUR YTD 2026 YTD 2025 YTD 2026 YTD 2025 YTD 2026 YTD 2025 YTD 2026 YTD 2025 Revenue Share 58,292 56,222 23,984 21,549 850 575 83,126 78,347 CPA 10,717 10,858 30,139 28,140 25 27 40,881 39,025 Subscription 8,553 9,205 0 0 0 0 8,553 9,205 Sponsorships 23,399 17,916 0 1 6,471 5,127 29,871 23,044 CPM 9,482 10,659 0 0 2,447 3,322 11,930 13,981 Other 1,083 538 0 0 0 0 1,083 538 Revenue 111,526 105,399 54,123 49,690 9,793 9,051 175,443 164,140 Cost 79,273 77,306 40,413 37,700 3,693 4,609 123,379 119,616 Operating profit before depreciation, amortization and special items 32,254 28,093 13,710 11,9 90 6,100 4,442 52,064 44,524 EBITDA - Margin before special items 29% 27% 25% 24% 62% 49% 30% 27% Special items, net - 2,630 - 2,922 - 725 - 702 0 0 - 3,355 - 3,624 Operating profit before depreciation and amortization 29,623 25,171 12,985 11,287 6,100 4,442 48,708 40,900 EBITDA - Margin 27% 24% 24% 23% 62% 49% 28% 25% Depreciation 3,071 3,614 92 101 0 0 3,163 3,715 Operating profit before amortization 26,552 21,557 12,893 11,186 6,100 4,442 45,546 37,185 EBITA - Margin 24% 20% 24% 23% 62% 49% 26% 23% *Majority of costs related to support functions are presented under Publishing.
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Q2 report 2026 Page 34 2. Operating s egments, continued Publishing** Paid Media Esports Group tEUR 2025 2025 2025* 2025 Revenue Share 110,995 45,441 1,048 157,484 CPA 19,950 60,049 41 80,040 Subscription 18,031 0 0 18,031 Sponsorships 36,809 19 11,952 48,781 CPM 24,094 0 6,875 30,969 Other 1,364 0 0 1,364 Revenue 211,243 105,510 19,916 336,669 Cost 144,668 80,504 9,444 234,616 Operating profit before depreciation, amorti- zation and special items 66,575 25,006 10,472 102,053 EBITDA - Margin before special items 32% 24% 53% 30% Special items, net - 10,313 - 98 0 - 10,411 Operating profit before depreciation and amortization 56,262 24,908 10,472 91,642 EBITDA - Margin 27% 24% 53% 27% Depreciation 6,669 195 0 6,864 Operating profit before amortization 49,593 24,713 10,472 84,778 EBITA - Margin 23% 23% 53% 25% * 202 5 figures hav e been adjusted due to the new segmentation, where Esports has been carved out from Publishing as a distinct seg- ment. ** Majority of costs related to support functions are presented under Publishing .
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Q2 report 2026 Page 35 2. Geogra phic s egments Europe & Rest of World and North America Better Collective’s products cover more than 30 languages and attract millions of users worldwide - with international brands with a global reach as well as regional brands with a national reach. Better Collective’s regional brands are tailored according to the specific regions or countries and their respective regulations, sports, betting behaviors , user needs, and languages. Better Collective reports on the geographical segments Europe & R o W (Rest of World) and North America , measuring and disclosing sepa rately for Revenue, Cost and Earnings. The performance for each segment is presented in the below tables: Europe & RoW North America Group tEUR Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025 Revenue Share 37,348 37,249 6,260 4,203 43,608 41,452 CPA 14,354 14,109 5,136 3,415 19,4 8 9 17,524 Subscription 1,377 836 2,845 3,445 4,222 4,281 Sponsorships 6,908 6,007 8,746 5,264 15,654 11,272 CPM 4,580 5,218 1,058 1,535 5,639 6,752 Other 339 198 168 70 50 8 268 Revenue 64,907 63,618 24,214 17,931 89,120 81,549 Cost 44,198 42,076 17,944 16,954 62,142 59,031 Operating profit before depreciation, amortization and special items 20,709 21,542 6,270 977 26,977 22,519 EBITDA - Margin before special items 32% 34% 26% 5% 30% 28% Special items, net - 1,313 - 1,817 - 232 - 1,081 - 1,545 - 2,899 Operating profit before depreciation and amortization 19,396 19,725 6,037 - 104 25,432 19,620 EBITDA - Margin 30% 31% 25% - 1% 29% 24% Depreciation 928 866 530 884 1,457 1,750 Operating profit before amortization 18,468 18,859 5,508 - 988 23,976 17,871 EBITA - Margin 2 9 % 30% 23% - 6% 27% 22% Europe & RoW North America Group tEUR YTD 2026 YTD 2025 YTD 2026 YTD 2025 YTD 2026 YTD 2025 Revenue Share 71,282 70,313 11,844 8,033 83,126 78,347 CPA 30,505 29,138 10,376 9,887 40,881 39,025 Subscription 2,619 1,577 5,934 7,628 8,553 9,205 Sponsorships 12,543 11,394 17,327 11,649 29,871 23,044 CPM 7,778 10,334 4,151 3,647 11,930 13,981 Other 654 405 429 134 1,083 538 Revenue 125,382 123,160 50,062 40,978 175,443 164,140 Cost 87,5 25 83,836 35,854 35,779 123, 379 119,616 Operating profit before depreciation, amortization and special items 37, 857 39,324 14,208 5,199 52,0 64 44,524 EBITDA - Margin before special items 30% 32% 28% 13% 30% 27% Special items, net - 2, 628 - 2,170 - 728 - 1,455 - 3, 355 - 3,624 Operating profit before depreciation and amortization 35, 229 37,155 13, 480 3,744 48, 708 40,900 EBITDA - Margin 28% 30% 27% 9% 28% 25% Depreciation 2,634 2,214 530 1,501 3,163 3,715 Operating profit before amortization 32, 595 34,941 12, 950 2,243 45, 546 37,185 EBITA - Margin 26% 28% 26% 5% 26% 23%
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Q2 report 2026 Page 36 2. Geographic segments, continued Europe & RoW North America Group tEUR 2025 2025 2025 Revenue Share 135,175 22,309 157,484 CPA 59,463 20,577 80,040 Subscription 3,493 14,538 18,031 Sponsorships 23,065 25,716 48,781 CPM 21,227 9,742 30,969 Other 1,110 253 1,364 Revenue 243,534 93,135 336,669 Cost 167,496 67,120 234,616 Operating profit before depreciation, amortization and special items 76,038 26,015 102,053 EBITDA - Margin before special items 31% 28% 30% Special items, net - 7,671 - 2,740 - 10,411 Operating profit before depreciation and amortization 68,367 23,275 91,642 EBITDA - Margin 28% 25% 27% Depreciation 5,612 1,252 6,864 Operating profit before amortization 62,755 22,023 84,778 EBITA - Margin 26% 24% 25% 3 . Revenue specification In accordance with IFRS 15 disclosure requirements, total revenue is split on r evenue category and revenue types as fol- lows: tEUR Q2 2026 Q2 2025 YTD 2026 YTD 2025 2025 Revenue category Recurring revenue (Revenue share, Subscription, CPM) 53,467 52,485 103,608 101,532 206,484 CPA, Sponsorships 35,144 28,797 70,751 62,069 128,821 Other 508 268 1,083 538 1,364 Total revenue 89,120 81,549 175,443 164,140 336,669 % - split Recurring revenue 60 64 59 62 62 CPA, Sponsorships 39 36 40 38 38 Other 1 0 1 0 0 Total 100 100 100 100 100 % - split Q2 2026 Q2 2025 YTD 2026 YTD 2025 2025 Revenue Share 49 51 47 48 47 CPA 22 22 23 24 24 Subscription 5 5 5 6 5 Sponsorships 18 14 17 14 14 CPM 6 8 7 8 9 Other 1 0 1 0 0 Total 100 100 100 100 100
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Q2 report 2026 Page 37 4 . Special items Special items consist of recurring and non - recurring items that management does not consider to be part of Better Col- lective ’s ordinary operating activities, i.e. acquisition costs, adjustment of earn - out payments related to acquisitions, im- pairments , disputes , restructuring costs and lease contract termination costs are presented in the Income statement in a separate line item labelled ‘Special items’. The impact of special items is specified as follows: tEUR Q2 2026 Q2 2025 YTD 2026 YTD 2025 2025 Operating profit 14,190 9,851 27,169 20,610 50,971 Special Items related to: M&A - 200 - 116 - 200 - 344 - 835 Redundancies, restructuring and other non - recurring ex- penses - 1, 3 45 - 2,782 - 3, 1 55 - 3,280 - 9,576 Special items, total - 1,545 - 2,899 - 3,355 - 3,624 - 10,411 Operating profit (EBIT) before special items 15,735 12,750 30,524 24,234 61,382 Amortization and impairment 9,785 8,019 18,376 16,575 33,807 Operating profit before amortization and special items (EBITA before special items) 25,520 20,769 48,900 40,809 95,189 Depreciation 1,457 1,750 3,163 3,715 6,864 Operating profit before depreciation, amortization, and special items (EBITDA before special items) 26,977 22,519 52,06 4 44,524 102,053 5 . Income tax Tot al tax for the period is specified as follows: tEUR Q2 2026 Q2 2025 YTD 2026 YTD 2025 2025 Tax for the period 2,689 - 2,004 5,808 - 660 7,590 Tax on other comprehensive income 448 - 5,173 2,210 - 7,543 - 7,571 Total 3,137 - 7,177 8,018 - 8,203 19 Income tax on profit for the period is specified as follows: tEUR Q2 2026 Q2 2025 YTD 2026 YTD 2025 2025 Deferred tax - 292 - 463 1,973 - 2,900 - 10,058 Current tax 2,983 1,756 3,838 5,539 21,006 Adjustment from prior years - 1 - 3,296 - 3 - 3,299 - 3,358 Total 2,690 - 2,004 5,808 - 660 7,590 Tax on the profit for the period can be explained as follows: tEUR Q2 2026 Q2 2025 YTD 2026 YTD 2025 2025 Specification for the period: Calculated 22% tax of the result before tax 2,402 721 4,699 1,817 6,860 Adjustment of the tax rates in foreign subsidiaries relative to the 22% 333 1,051 - 47 1,100 2,131 Tax effect of: Special items 117 - 192 185 - 219 160 Other non - taxable income 152 42 - 572 0 - 570 Other non - deductible costs 117 134 357 282 1,212 Unrecognized tax losses carried forward - 429 - 564 1,190 0 1,155 Reassesment of unrecognized tax losses carried forward 0 - 2,285 0 - 2,726 - 2,285 Adjustment of tax relating to prior periods - 1 - 911 - 2 - 914 - 1,073 Total 2,69 0 - 2,004 5,809 - 660 7,590 Effective tax rate 24.6% - 61.1% 27.2% 15.8% 24.3%
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Q2 report 2026 Page 38 6 . Intangible assets tEUR Goodwill Domains and websites Accounts and other intangible assets* Total Cost or valuation As of January 1, 2026 350,494 520,484 205,318 1,076,296 Additions 0 0 22,043 22,043 Acquisitions through business combinations 0 0 0 0 Transfer 0 0 0 0 Disposals 0 0 0 0 Currency Translation 7,788 8,909 864 17,562 At June 30, 2026 358,282 529,393 228,225 1,115,901 Amortization and impairment As of January 1, 2026 17,011 0 107,111 124,122 Amortization for the period 0 0 18,524 18,524 Impairment for the period 0 0 0 0 Amortization on disposed assets 0 0 0 0 Currency translation 542 0 453 995 At June 30, 2026 17,553 0 126,088 143,641 Net book value at June 30, 2026 340,729 529,393 102,138 972,26 0 * Accounts and other intangible assets consist of accounts ( 4 1 , 6 85 tEUR), Media Partnerships ( 51 , 0 69 tEUR) , Development p rojects ( 8 , 18 6 tEUR) and software and others ( 1, 198 tEUR) tEUR Goodwill Domains and websites Accounts and other intangible assets* Total Cost or valuation As of January 1, 2025 380,138 553,886 211,066 1,145,089 Additions 0 0 1,338 1,338 Acquisitions through business combinations 0 0 0 0 Transfer 0 0 0 0 Disposals 0 0 - 10,714 - 10,714 Currency Translation - 25,967 - 31,324 - 3,432 - 60,722 At June 30, 2025 354,171 522,562 198,258 1,074,991 Amortization and impairment As of January 1, 2025 19,150 0 93,438 112,588 Amortization for the period 0 0 16,049 16,049 Impairment for the period 0 0 0 0 Amortization on disposed assets 0 0 - 9,671 - 9,671 Currency translation - 2,085 0 - 15 - 2,100 At June 30, 2025 17,065 0 99,802 116,867 Net book value at June 30, 2025 337,106 522,562 98,455 958,124 * Accounts and other intangible assets consist of accounts ( 54,235 tEUR), Media Partnerships ( 4 0 , 746 tEUR) , Development projects ( 3,210 tEUR) and software and others (26 5 tEUR)
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Q2 report 2026 Page 39 7 . Non - current liabilities and other current financial liabilities Debt to credit institutions As per June 3 0 , 202 6 , Better Collective has drawn 2 67 mEUR (202 5 : 260 ) out of the total committed club facility of 319 mEUR established with Nordea and Nykredit. B etter Collective has a total committed facility of 3 19 mEUR and an 80 mEUR higher a ccordion option with expiry at the end of October 202 8 . Better Collective has entered t w o hedgin g contract s re garding the interest rate risk for the period October 202 5 to October 202 8 , nominal amount of 550 mDKK each securing the interest rate at 2. 29 % and 2. 31 % re spectively . Lease liabilities Non - current and current lease liabilities, of 7 mEUR (202 5 : 8 mEUR) and 4 mEUR ( 2 02 5 : 4 mEUR) respectively. Deferred t ax liabilit ies Deferred tax liabilit ies as of June 3 0 , 202 6 , amounted to 8 6 mEUR (202 5 : 82 mEUR) . The change from January 1, 202 6 , originates from changes in deferred tax related to acquisitions, amortization of accounts from acquisitions, and deferred tax changes in the Parent Company , Better Collective US, Inc and Playmaker Capital . Deferred t ax asset s Deferred tax asset s as of June 3 0 , 20 2 6 , amounted to 4 mEUR (202 5 : 4 mEUR) . Other financial liabilities As per June 3 0 , 202 6 , other non - current and current financial liabilities amounted t o 50 mEUR ( 2025 : 48 mEUR) mainly due to deferred and variable payments to M edia P artnerships . Fair Value of financial assets and liabilities is measured based on level 3 - Valuation techniques. In all material aspects the fair value of the financial assets and liabilities is considered equal to the booked value. The fair value of financial instrument s is measured base d on level 2. The fair value is measured according to generally accepted valuation techniques. Market - based input is used to measure the fair value. 8 . Note to cash flow statement tEUR Q2 2026 Q2 2025 YTD 2026 YTD 2025 2025 Acquisition of business combinations: Net Cash outflow from business combinations at acquisition 0 0 0 0 0 Business Combinations deferred payments from current period 0 0 0 0 0 Deferred payments - business combinations from prior periods 0 0 0 - 8,410 - 9,691 Total cash flow from business combinations 0 0 0 - 8,410 - 9,691 Acquisition of intangible assets: Acquisitions through asset transactions 0 0 - 2,512 0 0 Deferred payments related to acquisition value 0 0 0 0 0 Deferred payments - acquisitions from prior periods 0 0 0 0 0 Other investments - 9,890 - 4,694 - 16,101 - 9,888 - 24,741 Total cash flow from intangible assets - 9,890 - 4,694 - 18,613 - 9,888 - 24,741
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Q2 report 2026 Page 40 Financial statements for the period Income statement – Parent company tEUR Q2 2026 Q2 2025 YTD 2026 YTD 2025 2025 Revenue 28,862 32,057 56,233 52,260 106,732 Other operating income 5,151 4,602 11,072 9,420 21,381 Direct costs related to revenue 4,624 4,242 9,117 8,136 19,179 Staff costs 12,839 12,667 24,706 24,536 48,124 Depreciation 773 790 1,555 1,583 3,153 Other external expenses 6,402 5,610 12,290 11,534 22,922 Operating profit before amortization (EBITA) and special items 9,375 13,351 19,637 15,892 34,734 Amortization 2,363 3,083 4,675 6,141 11,641 Operating profit (EBIT) before special items 7,012 10,269 14,962 9,750 23,093 Special items, net - 374 - 598 - 532 - 981 - 2,856 Operating profit 6,638 9,671 14,430 8,769 20,238 Financial income 18,205 10,444 30,249 22,577 33,308 Financial expenses 3,685 32,487 7,856 49,196 65,189 Profit before tax 21,158 - 12,372 36,823 - 17,850 - 11,644 Tax on profit for the period 1,938 - 6,155 5,109 - 9,163 - 6,437 Profit for the period 19,220 - 6,217 31,714 - 8,687 - 5,207 Statement of other comprehensive income tEUR Q2 2026 Q2 2025 YTD 2026 YTD 2025 2025 Profit for the period 19,220 - 6,217 31,714 - 8,687 - 5,207 Other comprehensive income Other comprehensive income that may be reclassified to profit or loss in subsequent periods: Fair value adjustment of hedges for the year - 611 - 229 1,012 - 272 542 Currency translation to presentation currency 1,596 39 1,187 50 - 699 Income tax 134 51 - 223 60 - 119 Net other comprehensive income/loss 1,119 - 139 1,976 - 162 - 276 Total comprehensive income/(loss) for the period, net of tax 20,339 - 6,356 33,690 - 8,849 - 5,483
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Q2 report 2026 Page 41 State ment of financial position – Parent company tEUR Q2 2026 Q2 2025 2025 Assets Non - current assets Intangible assets Goodwill 17,761 17,793 17,774 Domains and websites 167,349 167,927 168,023 Accounts and other intangible assets 29,246 39,054 31,248 Total intangible assets 214,356 224,774 217,045 Tangible assets Right of use assets 4,759 6,755 5,755 Fixtures and fittings, other plant and equipment 1,174 2,319 1,740 Total tangible assets 5,933 9,075 7,495 Financial assets Investments in subsidiaries 371,759 377,039 370,894 Receivables from subsidiaries 355,104 346,834 346,618 Deposits 1,076 1,003 1,013 Total financial assets 727,939 724,876 718,526 Total non - current assets 948,228 958,725 943,066 Current assets Trade and other receivables 20,591 17,836 19,604 Receivables from subsidiaries 63,866 45,962 49,245 Tax receivable 4,413 2,740 1,782 Prepayments 2,813 2,759 2,386 Cash 4,222 5,244 242 Total current assets 95,905 74,541 73,259 Total assets 1,044,133 1,033,267 1,016,325 tEUR Q2 2026 Q2 2025 2025 Equity and liabilities Equity Share Capital 588 620 620 Share Premium 461,480 469,444 469,444 Reserves - 16,234 - 17,108 - 39,295 Retained Earnings 243,356 233,020 238,127 Total equity 689,190 685,978 668,896 Non - current Liabilities Debt to credit institutions 266,673 258,849 259,946 Lease liabilities 3,001 5,052 4,034 Deferred tax liabilities 14,632 10,575 9,925 Other non - current financial liabilities 22,250 28,721 23,355 Total non - current liabilities 306,556 303,197 297,261 Current Liabilities Prepayments received from customers and deferred revenue 5,682 5,480 9,170 Trade and other payables 10,353 5,810 5,369 Payables to subsidiaries 25,582 18,322 26,556 Other current financial liabilities 4,727 12,517 7,071 Lease liabilities 2,043 1,963 2,002 Total current liabilities 48,387 44,093 50,168 Total liabilities 354,943 347,289 347,429 Total equity and liabilities 1,044,133 1,033,267 1,016,325
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Q2 report 2026 Page 42 S tatement of changes in equity – Parent company tEUR Share capital Share premium Currency transla - tion re - serve Hedging reserves Treasury shares Retained earnings Total equity As of January 1, 2026 620 469,444 - 3,723 - 94 - 35,478 238,127 668,896 Result for the period 0 0 0 0 0 31,714 31,714 Fair value adjustment of hedges 0 0 0 1,012 0 0 1,012 Foreign currency translation 0 0 1,187 0 0 0 1,187 Tax on other comprehensive income 0 0 0 - 223 0 0 - 223 Total other comprehensive income 0 0 1,187 789 0 0 1,976 Total comprehensive income for the year 0 0 1,187 789 0 31,714 33,690 Transactions with owners Capital Decrease - 32 - 7,964 0 0 35,478 - 27,482 0 Acquisition of treasury shares 0 0 0 0 - 14,393 0 - 14,393 Disposal of treasury shares 0 0 0 0 0 0 0 Share based payments 0 0 0 0 0 1,012 1,012 Transaction cost 0 0 0 0 0 - 15 - 15 Total transactions with owners - 32 - 7,964 0 0 21,085 - 26,485 - 13,396 At June 30, 2026 588 461,480 - 2,536 695 - 14,393 243,356 689,190 During the period no dividend was pai d. tEUR Share capital Share premium Currency transla - tion re - serve Hedging reserves Treasury shares Retained earnings Total equity As of January 1, 2025 631 469,460 - 3,024 - 517 - 20,336 260,171 706,387 Result for the period 0 0 0 0 0 - 8,687 - 8,687 Fair value adjustment of hedges 0 0 0 - 272 0 0 - 272 Foreign currency translation 0 0 50 0 0 0 50 Tax on other comprehensive income 0 0 0 60 0 0 60 Total other comprehensive income 0 0 50 - 212 0 0 - 162 Total comprehensive income for the year 0 0 50 - 212 0 - 8,687 - 8,849 Transactions with owners Capital Increase - 11 - 16 0 0 20,336 - 20,309 0 Acquisition of treasury shares 0 0 0 0 - 13,517 0 - 13,517 Disposal of treasury shares 0 0 0 0 112 0 112 Share based payments 0 0 0 0 0 1,859 1,859 Transaction cost 0 0 0 0 0 - 14 - 14 Total transactions with owners - 11 - 16 0 0 6,931 - 18,464 - 11,560 At June 30, 2025 620 469,444 - 2,974 - 729 - 13,405 233,020 685,978 During the period no dividend was paid.
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Q2 report 2026 Page 43 Better Collective uses and communicate certain Alternative Performance Measures (“APM”), which are not defined under IFRS. Such are not to replace performance measures defined and under IFRS. The APM’s may not be indicative of the group’s historical operat ing results, nor are such measures meant to be predictive of the group’s future results. The group believes however that the APMs are useful supplemental indicators that may be used to assist in evaluating a company’s future operating performance, and its ability to service its debt. Accordingly, the APMs are disclosed to permit a more complete and comprehensive analysis of the group’s operating performance, consistently with how the group’s business performance is evaluated by the Management. The group bel ieves that the presentation of these APMs enhances an investor’s understanding of the group’s operating performance and the group’s ability to service its debt. Accordingly, the group discloses the APM’s to permit a more complete and comprehensive analysis of its operating performance relative to other companies and across periods, and of the group’s ability to service its debt. However, these APM’s may be calculated differently by other companies and may not be comparable with APM’s with similarly titled m easures used by other companies. The group’s APMs are not measurements of financial performance under IFRS and should not be considered as alternatives to other indicators of the Company’s operating performance, cash flows or any other measures of performa nce derived in accordance with IFRS. The group’s APM’s have important limitations as analytical tools, and they should not be considered in isolation or as substitutes for analysis of the group’s results of operations as reported under IFRS. Our currently applied APM’s are summarized and described below. Alternative Performance Measures Alternative Performance Measure Description SCOPE Operating profit before amortization (EBITA) Operating profit plus amortizations Better Collective reports this APM to allow monitor- ing and evaluation of the Group’s operational profit- ability Operating profit before amortizations margin (%) Operating profit before amortizations / reve- nue This APM supports the assessment and monitoring of the Group’s performance and profitability EBITDA before special items EBITDA adjusted for special items This APM supports the assessment and monitoring of the Group’s performance as well as profitability excluding special items that do not stem from ongo- ing operations, providing a more comparable meas- ure over time Alternative Performance Measure Description SCOPE Operating profit before amortizations and spe- cial items margin (%) Operating profit before amortizations and special items / revenue This APM supports the assessment and monitoring of the Group’s performance as well as profitability excluding special items that do not stem from ongo- ing operations, providing a more comparable meas- ure over time Special items Items that are considered not part of ongoing business Items that are not part of ongoing business, e.g. cost related to M&A and restructuring, adjustments of earn - out payments Net Debt / EBITDA before special items (Interest bearing debt, minus cash and cash equivalents) / EBITDA before special items on rolling twelve months basis This ratio is used to describe the horizon for pay back of the interest - bearing debt and measures the leverage of the funding Cash conversion rate before special items (Cash flow from operations before special items + Cash from CAPEX) / EBITDA before special items This APM is reported to illustrate the Group’s ability to convert profits to cash NDC New depositing customers A key figure to reflect the Group’s ability to fuel long - term revenue and organic growth Organic Growth Revenue growth as compared to the same pe- riod previous year. Organic growth from ac- quired companies or assets are calculated from the date of acquisition measured against the historical baseline performance Reported to measure the ability to generate growth from existing business Recurring revenue Recurring revenue is a combined set of reve- nues that is defined as recurring as manage- ment considers that the sources of these rev- enue streams will continuously generate reve- nue over a variable period of time and size e.g. if players continue to bet with s portsbooks with which BC has revenue share agreements, customers continue current subscriptions or if BC on a current basis receive revenues from customers having current marketing agree- ments in respect of banners, etc. on the group’s websites. Accordingly , it includes Revenue share income, CPM /Advertising and subscription revenues The group reports this APM to distinguish between what management consider as recurring revenue streams and what management consider as non - re- curring revenue streams, e.g. revenues reflecting one - time settlements with sportsbooks Alternative Performance Measures and Definitions
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Q2 report 2026 Page 44 Alternative Performance Measure Description SCOPE CLV The Customer Lifetime Value (CLV) shows ex- pected revenue generated throughout the life- time of a New Depositing Customer (NDC). This measure is pivotal for understanding how much value a NDC is anticipated to bring to the Group. The prerequisites going into the CLV are a number of factors such as average value, average frequency, NDC lifespan and churn rate. Average revenue per NDC x NDC lifespan A key figure to assess the value of NDCs generated by the Group, providing critical insights into NDC profitability. It allows the Group to identify the most valuable segments and optimize marketing strate- gies accordingly Value of Deposits (VoD) The Value of Deposits (VoD) represents the to- tal amount of deposits by referred users across partner platforms during the period. VoD rep- resents deposits generated within the quarter and is not a cumulative metric This reflects the Group’s strategic focus on attract- ing higher - value customers for our partners Definitions Term Description PPC Pay - Per - Click SEO Search Engine Optimization Sports win margin Sports net player winnings (sportsbooks) / sports wagering Sports wagering The value of bets placed by the players Recurring revenue Recurring revenue is a combined set of revenues that is defined as recurring. It includes revenue share income, CPM/Advertising and subscription revenues Board The Board of Directors of the company Executive management Executives that are registered with the Danish Company register Company Better Collective A/S, a company registered under the laws of Denmark
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Q2 report 2026 Page 45 Better Collective A/S Sankt Annæ Plads 28 125 0 Copenhagen K Denmark CVR no 27 65 29 13 +45 29 91 99 65 info@bettercollective.com bettercollective.com