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Better Collective Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Q3 revenue was €78 million, with EBITDA at €21 million, both impacted by a record-low sports win margin, reducing revenue and earnings by €10 million compared to last year.
Underlying business growth was strong, especially in North America where revenue share more than doubled year-over-year, and Brazil outperformed expectations despite regulatory headwinds.
The launch of Playbook, an AI-powered betting solution, marked a strategic shift from user acquisition to retention, driving millions of bets and high user adoption within weeks.
Financial highlights
Group revenue declined 4% year-over-year to €78 million, mainly due to sports win margin and regulatory impacts in Brazil.
EBITDA before special items was €21 million, margin 26%, with cost reductions partially offsetting margin impacts.
Free cash flow for the last twelve months was €32 million, supporting guidance of €55–75 million for the year.
Operational cash flow before special items showed a cash conversion of 168%.
Net profit after tax was €2 million, with EPS of €0.03.
Outlook and guidance
Full-year 2025 guidance unchanged: revenue €320–350 million, EBITDA before special items €100–120 million, free cash flow €55–75 million, net debt to EBITDA below 3x.
2027 targets include positive organic growth from 2026 and an EBITDA margin of 35–40%.
Brazilian regulatory changes expected to reduce short-term revenue share income by 50–70%, impacting EBITDA by €35–50 million.
Brazil regulatory mitigation strategy?
North America revenue share growth outlook?
Paid Media spend vs cost efficiency program?
Playbook's impact on long-term user value?
Sustainability of US revenue share growth?
Prediction markets' impact on US regulation?
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Next Better Collective earnings date
Q4 202526 Feb, 2026
Better Collective
Next Better Collective earnings date
Q4 202526 Feb, 2026
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Frequently asked questions
Better Collective A/S operates as a sports betting media company worldwide. It develops, markets, and sells products for iGaming operators that require a license to operate online gambling. The company offers various services, including tools and services designed to assist the user in making informed decisions on his gambling behavior; general information about the world of sports betting and betting tips; and resources to help understand the risks associated with excessive gambling that can affect their lives.
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