Better Collective (BETCO) Q4 2025 earnings summary

Executive summary

• Achieved full-year guidance and record Q4 EBITDA despite external headwinds such as Brazil regulation, FX movements, and sports win margin volatility.

• Strategic transformation included a €50m efficiency program, resulting in a leaner, more scalable platform.

• Accelerated innovation with the launch of Playbook (AI betting solution) and FanReach (audience segmentation platform), expanding international reach and engagement.

• Positioned for renewed growth in 2026, supported by a strong sports calendar, World Cup tailwinds, and prediction markets.

Financial highlights

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

• Record Q4 EBITDA before special items: €37 million, 39% margin, +10% year-over-year, driven by cost discipline.

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

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

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

Outlook and guidance

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

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

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

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