Better Collective has published its Q2 2025 financial results, reporting revenue of €82m, in line with expectations but down 18% year on year, with organic growth decreasing by 19%. Recurring revenue totalled €52m, representing 64% of overall revenue. EBITDA before special items was €23m, down 21% compared to last year, corresponding to a margin of 28%.
The company said the results reflect several factors, including lower income from the Brazilian market following new regulations, reduced activity in North America compared with the prior year’s launch of North Carolina, and a difficult comparison with Q2 2024, which benefited from UEFA EURO 2024 and Copa América. Paid media revenue grew by €4m during the quarter, supported by esports and contributions from the acquisition of AceOdds.
Better Collective highlighted that its cost efficiency programme, launched in late 2024, has now delivered €50m in annualised savings, with €12m achieved in the quarter. Group costs were reduced by €12m year on year, with most savings realised in the Publishing segment. The company said it would continue to reinvest identified efficiencies into growth initiatives.
Free cash flow was €13m for the quarter and €21m year to date, in line with guidance of €55–75m for the full year. Cash conversion stood at 83%. Capital reserves at the end of June totalled €87m, including €22m in cash and €65m in unused credit facilities.
During the period, Better Collective reported esports as a standalone segment for the first time, anchored by HLTV and FUTBIN, generating €5m in revenue compared to €20m for the full year 2024. New depositing customers reached 300,000 in the quarter, of which 86% were on revenue share, though volumes were below the prior year due to regulatory restrictions in Brazil and the absence of major football tournaments.
The company also announced the Board’s intention to initiate a new €20m share buyback programme following the completion of its current one, and confirmed its full-year 2025 financial guidance remains unchanged.
Jesper Søgaard, Co-founder & Co-CEO of Better Collective, comments: “I’m pleased that our Q2 results were in line with expectations. The first half of the year was a transition period mainly driven by structural changes in key markets such as Brazil. We have completed the restructuring of our business and are ready to capture the opportunities of a sports-rich second half of the year, with preparations for the FIFA World Cup 2026 already underway. I would like to extend my sincere appreciation to all colleagues for your dedication and efforts during this transition phase.”
