iGaming affiliate group Better Collective has reported revenue of €94m for the fourth quarter of 2025, representing a 2% year-on-year decline on a reported basis and 2% growth in constant currencies. EBITDA before special items reached €37m for the quarter, the highest level recorded in a single quarter by the company, while the value of deposits reached an all-time high of €820m.
For the full year, igaming-related revenue totalled €337m, within the previously guided range of €320m to €350m. EBITDA before special items amounted to €102m, compared to guidance of €100m to €120m. Free cash flow for the year was €38m, below the guided range of €55m to €75m, which the company attributed to working capital deviations into 2026 and investments in strategic partnerships. Net debt to EBITDA before special items stood at 2.5x at year end, below the company’s stated ceiling of 3x.
Better Collective provides performance marketing and media services to igaming operators across publishing, paid media and esports segments. The company stated that underlying activity levels were supported by growth across these business areas during the quarter.
For 2026, Better Collective has guided for organic revenue growth of 7% to 12% and EBITDA before special items growth of 8% to 18%. The Board of Directors has also indicated an intention to conduct annual share buybacks of €40m, while maintaining net debt to EBITDA before special items below 3x. Management noted that the year will benefit from more normalised year-on-year comparisons and expects growth across Publishing, Paid Media and Esports.
The company also referenced the FIFA World Cup as a potential activity driver in several core markets during the summer of 2026, which may support user acquisition and reactivation across igaming partnerships. At the same time, announced tax increases in the UK and Brazil are expected to have an estimated negative impact of approximately €8m on EBITDA before special items.
Looking further ahead to 2027 and 2028, Better Collective outlined expectations for continued organic revenue growth, an EBITDA before special items margin of 35% to 40%, sustained cash conversion and net debt to EBITDA before special items remaining below 3x.
Jesper Søgaard, Co-founder & Co-CEO of Better Collective, commented on the Q4 results: “2025 was a transformational year for Better Collective. Despite some significant external headwinds, we stayed disciplined and structurally strengthened our business while investing in key AI innovations such as Playbook and FanReach that will help drive our future growth. I am pleased to report that we ended the year with our highest EBITDA ever, a milestone that speaks directly to the hard work of my colleagues across the globe. We have carried that momentum into 2026 with a laser-sharp focus on our top priorities, combined with the upcoming FIFA World Cup in men’s soccer, which stands as a massive opportunity for our business.”
He added about the full year results: “2025 was a transformational year for Better Collective. Despite some significant external headwinds, we stayed disciplined and structurally strengthened our business while investing in key AI innovations such as Playbook and FanReach that will help drive our future growth. I am pleased to report that we ended the year with our highest EBITDA ever, a milestone that speaks directly to the hard work of my colleagues across the globe. We have carried that momentum into 2026 with a laser-sharp focus on our top priorities, combined with the upcoming FIFA World Cup in men’s soccer, which stands as a massive opportunity for our business.”
