Better Collective A/S

Q2 2026 revenue increased 9% year over year to EUR 89 million versus EUR 82 million in Q2 2025. EBITDA before special items increased 20% to EUR 27 million from EUR 23 million, with the margin expanding to 30% from 28%. Cash flow from operations before special items rose 59% to EUR 30 million from EUR 19 million, for 111% cash conversion. New depositing customers were 373,000, up 24% year over year and 21% quarter over quarter, and value of deposits reached EUR 836 million, up 17% year over year and 5% quarter over quarter. For the first half, organic revenue grew 9% in constant currencies and EBITDA before special items grew 14%, both within full-year guidance of 7% to 12% organic revenue growth and 8% to 18% EBITDA growth. Management said full-year guidance remains unchanged. They also said net debt to EBITDA before special items was 2.3x, capital reserves were EUR 80 million, and share buybacks totaled EUR 14 million in the first half toward a EUR 40 million annual target.

Jesper Søgaard framed Q2 as evidence that momentum is broadening across the business, not just coming from one driver. He highlighted the World Cup, prediction markets, talent-led media, Paid Media, and North America as simultaneous contributors, and emphasized that the business is becoming more diversified and resilient. His tone was upbeat and confident, especially around AI adoption, content efficiency, and the company’s ability to monetize its large audience more effectively.

Flemming Pedersen walked through the bridge from EUR 82 million of revenue last year to EUR 89 million this quarter, noting about EUR 11 million of underlying growth offset by roughly EUR 2 million from higher U.K. remote gaming duty and about EUR 2 million from Brazil regulation. He said recurring revenue rose 2% to EUR 53 million, with revenue share up 5% to EUR 44 million, and that EBITDA before special items increased to EUR 27 million as costs rose 5% to EUR 62 million. He also cited strong cash generation, EUR 8 million of share repurchases in the quarter, EUR 14 million repurchased in the first half, capital reserves of EUR 80 million, and unchanged priorities to keep leverage below 3x, invest in organic growth and selective M&A, and return excess capital through buybacks.

Analysts focused on prediction markets, World Cup uplift, UK and Brazil regulation, and the lower implied CPA per NDC. Management said prediction markets started the year with one active player in the U.S. and then added another during Q2, with more expected and stronger pricing likely as competition increases; they also said this vertical is already contributing and should matter more in H2. On the World Cup, management said the quarter captured about half the tournament and the main effects were higher NDCs, higher sponsorship activity, and stronger revenue share deposits; they described the uplift as broadly in line with expectations. On the lower implied CPA, they said it was not only prediction markets but also mix effects from paid media and hybrid structures, and they flagged another special item expected in Q3 tied to restructuring work.