Better Collective A/S : Interim Report Q1 2024

May 21, 2024

Better Collective A/S

Sankt Annæ Plads 28-30

1250 Copenhagen (DK)

Interim report Q1, 2024

• Strong revenue performance of 95m EUR, growth of 8%
• Recurring revenue of 53 mEUR; growth of 14%
• Strong EBITDA of 29 mEUR, 31% margin; as expected down 13% due to the extraordinary performance last year
• Net debt to EBITDA of 1.7x
• Announced the acquisition of leading UK sports betting me- dia AceOdds post Q1 for 42 mEUR
• Financial targets were upgraded by 5 mEUR on revenue and EBITDA following the acquisition

www.bettercollective.com

CVR NO.: 27 65 29 13

Revenue	Recurring revenue	EBITDA*
mEUR	mEUR	mEUR

*Before special items

Q1 report 2024

Page 1

Table of contents

Highlights Q1, 2024	3
Financial highlights and key figures	4
CEO letter	5
Business review and financial performance	7
Financial targets	12
Other	13
Condensed interim financial statements for the
period	16
Notes	21
Parent company	30

Q1 webcast

May 22, 2024

A conference call for Better Collective's stakeholders will be held on May 22, at 10:00 a.m. CET and can be joined online here.

To participate telephonically follow this link.Once signed up you will receive an e-mail with a phone number and a personal dial-in code for the call.

The presentation material for the webcast will be available after market close on May 21 via: www.Bettercollective.com

Upcoming events

• Q2 release - August 21, 2024
• Q3 release - November 13, 2024
• Q4 release - February 19, 2025
• Annual report - March 25, 2025

Q1report2024 Page2

Highlights Q1, 2024

Group revenue expectedly increased by 8% to 95 mEUR (Q1 2023: 88 mEUR) with organic growth down 6%. The growth was attained despite to extraordinary performance last year, which included the launch of online sports betting in two major US states. These state launches operated on a CPA-based model, resulting in significant one-off upfront revenues. The state launch in North Carolina during this quarter entailed a blend of recurring revenue share and CPA.

Recurring revenue was 53 mEUR, posting 14% growth, implying higher quality revenue. Recurring revenue makes up 56% of total group revenue. This was achieved while the sports win margin was lower than last year. Additionally, during Q1, our core revenue share markets (Europe & South America) saw a reduction of over 10% in the number of soccer games in major leagues compared to last year.

Group EBITDA before special items was 29 mEUR (Q1 2023: 33 mEUR) down 13% as expected due to extraordinary performance last year The group EBITDA-margin before special items was 31%. Group EBITDA margin was impacted by the two recent acquisitions in Playmaker Capital and Playmaker HQ being short term margin dilu- tive.

Cash flow from operations before special items was 22 mEUR (Q1 2023: 33 mEUR). The cash conversion was 73%. By the end of Q1, capital reserves stood at 164 mEUR of which cash of 61 mEUR, and other current financial assets of 6 mEUR and unused credit facilities of 97 mEUR.

New depositing customers (NDC) numbered more than 450,000 where 77% was sent on revenue share con- tracts.

Better Collective announced the completion of the Play- maker Capital acquisition, making it the second-largest acquisition to date. The integration has developed as planned. Playmaker Capital and its advertising business sees its lowest season during Q1. Due to this as well as the business being taken over from February the impact from the two months of Q1 was muted with revenues of 7 mEUR and EBITDA around breakeven. The performance is expected to pick up over the course of the year with the strongest quarter in Q4.

Q1 was as expected and following the acquisition of AceOdds after Q1 the group's 2024 financial targets were upgraded as follows:

• Revenue of 395-425 mEUR, up from 390-420 mEUR, implying 21-30% growth
• EBITDA of 130-140 mEUR, up from 125-135mEUR, implying 17-26% growth.

• Net/debt to EBITDA stay below 3x (unchanged)

The long-term2023-2027 financial targets were updated following the acquisition of Playmaker Capital.

• Revenue CAGR of +20% (unchanged).
• EBITDA margin before special items of 35-40% (previously 30-40%).
• Net debt to EBITDA before special items of <3 (unchanged).

Better Collective raised 10% or approximately 145 mEUR in an accelerated book building process to prepare for future M&A. The demand in the placing was substantial.

Better Collective announced a new major shareholder as BLS Capital Fondsmæglerselskab A/S now has 11.7% of the voting rights.

Better Collective is now included in the Nasdaq Stock- holm and Nasdaq Copenhagen Large Cap Index with companies that have a market cap higher than 1 bnEUR.

Better Collective hosted its annual HLTV Award Show gathering important people from the Counter Strike community. The show had more than 100K peak viewers and had more than 1.2 million views in total. In Sweden, Better Collective hosted the popular Swedish sports journalism award show "Guldskölden".

Significant events after close

Better Collective acquired UK sports betting media AceOdds for a total consideration of 42 mEUR implying 4x last twelve months EBITDA. AceOdds offers a comprehensive range of betting tools, odds, reviews, and streaming schedules through its web and app-based platforms. With a robust presence in the UK market, Better Collective's global reach through local expertise aligns perfectly with AceOdds's vision of expanding its influence outside the borders of the UK. Following the acquisition Better Collective upgraded its 2024 full year financial targets as mentioned.

On May 5, Google activated a new policy focusing on third-party content across a variety of commercial cat- egories. This impacted the rankings and thereby traffic to some of Better Collective's media partnerships. Better Collective remain proud of its media partnerships and is working closely together with all parties involved to address the changes. Consequently, some of Better Collective's owned and operated sports media portfolio has seen an increase in traffic and rankings.

The Annual General Meeting 2024 was held electronically on April 22, 2024.

Q1 report 2024

Page 3

Financial highlights and key figures

tEUR	Q1 2024	Q1 2023	2023
Income statements
Revenue	95,031	87,945	326,686
Recurring revenue	53,286	46,817	191,118
Revenue Growth (%)	8%	30%	21%
Organic Revenue Growth (%)	-6%	23%	13%
Operating profit before depreciation, amortization,
and special items (EBITDA before special items)	29,010	33,275	111,080
Operating profit before depreciation
and amortization (EBITDA)	26,468	32,667	109,132
Depreciation	1,472	713	3,958
Operating profit before amortization
and special items (EBITA before special items)	27,538	32,561	107,122
Special items, net	- 2,542	- 607	- 1,948
Operating profit before amortization (EBITA)	24,996	31,954	105,174
Amortization and impairment	8,234	3,871	24,283
Operating profit before special items
(EBIT before special items)	19,304	28,691	82,839
Operating profit (EBIT)	16,762	28,083	80,891
Result of financial items	- 6,498	- 735	- 22,881
Profit before tax	10,264	27,348	58,010
Profit after tax	7,553	20,935	39,835
Earnings per share (in EUR)	0.13	0.38	0.74
Diluted earnings per share (in EUR)	0.12	0.36	0.70

For a definition of financial key figures and ratios, please refer to page 34.

tEUR	Q1 2024	Q1 2023	2023
Balance sheet
Balance Sheet Total	1,153,664	802,970	937,862
Equity	668,501	423,449	435,273
Current assets	138,218	107,722	105,812
Current liabilities	124,041	63,033	103,493
Net interest bearing debt	178,009	179,865	221,133
Cashflow
Cash flow from operations before special items	21,665	33,360	119,384
Cash flow from operations	10,016	32,966	114,639
Investments in tangible assets	- 961	187	- 5,143
Cash flow from investment activities	- 73,858	- 21,278	- 106,248
Cash flow from financing activities	90,940	- 7,724	29,334
Financial ratios
Operating profit before depreciation,
amortization (EBITDA) and special items margin (%)	31%	38%	34%
Operating profit before amortization margin (EBITDA) (%)	28%	37%	33%
Operating profit margin (%)	18%	32%	25%
Publishing segment
- EBITDA before special items margin (%)	34%	43%	37%
Paid media segment
- EBITDA before special items margin (%)	23%	27%	29%
Net interest bearing debt / EBITDA before special items	1.67	1.27	1.99
Liquidity ratio	1.11	1.71	1.02
Equity to assets ratio (%)	58%	53%	46%
Cash conversion rate before special items (%)	73%	100%	103%
Average number of full-time employees	1,677	926	1,252
NDCs (thousand)	450	488	1,916

Q1 report 2024

Page 4

CEO letter

Good start to 2024 and continued business diversification to future-proof business

We have come a long way since our Capital Markets Day last year thanks to our continued focus on business diversification and profitable growth. 2024 got off to a good start despite comparing with extraordinary performance last year, and I look forward to a busy summer with many exciting sports events ahead of us.

One year ago, we hosted our first Capital Markets Day (CMD) to reflect on our achievements since listing in 2018. Here we showcased our business advancements, which included the scaling of our audience from 7 million to 180 million monthly visits, reducing dependency on search engines and single clients, as well as expanding our revenue streams. Over this period, we grew revenue from 40 mEUR to 269 mEUR, increased operational earnings from 16 mEUR to 85 mEUR, and boosted our market capitalization from 2 bnSEK to 10 bnSEK, all with limited shareholder dilution. At the CMD we also

introduced and dove into what our vision of becoming the leading digital sports media group entails.

So, what has happened since the CMD? We have sustained revenue and EBITDA growth. We have broadened our business portfolio by acquiring several busi- nesses; a social media and podcast production com- pany, a bolt acquisition enhancing our Paid Media capa- bilities, and we have added several leading sports media brands to the group. This expansion has resulted in further audience growth to more than 400 million monthly visits (including Playmaker Capital) and it has positioned us as the leading sports media group in the rapidly growing South American market. Simultaneously, we initiated the development of our proprietary AdTech platform, AdVantage, which, if successful, could further expand and diversify our revenue streams. If you wish to learn more into AdVantage, we did a deep dive in our Annual Report 2023.

Following a successful five-year listing in Stockholm, we made the strategic decision to expand our capital markets presence by dual listing in Copenhagen, at the end of last year. This move significantly increased interest from investors as well as market analysts, and increased media interest, resulting in a significant lift in employer attractiveness. There has never been as much interest in our company as now. This increased interest enabled us to raise 145 mEUR in new capital during Q1, while also welcoming large new shareholders into the group, all of

which I find very encouraging for executing our future strategy and continued focus on M&A.

This narrative encapsulates our operational philosophy. We are constantly scouting for new long-term growth opportunities, exemplified by AdVantage - an initiative that will diversify and future-proof our business and align with our vision. At the same time, we remain laser focused on our operations and delivering value to our partners and audience.

Since our IPO in 2018, M&A has played a crucial role in our transition from a sports betting affiliate to a leading digital sports media group. We have successfully built a structure, where our group strength acts as an amplifier for the acquired media brands, utilizing our core competencies to grow audiences, scaling content and optimize monetization. Our Greek brand Betarades, which we acquired in 2018, stands as a great example of this.

Betarades; a true success story

Back in 2018, we acquired the leading sports betting affiliate in the Greek market, laying the foundation for an impressive journey as the brand and the team behind have consistently surpassed our expectations. Notably, the co-founder of Betarades has been instrumental not only in leading Betarades but also serving as our Managing Director for Southeast Europe. As a founder my- self, I am proud to have built a business where other founders thrive and support our long-term journey.

Since 2018, Betarades' audience has grown exponen- tially, establishing itself as the leading sports media across social platforms in the market. With more than 180k subscribers on YouTube and a prominent presence on TikTok, the brand's multi-channel approach has proven highly effective. Media monetization efforts coupled with an increase in recurring revenue share income have resulted in a remarkable five-fold revenue surge.

What has made this possible? Since the acquisition, Better Collective has assumed the bulk of administrative re- sponsibilities, allowing the team to focus on their core strengths: brand building, quality content production, and commercialization. Moreover, our global reach, best-in-class partnership contracts, and performance marketing expertise have unlocked new opportunities that were previously inaccessible to Betarades. This strategic support has propelled Betarades to new heights.

Witnessing Betarades evolve from a dominant player in Greek sports media affiliation to a versatile multi-channel sports media has been nothing short of inspiring. Be- tarades now works with some of the most well-known brand ambassadors in the region including soccer icons from the winning 2004 European Championship team. The journey of Betarades mirrors the journey Better Collective is currently on as a group, reinforcing our commitment to innovation and growth in the dynamic world of sports media.

Q1 report 2024

Page 5

2024 got off to a good start

In Q1 last year, online sports betting was launched in Ohio and Massachusetts, resulting in significant revenue generation through CPA-based contracts. This had a substantial positive one-time impact, contributing to a 44% increase in EBITDA from Q1 2022 to Q1 2023. In Q1 of this year, we saw the launch of sports betting in North Carolina with revenue structured on a combination of revenue share and CPA-based contracts. This structure delays a portion of revenue but is strategic for future growth. Furthermore, the sports win margin during Q1 was lower than last year and lower than forecasted. Lastly, we saw a reduction of more than 10% fewer soccer matches in the major leagues in Europe and South America.

Despite these circumstances, Q1 marked another strong quarter for Better Collective with revenue increasing by 8% to 95 mEUR. It is worth noting that our recurring revenue grew 14% to 53 mEUR, now including significant audience-driven revenue from Playmaker Capital, hence signaling another quarter of higher quality. EBITDA for the quarter was 29 mEUR, reflecting an expected 13% decrease due to the extraordinary performance last year mentioned above and ongoing revenue transition in the US.

Positive market trends

In Q1, we saw good performance across all markets. Eu- rope & ROW showed outstanding performance with an impressive 20% growth of which 5% was organic. This achievement was fueled by a widespread impact across markets, facilitated by our owned and operated channels alongside strategic media partnerships. In anticipation of the European Championships and Copa America, preparations are already in action, including concept developments and brand strategies tailored to maximize our impact.

Playmaker Capital integration is progressing as planned

Last year, we made public our intention to acquire the sports media group, Playmaker Capital, and successfully closed the acquisition early this year. Having only taken over the company in February, we are already observing positive trends. The cultural fit between our organizations is excellent and we see great opportunities to share knowledge across the teams. Overall, the integration of Playmaker Capital has progressed as planned and we have already observed encouraging early performance marketing results during the quarter stemming from affiliation revenue. With the acquisition of Play- maker Capital, we raised the 2027 financial targets for EBITDA from 30-40% to 35-40%, underscoring our confidence in achieving synergies over time. This adjustment indicates that the buildup and synergy realization

will be more pronounced in the latter part of our forecasted period.

North American product diversification

Turning attention to the North American market, we are delighted with the progress made in Q1. Our commercial position has never been stronger with active partnerships established across all major players in the region. We achieved notable successes during the North Caro- lina state launch and the Super Bowl events. North American NDCs were up versus last year, but revenue was down 8% and organic down 22%, due to the already mentioned comparison and the ongoing revenue share transition. We increased our investment in revenue share, which will set us up well for sustained revenue in years to come. The mix of NDCs on revenue share versus upfront CPA was similar as in previous quarters.

Additionally, our expansion into high-level media has proven successful following last year's acquisition of Playmaker HQ. At one point three out of the top five sports podcasts in the US on Spotify belonged to Better Collective - led by Shaquille O'Neal's "Big Podcast" show, as well as "Roommates" featuring New York Knicks stars Jalen Brunson and Josh Hart - and our shows have been consistently frequented by renowned celebrities and including many star athletes. This strategic move has enriched our product offerings and

amplified our reach within the North American audience cementing our leading position.

A busy summer ahead

We are looking into a busy summer, with the European Championships and Copa America, along with the Olym- pics. We anticipate that the European Championship will be a significant sporting event for our group, positively contributing to growth. Due to our limited experience with Copa America, we take a more cautious approach here, although we acknowledge the tournament's interest and relevance. We are now the leading digital sports media in South America, making the tournament even more interesting.

Lastly, as we develop AdVantage, the Olympics are becoming increasingly relevant, as we observe strong general advertising interest surrounding the event.

I would like to round off by thanking all my colleagues at Better Collective, now also including the full Play- maker Capital group. As a co-founder it is a true pleasure being surrounded by so many ambitious colleagues that have taken ownership of our strategy and vision and continue to deliver strong results.

Jesper Søgaard

Co-founder & CEO

Q1 report 2024

Page 6

Business review and financial performance

Group

Q1 was another solid quarter for the Better Collective group, as revenues grew 8% of which -6% was organic. The Group saw tough comparisons due to extraordinary performance last year where Q1 included two state launches in the US mainly on upfront CPA based con- tracts. During this year there was one state launch which was on a mix of CPA and revenue share. Further Q1, saw a lower sports win margin versus Q1 last year as well as more than 10% fewer European and South American soccer matches. Playmaker Capital was included from February and contributed with revenue of 7 mEUR and

a breakeven EBITDA. The performance is expected to pick up over the course of the year with the strongest quarter in Q4.

Operational earnings (EBITDA before special items) were 29 mEUR, implying a margin of 31%. The group's operational profit decreased by 13% due to the aforementioned factors.

Recurring revenue came in at 53 mEUR, implying growth of 14%, and made up 56% of group revenues.

The group delivered more than 450,000 new depositing customers to partnering sportsbooks and continued its strong growth path during its transitional phase to revenue share agreements in the US. Out of the total NDCs 77% were revenue share contracts.

Key figures for the group

tEUR	Q1 2024	Q1 2023	Growth	2023
Revenue	95,031	87,945	8%	326,686
Cost	66,020	54,670	21%	215,605
Operating profit before depreciation and amortization and special items	29,011	33,275	-13%	111,080
EBITDA-Margin before special items	31%	38%		34%
Operating profit before depreciation and amortization	26,468	32,667	-19%	109,132
EBITDA-Margin	28%	37%		33%
Organic Growth	-6%	23%		13%

Q11 rereportort 2202424 Pageage 77

Publishing

The Publishing business includes revenue from Better Collective's proprietary owned and operated sports media as well as media partnerships. The audiences for these brands are mostly generated through direct traffic or organic search results.

Revenues from this segment came in at 66 mEUR implying a growth of 12%. Organic growth was flat. Operational profit came in at 23 mEUR, implying a margin of 34%. The publishing segment accounted for 70% of group revenue and 78% of operational earnings.

The growth in the Publishing segment came despite very tough comparisons in the US where Q1 2023 included two states launches with upfront revenues through CPA-based contracts and thereby delivered

extraordinary performance. This year the state launch of North Carolina was based on a mix of revenue share and CPA, hence delaying the upfront element, to gain long- term profitable growth. Furthermore, the Publishing segment's revenue share income was impacted by a lower-than-expected sports win margin, as well as more than 10% fewer soccer matches in major leagues being played across Europe and South America as compared to last year.

The performance was broadly based on owned and operated sports brands as well as media partnerships.

The North American contractual transition toward revenue share has continued with a similar mix of NDCs sent on revenue share versus CPA as previous quarters. The

transition postpones revenue and earnings, as it has a short-term dampening effect on revenues and earnings.

Paid Media

The Paid Media business includes revenue efforts in paid advertising on search engines, as well as advertising on third party sports media. Given the upfront payment to advertise on third party platforms the gross margin is lower than in the Publishing business.

Paid Media revenue was 29 mEUR, implying a flat development driven by the Skycon acquisition with organic growth down 18%, which is to be compared with last year's organic growth of 51%.

Operational profit came in at 7 mEUR, down 17% with a margin of 23%. The Paid Media segment accounted for 30% of group revenue and 22% of operational profit.

The Paid Media performance had similar high comparisons to the Publishing segment from last year. This can be seen in Paid Media CPA revenue decreasing 32% during the quarter, while recurring revenue share increased by 80%. During Q1, more NDCs were sent on revenue share-based contracts, like the Publishing segment.

Key figures for the Publishing segment

tEUR	Q1 2024	Q1 2023	Growth	2023
Revenue	66,310	59,204	12%	220,328
Share of Group	70%	67%		67%
Cost	43,804	33,795	30%	139,685
Share of Group	66%	62%		65%
Operating profit before depreciation and amortization and special items	22,506	25,409	-11%	80,642
Share of Group	78%	76%		73%
EBITDA-Margin before special items	34%	43%		37%
Operating profit before depreciation and amortization	19,980	24,802	-19%	78,695
EBITDA-Margin	30%	42%		36%
Organic Growth	0%	12%		15%

Key figures for the Paid Media segment

tEUR	Q1 2024	Q1 2023	Growth	2023
Revenue	28,721	28,741	0%	106,358
Share of Group	30%	33%		33%
Cost	22,217	20,875	6%	75,920
Share of Group	34%	38%		35%
Operating profit before depreciation and amortization and special items	6,505	7,866	-17%	30,438
Share of Group	22%	24%		27%
EBITDA-Margin before special items	23%	27%		29%
Operating profit before depreciation and amortization	6,488	7,866	-18%	30,438
EBITDA-Margin	23%	27%		29%
Organic Growth	-18%	51%		13%
	Q1 report 2024	Page 8

Europe & Rest of World

The Europe & Rest of the world (ROW) business includes all markets outside of North America. The European markets consist of more mature markets and are the legacy markets of Better Collective. South America is a strong growth market and makes up an increasingly bigger part of the business. Examples of sports brands include Soccernews in the Netherlands, Betarades in Greece, Tipsbladet in Denmark, Wettbasis in Germany, Goal.pl in Poland, and Les Transferts in France, as well as Bolavip in all South America, SomosFanaticos in Bra- zil, and Redgol in Chile. The portfolio further includes the esport communities HLTV and FUTBIN.

Europe & ROW are heavily exposed to recurring revenue share income. During Q1, the sports win margin was lower than expected and lower than last year. Further, Q1 saw more than 10% fewer soccer matches in Europe and South America, impacting the quarterly result.

Despite this, Europe & ROW posted revenue of 61 mEUR, implying growth of 20%, of which 5% was organic.

Operational profits came in at 20 mEUR, giving a margin of 33%, which is an increase of 6%. Europe & ROW revenue accounted for 64% and operational profit accounted for 69% of the group.

North America

Both the US and the Canadian markets are recently reg- ulated. As both markets are young, revenues have largely been generated from one-time payments (CPA) but have started gradually to transition into revenue share. Key North American sports brands include but are not limited to Action Network, Yardbarker, The Nation Network, Playmaker HQ VegasInsider, RotoGrinders, Sportshandle, and Canada Sports Betting.

The North American revenue came in at 34 mEUR, implying a decline of 8%, and a decline of 22% organic growth. The net decline was impacted by the ongoing

revenue share transition and the comparison from the two state launches last year, which were both upfront CPA-based revenues.

Operational profit came in at 9 mEUR, equaling a margin of 27%, impacted by the same measures as well as having acquired Playmaker HQ and Playmaker Capital which are both margins dilutive. The group continues its transition towards recurring revenue share in the North American market and saw a similar mix of NDCs as previous quarters. Revenue share income from North Amer- ica grew around 25% quarter over quarter.

Key figures for Europe & RoW segment

tEUR	Q1 2024	Q1 2023	Growth	2023
Revenue	61,021	50,802	20%	218,085
Share of Group	64%	58%		67%
Cost	41,119	32,070	28%	137,902
Share of Group	62%	59%		64%
Operating profit before depreciation and amortization and special items	19,903	18,732	6%	80,183
Share of Group	69%	56%		72%
EBITDA-Margin before special items	33%	37%		37%
Operating profit before depreciation and amortization	19,156	18,124	6%	79,123
EBITDA-Margin	31%	36%		36%
Organic Growth	5%	29%		17%

Key figures for North America segment

tEUR	Q1 2024	Q1 2023	Growth	2023
Revenue	34,010	37,143	-8%	108,600
Share of Group	36%	42%		33%
Cost	24,902	22,600	10%	77,703
Share of Group	38%	41%		36%
Operating profit before depreciation and amortization and special items	9,108	14,543	-37%	30,897
Share of Group	31%	44%		28%
EBITDA-Margin before special items	27%	39%		28%
Operating profit before depreciation and amortization	7,313	14,543	-50%	30,009
EBITDA-Margin	22%	39%		28%
Organic Growth	-22%	15%		5%

Q1 report 2024

Page 9