Better Collective Q2 2025 revenue falls 18%
Affiliate group maintains full-year guidance as cost savings programme delivers €50m annualised reductions.
Key points:
– Revenue declined 18% year-on-year to €82m, with organic growth down 19%
– EBITDA before special items fell 21% to €23m, equating to a 28% margin
– Brazil regulation reduced revenue share income by 15%, though cost savings target achieved
Better Collective reported Q2 2025 revenue of €82m ($95.5m), an 18% year-on-year decline, reflecting ongoing challenges in Brazil and comparison effects from major sports events in 2024. Organic growth decreased by 19%.
Revenue share income fell 15%, largely due to the introduction of new regulation in Brazil, which lowered New Depositing Customer volumes by restricting bonuses and created delays in payment flows.
North American revenue also fell €8m compared with last year, impacted by the North Carolina launch in Q2 2024 and reduced partner marketing spend.
Recurring revenue was €52m, representing 64% of group revenue. CPA income declined 31%, while CPM revenue decreased 25%.
Subscription revenue rose 8%, supported by North American community-based media. Sponsorship income dropped 5% but outperformed broader industry trends.
From Q2, esports is reported as a standalone segment. Revenue reached €5m in the quarter, supported by flagship platforms HLTV and FUTBIN. The split-out follows restructuring efforts earlier in the year to sharpen operational focus.
Paid Media delivered €4m of growth in the quarter, supported by the acquisition of AceOdds. Group-wide cost savings reached €12m for the period, bringing annualised savings to the €50m target announced in October 2024.
Good to know: Better Collective grew its global digital audience by 10% earlier this year, reaching 450 million monthly visits across its media network
EBITDA before special items fell 21% to €23m, with a margin of 28%. Free cash flow reached €13m in Q2, with cash conversion of 83%. Capital reserves stood at €87m at the end of June, supported by €319m in credit facilities.
Co-Founder and Co-CEO Jesper Søgaard said: “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.”
Full-year guidance remains unchanged at €320–€350m in revenue and €100–€120m in EBITDA.
In May 2025, Better Collective reported Q1 revenue of €83m, down 13%, with EBITDA falling 24% to €22m. That update highlighted a €7m negative impact from Brazil’s regulatory shift and reduced marketing spend in the US.
Despite the weaker start, the group maintained its full-year guidance and announced esports would be reported as a standalone segment beginning in Q2.
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