Better Collective reported second-quarter 2026 revenue of EUR 89 million, a 9% increase year-over-year, as the Danish sports betting and media group extended its growth momentum from the first quarter.
EBITDA before special items climbed 20% to EUR 27 million, lifting the margin to 30% from 28% in the same period last year. Cash flow from operations surged 59% to EUR 30 million, with a cash conversion rate of 111%, up from 106% in the first half of 2026. Recurring revenue reached EUR 53 million, a 2% increase, while revenue share income rose 5% to EUR 44 million, accounting for 82% of the recurring revenue base.
Advertising revenue combined totaled EUR 21 million, up 18% year-over-year, with sponsorship revenue jumping 39% to EUR 16 million. CPM revenue declined 16% to EUR 6 million, while North American CPA revenue increased 50% to EUR 5 million, driven by prediction markets. New depositing customers rose 24% year-over-year to 373,000, with 70% generated through revenue share agreements. The value of deposits reached an all-time high of EUR 836 million, up 17% year-over-year and 5% quarter-over-quarter.
For the first half of 2026, organic revenue growth stood at 9% in constant currencies, while EBITDA before special items grew 14%. Full-year 2026 guidance remained unchanged, with organic revenue growth projected at 7% to 12% and EBITDA growth before special items at 8% to 18%.
The company repurchased EUR 8 million in shares during Q2, bringing the total to EUR 14 million in the first half. The annual share buyback target remains EUR 40 million, running through March 3, 2027. Capital reserves stood at EUR 80 million, including EUR 25 million in cash and EUR 55 million of unused bank facilities, with total credit lines totaling EUR 319 million. Net debt to EBITDA before special items was 2.3x, within the target range below 3x.
Regulatory headwinds in the U.K. and Brazil weighed on results, with the U.K. Remote Gaming Duty increase from 21% to 40% effective April 1st and Brazilian regulatory changes each contributing approximately EUR 2 million in negative revenue impact. Combined, these headwinds totaled roughly EUR 4 million for the quarter.
Shares of Better Collective last traded at $121.40, down 0.49% from the previous close. The stock remains 18.3% below its 52-week high of $148.70 and 16.4% above its low of $104.30, with a market capitalization of $735 million and a P/E ratio of 24.78.
