Better Collective just dropped its Q1 2025 numbers. Revenue landed at €83 million, matching expectations. The company says it’s still on track to meet its full-year goals and sees early positive signs in Brazil. Here’s what to know about the Better Collective Q1 2025 performance:

  • Revenue for the quarter was €83 million, down 13% from last year, with organic growth falling 18%. This included €10 million from Brazil, which entered full regulation on January 1. Brazil’s new rules impacted overall revenue and EBITDA by €7 million.

  • Recurring revenue came in at €49 million, dropping 8%. Revenue share slipped 13% due to Brazilian regulation, but CPM-based income rose 13%, helped by the Playmaker Capital acquisition. Subscription revenue stayed flat compared to last year.

  • EBITDA before special items was €22 million, a 24% decline year-on-year. This gives an EBITDA margin of 27% for Q1. Operating cash flow before special items reached €21 million, with a 93% conversion rate.

  • Costs fell by €5 million, or 8%, as part of the ongoing €50 million efficiency program. When adjusted for currency effects and acquisitions, the total cost reduction compared to last year was €9 million. More than €5 million in savings came from staff and operations.

  • The Brazilian market is showing strong player retention and migration, despite slower user acquisition due to ad restrictions. Revenue there hit €10 million, and CPM sales outperformed expectations, with inventory sold out.

  • In North America, revenue dropped €11 million compared to Q1 2024. This decline is mainly due to last year’s North Carolina launch and reduced US partner activity. Revenue share from the region is expected to bring in €10–15 million for the full year.

  • Better Collective added 316,000 new depositing customers in Q1, down 30% from the same period last year. About 80% of these came through revenue share agreements. South America outside Brazil showed some positive development.

  • A new €10 million share buyback has been announced, following the completion of a previous program in April. Capital reserves stood at €90 million by the end of March, including €25 million in cash and €65 million in unused credit facilities.

  • As of April, the company reorganized into three global business units: Publishing, Paid Media, and Esports. This shift away from geography-based management aims to scale operations more efficiently and reduce complexity.

  • A Co-CEO structure was introduced with Christian Kirk Rasmussen joining Jesper Søgaard in leadership. Sofie Ejlersen was named COO to oversee the organizational transformation. Esports will be reported separately from Q2 2025 onward.

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