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Better Collective reported Q1 2025 results that landed in line with expectations. Co-founder and Co-CEO Jesper Søgaard said the numbers reflect building the “New BC” while focusing on global scalability.
The Danish affiliate marketing company generated 83 mEUR in revenue during the quarter. That’s down 13% from last year, with organic growth falling 18%.
Christian Kirk Rasmussen joined as Co-CEO in April. He’ll focus on innovation and operations while Søgaard handles external strategy.
Brazilian market regulation created the biggest headwind this quarter. The new rules that started January 1st cost Better Collective 7 mEUR in revenue and EBITDA compared to Q1 2024.
North Carolina’s state launch last year created tough comparisons. That added another 5 mEUR revenue headwind.
US partners also reduced activity levels. This previously announced decrease impacted the quarter by roughly 5 mEUR.
But there’s good news from Brazil. Player migration performed better than expected, showing lower churn and stronger retention.
Revenue of 83 mEUR came with EBITDA of 22 mEUR. The 27% EBITDA margin stayed solid despite the revenue decline.
Recurring revenue dropped 8% to 49 mEUR. Revenue share fell 13% because of Brazil’s new regulations.
The company delivered 316,000 New Depositing Customers during Q1. That’s down 30% from last year, mainly due to US and Brazil challenges.
Better Collective maintains its full-year guidance unchanged. They still expect 320-350 mEUR revenue and 100-120 mEUR EBITDA.
The company started a major organisational shift in April. They moved from geography-based structure to three global units: Publishing, Paid Media, and Esports.
Sofie Ejlersen joined as Chief Operating Officer. She spent 12 years at Bain & Company and helped shape the transformation strategy.
Better Collective completed a 10 mEUR share buyback and launched another 10 mEUR program. The company now holds 3.3% of outstanding shares.
Brazil should return to growth by 2026. Management expects the market will become high-growth again once the transition phase ends.
North American revenue share should contribute 10-15 mEUR for full-year 2025. This deferred revenue will make the business more stable over time.
Digital sports audience grew to 450 million monthly visits globally. That’s up 10% from 400 million, showing strong user engagement despite revenue challenges.
Better Collective Co-founder & Co-CEO, Jesper Søgaard, commented: “Overall, our Q1 results landed in line with our expectations. As we are now building the “New BC”, we are setting the stage for future growth by focusing on global scalability and streamlining our House of Brands.”
These latest financial results follow shortly after Better Collective announced its FY2024 results back in February 2025, which revealed strong performance as revenue climbed 14% year-on-year to €371m and EBITDA reached €113m. The company also announced a €10m share buyback in April and grew its digital audience to 450 million monthly visits worldwide.
