Better Collective’s Q1 Group revenue grew by 30% to 88 mEUR, which is another record quarter (Q1 2022: 67 mEUR). Organic revenue growth was 23%.

Recurring revenue was 41 mEUR, implying 75% growth. Equal to 46% of Group revenue versus 35% Q1 last year.

Q1 Group EBITDA before special items was 33 mEUR, a growth of 44% (Q1 2022: 23 mEUR). The Group EBITDA-margin before special items was 38%.

Cash flow from operations before special items was 33.4 mEUR (Q1 2022: 13.1 mEUR). The cash conversion was 100%. By the end of Q1, capital reserves stood at 91.6 mEUR of which cash of 28.1 mEUR, other current financial assets of 17.1 mEUR and unused bank credit facilities of 45.6 mEUR.

New Depositing Customers were 488K in the quarter implying growth of 35%. NDCs sent on revenue share contracts were 71%. On November 22, 2022, Better Collective initiated a share buyback program for up to 5 mEUR, which was completed on January 20, 2023.

CEO letter: Another record-breaking quarter and big strategic ambitions. Q1 proved to be another record-breaking quarter. The performance was driven by Latin America and state launches in the US as well as general strong underlying organic growth across the Group.

The last couple of years, Better Collective has been on a transformational journey developing itself from a performance-based marketing business into a digital sports media group. In Q1, the Group hosted its first Capital Markets Day where the framework for Better Collective’s vision was presented.