Better Collective A/S

Good day, and thank you for standing by. Welcome to Better Collective Q1 2026 presentation. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1, 1 on your telephone. You will then hear an automated message advising your hand is raised. If you wish to ask a question via the webcast, please use the Q&A box available on the webcast link anytime during the webcast. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Better Collective VP, Investor Relations and Communications, Miguel Monk-Jacobsgaard. Please go ahead.

Thank you, and good morning, and welcome to Better Collectives Q1 2026 webcast. As it was just stated, my name is Mikkel Mohn-Jakobskog, and I'm joined today by our co-founder and co-CEO Jesper Sykkel and CFO Flemming Pedersen, who will provide today's business update. Please follow me to the next slide. Here we ask you to pay attention to this slide where we display our disclaimer regarding any forward-looking statements in today's webcast. Please turn to the next slide. Here you see today's agenda. Jesper will start by providing a business update, including some of the highlights for Q1 2026, where after Flemming we'll take you through some of the financials before handing the word back to Jesper for concluding remarks. As always, we will end the call with a Q&A session. Please turn to the next page as I hand over the word to Jesper.

Thank you, Megan. Let's dive into the highlights of the report. Please follow me to the next slide. We're pleased to report a good start to the year with better collective return into growth in Q1. Last year, we navigated through a new regulation in the last Brazilian market, which now has found a new level and baseline. Revenue grew 5% or 9% in constant currencies, reaching 86 million euros, while operational earnings increased 14% year over year to 25 million euros. This growth was delivered despite headwinds from foreign exchange, sportsman margin, and further regulatory adjustments in Brazil. In North America, our transition towards recurring revenue share continues to progress well. Revenue from revenue share grew 46% compared to Q1 last year, further strengthening the quality and stability of our revenue base. We also saw strong development in value of deposits. which measures the amount deposited in Q1 by players we've referred over time. This important KPI grew 15% to 799 million euros, underlining the continued value of the users we generate for our partners. Lastly, following the successful launch of our Playbook partnership with X, we have now expanded the partnership globally and become the official global partner to X. Please turn to the next page. Further elaborating on the X-Partnership, the expansion builds on the successful launch in North America where Playbook has already seen strong user adoption and is now sending millions of bets to partners every week. With this expanded partnership, we are scaling Playbook into key international markets and bringing a more seamless social native betting experience to sports fans globally. There are several important benefits in this partnership. First, we become the official global partner to X, which gives us a highly attractive position directly within one of the world's largest real-time sports conversation platforms. Second, the partnership introduces direct message integration. This means that users can privately message Playbook with a bed idea or even a screenshot And Playbook can then convert that into a pre-filled bet slip, allowing the user to place the bet with the regulated sportsbook in just a few clicks. Third, we gain access to enhanced analytics, social listening, and monitoring tools. This strengthens our ability to understand user intent, automate engagement, and create more value for both users and sportsbook partners. And finally, the timing is important. We are launching this global partnership ahead of a very attractive sports calendar, including the 2026 FIFA World Cup, as well as the upcoming NFL and NBA seasons. For us, this partnership is a strong example of how Betaflex continues to build technology-led products that go beyond user acquisition and also strengthen engagement, retention, and long-term partner values. Please turn to the next page. Prediction markets represent a substantial and fast-growing opportunity, particularly in the U.S., and we are now taking clear steps to position Betaflexive at the forefront of this emerging category. The market has already demonstrated rapid growth from relatively limited volumes in early 2024. Monthly trading volume reached more than $13 billion in 2025, and several external sources estimate that the total addressable market could reach around $1 trillion by 2030. For Better Collective, this is a natural extension of what we already do well. For more than two decades, we have helped users understand outcomes, compare probabilities, and make more informed decisions around sports and other major events. To capture this opportunity, we are rolling out several initiatives. First, we are launching dedicated prediction market hubs across leading brands such as Action Network and Vegas Insider. These hubs will provide editorial content, expert analysis, probability-driven insights, and educational content to help users understand and navigate the category. Second, we are developing more social-first content formats, including real-time alerts and video formats on X, This is important because prediction markets are closely linked to real-time conversations around sports, politics, entertainment, finance, and culture. Third, we are working on product integrations, including direct links to pre-built event contracts, similar to the way we already create a more seamless user journey through Playbook. And finally, We're scaling the opportunity globally through our paid media capabilities, where we can apply our proven data-driven model to help prediction market operators acquire informed and high-intent users. Importantly, this is still an emerging category, but the early signals from our audience are strong. We already see increasing interest in event-based probability content, and we believe our brands, products, and distribution give us a strong position as this market develops. Please turn to the next page. Moving to brand partnerships, we continue to see strong momentum across several parts of the business, and this is an area where we see a significant long-term opportunity. Over the past years, we have deliberately diversified our revenue base beyond traditional performance marketing and sports betting affiliation. Brand partnerships is an important part of that development. as it allows for us to monetize our owned audiences, premium media brands, and highly engaged communities in new ways. A good example is Playmaker HQ in North America. Since we acquired the business in 2023, it has developed into an increasingly important part of our portfolio and is now performing very well both operationally and commercially. What makes Playmaker HQ particularly attractive is that it brings a differentiated business model into Better Collective. It is talent-led, video-first, and built around authentic sports conversations with highly engaged fan communities. This gives us a strong value proposition, not only towards sportsbook partners, but also towards a broader group of blue-chip advertisers looking to reach sports fans in a trusted and engaging environment. During the quarter, Playmaker HQ launched Man On, a first-of-its-kind video podcast hosted by U.S. soccer legend Josie Altidore and NBA icon Joachim Noah, ahead of the World Cup. This is a strong example of how we can combine premium talent, major sporting events, and engage sports audiences into attractive commercial opportunities. At the same time, we're seeing similar momentum in other parts of the collective. HLTV hosted the biggest Counter-Strike award show bringing together around 1,000 people from the esports industry and generating significant global viewership. This demonstrates the strength of our own brands and their ability to create valuable commercial inventory around highly engaged communities. Strategically, this is important because it shows that our diversification is working. We are building a broader sports media business with multiple monetization models where brand partnerships exist. is becoming an increasingly important growth driver. It also highlights one of Better Collective's core strengths, our ability to identify, acquire, and scale premium sports media brands, and then monetize those audiences at scale through a differentiated commercial platform. Please turn to the next page. Turning to the FIFA World Cup 2026, This will be one of the most important sporting events in recent years and we've been preparing for more than 12 months. The tournament will be the largest World Cup ever with 48 teams, more than 100 matches and 39 days of content. It is also expected to engage around 5 billion people globally, making it a major commercial opportunity for Betaflective. For us, the World Cup is relevant across several dimensions. First, It creates a significant opportunity for high-intent audience. Major sports events drive increased user activity, higher search demand, and stronger engagement across our brands. This is particularly important for our soccer assets, but also across our broader sports media portfolio. Second, it creates a strong reactivation opportunity. Many users who may not engage with betting or sports content every week become highly active around major tournaments. That gives us a valuable opportunity to re-engage existing audiences and drive renewed activity for our partners. Third, this is a truly global event, and that fits very well with Better Collective Scale. We have leading brands, local expertise, and strong commercial relationships across key markets, which allows for us to capture demand both locally and globally. And finally, the World Cup is a strong example of where we can bridge high-quality content and the betting experience. Through our media brands, data tools, playbook, and partner integrations, we can help users move from interest and content consumption to more informed and engaging betting experiences. Overall, the World Cup represents a major opportunity across audience, reactivation, brand partnerships, and partner value creation. and we are already preparing to make the most of that opportunity. Please turn to the next page as I hand over the word to Flemming for a run-through of the financial development during the quarter.