Better Collective Posts Record EBITDA Amid Revenue Headwinds

Why It Matters

The record EBITDA demonstrates Better Collective’s ability to generate profit despite revenue pressure, supporting its growth outlook and shareholder returns, while the guidance and buyback signal confidence in navigating regulatory and tax challenges in the digital sports media market.

Summary

Better Collective reported Q4 2025 revenue of €94.3 million, a 2% YoY decline but flat in constant currencies, while achieving a record quarterly EBITDA before special items of €37 million (39% margin), beating consensus. Full‑year revenue fell 9% to €337 million and EBITDA slipped 10% to €102 million, marginally ahead of forecasts. The company forecast 2026 organic revenue growth of 7‑12% to €360‑€377 million and EBITDA of €110‑€120 million, with the midpoint slightly below consensus after new tax headwinds, and announced a €40 million share‑buyback and long‑term EBITDA margin targets of 35‑40%. Deposits hit an all‑time high of €820 million in Q4.