Better Collective releases second quarter 2025 results and maintains projections for the year
Better Collective published its report on the 20th of last month regarding the performance of the second quarter of 2025, highlighting results that were in line with the company’s expectations, despite a somewhat challenging scenario in some key markets, such as Brazil.
Revenue for the period amounted to €82 million, a decrease of 18% compared to the same quarter in 2024. The company had anticipated the result, attributing it mainly to structural changes in strategic markets. Recurring revenue represented 64% of the total, reaching €52 million. EBITDA before special items was €23 million, corresponding to a margin of 28%. Operating profit decreased by 21% compared to the previous year, within the previously estimated range. Free cash flow stood at €13 million in the quarter and €21 million in the year-to-date.
Impact of the Brazilian and North American markets
The report points out that the Brazilian market remains a determining factor for the results. Following the implementation of new regulations in the country, revenue from betting participation fell by 15%. Even so, the company highlighted that player activity in Brazil remains strong and above expectations, which means consistent user retention.
In North America, revenue decreased by €8 million compared to the same quarter in 2024, impacted by exchange rates and the absence of the launch of the North Carolina market, which had boosted results last year. Even so, Better Collective recorded a 7% increase in revenue from revenue share with North American partners.
Efficiency programmes and new initiatives
The company also mentioned in the report the implementation of a cost efficiency programme that was initiated in October 2024 and has already resulted in annual savings of €50 million. The cuts were concentrated mainly in the Publishing segment and are part of a restructuring process completed in the first half of this year.
With the conclusion of this cycle, Better Collective stated it is ready to capture the opportunities of the second half of the year, which tends to be busier due to the global sports calendar and preparations for the 2026 World Cup. The board of directors also intends to initiate a new €20 million share buyback programme after completing the ongoing one.
From this quarter onwards, the company has begun reporting Esports as an independent segment. Anchored on high-reach platforms such as HLTV and FUTBIN, the segment generated €5 million in revenue during the quarter. Additionally, in April of this year, Better Collective announced that its global digital sports audience had grown from 400 to 450 million monthly visits.
Despite the revenue decline compared to 2024, Better Collective reinforced that its financial projection for 2025 remains unchanged. The company also says it will continue prioritising discipline in capital allocation, operational efficiency, and the development of new products aimed at audience retention and monetisation.
This article was first published in Portuguese on 26 August 2025.
