Bragg Gaming Group Reports Strong Third Quarter 2025 Financial Results and Reiterates Full-Year Revenue Outlook
Executive Summary
- Bragg Gaming Group reported Q3 2025 revenue of €26.8 M, a 2% YoY increase (20% growth excluding the Netherlands) and highlighted strong U.S. (+86%) and Brazil (+80%) performance.
- Net loss widened to €2.3 M (€0.09 per share) versus €0.2 M last year, while Adjusted EBITDA rose 9% to €4.45 M, supporting a targeted 20% Adjusted EBITDA margin for H2 2025.
- The company secured a new US$6 M (≈€5.5 M) financing facility with BMO, cutting borrowing costs by more than half and adding €2 M of annual synergies.
Key Details
- Revenue Highlights
- Total Q3 2025 revenue: €26.8 M (up 2% YoY including the Netherlands).
- Ex‑Netherlands revenue grew 20% YoY.
- Netherlands segment down 22% YoY due to regulatory/tax pressure.
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Brazil revenue +80% YoY; U.S. revenue +86% YoY driven by expanded proprietary content.
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Profitability
- Net loss Q3 2025: €2.3 M (€0.09/share) vs. €0.2 M (€0.01/share) in Q3 2024.
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Adjusted EBITDA Q3 2025: €4.45 M (up 9% from €4.08 M).
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Financing
- New US$6 M credit facility with Bank of Montreal, replacing prior debt at <50% of previous borrowing cost.
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Expected annualized synergies of €2 M; supports strategic shift to higher‑margin cash‑generating operations.
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Operational / Market Expansion
- Launched content on Fanatics Casino in NJ, MI, PA – expanding U.S. footprint.
- Proprietary content revenue up 35% YoY.
- New partnerships & launches with bet365 (Mexico), StarCasino (NL), Betsson (BR/ES), Sol Casino (ES), BetMGM (BR), Napoleon (RO), CasinoTime (ON), Doradobet (PE), Betty Casino (ON), theScore (ON), Aposta Ganha (BR), Soccerbet (RS/ME/BA), Luckia (ES).
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Delivered Yggdrasil content to key regulated European markets.
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Leadership & Governance
- Appointed Luka Pataky as EVP of AI & Innovation; Matej Filipancic as Global Sales Director.
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Board approved 15% reduction in member fees effective Jan 1 2026 and conversion of director compensation to non‑cash Deferred Share Units (DSUs).
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Cybersecurity
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Mid‑August incident contained; no personal data compromised; operations unaffected.
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Guidance & Outlook
- FY 2025 revenue forecast: €106.0 M – €108.5 M.
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Adjusted EBITDA forecast: €16.5 M – €18.5 M.
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Investor Call
- Conference call scheduled for the day of release at 8:30 a.m. ET; dial‑in details provided.
Notable Quotes
“Bragg delivered another solid quarterly performance, anchored by increased revenue, improved operational efficiency, and higher Adjusted EBITDA… The newly secured USD 6 million credit facility with BMO Bank further strengthens our financial position and provides flexibility to accelerate expansion into regulated markets such as Brazil and the U.S.” – Matevž Mazij, CEO
All forward‑looking statements are subject to risks and uncertainties detailed in the release.