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Earnings

Bragg Gaming Group Reports Strong Third Quarter 2025 Financial Results and Reiterates Full-Year Revenue Outlook

By The Northwire Desk — AI Analysis Nov 13, 2025 · 07:00 BRAG · 2.89 BRAGG GAMING GROUP INC.
BRAG · Price

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.

  • Brazil revenue +80% YoY; U.S. revenue +86% YoY driven by expanded proprietary content.

  • Profitability

  • Net loss Q3 2025: €2.3 M (€0.09/share) vs. €0.2 M (€0.01/share) in Q3 2024.

  • Adjusted EBITDA Q3 2025: €4.45 M (up 9% from €4.08 M).

  • Financing

  • New US$6 M credit facility with Bank of Montreal, replacing prior debt at <50% of previous borrowing cost.

  • Expected annualized synergies of €2 M; supports strategic shift to higher‑margin cash‑generating operations.

  • 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).

  • Delivered Yggdrasil content to key regulated European markets.

  • Leadership & Governance

  • Appointed Luka Pataky as EVP of AI & Innovation; Matej Filipancic as Global Sales Director.

  • Board approved 15% reduction in member fees effective Jan 1 2026 and conversion of director compensation to non‑cash Deferred Share Units (DSUs).

  • Cybersecurity

  • Mid‑August incident contained; no personal data compromised; operations unaffected.

  • Guidance & Outlook

  • FY 2025 revenue forecast: €106.0 M – €108.5 M.

  • Adjusted EBITDA forecast: €16.5 M – €18.5 M.

  • 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.

Read the original news release →

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