Bragg's estimated 2025 revenues at 106.1 million euros

Executive Summary

• Bragg Gaming Group announced preliminary unaudited financial results for the fourth quarter and full year 2025, confirming that both revenue and adjusted EBITDA are expected to meet previously issued guidance ranges.
• The company issued full-year 2026 guidance, forecasting revenue between €97 million and €104.5 million and adjusted EBITDA between €16 million and €19 million, citing regulatory challenges in the Netherlands and a strategic shift toward higher-margin products and AI-driven cost efficiencies.
• CEO Matevz Mazij highlighted record performance in 2025, driven by growth in the United States and Brazil, and outlined plans to expand into emerging markets like historical and live racing while leveraging AI to improve operational excellence and net profitability.

Key Details

• Q4 2025 Revenue: Approximately €27.7 million, representing a 1.8% increase from €27.2 million in Q4 2024.
• Q4 2025 Adjusted EBITDA: Approximately €4.6 million (16.6% margin), compared to €4.7 million (17.2% margin) in Q4 2024.
• Q4 2025 Proprietary Content Growth: High-margin proprietary content revenue grew by 70% year-over-year, primarily driven by growth in the United States.
• Full-Year 2025 Revenue: Approximately €106.1 million, a 4.0% increase from €102 million in 2024.
• Full-Year 2025 Adjusted EBITDA: Approximately €16.6 million (15.6% margin), compared to €15.8 million (15.5% margin) in 2024.
• Excluding Netherlands Performance: Excluding the Netherlands due to its challenging regulatory environment, 2025 revenues would represent an 18% increase from 2024, driven by performance in Brazil and the United States.
• FY 2026 Revenue Guidance: Expected to be in the range of €97 million to €104.5 million.
• FY 2026 Adjusted EBITDA Guidance: Forecasted to be in the range of €16 million to €19 million (16.0% to 18.0% margin).
• Strategic Initiatives: The 2026 guidance is supported by a shift toward higher-margin product offerings and structural cost savings from an initiative to utilize artificial intelligence (AI) for cost-efficiencies.
• Market Expansion: The company plans to increase market share in Brazil and the US, pursue emerging alternative markets (historical and live racing, prediction markets), and enter new jurisdictions offering higher-margin opportunities.

Notable Quotes

• "Based on the preliminary results, we delivered another record year in 2025, as demonstrated by increased revenue and higher adjusted EBITDA. Now in 2026, we remain confident in our ability to successfully navigate evolving international regulatory and taxation developments, continue to increase our overall content market share in Brazil and the United States, aggressively pursue emerging alternative markets, such as historical and live racing and prediction markets, and move into new jurisdictions that offer opportunities for higher-margin content business. At the same time, we plan on thoughtfully harnessing the power of the Bragg AI brain to reduce our overall cost structure, drive EBITDA growth and move toward sustained net profitability." — Matevz Mazij, Chief Executive Officer