Northwire Canada EditionThursday, July 30, 2026
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Earnings

Bragg Gaming Group Reports Second Quarter 2025 Revenue Increase 4.9% over the Second Quarter of 2024 to EUR 26.1M; 21% year-over-year Superscript 1 revenue growth excluding The Netherlands, Proprietary Content Revenue up 44% year over year

By The Northwire Desk — AI Analysis Aug 14, 2025 · 07:00 BRAG · 5.27 BRAGG GAMING GROUP INC.
BRAG · Price

Executive Summary

  • Bragg Gaming Group reported financial results for the second quarter of 2025, showing a 4.9% year-over-year increase in revenue to €26.1 million, driven by growth in proprietary content in the U.S. and Latin America.
  • The company revised its full-year 2025 guidance downward due to higher gaming taxes and market softness in key regions, now forecasting full-year revenue between €106.0 million and €108.5 million and Adjusted EBITDA between €16.5 million and €18.5 million.
  • Management highlighted a strategic shift toward cash flow, integration, and margin improvement, having realized €2 million in annualized synergies from acquisitions and targeting a 20% Adjusted EBITDA margin in the second half of 2025.

Key Details

  • Q2 2025 Financial Performance:
    • Revenue: €26.1 million (up 4.9% from €24.9 million in Q2 2024).
    • Gross Profit: €13.7 million (up 10.8% from €12.4 million).
    • Gross Profit Margin: 52.7% (up 280 basis points from 49.9%).
    • Adjusted EBITDA: €3.5 million (down 4.3% from €3.6 million).
    • Adjusted EBITDA Margin: 13.3% (down 128 basis points from 14.5%).
    • Operating Loss: €(2.3) million (compared to €(1.2) million in Q2 2024).
    • Net Loss: €(1.8) million (compared to €(2.4) million in Q2 2024).
    • Basic Loss Per Share: €(0.07).
  • 2025 Full-Year Guidance Revision:
    • Previous guidance anticipated double-digit growth in revenue and Adjusted EBITDA.
    • New Full-Year Revenue Forecast: €106.0 million to €108.5 million.
    • New Full-Year Adjusted EBITDA Forecast: €16.5 million to €18.5 million.
    • Reason for revision: Higher gaming taxes in Brazil, The Netherlands, and Romania; market softness in the Netherlands (gross gaming revenue down 25%); and broader market headwinds.
  • Strategic Initiatives & Synergies:
    • Realized €2 million in annualized synergies from acquisitions (Spin Games and Wild Streak Gaming).
    • Targeting a 20% Adjusted EBITDA margin in the second half of 2025.
    • Prioritizing high-margin opportunities over lower-margin revenue expansion.
  • Operational & Market Updates:
    • U.S. Market: Launched content with Fanatics Casino across the Tri-State area; signed exclusive content development agreement with Hard Rock Digital.
    • Brazil Market: Strengthened position through strategic partnership and investment in local studio RapidPlay.
    • Product: Launched "Big Ticket Bonanza," a gamification tool for player engagement.
    • Leadership: Appointed Luka Pataky as EVP of AI and Innovation and Scott Milford as EVP of Group Content.
  • Debt & Liquidity:
    • Repaid USD 5.0 million of the USD 7.0 million secured promissory note during the quarter.
    • Loan maturity extended to September 15, 2025, with an option for a one-month extension.
    • In advanced stages of securing a new working capital revolving debt facility from a Tier 1 Canadian bank (expected to close in Q3).
  • Balance Sheet Highlights (as of June 30, 2025):
    • Cash and cash equivalents: €4.2 million.
    • Total Assets: €100.9 million.
    • Total Liabilities: €34.1 million.
    • Total Equity: €66.9 million.

Notable Quotes

  • Matevž Mazij, CEO: "In our 2024 strategic review, we identified cash flow, integration and margin as key priorities and value drivers for Bragg Gaming Group. In Q2 we began to focus on integration and optimization... Specifically, we have realized EUR 2 Million in annualized synergies from the business, unlocking improved margins for the second half of 2025."
  • Matevž Mazij, CEO: "While our top-line growth may appear modest, I want to be clear about our strategic focus. With increasing gaming taxes being implemented in key markets like Brazil, The Netherlands, and Romania, we’re prioritizing improved margin and cash flow performance over aggressive revenue expansion."
  • Matevž Mazij, CEO: "In summary, we are focused on driving cash flow, integration, and margin, and positioning Bragg for sustainable, profitable growth. The actions taken in Q2 position us to achieve a 20% Adjusted EBITDA Margin target in the second half of 2025."
Read the original news release →

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