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Earnings

Bragg Gaming Announces Select Preliminary Unaudited Fourth Quarter and Full Year 2025 Financial Results, and Issues Full Year 2026 Guidance

By The Northwire Desk — AI Analysis Feb 23, 2026 · 08:57 BRAG · 2.38 BRAGG GAMING GROUP INC.
BRAG · Price

Executive Summary

  • Bragg Gaming Group expects its FY 2025 preliminary unaudited results to fall within previously issued guidance ranges for both revenue and Adjusted EBITDA.
  • FY 2025 full‑year revenue is projected at EUR 106.1 M (+4.0% YoY) with Adjusted EBITDA of EUR 16.6 M (15.6% margin).
  • FY 2026 revenue guidance set between EUR 97.0 M and EUR 104.5 M; Adjusted EBITDA guidance between EUR 16.0 M and EUR 19.0 M, reflecting a focus on higher‑margin products and AI‑driven cost efficiencies.

Key Details

  • FY 2025 Q4 Revenue: ~EUR 27.7 M (↑1.8% YoY).
  • FY 2025 Q4 Adjusted EBITDA: ~EUR 4.6 M (Adjusted EBITDA margin ≈16.6%).
  • High‑margin proprietary content revenue: +70% YoY in Q4, driven primarily by U.S. growth.
  • Full‑year 2025 Revenue: ~EUR 106.1 M (+4.0% YoY).
  • Full‑year 2025 Adjusted EBITDA: ~EUR 16.6 M (Adjusted EBITDA margin ≈15.6%).
  • Excluding the Netherlands, FY 2025 revenue would represent an 18% increase year‑over‑year, powered by Brazil and U.S. performance.
  • FY 2026 Revenue Guidance: EUR 97.0 M – EUR 104.5 M.
  • FY 2026 Adjusted EBITDA Guidance: EUR 16.0 M – EUR 19.0 M (Adjusted EBITDA margin ≈16%‑18%).
  • Management cites upcoming AI initiatives to drive cost savings and improve operational excellence as a key driver for 2026 profitability.
  • CEO Matevž Mazij emphasizes confidence in navigating regulatory/tax challenges, expanding market share in Brazil & the U.S., pursuing new markets (Historical/Live Racing, Prediction Markets), and leveraging AI to achieve sustained net profitability.

Notable Quotes

“Based on the preliminary results, we delivered another record year in 2025… 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… and move toward sustained net profitability.” – Matevž Mazij, Chief Executive Officer

All figures are preliminary and unaudited; actual results may differ.

Read the original news release →

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