Bragg Gaming Group Posts Preliminary Q4 2025 Results and 2026 Outlook

The supplier landscape continues to tighten across regulated markets, with compliance costs climbing and taxation frameworks evolving. Against that backdrop, Bragg Gaming Group (NASDAQ: BRAG, TSX: BRAG) has released select preliminary unaudited figures for the fourth quarter and full year ended December 31, 2025, alongside financial guidance for 2026.

The Toronto-listed iGaming content and technology provider indicated that both revenue and Adjusted EBITDA are expected to fall within previously issued guidance ranges.

Announcement Summary

For Q4 2025, revenue is projected at approximately EUR 27.7 million, marking a 1.8% increase from EUR 27.2 million in the same quarter of 2024. Adjusted EBITDA is expected to reach around EUR 6 million, compared with EUR 4.7 million in Q4 2024.

One of the more striking data points: high-margin proprietary content revenue climbed 70% year-on-year in the fourth quarter, largely fuelled by performance in the United States.

The supplier has also continued expanding its third-party distribution footprint, most recently through a content partnership with Evona aimed at scaling casino reach across Europe, Latin America, and North America.

For the full year, Bragg anticipates revenue of approximately EUR 106.1 million, up 4.0% from EUR 102.0 million in 2024. Adjusted EBITDA is projected at EUR 16.6 million, reflecting a slight margin improvement year-on-year.

Excluding the Netherlands, where regulatory and tax conditions remain challenging, expected 2025 revenue growth would represent an 18% increase, supported primarily by Brazil and US market traction.

Strategic Context

According to CEO Matevz Mazij, 2025 marked another record year for the business, with management positioning 2026 around both expansion and operational discipline.

The company intends to grow its content market share in Brazil and the US while exploring emerging verticals such as Historical and Live Racing, as well as Prediction Markets. New jurisdiction entries are also under evaluation, particularly those offering stronger margin potential.

At the same time, Bragg is leaning into artificial intelligence through its “Bragg AI Brain” initiative, targeting structural cost efficiencies and EBITDA expansion.

This follows its recent restructuring programme, including a 12% workforce reduction aimed at accelerating cost optimisation.

In practical terms, the strategy reflects a broader supplier shift: balancing geographic growth with internal margin protection.

Industry Impact

The guidance for 2026 signals cautious optimism. Revenue is expected in the range of EUR 97.0 million to EUR 104.5 million, while Adjusted EBITDA is forecast between EUR 16.0 million and EUR 19.0 million.

This outlook arrives as suppliers continue to navigate increased compliance requirements and tax changes in European markets, particularly the Netherlands.

In the Dutch market specifically, Bragg recently extended its Player Account Management agreement with Entain to support BetCity.nl’s continued operations during a platform transition.

What stands out is the emphasis on proprietary content. As aggregation models mature, ownership of high-margin IP is increasingly central to supplier valuation and long-term profitability.

Commercial Implications

For operators, Bragg’s trajectory underscores the importance of differentiated content pipelines. For investors, the focus shifts to margin stability rather than headline expansion.

The 70% Q4 proprietary growth in the US suggests that regulated North American markets remain a key earnings driver. Meanwhile, Brazil’s evolving regulatory framework is emerging as another meaningful revenue contributor.

While the figures remain preliminary and subject to final audit, the directional trend is clear: measured growth, tighter cost control, and selective market expansion.

As regulatory frameworks mature globally, suppliers capable of balancing compliance complexity with scalable proprietary content are likely to hold a competitive edge.
Source : Bragg Gaming Group