Bragg Gaming Group reports first quarter 2026 financial results

 
The company has reported total quarterly revenue of €25.7m (US$29.7m).

Press release.- Bragg Gaming Group has announced its financial results for the first quarter of 2026.

Q1 2026 financial highlights:

• Revenue growth: Total quarterly revenue of €25.7m (US$ 29.7m) in the first quarter:

– The Netherlands revenue increased 3.5 per cent year-over-year due to a short-term uplift from a fixed Player Account Management (PAM) agreement with Entain Plc (LSE: ENTL);

– Brazil revenue increased 33.3 per cent compared to the 2025 first quarter with continued growth in provider onboarding; and

– United States recurring revenue grew 7.1 per cent year-over-year, driven by expanded high-margin proprietary content footprint, while total US revenue declined 12.1 per cent due to one-off revenue in the 2025 first quarter related to the company’s content and technology project with Caesars Entertainment for its online casino platforms; and

– Total revenue grew 0.6 per cent year-over-year.

• Operating loss, net loss, and adjusted EBITDA: Operating loss for the first quarter was €1.4m (US$1.7m), a €0.3m (US$0.1m) improvement from an operating loss of €1.7m (US$1.8m) in the same period of 2025. Net loss for the first quarter was €1.2m (US$1.4m), or €0.05 (US$0.05) per common share, a 55 per cent improvement from a net loss of €2.6m (US$2.8m), or €0.11 (US$0.12) per common share, in the same period of 2025. Adjusted EBITDA for the 2026 first quarter was €4.0m (US$4.6m), representing an Adjusted EBITDA Margin of 15.7 per cent, compared to €4.1m (US$4.3m), representing an Adjusted EBITDA Margin of 16.0 per cent in Q1-2025.

Q1 2026 and recent business highlights:

• Extended Key Player Account Management (PAM) agreement in Europe: Announced the extension of its existing comprehensive Player Account Management (PAM) platform and turnkey solution agreement with Senator Group, an online casino market leader in Croatia.

• Chosen as preferred content delivery partner across a multi-brand, multi-jurisdictional portfolio: Building on an existing relationship between the parties that began in 2020 and has already seen successful launches in Romania, Belgium, Serbia and Brazil, Super Technologies selected Bragg as its preferred content delivery partner to support its ambitious strategic expansion plan by providing fast access to quality content, while also delivering on the necessary technical and compliance readiness for demanding regulated territories. Soon thereafter, Bragg announced its role in supporting Super Technologies’ successful launch in the regulated Greek market through its flagship brand, Superbet, marking a significant milestone in Bragg’s ongoing global expansion strategy.

• Positioned for Finnish market liberalisation: Signed a comprehensive PAM platform and turnkey solution agreement with SuomiVeto, a market entrant led by the successful founders of BetCity.nl, that will see Bragg provide SuomiVeto access to a vast portfolio of exclusive and aggregated casino games, a fully managed sportsbook, award-winning Fuze player engagement tools, and comprehensive managed marketing and operational services in the newly regulated Finnish igaming market, which is scheduled to “go live” for private operators on July 1, 2027.

• Leapt into an Artificial Intelligence (AI)-First Future: Initiated the development of the Bragg AI brain, a data-driven AI engine designed to power smarter decisions and intelligent products across Bragg’s ecosystem in order to reduce the company’s overall cost structure, drive its EBITDA growth, and move it towards sustained net profitability.

• Strengthened leadership team and changed board: Appointed Morten Tonnesen as its new chief operating officer, with a mandate that includes driving operational leverage and implementing Bragg’s ambitious AI-First transformation, and promoted Garrick Morris to the position of executive vice president of global content, US & Canada, with a focus on content expansion. In addition, Thomas Winter, a gaming industry luminary, was appointed to Bragg’s board of directors, succeeding Kent Young, who retired from the board.

• Executed a strategic restructuring to reduce cost structure and improve operating performance: Completed a strategic restructuring, including an approximate 12 per cent reduction of global workforce, designed to realign the organisation and thereby improve its overall cost structure, drive its EBITDA growth, and shorten the time required for it to achieve sustained net profitability. The company incurred restructuring costs related to this action of approximately €0.7m (US$0.9m) associated with personnel-related termination costs in the first quarter of 2026, and it anticipates annualised cash savings from its staff reductions and other restructuring efforts to be approximately €4.5m (US$5.2m).

• Ensured greater board alignment with shareholders: From January 1, 2026, fees are being paid to directors exclusively in deferred share units (DSUs) on a monthly basis (with no cash alternative).

• Entered into agreement for a transformational acquisition: Earlier today, announced entering into a binding agreement to acquire Drayton International (Drayton), a diversified gaming technology and content platform. In conjunction with the closing of the transaction, renowned gaming entrepreneur, Matthew Davey, will join the company’s board as non-executive chairman, further strengthening the company’s leadership as it executes its next phase of growth.

Matevž Mazij, chief executive officer for Bragg, commented: “We continued to execute well across our business in the first quarter. But in many ways, I believe we are only just approaching the starting line as we work to complete our potentially transformative transaction with Drayton, which we believe will position Bragg to lead the future of the global gaming industry with the right team, the best technology, a refreshed brand, and a clear ‘games-first’ focus.”

2026 Outlook

Bragg Gaming Group continues to anticipate full-year 2026 revenue between €97.0m and €104.5m and Adjusted EBITDA of €16.0m to €19.0m (representing an Adjusted EBITDA Margin of 16.0 per cent to 18.0 per cent). Bragg noted that these amounts do not include any potential revenue and/or Adjusted EBITDA impacts from the planned Drayton acquisition.