Bragg Gaming Group reports record fourth quarter and full year 2025 revenues; welcomes accomplished igaming executive, Thomas Winter, to the board

The company reported record fourth-quarter and full-year 2025 revenues, supported by strong growth in the United States and Brazil despite regulatory headwinds in the Netherlands. The company also strengthened its board with the appointment of veteran igaming executive Thomas Winter, as it advances expansion, AI-driven initiatives and a path toward profitability.

Press release.- Bragg Gaming Group announced its financial results for the fourth quarter of 2025.

Fourth Quarter 2025 financial highlights:

Revenue Growth: Record total quarterly revenue of EUR27.7m in the fourth quarter:

• Revenue increase of 5.1 per cent (excluding The Netherlands) compared to the prior year period in 2024;
• The Netherlands revenue decreased 4.6 per cent year-over-year due to the market’s overall contraction caused by increased regulation and higher taxes;
• Brazil revenue increased 42.1 per cent compared to the 2024 fourth quarter, with continued growth in provider onboarding; and
• United States recurring revenue grew 55.0 per cent year-over-year, driven by expanded high-margin proprietary content footprint; and
• Including the impact of the Netherlands, total revenue grew 1.9 per cent year-over-year.

Operating Loss, Net Loss and Adjusted EBITDA: Operating loss for the quarter was EUR0.1m, a EUR0.6m improvement from an operating loss of EUR0.7m in the same period of 2024. Net loss for the quarter was EUR1.3m, or EUR0.05 per common share, compared to EUR0.7m, or EUR0.03 per common share, in the same period of 2024. Adjusted EBITDA for the 2025 fourth quarter was EUR4.6m (representing an Adjusted EBITDA Margin of 16.5 per cent), compared to EUR4.7m (representing an Adjusted EBITDA Margin of 17.2 per cent) in Q4-2024.

Strategic Market Expansion in the United States and Brazil: Expanded U.S. content footprint through the launch of its exclusive and bespoke online casino content with Caesars Entertainment in West Virginia. Bragg also launched exclusive and aggregated content with several valued clients operating in Brazil (and other key LatAm jurisdictions), including Brazino777, Blaze, and Super Technologies.

Full Year 2025 financial highlights:

Revenue Growth: Record total annual revenue of EUR106.1m in 2025, an increase of 4.0 per cent compared to EUR102.0m in the year ended December 31, 2024.

Operating Loss, Net Loss and Adjusted EBITDA: Operating loss for 2025 was EUR5.3m, compared to EUR3.5m in 2024. Net loss for 2025 was EUR8.1m, or EUR0.32 per common share, compared to EUR5.1m, or EUR0.21 per common share, in 2024. Full year 2025 Adjusted EBITDA was EUR16.6m (representing an Adjusted EBITDA Margin of 15.6 per cent), compared to EUR15.8m (representing an Adjusted EBITDA Margin of 15.5 per cent) in 2024.

Balance Sheet Strength: During the year ended December 31, 2025, the Company fully repaid a US$7.0m secured promissory note and entered into a financing agreement with a Tier One Canadian financial institution for certain revolving credit facilities in a maximum aggregate amount of up to US$6.0m, replacing its prior debt at less than half the borrowing cost. During the second half of the year, the Company drew C$4.5m in principal and US$1.1m in overdraft in respect of Term CORRA loans. Cash and cash equivalents as of December 31, 2025, amounted to EUR6.7m.

Fourth Quarter 2025 and recent business highlights:

Bolstered Leadership Team: Appointed Morten Tonnesen as its new Chief Operating Officer and promoted Garrick Morris to the position of Executive Vice President of Global Content, U.S. & Canada.

Player Account Management (“PAM”) Expansion in Europe: Announced the extension of its existing PAM platform agreement with valued client 711.nl to include the regulated Belgian igaming market, with potential for future Bragg-powered online casino launches in additional regulated or newly regulating igaming markets. Also, extended its existing PAM agreement with Entain Plc (LSE: ENTL), one of the world’s largest sports betting and gaming groups for BetCity.nl, a leading Dutch market operator, and with Senator Group, an online casino market leader in Croatia.

Finnish Market Liberalisation Preparations: Signed a comprehensive PAM platform and turnkey solution agreement with SuomiVeto, a market entrant led by the successful founders of BetCity.nl, focused on positioning SuomiVeto as a leading operator, and Bragg as a leading supplier, in the newly regulated Finnish igaming market when it launches. The market is scheduled to “go live” for private operators on July 1, 2027.

Ambitious Artificial Intelligence (“AI”) Transformation Plan: Leapt into an “AI-First” future by initiating the development of the Bragg AI Brain, a data-driven artificial intelligence engine designed to power smarter decisions and intelligent products across the Bragg Ecosystem. The transformation plan is underpinned by clear 2027 targets, including ensuring an AI-Enhanced Product becomes standard in over 90 per cent of all launches and having more than three-quarters of Bragg’s operational workflows impacted by AI.

Strategic Restructuring to Reduce Cost Structure and Improve Operating Performance: Announced a strategic restructuring, including an approximately 12 per cent reduction of the 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 expects to incur restructuring costs related to this action of approximately EUR1.0m 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 EUR4.5m. This amount does not include the expected positive impact of the Company’s initiative on the Bragg AI Brain to drive cost efficiencies and improve operational excellence.

Greater Board of Directors Alignment with Shareholders: From January 1, 2026, fees are being paid to directors exclusively in deferred share units (DSUs) monthly (with no cash alternative).

Matevž Mazij, CEO for Bragg, commented, “We continued to execute well, delivering record revenues, strategic expansion and important AI and restructuring initiatives. We believe this positions Bragg well for 2026 and beyond to: increase our overall content market share in Brazil and the United States; pursue emerging alternative markets, such as Historical and Live Racing and Prediction Markets; move into new jurisdictions that offer opportunities for higher margin content business; deliver enhanced operational leverage; meet our goals to streamline internal processes; enhance overall efficiency across our organization; protect our cash runway; and advance us further along the path toward EBITDA growth and net profitability.”

Board changes

The Company also announced the appointment of Thomas Winter to its Board of Directors. Mr. Winter succeeds Kent Young, who has retired from the Board. Both changes to the Bragg Board are effective immediately.

Mr Winter brings deep knowledge of and experience in the igaming and wagering industry. Currently a Board Member of Rush Street Interactive, which, through its brands, BetRivers, PlaySugarHouse and RushBet, was an early entrant in several regulated jurisdictions, Mr Winter began his career in the gaming sector nearly two decades ago and has since established himself as a leader in the field. In 2013, he founded Golden Nugget Online Gaming (GNOG), where he served as President. Under his leadership, GNOG became a top online gaming operator in New Jersey, achieving significant market share and recognition, went public and was later successfully sold for over US$1.5bn to DraftKings, where he developed their multi-brand online casino strategy and led their online casino business until September 2023. Before founding GNOG, he was the CEO and director of Betclic, a major European online sports betting and gaming operator, and Expekt, a pioneer brand in the online gaming industry, within the Betclic Group. Mr Winter played a key role as COO at both businesses before being appointed CEO.

“I would like to thank Kent for his many contributions to the Company,” said Holly Gagnon, chair of the Bragg Board. “I am also very pleased to welcome Thomas to our team. Moving forward, the Board and management team will be steadfast in our aim to close the clear and persistent gap between the company’s public market valuation and our assessment of its intrinsic value. To that end, as Thomas is a gaming industry luminary who has earned my deep personal admiration and great professional respect, I am confident that he will be a tremendous asset to our Board and to our shareholders.”

2026 outlook

The company anticipates full year 2026 revenue between EUR97.0m and EUR104.5m and Adjusted EBITDA of EUR16.0m to EUR19.0m (representing an Adjusted EBITDA Margin of 16.0 per cent to 18.0 per cent).