Bragg Gaming Group reports second quarter 2026 financial results

Revenue was down 12 per cent year-on-year, from $30.6m to $26.1m.

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

Total quarterly revenue of EUR22.9m (US$26.1m) in the second quarter, a decrease of 12 per cent from EUR26.1m (US$30.6m) in the second quarter of 2025.

The Netherlands revenue declined 14 per cent year-on-year, reflecting the anticipated roll-off of legacy platform contracts following customer migrations.

Revenue from proprietary content deployed in Canada and the United States grew 44 per cent year-on-year, and 25 per cent from 1Q26; and Brazil revenue was flat compared to the second quarter of 2025, as certain operators moved to direct supplier integrations.

Operating loss for the second quarter was EUR1.9m (US$2.2m), a EUR0.4m (US$0.5m) improvement from an operating loss of EUR2.3m (US$2.7m) in the same period of 2025, as reduced operating expenses more than offset the impact of lower revenue on gross profit.

Net loss for the second quarter was EUR2.9m (US$3.3m), or EUR0.11 (US$0.13) per common share, compared to EUR1.8m (US$2.1m), or EUR0.07 (US$0.08) per common share, in the same period of 2025.

Adjusted EBITDA was EUR3.5m (US$4.0m), flat compared to the second quarter of 2025, representing an Adjusted EBITDA Margin of 15 per cent compared to 13 per cent in the second quarter of 2025. Adjusted EBITDA remained broadly flat despite lower revenue, resulting in a 212-basis-point expansion in margin. This was driven by compensation savings from headcount reductions implemented since the beginning of the fiscal year and a favourable period-over-period change in bad debt provisions.

Second Quarter 2026 and recent business highlights

Expanded operator relationships in Europe: Signed a definitive agreement with leading Belgian operator 711 to power its new online sportsbook, integrating Kambi’s Turnkey Sportsbook and Bragg’s Fuze engagement toolset, and supported Super Technologies’ entry into the regulated Greek market through its Superbet brand with RGS games and HUB aggregation.

Announced further restructuring: On July 9, 2026, announced a further reduction of approximately 19 per cent in its global workforce, expected to deliver approximately EUR6.0m (US$6.8m) in incremental annualised cash savings and bringing total expected annualised savings to approximately EUR10.5m (US$12.0m) together with the restructuring announced on January 8, 2026.

Entered the Alberta market: On July 13, 2026, subsequent to quarter end, went live in the newly regulated Alberta igaming market at market opening, with multiple operators. More than 80 Bragg titles are available to players in the province.

Completed the acquisition of Drayton International: On July 22, 2026, subsequent to quarter end, completed the acquisition of Drayton International, a diversified gaming technology and content platform, for US$9.0m satisfied entirely in shares.

Appointed Matt Davey as non-executive chairman: Matt Davey, Founder and Chairman of Tekkorp Capital and previously the builder of NYX Gaming Group, became Non-Executive Chairman on closing of the Drayton transaction and holds approximately 10 per cent of Bragg’s outstanding shares.

Completed private placement and renewed revolving credit facility: All 751,445 subscription receipts issued at US$1.73 converted into common shares and warrants on closing of the Drayton transaction, releasing approximately EUR1.1m (US$1.3m) of escrowed funds. Subscribers included Bragg’s chief financial officer, chief operating officer, director Thomas Winter and non-executive chairman Matt Davey. The Company also renewed its revolving credit facility with a Tier One Canadian financial institution for a further year on terms consistent with the existing arrangement.

Matevž Mazij, chief executive officer of Bragg, commented, “In the second quarter, we continued to execute on our strategy with a focus on profitability and disciplined cost management. Despite lower revenue, Adjusted EBITDA remained broadly flat and Adjusted EBITDA Margin expanded, supported by continued progress in reducing our cost base.

“Since quarter end we closed the Drayton transaction, satisfied entirely in shares, and announced a further workforce reduction. Integrating Drayton is our primary focus for the remainder of the year. That work is underway across content and technology and remains at an early stage. Together with Matt Davey joining as Non-Executive Chairman, our direction is unchanged: a games-first strategy on a lower cost base.”

Matt Davey, incoming non-executive chairman of Bragg, commented, “I have invested in Bragg because the underlying assets are genuinely valuable — proprietary content growing strongly in North America, proven platform technology, and a licensed footprint across more than 30 regulated markets that took years to build and cannot be quickly replicated. That value is not yet reflected in the Company’s financial results and closing that gap will require real change in how the business is structured and operates. The sequence is clear: strengthen the balance sheet, simplify the operating model to a sustainably lower cash cost base, and then accelerate investment in product and distribution. The restructuring executed this year is a start, not a destination. Progress will be measured in cash generation in the short term, and revenue growth over time, and the Board will hold the business to that standard. As a significant investor in the Company, my interests are fully aligned with those of all shareholders and I look forward to reporting progress on our objectives over the coming quarters.”

Board changes

The company also announced that Donald Robertson has resigned from the Board of Directors, effective August 13, 2026. Jordan Gnat has been appointed to the Board with effect from the same date.

Mr. Gnat is a senior executive and investor with over 30 years of leadership experience, including more than 20 years in the global gaming, sports and media industries. He is Co-Founder and Managing Partner of Boardwalk Capital, a lower middle market private equity firm, and was previously founder and chief executive officer of Playmaker Capital, a digital sports media business sold to Better Collective A/S in February 2024. He has also held senior roles at FOX Bet, The Stars Group and Scientific Games, and served as President and Chief Executive Officer of Boardwalk Gaming and Entertainment. Mr. Gnat is a director of Think Research Corporation, Sandhills Gaming Corp., Omnigame A/S and Twin Pines Entertainment, and a member of the board of the Hospital for Sick Children Foundation.

Mr. Gnat participated in the company’s recent private placement and is a shareholder of Bragg.

Commenting on the change, Matt Davey, non-executive chairman of Bragg, said, “On behalf of the Board, I would like to thank Donald Robertson for his service and for his contribution to Bragg through a demanding period, and to wish him well. We are pleased to welcome Jordan Gnat. Jordan has spent more than 30 years building and scaling businesses as an operator and an investor, most recently taking Playmaker Capital from launch to a successful exit. His expertise and track record further strengthen a Board well equipped to support the combined business.”

Withdrawal of 2026 outlook

The company’s previously disclosed fiscal 2026 revenue and Adjusted EBITDA guidance (the “2026 Guidance”) was prepared in respect of the Company’s operations on a standalone basis.

The company completed the acquisition of Drayton on July 22, 2026 (see “Overview of 2Q26 – Financial performance in the first half of 2026 – Others – Drayton Acquisition and Private Placement” in the Company’s Management Discussion and Analysis (“MD&A”) for the quarter ended June 30, 2026). Integration planning is underway, and the Company has limited operating history for the combined business.

With the integration of Drayton into the Company’s operations at the planning stage, management does not have a reasonable basis on which to forecast the combined business for the remainder of the fiscal year. The Company is therefore withdrawing its previously disclosed 2026 Guidance.

Prior to the withdrawal of guidance, and on a standalone basis excluding Drayton, the Company was tracking below the low end of the revenue range and at the low end of the Adjusted EBITDA range, in each case as implied by the 2026 Guidance, while tracking to the upper end of the Adjusted EBITDA Margin range.

Management’s focus is on integrating and optimising the combined business, including aligning the product and technology roadmap, realising identified efficiencies, and establishing the go-forward operating model and cost base.