Bragg Gaming reports preliminary 2025 results, issues 2026 guidance

Bragg Gaming Group (NASDAQ: BRAG) reported preliminary unaudited financial results for 2025 and provided guidance for 2026, according to a company statement.

The iGaming content and technology provider expects fourth quarter 2025 revenue of approximately €27.7 million, representing a 1.8% increase from €27.2 million in the same period of 2024. Adjusted EBITDA for the quarter is anticipated at €4.6 million, compared to €4.7 million in the prior year quarter.

For the full year 2025, Bragg expects revenue of approximately €106.1 million, up 4.0% from €102.0 million in 2024. Full year Adjusted EBITDA is projected at €16.6 million versus €15.8 million in the previous year. The company noted that excluding Netherlands operations, 2025 revenue would represent an 18% increase from 2024.

High-margin proprietary content revenue grew 70% in the fourth quarter of 2025 compared to the same quarter in 2024, primarily driven by growth in the United States.

For 2026, Bragg provided revenue guidance of €97.0 million to €104.5 million. The company forecasts Adjusted EBITDA between €16.0 million and €19.0 million, representing margins of approximately 16.0% to 18.0%.

"Based on the preliminary results, we delivered another record year in 2025, as demonstrated by increased revenue and higher Adjusted EBITDA," said CEO Matevž Mazij.

The company cited regulatory compliance requirements and tax changes in the Netherlands and other regions as ongoing challenges. Bragg expects to utilize artificial intelligence to drive cost efficiencies and improve operational performance.

The preliminary figures are unaudited and subject to change when final results are released in March 2026.

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