Bragg Gaming Group has released its preliminary unaudited financial results for fiscal year 2025, revealing a period of growth alongside a more conservative forecast for 2026. This mixed report has drawn attention from the market.
Key Takeaways
* Bragg Gaming achieved EUR 106.1 million in revenue for FY 2025, marking a 4% increase year-on-year.
* The company’s 2026 revenue guidance, set between EUR 97.0 million and EUR 104.5 million, is lower than its 2025 performance, primarily due to anticipated regulatory hurdles in the Netherlands.
* Despite strong growth in proprietary content and key markets like the United States, this cautious 2026 forecast led to a decline in Bragg’s share price.
Bragg Gaming Group, a provider of iGaming content and technology solutions to the global gambling industry, has published its preliminary unaudited financial results for fiscal year 2025. While the company anticipates its 2025 performance will align with its previously issued guidance, the subsequent 2026 outlook, which projects a potential decrease in revenue, has prompted a dip in its share value.
Bragg’s 2025 Performance Overview
For the full fiscal year 2025, Bragg reported revenue reaching EUR 106.1 million. This figure represents a 4% increase compared to the EUR 102 million recorded in the previous year. Adjusted EBITDA for FY 2025 is expected to be approximately EUR 16.6 million, achieving a margin of 15.6%, up from EUR 15.8 million (15.5% margin) in the prior year.
The fourth quarter of 2025 also showed growth, with projected revenues of approximately EUR 27.7 million. This would mark an 1.8% increase year-on-year from the EUR 27.2 million reported in Q4 2024. Adjusted EBITDA for Q4 2025 is anticipated to be around EUR 6 million, with a margin of 16.6%. This compares to an adjusted EBITDA of EUR 4.7 million (17.2% margin) in Q4 2024.
A notable highlight for Bragg was the 70% increase in its high-margin proprietary content revenue during Q4 2025, largely attributed to expansion within the United States market. The company also indicated that its revenue growth could have been 18% higher if not for the operational challenges encountered in the Netherlands, a market undergoing significant regulatory changes impacting iGaming operators.
Leadership Addresses Future Strategy
Matevž Mazij, CEO of Bragg Gaming Group, commented on the preliminary results, stating they support the company’s ongoing growth trajectory. He expressed confidence in Bragg’s business model and its continued performance in key regions such as Brazil and the United States. Looking ahead, Mazij outlined plans to explore new verticals within the gambling sector, including historical and live racing, as well as prediction markets.
Mazij also emphasized the company’s strategic use of technology: “At the same time, we plan on thoughtfully harnessing the power of the Bragg AI Brain to reduce our overall cost structure, drive EBITDA growth, and move toward sustained net profitability. We look forward to updating investors as we progress.”
This indicates a focus on operational efficiency and technological innovation to bolster future financial health.
Cautious Outlook for 2026
Despite the positive aspects of the 2025 report and strategic initiatives, Bragg’s guidance for 2026 reflects a more conservative stance. The company projects its revenue for 2026 to fall within a range of EUR 97.0 million to EUR 104.5 million. This forecast is notably lower than the 2025 figures, primarily due to the expectation of continued regulatory challenges within the Netherlands market.
The projected adjusted EBITDA guidance for 2026 is set between EUR 16.0 million and EUR 19.0 million, representing an adjusted EBITDA margin of 16-18%. This cautious outlook for the upcoming year, particularly the anticipated revenue decline, has influenced market sentiment. Following the release of the guidance, Bragg’s share price experienced a slump, with the stock valued at $1.65 per share at the time of this report. This reaction underscores how market participants weigh future projections heavily, especially in the dynamic iGaming landscape.
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