Bragg Gaming’s FY 2025 Performance and 2026 Outlook
Bragg Gaming Group, a prominent provider of iGaming content and technology solutions, has released its preliminary, unaudited financial forecast for the fiscal year 2025. The company anticipates its performance to align with previous guidance, although its cautious projection for 2026 has affected investor confidence, reflected in a share price decline.
Steady Financial Results for 2025
For the fourth quarter of 2025, Bragg Gaming expects revenues close to EUR 27.7 million (approximately $32.7 million), showing a modest 1.8% growth compared to the EUR 27.2 million reported in the same period of 2024.
Adjusted EBITDA is projected to be around EUR 6 million ($7.1 million), yielding a margin of 16.6%, which is slightly lower than the 17.2% margin with EUR 4.7 million EBITDA recorded in Q4 2024.
The company highlighted a significant 70% increase in high-margin proprietary content revenue during this quarter, mainly driven by expansion in the United States market.
Over the full year, Bragg’s revenue rose by 4% to EUR 106.1 million ($125.1 million) from EUR 102 million the prior year. Adjusted EBITDA for the year is expected to be about EUR 16.6 million ($19.6 million), pushing the margin slightly higher to 15.6% compared to 15.5% in 2024.
Bragg indicated that revenue could have been approximately 18% higher if not for operational difficulties encountered in the Dutch market.
Plans to Explore New Market Segments
Bragg Gaming’s CEO, Matev Mazij, expressed optimism about the company’s growth, reaffirming confidence in its footholds in Brazil and the US. He also revealed intentions to diversify by venturing into new verticals such as historical and live racing as well as prediction markets.
Moreover, Mazij emphasized the strategic use of their proprietary AI technology, referred to as the Bragg AI Brain, to streamline costs, enhance EBITDA growth, and achieve sustained net profitability over time.
Cautious Outlook for 2026
Looking forward, Bragg released its revenue guidance for 2026, projecting a range between EUR 97 million and EUR 104.5 million ($114.3 million to $123.2 million), which represents a decline from the 2025 figures. This decrease is attributed to expected ongoing regulatory hurdles in the Netherlands.
The company forecasts 2026 adjusted EBITDA to be between EUR 16 million and EUR 19 million ($18.9 million to $22.4 million), maintaining a margin anticipated to be between 16% and 18%.
These moderate earnings estimates have contributed to a dip in Bragg’s stock price, which currently stands at $1.65 per share.
