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Bragg Gaming Group
Bragg Gaming Group (BRAG) investor relations material
Bragg Gaming Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Achieved record Q3 2025 revenue growth in key markets: U.S. up 86% and Brazil up 80% year-over-year, driving proprietary content revenue up 35% and offsetting a 22% decline in the Netherlands due to regulatory changes.
Revenue excluding the Netherlands grew 20% year-over-year, reflecting successful diversification and expansion in regulated iGaming markets, with non-Netherlands markets projected to account for 68% of 2025 revenue.
Proprietary content now represents 16% of total revenue, with half of this segment's Q3 revenue from the U.S.; 35 new proprietary casino games launched in 2025, with 70% of Q3 revenue from pre-2025 releases.
Net loss widened to €2.3 million (€0.09 per share) in Q3 2025, while Adjusted EBITDA rose 9% to €4.45 million.
Product mix continues to shift toward higher-margin proprietary and exclusive content, supporting improved profitability.
Financial highlights
Q3 2025 revenue was €26.8–27.2 million, up 2% year-over-year; excluding the Netherlands, revenue grew 20%.
Gross profit increased 5% year-over-year to €14.7 million, with gross margin up 115 basis points to 54.7%.
Adjusted EBITDA grew 9% to €4.4–4.45 million, with margin rising 100 basis points to 16.6%.
North America and Brazil accounted for 22% of total revenue, up from 12% a year ago.
Proprietary content revenue rose to €4.2 million, representing 15.7% of total revenue, up from 11.9% a year ago.
Outlook and guidance
Maintaining full-year 2025 guidance: revenue projected at €106–108.5 million and adjusted EBITDA at €16.5–18.5 million.
Operational leverage and margin expansion expected to continue into Q4 and 2026, driven by proprietary content and process optimization.
Strategic shift to proprietary and exclusive content expected to drive further margin growth in 2026.
Management remains confident in long-term value creation and continued expansion in regulated markets.
Anticipates 68% of 2025 revenue from non-Netherlands markets.
How will 20% H2 2025 EBITDA margin be achieved
Detail market selection strategy for higher margins
How does BMO financing accelerate US/Brazil expansion?
Proprietary content margin impact next year
BetCity migration: net impact on 2026 profitability
Future SG&A optimization and leverage plans
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Next Bragg Gaming Group earnings date
Q4 202526 Mar, 2026
Bragg Gaming Group
Next Bragg Gaming Group earnings date
Q4 202526 Mar, 2026
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Frequently asked questions
Bragg Gaming Group Inc., provides a worldwide technology and content delivery platform to the gaming industry, and is a leading provider of technology and content services including: cloud-based system utilities, virtual game servers and embedded software modules, as well as customer-focused advertising and merchandising. Bragg Gaming Group Inc. is headquartered in Toronto, Canada.
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