Bragg Gaming Group (BRAG) Q4 2025 earnings summary

Executive summary

• Achieved record annual revenue of €106.1 million in 2025, up 4% year-over-year, with Q4 revenue of €27.7 million, up 1.9% year-over-year.

• U.S. and Brazil markets saw Q4 revenue growth of 55% and 42.1% respectively, driving overall performance.

• Proprietary content focus led to margin expansion, with 44 new games launched and Q4 proprietary content revenue up 21% year-over-year.

• Geographic diversification accelerated, with non-Netherlands revenue rising to 68% of total in 2025.

• Strategic restructuring included a 12% global workforce reduction and leadership changes to secure a resilient financial foundation.

Financial highlights

• Q4 2025 revenue was €27.7 million, up 1.9% year-over-year; excluding the Netherlands, revenue grew 5.1%.

• Gross profit was €15.7 million in Q4 2025, with a gross margin of 56.5%, up from 54.7% in Q3 2025.

• Adjusted EBITDA for Q4 2025 was €4.6 million (16.5% margin), and full year 2025 Adjusted EBITDA was €16.6 million (15.6% margin).

• Cash and cash equivalents at year-end 2025 were €6.7 million.

• Q4 operating loss improved to €0.1 million from €0.7 million; net loss widened to €1.3 million from €0.7 million.

Outlook and guidance

• 2026 revenue guidance: €97.0–€104.5 million; Adjusted EBITDA: €16.0–€19.0 million (16.0–18.0% margin).

• Projected 76% of 2026 revenue to come from non-Netherlands markets.

• Path to positive EBIT by late 2026, with higher EBITDA expected despite lower overall revenue.

• Strategic focus on expanding content market share in Brazil and the U.S., entering new high-margin jurisdictions, and leveraging AI for operational efficiency.