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, and record Q4 revenue of €27.7 million, up 1.9% YoY, driven by strong U.S. (+55%) and Brazil (+42.1%) growth and proprietary content expansion.

• Proprietary content revenue increased 21% YoY in Q4, now representing up to 16.6% of total revenue, supporting higher margins and led by U.S. market momentum.

• Announced a 12% global workforce reduction and organizational realignment to drive operational efficiency, with €4.5 million in annualized cash savings expected.

• Geographic diversification advanced, with non-Netherlands revenue rising to 68% of total in 2025, up from 51% in 2022.

• Strengthened leadership with new COO, EVP of Global Content, and Board transition to Thomas Winter.

Financial highlights

• Full year 2025 Adjusted EBITDA reached €16.6 million (15.6% margin), up from €15.8 million (15.5%) in 2024; Q4 Adjusted EBITDA was €4.6 million (16.5% margin).

• Q4 2025 gross profit was €15.7 million (56.5% margin); full year gross profit was €58.3 million (55.0% margin).

• Q4 2025 operating loss improved to €0.1 million from €0.7 million in Q4 2024; net loss widened to €1.3 million from €0.7 million.

• Full year operating loss was €5.3 million (vs. €3.5 million in 2024); net loss was €8.1 million (vs. €5.1 million in 2024).

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

Outlook and guidance

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

• Expect positive EBIT by late 2026, with higher EBITDA despite lower overall revenue due to product mix optimization and cost reductions.

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