Bragg Gaming Group reported its preliminary unaudited fourth‑quarter and full‑year 2025 financial results on February 23 2026. Revenue for the year ended December 31 2025 was EUR 106.1 million, up 4.0 % from EUR 102.0 million in 2024. Adjusted EBITDA reached EUR 16.6 million, a rise of 4.2 % from EUR 15.8 million in 2024, and the adjusted EBITDA margin expanded to 15.6 % from 15.5 %.
In the fourth quarter, revenue was EUR 27.7 million, a 1.8 % increase over the EUR 27.2 million reported in Q4 2024. Adjusted EBITDA fell slightly to EUR 4.6 million from EUR 4.7 million, and the margin slipped to 16.6 % from 17.2 %. The decline in margin was driven by a 70 % jump in high‑margin proprietary content revenue, which offset a modest compression in aggregated content sales and higher operating costs associated with expanding U.S. operations.
Bragg’s guidance for 2026 keeps revenue within the previously issued range of EUR 97.0 million to EUR 104.5 million and adjusted EBITDA between EUR 16.0 million and EUR 19.0 million, with an expected margin of 16.0 % to 18.0 %. Management attributes the cautious outlook to “complex regulatory compliance requirements and recent tax changes” in the Netherlands and other markets, while noting that the company is “aggressively pursuing emerging alternative markets, such as Historical and Live Racing and Prediction Markets, and moving into new jurisdictions that offer opportunities for higher‑margin content business.”
CEO Matevž Mazij emphasized the company’s continued confidence, stating, “Based on the preliminary results, we delivered another record year in 2025, as demonstrated by increased revenue and higher Adjusted EBITDA.” He added, “Now in 2026, we remain confident in our ability to successfully navigate evolving international regulatory and taxation developments, continue to increase our overall content market share in Brazil and the United States, aggressively pursue emerging alternative markets, such as Historical and Live Racing and Prediction Markets, and move into new jurisdictions that offer opportunities for higher‑margin content business.”
The company also highlighted its AI strategy, noting, “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.” The combination of a strong proprietary content pipeline, targeted geographic expansion, and AI‑driven cost efficiencies positions Bragg to maintain margin growth even as revenue growth moderates in 2026.
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