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, driven by strong U.S. (+55%) and Brazil (+42.1%) growth.

• Proprietary content revenue increased 21% year-over-year in Q4, now representing up to 16.6% of total revenue, supporting higher margins.

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

• Announced a 12% global workforce reduction and organizational realignment to drive operational efficiency and margin improvement.

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

Financial highlights

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

• Q4 gross profit was €15.7 million (gross margin 56.5%), and full year gross margin was €58.3 million on €106.1 million revenue.

• Q4 2025 Adjusted EBITDA was €4.6 million (16.5% margin), and full year 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; net loss widened to €1.3 million.

Outlook and guidance

• 2026 revenue guidance: €97.0–104.5 million; Adjusted EBITDA: €16.0–19.0 million (16–18% margin).

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

• Annualized cash savings from restructuring expected to be €4.5 million.

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