February 23, 2026 — Leads & Copy — Bragg Gaming Group anticipates its preliminary unaudited financial results for the year ended December 31, 2025, will align with previously issued guidance for revenue and Adjusted EBITDA.
The company expects fourth-quarter 2025 revenues to be approximately EUR 27.7 million, an increase of 1.8% from EUR 27.2 million in the fourth quarter of 2024. Adjusted EBITDA is projected to be approximately EUR 4.6 million, representing an Adjusted EBITDA Margin of approximately 16.6%, compared to EUR 4.7 million (17.2% margin) in the same period of 2024. High-margin proprietary content revenue grew by 70% in Q4-2025 over Q4-2024, primarily driven by growth in the United States.
Full-year 2025 revenues are expected to be approximately EUR 106.1 million, a 4.0% increase from EUR 102.0 million in 2024. Adjusted EBITDA is forecasted at approximately EUR 16.6 million, representing a 15.6% margin, compared to EUR 15.8 million (15.5% margin) in 2024. Excluding the Netherlands, due to its regulatory environment, expected 2025 revenues would represent an 18% increase from 2024, driven by performance in Brazil and the United States.
Bragg is providing this preliminary, unaudited information ahead of the release of its fourth and full-year 2025 financial results and conference call in March 2026, due to planned investment community meetings.
For 2026, revenue is projected to be in the range of EUR 97.0 million to EUR 104.5 million. The company anticipates navigating complex regulatory compliance requirements and tax changes in the Netherlands and other regions.
Adjusted EBITDA for 2026 is forecasted to be between EUR 16.0 million and EUR 19.0 million (approximately 16.0% to 18.0% margin). This is supported by a shift toward higher-margin product offerings and cost savings from using artificial intelligence to improve operational excellence.
Matevž Mazij, Chief Executive Officer for Bragg, said that the preliminary results demonstrate another record year in 2025, with increased revenue and higher Adjusted EBITDA. Mazij added that the company remains confident in its ability to navigate evolving international regulatory and taxation developments, increase content market share in Brazil and the United States, pursue emerging alternative markets, and move into new jurisdictions. The company also plans to use the Bragg AI Brain to reduce costs, drive EBITDA growth, and move toward sustained net profitability.
Bragg Gaming Group is a provider of iGaming content and platform technology solutions, serving online casino, sports betting, and lottery operators. The company offers proprietary, exclusive, and aggregated casino games content, along with player account management (PAM) and player engagement technology. Bragg Studios includes Wild Streak Gaming, Atomic Slot Lab, and Indigo Magic. Games are distributed via the Bragg HUB content delivery platform and are available exclusively to Bragg customers. Bragg’s PAM technology powers multiple iGaming brands and is supported by in-house managed, operational, and marketing services. The company is licensed, certified, or otherwise approved and operational in over 30 regulated iGaming markets globally.
All figures are preliminary and subject to change as the company’s financial results are finalized. Investors are cautioned not to place undue reliance on the foregoing guidance.
Source: Bragg Gaming Group
