Bragg Gaming Group Publishes Q2 Results, Expresses FY 2025 Confidence

Bragg Gaming Group, a B2B provider of iGaming tech and content, has published its financial report for Q2 2025, highlighting an increase in revenue, despite a slight drop in adjusted EBITDA. The company also updated its full-year forecasts, as it shifts toward high-quality earnings.

The Adj. EBITDA Decreased Despite an Increase in Revenue

In Q2 2025, Bragg’s revenue reached EUR 26.1 million ($30.4 million), marking a 4.9% increase from the prior-year period. For comparison, the company reported EUR 24.9 million in revenue in Q2 2024.

At the same time, the Bragg’s gross profit experienced growth of 10.8% to EUR 13.7 million ($16 million) against EUR 12.4 million in the prior-year period. Gross profit margin experienced a 280bps change to 52.7%.

Conversely, the company’s adjusted EBITDA for Q2 2025 slumped by 4.3%, reaching EUR 3.5 million ($4.1 million). For reference, adj. EBITDA for Q2 2024 was EUR 3.6 million.

In the second quarter of 2025, Bragg’s operating loss almost doubled from EUR 1.2 million in Q2 2024 to EUR 2.3 million ($2.7 million) in Q2 2025. This is equivalent to a 93.3% change.

Despite certain setbacks, Bragg said that its focus on higher-quality earnings remains unchanged and added that it anticipates full year revenue of EUR 106-108.5 million ($123.4-126.3 million), as well as adjusted EBITDA of EUR 16.5-18.5 million ($19.2-21.5 million).

Bragg Is Pursuing Growth in Key Markets

Additional highlights for Q2 2025 included expansion in the US, as well as acceleration of Bragg’s growth in the region via a new partnership with Hard Rock Digital. Outside the US, Bragg continued its push in Brazil’s fresh iGaming market.

The company also issued a corporate update that outlined the company’s growth priorities, improved margin initiatives and expansion plans.

At the same time, Bragg launched a new gamification tool called Big Ticket Bonanza, and enhanced its team with Scott Milfor and Luka Pataky as EVP of group content and EVP of AI and innovation, respectively.

Bragg added that Q2 saw it repay $5 million of its outstanding $7 million secured promissory note. In the meantime, the company is busy negotiating a new working capital revolving debt faculty from a Tier 1 Canadian bank that could close as soon as Q3.

CEO Mazij Remains Confident in Bragg’s Future Performance

Matevž Mazij, Bragg’s chief executive officer, commented on the results, saying that the company is starting to see the result of its 2024 strategic initiatives. While he acknowledged that Bragg’s top-line growth appears modest, he remained confident in the company’s positioning and ability to generate value in the long term.

Mazij said that the US and LATAM are clear outliers when it comes to growth and noted that Bragg remains successful in the Netherlands too, despite local headwinds.

Mazij concluded: “In summary, we are focused on driving cash flow, integration, and margin, and positioning Bragg for sustainable, profitable growth. The actions taken in Q2 position us to achieve a 20% Adjusted EBITDA Margin target in the second half of 2025.”