Bragg Gaming’s Preliminary FY 2025 Report Forecasts Upcoming Challenges

Bragg Gaming Group, a leading iGaming content and technology solutions provider, published its preliminary unaudited financial results for FY 2025. The company expects its results to be within its previously issued guidance ranges, but the company’s unimpressive 2026 guidance caused its shares to take a dip.

Bragg’s 2025 Results Were Stable

Bragg’s projected Q4 results outlined revenues of approximately EUR 27.7 million ($32.7 million), which would mark an 1.8% increase year-on-year. For comparison, the company reported EUR 27.2 million in revenue in Q4 2024.

At the same time, Bragg’s adjusted EBITDA for Q4 2025 is expected to reach approximately EUR 6 million ($7.1 million), representing a margin of 16.6%, versus adjusted EBITDA of EUR 4.7 million (margin of 17.2%) for Q4 2024.

Bragg also noted that its high-margin proprietary content revenue experienced a 70% increase in Q4-2025, thanks to its growth in the United States.

In the meantime, Bragg’s full-year revenue reached EUR 106.1 million ($125.1 million), compared to EUR 102 million in the prior year. This change is equivalent to an increase of 4% year-on-year.

Bragg also expects FY 2025 adjusted EBITDA to be approximately EUR 16.6 million ($19.6 million) (margin of 15.6%), up from EUR 15.8 million (margin of 15.5%) in the prior year.

Bragg noted that its business could have experienced an 18% increase in revenue if not for the challenges it faced in the Netherlands.

The Company Will Explore New Verticals

Bragg’s CEO, Matevž Mazij, praised the preliminary results, saying that they support the company’s growth trajectory. He said that the company remains confident in its business and expects to continue to perform well in Brazil and the US. Mazij also noted that Bragg plans to explore new verticals, such as historical and live racing and prediction markets.

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.

Matevž Mazij, CEO, Bragg Gaming Group

Bragg Posted a Cautious 2026 Guidance

In line with Mazij’s projections for 2026, Bragg also published its guidance for that period, saying that it expects its revenue to reach a range of EUR 97.0 million to EUR 104.5 million ($114.3-123.2 million). This figure is lower than what Bragg delivered in 2025 because it assumes continued regulatory challenges in the Netherlands. 

At the same time, Bragg’s projected adjusted EBITDA guidance for 2026 shows a range of EUR 16.0 million to EUR 19.0 million ($18.9-22.4 million), representing an adjusted EBITDA margin of 16-18%.

Bragg’s somewhat unexciting forecasts for 2026 led to a slump in its share price. The company’s stock is worth $1.65 apiece as of the time of this writing.