Bragg Gaming has released its unaudited preliminary financial results for the full year and Q4 2025 ahead of the operator’s financial results and conference call scheduled for next month.
Outlined on a preliminary basis, Bragg’s latest financial results outline a positive increase year-on-year for key business areas – with the company underlining that the following results could be subject to some change ahead of the final financial conference call in March.
Q4: US growth drives revenue increase
As stated by Bragg, the company has outlined it expects revenues to settle at a figure of €27.7m ($32.7m) for the final quarter of last year, a rise of 1.8% in comparison to results from the year prior. Elsewhere, adjusted EBITDA fell by 2.2% year-on-year to total €4.6m during the fourth quarter of 2025, paired with a margin of 16.6%, down from 17.2% during the same period of the year prior.
Indeed, Bragg has highlighted that expected Q4 2025 proprietary content revenue, specifically, is anticipated to have risen by 70% year-on-year, primarily driven by strong growth in the US market.
FY 2025: Dutch headwinds stifle sharp increases
Over the course of the full calendar year, Bragg has recorded a preliminary revenue figure of €106.1m, up 4% in comparison to results from 2024. Nevertheless, it has further specified that expected revenue excluding the Dutch market – which it has labelled as a challenging regulatory environment at present – is up by 18% year-on-year largely down to robust performance in Brazil and the US.
Preliminary expected adjusted EBITDA for the full-year 2025 period has been outlined to have reached €16.6m, up 5.1% year-on-year with adjusted EBITDA margin remaining flat at 15.6%.
Anticipated revenue drop for FY 2026?
Interestingly, Bragg has stated that it expects to record a revenue of between €97m - €104.5m during the full year 2026 period – lower than the anticipated 2025 revenue. The company has attributed this lowered 2026 expectation to “increasingly complex regulator complex requirements and recent tax changes in the Netherlands.” Full-year 2026 adjusted EBITDA expectations have also been set at between €16m - €19m.
Speaking on these latest preliminary financial figures, Bragg Gaming CEO Matevž Mazij said: “Based on the preliminary results, we delivered another record year in 2025, as demonstrated by increased revenue and higher adjusted EBITDA.
“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.
“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.”
In early 2026, Bragg Gaming announced it would be reducing its global workforce by 12% as part of a strategic restructuring. More recently, the operator partnered with Super Technologies as part of its new ‘aggressive’ expansion strategy.
The Netherlands has increased taxes on operators from 30.5% to 37.8% since 2024
