Bragg reports marginal Q1 revenue rise as Brazil drives growth

Bragg Gaming has unveiled its latest financial results for the first quarter of 2026, reporting a revenue of €25.7m ($29.7m), up 0.6%.  

Indeed, marginal is the summary of change with regard to Bragg’s key financial metric in comparison to results from the first quarter of last year, with a handful of jurisdictions providing accelerated growth across the wider scope of operations. 

Bragg’s Q1 at a glance 

Overall, the slight increase in revenue for Bragg during Q1 was outshone by a more significant 21.4% improvement in operating loss, which settled at a loss of €1.4m for the quarter. Elsewhere, net loss also fell by a notable 55% year-on-year, as the organisation managed to work the figure down to €1.2m overall.  

Elsewhere, company adjusted EBITDA during the first quarter reached €4m, down by 2.5% in comparison to results from the prior year, complemented by an adjusted EBITDA margin of 15.7%. 

Looking ahead, Bragg has reiterated its full year revenue expectation of €97m - €104.5m, alongside expected adjusted EBITDA of €16m - €19m. 

Key results by region 

Breaking the company’s results down by region, Bragg’s key revenue driver was the Brazilian market with regard to improvement year-on-year, as revenues from the region rose by 33.3% compared to the first quarter of 2025.  

Revenues from the Netherlands also marked an improvement of 3.5% year-on-year, a rise which the company has attributed to an uplift provided by a PAM agreement with Entain. Over the Atlantic, however, US revenues were subject to a 12.1% year-on-year decline due to inflated revenues from the initial quarter of 2025. US recurring revenues, however, grew by 7.1%.   

CEO’s comments  

Speaking on these latest figures, Bragg Gaming CEO Matevž Mazij said: “We continued to execute well across our business in the first quarter. But in many ways, I believe we are only just approaching the starting line as we work to complete our potentially transformative transaction with Drayton, which we believe will position Bragg to lead the future of the global gaming industry with the right team, the best technology, a refreshed brand, and a clear ‘games-first’ focus.” 

It was a challenging first quarter for Bragg, which reduced 12% of its global workforce as part of a strategic restructure in January, as well as appointing a new COO and EVP later in Q1. More recently, the organisation partnered with Belgian operator 711 ahead of the World Cup this week.