Bragg Gaming Group expects to post a 4 per cent increase in revenue to €106.1 million for 2025, driven by growth in Brazil and the United States.

In a preliminary trading update, the company said that results were in line with its previously issued guidance ranges for both revenue and adjusted EBITDA.

For the final quarter of the year, revenue is expected to be 1.8 per cent higher at €27.7 million, with high-margin proprietary content revenue growing by 70 per cent year-on-year, primarily driven by growth in the US.

Adjusted EBITDA for the quarter is expected to be slightly lower than the prior year period at €4.6 million (Q4 2024: €4.7 million), representing an adjusted EBITDA margin of 16.6 per cent (Q4 2024: 17.2 per cent).

For 2025, revenue is expected to rise by 4 per cent to €106.1 million, with adjusted EBITDA increasing 5.1 per cent to €16.6 million, at an adjusted EBITDA margin of 15.6 per cent (2024: 15.5 per cent). Excluding the challenging regulatory environment in the Netherlands, revenue would have been up 18 per cent year-on-year.

“Based on the preliminary results, we delivered another record year in 2025, as demonstrated by increased revenue and higher adjusted EBITDA,” said Bragg CEO Matevž Mazij. “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.”

Bragg has forecast revenue in the range of €97.0 million and €104.5 million for 2026, with adjusted EBITDA of between €16.0 million and €19.0 million, representing an adjusted EBITDA margin of between 16.0 per cent and 18.0 per cent.

Shares in Bragg Gaming group Inc (TSE:BRAG) were trading 1.65 per cent lower at CA$2.38 per share in Toronto earlier Monday.