Financial Data and Key Metrics Changes - In Q4 2025, revenue was EUR 27.7 million, up 1.9% year-over-year, with a 5.1% increase when excluding the Netherlands [7][8] - Gross profit remained stable at EUR 15.7 million, with a gross margin of 56.5%, improving from 54.7% in Q3 2025 [8] - Adjusted EBITDA for Q4 2025 was EUR 4.6 million, flat year-over-year, but up from EUR 4.4 million in Q3 2025, resulting in an EBITDA margin of 16.5% [8][9] Business Line Data and Key Metrics Changes - Proprietary content revenue grew 20.8% year-over-year in Q4 2025, contributing significantly to overall profitability [19] - The concentration of revenue from proprietary content reached 16.6%, totaling EUR 4.3 million in Q4 2025, compared to EUR 3.6 million in Q4 2024 [25][26] Market Data and Key Metrics Changes - The U.S. market saw a 55% year-over-year revenue growth, while Brazil experienced a 42.1% increase in the same period [5][20] - Non-Netherlands revenue rose from 51% in 2022 to approximately 68% in 2025, indicating successful geographic diversification [15] Company Strategy and Development Direction - The company is focused on high-margin proprietary casino content, which supports growing gross profit and EBITDA margins [12][19] - Plans for 2026 include revenue projections between EUR 97 million and EUR 104.5 million, with Adjusted EBITDA expected to be between EUR 16 million and EUR 19 million [11][22] - The company aims to achieve positive EBIT by late 2026 through product mix optimization and operational expense reductions, including a 12% workforce reduction [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential of the U.S. online casino market, projected to grow from $12.4 billion in 2025 to over $36 billion by 2030 [13] - The company anticipates continued growth in Brazil and other emerging markets, despite headwinds in the Netherlands due to regulatory changes [16][19] Other Important Information - The company has implemented structural cost changes, including staff reductions, to secure a resilient financial foundation for 2026 [10] - The appointment of new executives is expected to enhance operational efficiency and support the company's strategic initiatives [18] Q&A Session Summary Question: Growth in proprietary content and pipeline for the year - Management confirmed a 16.6% concentration of revenue from proprietary content, totaling EUR 4.3 million in Q4 2025, with expectations for increased cadence in content production [25][26] Question: U.S. market growth drivers - The U.S. growth is primarily driven by proprietary and exclusive content, with significant opportunities for continued market penetration [28][29] Question: Timing of cost savings from restructuring - The anticipated annualized cash savings from restructuring efforts are about EUR 4.5 million, with benefits expected to start immediately [30] Question: Geographic revenue mix and growth expectations - Management provided insights on revenue concentration in Brazil and the U.S., indicating a focus on margin-accretive products for 2026 [34][37]

Financial Data and Key Metrics Changes - In Q4 2025, revenue was EUR 27.7 million, up 1.9% year-over-year, with a 5.1% increase when excluding the Netherlands [7][8] - Gross profit remained stable at EUR 15.7 million, with a gross margin of 56.5%, improving from 54.7% in Q3 2025 [8] - Adjusted EBITDA for Q4 2025 was EUR 4.6 million, flat year-over-year, but up from EUR 4.4 million in Q3 2025, resulting in an EBITDA margin of 16.5% [8][9] Business Line Data and Key Metrics Changes - Proprietary content revenue grew 20.8% year-over-year in Q4 2025, contributing significantly to overall profitability [19] - The concentration of revenue from proprietary content increased to 16.6% in Q4 2025, totaling EUR 4.3 million [25] - The company launched 44 new proprietary casino games in 2025, enhancing its portfolio and market presence [14] Market Data and Key Metrics Changes - Revenue growth in the USA was 55% year-over-year, while Brazil saw a 42.1% increase [5][20] - Non-Netherlands revenue rose from 51% in 2022 to approximately 68% in 2025, indicating successful geographic diversification [15] - The U.S. online casino market is projected to grow from $12.4 billion in 2025 to over $36 billion by 2030, with a compound annual growth rate of 24% [13] Company Strategy and Development Direction - The company is focused on building a high-margin, diversified business, with a strategic emphasis on proprietary content [8][19] - Plans for 2026 include revenue projections between EUR 97 million and EUR 104.5 million, with adjusted EBITDA of EUR 16 million to EUR 19 million [11][22] - The company aims to achieve positive EBIT by late 2026 through product mix optimization and operational efficiency [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver sustainable long-term growth and shareholder value despite regulatory challenges in the Netherlands [9][10] - The company anticipates continued growth in high-value regulated markets like the U.S. and Brazil, while also preparing for new market entries [16][19] - Management highlighted the importance of AI initiatives to enhance operational efficiency and drive cost savings [21] Other Important Information - The company underwent a strategic restructuring, reducing approximately 12% of its global workforce, expected to yield annualized cash savings of EUR 4.5 million [10][11] - The appointment of new executives aims to strengthen operational leverage and content expansion strategies [18] Q&A Session Summary Question: Growth in proprietary content and pipeline for the year - Management confirmed proprietary content revenue concentration increased to 16.6%, totaling EUR 4.3 million in Q4 2025, with expectations for continued growth [25] Question: Cadence of content development for the year - Management indicated that the cadence of game production will remain similar, focusing on maximizing lifetime values for operators [26][27] Question: U.S. market growth drivers - Growth in the U.S. market is primarily driven by proprietary and exclusive content, with significant opportunities for continued market share penetration [28][29] Question: Timing of cost savings from restructuring - Management stated that benefits from restructuring will start immediately, with an annualized savings of EUR 4.5 million already factored into guidance [30] Question: Geographic revenue mix and growth expectations - Management provided insights on revenue concentration in Brazil and the U.S., indicating expectations for continued double-digit growth in both markets [34][37]

Financial Data and Key Metrics Changes - In Q4 2025, revenue was EUR 27.7 million, up 1.9% year-over-year, with a 5.1% increase when excluding the Netherlands [8] - Gross profit remained stable at EUR 15.7 million, with a gross margin of 56.5%, improving from 54.7% in Q3 2025 [9] - Adjusted EBITDA for Q4 2025 was EUR 4.6 million, flat year-over-year, but up from EUR 4.4 million in Q3 2025, resulting in an EBITDA margin of 16.5% [9][10] Business Line Data and Key Metrics Changes - Proprietary content revenue grew 20.8% year-over-year in Q4 2025, contributing significantly to overall profitability [20] - The share of revenue from proprietary content increased from 13.3% in Q4 2024 to 15.7% in Q4 2025, indicating a strategic shift towards higher-margin products [18][20] Market Data and Key Metrics Changes - Revenue growth in the USA was 55% year-over-year, while Brazil saw a 42.1% increase, highlighting strong performance in these markets [5][20] - Non-Netherlands revenue rose from 51% in 2022 to approximately 68% in 2025, reflecting successful geographic diversification [16] Company Strategy and Development Direction - The company is focused on building a diversified, high-margin business, with a strategic emphasis on proprietary casino content [9][20] - Plans for 2026 include revenue projections between EUR 97 million and EUR 104.5 million, with adjusted EBITDA expected to be between EUR 16 million and EUR 19 million [12][23] - The company is also pursuing operational excellence through AI initiatives and restructuring efforts, including a 12% reduction in global workforce to enhance efficiency [11][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential of the U.S. online casino market, projecting a compound annual growth rate of 24% from 2025 to 2030 [13] - The company anticipates challenges in the Netherlands due to regulatory changes but remains optimistic about growth in other markets [16][17] Other Important Information - The company has secured a new working capital revolving credit facility, enhancing liquidity and supporting investment in growth initiatives [10] - A new COO and Executive VP of Global Content have been appointed to drive operational leverage and content expansion [19] Q&A Session Summary Question: Growth in proprietary content - The company confirmed a concentration of 16.6% of revenue from proprietary content in Q4 2025, totaling EUR 4.3 million, with expectations for continued growth [26] Question: Pipeline for content development - The company plans to maintain a similar cadence for game production while focusing on maximizing lifetime values for operators [27] Question: U.S. market growth drivers - Growth in the U.S. market is primarily driven by proprietary and exclusive content, with significant opportunities for continued market share penetration [30] Question: Timing of cost savings from restructuring - The anticipated annualized cash savings from restructuring efforts are about EUR 4.5 million, with benefits expected to start immediately [32] Question: Geographic revenue mix and growth expectations - The company expects continued double-digit growth in both the U.S. and Brazil, despite headwinds in the Netherlands [39]

NASDAQ: BRAG | TSX: BRAG Fourth Quarter and Full Year 2025 Results Presentation March 2026 Forward-Looking Statements This presentation contains forward-looking statements or "forward-looking information" within the meaning of the Canadian securities legislation and applicable securities laws ("forward-looking statements"), including, without limitation, statements with respect to the following: the Company's strategic growth initiatives and corporate vision and strategy; financial guidance for 2026, expect ...

Core Insights - Bragg Gaming Group reported record revenues for both the fourth quarter and full year of 2025, highlighting significant growth in the U.S. and Brazil markets while facing challenges in the Netherlands due to regulatory changes [1][2][3]. Financial Performance - Fourth quarter 2025 revenue reached €27.7 million, marking a record for the company [2]. - Full year 2025 revenue totaled €106.1 million, a 4.0% increase from €102.0 million in 2024 [2]. - U.S. recurring revenue surged by 55.0% year-over-year, driven by an expanded proprietary content footprint [2]. - Brazil revenue increased by 42.1% compared to the fourth quarter of 2024, reflecting ongoing growth in provider onboarding [2]. - The Netherlands experienced a revenue decline of 4.6% year-over-year due to market contraction from increased regulation and taxes [2]. - Adjusted EBITDA for 2025 was €16.6 million, with an Adjusted EBITDA margin of 15.6%, slightly up from 15.5% in 2024 [2]. Strategic Developments - The company announced a strategic restructuring, including a 12% reduction in global workforce, aimed at improving cost structure and driving EBITDA growth [5]. - Bragg initiated an ambitious AI transformation plan, targeting an "AI-First" future with specific goals for 2027 [5]. - The company signed a comprehensive agreement for the Finnish market, preparing for its launch in July 2027 [5]. - Bragg expanded its Player Account Management (PAM) platform agreements in Europe, including the Belgian iGaming market [5]. Leadership Changes - Thomas Winter was appointed to the Board of Directors, succeeding Kent Young, who retired [4][6]. - The company also appointed Morten Tonnesen as Chief Operating Officer and promoted Garrick Morris to Executive Vice President of Global Content, U.S. & Canada [40]. 2026 Outlook - For 2026, Bragg anticipates revenue between €97.0 million and €104.5 million, with Adjusted EBITDA projected between €16.0 million and €19.0 million, representing an Adjusted EBITDA margin of 16.0% to 18.0% [8].

Bragg Gaming to Release Fourth Quarter and Full Year 2025 Results on March 19Mar 5, 2026 4:30 PM Eastern Standard Time# Bragg Gaming to Release Fourth Quarter and Full Year 2025 Results on March 19Share--- TORONTO--(BUSINESS WIRE)--Bragg Gaming Group (NASDAQ: BRAG, TSX: BRAG) ("Bragg†or the "Company†), a leading iGaming content and platform technology solutions provider, today confirmed that it will release its fourth quarter and full year 2025 financial results prior to the opening of the financial marke ...

Core Insights - Bragg Gaming Group has appointed Morten Tonnesen as Chief Operating Officer and promoted Garrick Morris to Executive Vice President of Global Content, U.S. & Canada, to enhance its content strategy and drive growth in North America [1] - The company reported a significant growth in its global content business, with a 76% increase in Q4-2025 compared to Q4-2024 and a 69% increase for the full year 2025 compared to 2024 [1] - Bragg aims to become an AI-First company by 2027, with specific goals including AI-Enhanced Products in over 90% of new launches and AI integration in more than 75% of operational workflows [1] Management Changes - Morten Tonnesen's role as COO focuses on driving operational leverage and implementing the AI transformation strategy [1] - Garrick Morris, with over 15 years of iGaming management experience, will focus on expanding U.S. content and entering new market segments [1] Financial Performance - The company anticipates that its preliminary unaudited financial results for the year ended December 31, 2025, will align with previously issued guidance for both revenue and Adjusted EBITDA [3]

Core Viewpoint - Bragg Gaming Group's Board of Directors approved a limited waiver of the company's scheduled blackout period to allow CEO Matevž Mazij to conduct a block sale of 1,039,000 common shares due to urgent personal financial circumstances [1] Group 1: Company Actions - The Board granted the waiver to facilitate the Sale in an orderly manner, determining it was in the best interests of the Company and its shareholders [1] - The purchaser of the shares agreed to a customary non-disclosure agreement and a 6-month lock-up period regarding the Company's common shares [1] - The Company does not anticipate any further waivers of the blackout period being sought or granted [1] Group 2: Financial Context - The Board was satisfied that Mr. Mazij was not in possession of material non-public financial information regarding the Company, especially in light of the prior announcement of preliminary unaudited fourth quarter and full year 2025 financial results [1]

Core Insights - Bragg Gaming Group has announced a strategic partnership with Super Technologies to enhance its content aggregation and delivery services [1] Group 1: Partnership Details - The partnership positions Bragg as a key execution partner for Super Technologies, which operates in the sports betting and iGaming sectors [1] - This agreement aims to deliver a stable and scalable content operation across Super Technologies' multiple brands [1]

Core Insights - Bragg Gaming Group has announced a strategic partnership with Golden Whale Productions, a leader in iGaming data science, to enhance its operational capabilities through artificial intelligence [1] Group 1: Partnership Details - The collaboration aims to support Bragg's strategic objectives of utilizing AI to drive cost efficiencies and improve operational excellence [1] - This partnership is considered a major milestone for the company in its efforts to leverage advanced data science in the iGaming sector [1]