Bragg Gaming Group Reports Record Fourth Quarter and Full Year 2025 Revenues; Welcomes Accomplished iGaming Executive, Thomas Winter, to Board

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].