Bragg Gaming Group (NASDAQ:BRAG) executives highlighted continued growth in key expansion markets and an increased focus on higher-margin proprietary casino content during the company’s fourth-quarter and full-year 2025 earnings call. Management also detailed a cost-reduction program implemented early in 2026 and provided financial guidance for 2026 that anticipates improved profitability despite a revenue outlook affected by ongoing headwinds in the Netherlands.
Fourth-quarter results and market mix
Chief Financial Officer Robbie Bressler reported fourth-quarter 2025 revenue of EUR 27.7 million, an increase of 1.9% year over year. Excluding the Netherlands, revenue grew 5.1%, which management said underscored the company’s diversification strategy and momentum in higher-growth regions.
North America and Brazil were key contributors to underlying growth. Bressler said those two markets accounted for 26% of total revenue in the quarter, up from 13% a year earlier. Chief Executive Officer Matevž Mazij added that the U.S. market posted 55% year-over-year revenue growth in the fourth quarter, while Brazil grew 42.1% compared with the same period last year.
Profitability and balance sheet updates
Bragg’s fourth-quarter gross profit was EUR 15.7 million, essentially unchanged from the prior year, with a gross margin of 56.5%. Bressler pointed to sequential improvement from 54.7% in the third quarter of 2025.
Adjusted EBITDA in the fourth quarter was EUR 4.6 million, compared with EUR 4.7 million in the year-ago quarter, and up from EUR 4.4 million in the third quarter. The adjusted EBITDA margin was 16.5% in Q4 2025.
On liquidity, Bressler said Bragg had EUR 6.7 million in cash and cash equivalents as of Dec. 31, 2025. He also reiterated that the company completed a new working capital revolving credit facility with a “tier-one Canadian bank,” which he said improved liquidity and significantly lowered borrowing costs.
Shift toward proprietary content and new launches
Both executives emphasized the company’s push toward proprietary content as a driver of margin expansion and recurring revenue. Bressler said proprietary content revenue grew 20.8% year over year in the fourth quarter and remained Bragg’s best-performing margin contributor.
Mazij said Bragg’s strategy is centered on owned online casino games because they can generate “compounding, recurring long-term revenues.” He added that approximately 60% of proprietary content revenue in the fourth quarter came from games released before 2025, which he said demonstrated longevity and player retention. In 2025, Bragg launched 44 new proprietary casino games, according to Mazij.
During the quarter, Mazij highlighted expansion of Bragg’s U.S. content footprint through the launch of “exclusive and bespoke” online casino content with Caesars Entertainment in West Virginia. The company also launched exclusive and aggregated content with clients operating in Brazil and other Latin American jurisdictions, naming Brazino777, Blaze, and Super Technologies.
In the Q&A session, Bressler said Bragg’s U.S. business is “primarily proprietary, but also exclusive content,” and that the company does not provide aggregation in that market, framing the U.S. offering as focused on higher-margin products.
Netherlands exposure and diversification strategy
Mazij addressed the company’s practice of discussing results with and without the Netherlands, calling the jurisdiction a historically important market where Bragg maintains a stable, leading position. However, he said “regulatory and tax headwinds” facing customers have made growth outside the Netherlands a greater focus.
He cited improving geographic diversification over several years, with non-Netherlands revenue rising from 51% of total revenue in 2022 to approximately 68% in 2025. Looking forward, Mazij said Bragg projects 76% of total 2026 revenue to come from non-Netherlands markets.
Management reiterated that one Dutch customer, BetCity, is expected to migrate off Bragg’s PAM in the first half of 2026. Mazij said the expected impact on the bottom line post-migration would be minimal due to the customer’s margin profile. Bressler added in response to an analyst question that the Netherlands also instituted another tax increase for the year and that these factors are contributing to the market’s decline in 2026.
On Brazil, Mazij said full-year 2025 revenue in the country increased 53.2%, reflecting a “successful regulated market entry” in 2025. He said Bragg is targeting 12.2% of revenue from Brazil in 2026. Bressler told analysts that Brazil exceeded 10% of revenue in 2025 and that the company’s 2026 focus in the market includes pushing more margin-accretive products, including proprietary content, and leveraging its relationship with RapidPlay, a local studio in which Bragg has invested.
Restructuring actions, AI initiatives, and 2026 outlook
As part of a broader effort to improve margins and cash flow, Bressler said Bragg implemented structural cost changes in early January, including staff reductions that cut approximately 12% of the global workforce. The company expects restructuring costs of approximately EUR 1 million in the first quarter of 2026, primarily related to termination costs, and anticipates EUR 4.5 million in annualized cash savings from the reductions and other restructuring efforts. In response to a question about timing, Bressler said the benefits start immediately and are included in the company’s guidance.
Mazij also discussed operational initiatives tied to the company’s “Bragg AI Brain Initiative,” which he said is intended to streamline internal processes and enhance efficiency as part of an “AI-first” transformation. Bressler noted that the EUR 4.5 million savings estimate does not include the potential positive impact of AI-related cost efficiencies.
For 2026, Bressler provided guidance calling for revenue of EUR 97 million to EUR 104.5 million and adjusted EBITDA of EUR 16 million to EUR 19 million, implying an adjusted EBITDA margin of 16% to 18%. Mazij echoed that message, saying the company expects that “lower revenue will still drive higher EBITDA” in 2026 due to product mix optimization, geographic diversification, and operating expense reductions, with a goal of achieving positive EBIT by late 2026.
Separately, Mazij noted a board change, thanking Kent Young for his contributions as he retired from the board and stating that Thomas Winter would succeed him.
About Bragg Gaming Group (NASDAQ:BRAG)
Bragg Gaming Group is a business-to-business supplier of online gaming content, technology and platform solutions. The company develops and distributes a mix of proprietary, third-party and licensed casino games, including video slots, table games and live dealer experiences. Its core offering centers on a scalable gaming platform designed to support operator integration, player management and advanced analytics.
Bragg’s technology stack features its flagship ORYX Gaming platform, which provides a centralized hub for game aggregation, platform services and regulatory compliance tools.
-logo-1200x675.png){kind=logo}
