Bragg Shares Fall After Q4 2025 Results and 2026 Revenue Guidance

Shares in Bragg Gaming Group declined after the company reported a 1.8% year on year increase in Q4 2025 revenue to €27.7m.

Adjusted EBITDA for the quarter edged down to €4.6m from €4.7m in Q4 2024. The EBITDA margin narrowed to 16.6% compared with 17.2% in the prior year period.

FY 2025 revenue increased by 4% increase year-on-year to €106.1m, while adjusted EBITDA rose to €16.6m from €15.8m in 2024.

Bragg stated that excluding its Netherlands exposure, 2025 revenue growth would have reached 18% from the previous year, based on performance in Brazil and the United States.

Netherlands Headwinds and 2026 Outlook

The Netherlands remains a drag on performance due to a challenging regulatory environment. Compliance requirements and tax adjustments are expected to continue affecting results in the Dutch market and potentially in other regions where Bragg operates.

For 2026, the company has issued revenue guidance between €97m and €104.5m, marking a 5% year-on-year decline at the midpoint.

Adjusted EBITDA for 2026 is projected to fall between €16m and €19m. At the midpoint, this represents a 5.4% increase and a margin between 16% and 18%.

Focus on Higher Margin Content and AI Efficiencies

Growth in proprietary content remains central to Bragg’s strategy. Revenue from these in house products increased by 70% in Q4 2025, supporting the company’s plan to emphasise higher margin offerings.

The group also intends to lower costs and improve efficiency through the use of artificial intelligence tools. 

“Based on the preliminary results, we delivered another record year in 2025, as demonstrated by increased revenue and higher adjusted EBITDA,” said Chief Executive Officer 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.”

Share Price Reaction

Investors responded negatively to the outlook. Shares in the Toronto listed company fell around 3% following the results announcement to C$2.30.

Over the past month, the stock has declined more than 23% from C$3.00. The drop shows sensitivity to forward guidance as the company balances its regulatory challenges and profit margins.