Bragg Gaming has shared an early look at how it closed 2025. The figures remain preliminary and unaudited ahead of the full release in March 2026. The Bragg Gaming financial results are in line with the company’s previous guidance for revenue and EBITDA.

• Q4 2025 is expected to reach EUR 27.7m, up 1.8% from EUR 27.2m a year earlier. Adjusted EBITDA is seen at €4.6m, slightly below last year’s €4.7m.

• For the full year 2025, revenue is projected at EUR 106.1m, a 4.0% increase on 2024. Adjusted EBITDA is expected at EUR 16.6m, with margin broadly flat at 15.6%. Excluding the Netherlands, revenue growth would stand at around 18%, driven by Brazil and the US.

• For 2026, revenue is forecast between EUR 97.0m and EUR 104.5m. Adjusted EBITDA is guided at EUR 16.0m to EUR 19.0m, implying margins of 16% to 18%. The outlook takes into account regulatory and tax changes, including ongoing pressure in the Netherlands.

• CEO Matevž Mazij said: “Based on the preliminary results, we delivered another record year in 2025.” He added that Bragg will focus on expanding in Brazil and the US, while exploring new verticals such as historical and live racing. The group also expects cost savings from using AI tools to support profitability.

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