Bragg Gaming Group (NASDAQ:BRAG) expects its full-year 2025 financial results to align with previous forecasts, fueled by a surge in high-margin proprietary content in the U.S. that helped mitigate a challenging regulatory landscape in Europe.
The Toronto-based iGaming provider reported preliminary unaudited revenue of approximately EUR 106.1 million for 2025, a 4% increase over the prior year.
Adjusted EBITDA is expected to reach approximately EUR 16.6 million, up from EUR 15.8 million in 2024.
The company highlighted a significant shift in its revenue mix during the fourth quarter, with proprietary content revenue jumping 70% year-over-year.
This growth was primarily driven by North American expansion; Bragg noted that excluding the impact of the Netherlands—where tax changes and stricter compliance have pressured margins—annual revenue would have grown by 18%.
However, the outlook for 2026 reflects continued caution regarding European markets.
Bragg issued 2026 revenue guidance in the range of EUR 97 million to EUR 104.5 million, a potential year-over-year decline at the lower end.
Despite the revenue pressure, the company forecasted adjusted EBITDA between EUR 16 million and EUR 19 million, pointing to margin expansion driven by a new artificial intelligence initiative aimed at structural cost savings.