Bragg Gaming Group Reports Second Quarter 2025 Revenue Increase 4.9% over the Second Quarter of 2024 to EUR 26.1M; 21% year-over-year¹ revenue growth excluding The Netherlands, Proprietary Content Revenue up 44% year over year
TORONTO — Bragg Gaming Group (BRAG:CA) ('Bragg' or the 'Company'), a leading content and technology provider to the online gaming industry, today announced its financial results for the second quarter of 2025.
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Summary of 2Q25 Financial and Operational Highlights
Euros (millions) (1)
2Q25
2Q24
Change
Revenue
€
26.1
€
24.9
4.9
%
Gross profit
€
13.7
€
12.4
10.8
%
Gross profit margin
52.7
%
49.9
%
280bps
Adjusted EBITDA (2)
€
3.5
€
3.6
(4.3
)%
Adjusted EBITDA Margin (2)
13.3
%
14.5
%
(128)bps
Operating loss
€
(2.3
)
€
(1.2
)
93.3
%
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(1)
Bragg's reporting currency is Euros. The exchange rate provided is EUR 1.00 = USD 1.17. Due to fluctuating currency exchange rates, this reference rate is provided for convenience only.
(2)
'Adjusted EBITDA' and 'Adjusted EBITDA Margin' are non-IFRS measures. For important information on the Company's non-IFRS measures, see 'Non-IFRS Financial Measures' below.
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Matevž Mazij, Chief Executive Officer for Bragg, commented: 'In our 2024 strategic review, we identified cash flow, integration and margin as key priorities and value drivers for Bragg Gaming Group. In Q2 we began to focus on integration and optimization. We identified and actioned key areas where we have now optimized our cost structure and have implemented strategies to leverage synergies from acquisitions such as Spin Games and Wild Streak Gaming.
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Specifically, we have realized EUR 2 Million in annualized synergies from the business, unlocking improved margins for the second half of 2025. Our leadership conducted a comprehensive review of the business to ensure cash flow and margin remain central to all decisions, supported by Bragg's strong underlying cash generation and margin profile.
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While our top-line growth may appear modest, I want to be clear about our strategic focus. With increasing gaming taxes being implemented in key markets like Brazil, The Netherlands, and Romania, we're prioritizing improved margin and cash flow performance over aggressive revenue expansion. That said, we believe that there are substantial, highly accretive growth opportunities ahead for this business. We intend to pursue these opportunities methodically, with a focus on both margins and cash flow.
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In terms of content and markets, proprietary content is growing in the U.S. and LatAm. While market conditions in The Netherlands remain challenging with the igaming market gross gaming revenue down 25% this year, Bragg is still outperforming the market, despite these factors coming into play.
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With this focus on margin and cash flow we have also revised our revenue expectations for the year, while forecasting an improved Adjusted EBITDA Margin for the second half of 2025. We are prioritizing high margin opportunities versus low margin revenue.
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We've also enhanced our leadership team with two transformational key hires, firstly adding Luka Pataky as our new EVP of AI and Innovation. Luka's appointment comes as we launch an initiative to drive an all encompassing AI-first cultural and technology based change at Bragg.
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In addition, experienced iGaming industry executive Scott Milford also joins us as our EVP of Group Content, and will propel the next phase in the growth of our online casino content.
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In summary, we are focused on driving cash flow, integration, and margin, and positioning Bragg for sustainable, profitable growth. The actions taken in Q2 position us to achieve a 20% Adjusted EBITDA Margin target in the second half of 2025.'
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Key Highlights:
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Strategic Market Expansion: Launched content with Fanatics Casino across Tri-State area, significantly expanding U.S. content footprint.
U.S. Growth Acceleration: Signed exclusive content development agreement with Hard Rock Digital; builds on momentum in U.S. market with increasing share of proprietary content revenue.
Brazil Market Focus: Strengthened position in newly regulated Brazilian iGaming market through strategic partnership and investment in local studio RapidPlay.
Innovation and Product Development: Launched Big Ticket Bonanza, a gamification tool to drive player engagement.
Leadership Strengthening: Appointed Scott Milford as EVP, Group Content, and Luka Pataky as EVP, AI and Innovation, enhancing leadership across AI, content, innovation and technology.
Debt: During the quarter, we repaid USD 5.0m of the USD 7.0m secured promissory note that is outstanding. The loan maturity has been extended to September 15, 2025, with an option for a further one-month extension if required. We are in the advanced stages of securing a new working capital revolving debt faculty from a Tier 1 Canadian bank. While the process is taking longer than anticipated, we are optimistic that this will close in Q3.
Operational Update: Issued corporate update outlining growth priorities, improved margin initiatives, and expanding addressable markets.
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2025 Outlook
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Previously, the Company anticipated double-digit growth in revenue and Adjusted EBITDA for the full year of 2025 which was driven by a strategic focus on expanding in regulated markets, growing proprietary and exclusive content portfolio, and continuing momentum in growth markets such as the U.S. and LatAm.
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The Company's focus is on cash flow, integration and margin and as such, while the strategy remains the same, the areas of attention and focus have shifted. The full year 2025 guidance has been revised to reflect higher gaming taxes and market softness in the Netherlands and headwinds in Brazil, as well as broader market conditions impacting key regulated markets. The Company now anticipates full year 2025 revenue between €106.0 million and €108.5 million and Adjusted EBITDA of €16.5 million to €18.5 million.
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This change reflects a deliberate shift toward higher-quality earnings. The Company is prioritizing margin and cash generation over lower-margin revenue, and synergies realized post-quarter end to become a leaner operation put the Company on track to move Adjusted EBITDA Margin a few percentages higher in the second half of the year compared to the first half of the year. The Company remains focused on growing the business in a sustainable and margin-accretive manner, with strong momentum in the proprietary content and technology pipeline positioning Bragg for long-term profitable growth.
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Investor Conference Call
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The Company will host a conference call today at 8:30 a.m. Eastern, and management will discuss the financial and operational performance of the company. A presentation of these results will be made available to download at : https://investors.bragg.group/financials/quarterly-results/default.aspx To join the call, please use the below dial-in information:
Participant Dial-In Numbers
USA / International Toll +1 (646) 307-1963
USA – Toll-Free +1 (800) 715-9871
Canada – Toronto +1 (647) 932-3411
Canada – Toll-Free +1 (800) 715-9871
United Kingdom: +44 800 358 0970
Conference ID: 3967732
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A webcast of the call may also be followed at: https://investors.bragg.group/events-and-presentations/events/default.aspx An audio recording of the Event will be available via the Echo Replay platform until August 21, 2025. To access the platform by phone, please dial-in using one of the numbers listed below and input Playback ID: 3967732 followed by # key:
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Cautionary Statement Regarding Forward-Looking Information
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This news release contains forward-looking statements or 'forward-looking information' within the meaning of applicable Canadian securities laws ('forward-looking statements'), including, without limitation, statements with respect to the following: the Company's strategic growth initiatives and corporate vision and strategy; financial guidance for 2025, expected performance of the Company's business; expansion into new markets, our strategy for customer retention, growth, product development, and market position; expected future growth and expansion opportunities; expected benefits of transactions; expected future actions and decisions of regulators and the timing and impact thereof. Forward-looking statements are provided for the purpose of presenting information about management's current expectations and plans relating to the future and allowing readers to get a better understanding of the Company's anticipated financial position, results of operations, and operating environment. Often, but not always, forward-looking statements can be identified by the use of words such as 'plans', 'expects' or 'does not expect', 'is expected', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates' or 'does not anticipate', or 'believes', or describes a 'goal', or variation of such words and phrases or state that certain actions, events or results 'may', 'could', 'would', 'might' or 'will' be taken, occur or be achieved.
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All forward-looking statements contained in this news release or the conference call reflect the Company's beliefs and assumptions based on information available at the time the statements were made. Actual results or events may differ from those predicted in these forward-looking statements. All of the Company's forward-looking statements are qualified by the assumptions that are stated or inherent in such forward-looking statements, including the assumptions listed below. Although the Company believes that these assumptions are reasonable, this list is not exhaustive of factors that may affect any of the forward-looking statements. The key assumptions that have been made in connection with the forward-looking statements include the regulatory regime governing the business of the Company; the operations of the Company; the products and services of the Company; the Company's customers; the growth of the Company's business, meeting minimum listing requirements of the stock exchanges on which the Company's shares trade; the integration of technology; and the anticipated size and/or revenue associated with the gaming market globally.
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Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the following: risks related to the Company's business and financial position; that the Company may not be able to accurately predict its rate of growth and profitability; risks associated with general economic conditions; adverse industry events; future legislative and regulatory developments; the inability to access sufficient capital from internal and external sources; the inability to access sufficient capital on favourable terms; realization of growth estimates, income tax and regulatory matters; the ability of the Company to implement its business strategies; competition; economic and financial conditions, including volatility in interest and exchange rates, commodity and equity prices; changes in customer demand; disruptions to our technology network including computer systems and software; natural events such as severe weather, fires, floods and earthquakes; any disruptions to operations as a result of the strategic alternatives review process; and risks related to health pandemics and the outbreak of communicable diseases. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise, except in accordance with applicable securities laws.
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Non-IFRS Financial Measures
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Statements in this news release make reference to non-IFRS financial measures, including 'Adjusted EBITDA' and 'Adjusted EBITDA Margin', which are non-IFRS financial measures that the Company believes are appropriate to provide meaningful comparison with, and to enhance an overall understanding of, the Company's past financial performance and prospects for the future. The Company believes these non-IFRS financial measures will provide investors with useful supplemental information about the financial performance of its business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating its business and making decisions. Although management believes these financial measures are important in evaluating the Company, they are not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with IFRS. Non-IFRS measures are not recognized measures under IFRS and do not have standardized meanings prescribed by IFRS. These measures may be different from non-IFRS financial measures used by other companies, limiting their usefulness for comparison purposes. These non-IFRS measures and metrics are used to provide investors with supplemental measures of our operating performance and liquidity and thus highlight trends in our business that may nor otherwise be apparent when relying solely on IFRS measures.
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'Adjusted EBITDA' means EBITDA after: (i) adding back share based compensation; (ii) adding back or deducting gain (loss) on lease modification; (iii) deducting lease payments recorded as a depreciation of right-of-use assets and lease interest expense; (iv) adding back or deducting gain (loss) on re-measurement of contingent and deferred consideration; (v) adding back or deducting gain (loss) on re-measurement of derivative liabilities; (vi) adding back or deducting gain (loss) on settlement of convertible debt; (vii) adding back or deducting gain (loss) on disposal of intangible assets and (viii) adding back certain exceptional costs. 'Adjusted EBITDA Margin' means Adjusted EBITDA divided by revenue. A reconciliation to IFRS financial measures is provided in this news release as well as in Company's Management's Discussion and Analysis ('MD&A') for the three-month period ended June 30, 2025.
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Future Oriented Financial Information
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This news release and, in particular the information in respect of Bragg's prospective revenues, Adjusted EBITDA and Adjusted EBITDA Margin may contain future oriented financial information ('FOFI') within the meaning of applicable securities laws. The FOFI has been prepared by management to provide an outlook on Bragg's proposed activities and potential results and may not be appropriate for other purposes. The FOFI has been prepared based on assumptions with respect to customer growth and market expansion. Bragg and its management believe that the FOFI has been prepared on a reasonable basis, reflecting management's best estimates and judgments; however, the actual results of operations of Bragg and the resulting financial results may vary from the amounts set forth herein and such variations may be material. FOFI contained in this news release was made as of the date of this news release and Bragg disclaims any intention or obligation to update or revise any FOFI contained in this news release, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law.
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(
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,
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TSX: BRAG
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) is an iGaming content and turnkey technology solutions provider serving online and land-based gaming operators with its proprietary and exclusive content, and cutting-edge technology. Bragg Studios offer high-performing and passionately crafted casino game titles using the latest in data-driven insights from in-house brands including Wild Streak Gaming, Atomic Slot Lab and Indigo Magic. Its proprietary content portfolio is complemented by a cross section of exclusive titles from carefully selected studio partners under the Powered By Bragg program. Games built on Bragg's remote games server (Bragg RGS) technology are distributed via the Bragg Hub content delivery platform and are available exclusively to Bragg customers. Bragg's flexible, modern, omnichannel Player Account Management (PAM) platform powers multiple leading iCasino and sportsbook brands and at all points is supported by expert in-house managed, operational, and marketing services. Content delivered via the Bragg Hub either exclusively or from the Bragg aggregated games portfolio is managed from a single back-office which is supported by powerful data analytics tools, and Bragg's award-winning Fuze™ player engagement toolset. Bragg is licensed, certified, approved and operational in many regulated iCasino markets globally, including the U.S., Canada, Brazil, United Kingdom, Italy, the Netherlands, Germany, Sweden, Spain, Malta and Colombia.
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Financial tables follow:
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Three Months Ended June 30,
Six Months Ended June 30,
2025
2024
2025
2024
Revenue
26,079
24,861
51,584
48,672
Cost of revenue
(12,336
)
(12,457
)
(23,557
)
(24,391
)
Gross Profit
13,743
12,404
28,027
24,281
Selling, general and administrative expenses
(16,091
)
(13,702
)
(31,898
)
(26,089
)
Gain (Loss) on remeasurement of derivative liability
—
38
—
(140
)
Gain on settlement of convertible debt
—
—
—
65
Gain (Loss) on remeasurement of deferred consideration
—
45
(157
)
(600
)
Operating Loss
(2,348
)
(1,215
)
(4,028
)
(2,483
)
Net interest expense and other financing charges
(14
)
(930
)
(360
)
(1,522
)
Loss Before Income Taxes
(2,362
)
(2,145
)
(4,388
)
(4,005
)
Income taxes (expense) recovery
533
(255
)
(81
)
(299
)
Net Loss
(1,829
)
(2,400
)
(4,469
)
(4,304
)
Items to be reclassified to net loss:
Cumulative translation adjustment
(2,680
)
387
(4,103
)
4
Net Comprehensive Loss
(4,509
)
(2,013
)
(8,572
)
(4,300
)
Basic Loss Per Share
(0.07
)
(0.10
)
(0.18
)
(0.18
)
Diluted Loss Per Share
(0.07
)
(0.10
)
(0.18
)
(0.18
)
Millions
Millions
Millions
Millions
Weighted average number of shares – basic
25.2
24.0
25.1
23.6
Weighted average number of shares – diluted
25.2
24.0
25.1
23.6
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As at
As at
June 30,
December 31,
2025
2024
Cash and cash equivalents
4,242
10,467
Trade and other receivables
24,983
20,072
Prepaid expenses and other assets
4,141
2,624
Total Current Assets
33,366
33,163
Property and equipment
1,299
1,341
Right-of-use assets
3,152
3,510
Intangible assets
31,011
35,859
Goodwill
31,235
32,722
Investments
500
—
Other assets
378
—
Total Assets
100,941
106,595
Trade payables and other liabilities
26,639
19,946
Income taxes payable
445
463
Lease obligations on right of use assets
867
882
Deferred consideration
—
1,244
Share appreciation rights liability
525
—
Loans payable
1,696
6,579
Total Current Liabilities
30,172
29,114
Deferred income tax liabilities
594
680
Lease obligations on right of use assets
2,376
2,815
Share appreciation rights liability
437
—
Other non-current liabilities
487
487
Total Liabilities
34,066
33,096
Share capital
133,253
131,729
Contributed surplus
18,104
17,680
Accumulated deficit
(85,679
)
(81,210
)
Accumulated other comprehensive income
1,197
5,300
Total Equity
66,875
73,499
Total Liabilities and Equity
100,941
106,595
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BRAGG GAMING GROUP INC.
RECONCILIATION OF OPERATING LOSS TO EBITDA AND ADJUSTED EBITDA
PRESENTED IN EUROS (THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)
Three Months Ended June 30,
Six Months Ended June 30,
EUR 000
2025
2024
2025
2024
Net Loss
(1,829
)
(2,400
)
(4,469
)
(4,304
)
Income taxes (expense) recovery
(533
)
255
81
299
Loss Before Income Taxes
(2,362
)
(2,145
)
(4,388
)
(4,005
)
Net interest expense and other financing charges
14
930
360
1,522
Depreciation and amortization
4,969
3,994
9,689
7,871
EBITDA
2,621
2,779
5,661
5,388
Depreciation of right-of-use assets
(215
)
(147
)
(429
)
(373
)
Lease interest expense
(25
)
(26
)
(52
)
(60
)
Gain on lease modification
(101
)
—
Share based compensation
739
420
1,585
604
Exceptional costs
339
672
722
792
(Gain) Loss on remeasurement of derivative liability
—
(38
)
—
140
Gain on settlement of convertible debt
—
—
—
(65
)
(Gain) Loss on remeasurement of deferred consideration
—
(45
)
157
600
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Contacts
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For media enquiries or interview requests, please contact:
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Robert Simmons,
Head of Communications at Bragg Gaming Group
press@bragg.group
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Investors:
Robert Bressler, Chief Financial Officer, Bragg Gaming Group
+1 647-480-1591
investors@bragg.group
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- CTV News
China files WTO complaint over Canada steel duties
Rolled coils of steel sit in the yard at Algoma Steel Inc., the second largest steel producer in Canada, along the St. Marys River in Sault Ste. Marie, Ont., Thursday, July 24, 2025. THE CANADIAN PRESS/Nick Iwanyshyn Beijing, China -- China filed a complaint with the World Trade Organization (WTO) over Canadian steel import restrictions on Friday, the commerce ministry said, escalating simmering trade tensions between Beijing and Ottawa. Economic and political relations between China and Canada have been testy in recent years, with trade ties deteriorating even as both countries are targeted by US President Donald Trump's tariff blitz. Last month, Canadian Prime Minister Mark Carney announced an additional 25 percent tariff on steel imports that contain steel melted and poured in China. He said the move was needed to protect the domestic industry after the United States increased import duties on steel to 50 percent, prompting fears that firms would divert exports and dump steel in Canada. China's commerce ministry said in a statement that it had filed a complaint against the Canadian measures on Friday, labelling them 'discriminatory' and saying they 'disregarded WTO rules'. 'Such actions are typical unilateral and protectionist measures that undermine China's legitimate rights and interests and disrupt the stability of global industrial and supply chains for steel,' it added. The WTO complaint comes days after Beijing announced new temporary duties on Canadian imports of canola and preliminary levies on halogenated butyl rubber -- a material used for tyre linings and hoses -- as well as an anti-dumping probe into Canadian pea starch imports. Canada said on Tuesday it was 'deeply disappointed' with the move to impose duties on canola. Beijing had already slapped a 100 percent surcharge on various Canadian agricultural products in March, in what it said was a response to Ottawa's decision last year to place 100 percent tariffs on Chinese electric vehicles.
National Post
44 minutes ago
- National Post
Output to Grow by 5.1% this Year - 100+ KPIs, Market Size & Forecast by End Markets, Precast Products, and Precast Materials 2020-2029
Article content Article content DUBLIN — The 'Canada Prefabricated Construction Market Intelligence and Future Growth Dynamics Databook – 100+ KPIs, Market Size & Forecast by End Markets, Precast Products, and Precast Materials – Q2 2025 Update' report has been added to offering. Article content The prefabricated construction market in Canada is expected to grow by 5.1% on annual basis to reach CAD 18.11 billion in 2025. Article content The prefabricated construction market in the country has experienced steady growth during 2020-2024, achieving a CAGR of 6.0%. This upward trajectory is expected to continue, with the market forecast to grow at a CAGR of 4.4% during 2025-2029. By the end of 2029, the prefabricated construction sector is projected to expand from its 2024 value of CAD 17.24 billion to approximately CAD 22.54 billion. Article content This report provides a detailed data-centric analysis of the prefabricated construction industry, covering market opportunity, and industry dynamics by prefabricated materials, methods, and products across various construction sectors. In addition, it provides market size and forecast of the prefabricated industry covering end markets along with demand analysis in Canada. With over 100+ KPIs at the country level, this report provides comprehensive understanding of market dynamics at a more granular level. Article content Reasons to Buy Article content Comprehensive Market Value Forecasts (2020-2029): Access detailed, data-driven forecasts of the prefabricated construction market's value across a nine-year period, segmented by construction methods, products, materials, and sectors. Granular Product and Component-Level Analysis: Measure the market value of individual prefabricated components – including superstructures, roofs, floors, walls, room modules, and columns & beams – with breakdowns by material and end-use sector. Sector-Wise Breakdown of Prefabrication Demand: Track prefabricated construction adoption across residential, commercial, industrial, and institutional sectors, with further segmentation by construction type (e.g., single-family vs. multi-family, office, retail, hospitality). Cross-Segmentation for Deeper Clarity: Leverage detailed cross-tabulations such as Product Material and Product Sector to understand layered market structures and identify segment-specific demand patterns. Article content Canada Prefabricated Construction Market Size by Prefabricated Material Article content Canada Prefabricated Construction Market Size by Prefabrication Product Article content Panelised construction Modular (Volumetric) construction Hybrid (Semi-volumetric) construction Article content Aluminium Wood Iron & Steel Concrete Glass Other Article content Canada Prefabricated Construction Market Size by Type of Product Article content Building Superstructure Roof Construction Floor Construction Interior Room Modules Exterior Walls Columns & Beams Other Article content For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Article content Article content Article content Article content Article content Contacts Article content Article content
