Bragg Gaming Group reported third‑quarter 2025 revenue of €26.8 million, a 2 % decline year‑over‑year but a 20 % increase when the Netherlands market is excluded. The Dutch segment fell 22 % to €1.1 million after new regulatory and tax measures tightened the market, while U.S. and Brazilian operations drove the bulk of the growth with revenue rises of 86 % and 80 % respectively.
The company posted earnings per share of –€0.09, missing the consensus estimate of –€0.07 by €0.02. The miss was largely due to higher operating costs and a one‑time restructuring charge, offsetting the benefit of a 115‑basis‑point lift in gross margin to 54.7 % and a 9 % rise in adjusted EBITDA to €4.4 million.
Gross profit climbed to €14.7 million, reflecting a shift toward higher‑margin proprietary content that now accounts for a larger share of revenue. This mix change, combined with disciplined cost management, underpins the margin expansion and supports the company’s long‑term profitability trajectory.
Bragg secured a €6 million credit facility with BMO Bank, providing flexible working‑capital support for expansion into regulated markets such as the United States and Brazil. The facility strengthens the balance sheet and reduces borrowing costs, positioning the company for future growth initiatives.
Management reiterated its full‑year 2025 outlook, maintaining revenue guidance of €106.0‑108.5 million and adjusted EBITDA guidance of €16.5‑18.5 million. The unchanged guidance signals confidence that the company’s strategic focus on high‑margin content and market expansion will deliver the targeted results.
CEO Matevž Mazij highlighted the company’s “exceptional performance in key strategic markets” and noted that the Netherlands headwind is expected to normalize. CFO Robbie Bressler emphasized that the new credit facility “strengthens our balance sheet and provides us with a flexible capital structure to execute our strategic plan.”
Investors reacted positively to the earnings release, with particular emphasis on the strong growth in the U.S. and Brazil, margin expansion, and the reaffirmed full‑year guidance. The EPS and revenue misses were noted but were outweighed by the company’s strategic progress and future outlook.
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