Bragg Gaming Q4 revenue growth falls short of estimates

Overview

• iGaming solutions provider's preliminary Q4 revenue rose 1.8% yr/yr, missing analyst expectations

• Company's high-margin proprietary content revenue grew 70% in Q4, driven by U.S. growth

• Full year 2025 revenue rose 4%; excluding Netherlands regulatory challenges, growth was 18%

Outlook

• Bragg Gaming forecasts 2026 revenue between EUR 97.0 mln and EUR 104.5 mln

• Company expects 2026 adjusted EBITDA between EUR 16.0 mln and EUR 19.0 mln

• Bragg anticipates regulatory and tax challenges in 2026

Result Drivers

• PROPRIETARY CONTENT GROWTH - High-margin proprietary content revenue grew by 70% in Q4-2025, primarily driven by growth in the United States

• REGIONAL PERFORMANCE - Excluding the Netherlands, 2025 revenues would represent an 18% increase from 2024, driven by performance in Brazil and the United States

• AI INITIATIVE - Bragg plans to use AI to drive cost efficiencies and improve operational excellence in 2026

Company press release: ID:nBw91hPhSa

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the online services peer group is "buy"

• Wall Street's median 12-month price target for Bragg Gaming Group Inc is C$9.31, about 291.3% above its February 20 closing price of C$2.38

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