Canada's Bragg Gaming Q4 revenue hits record, driven by gains in Brazil

Overview

• Canada iGaming platform provider's Q4 revenue rose 1.9% yr/yr to record €27.7 mln

• Company posted Q4 net loss of €1.3 mln; adjusted EBITDA declined slightly yr/yr

Outlook

• Bragg Gaming expects 2026 revenue between €97.0 mln and €104.5 mln

• Company sees 2026 Adjusted EBITDA of €16.0 mln to €19.0 mln

Result Drivers

• REGIONAL PERFORMANCE - Co said Q4 revenue growth was driven by strong gains in Brazil, offset by a decline in the Netherlands due to increased regulation and higher taxes

• PROPRIETARY CONTENT EXPANSION - U.S. recurring revenue grew 55% yr/yr, driven by expanded high-margin proprietary content footprint

Company press release: ID:nBw5vmlc8a

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "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$7.00, about 197.9% above its March 18 closing price of C$2.35

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