Bragg Gaming Group reported second quarter 2025 revenue of €26.1m, a 4.9% increase from €24.9m in the same period of 2024.
Gross profit rose 10.8% to €13.7m, driving gross profit margin up 280 basis points to 52.7%. Adjusted EBITDA came in at €3.5m, down 4.3% year-over-year, with the Adjusted EBITDA margin slipping to 13.3% from 14.5%.
Operating loss widened to €2.3m from €1.2m, an increase of 93.3%.
CEO Matevž Mazij said the company’s strategic priorities remain cash flow, integration, and margin optimization.
In Q2, Bragg implemented cost structure adjustments and leveraged synergies from acquisitions such as Spin Games and Wild Streak Gaming, realising €2m in annualised savings.
Mazij emphasised that the focus is on improving margins and cash generation over rapid revenue growth, particularly given higher gaming taxes in Brazil, the Netherlands, and Romania.
Bragg is expanding in regulated markets while strengthening its proprietary content portfolio, notably in the US and Latin America.
Proprietary content continues to grow in the US despite a challenging Dutch market, where industry gross gaming revenue has fallen 25% this year.
In Brazil, Bragg reinforced its presence in the newly regulated iGaming market through a partnership with local studio RapidPlay.
Bragg completes planned projects
Key Q2 milestones included launching content with Fanatics Casino across the Tri-State area and signing an exclusive content development agreement with Hard Rock Digital.
The company also debuted Big Ticket Bonanza, a gamification tool aimed at enhancing player engagement.
Leadership additions included Luka Pataky as EVP of AI and Innovation, tasked with advancing an AI-first cultural and technological shift, and Scott Milford as EVP of Group Content to drive online casino content growth.
On the financing side, Bragg repaid $5m of a $7m secured promissory note, extended the loan maturity to 15 September, and is in advanced talks to secure a new revolving credit facility from a Tier 1 Canadian bank.
The company revised its 2025 full-year guidance to revenue between €106.0m and €108.5m and Adjusted EBITDA between €16.5m and €18.5m, reflecting higher taxes, market softness in the Netherlands, and headwinds in Brazil.
This strategic pivot prioritizes higher-margin opportunities and positions Bragg to reach an Adjusted EBITDA margin target of 20% in the second half of 2025.
Mazij stated that these actions align with Bragg’s objective to coalesce operational efficiency with sustainable, profitable growth, ensuring that margin and cash flow remain central to its long-term strategy.
