Bragg Gaming Group Unveils Q2 2026 Financial Results

Bragg Gaming Group has released its financial results for the second quarter of 2026, revealing a 12% decrease in revenue compared to the same period last year. Despite the decline to €22.9m (USD 26.1m), Bragg maintained an adjusted EBITDA of €3.5m, stable from Q2 2025, thanks to cost-saving measures.

Revenue Insights Across Key Markets

Bragg's revenue performance showed varied regional dynamics. The Netherlands experienced a 14% fall due to the expiration of legacy platform contracts. However, North American markets, particularly Canada and the United States, saw a 44% increase in proprietary content revenue year-on-year, marking growth from Q1. In Brazil, revenue remained stable as operators shifted to direct supplier integrations.

Financial Performance and Strategic Adjustments

The company's operating loss for the quarter improved by €0.4m, reducing it to €1.9m, despite lower revenue impacting gross profit. This was attributed to reduced operating expenses. Net loss increased to €2.9m compared to €1.8m in 2025, translating to €0.11 per share.

Cost management efforts led to a positive shift in adjusted EBITDA margin, expanding to 15% from last year's 13%, despite stagnant EBITDA figures.

Strategic Moves and Workforce Restructuring

In response to evolving market conditions, Bragg took several strategic actions:

• Entered into an agreement with Belgian operator 711 to support a new sportsbook integrating Kambi's Turnkey Sportsbook and Bragg's Fuze toolset.
• Assisted Super Technologies in launching into the Greek market with its Superbet brand.
• Announced a 19% global workforce reduction plan on July 9, meant to achieve EUR 6.0m in annual cash savings.

Expansion and Acquisition Activities

• Alberta Market Entry: Initiated presence in Alberta, providing access to over 80 Bragg titles.
• Drayton International Acquisition: Completed acquisition for USD 9.0m, enhancing their diversified gaming technology portfolio.
• Appointed Matt Davey as Non-Executive Chairman with a 10% stake, following the Drayton acquisition.

Board Changes and Developing Strategies

Bragg announced board changes with Donald Robertson stepping down and Jordan Gnat joining. Gnat brings extensive leadership experience from roles in gaming and media industries, notably with Playmaker Capital and FOX Bet.

Matt Davey highlighted the value of Bragg's proprietary content and platform, suggesting structural changes are crucial for aligning financial performance with company potential. "Real change in business structure is needed", Davey emphasized, outlining priorities such as strengthening the balance sheet and reducing cash costs.

Future Outlook

With the acquisition of Drayton still in early stages of integration, Bragg has withdrawn its 2026 guidance. Future strategies include aligning with the new operational model and optimizing product and technology roadmaps. Bragg remains committed to monitoring cash generation and revenue growth in the near term.

Bragg's focus remains on "a games-first strategy". CEO Matevž Mazij expressed confidence in the company's trajectory, stating, "Our direction is unchanged".

Investor Engagement and Conference Call

Bragg Gaming Group will host an investor call on the financial results with CEO Matevž Mazij and CFO Robert Bressler.

For further details, investors are encouraged to access the presentation available online.