Bragg Gaming Q4 revenue growth falls short of estimates

Bragg Gaming

23/02/2026 14:07

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

Metric
Beat/Miss
Actual
Consensus Estimate
Q4 Revenue
Miss
EUR 27.7 mln
EUR 28.35 mln (4 Analysts)

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

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)