Bragg Gaming Q2: Revenue up 5% to €26.1m
The group has reported a dip in EBITDA despite rising revenue and profits.
Key points:
– Bragg Gaming has reported a 4.9% year-on-year revenue upswing for Q2 2025
– Profit was also up; however, net debt was subject to a 93.3% increase
– Adjusted EBITDA also experienced a slight drop
Bragg Gaming Group has unveiled its latest financial statistics for the second quarter of 2025, highlighting a revenue rise of approximately 4.9% year-on-year to €26.1m ($30.4m).
Indeed, these latest results indicate a mixture of changes in comparison to results from the year prior, also sparking an updated full-year 2025 financial outlook to be issued by the supplier.
Bragg Gaming Group Q2 results
Overall, the 4.9% upswing in revenue in comparison to the second quarter of 2024 has been a growing proprietary content distribution in pool in the US and Latin American markets. Indeed, the €26.1m revenue figure for Q2 2025 comes paired with a gross profit of €13.7m, up 10.9% year-on-year and complemented by a profit margin of 52.7%, compared to 49.9% the year prior.
Adjusted EBITDA, however, did see a slight dip of €0.1m year-on-year, settling at €3.5m overall for the second quarter. Despite this slight dip, operating loss almost doubled over the course of Q2 2025, dropping to a negative figure of €2.3m this year compared to a figure of €1.2m the second quarter of the year prior – an increase of 93.3% year-on-year.
Subsequently, following these results the organisation has officially altered its full-year 2025 financial outlook, with the group now specifying that it expects revenue to reach between €106m and €108m during the 12-month period. Elsewhere, predicted adjusted EBITDA has also been shifted to a figure of between €16.5m and €18.5m.
The quarter’s highlights
Elsewhere, over the course of the second quarter, Bragg Gaming also repaid $5m of its $7m outstanding secured promissory note loan – which has been extended until September 2025. The provider also launched into the three-month period in April by securing a new exclusive partnership with RapidPlay – as well as acquiring a strategic equity in the studio.
Good to know: Bragg’s Q1 2025 revenue reached €25.5m, 2.3% lower than this latest quarter
In June, the company also bolstered its senior management through the appointment of Scott Milford as EVP of Group Content – a move later built on in July by the appointment of Luka Pataky as EVP of AI and Innovation. Prior to the end of he second quarter, Bragg also penned a new deal with Hard Rock Digital as part of its US strategy.
CEO’s comments
Speaking on these latest financial results, Bragg Gaming Group CEO Matevz Mazij, said: “In our 2024 strategic review, we identified cash flow, integration and margin as key priorities and value drivers for Bragg Gaming Group. In Q2 we began to focus on integration and optimisation. We identified and actioned key areas where we have now optimized our cost structure and have implemented strategies to leverage synergies from acquisitions such as Spin Games and Wild Streak Gaming.
“Specifically, we have realized €2m in annualised synergies from the business, unlocking improved margins for the second half of 2025. Our leadership conducted a comprehensive review of the business to ensure cash flow and margin remain central to all decisions, supported by Bragg’s strong underlying cash generation and margin profile.”
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