Bragg Gaming delivered impressive results for the third quarter of 2025, with total revenue reaching 26.8 million euros. Although the Dutch market saw a 22% decline due to tighter regulations, the US and Brazil markets contributed strong growth, soaring by 86% and 80% respectively. Revenue from proprietary content surged by 35% compared to last year, and the company's adjusted EBITDA also grew by 9% to 4.45 million euros, demonstrating solid profitability. This financial report is quite good, indicating that their strategy focused on proprietary content is effective.
Key Performance Highlights: US and Brazil as Growth Engines
US market revenue soared by 86%, mainly due to the widespread distribution of high-profit proprietary content; Brazil's revenue grew by 80%, benefiting from deeper cooperation with local operators. Bragg's strategy of transitioning to high-profit proprietary content is significantly effective, with a 35% year-over-year increase in proprietary content revenue. In essence, they are now earning money through their own developed content, which is particularly popular in regulated markets.
Challenges in the Netherlands and Strategic Resilience
The Dutch market's revenue fell by 22% year-over-year, primarily due to stricter regulations and increased taxation. However, Bragg's global diversification strategy has helped them withstand the impact. The company stated that although the Netherlands has cooled down, growth in other regions was sufficient to compensate for the shortfall, ultimately achieving a 2% overall revenue growth. Honestly, the Netherlands has indeed been a headache for Bragg, but their multi-pronged strategy has stabilized the overall situation.
Financial Health and Future Planning
The adjusted EBITDA increased by 9% to 4.45 million euros, indicating improved operational efficiency. The company also reached a new financing agreement with the Bank of Montreal for 6 million US dollars at a lower interest rate, supporting the transition to high-profit businesses. The expected annual revenue is between 106 million and 108.5 million euros, with an adjusted EBITDA target of 16.5 million to 18.5 million euros. The CEO stated that the strong performance of the US and Brazil markets, along with proprietary content and strategic expansion, has laid the foundation for sustained growth.
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