Bragg Gaming Group has announced its financial results for the fourth quarter of 2025.

Fourth Quarter 2025 Financial Highlights:

• Revenue Growth: Record total quarterly revenue of €27.7 million in the fourth quarter:

• Revenue increase of 5.1% (excluding The Netherlands) compared to the prior year period in 2024;

• The Netherlands revenue decreased 4.6% year-over-year due to the market’s overall contraction caused by increased regulation and higher taxes;

• Brazil revenue increased 42.1% compared to the 2024 fourth quarter with continued growth in provider onboarding; and

• US recurring revenue grew 55.0% year-over-year, driven by expanded high-margin proprietary content footprint; and

• Including the impact of The Netherlands, total revenue grew 1.9% year-over-year.

• Operating Loss, Net Loss and Adjusted EBITDA: Operating loss for the quarter was €0.1 million, a €0.6 million improvement from an operating loss of €0.7 million in the same period of 2024. Net loss for the quarter was €1.3 million, or €0.05 per common share, compared to €0.7 million, or €0.03 per common share, in the same period of 2024. Adjusted EBITDA for the 2025 fourth quarter was €4.6 million (representing an Adjusted EBITDA Margin of 16.5%), compared to €4.7 million (representing an Adjusted EBITDA Margin of 17.2%) in Q4-2024.

• Strategic Market Expansion in the US and Brazil: Expanded U.S. content footprint through the launch of its exclusive and bespoke online casino content with Caesars Entertainment in West Virginia. Bragg also launched exclusive and aggregated content with several valued clients operating in Brazil (and other key LatAm jurisdictions), including Brazino777, Blaze, and Super Technologies.

Full Year 2025 Financial Highlights:

• Revenue Growth: Record total annual revenue of €106.1 million in 2025, an increase of 4.0% compared to €102.0 in the year ended December 31, 2024.

• Operating Loss, Net Loss and Adjusted EBITDA: Operating loss for 2025 was €5.3 million, compared to €3.5 million in 2024. Net loss for 2025 was €8.1 million, or €0.32 per common share, compared to €5.1 million, or €0.21 per common share, in 2024. Full year 2025 Adjusted EBITDA was €16.6 million (representing an Adjusted EBITDA Margin of 15.6%), compared to €15.8 million (representing an Adjusted EBITDA Margin of 15.5%) in 2024.

• Balance Sheet Strength: During the year ended December 31, 2025, the Company fully repaid a US$7.0 million secured promissory note and entered into a financing agreement with a Tier One Canadian financial institution for certain revolving credit facilities in a maximum aggregate amount of up to US$6.0 million, replacing its prior debt at less than half the borrowing cost. During the second half of the year, the Company drew C$4.5 million in principal and US$1.1 million in overdraft in respect of Term CORRA loans. Cash and cash equivalents as of December 31, 2025 amounted to €6.7 million.

Fourth Quarter 2025 and Recent Business Highlights:

• Bolstered Leadership Team: Appointed Morten Tonnesen as its new Chief Operating Officer and promoted Garrick Morris to the position of Executive Vice President of Global Content, US & Canada.

• Player Account Management (PAM) Expansion in Europe: Announced the extension of its existing PAM platform agreement with valued client 711.nl to include the regulated Belgian iGaming market, with potential for future Bragg-powered online casino launches in additional regulated or newly regulating iGaming markets. Also, extended its existing PAM agreement with Entain Plc (LSE: ENTL), one of the world’s largest sports betting and gaming groups for BetCity.nl, a leading Dutch market operator, and with Senator Group, an online casino market leader in Croatia.

• Finnish Market Liberalization Preparations: Signed a comprehensive PAM platform and turnkey solution agreement with SuomiVeto, a market entrant led by the successful founders of BetCity.nl, focused on positioning SuomiVeto as a leading operator, and Bragg as a leading supplier, in the newly regulated Finnish iGaming market when it launches. The market is scheduled to “go live” for private operators on July 1, 2027.

• Ambitious Artificial Intelligence (AI) Transformation Plan: Leapt into an “AI-First” future by initiating the development of the Bragg AI Brain, a data-driven artificial intelligence engine designed to power smarter decisions and intelligent products across the Bragg’s Ecosystem. The transformation plan is underpinned by clear 2027 targets, including ensuring an AI-Enhanced Product becomes standard in over 90% of all launches and having more than three-quarters of Bragg’s operational workflows impacted by AI.

• Strategic Restructuring to Reduce Cost Structure and Improve Operating Performance: Announced a strategic restructuring, including an approximately 12% reduction of global workforce, designed to realign the organization and thereby improve its overall cost structure, drive its EBITDA growth, and shorten the time required for it to achieve sustained net profitability. The Company expects to incur restructuring costs related to this action of approximately €1.0 million associated with personnel-related termination costs in the first quarter of 2026, and it anticipates annualized cash savings from its staff reductions and other restructuring efforts to be approximately €4.5 million. This amount does not include the expected positive impact of the Company’s initiative to the Bragg AI Brain to drive cost efficiencies and improve operational excellence.

• Greater Board of Directors Alignment with Shareholders: From January 1, 2026, fees are being paid to directors exclusively in deferred share units (DSUs) on a monthly basis (with no cash alternative).

Matevž Mazij, Chief Executive Officer at Bragg, said: “We continued to execute well, delivering record revenues, strategic expansion and important AI and restructuring initiatives. We believe this positions Bragg well for 2026 and beyond to: increase our overall content market share in Brazil and the United States; pursue emerging alternative markets, such as Historical and Live Racing and Prediction Markets; move into new jurisdictions that offer opportunities for higher margin content business; deliver enhanced operational leverage; meet our goals to streamline internal processes; enhance overall efficiency across our organization; protect our cash runway; and advance us further along the path toward EBITDA growth and net profitability.”

Board Changes

The Company also announced the appointment of Thomas Winter to its Board of Directors. Mr. Winter succeeds Kent Young, who has retired from the Board. Both changes to the Bragg Board are effective immediately.

Mr. Winter brings deep knowledge of and experience in the iGaming and wagering industry. Currently a Board Member of Rush Street Interactive, which through its brands, BetRivers, PlaySugarHouse and RushBet, was an early entrant in several regulated jurisdictions, Mr. Winter began his career in the gaming sector nearly two decades ago and has since established himself as a leader in the field. In 2013, he founded Golden Nugget Online Gaming (GNOG), where he served as President. Under his leadership, GNOG became a top online gaming operator in New Jersey, achieving significant market share and recognition, went public and was later successfully sold for over $1.5 billion to DraftKings, where he developed their multi-brand online casino strategy and led their online casino business until September 2023. Before founding GNOG, he was the CEO and director of Betclic, a major European online sports betting and gaming operator, and Expekt, a pioneer brand in the online gaming industry, within the Betclic Group. Mr. Winter played a key role as COO at both businesses before being appointed CEO.

“I would like to thank Kent for his many contributions to the Company. I am also very pleased to welcome Thomas to our team. Moving forward, the Board and management team will be steadfast in our aim to close the clear and persistent gap between the Company’s public market valuation and our assessment of its intrinsic value. To that end, as Thomas is a gaming industry luminary who has earned my deep personal admiration and great professional respect, I am confident that he will be a tremendous asset to our Board and to our shareholders,” said Holly Gagnon, Chair of the Bragg Board.

2026 Outlook

The Company anticipates full year 2026 revenue between €97.0 million and €104.5 million and Adjusted EBITDA of €16.0 million to €19.0 million (representing an Adjusted EBITDA Margin of 16.0% to 18.0%).

Wazdan, the gain-focused developer, has continued to reinforce its impressive North American presence through a partnership with FanDuel, one of the region’s leading iGaming companies.

The agreement marks a significant step for Wazdan’s ongoing global expansion, which sees FanDuel launch with two feature-rich titles simultaneously across Ontario and Michigan, facilitated by Light & Wonder’s aggregation platform.

In Ontario, players can enjoy Mighty Fish: Blue Marlin and 36 Coins, two titles that showcase Wazdan’s signature balance of recognisable themes and performance-driven mechanics. Meanwhile, in Michigan, 12 Bells and Hot Slot: 777 Crown will introduce players to engaging gameplay structures built around clarity, rhythm and feature depth.

Following the initial rollout, FanDuel’s renowned iGaming platform, FanDuel Casino, is set to see its portfolio enriched by an extensive flurry of additional slot offerings, with each carefully chosen game featuring a range of Wazdan’s engagement-boosting mechanics such as Cash Infinity, Hold the Jackpot and Sticky to Infinity, with each designed to elevate entertainment and deliver measurable growth for operators.

The latest expansion builds on Wazdan’s momentum in North America, following successful deployments in Michigan, New Jersey, Pennsylvania and earlier entries into West Virginia.

Radka Bacheva, Head of Sales at Wazdan, said: “Partnering with FanDuel represents a major milestone in Wazdan’s North American growth strategy and underlines the strong demand for our engagement-driven portfolio across regulated markets.

“FanDuel’s reach and reputation make them an ideal partner, and launching simultaneously in Ontario and Michigan is a powerful way to introduce our games to new audiences. We are confident that our feature-rich titles and proven mechanics will resonate strongly with players and deliver tangible value for FanDuel as we continue to scale our presence across the region.”

1/ST CONTENT, the leading supplier of high-quality horse racing content from North and South America and an important segment of 1/ST, has revealed that its North American racing is now accessible for pool betting by UK bettors at racetracks throughout the UK, due to a significant partnership with Britbet.

Britbet serves as the on-course pool betting operator for its affiliated racecourses, delivering customer-focused pool betting services at 58 of the 59 tracks in the UK. Consequently, this agreement will provide additional pari-mutuel liquidity for 1/ST CONTENT’s extensive range of North American racetracks.

This agreement also utilizes 1/ST TECHNOLOGY’s extensive range of products and services, featuring the AmTote International brand, which is a global leader in pari-mutuel tote and ADW technologies.

Bet categories will encompass, but are not restricted to: Win, Show, Exacta, and Trifecta. These betting types can be easily aligned with well-known UK pool wagers. Additional betting options are anticipated to emerge, but the initial available types largely reflect the more favored on-course betting selections in the UK.

Britbet’s UK staff on-site, available in fixed retail roles or as roaming couriers in hospitality zones, are committed to enhancing the customer experience at racetracks. Incorporating US racing will support this initiative, providing greater content and interaction for customers.

The latest rollout introduces the top stateside races to UK racecourses – starting with this Saturday’s Pegasus World Cup, continuing with the spring’s Triple Crown events, the summer Travers Stakes at Saratoga, and concluding at the Breeders’ Cup World Championships in November. In a broader sense, 1/ST CONTENT’s vast content collection now encompasses almost 90% of all racetracks in North America, seamlessly aligning with the UK’s domestic program around 17:00 (approximately) each day, and especially relevant during winter and spring when evening racing events are significantly reduced in Britain.

Simon Fraser, SVP International 1/ST CONTENT, said: “Britbet already sells the product so effectively on-course, returning much-needed funding to the sport, and we were impressed with this racing-first model and tech-forward approach. Couple that with the enthusiasm of their customer-friendly staff to educate both seasoned and novice bettors about North American racing, and we’re confident we can build from this pools-betting keystone.

“1/ST CONTENT is always looking for new ways in which to improve the user experience and journey, for both the bettor and the operator – and we’re in the vanguard of such initiatives thanks to this transformative collaboration with Britbet. It’s no secret that international bettors want access to bigger and more diverse pools to bet into, not to mention reliable field sizes with the betting value and variety that comes from exotics. North American racing provides these new opportunities on a regular basis, and at a complementary time for more savvy British racecourse audiences who are looking for a relatable and quality product to bet on, as the domestic scene winds down each day.”

Nigel Roddis, Managing Director of Britbet, added: “This arrangement with 1/ST CONTENT allows us to make more use of the i-neda technology that drives our on-course betting terminals, delivering more content for on-course customers – even though time-zone differentials and the racing on-course will necessitate that a selective approach is taken to what will be offered. But it is part of our wider commitment at Britbet to grow pool betting across the UK, from our own on-course perspective and beyond. This collaboration builds on that, delivering new content for the customer and enhancing their on-course experience. Providing our customers with visibility of racing in other jurisdictions demonstrates the global nature of the sport, and we look forward to showcasing the key events at our partner racecourses.”