Bragg Gaming Group has announced that its preliminary unaudited financial results for the year ended December 31, 2025 are expected to come within its previously issued guidance ranges for both revenue and Adjusted EBITDA.

The Company anticipates the fourth quarter and full year 2025 financial results to include the following highlights:

Fourth quarter 2025 revenues to be approximately EUR 27.7 million, an increase of 1.8% from EUR 27.2 million in the fourth quarter of 2024, and Adjusted EBITDA to be approximately EUR 6 million (representing an Adjusted EBITDA Margin2 of approximately 16.6%), compared to EUR 4.7 million (representing an Adjusted EBITDA Margin of approximately 17.2%) in the fourth quarter of 2024. High-margin proprietary content revenue grew by 70% in Q4-2025 over Q4-2024, primarily driven by growth in the US.

Full year 2025 revenues to be approximately EUR 106.1 million, an increase of 4.0% from EUR 102.0 million in 2024, and Adjusted EBITDA to be approximately EUR 16.6 million (representing an Adjusted EBITDA Margin of approximately 15.6%), compared to EUR 15.8 million (representing an Adjusted EBITDA Margin of approximately 15.5%) in 2024. The Company notes that, excluding the Netherlands given its challenging regulatory environment, expected 2025 revenues would represent an 18% increase from 2024, driven by the Company’s performance in Brazil and the US.

These figures are preliminary and unaudited, and actual revenues, Adjusted EBITDA, and Adjusted EBITDA margin may differ.

Bragg is providing this information at this time because of planned investment community meetings to be held ahead of the release of its fourth and full year 2025 financial results and conference call in March 2026.

Anticipated Financial Highlights for 2026

Revenue Guidance: Revenue for the year ended December 31, 2026 is expected to be in the range of EUR 97.0 million to EUR 104.5 million, despite Bragg anticipating that it will have to continue navigating increasingly complex regulatory compliance requirements and recent tax changes in the Netherlands and other regions in which the Company operates.

Adjusted EBITDA Guidance: Adjusted EBITDA for the year ended December 31, 2026 is forecasted to be in the range of EUR 16.0 million to EUR 19.0 million (representing an Adjusted EBITDA Margin of approximately 16.0% to 18.0%), supported by factors which include a continuing shift toward higher-margin product offerings and the structural cost savings expected from Bragg’s recently announced initiative to utilize artificial intelligence (AI) to drive cost efficiencies and improve operational excellence.

Matevž Mazij, Chief Executive Officer for Bragg, said: “Based on the preliminary results, we delivered another record year in 2025, as demonstrated by increased revenue and higher Adjusted EBITDA. Now in 2026, we remain confident in our ability to successfully navigate evolving international regulatory and taxation developments, continue to increase our overall content market share in Brazil and the United States, aggressively pursue emerging alternative markets, such as Historical and Live Racing and Prediction Markets, and move into new jurisdictions that offer opportunities for higher margin content business. At the same time, we plan on thoughtfully harnessing the power of the Bragg AI Brain to reduce our overall cost structure, drive EBITDA growth, and move toward sustained net profitability. We look forward to updating investors as we progress.”

Cafrino Gaming (Cafrino Inc.), a B2B and B2C gaming provider of legal online poker since 2014, has announced record-setting revenue for 2025, highlighted by a 64% year-over-year increase in Q4 performance. The company enters 2026 with strong operational momentum, new partnerships, and expanded product capabilities.

As U.S. commercial gaming revenue grew approximately 9% in 2025, reflecting healthy consumer demand and expanded legal access, Cafrino has revealed it outpaced broader industry growth through product innovation and strategic expansion into B2B partnerships.

Technology Investment Fuels Revenue Growth

In the first half of 2025, Cafrino prioritized platform technology enhancements, introducing a redesigned player-facing UI, backend performance improvements, and scalable infrastructure upgrades. These enhancements strengthened player retention, increased session activity, and positioned the company for broader B2B deployments.

“In 2024, we made the decision to expand our product offering to existing casino brands. After more than 10 years of providing legal online poker to players around the world, and witnessing the rapid growth of online casinos, we recognized a clear opportunity. Offering our poker technology to other thriving casino operators was the logical next step,” said Mike Murphy, CEO of Cafrino Inc.

B2B Launch and Partner Performance

In Q3 2025, Cafrino officially launched its B2B Online Poker technology in both White Label and API formats. The company’s first B2B client successfully launched in Q4.

Within the first few months post-integration, the partner experienced:

• 131% Revenue Growth

• Decreased CPA (cost per acquisition)

• 41% Player Growth

• Increased Player Activity

• 99.56% Increase in Average Purchase

“With the dramatic growth in new online casinos focused primarily on slots, we believed adding poker would serve as both a key differentiator and a tool to reduce CPA costs while increasing revenue per player. The early performance validated that strategy, and we’re excited about the continued impact,” said John Buckman, Head of Partnerships.

Record-Setting Performance and 2026 Outlook

The combination of product innovation and partnership expansion drove record revenue and player activity throughout 2025, culminating in a 64% year-over-year increase in Q4.

Momentum has continued into 2026, with January already delivering new highs in both revenue and engagement. Cafrino reports multiple new partners currently onboarding, with additional agreements in active discussions.

In addition to expanding its B2B footprint, Cafrino is broadening its White Label Casino offering, with additional casino game integrations scheduled for release later this year.

Building Scalable Infrastructure for Long-Term Growth

“For Cafrino, 2025 represented more than a revenue milestone—it marked a year of foundational expansion,” said Haig Kayserian, Chairman of Cafrino Inc.

He praised CEO Mike Murphy and his team for:

Achieving record monetization metrics,

Enhancing product and platform scalability,

Expanding legal and compliance readiness, and

Strengthening strategic partnership positioning.

With over a decade of operational experience and a newly expanded B2B technology stack, Cafrino enters 2026 positioned for accelerated growth across both consumer and enterprise channels.

Mohegan Tribal Gaming Authority announced operating results for its first fiscal quarter ended December 31, 2025.

First Quarter 2026 and Recent Highlights:

Mohegan Sun generated its highest Q1 net slot win since FY’18.

Mohegan Digital achieved its highest ever quarterly net revenues and Adjusted EBITDA.

Mohegan Digital monthly active users at an all-time high.

Mohegan Digital Adjusted EBITDA increased 44.5% year over year.

“Adjusted EBITDAR of $95.3 million increased 2.4% on flat net revenues. Results were largely driven by Mohegan Digital delivering its strongest quarterly performance to date. Adjusted EBITDA of $86.4 million decreased $3.1 million, as the prior year comparable period benefitted from favorable table hold at Mohegan Sun and a one-time property tax adjustment at Niagara Resorts. After normalizing for these factors, Adjusted EBITDA would have been up $4.8 million, or 5.9%,” said Ari Glazer, Chief Financial Officer of Mohegan.

Prior period amounts have been restated to exclude results of operations of Inspire Integrated Resort Co., Ltd., its parent company MGE Korea Limited, and certain affected subsidiaries, from continuing operations.

Net revenues of $300.0 million decreased $12.0 million compared with the prior-year period. Entertainment revenues declined as a result of fewer arena events in the current period, while the prior-year comparable period benefitted from favorable table hold at Mohegan Sun and $6.6 million of net revenues from Las Vegas operations. Adjusted EBITDA of $64.8 million decreased $9.8 million compared with the prior-year period, factoring in the previously described items.

As of December 31, 2025 and September 30, 2025, Mohegan held cash and cash equivalents of $154.0 million and $128.0 million, respectively. Inclusive of letters of credit which reduce borrowing availability, Mohegan had $146.8 million of borrowing capacity under its senior secured credit facility and line of credit as of December 31, 2025. In addition, inclusive of letters of credit which reduce borrowing availability, Niagara Resorts had $36.5 million of borrowing capacity under its revolving credit and swingline facility as of December 31, 2025.