Bragg reports lower second-quarter revenues as the Netherlands dips

Netherlands down 14 per cent with Brazil flat as Canada and US boom

Bragg Gaming generated lower quarterly revenue of €22.9m in the second quarter, a decrease of 12 per cent, with revenue in the Netherlands down 14 per cent year-on-year, reflecting the anticipated roll-off of legacy platform contracts following customer migrations.

Brazil revenue was flat compared to the second quarter of 2025, as certain operators moved to direct supplier integrations. Revenue from proprietary content deployed in Canada and the United States grew 44 per cent year-on-year and 25 per cent from 1Q26.

Matevž Mazij, Chief Executive Officer of bragg, commented: “In the second quarter, we continued to execute on our strategy with a focus on profitability and disciplined cost management. Despite lower revenue, Adjusted EBITDA remained broadly flat and Adjusted EBITDA Margin expanded, supported by continued progress in reducing our cost base.”

“Since quarter end we closed the Drayton transaction, satisfied entirely in shares, and announced a further workforce reduction. Integrating Drayton is our primary focus for the remainder of the year. That work is underway across content and technology and remains at an early stage. Together with Matt Davey joining as Non-Executive Chairman, our direction is unchanged: a games-first strategy on a lower cost base.”

Matt Davey, incoming Non-Executive Chairman of bragg, commented, “I have invested in bragg because the underlying assets are genuinely valuable — proprietary content growing strongly in North America, proven platform technology, and a licensed footprint across more than 30 regulated markets that took years to build and cannot be quickly replicated. That value is not yet reflected in the Company’s financial results and closing that gap will require real change in how the business is structured and operates. The sequence is clear: strengthen the balance sheet, simplify the operating model to a sustainably lower cash cost base, and then accelerate investment in product and distribution. The restructuring executed this year is a start, not a destination. Progress will be measured in cash generation in the short term, and revenue growth over time, and the Board will hold the business to that standard. As a significant investor in the Company, my interests are fully aligned with those of all shareholders and I look forward to reporting progress on our objectives over the coming quarters.”

The company also announced that Donald Robertson has resigned from the Board of Directors, effective August 13, 2026. Jordan Gnat has been appointed to the Board with effect from the same date.

Davey said: “On behalf of the Board, I would like to thank Donald Robertson for his service and for his contribution to bragg through a demanding period, and to wish him well. We are pleased to welcome Jordan Gnat. Jordan has spent more than 30 years building and scaling businesses as an operator and an investor, most recently taking Playmaker Capital from launch to a successful exit. His expertise and track record further strengthen a Board well equipped to support the combined business.”