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- **Revenue Growth**: 20% YoY growth in non-Netherlands markets, driven by U.S. (86% YoY) and Brazil (80% YoY). Proprietary content revenue up 35% YoY.
- **Financial Strength**: 9% YoY EBITDA growth to EUR 4.4 million, supported by new BMO credit facility. 2025 guidance maintained: EUR 106-108.5M revenue, EUR 16.5-18.5M EBITDA.
- **Strategic Focus**: 2026 priorities include U.S. iCasino expansion, Brazil margin optimization, and Finland market entry. BetCity migration expected to have minimal EBITDA impact.
- **Margin Expansion**: Proprietary content now 16% of revenue, with 70% of its revenue from pre-2025 games, demonstrating long-term IP value.

**【CEO Opening Remarks】**
- **Revenue Growth**: Total revenue grew 2% YoY to EUR 26.8 million, with non-Netherlands revenue up 20% YoY. U.S. and Brazil contributed 22% of total revenue, up from 12% a year ago.
- **Proprietary Content Dominance**: Proprietary content revenue rose 35% YoY, accounting for 16% of total revenue. U.S. market generated half of proprietary content revenue, driven by 35 new game launches this year.
- **Market Dynamics**: Netherlands revenue declined 22% YoY due to regulatory challenges, but Bragg maintains 30% market share. Brazil saw 80% YoY growth, targeting 10% of full-year revenue from this market.
- **Long-Term Vision**: Projected 68% of 2025 revenue from non-Netherlands markets, up from 51% in 2022. 2026 outlook includes expansion into Finland's regulated market (Q1 2027 launch).

**【CFO Financial Commentary】**
- **Financial Highlights**: Gross profit increased 5% YoY to EUR 14.7 million (54.7% gross margin), with adjusted EBITDA up 9% to EUR 4.4 million (16.6% margin). New BMO credit facility lowers borrowing costs and enhances liquidity.
- **Cost Optimization**: Operational efficiency initiatives reduced SG&A expenses, supporting 2026 margin expansion. BetCity migration (H1 2026) expected to have minimal EBITDA impact due to margin profile.
- **Guidance**: Full-year 2025 revenue guidance of EUR 106-108.5 million, adjusted EBITDA of EUR 16.5-18.5 million.

**【Q&A Highlights】**
- **Growth Drivers**: U.S. iCasino market set to grow 26% CAGR to 2030. Brazil aggregation strategy transitioning to higher-margin proprietary content. Finland market entry planned for 2027.
- **Cost Structure**: 2026 focus on process optimization and operational leverage. SG&A reductions and resource reallocation from BetCity migration to support margin growth.
- **Balance Sheet**: BMO facility provides liquidity for high-margin initiatives. 2026 priorities include cash flow generation and margin improvement through proprietary content expansion.
- **Shareholder Value**: Long-term strategy emphasizes market diversification, proprietary IP monetization, and operational efficiency to drive sustainable growth.

Bragg Gaming Group Inc (BRAG) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

BRAG

BRAG fundamentals

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