Bragg Gaming Group (BRAG) Q1 2026 earnings summary

Executive summary

• Transitioned to a proprietary, AI-driven, games-first model, reducing reliance on low-margin aggregation and third-party content.

• Revenue for Q1 2026 was reported between €25.7 million and €27.2 million, reflecting up to 1% year-over-year growth, with notable gains in Brazil and the Netherlands.

• Adjusted EBITDA for Q1 2026 was €4.0 million, with margin slightly down year-over-year, indicating some margin pressure.

• Announced acquisition of Drayton International, expected to expand proprietary content, U.S. market reach, and add equity stakes in five studios and three tech/distribution assets.

• Appointment of Matt Davey as Non-Executive Chairman upon Drayton deal closing, bringing significant industry experience.

Financial highlights

• Q1 2026 revenue ranged from €25.7 million to €27.2 million, up to 1% year-over-year.

• Operating loss improved to €1.4 million, and net loss improved by 55% to €1.2 million (€0.05 per share).

• Adjusted EBITDA was €4.0 million (margin between 14.7% and 15.7%), slightly down from Q1 2025.

• Gross profit margin for Q1 2026 was 56.0%.

• Cash and cash equivalents stood at €3.4 million as of March 31, 2026.

Outlook and guidance

• Affirmed full-year 2026 revenue guidance of €97–104.5 million and adjusted EBITDA of €16–19 million (16–18% margin), excluding Drayton impact.

• Focus on optimizing product mix, internal processes, and improving margins and cash flow.

• Strong profit margins projected for 2026, supported by strategic product mix changes.