Bragg Gaming Group announced its financial results for the second quarter of 2025, with revenue increasing by 4.9% year-over-year to €26.1 million. Excluding the Netherlands, revenue growth was a robust 21% year-over-year. Gross profit grew by 10.8% to €13.7 million, and the gross profit margin expanded by 280 basis points to 52.7%.
Adjusted EBITDA for Q2 2025 was €3.5 million, a slight decrease of 4.3% from the prior year, primarily due to increased compensation spending. Proprietary content revenue surged by 44% year-over-year, reaching €3.9 million, and now accounts for 14.8% of total revenue. This shift towards higher-margin content is a key driver of margin expansion.
The company revised its full-year 2025 guidance, projecting revenue between €106 million and €108.5 million and adjusted EBITDA between €16.5 million and €18.5 million. This adjustment reflects higher gaming taxes, softer market conditions in the Netherlands and other regions, and headwinds in Brazil. Management anticipates adjusted EBITDA margins to be a few points higher in the second half of 2025 compared to the first half, driven by realized cost synergies.
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