Overview

* Bragg Gaming ( BRAG ) Q3 revenue grows 2% yr/yr, slightly beating analyst expectations

* Adjusted EBITDA for Q3 2025 increased by 9% yr/yr

* Company expands U.S. content footprint with Fanatics Casino launch

Outlook

* Company anticipates full-year 2025 revenue between €106 mln and €108.5 mln

* Bragg Gaming ( BRAG ) expects 2025 Adjusted EBITDA of €16.5 mln to €18.5 mln

* Company sees strategic expansion in U.S. and Brazil driving higher-margin operations

Result Drivers

* U.S. EXPANSION - Revenue in the U.S. grew by 86% driven by expanded high-margin proprietary content footprint

* BRAZIL GROWTH - Brazil revenue increased by 80% with continued growth in provider onboarding

* NETHERLANDS DECLINE - Revenue in the Netherlands decreased by 22% due to market contraction from increased regulation and higher taxes

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Slight EUR EUR

Revenue Beat* 26.80 26.68

mln mln (4

Analysts

)

Q3 EPS -EUR

0.09

Q3 EUR 4.45

Adjusted mln

EBITDA

*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 4 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the online services peer group is "buy"

* Wall Street's median 12-month price target for Bragg Gaming Group Inc ( BRAG ) is C$7.50, about 61.5% above its November 12 closing price of C$2.89

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)