BRAG

Image source: The Motley Fool. Thursday, Aug. 13, 2026 at 8:30 a.m. ET Chief Executive Officer - Matevž Mazij CFO - Robert Bressler Operator: Thank you. Hello, everyone. Thank you for joining us and welcome to Bragg Gaming Group's Second Quarter 2026 Earnings Conference Call. I will now hand the conference over to Robbie Bressler, CFO. Please go ahead. Robert Bressler: Good morning, everyone, and thank you for joining us for Bragg Gaming Group's Second Quarter 2026 Earnings Call. If you are connected to our online webcast today, you should see our second quarter earnings presentation on your screen. And you should have control to flip through the slides yourself as you listen to the call. If you are joining by telephone, please note that you can find our earnings presentation as well as the financial results press release on our website at investors.bragg.group. Please note that certain statements on this call may constitute forward-looking information or future-oriented financial information. The full explanation of these risk factors is available on the second slide of the second quarter 2026 earnings presentation titled Forward-Looking Statements, as well as in the press release issued this morning and our public disclosures. Bragg disclaims any obligation, except as required by law, to update or revise any forward-looking statements, whether because of new information, future events, or otherwise. Any forward-looking statements made on this call speak only as of the date of this call. Bragg Gaming Group CEO, Matevž Mazij, and myself, the CFO of Bragg Gaming Group, Robbie Bressler, will discuss the company's second quarter performance and provide a business update. We will follow that with a question-and-answer session. I would now like to turn the call over to Matevž. Matevz Mazij: Thank you, and good morning, everyone. Thank you for joining us for Bragg Gaming Group's Second Quarter 2026 Earnings Call. In the second quarter, we prioritized margin and cash flow performance over aggressive revenue expansion, which underpins our renewed group-wide strategy. Revenue was EUR 22.9 million, down 12% year over year. Adjusted EBITDA was held static at EUR 3.5 million, and our adjusted EBITDA margin expanded to 15% from 13% in the same quarter last year. On July 9, 2026, we announced a further reduction of approximately 19% of our global workforce, expected to deliver approximately EUR 6 million in incremental annualized cash savings, and bringing total expected annualized savings to approximately EUR 10.5 million, together with the restructuring announced on January 8, 2026. Combined with the acceleration of our AI-first transformation, it leaves a leaner organization concentrated on our core technology, content, and platform products, and it accelerates our path to cash profitability and adjusted EBITDA growth. Furthermore, I would like to highlight our content performance across North America, especially in Canada and the United States. Our proprietary content being deployed by U.S. and Canadian operators is building very positive traction. This content revenue grew 44% compared to Q2 last year, driven by distribution, quantity, and quality of content. Proprietary content is our most profitable product, and the U.S. is the most important market for us. So this level of growth is exciting, and it underlines the growth strength of the content we build. Against that, the Netherlands declined 14% year over year, reflecting the anticipated roll-off of legacy turnkey contracts following customer migration away from our PAM. Brazil was static as certain operators moved to direct supply integrations, which moderated growth but improved the quality of the revenue we retained. Some other European markets were lower due to customer-specific factors and tightening local regulatory dynamics. Since quarter end, we have also closed the acquisition of Drayton International, and Matt Davey has joined us as Non-Executive Chairman. I will come back to both of those after Robbie takes you through the financials. Robbie, over to you. Robert Bressler: Thank you, Matevž, and good morning, everyone. All of the numbers I refer to have been rounded, so they are approximate. Our reporting currency is Euro, and I will stay in Euros on this call. For the benefit of North American investors, we've provided a U.S. dollar equivalent conversion in our press release this morning. Second quarter revenue was EUR 22.9 million, a decrease of 12% from EUR 26.1 million in the second quarter of 2025. Gross profit was EUR 11.8 million against EUR 13.7 million in Q2 2025, with a gross margin of 51.7% compared to 52.7%. Adjusted EBITDA was EUR 3.5 million, static against EUR 3.5 million in the second quarter of 2025, with the adjusted EBITDA margin expanding 212 basis points to 15.4% from 13.3% in the second quarter of 2025. We absorbed a EUR 3.2 million reduction in revenue and delivered the same absolute adjusted EBITDA. As Matevž mentioned, we have completed several restructuring programs and are starting to see the results of these measures. In the second quarter, there was a 14% reduction in gross compensation costs prior to capitalization compared to Q2 2025. Sequentially, revenue came down from EUR 25.7 million in the first quarter of this year to EUR 22.9 million in the second quarter of this year. Adjusted EBITDA margin was held broadly flat over the same period at 15.4% against 15.7%. Holding margin through a sequential revenue decline is proving the cost reduction measures are doing their work. For the 6 months ended June 30, 2026, revenue was EUR 48.5 million, down 6% from EUR 51.6 million in the first half of 2025. Adjusted EBITDA for the half year was EUR 7.5 million, flat against EUR 7.5 million in the same period last year. Moving to the balance sheet. As of June 30, 2026, Bragg had cash of EUR 3.3 million. 3 items since quarter end are relevant to our capital structure. First, we completed the acquisition of Drayton International on July 22 for USD 9 million, satisfied entirely in shares. Second, all 751,445 subscription receipts issued at USD 1.73 converted into common shares and warrants on closing, releasing approximately EUR 1.1 million to the company. I would like to note that our Chief Operating Officer, two of our directors, Thomas Winter and Matt Davey, and myself subscribed in that private placement. Third, we renewed our revolving credit facility with Bank of Montreal for a further year on terms consistent with the existing arrangement. Turning to our outlook, as mentioned, we completed the acquisition of Drayton on July 22, 2026, and integration planning is underway. We previously disclosed fiscal 2026 revenue, adjusted EBITDA, and adjusted EBITDA margin guidance, which was prepared in respect of our company's operations on a standalone basis. With the integration of Drayton into our operations being at the planning stage, we don't have a reasonable basis on which to forecast the combined business for the remainder of the fiscal year. We are therefore withdrawing our previously disclosed 2026 guidance. Prior to the withdrawal and on a standalone basis excluding Drayton, we were tracking below the low end of our revenue guidance range and at the low end of our adjusted EBITDA range. However, we were tracking to the upper end of the implied adjusted EBITDA margin range provided. Our focus is on integrating and optimizing the combined business, including aligning the product and technology roadmap, realizing identified efficiencies, and establishing the go-forward operation model and cost base. And with that, I will pass it back to Matevž. Matevz Mazij: Thank you, Robbie. A few commercial highlights from the quarter. We signed a definitive agreement with 711, a leading Dutch and Belgian operator, to power its new Belgian online sportsbook, integrating Kambi's sportsbook supported with our Fuze engagement toolset. We supported Super Technologies' entry into the regulated Greek market through its Superbet brand with RGS and Hub aggregation. The successful launch of our content with bet365 in the U.K. signals our effective penetration into key markets. Additionally, when Alberta opened its regulated market, we launched on day 1 alongside an outstanding selection of leading operators, making more than 80 of our titles available to players throughout the province. Our strategic direction is unchanged. Proprietary games first, AI-driven model, fewer low-margin aggregation volumes, and a move from being a supplier of components to being the architect of the ecosystem our operators run on. Drayton advances that, and the point that matters most is reach. It takes us into Advanced Deposit Wagering. Traditional iGaming is live in 7 U.S. states. ADW is available in over 30. It also adds equity interests in 5 game development studios and 3 wholly owned technology and distribution platforms. On timing, integration work is underway across content and technology, and it remains at an early stage. Before we go to questions, I would like to announce a change to our board. Don Robertson has resigned from the board, effective today. I want to thank Don for his service and for his contribution to Bragg. Jordan Gnat will be joining the board in his place. Jordan brings over 30 years of expertise, serving as both an investor and an operator, over 20 of those in gaming and sports media. He's a co-founder and Managing Partner of Boardwalk Capital. Before that, he founded and led Playmaker Capital, the digital sports media business he sold to Better Collective in 2024. He has also held senior roles at FOX Bet, The Stars Group, and Scientific Games. Jordan also participated in our recent private placement, so he's a shareholder as well as a director. His background strengthens the board, and we're glad to have him. Robbie and I are now available to take any questions. Operator: Your first question comes from the line of Jordan Bender with Citizens JMP. Jordan Bender: Robbie, maybe to start with you, just on the guidance that was withdrawn, you mentioned revenue and EBITDA maybe trending below where it previously was. Can you just, kind of, talk about the old business, if we want to call it that, kind of, where are you seeing that pressure? I guess we know Netherlands, there was previously going to be headwinds. I assume that was in the guidance, but just where are you seeing, kind of, some of the, maybe the weakness outside of that? And then maybe the second part of it, and acknowledging you're not providing guidance looking forward, but now that Drayton is part of the business, can you maybe just talk about more, like, directionally how the growth, either revenue or EBITDA, of that business currently stands as we kind of think about the two businesses now together? Thank you. Robert Bressler: Sure. Thanks for the question, Jordan. On the first question, just to clarify, we're trending below the low end of the range for revenue, but we are trending within the range for EBITDA, but just at the low end of the range. So what we're seeing is more pressure on revenue. And with our cost-cutting measures, we've been able to keep our EBITDA margin within what we had thought the business would be performing at. In terms of what is driving the top-line pressure, we are seeing one thing to note in Brazil. When the market opened in Brazil, there was a lot of suppliers who were not set up to supply the market, and we were able to be utilized as a vehicle for them to supply their content into the market. This has softened. A lot of these suppliers are now set up in a manner where they can go direct to operators rather than going through us. This is relatively low-margin revenue, so it's not really having too much of a profound impact on our bottom line, but these headwinds are decreasing what we're seeing in terms of growth in Brazil. We've also seen some regulatory changes in different European jurisdictions, one being Croatia, which we have a good customer there, and we were foreseeing a good strong year. It has performed year over year, we're seeing good growth, but these regulatory changes that came in have proven to be much more impactful than previously thought. And these regulatory changes had to do with the way customers are acquired and advertising restrictions. So those are two fairly sizable headwinds that are hitting us. We've also seen a little bit of decrease in what's put out in our Wild Streak studio. So historically, we've had a relationship where we've developed content on behalf of other providers or other studios who've done the distribution. And that has softened slightly. So I point to those 3 things as being what has changed between us hitting within the guidance range and being slightly below that. Jordan Bender: Okay. And then any color on just, kind of, directionally how Drayton is growing? Robert Bressler: Yes, so we are, you know, we're really in early days to be putting any real color behind what we expect Drayton to do in the next 6 months and beyond. Integration work is happening now. We completed the acquisition in good pace. And we're really now focused on making sure that we can utilize the assets, integrate them as best we can, and have a very strong combined company. I'm not going to provide specific details where we think we'll be. A big reason why we made the decision to withdraw guidance is because we're not quite there in terms of being comfortable of what that forecast could look like. One aspect of Drayton, which I think is a huge positive, but it is going to take us some time to get clear on direction in which way we'll go in the near term, is we have equity investments in 5 studios. So each studio is in itself its own business with its own trajectory and its own outlook. So we want to be very comfortable with each of those management teams, understand what is going to be at play in the next 6 months, but also make sure that we can utilize the assets we have at Bragg to enhance those results and really drive great group results. So look forward to talking about it on future calls, but not going to put out anything yet. Matevz Mazij: If I may just add, Jordan, so Drayton obviously is an acquisition that's going to accelerate our growth through market access and margin expansion and tech efficiency. And through its ADW technology and partnerships, it's going to increase our addressable reach. Second, we added 100-plus proprietary game titles and 5 studios, and that is in line with our strategies that are shifting our revenue mix towards higher-margin in-house IP. And finally, obviously, tech assets like their AI module fit seamlessly into our AI-first framework or model, and it's reducing our unit cost of content creation and some other effects that will have on our cost base. Jordan Bender: Great. And let me just follow up on this whole conversation. You know, just, kind of, in the quote, the pressure says we'll require real change. Robert Bressler: I can't hear you. I don't know if it's your mic. I can't. Matevz Mazij: Jordan is breaking up. Robert Bressler: Why don't we go to the next and rejoin him in the queue. Operator: Your next question comes from the line of Jack Vander Aarde with Maxim Group. Jack Vander Aarde: Congrats on the closing of the acquisition. Robbie, kind of, just to follow up on some of the past comments and questions on the withdrawn revenue guidance, the prior revenue guidance. This excluded Drayton, but are there any new markets, maybe if I can, are there any new markets you entered or new catalysts, you know, that happened subsequent to providing that guidance that didn't maybe factor in? For example, you entered the Alberta market in mid-July. And any other developments maybe that weren't included or maybe they were factored in. Are these incremental to that prior withdrawn guidance? Or is that something you don't want to comment on? Robert Bressler: I'll comment on Alberta was always in our plans. That was a launch and a strategic, important milestone for us to hit. We haven't, you know, we didn't ascribe a lot of growth in that market as it's relatively new. We're quite excited what iGaming and iCasino especially is doing in North America across many jurisdictions. So we did point out in our press release that our underlying U.S. business, so this is the proprietary content we service both U.S. and Ontario and now Alberta, that's growing at a very good tick where we're well over 40% growth from quarter to quarter, Q2 to Q2, 2026 to 2025. So we're seeing growth in the areas we want to see and in the areas we've invested in, but we're not necessarily jumping to new markets. We want to be very strategic in any territorial expansion. So I wouldn't point to anything new that has come up, but what interests us the most is what's happening in the iCasino market in the U.S. and Canada. It is just the continual growth of that market is extremely impressive. Just as a reminder, the projection on that market is $97 billion. This is just the U.S. market at maturity. It's only 12% regulated right now in terms of the whole U.S. population. There's so much more upside. And with the Drayton acquisition, we've really strengthened ourselves to be able to capitalize on that and quite excited about what can be achieved in that market. Jack Vander Aarde: Okay, I appreciate the color there. And then maybe just a follow-up on, I guess the go-forward gross margin and operating expenses, kind of, on a quarterly basis and just how I interpret some of the language here. So, obviously, you're going to have incremental expenses, most likely from Drayton, but then you also made further, I think there was a July announcement or you made further restructuring, material restructuring that was going to... Robert Bressler: Yes. Jack Vander Aarde: I think it was cash savings of EUR 6 million or so, or 10, I'm sorry, EUR 10.5 million now altogether. So, I guess, just you've done a good job, obviously, in the first half of this year. OpEx is down pretty big from last year. Gross margin did tick down a little bit in the second quarter. Just I guess with all these puts and takes now, how does the back half of this year, kind of, compare to the back half of last year on a gross margin and OpEx basis? Robert Bressler: Yes, no, I appreciate the question. I'm going to reserve comment just because we have withdrawn guidance, and we want to come back with a clear understanding of what our combined business can do. I do think, I mean, I can't say directionally, I think the trends that we've seen are indicative of our current run rate of the legacy business. The gross margin for Q2 2026, you'll see in our investor deck, there was a couple of one-off items that brought it down slightly. But if you factor those out, we're actually at about a 55%, 55.7% gross margin, which is very much in line with where we've been and slightly better than prior quarters, which is showing the investment or the narrative that the more we move to proprietary content, the more we see our margins get better. So that is playing out. We had a couple of one-off items that brought that down a bit, but if you look at our investor deck, it's illustrated to see what that gross margin percentage is, which is really indicative of our current business in terms of run rate. Operator: Your next question comes from the line of Mike Hickey with StoneX. Michael Hickey: Just maybe a clarification. I'm not sure if I heard this or not. A little perplexed on at least not giving guidance on the core, Robbie, just given that you just missed the quarter on revenue. But, and I'm not sure you clarified how you think revenue is going to trend on your core, but I think you would have visibility on that. So anything incremental would be helpful. And then when should we get? Maybe talk about the complexities of Bragg and Drayton together that doesn't allow you the ability to give guidance on the new combined company. Robert Bressler: Sure. Thanks for the question, Mike. On your first question, just to clarify, so we did provide comments of where we're trending on the standalone business, and those comments are looking for the rest of this year. So that's indicative of where we see we were trending on a standalone basis. So we are giving a color as to where the business is currently trending against our original guidance. And again, we're below our revenue range, but we're within the range from an EBITDA perspective. And actually from an EBITDA margin perspective, we're trending to the upper end of the range, which was implied when we gave guidance. So hopefully that gives you some color as to where we are today from a legacy business point of view against our original guidance. In terms of the complexities, very good question. And I mentioned it a little bit in answering Jordan's call, but we effectively bought 5 different interests in 5 different studios, along with a wholly owned infrastructure as well that Drayton holds. We need to get clear understandings from what we think we can do as a combined business as we work with each of those studios and combine our assets with theirs. We were able to move on Drayton at a fairly good pace, which was strategically important to us, but we want to be prudent with what we come back with in terms of expectations and felt like this is the best course of action at the time. We are excited and believe that there is quite good possibilities to see synergies, a little bit on the cost side, but on the revenue side in putting these assets together. So we want to make sure we have a clear, reasonable understanding to put out expectations. Michael Hickey: On your annualized cost savings to EUR 10.5 million, how much should we actually see here in '26 versus '27? What do you think needs to happen for Bragg to start to generate positive cash flow, free cash flow? Robert Bressler: Yes, I mean, we've done the work and we've taken out the cost. We're by no means done in terms of optimizing and seeing where more costs can come out. The savings are really going to start kicking in Q4 onwards. We did this quarter, just to give some color, if you look at our gross compensation, so take out the one-time severance fees that we paid this quarter and disregard what's capitalized and what's not in terms of compensation. So if you look at our pure compensation number, from Q2 this year to Q2 last year, our compensation expenses are down 14%. So we are seeing the savings and there's lots more to go. We got to get through these one-time severance payments, which we're going to have coming through the next couple of months. And then into Q4 and into 2027, the savings should really be showing through our numbers. Michael Hickey: The last question from us, just thinking about milestones here. In the next, call it, 2 or 3 quarters, what do you think, sort of, the biggest milestones that we should be looking at to, sort of, demonstrate that the restructuring and Drayton acquisition are starting to give you the benefits that you think they will or basically that they're working? Robert Bressler: Very good question. Our focus 100% is on the integration of the Drayton assets, most importantly in the U.S., or I should say North American markets. That's where we're focused. That's where we see the value in Drayton coming together with our assets. And that's where we believe from a value point of view is most important for us to keep growing that business. And again, as mentioned, we saw some good percentage growth, 44% Q2 to Q2 and even year to date. And sequentially quarter to quarter, we're seeing double-digit growth. So that's our focus. Those are the milestones. That's the market that we want to keep conquering. And, you know, I really think we've taken the right steps here with bringing Drayton in, us being able to align those two businesses and maximize value. That's the biggest milestone we're focused on. Operator: We have reached the end of the Q&A session. I will now turn the call back to Matevž Mazij, CEO, for closing remarks. Matevz Mazij: Thank you again, everyone, for joining our call today. We entered the second half of 2026 leaner, sharper, and with a clear games-first focus. Thank you for your interest and your continued support. Operator: This concludes today's call. Thank you for attending. You may now disconnect. 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Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management prioritized margin preservation and cash flow over aggressive revenue expansion, resulting in a 212 basis point EBITDA margin expansion despite a 12% revenue decline. Performance was bolstered by 44% year-over-year growth in proprietary content revenue within North America, which management identifies as their most profitable product and most critical market. Revenue headwinds were driven by the anticipated roll-off of legacy turnkey contracts in the Netherlands and a shift in Brazil where operators moved to direct supply integrations. Regulatory changes in European jurisdictions, specifically Croatia, proved more impactful than anticipated due to new restrictions on customer acquisition and advertising. The company is accelerating an 'AI-first' transformation to reduce unit costs for content creation and streamline the organizational structure. A significant workforce reduction of approximately 19% was implemented in July to accelerate the path to cash profitability and create a leaner, core-product-focused organization. Management withdrew fiscal 2026 guidance due to the early stage of integrating Drayton International and the complexity of forecasting its five equity-interest game studios. The strategic focus has shifted toward becoming an 'architect of the ecosystem' rather than a component supplier, emphasizing high-margin in-house IP over low-margin aggregation. The Drayton acquisition is expected to significantly expand addressable reach by entering the Advanced Deposit Wagering (ADW) market, which is available in over 30 U.S. states compared to 7 for traditional iGaming. Full annualized cash savings from restructuring are expected to reach approximately EUR 10.5 million, with the impact primarily visible starting in Q4 2026 and into 2027. Future growth is predicated on the continued expansion of the North American iCasino market, which management estimates has a $97 billion maturity potential. Completed the acquisition of Drayton International for USD 9 million, settled entirely in shares to preserve cash. Appointed Matt Davey as Non-Executive Chairman and Jordan Gnat to the Board, bringing deep expertise in digital sports media and gaming operations. Renewed a revolving credit facility with Bank of Montreal for an additional year to maintain liquidity during the integration phase. Reported a 14% reduction in gross compensation costs (pre-capitalization) year-over-year, demonstrating early execution of cost-optimization initiatives. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management clarified that while revenue is tracking below the low end of previous guidance, EBITDA remains within the target range due to successful cost-cutting. Revenue pressure stems from Brazilian suppliers going direct to operators, regulatory tightening in Croatia, and a softening in the Wild Streak studio's third-party development relationship. Drayton provides immediate access to ADW technology and 100+ proprietary titles, aligning with the shift toward higher-margin internal IP. Management declined to provide specific combined forecasts, citing the need to evaluate the individual trajectories of the five newly acquired game studios. Adjusted gross margins remain stable at approximately 55.7% when excluding one-off items, reflecting the positive mix shift toward proprietary content. The EUR 10.5 million in total annualized savings will begin to fully reflect in the financials starting in Q4 2026 after clearing one-time severance payments.

TORONTO, August 13, 2026--(BUSINESS WIRE)--Bragg Gaming Group (NASDAQ:BRAG; TSX:BRAG) ("bragg" or the "Company"), a leading igaming content and platform technology solutions provider, today announced its financial results for the second quarter of 2026. Second Quarter 2026 Financial Highlights Revenue: Total quarterly revenue of EUR 22.9m (USD 26.1m)1 in the second quarter, a decrease of 12% from EUR 26.1m (USD 30.6m) in the second quarter of 2025: Operating Loss, Net Loss and Adjusted EBITDA2 Second Quarter 2026 and Recent Business Highlights Expanded Operator Relationships in Europe: Signed a definitive agreement with leading Belgian operator 711 to power its new online sportsbook, integrating Kambi’s Turnkey Sportsbook and bragg’s Fuze™ engagement toolset, and supported Super Technologies’ entry into the regulated Greek market through its Superbet brand with RGS games and HUB aggregation. Announced Further Restructuring: On July 9, 2026, announced a further reduction of approximately 19% in its global workforce, expected to deliver approximately EUR 6.0m (USD 6.8m) in incremental annualized cash savings and bringing total expected annualized savings to approximately EUR 10.5m (USD 12.0m) together with the restructuring announced on January 8, 2026. Entered the Alberta Market: On July 13, 2026, subsequent to quarter end, went live in the newly regulated Alberta igaming market at market opening, with multiple operators. More than 80 bragg titles are available to players in the province. Completed the Acquisition of Drayton International: On July 22, 2026, subsequent to quarter end, completed the acquisition of Drayton International ("Drayton"), a diversified gaming technology and content platform, for USD 9.0m satisfied entirely in shares. Appointed Matt Davey as Non-Executive Chairman: Matt Davey, Founder and Chairman of Tekkorp Capital and previously the builder of NYX Gaming Group, became Non-Executive Chairman on closing of the Drayton transaction and holds approximately 10% of bragg’s outstanding shares. Completed Private Placement and Renewed Revolving Credit Facility: All 751,445 subscription receipts issued at USD 1.73 converted into common shares and warrants on closing of the Drayton transaction, releasing approximately EUR 1.1m (USD 1.3m) of escrowed funds. Subscribers included bragg’s Chief Financial Officer, Chief Operating Officer, director Thomas Winter and Non-Executive Chairman Matt Davey. The Company also renewed its revolving credit facility with a Tier One Canadian financial institution for a further year on terms consistent with the existing arrangement. 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." Board Changes 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. Mr. Gnat is a senior executive and investor with over 30 years of leadership experience, including more than 20 years in the global gaming, sports and media industries. He is Co-Founder and Managing Partner of Boardwalk Capital, a lower middle market private equity firm, and was previously founder and Chief Executive Officer of Playmaker Capital Inc., a digital sports media business sold to Better Collective A/S in February 2024. He has also held senior roles at FOX Bet, The Stars Group and Scientific Games, and served as President and Chief Executive Officer of Boardwalk Gaming and Entertainment. Mr. Gnat is a director of Think Research Corporation, Sandhills Gaming Corp., Omnigame A/S and Twin Pines Entertainment, and a member of the board of the Hospital for Sick Children Foundation. Mr. Gnat participated in the Company's recent private placement and is a shareholder of bragg. Commenting on the change, Matt Davey, Non-Executive Chairman of bragg, 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." Withdrawal of 2026 Outlook The Company's previously disclosed fiscal 2026 revenue and Adjusted EBITDA guidance (the "2026 Guidance") was prepared in respect of the Company’s operations on a standalone basis. The Company completed the acquisition of Drayton on July 22, 2026 (see "Overview of 2Q26 – Financial performance in the first half of 2026 – Others – Drayton Acquisition and Private Placement" in the Company’s Management Discussion and Analysis ("MD&A") for the quarter ended June 30, 2026). Integration planning is underway, and the Company has limited operating history for the combined business. With the integration of Drayton into the Company's operations at the planning stage, management does not have a reasonable basis on which to forecast the combined business for the remainder of the fiscal year. The Company is therefore withdrawing its previously disclosed 2026 Guidance. Prior to the withdrawal of guidance, and on a standalone basis excluding Drayton, the Company was tracking below the low end of the revenue range and at the low end of the Adjusted EBITDA range, in each case as implied by the 2026 Guidance, while tracking to the upper end of the Adjusted EBITDA Margin range. Management's focus is on integrating and optimizing the combined business, including aligning the product and technology roadmap, realizing identified efficiencies, and establishing the go-forward operating model and cost base. Investor Conference Call The Company will host a conference call today at 8:30 a.m. Eastern Time, during which Bragg Chief Executive Officer, Matevž Mazij, and Chief Financial Officer, Robert Bressler, will discuss the Company’s financial results and provide a business update. A presentation of these results will be made available to download at: https://investors.bragg.group/events-and-presentations/presentations/default.aspx To join the live call by telephone, please use the below dial-in information: Participant Dial-In Numbers International / United States Toll: +1 626 884 3620United States Toll-Free: +1 833 461 5787Canada Toll-Free: +1 833 769 6440Canada Toll: +1 365 657 4084United Kingdom Toll: +44 117 389 0104United Kingdom Toll-Free: +44 808 196 8935Conference ID: 781376648 The call will also be broadcast live and archived in the Investors section of the Company’s website, at: https://investors.bragg.group/events-and-presentations/events/default.aspx About bragg Bragg Gaming Group, "bragg" (NASDAQ: BRAG, TSX: BRAG) crafts igaming environments that elevate player experiences. By combining battle-tested regulatory expertise with smart technology and captivating games and gaming worlds, bragg delivers a proven revenue engine for operators and an unforgettable experience for players. The bragg product suite includes: casino games: Featuring bragg studios game experiences, as well as aggregated and bespoke IP crafted for bragg by partner studios. fuze™: Real-time behavioral intelligence that maps player journeys to reduce churn and maximize lifetime value. bragg hub: A single integration aggregating the industry's best games from bragg’s premium in-house studios and third-party games houses. bragg PAM: A proven, scalable platform that simplifies operations across markets. Licensed and operational in 30+ regulated markets globally, including the U.S., Canada, LatAm, and Europe, bragg is engineered for igaming players and built for operator growth. Caution Regarding Forward-Looking Statements This news release may contain forward-looking information and statements (collectively, "forward-looking statements") within the meaning of applicable securities laws in Canada and the U.S., including financial and operational expectations and projections. These statements, other than statements of historical fact, are based on management’s current expectations and projections and are subject to a number of risks, uncertainties, and assumptions, including market and economic conditions, business prospects or opportunities, future plans and strategies (including the Company’s strategic realignment and headcount reductions, the integration of acquired businesses and the Company’s ability to forecast and provide guidance for the combined business), projections, technological developments, anticipated events and trends and regulatory changes that affect the Company, its subsidiaries and their respective customers and industries. Although the Company and management believe the expectations and projections reflected in such forward-looking statements are appropriate and are based on reasonable assumptions and estimates as of the date hereof, there can be no assurance that these assumptions or estimates are accurate or that any of these expectations and projections will prove accurate. Forward-looking statements are inherently subject to significant business, regulatory, economic and competitive risks, uncertainties and contingencies that could cause actual events to differ materially from those expressed or implied in such statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "would", "should", "believe", "objective", "ongoing", "imply" or the negative of these words or other variations or synonyms of these words or comparable terminology and similar expressions. By their nature forward-looking statements are subject to known and unknown risks, uncertainties, and other factors which may cause actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements. Such factors include, among other things, the Company’s stage of development, long-term capital requirements and future ability to fund operations, future developments in the Company’s markets and the markets in which it plans to compete, risks associated with its strategic alliances, the impact of entering new markets on the Company’s operations, and risks associated with new or proposed gaming regulations. Each factor should be considered carefully, and readers are cautioned not to place undue reliance on such forward-looking statements. For a detailed description of risk factors associated with the Company, please refer to the "Risk Factors" section in the Company’s current annual information form (the "AIF"), a copy of which is available electronically on the Company’s website, under the Company’s SEDAR+ profile at www.sedarplus.ca and under the Company’s EDGAR profile at www.sec.gov/search-filings. Shareholders and investors should not place undue reliance on forward-looking statements and FOFI as the plans, assumptions, intentions or expectations and projections upon which they are based might not occur. The forward-looking statements and FOFI contained in this news release are expressly qualified by this cautionary statement. Unless otherwise indicated by the Company, forward-looking statements and FOFI in this news release describe the Company’s expectations and projections as of August 13, 2026, and, accordingly, are subject to change after such date. The Company does not undertake to update or revise any forward-looking statements, except in accordance with applicable securities laws. Other Financial Information To supplement its Interim Financial Statements presented in accordance with IFRS, the Company considers certain financial measures and metrics that are not prepared in accordance with IFRS. The Company uses such non-IFRS financial measures and metrics in evaluating its operating results and for financial and operational decision-making purposes. The Company believes that such measures and metrics help identify underlying trends in its business that could otherwise be masked by the effect of the expenses that it excludes in such measures. The Company also believes that such measures provide useful information about its operating results, enhance the overall understanding of its past performance and future prospects and allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making. However, these measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with IFRS. There are a number of limitations related to the use of such non-IFRS measures as opposed to their nearest IFRS equivalents. Accordingly, these non-IFRS measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. The Company uses the non-IFRS financial measures and metrics "EBITDA", "Adjusted EBITDA" and "Adjusted EBITDA Margin", each as defined below in this news release. The most directly comparable financial measure to each of EBITDA and Adjusted EBITDA is Net Loss. These non-IFRS measures are used to provide investors with supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures. The Company also believes that securities analysts, investors and other interested parties frequently use non-IFRS measures in the evaluation of issuers. The Company’s management uses non-IFRS measures in order to facilitate operating performance comparisons from period to period, to prepare annual operating budgets and forecasts and to determine components of management compensation. The Company defined such non-IFRS measures as follows: "EBITDA" means as net income (loss) plus interest, taxes, depreciation and amortization; provided that all revenue, costs and expenses shall be recorded on an accrual basis. The Company’s method of calculating EBITDA may differ from the method used by other issuers and, accordingly, the Company’s EBITDA calculation may not be comparable to similarly titled measures used by other issuers. "Adjusted EBITDA" means EBITDA after: (i) adding back share based compensation; (ii) deducting lease payments recorded as a depreciation of right-of-use assets and lease interest expense; (iii) adding back or deducting gain (loss) on lease modification; (iv) adding back or deducting gain (loss) on re-measurement of deferred consideration; (v) adding back certain exceptional costs; (vi) adding back transaction and acquisition costs; and (vii) adding back or deducting gain (loss) on disposal of tangible assets. "Adjusted EBITDA Margin" means Adjusted EBITDA divided by revenue. A reconciliation of operating loss to EBITDA and Adjusted EBITDA is as follows in this news release as well as in the Company’s MD&A for the quarter ended June 30, 2026. Future Oriented Financial Information This news release may contain future oriented financial information ("FOFI") within the meaning of applicable securities laws. The FOFI has been prepared by management to provide an outlook on bragg’s proposed activities and potential results and may not be appropriate for other purposes. The FOFI has been prepared based on a number of assumptions, including assumptions with respect to customer growth and market expansion. bragg and its management believe that the FOFI has been prepared on a reasonable basis, reflecting management’s best estimates and judgments; however, the actual results of operations of bragg and the resulting financial results may vary from the amounts set forth herein and such variations may be material. FOFI contained in this news release was made as of the date of this news release and bragg disclaims any intention or obligation to update or revise any FOFI contained in this news release, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law. Join bragg on LinkedIn Financial tables follow: View source version on businesswire.com: https://www.businesswire.com/news/home/20260813933591/en/ Contacts For further information: Robert BresslerChief Financial OfficerBragg Gaming Group Inc.+1 (647)[email protected]

This article first appeared on GuruFocus. Revenue: EUR22.9 million, down 12% year over year from EUR26.1 million in Q2 2025. Gross Profit: EUR11.8 million, down from EUR13.7 million in Q2 2025. Gross Margin: 51.7%, down from 52.7% in Q2 2025. Adjusted EBITDA: EUR3.5 million, flat year over year. Adjusted EBITDA Margin: 15.4%, up 212 basis points from 13.3% in Q2 2025. Proprietary Content Revenue (North America): Grew 44% year over year. Netherlands Revenue: Declined 14% year over year. Cash Position: EUR3.3 million as of June 30, 2026. Operating Expenses: Decreased from EUR25.7 million in Q1 2026 to EUR22.9 million in Q2 2026. Six-Month Revenue: EUR48.5 million, down 6% from EUR51.6 million in H1 2025. Six-Month Adjusted EBITDA: EUR7.5 million, flat year over year. Warning! GuruFocus has detected 1 Warning Sign with BRAG. Is BRAG fairly valued? Test your thesis with our free DCF calculator. Release Date: August 13, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Adjusted EBITDA margin expanded to 15.4% from 13.3% year-over-year, despite a 12% revenue decline, demonstrating improved cost efficiency. Proprietary content revenue grew 44% year-over-year in North America, driven by strong traction in the US and Canada. Completed the acquisition of Drayton International, expanding reach into Advanced Deposit Wagering (ADW) across over 30 US states and adding five game development studios. Announced additional workforce reduction of 19%, bringing total annualized savings to approximately EUR10.5 million, accelerating the path to cash profitability. Launched content with bet365 in the UK and entered the Alberta market on day one, signaling successful market penetration and expansion. Revenue declined 12% year-over-year to EUR22.9 million, with the company tracking below the low end of its revenue guidance range. Withdrew fiscal 2026 guidance due to the Drayton acquisition, citing an inability to forecast the combined business, creating uncertainty for investors. Netherlands revenue declined 14% year-over-year due to legacy turnkey contract roll-offs, and Brazil growth was static as operators moved to direct supply integrations. Regulatory changes in European jurisdictions, such as Croatia, negatively impacted customer acquisition and advertising, proving more significant than expected. Cash position remains low at EUR3.3 million as of June 30, 2026, with the company still working toward positive free cash flow. Q: Can you provide more detail on the withdrawn guidance, specifically where the standalone business is trending versus the original outlook, and what is driving the top-line pressure?A: CFO Robert Bressler clarified that on a standalone basis, the company is trending below the low end of its revenue guidance range but within the low end of its adjusted EBITDA range. The primary drivers of the revenue pressure are: 1) In Brazil, suppliers who initially used Bragg as a distribution vehicle are now going direct to operators, reducing low-margin revenue; 2) Regulatory changes in European jurisdictions like Croatia, particularly around customer acquisition and advertising, have had a more significant impact than anticipated; and 3) A slight decrease in output from the Wild Streak studio, which develops content for other providers. Q: Given the complexity of integrating Drayton International, why was it necessary to withdraw guidance for the combined business, and when might you be able to provide a clearer outlook?A: CFO Robert Bressler explained that the acquisition includes equity interests in five different game development studios, each with its own management team and business trajectory, plus wholly-owned technology platforms. The company needs time to understand each studio's outlook and identify how Bragg's assets can enhance their results before providing a reliable combined forecast. He emphasized the company wants to be prudent and come back with clear, reasonable expectations rather than premature projections. Q: How should we think about the annualized cost savings of EUR10.5 million, and what is the timeline for Bragg to achieve positive free cash flow?A: CFO Robert Bressler stated that the savings from the restructuring will begin to show through in Q4 2026 and into 2027. He noted that pure compensation expenses are already down 14% year-over-year in Q2, excluding one-time severance fees. The company will need to work through the one-time severance payments over the next couple of months, after which the full impact of the cost reductions will be visible in the financials. Q: What are the key milestones investors should watch over the next two to three quarters to demonstrate that the restructuring and Drayton acquisition are working?A: CEO Matev Mazij stated that the company's focus is 100% on integrating the Drayton assets, particularly in North American markets. The key milestone is continued growth in proprietary content revenue in the US and Canada, which grew 44% year-over-year in Q2 and is seeing double-digit sequential growth. The successful alignment of the two businesses to maximize value in these markets will be the primary indicator of success. Q: Can you elaborate on the gross margin performance in Q2, given it ticked down slightly, and what is the underlying run rate?A: CFO Robert Bressler explained that Q2 gross margin of 51.7% was impacted by a couple of one-off items. Excluding those items, the underlying gross margin was approximately 55.7%, which is in line with or slightly better than prior quarters. This demonstrates that the company's strategic shift toward higher-margin proprietary content is playing out as intended. Q: Are there any new market entries or catalysts that occurred after the original guidance was provided that could be incremental to the withdrawn numbers?A: CFO Robert Bressler noted that the Alberta market launch was always in the company's plans and was not ascribed significant growth expectations as it's a relatively new market. He highlighted that the underlying US business, including proprietary content in the US, Ontario, and now Alberta, is growing at over 40% year-over-year. The company remains focused on the iCasino market in North America, which is projected to reach $97 billion at maturity but is currently only 12% regulated, providing significant upside. Q: What is the strategic rationale behind the Drayton acquisition, and how does it fit with Bragg's overall direction?A: CEO Matev Mazij explained that Drayton accelerates growth through access to Advanced Deposit Wagering (ADW), which is available in over 30 US states compared to traditional iGaming's seven states. The acquisition adds 100-plus proprietary game titles and five studios, aligning with the strategy to shift revenue mix toward higher-margin in-house IP. Additionally, Drayton's AI module fits seamlessly into Bragg's AI-first framework, reducing the unit cost of content creation. Q: How is the company's content performance in North America, and what is driving the growth there?A: CEO Matev Mazij highlighted that proprietary content revenue grew 44% year-over-year in Q2, driven by distribution, quantity, and quality of content. This is the company's most profitable product, and the US is its most important market. The successful launch with bet365 in the UK and the day-one launch in Alberta with over 80 titles available demonstrate the company's effective penetration into key markets. Q: Can you provide more color on the revenue headwinds in specific markets like the Netherlands and Brazil?A: CEO Matev Mazij noted that the Netherlands declined 14% year-over-year due to the anticipated roll-off of legacy turnkey contracts following customer migration away from the company's PAM. Brazil was static as certain operators moved to direct supply integrations, which moderated growth but improved the quality of retained revenue. Other European markets were lower due to customer-specific factors and tightening local regulatory dynamics. Q: What is the company's capital structure position following the Drayton acquisition and recent financing activities?A: CFO Robert Bressler detailed that the company had cash of EUR3.3 million as of June 30, 2026. Since quarter end, the Drayton acquisition was completed for $9 million, satisfied entirely in shares. All 751,445 subscription receipts issued at $1.73 converted into common shares and warrants, releasing approximately EUR1.1 million to the company. The revolving credit facility with Bank of Montreal was also renewed for a further year on consistent terms. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

TORONTO, June 18, 2026 /CNW/ - Bragg Gaming Group Inc. (NASDAQ: BRAG) (TSX: BRAG) ("bragg" or the "Company"), a leading content and technology provider, announced the voting results from its annual general meeting of shareholders held on June 18, 2026 (the "Meeting"). At the Meeting, bragg shareholders voted on the following matters, the full details of which are set out in the Company's management information circular dated May 15, 2026 (the "Circular"), issued in connection with the Meeting, which is available under the Company's SEDAR+ profile at www.sedarplus.ca. At the Meeting, Holly Gagnon, Mark Clayton, Thomas Winter, Donald Robertson and Aaron Baryoseph were elected as directors of the Company with more than a majority of the votes cast for their re-election. Matevž Mazij did not receive a majority of the votes cast for his re-election. Accordingly, Mr. Mazij has complied with the Company's majority voting policy (the "Majority Voting Policy") and has provided an offer (the "Resignation Offer") to resign from the Company's board of directors (the "Board"). In accordance with the Majority Voting Policy and as provided in the Canada Business Corporations Act, Mr. Mazij will continue to serve as a director until the Resignation Offer is accepted and becomes effective, his successor is appointed or elected or until the date that is 90 days from today . Detailed results of the shareholder votes are as follows: At the Meeting, MNP LLP were re-appointed as auditors of the Company for the ensuing year and the board of directors of the Company was authorized to fix the auditors' remuneration. The results of the shareholder votes are as follows: A full report of voting results from the Meeting is available under the Company's SEDAR+ profile at www.sedarplus.ca. About Bragg Gaming Group Inc. Bragg Gaming Group, "bragg" (NASDAQ: BRAG, TSX: BRAG) crafts igaming environments that elevate player experiences. By combining battle-tested regulatory expertise with smart technology and captivating games and gaming worlds, bragg aims to deliver a proven revenue engine for operators and an unforgettable experience for players. The bragg product suite includes: casino games: Featuring bragg studios game experiences, as well as aggregated and bespoke IP crafted for bragg by partner studios. fuze™: Real-time behavioural intelligence that maps player journeys to reduce churn and maximize retention and engagement. bragg hub: A single integration aggregating the industry's leading games from bragg's premium in-house studios and third-party games houses. bragg PAM: A proven, scalable platform that simplifies operations across markets. Licensed and operational in 30+ regulated markets globally, including the U.S., Canada, LatAm, and Europe, bragg is engineered for igaming players and built for operator growth. Join Bragg on LinkedIn View original content: http://www.newswire.ca/en/releases/archive/June2026/18/c4750.html

This article first appeared on GuruFocus. Revenue: EUR 25.7 million, up 0.6% year-over-year. Operating Loss: EUR 1.4 million, an 18% improvement from Q1 2025. Net Loss: EUR 1.2 million or EUR 0.05 per common share, a 55% improvement from Q1 2025. Adjusted EBITDA: EUR 4 million, representing an adjusted EBITDA margin of 15.7%. Cash and Cash Equivalents: EUR 3.4 million as of March 31, 2026. Full-Year 2026 Revenue Guidance: EUR 97 million to EUR 104.5 million. Full-Year 2026 Adjusted EBITDA Guidance: EUR 16 million to EUR 19 million, with a margin of 16% to 18%. Warning! GuruFocus has detected 1 Warning Sign with BRAG. Is BRAG fairly valued? Test your thesis with our free DCF calculator. Release Date: May 14, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Bragg Gaming Group Inc (NASDAQ:BRAG) is transitioning to a higher-margin, proprietary games-first, AI-driven model, which is expected to enhance profitability. The planned acquisition of Drayton International is set to significantly expand BRAG's proprietary content with over 100 additional titles, enhancing its market reach. The Drayton transaction will enable BRAG to expand into the U.S. market, potentially increasing its reach from 7 to over 30 states. BRAG's operational transformation includes embedding proprietary technologies like the Bragg AI Brain to personalize content and improve delivery efficiency. The appointment of Matt Davey as non-executive Chairman is expected to bring valuable industry experience and leadership to BRAG's strategic initiatives. BRAG reported a net loss of EUR 1.2 million for Q1 2026, despite an improvement from the previous year. The company's adjusted EBITDA margin decreased slightly from 16% in Q1 2025 to 15.7% in Q1 2026. BRAG's cash and cash equivalents stood at EUR 3.4 million as of March 31, 2026, indicating limited liquidity. The transition to a new business model and the integration of Drayton International may pose execution risks and require significant resources. The company's revenue growth was modest, with only a 0.6% increase year-over-year for Q1 2026, suggesting challenges in accelerating top-line growth. Q: How did the acquisition planning impact the results for the quarter and the strategy of the existing business? A: Robert Bressler, CFO: The acquisition planning did not impact the quarter's results. The strategic direction towards a North American and content-focused business has been in place for some time. The deal complements this direction and enhances our ability to execute our strategy once we integrate with Drayton. Q: With the acquisition, how significant is the expansion into the U.S. market, and what are the synergies with Bragg's existing games? A: Matevz Mazij, CEO: The acquisition accelerates our transition to a higher-margin, proprietary content-led business. It adds over 100 new titles and expands our reach to over 30 U.S. states through advanced deposit wagering (ADW) technology. This expansion is significant as it opens up new markets where traditional iGaming is not yet regulated. Q: What financial information is available regarding the acquisition, and will there be a pro forma financial statement? A: Robert Bressler, CFO: The acquired assets currently deliver mid-single-digit million revenue and are EBITDA positive. The transaction includes $1 million in excess cash. We see potential for revenue growth and will provide more detailed financials as the acquisition progresses. Q: How does the ADW model impact Bragg's market reach in the U.S.? A: Matevz Mazij, CEO: The ADW model allows us to legally operate in over 30 U.S. states, including major markets like California, Florida, and Texas, where traditional online slots are unregulated. This model meets the demand for online casino experiences in these states. Q: What is the expected impact of Matt Davey's appointment as non-executive Chairman? A: Matevz Mazij, CEO: Matt Davey's experience in building and scaling global gaming platforms will be invaluable. His industry relationships and strategic insights will significantly strengthen our leadership team as we pursue our growth strategy. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

TORONTO, May 14, 2026--(BUSINESS WIRE)--Bragg Gaming Group (NASDAQ:BRAG; TSX:BRAG) ("bragg" or the "Company"), a leading igaming content and platform technology solutions provider, today announced its financial results for the first quarter of 2026. First Quarter 2026 Financial Highlights: Revenue Growth: Total quarterly revenue of €25.7 million (US$29.7 million)1 in the first quarter: The Netherlands revenue increased 3.5% year-over-year due to a short-term uplift from a fixed Player Account Management ("PAM") agreement with Entain Plc (LSE: ENTL); Brazil revenue increased 33.3% compared to the 2025 first quarter with continued growth in provider onboarding; and United States recurring revenue grew 7.1% year-over-year, driven by expanded high-margin proprietary content footprint, while total U.S. revenue declined 12.1% due to one off revenue in the 2025 first quarter related to the Company’s content and technology project with Caesars Entertainment for its online casino platforms; and Total revenue grew 0.6% year-over-year. Operating Loss, Net Loss and Adjusted EBITDA2: Operating loss for the first quarter was €1.4 million (US$1.7 million), a €0.3 million (US$0.1 million) improvement from an operating loss of €1.7 million (US$1.8 million) in the same period of 2025. Net loss for the first quarter was €1.2 million (US$1.4 million), or €0.05 (US$0.05) per common share, a 55% improvement from a net loss of €2.6 million (US$2.8 million), or €0.11 (US$0.12) per common share, in the same period of 2025. Adjusted EBITDA for the 2026 first quarter was €4.0 million (US$4.6 million), representing an Adjusted EBITDA Margin3 of 15.7%, compared to €4.1 million (US$4.3 million), representing an Adjusted EBITDA Margin of 16.0% in Q1-2025. 1 Results converted from EUR to USD assume an exchange rate of 1.1517 for the three-month period ending March 31, 2026, and assume an exchange rate of 1.0536 for the three-month period ending March 31, 2025. 2,3 Adjusted EBITDA and Adjusted EBITDA Margin are non-IFRS financial measures. For important information on the Company’s non-IFRS financial measures, see "Non-IFRS Financial Measures" below. First Quarter 2026 and Recent Business Highlights: Extended Key Player Account Management ("PAM") Agreement in Europe: Announced the extension of its existing comprehensive Player Account Management ("PAM") platform and turnkey solution agreement with Senator Group, an online casino market leader in Croatia. Chosen as Preferred Content Delivery Partner Across a Multi-Brand, Multi-Jurisdictional Portfolio: Building on an existing relationship between the parties that began in 2020 and has already seen successful launches in Romania, Belgium, Serbia and Brazil, Super Technologies selected bragg as its preferred content delivery partner to support its ambitious strategic expansion plan by providing fast access to quality content, while also delivering on the necessary technical and compliance readiness for demanding regulated territories. Soon thereafter, bragg announced its role in supporting Super Technologies’ successful launch in the regulated Greek market through its flagship brand, Superbet, marking a significant milestone in bragg’s ongoing global expansion strategy. Positioned for Finnish Market Liberalization: Signed a comprehensive PAM platform and turnkey solution agreement with SuomiVeto, a market entrant led by the successful founders of BetCity.nl, that will see bragg provide SuomiVeto access to a vast portfolio of exclusive and aggregated casino games, a fully managed sportsbook, award-winning fuze™ player engagement tools, and comprehensive managed marketing and operational services in the newly regulated Finnish iGaming market, which is scheduled to "go live" for private operators on July 1, 2027. Leapt into an Artificial Intelligence ("AI")-First Future: Initiated the development of the bragg AI brain, a data-driven AI engine designed to power smarter decisions and intelligent products across bragg's ecosystem in order to reduce the Company’s overall cost structure, drive its EBITDA growth, and move it toward sustained net profitability. Strengthened Leadership Team and Changed Board: Appointed Morten Tonnesen as its new Chief Operating Officer, with a mandate that includes driving operational leverage and implementing bragg's ambitious AI-First transformation, and promoted Garrick Morris to the position of Executive Vice President of Global Content, U.S. & Canada, with a focus on content expansion. In addition, Thomas Winter, a gaming industry luminary, was appointed to bragg’s Board of Directors, succeeding Kent Young, who retired from the Board. Executed a Strategic Restructuring to Reduce Cost Structure and Improve Operating Performance: Completed a strategic restructuring, including an approximate 12% reduction of global workforce, designed to realign the organization and thereby improve its overall cost structure, drive its EBITDA growth, and shorten the time required for it to achieve sustained net profitability. The Company incurred restructuring costs related to this action of approximately €0.7 million (US$0.9 million) associated with personnel-related termination costs in the first quarter of 2026, and it anticipates annualized cash savings from its staff reductions and other restructuring efforts to be approximately €4.5 million (US$5.2 million). Ensured Greater Board Alignment with Shareholders: From January 1, 2026, fees are being paid to directors exclusively in deferred share units (DSUs) on a monthly basis (with no cash alternative). Entered into Agreement for a Transformational Acquisition: Earlier today, announced entering into a binding agreement to acquire Drayton International ("Drayton"), a diversified gaming technology and content platform. In conjunction with the closing of the transaction, renowned gaming entrepreneur, Matthew Davey, will join the Company’s Board as Non-Executive Chairman, further strengthening the Company’s leadership as it executes its next phase of growth. Matevž Mazij, Chief Executive Officer for bragg, commented, "We continued to execute well across our business in the first quarter. But in many ways, I believe we are only just approaching the starting line as we work to complete our potentially transformative transaction with Drayton, which we believe will position bragg to lead the future of the global gaming industry with the right team, the best technology, a refreshed brand, and a clear ‘games-first’ focus." For additional information on bragg’s acquisition of Drayton, including information regarding forward-looking statements and risk factors related to the transaction with Drayton, please refer to the Company’s press release dated May 14, 2026, a copy of which is available under the Company’s SEDAR+ profile at www.sedarplus.ca and under the Company’s EDGAR profile at www.sec.gov/search-filings. 2026 Outlook The Company continues to anticipate full year 2026 revenue between €97.0 million and €104.5 million and Adjusted EBITDA of €16.0 million to €19.0 million (representing an Adjusted EBITDA Margin of 16.0% to 18.0%). bragg noted that these amounts do not include any potential revenue and/or Adjusted EBITDA impacts from the planned Drayton acquisition. Investor Conference Call The Company will host a conference call today at 8:30 a.m. Eastern, and management will discuss the financial and operational performance of the company. A presentation of these results will be made available to download at: https://investors.bragg.group/events-and-presentations/presentations/default.aspx To join the call, please use the below dial-in information: USA / International Toll +1 (585) 542-9983 USA / Canada Toll-Free +1 (833) 461-5787 Canada Toll +1 (365) 657-4084 United Kingdom Toll +44 117 389 0104 United Kingdom Toll Free +44 808 196 8935 Conference ID: 267144801 The call will also be broadcast live and archived on the Company's website in the Investors section here. About bragg Bragg Gaming Group, "bragg" (NASDAQ: BRAG, TSX: BRAG) crafts igaming environments that elevate player experiences. By combining battle-tested regulatory expertise with smart technology and captivating games and gaming worlds, bragg delivers a proven revenue engine for operators and an unforgettable experience for players. The bragg product suite includes: casino games: Featuring bragg studios game experiences, as well as aggregated and bespoke IP crafted for bragg by partner studios. fuze™: Real-time behavioural intelligence that maps player journeys to reduce churn and maximize lifetime value. bragg hub: A single integration aggregating the industry's best games from bragg’s premium in-house studios and third-party games houses. bragg PAM: A proven, scalable platform that simplifies operations across markets. Licensed and operational in 30+ regulated markets globally, including the U.S., Canada, LatAm, and Europe, bragg is engineered for igaming players and built for operator growth. Cautionary Statement Regarding Forward-Looking Information This news release may contain forward-looking information and statements (collectively, "forward-looking statements") within the meaning of applicable securities laws in Canada and the U.S., including financial and operational expectations and projections. These statements, other than statements of historical fact, are based on management’s current expectations and projections and are subject to a number of risks, uncertainties, and assumptions, including market and economic conditions, business prospects or opportunities, future plans and strategies, projections, technological developments, anticipated events and trends and regulatory changes that affect the Company, its subsidiaries and their respective customers and industries. Although the Company and management believe the expectations and projections reflected in such forward-looking statements are appropriate and are based on reasonable assumptions and estimates as of the date hereof, there can be no assurance that these assumptions or estimates are accurate or that any of these expectations and projections will prove accurate. Forward-looking statements are inherently subject to significant business, regulatory, economic and competitive risks, uncertainties and contingencies that could cause actual events to differ materially from those expressed or implied in such statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "would", "should", "believe", "objective", "ongoing", "imply" or the negative of these words or other variations or synonyms of these words or comparable terminology and similar expressions. All forward-looking statements contained in this news release or the conference call reflect the Company’s beliefs and assumptions based on information available at the time the statements were made. Actual results or events may differ from those predicted in these forward-looking statements. All of the Company’s forward-looking statements are qualified by the assumptions that are stated or inherent in such forward-looking statements, including the assumptions listed below. Although the Company believes that these assumptions are reasonable, this list is not exhaustive of factors that may affect any of the forward-looking statements. The key assumptions that have been made in connection with the forward-looking statements include the regulatory regime governing the business of the Company; the operations of the Company; the products and services of the Company; the Company’s customers; the growth of the Company’s business, meeting minimum listing requirements of the stock exchanges on which the Company’s shares trade; the integration of technology; and the anticipated size and/or revenue associated with the gaming market globally. Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the following: risks related to the Company’s business and financial position; that the Company may not be able to accurately predict its rate of growth and profitability; risks associated with general economic conditions; adverse industry events; future legislative and regulatory developments; the inability to access sufficient capital from internal and external sources; the inability to access sufficient capital on favorable terms; realization of growth estimates, income tax and regulatory matters; the ability of the Company to implement its business strategies; competition; economic and financial conditions, including volatility in interest and exchange rates, commodity and equity prices; changes in customer demand; disruptions to the Company’s technology network including computer systems and software; natural events such as severe weather, fires, floods and earthquakes; any disruptions to operations as a result of the strategic alternatives review process; and risks related to health pandemics and the outbreak of communicable diseases. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise, except in accordance with applicable securities laws. Non-IFRS Financial Measures To supplement its Interim Financial Statements presented in accordance with IFRS, the Company considers certain financial measures and metrics that are not prepared in accordance with IFRS. The Company uses such non-IFRS financial measures and metrics in evaluating its operating results and for financial and operational decision-making purposes. The Company believes that such measures and metrics help identify underlying trends in its business that could otherwise be masked by the effect of the expenses that it excludes in such measures. The Company also believes that such measures provide useful information about its operating results, enhance the overall understanding of its past performance and future prospects and allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making. However, these measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with IFRS. There are a number of limitations related to the use of such non-IFRS measures as opposed to their nearest IFRS equivalents. Accordingly, these non-IFRS measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. The Company uses the non-IFRS financial measures and metrics "EBITDA", "Adjusted EBITDA" and "Adjusted EBITDA Margin", each as defined below in this news release. The most directly comparable financial measure to each of EBITDA and Adjusted EBITDA is Net Loss. These non-IFRS measures are used to provide investors with supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures. The Company also believes that securities analysts, investors and other interested parties frequently use non-IFRS measures in the evaluation of issuers. The Company’s management uses non-IFRS measures in order to facilitate operating performance comparisons from period to period, to prepare annual operating budgets and forecasts and to determine components of management compensation. The Company defined such non-IFRS measures as follows: "EBITDA" means as net income (loss) plus interest, taxes, depreciation and amortization; provided that all revenue, costs and expenses shall be recorded on an accrual basis. The Company’s method of calculating EBITDA may differ from the method used by other issuers and, accordingly, the Company’s EBITDA calculation may not be comparable to similarly titled measures used by other issuers. "Adjusted EBITDA" means EBITDA after: (i) adding back share based compensation; (ii) deducting lease payments recorded as a depreciation of right-of-use assets and lease interest expense; (iii) adding back or deducting gain (loss) on lease modification; (iv) adding back or deducting gain (loss) on re-measurement of deferred consideration; (v) adding back certain exceptional costs; (vi) adding back transaction and acquisition costs; and (vii) adding back or deducting gain (loss) on disposal of tangible assets. "Adjusted EBITDA Margin" means Adjusted EBITDA divided by revenue. A reconciliation of operating loss to EBITDA and Adjusted EBITDA is as follows in this news release as well as in the Company’s Management’s Discussion and Analysis ("MD&A") for the quarter ended March 31, 2026. Future Oriented Financial Information This news release and, in particular the information in respect of bragg’s prospective revenues and Adjusted EBITDA may contain future oriented financial information ("FOFI") within the meaning of applicable securities laws. The FOFI has been prepared by management to provide an outlook on bragg’s proposed activities and potential results and may not be appropriate for other purposes. The FOFI has been prepared based on a number of assumptions, including assumptions with respect to customer growth and market expansion. bragg and its management believe that the FOFI has been prepared on a reasonable basis, reflecting management’s best estimates and judgments; however, the actual results of operations of bragg and the resulting financial results may vary from the amounts set forth herein and such variations may be material. FOFI contained in this news release was made as of the date of this news release and bragg disclaims any intention or obligation to update or revise any FOFI contained in this news release, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law. Join bragg on social media Twitter LinkedIn Facebook Instagram View source version on businesswire.com: https://www.businesswire.com/news/home/20260514578323/en/ Contacts For investor relations, please contact: Stephen Kilmer +1 (646)-274-3580 [email protected]

TORONTO, May 04, 2026--(BUSINESS WIRE)--Bragg Gaming Group (NASDAQ: BRAG, TSX: BRAG) ("Bragg" or the "Company"), a leading iGaming content and platform technology solutions provider, today confirmed that it will release its first quarter 2026 financial results prior to the opening of the financial markets on Thursday, May 14, 2026. The release will be followed by a conference call at 8:30 a.m. Eastern Time, during which Bragg Chief Executive Officer, Matevž Mazij, and Chief Financial Officer, Robbie Bressler, will discuss the Company’s financial results and provide a business update. To join the live call by telephone, please use the below dial-in information: Participant Dial-In Numbers USA / International Toll +1 (585) 542-9983 USA / Canada Toll-Free +1 (833) 461-5787 Canada Toll +1 (365) 657-4084 United Kingdom Toll +44 117 389 0104 United Kingdom Toll Free +44 808 196 8935 Conference ID: 267144801 The call will also be broadcast live and archived on the Company's website in the Investors section here. About Bragg Gaming Group Bragg Gaming Group (NASDAQ: BRAG, TSX: BRAG) is a leading iGaming content and platform technology solutions provider serving online casino, sports betting and lottery operators with its proprietary, exclusive and aggregated casino games content, and its cutting-edge player account management ("PAM") and player engagement technology. Bragg Studios offer high-performing and passionately crafted casino game titles using the latest in data-driven insights from in-house brands including Wild Streak Gaming, Atomic Slot Lab and Indigo Magic. Its proprietary content portfolio is complemented by a selection of exclusive titles from carefully selected casino games studio partners under the Powered by Bragg program. Games built on Bragg’s remote games server ("RGS") technology are distributed via the Bragg HUB content delivery platform and are available exclusively to Bragg customers. Bragg’s powerful, modular PAM technology powers multiple leading iGaming brands and is supported by expert in-house managed, operational, and marketing services. Online casino games and products delivered via the Bragg HUB, either exclusively or from Bragg's extensive aggregated casino games portfolio, are managed from a single back-office, with a cutting-edge data platform, and Bragg’s award-winning Fuze™ player engagement toolset. Bragg is licensed, certified, or otherwise approved and operational in over 30 regulated iGaming markets globally, including in the U.S., Canada, LatAm and Europe. Join Bragg on Social Media LinkedIn X / Twitter Instagram Facebook View source version on businesswire.com: https://www.businesswire.com/news/home/20260504090265/en/ Contacts For investor enquiries, please contact: Stephen Kilmer +1 (646)-274-3580 [email protected]

This article first appeared on GuruFocus. Release Date: March 19, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Bragg Gaming Group Inc (NASDAQ:BRAG) reported a 55% year-over-year revenue growth in the USA and 42.1% in Brazil, highlighting strong performance in key markets. The company achieved a 20.8% year-over-year growth in proprietary content, which is a high-margin product contributing to expanding profitability. Bragg Gaming Group Inc (NASDAQ:BRAG) successfully launched exclusive content with major clients like Caesars Entertainment in West Virginia, enhancing its U.S. market presence. The company is focusing on geographic and product diversification, with 76% of projected 2026 revenue expected to come from non-Netherlands markets. Bragg Gaming Group Inc (NASDAQ:BRAG) is implementing AI-driven initiatives to enhance operational efficiency and drive cost savings, positioning itself as an AI-first company. Revenue from the Netherlands decreased by 4.6% year-over-year due to regulatory changes, impacting overall revenue growth. The company anticipates incurring restructuring costs of approximately EUR1 million in Q1 2026 due to a 12% global workforce reduction. Bragg Gaming Group Inc (NASDAQ:BRAG) expects lower overall revenues in 2026, primarily due to challenges in the Netherlands market. The company faces headwinds from increased taxes in the Netherlands, affecting profitability in that region. Despite growth in other markets, the Netherlands' regulatory environment continues to pose challenges, with a significant customer, BetCity, expected to migrate off Bragg's platform in 2026. Warning! GuruFocus has detected 1 Warning Sign with BRAG. Is BRAG fairly valued? Test your thesis with our free DCF calculator. Q: Could you confirm the growth in proprietary content and what does the pipeline look like for the year? A: Robert Bressler, CFO: In 2025, proprietary content accounted for 16.6% of revenue, totaling EUR4.3 million in Q4. This is up from EUR3.6 million in Q4 2024. We expect this trend to continue, accelerating margins through 2026. The cadence of game production will remain similar, focusing on maximizing lifetime values for operators. Q: Was the record growth in the U.S. market in Q4 driven by proprietary IP, or were there other factors? A: Robert Bressler, CFO: The growth was primarily driven by proprietary and exclusive content, which are high-margin products. The U.S. iCasino market is growing rapidly, with significant year-over-year increases in states like New Jersey and Pennsylvania, and we are well-positioned to capitalize on this growth. Q: Regarding cost savings, when will the benefits start impacting operating expenses? A: Robert Bressler, CFO: The benefits of the cost savings, amounting to EUR4.5 million annually, start immediately and are included in our guidance. The one-time restructuring expense of EUR1 million will be recorded in Q1 2026. Q: Can you provide a geographic revenue mix for the Netherlands, U.S., and Brazil for 2026? A: Robert Bressler, CFO: In 2025, Brazil's revenue exceeded 10% of total revenue, and we expect double-digit growth in 2026, focusing on margin-accretive products. The U.S. market will also see steady double-digit growth, driven by proprietary and exclusive content. Q: How should we interpret the revenue guidance considering the Netherlands' headwinds? A: Robert Bressler, CFO: Excluding the Netherlands, we expect close to double-digit growth in other markets. The Netherlands faces challenges like BetCity's migration and tax increases, but our business in key jurisdictions is growing steadily. For the complete transcript of the earnings call, please refer to the full earnings call transcript.