Bragg Gaming Group Inc. · TSX:BRAG
Bragg Gaming — Q3 2025 Earnings Presentation
16 slides from Bragg Gaming's earnings presentation, Nov 13, 2025
Slide 1: Third Quarter 2025 Results Presentation
NASDAQ: BRAG | TSX: BRAG Third Quarter 2025 Results Presentation November 2025
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains certain "forward-looking informati on" and "forward-looking statements" (collectively, "forward-looking statements") which are based upon Bragg Gaming Group Inc.'s (the "Bragg") current internal expectations, esti mates, projections, assumptions
Slide 3: Table of Contents
Table of Contents • Who We Are • Third Quarter Performance Highlights • Third Quarter & Recent Operational Updates • Financials • Commentary on Strategy & Operations • Summary & Outlook • Appendix: Adjusted EBITDA Reconciliation NASDAQ: BRAG | TSX: BRAG
Slide 4: Who We Are
.01 WE CREATE & DELIVER CASINO GAMES Who Delivering cutting-edge proprietary content as well as top-tier online casino games from third-party studios We Are .02 WE EMPOWER OPERATORS TO LAUNCH & SCALE Empowering operators to seamlessly launch, run, scale, and optimize their casino, sports betting and
Slide 5: Third Quarter Performance Highlights
Third Quarter Performance Highlights .01 .04 Record third quarter revenue Successful launch of bespoke in focus markets: U.S.(+86%) & online casino games developed Brazil (+80%)1 for Hard Rock Bet Casino .02 .05 +35% increase in high margin Secured a $6 million revolving credit proprietary content r
Slide 6: Financials
Financials 6
Slide 7: Financial Overview
Financial Overview 3Q25 Key Metrics Revenue (EUR,m) 27.2 +2% +5% 26.8 26.2 26.1 YoY 3Q increase in Revenue YoY 3Q increase in Gross Profit 25.5 24.9 +115 bps +9% YoY 3Q increase in Adjusted EBITDA YoY 3Q increase in Gross Profit Margin % 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Gross Profit (EUR,m) Adjusted EB
Slide 8: Third Quarter 2025 Product Mix
Third Quarter 2025 Product Mix • In 3Q25, PAM & Turnkey revenue was EUR Product Mix Continues to Evolve 4.7m and represented 17.7% of total revenue, 10.8% 11.9% 13.3% 15.5% 14.8% 15.7% compared to EUR 5.7m and 21.8% in 3Q24 19.7% 17.3% 17.9% 14.4% • Aggregated content revenue was 52.2% of 19.1% 21.2
Slide 9: Commentary on Strategy & Operations
Commentary on Strategy & Operations 9
Slide 10: Proprietary Content Delivers Compounding High-Margin Revenues
Proprietary Content Delivers Compounding High-Margin Revenues Once launched, games can remain popular for years, generating recurring, long-term revenues • +35% Proprietary Content revenue growth YoY to EUR 4.2 million in 3Q25 • Half of all Bragg proprietary content revenue in 3Q25 was Quarterly Pro
Slide 11: Brazil Market Update
Brazil Market Update • Launched on first day of regulated market opening, January 1, 2025 • 80% YoY proforma revenue growth, in 3Q25 compared to 3Q241 • Exclusive partnership with and investment in specialist Brazilian games studio RapidPlay, Powered by Bragg • Strategically positioned in Brazil’s U
Slide 12: Improving Revenue Diversification
Improving Revenue Diversification Markets outside of the Netherlands projected to increase to 68% of all revenue in FY 2025 • Revenue diversification has improved Total Revenue, Netherlands v Non-Netherlands, EUR m significantly from 51% non-NL revenue in 2022 to a projected 68% non-NL revenue €102.
Slide 13: Shift in Revenue Concentration
Strategic Shift to Exclusive & Owned Content Sets Stage for Margin Growth (Lowest Margin) (Medium Margin) (Highest Margin) Aggregated Content Exclusive Content Proprietary Content Shift in Revenue Concentration 52% of Revenue 14% of Revenue 16% of Revenue • Entry point with operators • Royalties sha
Slide 14: Summary & Outlook
Summary & Outlook .01 .04 Record third quarter revenue Product mix and margin in focus markets: U.S.(+86%) improvements deliver & Brazil (+80%)1 operational leverage .02 .05 +35% increase in high margin On target YoY Revenue & proprietary content revenue1, AEBITDA growth, of 2% & 9% driven by U.S. g
Slide 15: Thank you
Thank you 15
Slide 16: Appendix: Adjusted EBITDA Reconciliation
Appendix: Adjusted EBITDA Reconciliation Reconciliation of Operating Income (Loss) to Adjusted EBITDA Three Months Ended September 30, EUR 000 2025 2024 Net Loss (2,305) (165) Income taxes expenses (recovery) 886 (1,089) Loss Before Income Taxes (1,419) (1,254) Net interest expense and other financi