Bragg Gaming Group Inc. · TSX:BRAG
Bragg Gaming — Q2 2025 Earnings Presentation
21 slides from Bragg Gaming's earnings presentation, Aug 14, 2025
Slide 1: Second Quarter 2025 Results Presentation
NASDAQ: BRAG | TSX: BRAG Second Quarter 2025 Results Presentation August 2025
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains certain "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") which are based upon Bragg Gaming Group Inc.'s (the "Bragg") current internal expectations, estimates, projections, assumptions an
Slide 3: Table of Contents
Table of Contents • Who We Are • Second Quarter Performance Highlights • Second Quarter & Recent Operational Updates • Financials • Commentary on Strategy & Operations • Outlook & Summary • 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: Second Quarter Performance Highlights
Second Quarter Performance Highlights .01 .04 +4.9% revenue growth overall; EUR 2.6m positive cash flow from +21% revenue growth factoring second quarter operations (v. EUR 0.7m out Netherlands contraction1 outflow in the same period last year) .02 .05 +44% increase in high margin EUR 2.0m annualize
Slide 6: Second Quarter & Recent Operational Updates
Second Quarter & Recent Operational Updates Content & AI New Business Strength in Leadership Corporate • Strategic investment in Brazilian • Bragg to deliver a series of • Former Aristocrat, Konami and • €2m annualized synergies specialist online casino studio exclusive online casino games for Aruze
Slide 7: Financials
Financials 7
Slide 8: Financial Overview
Financial Overview 2Q25 Key Metrics Revenue (EUR,m) 29.0 27.2 +4.9% +10.8% 27.0 25.0 23.8 24.9 26.2 25.5 26.1 YoY Q2 increase in Revenue YoY Q2 increase in Gross Profit 23.0 21.0 19.0 +280 bps -4.3% YoY Q2 decrease in Adjusted EBITDA 17.0 15.0 YoY Q2 increase in Gross Profit Margin % 1Q24 2Q24 3Q24
Slide 9: Second Quarter 2025 Product Mix
Second Quarter 2025 Product Mix • In 2Q25, PAM & Turnkey revenue was Product Mix Continues to Evolve EUR 3.8m and represented 14.6% of total 100% revenue, compared to EUR 4.9m and 19.9% 90% 10.2% 10.8% 11.9% 13.3% 15.5% 14.8% in 2Q24 80% 20.6% 19.7% 17.3% 17.9% 19.1% 21.2% • Aggregated content reven
Slide 10: Commentary on Strategy & Operations
Commentary on Strategy & Operations 10
Slide 11: 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 • +44% Proprietary Content revenue growth YoY to EUR Quarterly Proprietary Content Revenue By Release Quarter 3.9 million in 2Q25 €3.9m €3.9m • 20
Slide 12: Rapid Bragg Growth in the Growing U.S. Online Casino Market
Rapid Bragg Growth in the Growing U.S. Online Casino Market • +27% US market growth YoY; online casino & sports betting 1 combined1 GGR Growth GGR theGrowth in3,500,000,000 in the1 United States United States 30, 000, 000 • +31% market increase in U.S. online casino YoY (vs. -8% 3,000,000,000 contra
Slide 13: Brazil Market Update
Brazil Market Update • Launched on first day of regulated market opening, January 1, 2025 • Exclusive partnership with and investment in specialist Brazilian games studio RapidPlay, Powered by Bragg • 56% YoY proforma revenue growth, in 2Q25 compared to 2Q241 • Strategically positioned in Brazil’s U
Slide 14: Shifting Reliance: Reducing Risk Through Revenue Diversification
Shifting Reliance: Reducing Risk Through Revenue Diversification Total Netherlands market exposure projected to reduce to 32% in FY 2025, with lower-margin BetCity revenue projected at 17% • Revenue from the Netherlands has Total Revenue, EUR m; % Netherlands; % BetCity dropped significantly from 49
Slide 15: Strategic Shift to Exclusive & Owned Content Sets Stage for Margin Growth
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 49% of Revenue 21% of Revenue 15% of Revenue • Entry point with operators • Royalties sha
Slide 16: Where Are We Going – The 2027 AI Vision
Where Are We Going – The 2027 AI Vision By 2027, Bragg's vision is to be an "AI-First" company, transforming its core by embedding AI as a foundational capability. Our goal is to be a strategic innovator and leader in responsible AI adoption, not just a tech follower. The strategy is built on four k
Slide 17: Investment Highlights: Well-Placed to Capture Value in Regulated Markets
Investment Highlights: Well-Placed to Capture Value in Regulated Markets NASDAQ-listed specialist Expanding profile in US as tier 1 Substantial value creation ahead; regulated iGaming market iCasino partner (DraftKings, Fanduel, $100M EV at 5.0x EBITDA - well supplier with global reach BetMGM, Caesa
Slide 18: Gaming sector M&A exits at ~14x EBITDA vs. BRAGG's 5.0x
Gaming sector M&A exits at ~14x EBITDA vs. BRAGG’s 5.0x Acquiror Target Date Q2 2024 Q3 2023 Q3 2022 Q2 2022 Q2 2022 Q3 2021 Q2 2021 Q2 2021 Q4 2020 Q3 2019 Median Upfront $1.80bn €150m €200m €160m $7m $40m €80m €220m €1.86bn €179m Consideration Max Total $1.80bn €150m €340m €160m $11m $70m €320m €4
Slide 19: Outlook & Summary
Outlook & Summary .01 .04 2Q25 revenue rises 4.9% to Positive cash flow, with (21% ex NL1) EUR 26.1 million EUR 2m annualized (USD 30.6 million) synergies realized .02 .05 2Q25 AEBITDA2 fell Increasing Adjusted EBITDA margin (4.4)% to EUR 3.5 million projected in H2 2025 resulting from (USD 4.1 mill
Slide 20: Thank you
Thank you 20
Slide 21: Appendix: Adjusted EBITDA Reconciliation
Appendix: Adjusted EBITDA Reconciliation Reconciliation of Operating Income (Loss) to Adjusted EBITDA Three Months Ended June 30, EUR 000 2025 2024 Net Loss (1.829) (2.400) Income taxes expenses (recovery) (533) 255 Loss Before Income Taxes (2.362) (2.145) Net interest expense and other financing ch