Bragg Drops 2026 Forecast After Weak Second Quarter

Bragg Gaming Group will no longer give full-year guidance for 2026. Q2 revenue fell 12%, and the recent Drayton acquisition has made the remaining months harder to forecast.

Revenue was €22.9 million in the three months ended June 30. A year earlier, Bragg reported €26.1 million. Several other figures from the quarter moved in different directions:

Revenue. €22.9m, down 12%;
Adjusted EBITDA. €3.5m, almost unchanged year-on-year;
Adjusted EBITDA margin. 15%, against 13% in Q2 2025;
Net loss. €2.9m, up from €1.8m.

Netherlands Pulls Revenue Lower

The largest setback came from the Netherlands. Bragg said revenue from the country dropped 14% as customers finished moving away from older platform contracts.

Brazil was flat. Some operators there have also been changing how they connect with game suppliers, choosing direct integrations instead of Bragg’s platform.

There was a stronger result in Canada and the US. Proprietary content revenue from the two markets was 44% higher than a year ago. It also rose 25% from the first quarter.

That growth was not enough to offset the decline elsewhere.

Bragg Keeps Cutting Costs

Adjusted EBITDA held up better than revenue. Bragg reported €3.5 million for Q2, close to last year’s result.

The company has made two rounds of workforce cuts this year:

January – about 12% of staff, with roughly €4.5 million in expected annual savings;
July – about 19% of staff, targeting another €6 million a year.

The accounts were mixed. Operating loss narrowed to €1.9 million from €2.3 million, while net loss increased to €2.9 million. That worked out at a loss of €0.11 per share.

Chair Matt Davey said cash generation would be the first measure of whether the restructuring is working. Revenue growth, he indicated, would take longer.

Drayton Deal Ends the Old Forecast

Bragg closed its $9 million acquisition of Drayton International on July 22. The all-share transaction brought additional studios, distribution operations and technology into the group. It also made Bragg’s previous 2026 forecast less useful.

Management said there is not yet enough operating history for the enlarged company to issue a reliable full-year view. The earlier forecast had put annual revenue at €97 million to €104.5 million, with adjusted EBITDA between €16 million and €19 million.

Bragg had already been running below the lower end of that revenue range before withdrawing the guidance.

North America Now Carries More Weight

The second half will give a clearer picture of whether the cuts are enough. Bragg has already taken a sizable amount out of its cost base, but revenue is still shrinking in parts of the platform business.

For now, North American content is doing much of the growing. If that continues while Dutch platform revenue falls away, Bragg’s business mix could look quite different by year-end.