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NASDAQ: BRAG | TSX: BRAG Third Quarter 2025 Results Presentation November 2025
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2 NASDAQ: BRAG | TSX: BRAG 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 expec tations, esti ma tes,projections, assumptions and beliefs which are inherently subject to signifi cant business, economic and competitive uncertainties and conti ngencies, many of which are beyond Bragg' s control and many of which are subject to change . Such forward -looking informati on may include informati on regarding Bragg' s financial position, business strategy, growth strategies, the status of currently planned acquisitions, addressable markets, budgets, operations, financial results, financial targets and expansion plans. In some cases, such statements can be identified by the use of forward -looking terminology such as "expect", "li kely", "may", "wi ll", "should", "would", "i ntend", or "anticipate", "potentia l", "proposed", "estimate" and other similar words, including negative and grammatical vari ations thereof, or statements that certain events or conditions "may" or "wi ll" happen, or by discussions of strategy . Forward-looking statements include esti mates, plans, expectations, opinions, forecasts, projections, targets, guidance, or other statements that are not statements of historical fac t. Although Bragg believes that the expectations reflected in the forward -looking statements are reasonable, there can be no assurance that such expectations will prove to be correct . Bragg is unable to guara ntee future results, levels of activity, performa nce or achievements and investors should not place undue reli ance on forward -looking statements due to the inherent uncertainty therein. Moreover, neither Bragg nor any other person assumes responsibility for the outcome of the forward -looking statements . Many of the risks and other factors which could cause results to differ materially from those expressed in the forward -looking statements contained in this presentation are beyond the control of Bragg. The risks and other factors include, but are not limited to: regulatory landscape and potential regulatory changes in signifi cant jurisdictions in which Bragg operates or plans to opera te; concentrated customer base accounts for signifi cant portion of revenues of Bragg; competition and changes in the competitive landscape ; reli ance on top customers and key personnel and employees ; the completion of strategic acquisitions by Bragg and management of growth ; reli ance on strategic alli anc esand relationshi ps with third party network infrastructure developers, key suppliers, and servi ce platform vendors; new business areas and geographic markets; legal status of real-money gaming and changes to and interpretations of laws and regulations ; intrusion or other security breaches, cyberattacks, or cybercri me; the costs and potential impact of obtai ning all necessary regulatory approvals, and complying with exi sting and proposed laws in a heavily regula ted industry ; the plans, costs, and timing for future research and development of Bragg' s current and future technologies, including addi tional platforms ; deriving revenue from players located in jurisdictions in which Bragg does not hold a license, and the impact of customers' operations in unregulated or prohibited jurisdictions ; projections of market prices and costs; expected revenues and the ability to attain profitability ; expectations regarding the ability to rai secapital on acceptable terms; access to payment processors and currency, exchange and interest rates; Bragg' s management and protection of intellec tua lproperty and other proprietary rights; changes in, or in the interpretation of, legislati on with respect to Bragg' s tax liabiliti es and changes in taxa tion regimes ; prices and price volatility of Bragg' s products ; money laundering and fraudulent activity ; disruptions to markets, economic ac tivity, financing, and supply chains, and a deterioration of general economic conditions . Readers are cautioned that the foregoing list of such risks and factors is not exhaustive and that addi tional informati on on these and other factors that could affect the Company' s operations or financial results are contained in Bragg' s documents filed under its profile at www.sedarplus .ca, including Bragg' s Annual Informati on Form for the year ended December 31, 2024 and Management's Discussion and Analysi s for each of the year ended December 31, 2024 and the three-month period ended September 30, 2025 (the "Annual MD&A" and "I nteri mMD&A", respectively) . The forward -looking statements set forth herein reflect Bragg' s expec tations as at the date of this presentation and is subject to change after such date. Bragg disclai ms any intention or obligation to update or revi se any forward -looking statements, whether as a result of new informati on, future events or otherwi se, other than as requi redby law. Forward-looking informati on and other informati on contained herein concerning management's general expectations concerning the gaming industry are based on esti mates prepared by management using data from publicly available industry sources as well as from market research and industry analysis and on assumptions based on data and knowledge of this industry which management believes to be reasonable . However, this data is inherently imprecise, although generally indicative of relative market positions, market shares and performance characteristi cs. While management is not aware of any misstatements regarding any industry data presented herein, industry data is subject to change based on vari ousfactors . Non-IFRS Measures This presentation makes reference to certain non-IFRS measures, including Adjusted EBITDA and EBITDA. These measures are not recognized mea sures under IFRS and do not have a standardized meaning prescribed by IFRS and are therefore not necessarily comparable to similar measures presented by other companies . Rather, these measures are provided as addi tional informati on to complement those IFRS measures by providing further understanding of our results of operations from management's perspective . Accordi ngly, these measures should not be consi dered in isolation nor as a substitute for analysis of our financial informati on reported under IFRS. These non-IFRS measures and metrics are used to provide investors with supplemental measures of Bragg' s operating performa nce and liquidity and thus highlight trends in our business that may not otherwi se be appa rent when relying solely on IFRS measures . Bragg also believes that sec uriti esanalysts, investors and other interested parties frequently use non-IFRS measures, including industry metrics, in the evaluation of companies in our industry . Management also uses non-IFRS measures and industry metrics in order to facilitate operating performance comparisons from period to period, the preparation of annual operating budgets and forecasts and to determine components of executive compensati on. See related disclosure in Bragg' s Annual MD&A (including under the heading "Limitati ons of Key Metrics and Other Data"). Forward Looking Statements
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NASDAQ: BRAG | TSX: BRAG 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
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4 Who We Are WE CREATE & DELIVER CASINO GAMES Delivering cutting -edge proprietary content as well as top-tier online casino games from third -party studios.01 .02 .03 WE ENHANCE THE END USER EXPERIENCE Leveraging advanced analytics and powerful AI to enhance player engagement, maximize revenue potential, and drive smarter, more efficient iGaming operations WE EMPOWER OPERATORS TO LAUNCH & SCALE Empowering operators to seamlessly launch, run, scale, and optimize their casino, sports betting and lottery sites for maximum success
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5 NASDAQ: BRAG | TSX: BRAG Third Quarter Performance Highlights Record third quarter revenue in focus markets: U.S.(+86%) & Brazil (+80%)1 Continued optimization of cost structure delivering operational leverage +35% increase in high margin proprietary content revenue1, driven by U.S. growth Secured a $6 million revolving credit facility with the Bank of Montreal underscoring creditworthiness +20% overall revenue growth factoring out Netherlands contraction2 .01 .04 .02 .05 .03 .06 1. Compared to same period last year 2. Excluding revenue derived from Bragg's customers licensed and operating in the Netherlands jurisdiction Successful launch of bespoke online casino games developed for Hard Rock Bet Casino
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6 Financials
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7 Revenue (EUR,m) 24.9 26.2 27.2 25.5 26.1 26.8 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Adjusted EBITDA (EUR,m) 3.6 4.1 4.7 4.1 3.5 4.4 14 .5% 15.6% 17.2% 16.0% 13.3% 16.6% 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Gross Profit (EUR,m) 12.4 14.0 15.8 14,3 13.7 14.7 49.9% 53.5% 58.0% 56.0% 52.7% 54.7% 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Financial Overview 3Q25 Key Metrics YoY 3Q increase in Adjusted EBITDA +2% YoY 3Q increase in Revenue +115 bps YoY 3Q increase in Gross Profit Margin % +9% +5% YoY 3Q increase in Gross Profit
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8 NASDAQ: BRAG | TSX: BRAG Third Quarter 2025 Product Mix Product Mix Continues to Evolve CONTINUED IMPROVED PROFIT MARGINS PROJECTED IN 2026 DERIVED FROM STRATEGIC CHANGES TO PRODUCT MIX • In 3Q25, PAM & Turnkey revenue was EUR 4.7m and represented 17.7% of total revenue, compared to EUR 5.7m and 21.8% in 3Q24 • Aggregated content revenue was 52.2% of 3Q25 revenue, compared to 49.0% of revenue in 3Q24 • Proprietary content represents 15.7% of total 3Q25 revenue, up from 11.9% of revenue in 3Q24, led by continued U.S. market momentum 19.9% 21.8% 23.9% 20.5% 14.6% 17.7% 49.6% 49.0% 45.0% 45.0% 49.4% 52.2% 19.7% 17.3% 17.9% 19.1% 21.2% 14.4% 10.8% 11.9% 13.3% 15.5% 14.8% 15.7% 49.9% 53.5% 58.0% 56.0% 52.7% 54.7% 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 PAM & Turnkey Aggregated 3rd Party Exclusive 3rd Party Proprietary Content Gross Profit Margin
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9 Commentary on Strategy & Operations
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10 NASDAQ: BRAG | TSX: BRAG REGULAR PROPRIETARY GAME RELEASES EACH QUARTER COMPOUND THE REVENUE IMPACT & VALIDATE CONTENT AND RELEASE STRATEGY 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 in the fast-growing U.S. market, which is projected to grow at a CAGR of 26% for the next five years1 • 30% of 3Q25 Proprietary Content revenue comes from titles released in 2025, reflecting continued success of new game launches • 70% of 3Q25 Proprietary Content revenue is from titles launched pre-2025, demonstrating strong longevity and long-term value Quarterly Proprietary Content Revenue By Release Quarter 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 3Q25 2Q25 1Q25 4Q24 3Q24 2Q24 <2Q24 €3.9m€3.9m €3.6m €3.1m €2.7m €4.2m 1. 2025e-2030e Compound Annual Growth Rate (CAGR) for U.S. onshore interactive casino Gross Win, according to H2 Gambling Capital estimates, November 6, 2025
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11 NASDAQ: BRAG | TSX: BRAG 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 USD 3.2 billion iGaming market 2 • Market projected to surge to USD 5.1 billion by 2030 2 • Brazil projected at ~10% of revenue in 2025 1. In 2024 Bragg was a supplier to certain operators in the pre-regulated Brazilian iGaming market. 2. According to H2 GamblingCapital estimates for onshore interactive casino gross win
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12 NASDAQ: BRAG | TSX: BRAG Total Revenue, Netherlands v Non -Netherlands, EUR m UNITIED STATES, BRAZIL AND OTHER MARKETS OUTSIDE OF THE NETHERLANDS PROJECTED TO CONTINUE TO DRIVE REVENUE & MARGIN GROWTH IN2026 AND BEYOND Improving Revenue Diversification Markets outside of the Netherlands projected to increase to 68% of all revenue in FY 2025 • Revenue diversification has improved significantly from 51% non-NL revenue in 2022 to a projected 68% non-NL revenue in 2025 • While growth is focused elsewhere, Bragg remains a market-leading supplier in the Netherlands • BetCity.nl expected to migrate off Bragg PAM in H1 2026 • Minor impact to Bragg bottom line anticipated from this migration in 2026 due to BetCity.nl margin profile - 0. 20 0. 40 0. 60 0. 80 1. 00 €0 . 0 m €2 0. 0m €4 0. 0m €6 0. 0m €8 0. 0m €1 00. 0m 2022 2023 2024 2025 NL revenue Non-NL revenue % NL % Non-NL €84.7m €93.5m €102.0m €107.3m 49% 51% 45% 55% 40% 60% 32% 68%
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13 NASDAQ: BRAG | TSX: BRAG 14% of Revenue • Royalties shared with external studios • Bragg is exclusive distributor of content titles from external studios • Allows studios to focus on game development • Includes potential for operator -branded content 16% of Revenue • Full royalties capture • Recurring revenue stream • Long-term value creation • Building valuable IP portfolio 52% of Revenue • Entry point with operators • Aggregated, non -exclusive 3 rd Party content is purchased and resold by Bragg at a spread Strategic Shift to Exclusive & Owned Content Sets Stage for Margin Growth Exclusive Content Proprietary Content Shift in Revenue Concentration (Lowest Margin) Aggregated Content + over 100 more studios + 20 more studios + 3 more studios (Medium Margin) (Highest Margin)
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14 NASDAQ: BRAG | TSX: BRAG Summary & Outlook Record third quarter revenue in focus markets: U.S.(+86%) & Brazil (+80%)1.01 Product mix and margin improvements deliver operational leverage.04 +35% increase in high margin proprietary content revenue1, driven by U.S. growth.02 .05 +20% overall revenue growth factoring out Netherlands contraction2.03 Maintaining full year 2025e guidance: Revenue EUR 106.0 – 108.5 million; AEBITDA EUR 16.5 – 18.5 million.06 1. Compared to same period last year 2. Excluding revenue derived from Bragg's customers licensed and operating in the Netherlands jurisdiction On target YoY Revenue & AEBITDA growth, of 2% & 9% respectively
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15 Thank you
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16 Reconciliation of Operating Income (Loss) to Adjusted EBITDA Adjusted EBITDA excludes income or expenses that relate to exceptional items and non -cash share-based charges and includes deduc tions for lease expenses that are recognized as part of depreciation and finance charges under IFRS 16 Appendix: Adjusted EBITDA Reconciliation 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 financing charges 217 848 Depreciation and amortization 5,229 4,330 EBITDA 4,027 3,924 Depreciation of right -of-use assets (341) (229) Lease interest expense (31) (24) Share based compensation 4 106 Transaction and acquisition costs 412 72 Exceptional costs 378 655 Gain on remeasurement of derivative liability - (46) Gain on settlement of convertible debt - (104) Gain on remeasurement of deferred consideration - (271) Adjusted EBITDA 4,449 4,083