3/19/2026

speaker
Calvin
Conference Operator

Good morning, ladies and gentlemen. Thank you for standing by. My name is Calvin and I will be your conference operator today. At this time, I would like to welcome everyone to BRAC Gaming Group's fourth quarter in full year 2025 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, seem to press star followed by the number one on your telephone keypad. If you would like to withdraw your question, please press star one again. Thank you. I would now like to turn the call over to Stephen Kilmer, Investor Relations. Please go ahead.

speaker
Stephen Kilmer
Investor Relations

Good morning, everyone, and thank you for joining us for BRAG Gaming Group's fourth quarter and full year 2025 earnings call. If you're connected to our online webcast today, you should see our fourth quarter earnings presentation on your screen, and you should have control to flip the slides yourself as you listen to this call. If you have joined by telephone, please note that you can find our earnings presentation as well as the financial results press release on our website at investors.brag.group. Please note that certain statements on this call may constitute forward-looking information or future-oriented financial information. A full explanation of risk factors is available on our second slide of our fourth quarter earnings presentation titled forward-looking statements, as well as in the recently filed press release and other public disclosures. Brad claims 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. On this call, CEO Matt Madzik and CFO Ravi Breslin will discuss the company's fourth quarter performance, followed by a question-and-answer session. I'd now like to turn the call over to Matt.

speaker
Matt Madzik
CEO

Thank you, Steven, and good morning, everyone. Thank you for joining us for Bragg Gaming Group's fourth quarter and full year 2025 earnings call. We are Bragg, dual listed on the NASDAQ and Toronto Stock Exchange, and we are a specialist supplier of games and technology to the regulated iGaming market. We create and deliver cutting-edge online casino games, both from our own in-house studios and from top-tier, in-demand, partner studios. We empower online casino, sports betting, and lottery operators to launch, run, scale, and optimize their apps and websites. And through everything we do, we enhance the end user experience by leveraging advanced analytics and AI to drive engagement and smarter, more efficient iGaming operations. During the fourth quarter, we continued to see double-digit growth in our focus markets of the USA, where we saw 55% year-over-year revenue growth, and in Brazil, which saw revenue growth of 42.1% compared to the same period last year. This acceleration is testament to the success of our strategic focus on high-margin proprietary casino content. Overall revenue growth when factoring out the Netherlands, a jurisdiction which I'll discuss further later in this call, was up 5.1% compared to the fourth quarter of the last year, demonstrating the continued demand for Bragg's products and services in regulated iGaming markets around the world. During the quarter, we continued to expand our US content footprint through the launch of our exclusive and bespoke online casino content with Caesars Entertainment in West Virginia. And we also launch exclusive and aggregated content with several valued clients operating in Brazil, and in some cases, other key Latin jurisdictions, including Brazino 777, Blaze, and Super Technologies. We continue to be focused on optimizing our cost structure which allows us to deliver operational leverage. And as Robby will now go into more detail, we're pleased to be reporting revenue, gross profit, and adjusted EBITDA in line with our expectations for the fourth quarter of this year. I'll be back to discuss some of these points in more detail after you've heard from our Chief Financial Officer, Robby Bressler, who will now discuss the fourth quarter of financials. Robby?

Disclaimer

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Investor presentation