Bragg Gaming Group (BRAG) trims costs, acquires Drayton and pulls 2026 outlook

Q: How did Bragg Gaming Group (BRAG) perform financially in Q2 2026?

Bragg Gaming reported Q2 2026 revenue of EUR 22.9m , down 12% year over year, with a net loss of EUR 2.9m . Gross profit was EUR 11.8m and operating loss EUR 1.9m, reflecting contract roll-offs and softer market conditions.

Q: What were Bragg Gaming Group (BRAG)’s first-half 2026 results?

For the six months ended June 30, 2026, Bragg generated revenue of EUR 48.5m and a net loss of EUR 4.1m . Gross profit reached EUR 26.1m, operating loss was EUR 3.4m, and Adjusted EBITDA remained stable at EUR 7.5m with a 16% margin.

Q: How strong were Bragg Gaming Group (BRAG)’s margins and Adjusted EBITDA?

Bragg’s Q2 2026 Adjusted EBITDA was EUR 3.5m , unchanged versus Q2 2025, while Adjusted EBITDA Margin improved to 15% . For the first half, Adjusted EBITDA was EUR 7.5m with a 16% margin, aided by cost reductions and lower bad debt expense.

Q: What is the significance of the Drayton acquisition for Bragg Gaming Group (BRAG)?

Bragg acquired Drayton for approximately EUR 7.69m in shares, adding sports betting and horse racing technology plus stakes in five game studios. This broadens proprietary content, deepens U.S. market exposure, and is to be accounted for as a business combination under IFRS 3.

Q: Why did Bragg Gaming Group (BRAG) withdraw its 2026 financial guidance?

The company withdrew its 2026 revenue and Adjusted EBITDA guidance due to limited operating history for the combined Bragg–Drayton business and the early stage of integration planning, noting it had been tracking below the low end of the prior revenue range.

Q: What is Bragg Gaming Group (BRAG)’s cash and debt position as of June 30, 2026?

As of June 30, 2026, Bragg held EUR 3.3m in cash and cash equivalents and EUR 2.8m in loans payable. It also had lease obligations of EUR 3.5m and renewed its revolving credit facility for one year while remaining in covenant compliance.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

6-K

Rhea-AI Filing Summary

Bragg Gaming Group Inc. reported lower Q2 2026 revenue and continued losses while improving margins and cash generation. Revenue for the three months ended June 30, 2026 fell 12% to EUR 22.9m, mainly from the roll-off of legacy Netherlands platform contracts and softer performance in other markets. Gross profit declined to EUR 11.8m with a 52% margin. Q2 operating loss was EUR 1.9m and net loss EUR 2.9m (loss per share EUR 0.11).

Despite this, Q2 Adjusted EBITDA was EUR 3.5m, unchanged year over year, and Adjusted EBITDA Margin rose to 15% as headcount reductions and lower bad debt expense cut selling, general and administrative costs by 14%. For the first half of 2026, revenue decreased 6% to EUR 48.5m, operating loss was EUR 3.4m and net loss EUR 4.1m, while Adjusted EBITDA held at EUR 7.5m with a 16% margin.

Operating cash flow in the first half was a positive EUR 5.7m, but cash and cash equivalents declined to EUR 3.3m as the company invested EUR 7.0m mainly in software development and repaid debt, leaving loans payable of EUR 2.8m. Subsequent to quarter end, Bragg closed the all-share acquisition of Drayton International for approximately EUR 7.69m, completed a EUR 1.1m private placement with attached warrants, renewed its revolving credit facility for one year, and announced workforce reductions totaling about 19% of staff, targeting EUR 10.5m in annualized cash savings. Given the Drayton integration and limited combined history, management withdrew its previously issued 2026 revenue and Adjusted EBITDA guidance.

Positive

Adjusted EBITDA resilience and margin expansion: Q2 2026 Adjusted EBITDA held at EUR 3.5m year over year, with Adjusted EBITDA Margin improving to 15% in the quarter and 16% for the first half.
Significant cost-savings program: Workforce reductions in January and July 2026, including a further 19% cut to global headcount, are expected to deliver about EUR 10.5m in annualized cash savings once fully implemented.
Strategic Drayton acquisition: Completed an all-share purchase of Drayton for approximately EUR 7.69m, adding sports betting, horse racing technology and stakes in five game studios to broaden proprietary content and U.S. exposure.
Positive operating cash flow and liquidity actions: Generated EUR 5.7m operating cash in the first half, raised about EUR 1.1m via a private placement with warrants, and renewed the revolving credit facility for a further year while remaining covenant-compliant.

Negative

Revenue contraction: Q2 2026 revenue declined 12% to EUR 22.9m and first-half revenue fell 6% to EUR 48.5m, driven by legacy contract roll-offs and weaker performance in several markets.
Ongoing net losses: The company recorded a Q2 net loss of EUR 2.9m and a first-half net loss of EUR 4.1m, continuing a pattern of negative earnings.
Cash balance reduced: Cash and cash equivalents decreased from EUR 6.7m at December 31, 2025 to EUR 3.3m at June 30, 2026, while loans payable remained at EUR 2.8m.
Withdrawal of 2026 guidance: Management withdrew previously disclosed 2026 revenue and Adjusted EBITDA guidance, citing limited basis to forecast the combined business after the Drayton acquisition and tracking below the low end of the prior revenue range.

Filing Explained

The July 22, 2026 transaction issued 4,500,000 shares and added 751,445 shares plus warrants, increasing existing holders’ share-count dilution.

On July 22, 2026, Bragg completed the Drayton acquisition and issued 4,500,000 common shares as its entire consideration; the private-placement receipts also converted into 751,445 common shares, increasing the issued share base for existing holders.

The converted receipts also included one non-transferable warrant per share, exercisable for one additional common share at USD 2.16 for 36 months; those warrants represent possible future issuance, not shares issued at conversion.

The Drayton consideration shares carry lock-ups of up to 24 months, with 25% released at 12, 15, 18 and 24 months after closing.

The June 30 balance sheet reported 25,631,959 shares, before the July 22 transaction issuances. The filing says the acquisition’s initial IFRS 3 accounting remains incomplete, so the amounts recognized for the acquired business are not yet presented.

Key Figures

Q2 2026 Revenue: EUR 22,892k H1 2026 Revenue: EUR 48,544k Q2 2026 Net Loss: EUR 2,875k +5 more

8 metrics

Q2 2026 Revenue EUR 22,892k Three months ended June 30, 2026

H1 2026 Revenue EUR 48,544k Six months ended June 30, 2026

Q2 2026 Net Loss EUR 2,875k Net loss for the three months ended June 30, 2026

Q2 2026 Adjusted EBITDA EUR 3,522k Non-IFRS Adjusted EBITDA for the three months ended June 30, 2026

Cash Balance EUR 3,308k Cash and cash equivalents as at June 30, 2026

Loans Payable EUR 2,809k Loans payable as at June 30, 2026

Drayton Consideration EUR 7.69m Aggregate share-based consideration for Drayton acquisition

Expected Annualized Savings EUR 10.5m Total anticipated annual cash savings from 2026 restructuring measures

Key Terms

Adjusted EBITDA, share appreciation rights, revolving credit facility, expected credit loss, +1 more

5 terms

Adjusted EBITDA financial

"The non-IFRS measures and metrics used in this MD&A are “EBITDA”, “Adjusted EBITDA”, and “Adjusted EBITDA Margin”."

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

revolving credit facility financial

"The agreement in respect of the revolving credit facility includes customary legal and financial covenants."

A revolving credit facility is a type of loan that a business can borrow from whenever it needs money, up to a set limit. It’s like having a credit card for companies—allowing them to borrow, pay back, and borrow again as needed, providing flexibility for managing cash flow or funding short-term expenses.

expected credit loss financial

"The Company applies the simplified approach to provide for expected credit losses as prescribed by IFRS 9."

Expected credit loss is an estimate lenders make of the amount of loans or receivables they are likely not to collect, calculated ahead of actual defaults. Think of it like setting aside money for groceries that will spoil before you can use them: it reduces reported profit and the value of loan assets today. Investors watch this figure because rising expected losses signal weakening borrower quality, greater future write‑downs and higher capital needs.

business combination financial

"The Transaction will be accounted for as a business combination under IFRS 3."

A business combination happens when two or more companies join together to operate as one, like two friends merging their teams into a single group. This is important because it can change how companies grow, compete, and make money, often making them bigger and more powerful in the market.

FAQ

How did Bragg Gaming Group (BRAG) perform financially in Q2 2026?

Bragg Gaming reported Q2 2026 revenue of EUR 22.9m, down 12% year over year, with a net loss of EUR 2.9m. Gross profit was EUR 11.8m and operating loss EUR 1.9m, reflecting contract roll-offs and softer market conditions.

What were Bragg Gaming Group (BRAG)’s first-half 2026 results?

For the six months ended June 30, 2026, Bragg generated revenue of EUR 48.5m and a net loss of EUR 4.1m. Gross profit reached EUR 26.1m, operating loss was EUR 3.4m, and Adjusted EBITDA remained stable at EUR 7.5m with a 16% margin.

How strong were Bragg Gaming Group (BRAG)’s margins and Adjusted EBITDA?

Bragg’s Q2 2026 Adjusted EBITDA was EUR 3.5m, unchanged versus Q2 2025, while Adjusted EBITDA Margin improved to 15%. For the first half, Adjusted EBITDA was EUR 7.5m with a 16% margin, aided by cost reductions and lower bad debt expense.

What is the significance of the Drayton acquisition for Bragg Gaming Group (BRAG)?

Bragg acquired Drayton for approximately EUR 7.69m in shares, adding sports betting and horse racing technology plus stakes in five game studios. This broadens proprietary content, deepens U.S. market exposure, and is to be accounted for as a business combination under IFRS 3.

What cost-saving measures has Bragg Gaming Group (BRAG) announced for 2026?

Bragg implemented organizational restructuring, including a 19% workforce reduction announced July 9, 2026. Combined with earlier actions, management expects about EUR 10.5m in annualized cash savings once all measures are fully implemented.

Why did Bragg Gaming Group (BRAG) withdraw its 2026 financial guidance?

The company withdrew its 2026 revenue and Adjusted EBITDA guidance due to limited operating history for the combined Bragg–Drayton business and the early stage of integration planning, noting it had been tracking below the low end of the prior revenue range.

What is Bragg Gaming Group (BRAG)’s cash and debt position as of June 30, 2026?

As of June 30, 2026, Bragg held EUR 3.3m in cash and cash equivalents and EUR 2.8m in loans payable. It also had lease obligations of EUR 3.5m and renewed its revolving credit facility for one year while remaining in covenant compliance.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google

Form 6-K: How Foreign Companies Report to the SEC →

Available on EDGAR 08/13/2026 - 12:41 PM Accepted by SEC EDGAR 08/13/2026 - 12:41 PM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934

For the month of August, 2026

Commission File Number: 001-40759

Bragg Gaming Group Inc.

(Translation of registrant’s name into English)

130 King Street West, Suite 1955

Toronto, Ontario M5X 1E3

Canada

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ¨ Form 40-F x

DOCUMENTS FILED AS PART OF THIS FORM 6-K

Exhibit		Description

99.1		Interim Unaudited Condensed Consolidated Financial Statements for the three and six-month periods ended June 30, 2026
99.2		Management Discussion & Analysis for the three and six-month periods ended June 30, 2026
99.3		Certification of Interim Filings by CEO, dated August 13, 2026
99.4		Certification of Interim Filings by CFO, dated August 13, 2026
99.5		News release, dated August 13, 2026

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	BRAGG GAMING GROUP INC.

Date: August 13, 2026
	By:	/s/ Robert Bressler
	Name:	Robert Bressler
	Title:	Chief Financial Officer and Secretary

Exhibit 99.1

BRAGG GAMING GROUP INC.

INTERIM UNAUDITED CONDENSED

CONSOLIDATED FINANCIAL STATEMENTS

Three and six-month periods ended June 30, 2026 and June 30, 2025

Presented in Euros (Thousands)

TABLE OF CONTENTS

INTERIM UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS		1
INTERIM UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION		2
INTERIM UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY		3
INTERIM UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS		4
NOTES TO THE INTERIM UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1	GENERAL INFORMATION	5
2	MATERIAL ACCOUNTING POLICIES	5
3	LOSS BEFORE INCOME TAXES CLASSIFIED BY NATURE	6
4	SHARE CAPITAL	7
5	WARRANTS	7
6	SHARE BASED COMPENSATION	8
7	GOODWILL	11
8	DEFERRED CONSIDERATION	12
9	RIGHT OF USE ASSETS	13
10	INTANGIBLE ASSETS	14
11	TRADE AND OTHER RECEIVABLES	14
12	TRADE PAYABLES AND OTHER LIABILITIES	15
13	LEASE LIABILITIES	15
14	LOANS PAYABLE	17
15	RELATED PARTY TRANSACTIONS	18
16	FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT	20
17	SUPPLEMENTARY CASHFLOW INFORMATION	23
18	SEGMENT INFORMATION	24
19	INCOME TAXES	25
20	CONTINGENT LIABILITIES	26
21	SUBSEQUENT EVENTS	27

BRAGG GAMING GROUP INC.

INTERIM UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS

PRESENTED IN EUROS (THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)

		Three Months Ended June 30,						Six Months Ended June 30,
	Note	2026			2025			2026			2025
Revenue	3, 18		22,892			26,079			48,544			51,584
Cost of revenue	3		(11,053	)		(12,336	)		(22,478	)		(23,557	)
Gross Profit			11,839			13,743			26,066			28,027

Selling, general and administrative expenses	3		(13,780	)		(16,091	)		(29,446	)		(31,898	)
Loss on remeasurement of deferred consideration	3, 8		—			—			—			(157	)
Operating Loss			(1,941	)		(2,348	)		(3,380	)		(4,028	)

Net interest expense and other financing charges	3, 14		(425	)		(14	)		(251	)		(360	)
Loss Before Income Taxes			(2,366	)		(2,362	)		(3,631	)		(4,388	)

Income taxes recovery (expense)	19		(509	)		533			(430	)		(81	)
Net Loss			(2,875	)		(1,829	)		(4,061	)		(4,469	)

Items to be reclassified to net loss:
Cumulative translation adjustment			308			(2,680	)		609			(4,103	)
Net Comprehensive Loss			(2,567	)		(4,509	)		(3,452	)		(8,572	)

Basic Loss Per Share			(0.11	)		(0.07	)		(0.16	)		(0.18	)
Diluted Loss Per Share			(0.11	)		(0.07	)		(0.16	)		(0.18	)

		Millions			Millions			Millions			Millions
Weighted average number of shares - basic			25.6			25.2			25.6			25.1
Weighted average number of shares - diluted			25.6			25.2			25.6			25.1

See accompanying notes to the interim unaudited condensed consolidated financial statements.

BRAGG GAMING GROUP INC.

INTERIM UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

PRESENTED IN EUROS (THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)

		As at			As at
		June 30,			December 31,
	Note	2026			2025
Cash and cash equivalents			3,308			6,658
Trade and other receivables	11, 16		17,857			21,122
Prepaid expenses and other assets			4,279			3,905
Total Current Assets			25,444			31,685
Property and equipment			972			1,198
Right-of-use assets	9		3,348			3,975
Intangible assets	10		29,208			30,421
Goodwill	7		31,558			31,206
Investments in associates			428			459
Other assets			405			405
Total Assets			91,363			99,349

Trade payables and other liabilities	12, 16		23,816			25,520
Income taxes payable	19		351			1,824
Lease obligations on right of use assets	13		1,378			1,367
Share appreciation rights liability	6		312			471
Loans payable	14		2,809			3,512
Total Current Liabilities			28,666			32,694
Deferred income tax liabilities	19		421			509
Lease obligations on right of use assets	13		2,078			2,725
Share appreciation rights liability	6		103			123
Other non-current liabilities			596			596
Total Liabilities			31,864			36,647

Share capital	4		134,269			133,946
Contributed surplus			17,670			17,673
Accumulated deficit			(93,593	)		(89,461	)
Accumulated other comprehensive income			1,153			544
Total Equity			59,499			62,702
Total Liabilities and Equity			91,363			99,349

See accompanying notes to the interim unaudited condensed consolidated financial statements.

Approved on behalf of the Board of Directors

Donald Robertson	Matt Davey
Board Director and Chair of Audit Committee	Chair of the Board of Directors

BRAGG GAMING GROUP INC.

INTERIM UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

PRESENTED IN EUROS (THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)

										Accumulated
										other
		Share		Contributed			Accumulated			comprehensive			Total
	Note	capital		surplus			Deficit			income (loss)			Equity
Balance as at January 1, 2025			131,729		17,680			(81,210	)		5,300			73,499
Shares issued as deferred consideration	8		1,380		—			—			—			1,380
Exercise of stock options	6		144		(94	)		—			—			50
Share-based compensation	6		—		518			—			—			518
Net loss for the period			—		—			(4,469	)		—			(4,469	)
Other comprehensive loss			—		—			—			(4,103	)		(4,103	)
Balance as at June 30, 2025			133,253		18,104			(85,679	)		1,197			66,875

Balance as at January 1, 2026			133,946		17,673			(89,461	)		544			62,702
Exercise of restricted share units	6		284		(284	)		(71	)		—			(71	)
Exercise of deferred share units	6		39		(39	)		—			—			—
Share-based compensation	6		—		320			—			—			320
Net loss for the period			—		—			(4,061	)		—			(4,061	)
Other comprehensive income			—		—			—			609			609
Balance as at June 30, 2026			134,269		17,670			(93,593	)		1,153			59,499

See accompanying notes to the interim unaudited condensed consolidated financial statements.

BRAGG GAMING GROUP INC.

INTERIM UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

PRESENTED IN EUROS (THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)

		Six Months Ended June 30,
	Note	2026			2025
Operating Activities
Net loss			(4,061	)		(4,469	)
Add:
Net interest expense and other financing charges	3, 14		406			360
Depreciation and amortization	3		9,576			9,689
Share based compensation	6		145			1,585
Loss on remeasurement of deferred consideration	3, 8		—			157
Unrealized foreign exchange (gain) loss			35			(152	)
Income taxes expense	19		430			81
			6,531			7,251
Change in working capital	17		(235	)		(35	)
Income taxes paid	19		(568	)		(142	)
Cash Flows From Operating Activities			5,728			7,074

Investing Activities
Purchases of property and equipment			(47	)		(219	)
Additions of intangible assets	10		(6,915	)		(6,407	)
Loan receivables			—			(375	)
Investment in associates			—			(200	)
Cash Flows (Used In) Investing Activities			(6,962	)		(7,201	)

Financing Activities
Proceeds from exercise of stock options	6		—			50
Repayment of lease liability	13		(687	)		(570	)
Repayment of loans payable	14		(679	)		(4,410	)
Interest and financing fees			(382	)		(248	)
Cash Flows (Used In) Financing Activities			(1,748	)		(5,178	)

Effect of foreign currency exchange rate changes on cash and cash equivalents			(368	)		(920	)
Change In Cash And Cash Equivalents			(3,350	)		(6,225	)
Cash and cash equivalents at beginning of period			6,658			10,467
Cash And Cash Equivalents At End Of Period			3,308			4,242

See accompanying notes to the interim unaudited condensed consolidated financial statements.

BRAGG GAMING GROUP INC.

NOTES TO THE INTERIM UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND SIX-MONTH PERIODS ENDED JUNE 30, 2026 AND JUNE 30, 2025

PRESENTED IN EUROS (THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)

GENERAL INFORMATION

Nature of operations

Bragg Gaming Group Inc. and its subsidiaries (collectively, “Bragg” or the “Company”) are, primarily and collectively, a business-to-business (“B2B”) online gaming technology platform and casino content aggregator.

The registered and head office of the Company is located at 130 King Street West, Suite 1955, Toronto, Ontario, Canada M5X 1E3.

MATERIAL ACCOUNTING POLICIES

The interim unaudited condensed consolidated financial statements (“interim financial statements”) were prepared using the same basis of presentation, accounting policies and methods of computation, and using the same significant estimates and judgments in applying the accounting policies as those of the audited consolidated financial statements for the year ended December 31, 2025, which are available on SEDAR+ at www.sedarplus.ca and on the EDGAR section of the SEC website at www.sec.gov/search-filings under the Company’s name.

Statement of compliance and basis of presentation

The accompanying interim financial statements have been prepared in accordance with International Accounting Standards (“IAS”) 34 Interim Financial Reporting and do not include all of the information required for annual consolidated financial statements and should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2025.

These interim financial statements are prepared on a historical cost basis except for financial instruments classified at fair value through profit or loss (“FVTPL”) or fair value through other comprehensive income (“FVOCI”) which are measured at fair value. The material accounting policy information set out in note 2 of the audited consolidated financial statements for the year ended December 31, 2025 has been applied consistently in the preparation of the interim financial statements for all periods presented.

These interim financial statements were, at the recommendation of the audit committee, approved and authorized for issuance by the Company’s Board of Directors on August 13, 2026.

BRAGG GAMING GROUP INC.

NOTES TO THE INTERIM UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND SIX-MONTH PERIODS ENDED JUNE 30, 2026 AND JUNE 30, 2025

PRESENTED IN EUROS (THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)

LOSS BEFORE INCOME TAXES CLASSIFIED BY NATURE

The loss before income taxes is classified as follows:

		Three Months Ended June 30,						Six Months Ended June 30,
	Note	2026			2025			2026			2025
Revenue	18		22,892			26,079			48,544			51,584
Cost of revenue			(11,053	)		(12,336	)		(22,478	)		(23,557	)
Gross Profit			11,839			13,743			26,066			28,027

Salaries and subcontractors			(5,654	)		(5,738	)		(12,242	)		(12,312	)
Share based compensation	6		(107	)		(739	)		(145	)		(1,585	)
Total employee costs			(5,761	)		(6,477	)		(12,387	)		(13,897	)
Depreciation and amortization			(4,893	)		(4,969	)		(9,576	)		(9,689	)
IT and hosting			(1,470	)		(1,372	)		(3,030	)		(2,653	)
Professional fees			(1,686	)		(1,189	)		(2,956	)		(2,275	)
Corporate costs			(176	)		(122	)		(301	)		(254	)
Sales and marketing			(125	)		(290	)		(509	)		(587	)
Bad debt recovery (expense)	11		1,034			(748	)		799			(879	)
Travel and entertainment			(233	)		(433	)		(540	)		(764	)
Other operational costs			(470	)		(491	)		(946	)		(900	)
Selling, General and Administrative Expenses			(13,780	)		(16,091	)		(29,446	)		(31,898	)

Loss on remeasurement of deferred consideration	8		—			—			—			(157	)
Operating Loss			(1,941	)		(2,348	)		(3,380	)		(4,028	)

Interest income			6			5			2			9
Interest expense	14		(41	)		(109	)		(89	)		(340	)
Accretion on liabilities	8		—			(95	)		—			(168	)
Foreign exchange gain (loss)			(147	)		283			155			318
Other financing charges			(243	)		(98	)		(319	)		(179	)
Net Interest Expense and Other Financing Charges			(425	)		(14	)		(251	)		(360	)
Loss Before Income Taxes			(2,366	)		(2,362	)		(3,631	)		(4,388	)

BRAGG GAMING GROUP INC.

NOTES TO THE INTERIM UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND SIX-MONTH PERIODS ENDED JUNE 30, 2026 AND JUNE 30, 2025

PRESENTED IN EUROS (THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)

SHARE CAPITAL

Authorized - Unlimited Common Shares, fully paid

The following is a continuity of the Company’s share capital:

		Note	Number		Value
January 1, 2025	Balance			25,042,982		131,729
February 6, 2025	Exercise of FSO	6		25,000		124
June 5, 2025	Shares issued upon settlement of deferred consideration for Spin acquisition	8		371,496		1,380
June 30, 2025	Exercise of FSO	6		10,000		20
June 30, 2025	Balance			25,449,478		133,253

January 1, 2026	Balance			25,553,293		133,946
February 2, 2026	Exercise of DSU	6		20,991		39
April 30, 2026	Exercise of RSU	6		57,675		284
June 30, 2026	Balance			25,631,959		134,269

The Company’s common shares (“shares”) have no par value.

WARRANTS

The following are continuities of the Company’s warrants:

		Warrants
		issued as part of
Number of Warrants		convertible debt
January 1, 2025	Balance		979,048
June 30, 2025	Balance		979,048

January 1, 2026	Balance		979,048
June 30, 2026	Balance		979,048

Each unit consists of the following characteristics:

	Warrants
	issued as part of
	convertible debt
Number of shares		1
Number of Warrants		—
Exercise price of unit (CAD)		9.28

BRAGG GAMING GROUP INC.

NOTES TO THE INTERIM UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND SIX-MONTH PERIODS ENDED JUNE 30, 2026 AND JUNE 30, 2025

PRESENTED IN EUROS (THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)

WARRANTS (CONTINUED)

On September 5, 2022, the Company issued 979,048 warrants, each exercisable at CAD 9.28 for one common share and expiring five years from issuance. The warrants include acceleration clauses based on the Company’s share price performance, which may result in partial or full expiry if not exercised within a specified period. As the combined fair value of the host debt liability and derivative liability exceeded the transaction price, no value was allocated to the warrants in equity.

SHARE BASED COMPENSATION

The Company maintains a fixed Omnibus Incentive Equity Plan (“OEIP”) for certain employees and consultants. The plan was approved at an annual and special meeting of shareholders on November 27, 2020.

The following is a continuity of the Company’s OEIP:

	DSU			RSU			SAR			FSO
													Weighted
	Outstanding			Outstanding			Outstanding			Outstanding			Average
	DSUs			RSUs			SARs			FSOs			Exercise
	(Number of			(Number of			(Number of			(Number			Price / Share
	of shares)			of shares)			of shares)			of shares)			CAD
Balance as at January 1, 2025		26,666			280,000			1,329,082			1,602,346			8.81
Granted		—			—			144,529			—			—
Exercised		—			—			—			(20,000	)		2.30
Forfeited / Cancelled		—			—			—			(5,029	)		8.30
Balance as at June 30, 2025		26,666			280,000			1,473,611			1,577,317			8.90

Balance as at January 1, 2026		26,666			100,000			1,567,359			877,176			9.71
Granted		145,543			—			—			—			—
Exercised		(20,991	)		(100,000	)		—			—			—
Expired		—			—			—			(41,552	)		15.68
Forfeited / Cancelled		—			—			(261,591	)		(31,567	)		6.94
Balance as at June 30, 2026		151,218			—			1,305,768			804,057			9.51

The following table summarizes information about the outstanding share options as at June 30, 2026:

	Outstanding						Exercisable
			Weighted		Weighted				Weighted
			Average		Average				Average
	FSOs		Remaining		Exercise		FSOs		Exercise
Range of exercise	(Number		Contractual		Price / Share		(Number		Price / Share
prices (CAD)	of shares)		Life (Years)		CAD		of shares)		CAD
2.30 - 5.00		20,000		8		4.68		20,000		4.68
5.01 - 8.62		439,189		5		7.77		439,189		7.77
8.63 - 15.00		344,868		5		12.00		344,868		12.00
		804,057		5		9.51		804,057		9.51

BRAGG GAMING GROUP INC.

NOTES TO THE INTERIM UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND SIX-MONTH PERIODS ENDED JUNE 30, 2026 AND JUNE 30, 2025

PRESENTED IN EUROS (THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)

6      SHARE BASED COMPENSATION (CONTINUED)

The following table summarizes information about the outstanding share options as at June 30, 2025:

	Outstanding						Exercisable
			Weighted		Weighted				Weighted
			Average		Average				Average
	FSOs		Remaining		Exercise		FSOs		Exercise
Range of exercise	(Number		Contractual		Price / Share		(Number		Price / Share
prices (CAD)	of shares)		Life (Years)		CAD		of shares)		CAD
2.30 - 5.00		20,000		9		4.68		10,000		4.68
5.01 - 8.62		1,128,582		2		7.72		1,026,928		7.75
8.63 - 15.00		427,183		5		12.11		427,173		12.11
15.01 - 33.30		1,552		1		33.30		1,552		33.30
		1,577,317		3		8.90		1,465,653		9.02

Fixed Stock Options (“FSOs”)

During the three and six months ended June 30, 2026, no FSOs were granted (three and six months ended June 30, 2025: none).

During the three and six months ended June 30, 2026, no FSOs were exercised. During the three and six months ended June 30, 2025, 20,000 common shares of the Company were issued upon exercise of FSOs. Upon exercise of FSOs, for the three and six months ended June 30, 2025, EUR 94 was transferred from contributed surplus to share capital in the interim unaudited condensed consolidated statements of changes in equity. Cash proceeds upon exercise of FSOs during the three and six months ended June 30, 2025, totaled EUR 50.

During the three and six months ended June 30, 2026, a share-based compensation charge of EUR 20 and EUR 46 (three and six months ended June 30, 2025: EUR 86 and EUR 184) has been recognized in the interim unaudited condensed consolidated statements of loss and comprehensive loss.

Deferred Share Units (“DSUs”)

Exercises of grants may only be settled in shares, and only when the employee or consultant has left the Company. Under the OEIP, the Company may grant options of its shares at nil cost that vest immediately.

During the three and six months ended June 30, 2026, 73,538 and 145,543 DSUs were granted (three and six months ended June 30, 2025: none), with a fair value of between CAD 2.31 and CAD 3.00 per unit, determined as the share price on the date of grant.

During the three and six months ended June 30, 2026, nil and 20,991 shares were issued upon settlement of DSUs (three and six months ended June 30, 2025: none). For the three and six months ended June 30, 2026, upon settlement of DSUs, EUR nil and EUR 39 (three and six months ended June 30, 2025: EUR nil) was transferred from contributed surplus to share capital in the interim unaudited condensed consolidated statements of changes in equity.

BRAGG GAMING GROUP INC.

NOTES TO THE INTERIM UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND SIX-MONTH PERIODS ENDED JUNE 30, 2026 AND JUNE 30, 2025

PRESENTED IN EUROS (THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)

6      SHARE BASED COMPENSATION (CONTINUED)

Deferred Share Units (“DSUs”) (continued)

During the three and six months ended June 30, 2026, a share-based compensation charge of EUR 113 and EUR 229 (three and six months ended June 30, 2025: EUR nil) has been recognized in the interim unaudited condensed consolidated statements of loss and comprehensive loss.

Restricted Share Units (“RSUs”)

During the three and six months ended June 30, 2026, no RSUs were granted (three and six months ended June 30, 2025: none).

During the three and six months ended June 30, 2026, 100,000 and 100,000 RSUs were exercised resulting in the issuance of 57,675 common shares, with 42,325 RSUs being withheld to cover associated taxes (three and six months ended June 30, 2025: none).

During the three and six months ended June 30, 2026, a share-based compensation charge of EUR nil and EUR 45 (three and six months ended June 30, 2025: EUR 64 and EUR 334) has been recognized in the interim unaudited condensed consolidated statements of loss and comprehensive loss.

Share Appreciation Rights (“SARs”) Plan

On December 29, 2024, the Company introduced a SARs plan for key members of management, which provided incentive compensation based on the appreciation in the value of the Company’s shares, thereby providing additional incentive for their efforts in promoting the continued growth and success of the business. The amount of the cash payment is determined based on the increase in the share price of the Company between the grant date and the time of the exercise.

During the three and six months ended June 30, 2026, no SARs were granted (three and six months ended June 30, 2025: nil and 144,529).

These SAR units, which have a term of not exceeding five years, vest as follows:

	·	1/3 on the first anniversary of the grant date
	·	1/3 on the second anniversary of the grant date
	·	1/3 on the third anniversary of the grant date

Details of the liabilities arising from the SARs were as follows:

	As at		As at
	June 30,		December 31,
	2026		2025
Total carrying amount of liabilities for SARs		415		594

BRAGG GAMING GROUP INC.

NOTES TO THE INTERIM UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND SIX-MONTH PERIODS ENDED JUNE 30, 2026 AND JUNE 30, 2025

PRESENTED IN EUROS (THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)

6      SHARE BASED COMPENSATION (CONTINUED)

Share Appreciation Rights (“SARs”) Plan (continued)

The fair value of the SARs has been measured using the Black-Scholes valuation model. Service and non-market performance conditions attached to the arrangements were not taken into account in measuring fair value.

The inputs used in the measurement of the fair values at the measurement date of the SARs were as follows:

	As at		As at
	June 30,		December 31,
	2026		2025
Expected dividend yield (%)		0.00		0.00
Expected share price volatility (%)		59.22 - 63.53		63.31 - 66.00
Risk-free interest rate (%)		4.19		3.73
Expected life of options (years)		3.84 - 4.46		5.00
Share price (CAD)		2.43		2.88
Forfeiture rate (%)		0.00		0.00

Expected volatility has been based on an evaluation of the historical volatility of the Company’s share price, particularly over the historical period commensurate with the expected term. The expected term of the instruments has been based on historical experience and general option holder behavior.

During the three and six months ended June 30, 2026, a share-based compensation recovery of EUR 26 and EUR 175 (three and six months ended June 30, 2025: charge EUR 589 and EUR 1,067) has been recognized in the interim unaudited condensed consolidated statements of loss and comprehensive loss.

7      GOODWILL

The following is a continuity of the Company’s goodwill:

As at January 1, 2025	32,722
Effect of Movement in exchange rates	(1,516	)
As at December 31, 2025	31,206

Effect of movements in exchange rates	352
As at June 30, 2026	31,558

The carrying amount of goodwill is attributed to the acquisitions of Oryx Gaming International LLC, Wild Streak LLC and Spin Games LLC. The Company completed its annual impairment tests for goodwill as at December 31, 2025 and concluded that there was no impairment.

BRAGG GAMING GROUP INC.

NOTES TO THE INTERIM UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND SIX-MONTH PERIODS ENDED JUNE 30, 2026 AND JUNE 30, 2025

PRESENTED IN EUROS (THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)

8      DEFERRED CONSIDERATION

The following is a continuity of the Company’s deferred consideration:

Balance as at January 1, 2025	1,244
Accretion expense	168
Shares issued as deferred consideration	(1,380	)
Loss on remeasurement of deferred consideration	157
Effect of movements in exchange rates	(189	)
Balance as at December 31, 2025	—

Spin Games LLC

On June 1, 2022, the Company acquired Spin Games LLC. The Company agreed deferred consideration payments in shares of the Company over three years from the effective date recorded with a present value of EUR 4,003. The discount for lack of marketability (DLOM) on June 1, 2022, was determined by applying Finnerty’s average-strike put option model (2012) with a volatility of between 71% and 81%, an annual dividend rate of 0% and time to maturity of 1-3 years.

On June 5, 2025, the deferred consideration payable was fully settled upon its three-year anniversary, with the issuance of 371,496 shares.

During the three and six months ended June 30, 2025, an accretion expense of EUR 95 and EUR 168 was recorded in the interim unaudited condensed consolidated statements of loss and comprehensive loss.

During the three and six months ended June 30, 2025, a loss on remeasurement of deferred consideration of EUR nil and EUR 157 was recorded in the interim unaudited condensed consolidated statements of loss and comprehensive loss.

BRAGG GAMING GROUP INC.

NOTES TO THE INTERIM UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND SIX-MONTH PERIODS ENDED JUNE 30, 2026 AND JUNE 30, 2025

PRESENTED IN EUROS (THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)

9      RIGHT OF USE ASSETS

	Right of use
	assets
Cost
Balance as at December 31, 2024		4,877
Additions		1,683
Modifications		5
Disposals		(125	)
Effect of movement in exchange rates		(148	)
Balance as at December 31, 2025		6,292
Additions		—
Modifications		28
Disposals		—
Effect of movement in exchange rates		54
Balance as at June 30, 2026		6,374

Accumulated Depreciation
Balance as at December 31, 2024		1,367
Depreciation		1,106
Disposals		(63	)
Modifications		—
Effect of movement in exchange rates		(93	)
Balance as at December 31, 2025		2,317
Depreciation		678
Disposals		—
Modifications		33
Effect of movement in exchange rates		(2	)
Balance as at June 30, 2026		3,026

Carrying Amount
Balance as at December 31, 2025		3,975
Balance as at June 30, 2026		3,348

During the three and six months ended June 30, 2026, depreciation expense of EUR 376 and EUR 678 was recognized within selling, general and administrative expenses (three and six months ended June 30, 2025: EUR 215 and EUR 429).

BRAGG GAMING GROUP INC.

NOTES TO THE INTERIM UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND SIX-MONTH PERIODS ENDED JUNE 30, 2026 AND JUNE 30, 2025

PRESENTED IN EUROS (THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)

10    INTANGIBLE ASSETS

				Deferred
	Intellectual			Development			Customer
	Property			Costs			Relationships			Brands			Other			Total
Cost
Balance as at December 31, 2024		19,275			33,207			26,083			2,201			298			81,064
Additions		2,586			11,905			—			—			—			14,491
Effect of movement in exchange rates		(805	)		(568	)		(2,508	)		(100	)		(12	)		(3,993	)
Balance as at December 31, 2025		21,056			44,544			23,575			2,101			286			91,562
Additions		1,211			5,704			—			—			—			6,915
Effect of movement in exchange rates		248			198			583			24			7			1,060
Balance as at June 30, 2026		22,515			50,446			24,158			2,125			293			99,537

Accumulated Amortization
Balance as at December 31, 2024		11,386			20,274			11,149			2,135			261			45,205
Amortization		2,626			11,972			3,122			61			84			17,865
Effect of movement in exchange rates		(432	)		(259	)		(1,068	)		(95	)		(75	)		(1,929	)
Balance as at December 31, 2025		13,580			31,987			13,203			2,101			270			61,141
Amortization		2,541			4,521			1,521			—			—			8,583
Effect of movement in exchange rates		130			109			335			24			7			605
Balance as at June 30, 2026		16,251			36,617			15,059			2,125			277			70,329

Carrying Amount
Balance as at December 31, 2025		7,476			12,557			10,372			—			16			30,421
Balance as at June 30, 2026		6,264			13,829			9,099			—			16			29,208

During the three and six months ended June 30, 2026, amortization expense of EUR 4,404 and EUR 8,583 was recognized within selling, general and administrative expenses (three and six months ended June 30, 2025: EUR 4,635 and EUR 9,024).

11    TRADE AND OTHER RECEIVABLES

Trade and other receivables comprise:

	As at		As at
	June 30,		December 31,
	2026		2025
Trade receivables		16,742		20,398
Sales tax		1,115		724
Trade and other receivables		17,857		21,122

BRAGG GAMING GROUP INC.

NOTES TO THE INTERIM UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND SIX-MONTH PERIODS ENDED JUNE 30, 2026 AND JUNE 30, 2025

PRESENTED IN EUROS (THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)

11    TRADE AND OTHER RECEIVABLES (CONTINUED)

The following is an aging of the Company’s trade receivables:

	As at			As at
	June 30,			December 31,
	2026			2025
Less than one month		16,240			17,858
Between two and three months		755			2,697
Greater than three months		425			1,370
		17,420			21,925
Provision for expected credit losses		(678	)		(1,527	)
Trade receivables		16,742			20,398

The following is a continuity of the Company’s provision for expected credit losses related to trade and other receivables:

Balance as at December 31, 2024	2,497
Bad debt written-off	(1,431	)
Net increase in provision for doubtful debts	461
Balance as at December 31, 2025	1,527
Bad debt written-off	(619	)
Net decrease in provision for doubtful debts	(230	)
Balance as at June 30, 2026	678

12    TRADE PAYABLES AND OTHER LIABILITIES

Trade payables and other liabilities comprises:

	As at		As at
	June 30,		December 31,
	2026		2025
Trade payables		12,564		9,148
Accrued liabilities		11,211		16,300
Other liabilities		41		72
Trade payables and other liabilities		23,816		25,520

13    LEASE LIABILITIES

The Company leases various properties mainly for office buildings. Rental contracts are made for various periods ranging up to six years. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants, but leased assets may not be used as security for borrowing purposes.

BRAGG GAMING GROUP INC.

NOTES TO THE INTERIM UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND SIX-MONTH PERIODS ENDED JUNE 30, 2026 AND JUNE 30, 2025

PRESENTED IN EUROS (THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)

13    LEASE LIABILITIES (CONTINUED)

In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option. Extension options are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). The assessment is reviewed if a significant event or a significant change in circumstances occurs which affects this assessment and that is within the control of the Company as a lessee.

Set out below are the carrying amounts of the lease liabilities and the movements for the period:

	June 30,			December 31,
	2026			2025
Balance as at beginning of the period		4,092			3,697
Additions		—			1,683
Disposals		—			(62	)
Modifications		(26	)		5
Accretion of interests		55			112
Payments		(687	)		(1,287	)
Effect of movement in exchange rates		22			(56	)
Balance as at end of period		3,456			4,092

During the three and six months ended June 30, 2026, the Company recognized lease expense within selling, general and administrative expenses associated with leases with a term of less than twelve months and lease of low-value assets amounting to EUR 16 and EUR 35 (three and six months ended June 30, 2025: EUR 100 and EUR 148).

The maturity analysis of lease liabilities is disclosed below:

	June 30, 2026
	Present value		Total
	of the minimum		minimum
	lease payments		lease payments
Within 1 year		1,402		1,466
After 1 year but within 2 years		1,338		1,446
After 2 years but within 5 years		716		1,066
		3,456		3,978
Less: Total future interest expenses				(522	)
				3,456

BRAGG GAMING GROUP INC.

NOTES TO THE INTERIM UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND SIX-MONTH PERIODS ENDED JUNE 30, 2026 AND JUNE 30, 2025

PRESENTED IN EUROS (THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)

13    LEASE LIABILITIES (CONTINUED)

The following are the amounts recognized in the interim unaudited condensed consolidated statement of loss and comprehensive loss:

	Three Months Ended June 30,					Six Months Ended June 30,
	2026			2025		2026			2025
Amortization expense on right of use assets		376			215		678			429
(Gain) Loss on lease modification		(26	)		—		(56	)		101
Interest expense on lease liabilities		29			25		55			52
Total amount recognized in profit or loss		379			240		677			582

14    LOANS PAYABLE

The following is a continuity of the Company’s loans payable:

	Promissory note			Bank Loan			Total
Balance as at January 1, 2025		6,579			—			6,579
Proceeds from loan issuance		—			3,455			3,455
Interest expense		363			81			444
Interest paid		(512	)		(67	)		(579	)
Repayment of principal		(6,139	)		—			(6,139	)
Effect of foreign currency exchange rate		(291	)		43			(248	)
Balance as at December 31, 2025		—			3,512			3,512

Proceeds from loan issuance		—			—			—
Interest expense		—			89			89
Interest paid		—			(76	)		(76	)
Repayment of principal		—			(679	)		(679	)
Effect of foreign currency exchange rate		—			(37	)		(37	)
Balance as at June 30, 2026		—			2,809			2,809

Promissory note

By the end of the year ended December 31, 2025, the Company fully repaid the USD 7.0m secured promissory note.

During the three and six months ended June 30, 2025, interest expense of EUR 104 and EUR 328 in respect of the promissory note was recognized within net interest expense and other financing charges.

BRAGG GAMING GROUP INC.

NOTES TO THE INTERIM UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND SIX-MONTH PERIODS ENDED JUNE 30, 2026 AND JUNE 30, 2025

PRESENTED IN EUROS (THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)

14    LOANS PAYABLE (CONTINUED)

Revolving credit facility

Covenants

The agreement in respect of the revolving credit facility includes customary legal and financial covenants, including a requirement for the Company to maintain a Total Funded Debt to EBITDA Ratio not exceeding 2.50:1.00, and a Fixed Charge Coverage Ratio of not less than 1.25:1.00. These financial covenants are to be tested on a consolidated basis at the end of each fiscal quarter.

The Company was in compliance with these covenants as at the reporting date.

Under the terms of the Company’s credit facility, interest and standby fees are payable based on the applicable benchmark rate plus a margin that varies according to the Company’s Total Funded Debt to EBITDA ratio.

Interest

During the three and six months ended June 30, 2026, interest expense of EUR 41 and EUR 89 in respect of the revolving credit facility was recognized within net interest expense and other financing charges (three and six months ended June 30, 2025: EUR nil).

Drawdowns

During the three and six months ended June 30, 2026, the Company did not make any additional drawdowns from the available revolving credit facility.

As at June 30, 2026, the Company had outstanding drawdowns totalling CAD 4.5m in CDN$ Term CORRA loans.

Repayments

During the three and six months ended June 30, 2026, the Company repaid a total of CAD 1.1m in CDN$ Prime Rate loans.

15    RELATED PARTY TRANSACTIONS

The Company’s policy is to conduct all transactions and settle all balances with related parties on market terms and conditions for those in the normal course of business. Transactions between the Company and its consolidated entities have been eliminated on consolidation and are not disclosed in this note.

All related party transactions and balances disclosed in the note below relate to individuals or entities that met the definition of a related party in accordance with IAS 24 at the time the transactions occurred. Where individuals or entities ceased to meet this definition, transactions and balances are disclosed only for the period during which the related party relationship existed.

BRAGG GAMING GROUP INC.

NOTES TO THE INTERIM UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND SIX-MONTH PERIODS ENDED JUNE 30, 2026 AND JUNE 30, 2025

PRESENTED IN EUROS (THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)

15    RELATED PARTY TRANSACTIONS (CONTINUED)

Key Management Personnel

The Company’s key management personnel are comprised of members of the Board and the executive team.

Transactions with Shareholders, Key Management Personnel and Board of Directors

Transactions recorded in the interim unaudited condensed consolidated statements of loss and comprehensive loss between the Company and its shareholders, key management personnel and Board of Directors are set out in aggregate as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Salaries and subcontractors		(531	)		(745	)		(972	)		(1,523	)
Share based compensation		287			(427	)		(181	)		(1,051	)
		(244	)		(1,172	)		(1,153	)		(2,574	)

Balances due to/from shareholders, key management personnel and Board of Directors are set out in aggregate as follows:

Interim unaudited condensed consolidated statements of financial position

	As at			As at
	June 30,			December 31,
	2026			2025
Accrued liabilities		(68	)		(382	)
Net related party payable		(68	)		(382	)

Other transactions with shareholders, key management personnel and Board of Directors are set out in aggregate as follows:

Interim unaudited condensed consolidated statements of changes in equity

	Six Months Ended June 30,
	2026			2025
Exercise of DSUs, RSUs and FSOs
Contributed surplus		(323	)		(87	)
Share capital		323			124
Net movement in equity		—			37

Interim unaudited condensed consolidated statements of cash flows

	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Proceeds from exercise of options		—		—		—		37
		—		—		—		37

BRAGG GAMING GROUP INC.

NOTES TO THE INTERIM UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND SIX-MONTH PERIODS ENDED JUNE 30, 2026 AND JUNE 30, 2025

PRESENTED IN EUROS (THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)

16    FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT

The financial instruments measured at amortized cost are summarized below:

Financial Assets

	Financial assets as subsequently
		measured at amortized cost
		June 30,	December 31,
		2026	2025
Trade receivables		16,742	20,398
Other assets		405	405

Financial Liabilities

	Financial liabilities as subsequently
	measured at amortized cost
	June 30,		December 31,
	2026		2025
Trade payables		12,564		9,148
Accrued liabilities		11,211		16,300
Other liabilities		41		72
Loans payable		2,809		3,512
		26,625		29,032

The carrying values of the financial instruments approximate their fair values.

Fair Value Hierarchy

The following table presents the fair values and fair value hierarchy of the Company’s financial instruments.

	June 30, 2026				December 31, 2025
	Level 1	Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total
Financial assets
Fair value through profit and loss:
Cash and cash equivalents	3,308	—	—	3,308	6,658	—	—	6,658

Financial liabilities
Fair value through profit and loss:
Share appreciation rights liability	—	415	—	415	—	594	—	594

There were no transfers between the levels of the fair value hierarchy during the periods.

BRAGG GAMING GROUP INC.

NOTES TO THE INTERIM UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND SIX-MONTH PERIODS ENDED JUNE 30, 2026 AND JUNE 30, 2025

PRESENTED IN EUROS (THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)

16    FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT (CONTINUED)

Fair Value Hierarchy (continued)

During the three and six months ended June 30, 2026, a gain (loss) of EUR nil (three and six months ended June 30, 2025: EUR nil and a loss of EUR 157), was recognized in the interim unaudited condensed consolidated statements of loss and comprehensive loss on remeasurement of deferred consideration (Note 8) for financial instruments designated as FVTPL.

During the three and six months ended June 30, 2026, a share-based compensation recovery of EUR 26 and EUR 175 (three and six months ended June 30, 2025: charge of EUR 589 and EUR 1,067) relating to share appreciation rights liability has been recognized in the interim unaudited condensed consolidated statements of loss and comprehensive loss.

As a result of holding and issuing financial instruments, the Company is exposed to certain risks. The following is a description of those risks and how the exposures are managed.

Liquidity risk

Liquidity risk is the risk that the Company is unable to generate or obtain sufficient cash and cash equivalents in a cost-effective manner to fund its obligations as they come due. The Company will experience liquidity risks if it fails to maintain appropriate levels of cash and cash equivalents, is unable to access sources of funding or fails to appropriately diversify sources of funding. If any of these events were to occur, they could adversely affect the financial performance of the Company.

The Company has a planning and budgeting process in place by which it anticipates and determines the funds required to support its normal operating requirements. The Company coordinates this planning and budgeting process with its financing activities through its capital management process. The Company holds sufficient cash and cash equivalents and working capital, maintained through stringent cash flow management, to ensure sufficient liquidity is maintained. The Company is subject to externally imposed capital requirements in respect of its revolving credit facility (Note 14). The following are the undiscounted contractual maturities of significant financial liabilities and the total contractual obligations of the Company as at June 30, 2026:

	2026		2027		2028		2029		Thereafter		Total
Trade payables and other liabilities		23,816		—		—		—		—		23,816
Lease obligations on right of use assets		1,466		1,446		729		292		45		3,978
Loans payable		2,797		—		—		—		—		2,797
Share appreciation rights liability		2,481		1,307		131		—		—		3,919
Other non-current liabilities		4		11		53		10		518		596
		30,564		2,764		913		302		563		35,106

BRAGG GAMING GROUP INC.

NOTES TO THE INTERIM UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND SIX-MONTH PERIODS ENDED JUNE 30, 2026 AND JUNE 30, 2025

PRESENTED IN EUROS (THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)

16    FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT (CONTINUED)

Foreign currency exchange risk

The Company’s financial statements are presented in EUR; however, a portion of the Company’s net assets and operations are denominated in other currencies, particularly Canadian and US dollars, and Brazilian reals. Such net assets are translated into EUR at the foreign currency exchange rate in effect at the reporting date, and operations at the foreign currency exchange rates that approximate the rates in effect at the dates when such items are recognized. As a result, the Company is exposed to foreign currency translation gains and losses, which are recorded in accumulated other comprehensive loss.

The Company is also exposed to risk on transactions in currencies other than its functional currency resulting in realized and unrealized foreign currency gains and losses which are recorded in other operational costs. The Company estimates that an appreciation of the EUR of 10% relative to other currencies would result in a decrease of EUR 129 in earnings before income taxes while a depreciating EUR will have the opposite impact.

Credit risk

The Company is exposed to credit risk resulting from the possibility that counterparties could default on their financial obligations to the Company including cash and cash equivalents, other assets and accounts receivable. Failure to manage credit risk could adversely affect the financial performance of the Company.

The Company mitigates the risk of credit loss relating to accounts receivable by evaluating the creditworthiness of new customers and establishes a provision for expected credit losses. The Company applies the simplified approach to provide for expected credit losses as prescribed by IFRS 9, Financial Instruments, which permits the use of the lifetime expected loss provision for all accounts receivable. The expected credit loss provision is based on the Company’s historical collections and loss experience and incorporates forward-looking factors, where appropriate.

The provision matrix below shows the expected credit loss rate for each aging category of trade receivable as at June 30, 2026:

			Aging (months)
	Note		<1			1 - 3			>3			Total
Gross trade receivable		11		16,240			755			425			17,420
Expected credit loss rate				2	%		4	%		82	%		4	%
Expected credit loss provision		11		298			31			349			678

BRAGG GAMING GROUP INC.

NOTES TO THE INTERIM UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND SIX-MONTH PERIODS ENDED JUNE 30, 2026 AND JUNE 30, 2025

PRESENTED IN EUROS (THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)

16    FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT (CONTINUED)

Credit risk (continued)

The provision matrix below shows the expected credit loss rate for each aging category of accounts receivable as at December 31, 2025:

			Aging (months)
	Note		<1			1 - 3			>3			Total
Gross trade receivable		11		17,858			2,697			1,370			21,925
Expected credit loss rate				1	%		4	%		85	%		7	%
Expected credit loss provision		11		257			101			1,169			1,527

Gross trade receivable includes the balance of accrued income within the aging category of less than one month.

Concentration risk

For the three and six months ended June 30, 2026, one customer (three and six months ended June 30, 2025: one customer) contributed more than 10% to the Company’s revenues. Aggregate revenues from this customer totaled EUR 3,877 and EUR 8,405 for the three and six months ended June 30, 2026 (three and six months ended June 30, 2025: EUR 4,436 and EUR 8,675).

As at June 30, 2026, no customer (December 31, 2025: none) constituted more than 10% to the Company’s accounts receivable. The Company continues to expand its customer base to reduce the concentration risk.

17   SUPPLEMENTARY CASH FLOW INFORMATION

Cash flows arising from changes in non-cash working capital are summarized below:

	Six Months Ended June 30,
Cash flows arising from movement in:	2026			2025
Trade and other receivables		3,256			(4,911	)
Prepaid expenses and other assets		(1,787	)		(1,517	)
Trade payables and other liabilities		(1,704	)		6,393
Changes in working capital		(235	)		(35	)

During the three and six months ended June 30, 2026 and 2025, there were no significant non-cash transactions from investing and financing activities.

BRAGG GAMING GROUP INC.

NOTES TO THE INTERIM UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND SIX-MONTH PERIODS ENDED JUNE 30, 2026 AND JUNE 30, 2025

PRESENTED IN EUROS (THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)

17   SUPPLEMENTARY CASH FLOW INFORMATION (CONTINUED)

During the three and six months ended June 30, 2026 and 2025, the Company incurred both cash and non-cash interest expense and other financing charges. The following table shows the split as included in the interim unaudited condensed consolidated statement of loss and comprehensive loss for each period:

	Six Months Ended June 30, 2026									SIx Months Ended June 30, 2025
	Cash			Non-cash			Total			Cash			Non-cash			Total
Interest and financing fees		(382	)		31			(351	)		(248	)		(210	)		(458	)
Foreign exchange gain		190			(35	)		155			—			318			318
Lease interest expense		—			(55	)		(55	)		—			(52	)		(52	)
Accretion expense on deferred consideration		—			—			—			—			(168	)		(168	)
		(192	)		(59	)		(251	)		(248	)		(112	)		(360	)

18   SEGMENT INFORMATION

Operating

The Company has one reportable operating segment in its continuing operations, B2B online gaming.

Geography – Revenue

Revenue for continuing operations was generated from contracted customers in the following jurisdictions:

	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Malta		4,763		4,551		10,593		10,588
Netherlands		3,895		6,350		8,380		10,285
Brazil		2,526		2,102		5,390		4,714
United States		2,038		3,043		4,536		4,836
Curaçao		2,226		2,587		3,998		4,406
Belgium		1,737		1,233		3,371		2,492
Croatia		894		1,093		2,343		2,146
Marshall Islands		791		1,550		1,929		3,750
Isle of Man		948		171		1,757		1,373
Czech Republic		903		875		1,731		1,801
Other		2,171		2,524		4,516		5,193
Revenue		22,892		26,079		48,544		51,584

This segmentation is not correlated to the geographical location of the Company’s worldwide end-user base.

BRAGG GAMING GROUP INC.

NOTES TO THE INTERIM UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND SIX-MONTH PERIODS ENDED JUNE 30, 2026 AND JUNE 30, 2025

PRESENTED IN EUROS (THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)

18    SEGMENT INFORMATION (CONTINUED)

Geography – Non-Current Assets

Non-current assets are held in the following jurisdictions:

	As at		As at
	June 30,		December 31,
	2026		2025
United States		60,329		61,699
Rest of the world		5,590		5,965
Non-current assets		65,919		67,664

19    INCOME TAXES

The components of income taxes recognized in the interim unaudited condensed consolidated statements of financial position are as follows:

	As at			As at
	June 30,			December 31,
	2026			2025
Income taxes payable		(351	)		(1,824	)
Deferred income tax liabilities		(421	)		(509	)

The components of income taxes recognized in the interim unaudited condensed consolidated statements of loss and comprehensive loss are as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Current income taxes (recovery) expense		549			(490	)		516			167
Deferred income taxes recovery		(40	)		(43	)		(86	)		(86	)
Total income taxes (recovery) expense		509			(533	)		430			81

BRAGG GAMING GROUP INC.

NOTES TO THE INTERIM UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND SIX-MONTH PERIODS ENDED JUNE 30, 2026 AND JUNE 30, 2025

PRESENTED IN EUROS (THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)

19    INCOME TAXES (CONTINUED)

There is no income tax expense recognized in other comprehensive loss.

	As at			As at
	June 30,			December 31,
	2026			2025
Deferred tax assets
Lease obligations on right of use assets		785			910
Non-capital losses carried forward		—			32

Deferred tax liabilities
Goodwill and intangible assets		(421	)		(509	)
Right-of-use assets		(766	)		(910	)
Property and equipment		(19	)		(32	)
Deferred income tax liabilities		(421	)		(509	)

The reasons for the difference between the actual tax charge for the period and the standard rate of Company tax applied to profits for the period are as follows:


	Six Months Ended June 30,
	2026			2025
Consolidated loss before income taxes		(3,631	)		(4,388	)
Effective tax rate		27	%		27	%
Effective income taxes recovery		(963	)		(1,163	)
Effect of tax rate in foreign jurisdictions		483			610
Non-deductible and non-taxable items		36			441
Change in tax benefits not recognized		1,286			451
Adjustment of prior year tax payable		51			(258	)
Change in estimate for tax refunds in Malta		(463	)		—
Total income taxes expense		430			81

20   CONTINGENT LIABILITIES

In the ordinary course of business, the Company is involved in, and potentially subject to, legal actions and proceedings. These may include, but are not limited to, claims regarding content performance and related errors.

In addition, the Company is subject to tax audits from various tax authorities on an ongoing basis. As a result, from time to time, tax authorities may disagree with the positions and conclusions taken by the Company in its tax filings or legislation could be amended or interpretations of current legislation could change, any of which events could lead to reassessments.

BRAGG GAMING GROUP INC.

NOTES TO THE INTERIM UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND SIX-MONTH PERIODS ENDED JUNE 30, 2026 AND JUNE 30, 2025

PRESENTED IN EUROS (THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)

21   SUBSEQUENT EVENTS

Drayton International transaction & private placement

On July 22, 2026, subsequent to the reporting date, the Company completed the acquisition of all of the issued and outstanding securities of Drayton (the “Transaction”).

The aggregate consideration of approximately EUR 7.69m (USD 9.0m) was satisfied entirely through the issuance of 4,500,000 common shares of the Company (the “Consideration Shares”). Certain former shareholders of Drayton who received Consideration Shares are also subject to a lock-up pursuant to which they may not sell, transfer, dispose of, or otherwise deal in their Consideration Shares for up to 24 months following closing of the Transaction, with 25% of the locked-up Consideration Shares released at 12, 15, 18 and 24 months following closing of the Transaction. The Company also holds rights of first offer and matching rights over each of Drayton's five portfolio studios that are not wholly-owned.

The subscription receipts were automatically exchanged, without further action or additional consideration, for an equal number of common shares and non-transferable common share purchase warrants of the Company. Each warrant is exercisable into one common share at an exercise price of USD 2.16 for 36 months from completion of the Transaction, subject to acceleration in certain circumstances. The Offering’s escrowed proceeds of approximately EUR 1.1m (approximately USD 1.3m) were released to the Company.

The Transaction will be accounted for as a business combination under IFRS 3. As it completed shortly before these financial statements were authorized for issue, the initial accounting is incomplete and the disclosures of amounts recognized required by IFRS 3 have not been presented.

Revolving credit facility renewal

On July 22, 2026, subsequent to the reporting date, the Company obtained the consent of its lender to the aforementioned Transaction and renewed its revolving credit facility (Note 14) for a further year on terms consistent with the existing arrangement.

Staff restructuring

On July 9, 2026, the Company announced a further set of organizational and operational measures, including a reduction of its global workforce. These measures, together with the restructuring announced on January 8, 2026, are expected to deliver additional annualized cash savings once fully implemented.

Together, these steps position the Company as a leaner, more focused organization concentrated on its core technology, content, and platform products, and better structured to capitalize on growth opportunities as the global iGaming industry continues to regulate and mature.

Exhibit 99.2

Bragg Gaming Group Inc.

MANAGEMENT DISCUSSION & ANALYSIS FOR THE three AND SIX-MONTH PERIOD

ENDED JUNE 30, 2026

TABLE OF CONTENTS

MANAGEMENT DISCUSSION & ANALYSIS FOR THE THREE AND SIX MONTH PERIOD ENDED JUNE 30, 2026

1.	MANAGEMENT DISCUSSION & ANALYSIS	2
2.	CAUTION REGARDING FORWARD-LOOKING STATEMENTS	2
3.	LIMITATIONS OF KEY METRICS AND OTHER DATA	3
4.	OVERVIEW OF 2Q26	4
5.	FINANCIAL RESULTS	10
5.1	Basis of financial discussion	10
5.2	Selected interim information	11
5.3	Other financial information	11
5.4	Selected financial information	13
5.5	Summary of quarterly results	14
5.6	Liquidity and capital resources	14
5.7	Cash flow summary	15
6	TRANSACTIONS BETWEEN RELATED PARTIES	16
7	DISCLOSURE OF OUTSTANDING SHARE DATA	18
8	CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS	18
9	CHANGES IN ACCOUNTING POLICY	18
10	MANAGEMENT’S RESPONSIBILITY FOR FINANCIAL REPORTING	19
11	ADDITIONAL INFORMATION	19

Bragg Gaming Group Inc.

Management Discussion & Analysis

June 30, 2026

MANAGEMENT DISCUSSION & ANALYSIS

This Management Discussion and Analysis (“MD&A”) provides a review of the results of operations, financial condition and cash flows for Bragg Gaming Group Inc. on a consolidated basis, for the three and six months ended June 30, 2026 (“2Q26”). References to “Bragg” or the “Company” in this MD&A refers to Bragg Gaming Group Inc. and its subsidiaries, unless the context requires otherwise. This document should be read in conjunction with the information presented in the interim unaudited condensed consolidated financial statements for the three and six months ended June 30, 2026 (the “Interim Financial Statements”).

For reporting purposes, the Company prepared the Interim Financial Statements in European Euros (“EUR”) and, unless otherwise indicated, in conformity with IFRS® Accounting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The financial information contained in this MD&A was derived from the Interim Financial Statements. Unless otherwise indicated, all references to a specific “note” refer to the notes to the Interim Financial Statements.

This MD&A references non-IFRS financial measures and metrics, including those under the headings “Selected Financial Information” and “Other Financial Information” below. The Company believes these non-IFRS financial measures and metrics will provide investors with useful supplemental information about the financial performance of its business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating its business and making decisions. Although management believes these financial measures are important in evaluating the Company, they are not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with IFRS. Non-IFRS measures are not recognized measures under IFRS and do not have standardized meanings prescribed by IFRS. These measures and metrics may be different from non-IFRS financial measures used by other companies, limiting their usefulness for comparison purposes. These non-IFRS measures and metrics are used to provide investors with supplemental measures of our operating performance and liquidity and thus highlight trends in our business that may not otherwise be apparent when relying solely on IFRS measures. The non-IFRS measures and metrics used in this MD&A are “EBITDA”, “Adjusted EBITDA”, and “Adjusted EBITDA Margin”. See “Financial Results - Other Financial Information” in this MD&A for a reconciliation of these non-IFRS measures and metrics to their closest comparable IFRS measures and metrics.

Unless otherwise stated, in preparing this MD&A the Company has considered information available to it up to August 13, 2026, the date the Company’s Board of Directors (the “Board”) approved this MD&A.

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

This MD&A may contain forward-looking information and statements (collectively, “forward-looking statements”) within the meaning of applicable securities laws in Canada and the U.S., including financial and operational expectations and projections. These statements, other than statements of historical fact, are based on management’s current expectations and projections and are subject to a number of risks, uncertainties, and assumptions, including market and economic conditions, business prospects or opportunities, future plans and strategies (including the Company’s strategic realignment and headcount reductions, the integration of acquired businesses and the Company’s ability to forecast and provide guidance for the combined business), projections, technological developments, anticipated events and trends and regulatory changes that affect the Company, its subsidiaries and their respective customers and industries. Although the Company and management believe the expectations and projections reflected in such forward-looking statements are appropriate and are based on reasonable assumptions and estimates as of the date hereof, there can be no assurance that these assumptions or estimates are accurate or that any of these expectations and projections will prove accurate. Forward-looking statements are inherently subject to significant business, regulatory, economic and competitive risks, uncertainties and contingencies that could cause actual events to differ materially from those expressed or implied in such statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “would”, “should”, “believe”, “objective”, “ongoing”, “imply” or the negative of these words or other variations or synonyms of these words or comparable terminology and similar expressions.

Bragg Gaming Group Inc.

Management Discussion & Analysis

June 30, 2026

By their nature forward-looking statements are subject to known and unknown risks, uncertainties, and other factors which may cause actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements. Such factors include, among other things, the Company’s stage of development, long-term capital requirements and future ability to fund operations, future developments in the Company’s markets and the markets in which it plans to compete, risks associated with its strategic alliances, the impact of entering new markets on the Company’s operations, and risks associated with new or proposed gaming regulations. Each factor should be considered carefully, and readers are cautioned not to place undue reliance on such forward-looking statements. For a detailed description of risk factors associated with the Company, please refer to the “Risk Factors” section in the Company’s current annual information form (the “AIF”), a copy of which is available electronically on the Company’s website, under the Company’s SEDAR+ profile at www.sedarplus.ca and under the Company’s EDGAR profile at www.sec.gov/search-filings.

This MD&A may contain future oriented financial information (“FOFI”) within the meaning of applicable securities laws. The FOFI has been prepared by management to provide an outlook on Bragg’s proposed activities and potential results and may not be appropriate for other purposes. The FOFI has been prepared based on a number of assumptions, including assumptions with respect to customer growth and market expansion. Bragg and its management believe that the FOFI has been prepared on a reasonable basis, reflecting management’s best estimates and judgments; however, the actual results of operations of Bragg and the resulting financial results may vary from the amounts set forth herein and such variations may be material. FOFI contained in this MD&A was made as of the date of this MD&A and Bragg disclaims any intention or obligation to update or revise any FOFI contained in this MD&A, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law.

Shareholders and investors should not place undue reliance on forward-looking statements and FOFI as the plans, assumptions, intentions or expectations and projections upon which they are based might not occur. The forward-looking statements and FOFI contained in this MD&A are expressly qualified by this cautionary statement. Unless otherwise indicated by the Company, forward-looking statements and FOFI in this MD&A describe the Company’s expectations and projections as of August 13, 2026, and, accordingly, are subject to change after such date. The Company does not undertake to update or revise any forward-looking statements, except in accordance with applicable securities laws.

LIMITATIONS OF KEY METRICS AND OTHER DATA

The Company’s selected financial information is calculated using internal Company data. While these numbers are based on what the Company believes to be reasonable judgments and estimates of customer numbers for the applicable period of measurement, there are certain challenges and limitations in measuring the usage of its product offerings across its customer base. In addition, the Company’s selected financial information and related estimates may differ from estimates published by third parties or from similarly titled metrics of its competitors due to differences in methodology and access to information.

For important information on the Company’s non-IFRS measures, see the information presented in “Other Financial Information” below. The Company continually seeks to improve its estimates of its active customer base and the level of customer activity, and such estimates may change due to improvements or changes in the Company’s methodology.

Bragg Gaming Group Inc.

Management Discussion & Analysis

June 30, 2026

OVERVIEW OF 2Q26

Bragg Gaming: Overview and Strategy

Bragg is a content-driven business-to-business (“B2B”) iGaming and vertically integrated technology provider. Its suite of iGaming content and technology, commercial relationships and operational licenses allows it to offer a complete gaming solution in regulated online gaming markets globally. Its premium content portfolio currently includes over 10,000 casino game titles, including proprietary games developed by its in-house studios, exclusive titles developed by third-party partners on its remote games server as well as aggregated, licensed games from top studios around the world.

The Company’s proprietary suite of products includes a player account management (“PAM”) platform, which provides the tools required to operate an online gaming business, including player engagement and data analysis software. The Company’s technology was developed on a greenfield basis and is not dependent on legacy code. The Company’s suite of products and services offers a one-stop solution to its customers that is adaptable to various gaming markets and legislative jurisdictions, including in North American, South American and European iGaming markets.

The Company was incorporated by Articles of Incorporation pursuant to the provisions of the Canada Business Corporations Act on March 17, 2004, and on December 20, 2018, the Company completed a business combination transaction to acquire Oryx Gaming International LLC (“Oryx”), a full turnkey iGaming solutions provider with an established customer base in Europe and Latin America.

In June 2021, the Company acquired Wild Streak LLC, doing business as Wild Streak Gaming (“Wild Streak”), a leading iGaming content studio based in Las Vegas, Nevada with a portfolio of proprietary titles distributed globally, including in the U.S. and Europe.

In June 2022, the Company acquired Spin Games LLC (“Spin”), a Reno, Nevada-based iGaming technology supplier and content provider licensed and active in key regulated North American jurisdictions.

In September 2022, the Company consolidated its group of companies including Oryx, Wild Streak and Spin under the single brand name, Bragg.

In July 2026, subsequent to the reporting date, the Company completed the acquisition of all of the issued and outstanding securities of Drayton International ("Drayton"), a diversified gaming technology and content platform comprising equity interests in five game development studios and three proprietary technology and distribution platforms.

The Company is dual-listed on the Nasdaq Global Select Market (“Nasdaq”) and the Toronto Stock Exchange (“TSX”), both under the symbol BRAG.

The Company aims to grow its business as a vertically integrated B2B provider to regulated online casinos, regulated online sports betting, lottery and land-based casino offerings in global markets.

Driven by an experienced management team and offering its differentiated content portfolio, software-as-a-service technology and managed services, the Company aims to be a leading vertically integrated B2B provider to regulated online casinos, regulated online sports betting, lottery and land-based casino offerings in global markets.

Financial performance for the three months ended June 30, 2026

The Company has continued to execute against its strategic objectives, reducing its headcount and streamlining its cost base to strengthen margins, while aiming to expand through the acquisition of Drayton.

Bragg Gaming Group Inc.

Management Discussion & Analysis

June 30, 2026

The Company has only one operating segment: B2B online gaming, and as at June 30, 2026 it derived 81% of its revenue from its games and content services, with the remainder of its revenue coming from iGaming platform and Turnkey solutions in addition to strategic technology licensing. The Company’s customer base consists only of online gaming operators. The principal products and services provided by the Company are the licensing of its iGaming technology, games and content, and managed services. For the three months ended June 30, 2026, the majority of the Company’s operating revenue was geographically based in Europe, though this segmentation is not correlated to the geographical location of the Company’s worldwide end-user base.

Revenue

For the three months ended June 30, 2026, the Company’s revenue¹ decreased from the same period in the previous year by 12% to EUR 22.9m (2Q25: EUR 26.1m), mainly driven by anticipated roll-off of legacy platform contracts in the Netherlands and lower revenue in other markets, reflecting regulatory and customer-specific factors.

Total game and content products revenue amounted to EUR 18.4m (2Q25: EUR 22.5m) and accounted for 81% (2Q25: 86%) of total revenues. The period-on-period decrease in this revenue stream primarily reflected changes in market dynamics and a continued shift by operators toward direct supplier integrations in certain markets.

Gross Profit and Gross Margin

Gross profit decreased compared to the same period in the previous year by 14% to EUR 11.8m (2Q25: EUR 13.7m) with gross margin decreasing by 98 bps to 52% (2Q25: 53%). The gross profit and gross profit margin decreases are primarily due to the aforementioned decrease in revenue.

Expenses

Selling, general and administrative expenses decreased compared to the same period in the previous year by 14% to EUR 13.8m (2Q25: EUR 16.1m) representing 60% of the total revenue (2Q25: 62%).

These changes in the quarter were driven by the following:

(a)

Salaries and subcontractors decreased by 9% on an underlying basis, driven by lower headcount and operational efficiencies. On a reported basis, salaries and subcontractors remained flat at EUR 5.7m (2Q25: EUR 5.7m), reflecting restructuring-related termination costs of EUR 0.4m incurred in 2Q26 and classified as Exceptional costs outside of the Adjusted EBITDA.

(b)

Share based compensation costs decreased by EUR 0.6m to EUR 0.1m (2Q25: EUR 0.7m). The decrease reflects a reduction in the fair value of share appreciation rights awarded to the executive management on December 29, 2024, primarily driven by lower share price at the end of the period.

Total employee costs (including share-based compensation charge) decreased by EUR 0.7m to EUR 5.8m (2Q25: EUR 6.5m).

(c)

Information technology and hosting largely remained flat at EUR 1.5m (2Q25: EUR 1.4m), with spend being mainly on hosting and security enhancements.

(d)

Professional fees increased by EUR 0.5m to EUR 1.7m (2Q25: EUR 1.2m) generally comprising of audit and tax advisory, legal, compliance, regulatory and licensing costs. The increase is mainly due to one-off M&A transaction costs incurred in relation to Drayton, which have been classified as Exceptional costs outside of the Adjusted EBITDA.

¹ Revenue includes group share in Game and content, platform fees and management and turnkey solutions.

Bragg Gaming Group Inc.

Management Discussion & Analysis

June 30, 2026

(e)

Corporate costs increased by EUR 0.1m to EUR 0.2m (2Q25: EUR 0.1m) which relate to costs incurred in connection with the Company’s listing on the Nasdaq and TSX, as well as costs of investor and public relations activities as part of the Company’s general corporate strategy.

(f)

Sales and marketing decreased by EUR 0.2m to EUR 0.1m (2Q25: EUR 0.3m) primarily due to streamlining and scaling down on marketing spend.

(g)

Bad debt expense was a credit of EUR 1.0m (2Q25: expense of EUR 0.7m). The favorable swing compared to the same period in the previous year is due to the release of historical provisions no longer required as well as improved customer collections.

(h)

Other operational costs remained flat at EUR 0.5m (2Q25: EUR 0.5m) mainly comprised of corporate insurance, rent, rates and utilities.

Profitability

For the three months ended June 30, 2026, total operating loss amounted to EUR 1.9m (2Q25: operating loss of EUR 2.3m), a decrease of EUR 0.4m as a result of the decrease in selling, general and administrative expenses of EUR 2.3m, which was largely offset by the decrease in gross profit of EUR 1.9m.

The Company’s Adjusted EBITDA remained static compared to the same period in the previous year at EUR 3.5m (2Q25: EUR 3.5m). However, Adjusted EBITDA Margin improved by 212 bps to 15% (2Q25: 13%). The margin improvement reflects a favorable period-over-period movement in bad debt expense following releases of historical provisions no longer required and reductions in compensation expenses as a result of headcount reductions carried out since the beginning of the fiscal year. For an explanation of the components of Adjusted EBITDA and Adjusted EBITDA Margin and a reconciliation to Net Loss, see “Financial Results – Other Financial Information” in this MD&A.

Cash Flow

Cash flows generated from operating activities for the three months ended June 30, 2026 amounted to an inflow of EUR 4.1m (2Q25: EUR 2.6m) with the underlying operating performance decreasing to EUR 3.0m (2Q25: EUR 3.2m), offset by positive movement in working capital of EUR 1.3m and income taxes paid of EUR 0.2m (2Q25: negative movement in working capital of EUR 0.6m and income taxes paid of EUR nil).

Cash flows used in investing activities amounted to an outflow of EUR 3.5m (2Q25: EUR 3.9m), as a result of no further investments in associates (2Q25: EUR 0.2m) and lower spend on property and equipment of nearly EUR nil (2Q25: EUR 0.1m), with the investment in software development costs being static at EUR 3.5m when compared to the same period in the previous year.

Cash flows used in financing activities amounted to an outflow of EUR 0.6m (2Q25: EUR 4.6m), with the difference mainly due to the EUR 4.4m partial repayment of the promissory note in 2Q25.

Financial performance in the first half of 2026

Revenue

The Company’s revenue for the six months ended June 30, 2026, decreased from the same period in the previous year by 6% to EUR 48.5m (six months ended June 30, 2025: EUR 51.6m). The Company’s period-on-period decrease in revenue is mainly driven by the anticipated roll-off of legacy platform contracts in the Netherlands and lower revenue in other markets, reflecting regulatory and customer-specific factors.

Bragg Gaming Group Inc.

Management Discussion & Analysis

June 30, 2026

Gross Profit and Gross Margin

Gross profit for the six months ended June 30, 2026, decreased from the same period in the previous year by 7% to EUR 26.1m (six months ended June 30, 2025: EUR 28.0m), with gross margin remaining relatively flat at 54% (six months ended June 30, 2025: 54%). The gross profit decrease is primarily due to the aforementioned decrease in revenue.

Expenses

Selling, general and administrative expenses decreased from the same period in the previous year by 8% to EUR 29.4m (six months ended June 30, 2025: EUR 31.9m) representing 61% of total revenue (six months ended June 30, 2025: 62%). The lower expenditure is mainly driven by the following decreases compared to the same period in the previous year: EUR 1.4m in share-based compensation, reflecting a lower fair value of share appreciation rights driven by the lower share price at the end of the period, and EUR 1.7m in bad debt expense due to releases of historical provisions no longer required as well as improved customer collections. Those decreases were partially offset by one-off M&A transaction costs incurred during the first half of 2026.

Profitability

The Company’s Adjusted EBITDA remained static compared to the same period in the previous year at EUR 7.5m (six months ended June 30, 2025: EUR 7.5m), with Adjusted EBITDA Margin increasing by 91 bps to 16% (six months ended June 30, 2025: 15%). Operating loss amounted to EUR 3.4m (six months ended June 30, 2025: 4.0m), a decrease in loss of EUR 0.6m as a result of lower total employee costs and reduction in bad debt expense, largely offset by decrease in gross profit, as discussed in the previous sections. For an explanation of the components of Adjusted EBITDA and Adjusted EBITDA Margin and a reconciliation to Net Loss, see “Financial Results - Other Financial Information” in this MD&A.

Management expects that the group-wide strategic realignment and headcount reductions carried out during the six months ended June 30, 2026 will generate run-rate cost savings, with these initiatives focused on integration and optimization.

Cash Flow

Cash flows generated from operating activities for the six months ended June 30, 2026 amounted to an inflow of EUR 5.7m (six months ended June 30, 2025: EUR 7.1m) with the underlying operating performance amounting to EUR 6.5m (six months ended June 30, 2025: EUR 7.3m), coupled with net negative movement in working capital of EUR 0.2m and income taxes paid of EUR 0.6m (six months ended June 30, 2025: net negative movement in working capital of EUR 0.2m and income taxes paid of EUR nil).

Cash flows used in investing activities amounted to an outflow of EUR 7.0m (six months ended June 30, 2025: EUR 7.2m), mainly comprising of investment in software development costs.

Cash flows used in financing activities amounted to an outflow of EUR 1.7m (six months ended June 30, 2025: EUR 5.2m), with the difference mainly due to the EUR 4.4m partial repayment of the promissory note in the first half of 2025 and the EUR 0.7m partial repayment of the revolving credit facility in the first half of 2026.

Financial Position

Cash and cash equivalents as at June 30, 2026 amounted to EUR 3.3m (December 31, 2025: EUR 6.7m), a decrease of EUR 3.4m as a result of EUR 5.7m cash generated from operating activities, offset by EUR 7.0m used in investing activities, EUR 1.7m used in financing activities and EUR 0.4m of foreign exchange loss.

Trade and other receivables as at June 30, 2026 totalled EUR 17.9m (December 31, 2025: EUR 21.1m), with the decrease driven by revenue performance and improved cash collection.

Bragg Gaming Group Inc.

Management Discussion & Analysis

June 30, 2026

Trade payables and other liabilities as at June 30, 2026 decreased by EUR 1.7m to EUR 23.8m (December 31, 2025: EUR 25.5m), primarily driven by timing of payments.

Others

Drayton Acquisition and Private Placement: On July 22, 2026, subsequent to the reporting date, the Company completed the acquisition all of the issued and outstanding securities of Drayton (the “Transaction”).

In connection with the completion of the Transaction, the release conditions under the Company's non-brokered private placement of 751,445 subscription receipts (the “Offering”), which were issued at a price of USD 1.73 per subscription receipt on June 19, 2026, were satisfied. The subscription receipts were automatically exchanged, without further action or additional consideration, for an equal number of common shares and non-transferable common share purchase warrants of the Company. Each warrant is exercisable into one common share at an exercise price of USD 2.16 for 36 months from completion of the Transaction, subject to acceleration in certain circumstances. The Offering’s escrowed proceeds of approximately EUR 1.1m (approximately USD 1.3m) were released to the Company.

The Transaction will be accounted for as a business combination under IFRS 3. As it completed shortly before the Interim Financial Statements were authorized for issue, the initial accounting is incomplete and the disclosures of amounts recognized required by IFRS 3 have not been presented.

Financing: During the six months ended June 30, 2026, the Company repaid EUR 0.7m of its outstanding revolving credit facility, which is with a Tier One Canadian financial institution allowing for withdrawal of a maximum aggregate amount of up to USD 6.0m. During the six months ended June 30, 2026, the Company did not make any further draw downs from this available facility.

On July 22, 2026, subsequent to the reporting date, the Company obtained the consent of its lender to the aforementioned Transaction and renewed the revolving credit facility for a further year on terms consistent with the existing arrangement.

Share Capital: As of June 30, 2026, the number of issued and outstanding shares was 25,631,959 (December 31, 2025: 25,553,293), the number of outstanding awards from equity incentive plans was 955,275 (December 31, 2025: 1,003,842), and the number of warrants issued in connection with convertible debt was 979,048 (December 31, 2025: 979,048).

Employees: As of June 30, 2026, the Company had 456 employees, contractors, and subcontractors (June 30, 2025: 540) across Europe, North America, South America and India.

On July 9, 2026, subsequent to the reporting date, the Company announced a further set of organizational and operational measures, including a reduction of approximately 19% of its global workforce. These measures are expected to deliver additional annualized cash savings of approximately EUR 6.0m once fully implemented, bringing total expected annualized cash savings to approximately EUR 10.5m when combined with the restructuring announced on January 8, 2026.

Bragg Gaming Group Inc.

Management Discussion & Analysis

June 30, 2026

Strategic Progress

Bragg continuously delivers on its focused, global strategy of becoming a leader in iGaming by striving to provide best-in-class games and technology solutions which consistently meet and exceed industry standards.

Functioning as a go-to Nasdaq and TSX-listed regulated iGaming supplier to a dynamic portfolio of iGaming customers, Bragg can draw on a suite of online casino content and technology solutions which are available in more than 30 regulated iGaming jurisdictions globally.

The Company creates and delivers online casino content, including leading-edge proprietary content and top-tier online casino games from third-party studios. Bragg also serves as an enablement partner for online casino, sports betting and lottery operators looking to launch, run, scale and optimize their websites and apps for maximum success.

With a strong focus on the end user experience, Bragg leverages advanced analytics and increasingly powerful Artificial Intelligence (“AI”) with the aim of enhancing player engagement, maximizing revenue potential and driving smarter, more efficient iGaming operations.

Central to the Company’s 2026 strategy is an ambitious “AI-First” transformation plan. By targeting 2027 for full implementation, Bragg aims to ensure AI-enhanced products become standard in over 90% of all launches and that AI impacts over 75% of operational workflows. This shift leverages the "Bragg AI Brain" to enhance player engagement, maximize revenue potential, and drive smarter, more efficient iGaming operations.

The Company’s strategic focus areas to achieve its vision are:

Shifting Revenue Concentration

The Company aims to increase the percentage of revenue derived from the development and delivery of proprietary online casino content in order to provide a more margin-accretive mix and to improve profitability, to further the Company’s goal of reducing reliance on revenue from aggregated, non-exclusive online casino content by year-end.

Drayton Transaction

In July 2026, the Company completed the acquisition of Drayton, a strategic transaction designed to accelerate Bragg's presence in the regulated U.S. sports betting and horse racing markets. Drayton brings established technology and operational capabilities in these verticals, along with equity interests in a portfolio of licensed gaming studios. These studio relationships broaden Bragg's access to proprietary game content and features, which the Company intends to integrate across its existing platform, Hub, and PAM infrastructure.

U.S. Market Penetration

Bragg believes that it is strategically positioned for significant growth in the U.S. market through the leveraging of its proprietary and exclusive content portfolio. Bragg has successfully integrated with top-tier operators including FanDuel, DraftKings, Rush Street, Caesars and BetMGM and secured licenses in all key iGaming states. The Company expects further states to introduce regulatory frameworks for online casino operations in the coming years. The Company believes that it is well positioned to scale with the market. With technical integrations and commercial agreements already in place with the leading U.S. facing online casino operators, management believes that the projected costs and barriers for the Company to roll out in newly regulated U.S. jurisdictions are low, or negligible.

Bragg Gaming Group Inc.

Management Discussion & Analysis

June 30, 2026

Operational Excellence and Profitability

Following the initial restructuring announced on January 8, 2026, the Company announced on July 9, 2026 (subsequent to the reporting date) a further reduction of approximately 19% to its global workforce. Together these measures are expected to yield approximately EUR 10.5m in annualized cash savings once fully implemented.

Outlook

The Company's previously disclosed fiscal 2026 revenue and Adjusted EBITDA guidance (the “2026 Guidance”) was prepared in respect of the Company’s operations on a standalone basis.

The Company completed the acquisition of Drayton on July 22, 2026 (see "Overview of 2Q26 – Financial performance in the first half of 2026 – Others – Drayton Acquisition and Private Placement" in this MD&A for more information on the Transaction). Integration planning is underway, and the Company has limited operating history for the combined business.

With the integration of Drayton into the Company's operations at the planning stage, management does not have a reasonable basis on which to forecast the combined business for the remainder of the fiscal year. The Company is therefore withdrawing its previously disclosed 2026 Guidance.

Prior to the withdrawal of guidance, and on a standalone basis excluding Drayton, the Company was tracking below the low end of the revenue range and at the low end of the Adjusted EBITDA range, in each case as implied by the 2026 Guidance, while tracking to the upper end of the Adjusted EBITDA Margin range.

Management's focus is on integrating and optimizing the combined business, including aligning the product and technology roadmap, realizing identified efficiencies, and establishing the go-forward operating model and cost base.

FINANCIAL RESULTS

5.1

BASIS OF FINANCIAL DISCUSSION

The financial information presented below has been prepared to examine the results of operations from continuing activities.

The presentation currency of the Company is the Euro, while the functional currencies of its subsidiaries are Euro, Canadian dollar, United States dollar, British pound sterling, and Brazilian real due to primary location of individual entities within our corporate group. The presentation currency of the Euro has been selected as it best represents the majority of the Company’s economic inflows, outflows as well as its assets and liabilities.

Bragg Gaming Group Inc.

Management Discussion & Analysis

June 30, 2026

5.2

SELECTED INTERIM INFORMATION

The primary non-IFRS financial measure which the Company uses is Adjusted EBITDA. When internally analyzing underlying operating performance, management excludes certain items from EBITDA (earnings before interest, tax, depreciation, and amortization).

	Three Months Ended			Three Months Ended			Six Months Ended			Six Months Ended
	June 30,			June 30,			June 30,			June 30,
EUR 000	2026			2025			2026			2025
Revenue		22,892			26,079			48,544			51,584
Net Loss		(2,875	)		(1,829	)		(4,061	)		(4,469	)
EBITDA		2,952			2,621			6,196			5,661
Adjusted EBITDA		3,522			3,459			7,538			7,543

Basic Loss Per Share		(0.11	)		(0.07	)		(0.16	)		(0.18	)
Diluted Loss Per Share		(0.11	)		(0.07	)		(0.16	)		(0.18	)

	As at		As at
	June 30,		December 31,
	2026		2025
Total assets		91,363		99,349
Total non-current liabilities		3,198		3,953

Dividends paid		nil		nil

As at June 30, 2026, non-current financial liabilities primarily consist of EUR 2.1m in lease obligations on right of use assets in relation to office leases (December 31, 2025: EUR 2.7m).

With the exception of EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin, the financial data has been prepared to conform with IFRS as issued by the International Accounting Standards Board. These accounting principles have been applied consistently for all reporting periods presented.

5.3

OTHER FINANCIAL INFORMATION

To supplement its Interim Financial Statements presented in accordance with IFRS, the Company considers certain financial measures and metrics that are not prepared in accordance with IFRS. The Company uses such non-IFRS financial measures and metrics in evaluating its operating results and for financial and operational decision-making purposes. The Company believes that such measures and metrics help identify underlying trends in its business that could otherwise be masked by the effect of the expenses that it excludes in such measures.

Bragg Gaming Group Inc.

Management Discussion & Analysis

June 30, 2026

The Company also believes that such measures provide useful information about its operating results, enhance the overall understanding of its past performance and future prospects and allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making. However, these measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with IFRS. There are a number of limitations related to the use of such non-IFRS measures as opposed to their nearest IFRS equivalents. Accordingly, these non-IFRS measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. The Company uses the non-IFRS financial measures and metrics “EBITDA”, “Adjusted EBITDA” and “Adjusted EBITDA Margin”, each as defined below in this MD&A. The most directly comparable financial measure to each of EBITDA and Adjusted EBITDA is Net Loss. These non-IFRS measures are used to provide investors with supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures. The Company also believes that securities analysts, investors and other interested parties frequently use non-IFRS measures in the evaluation of issuers. The Company’s management uses non-IFRS measures in order to facilitate operating performance comparisons from period to period, to prepare annual operating budgets and forecasts and to determine components of management compensation.

The Company defined such non-IFRS measures as follows:

“Adjusted EBITDA” means EBITDA after: (i) adding back share based compensation; (ii) deducting lease payments recorded as a depreciation of right-of-use assets and lease interest expense; (iii) adding back or deducting gain (loss) on lease modification; (iv) adding back or deducting gain (loss) on re-measurement of deferred consideration; (v) adding back certain exceptional costs; (vi) adding back transaction and acquisition costs; and (vii) adding back or deducting gain (loss) on disposal of tangible assets. “Adjusted EBITDA Margin” means Adjusted EBITDA divided by revenue.

A reconciliation of operating loss to EBITDA and Adjusted EBITDA is as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
EUR 000	2026			2025			2026			2025
Net Loss		(2,875	)		(1,829	)		(4,061	)		(4,469	)
Income taxes (recovery) expense		509			(533	)		430			81
Loss Before Income Taxes		(2,366	)		(2,362	)		(3,631	)		(4,388	)
Net interest expense and other financing charges		425			14			251			360
Depreciation and amortization		4,893			4,969			9,576			9,689
EBITDA		2,952			2,621			6,196			5,661
Depreciation of right-of-use assets		(376	)		(215	)		(678	)		(429	)
Lease interest expense		(29	)		(25	)		(55	)		(52	)
Gain on lease modification		(26	)		—			(56	)		(101	)
Share based compensation		107			739			145			1,585
Transaction and acquisition costs		—			—			40			—
Exceptional costs		895			339			1,951			722
Gain on disposal of tangible assets		(1	)		—			(5	)		—
Loss on remeasurement of deferred consideration		—			—			—			157
Adjusted EBITDA		3,522			3,459			7,538			7,543

Exceptional costs during the three and six months ended June 30, 2026 amounted to EUR 0.9m and EUR 2.0m mainly relating to M&A transaction costs incurred in relation to the Drayton transaction and restructuring-related termination costs.

Bragg Gaming Group Inc.

Management Discussion & Analysis

June 30, 2026

Exceptional costs in the three and six months ended June 30, 2025 amounted to EUR 0.3m and EUR 0.7m relating to legal and professional costs associated with non-recurring corporate and regulatory matters, and employee retention incentives.

Loss on remeasurement of deferred consideration during the six months ended June 30, 2025 was in respect of the remeasurement of the present value of deferred share consideration in relation to the acquisition of Spin, which was fully settled on June 5, 2025, with the issuance of 371,496 shares.

5.4

SELECTED FINANCIAL INFORMATION

Selected financial information is as follows:

	Three Months Ended June 30,									Six Months Ended June 30,
EUR 000	2026			2025			2024			2026			2025			2024
Revenue		22,892			26,079			24,861			48,544			51,584			48,672
Operating Loss		(1,941	)		(2,348	)		(1,215	)		(3,380	)		(4,028	)		(2,483	)
EBITDA		2,952			2,621			2,779			6,196			5,661			5,388
Adjusted EBITDA		3,522			3,459			3,615			7,538			7,543			7,026

	As at		As at
	June 30,		December 31,
	2026		2025
Total assets		91,363		99,349
Total liabilities		31,864		36,647

TRADE AND OTHER RECEIVABLES

	As at		As at
	June 30,		December 31,
EUR 000	2026		2025
Trade receivables		16,742		20,398
Sales tax		1,115		724
Trade and other receivables		17,857		21,122

The following is an aging of the Company’s trade receivables:

	As at			As at
	June 30,			December 31,
EUR 000	2026			2025
Less than one month		16,240			17,858
Between two and three months		755			2,697
Greater than three months		425			1,370
		17,420			21,925
Provision for expected credit losses		(678	)		(1,527	)
Trade receivables		16,742			20,398

Bragg Gaming Group Inc.

Management Discussion & Analysis

June 30, 2026

TRADE PAYABLES AND OTHER LIABILITIES

	As at		As at
	June 30,		December 31,
EUR 000	2026		2025
Trade payables		12,564		9,148
Accrued liabilities		11,211		16,300
Other liabilities		41		72
Trade payables and other liabilities		23,816		25,520

5.5

SUMMARY OF QUARTERLY RESULTS

The following table presents the selected financial data for continuing operations for each of the past eight quarters of the Company.

	2026						2025												2024
EUR 000	2Q26			1Q26			4Q25			3Q25			2Q25			1Q25			4Q24			3Q24
Revenue		22,892			25,652			27,686			26,804			26,079			25,505			27,160			26,169
Operating loss		(1,941	)		(1,439	)		(88	)		(1,202	)		(2,348	)		(1,680	)		(654	)		(406	)
EBITDA		2,952			3,244			4,419			4,027			2,621			3,040			4,039			3,924
Adjusted EBITDA		3,522			4,016			4,561			4,445			3,459			4,084			4,682			4,083
Loss per share — Basic		(0.11	)		(0.05	)		(0.05	)		(0.09	)		(0.07	)		(0.11	)		(0.03	)		(0.01	)
Loss per share — Diluted		(0.11	)		(0.05	)		(0.05	)		(0.09	)		(0.07	)		(0.11	)		(0.03	)		(0.01	)

5.6

LIQUIDITY AND CAPITAL RESOURCES

The Company’s principal source of liquidity is its cash generated from operations. The Company also uses debt financing facilities, which provide additional capital to be used for operation expenditure and for the achievement of greater financial flexibility.

Revolving credit facility

During the three and six months ended June 30, 2026, the Company repaid EUR 0.7m of its outstanding revolving credit facility, which is with a Tier One Canadian financial institution allowing for withdrawal of a maximum aggregate amount of up to USD 6.0m. The associated securities, customary legal and financial covenants, and applicable interest rates are disclosed in the notes of the Interim Financial Statements. The drawdown balance on this facility is CAD 4.5m in CDN$ Term CORRA loans as at June 30, 2026 (as at December 31, 2025: CAD 4.5m in CDN$ Term CORRA loans and CAD 1.1m in CDN$ Prime Rate loans).

The Company calculates its working capital requirements from continuing operations as follows:

	As at			As at
	June 30,			December 31,
EUR 000	2026			2025
Cash and cash equivalents		3,308			6,658
Trade and other receivables		17,857			21,122
Prepaid expenses and other assets		4,279			3,905
Current liabilities excluding loans payable		(25,857	)		(29,182	)
Net working capital		(413	)		2,503
Loans payable		(2,809	)		(3,512	)
Net current assets		(3,222	)		(1,009	)

Bragg Gaming Group Inc.

Management Discussion & Analysis

June 30, 2026

The undiscounted contractual maturities of significant financial liabilities and the total contractual obligations of the Company as at June 30, 2026 are below:

	2026		2027		2028		2029		2030		Thereafter		Total
Trade payables and other liabilities		23,816		—		—		—		—		—		23,816
Lease obligations on right of use assets		1,466		1,446		729		292		45		—		3,978
Loans payable		2,797		—		—		—		—		—		2,797
Share appreciation rights liability		2,481		1,307		131		—		—		—		3,919
Other non-current liabilities		4		11		53		10		14		504		596
		30,564		2,764		913		302		59		504		35,106

MARKET RISK

The Company is exposed to market risks, including changes to foreign currency exchange rates and interest rates.

FOREIGN CURRENCY EXCHANGE RISK

The Company is exposed to foreign currency risk, which includes risks related to its revenue and operating expenses denominated in currencies other than EUR, which is both the reporting currency and primary contracting currency of the Company’s customers. Accordingly, changes in exchange rates may in the future reduce the purchasing power of the Company’s customers thereby potentially negatively affecting the Company’s revenue and other operating results.

The Company has experienced and will continue to experience fluctuations in its net income (loss) as a result of translation gains or losses related to revaluing certain current asset and current liability balances that are denominated in currencies other than the functional currency of the entities in which they are recorded.

LIQUIDITY RISK

The Company is also exposed to liquidity risk with respect to its contractual obligations and financial liabilities. The Company manages liquidity risk by continuously monitoring its forecasted and actual cash flows, and matching maturity profiles of financial assets and liabilities.

5.7

CASH FLOW SUMMARY

The highlights of cash flow from continuing operations include:

	Six Months Ended June 30,
EUR 000	2026			2025
Operating activities		5,728			7,074
Investing activities		(6,962	)		(7,201	)
Financing activities		(1,748	)		(5,178	)
Effect of foreign exchange		(368	)		(920	)
Net cash flow		(3,350	)		(6,225	)

Bragg Gaming Group Inc.

Management Discussion & Analysis

June 30, 2026

Cash flows used in investing activities are primarily due to additions to intangible assets of EUR 6.9m (six months ended June 30, 2025: EUR 6.4m).

	Six Months Ended June 30,
EUR 000	2026			2025
Purchases of property and equipment		(47	)		(219	)
Additions of intangible assets		(6,915	)		(6,407	)
Loan receivables		—			(375	)
Investment in associates		—			(200	)
Cash flows used in investing activities		(6,962	)		(7,201	)

	Six Months Ended June 30,
EUR 000	2026			2025
Proceeds from exercise of stock options		—			50
Repayment of lease liability		(687	)		(570	)
Repayment of loans payable		(679	)		(4,410	)
Interest and financing fees		(382	)		(248	)
Cash flows used in financing activities		(1,748	)		(5,178	)

There have been no significant non-cash transactions from investing and financing activities in either period.

TRANSACTIONS BETWEEN RELATED PARTIES

Bragg Gaming Group Inc.

Management Discussion & Analysis

June 30, 2026

Key Management Personnel

The Company’s key management personnel are comprised of members of the Board and the executive team.

Transactions with Shareholders, Key Management Personnel and Board of Directors

	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Salaries and subcontractors		(531	)		(745	)		(972	)		(1,523	)
Share based compensation		287			(427	)		(181	)		(1,051	)
		(244	)		(1,172	)		(1,153	)		(2,574	)

Balances due to/from shareholders, key management personnel and Board of Directors are set out as follows:

Interim unaudited condensed consolidated statements of financial position	As at			As at
	June 30,			December 31,
	2026			2025
Accrued liabilities		(68	)		(382	)
Net related party payable		(68	)		(382	)

Other transactions with shareholders, key management personnel and Board of Directors are set out in aggregate as follows:

Interim unaudited condensed consolidated statements of changes in equity	Six Months Ended June 30,
	2026			2025
Exercise of DSUs, RSUs and FSOs
Contributed surplus		(323	)		(87	)
Share capital		323			124
Net movement in equity		—			37

Interim unaudited condensed consolidated statements of cash flows	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Proceeds from exercise of options		—		—		—		37
		—		—		—		37

Bragg Gaming Group Inc.

Management Discussion & Analysis

June 30, 2026

DISCLOSURE OF OUTSTANDING SHARE DATA

The number of equity-based instruments granted or issued may be summarized as follows:

	June 30,		August 13,
	2026		2026
Common Shares		25,631,959		31,063,404
Warrants		979,048		1,730,493
Fixed Stock Options		804,057		738,473
Deferred Share Units		151,218		179,096
		27,566,282		33,711,466

CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS

The Interim Financial Statements were prepared using the same basis of presentation, accounting policies and methods of computation, and using the same significant estimates and judgments in applying the accounting policies as those of the audited consolidated financial statements for the year ended December 31, 2025, which are available on SEDAR+ at www.sedarplus.ca and on the EDGAR section of the SEC website at www.sec.gov/search-filings under the Company’s name.

CHANGES IN ACCOUNTING POLICY

There have been no changes in the Company’s accounting policies in any of the reporting periods discussed in this MD&A.

Bragg Gaming Group Inc.

Management Discussion & Analysis

June 30, 2026

MANAGEMENT’S RESPONSIBILITY FOR FINANCIAL REPORTING

Management is responsible for establishing and maintaining adequate internal control over financial reporting to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the financial statements in accordance with IFRS. Any system of internal control over financial reporting, no matter how well designed, has inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. Based on a review of the Company’s internal control procedures, the Company’s Chief Executive Officer and Chief Financial Officer believe its internal controls and procedures are appropriately designed as of the date of this MD&A.

There have been no material changes in the Company’s internal control over financial reporting during the three and six months ended June 30, 2026, that have materially affected, or are reasonably likely to materially affect, internal control over financial reporting. The Company continues to review and improve its internal control environment and enhancements have been made throughout the current financial period and previous financial year.

Disclosure controls and procedures

Management is also responsible for the design and effectiveness of disclosure controls and procedures to provide reasonable assurance that material information related to the Company, including its consolidated subsidiaries, which is required to be disclosed by the Company in its filings or required to be submitted by the Company under securities legislation is recorded, processed and summarized and reported within specified time periods. The Company’s Chief Executive Officer and Chief Financial Officer have each evaluated the design of the Company’s disclosure controls and procedures as of the date of this MD&A, and have concluded that these controls and procedures were appropriately designed.

ADDITIONAL INFORMATION

Additional information relating to the Company, including the Company’s annual information form, quarterly and annual reports and supplementary information is available on SEDAR+ at www.sedarplus.ca and on the EDGAR section of the SEC website at www.sec.gov/search-filings under the Company’s name. Press releases and other information are also available in the Investor section of the Company’s website at www.bragg.group.

Bragg Gaming Group Inc.

Management Discussion & Analysis

June 30, 2026

Exhibit 99.3

FORM 52-109F2

CERTIFICATION OF INTERIM FILINGS

FULL CERTIFICATE

I, Matevž Mazij, Chief Executive Officer of Bragg Gaming Group Inc., certify the following:

Review: I have reviewed the interim financial report and interim MD&A (together, the “interim filings”) of Bragg Gaming Group Inc. (the “issuer”) for the interim period ended June 30, 2026.

No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

Responsibility: The issuer’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, for the issuer.

Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s other certifying officer(s) and I have, as at the end of the period covered by the interim filings

(a)

designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

(i)

material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

(ii)

information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

(b)

designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP.

5.1

Control framework: The control framework the issuer’s other certifying officer(s) and I used to design the issuer’s ICFR is the Internal Control - Integrated Framework published by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

5.2

ICFR – material weakness relating to design: N/A

5.3

Limitation on scope of design: N/A

Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer’s ICFR that occurred during the period beginning on January 1, 2026 and ended on June 30, 2026 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.

Date:

August 13, 2026

/s/ Matevž Mazij
Matevž Mazij
Chief Executive Officer

Exhibit 99.4

FORM 52-109F2

CERTIFICATION OF INTERIM FILINGS

FULL CERTIFICATE

I, Robert Bressler, Chief Financial Officer and Secretary of Bragg Gaming Group Inc., certify the following:

Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s other certifying officer(s) and I have, as at the end of the period covered by the interim filings

(a)

designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

(i)

material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

(ii)

(b)

5.1

5.2

ICFR – material weakness relating to design: N/A

5.3

Limitation on scope of design: N/A

Date:

August 13, 2026.

/s/ Robert Bressler
Robert Bressler
Chief Financial Officer and Secretary

Exhibit 99.5

Bragg Gaming Group Reports Second Quarter 2026 Financial Results

TORONTO, August 13, 2026 –- (BUSINESS WIRE) -- Bragg Gaming Group (NASDAQ:BRAG; TSX:BRAG) (“bragg” or the “Company”), a leading igaming content and platform technology solutions provider, today announced its financial results for the second quarter of 2026.

Second Quarter 2026 Financial Highlights

●

Revenue: Total quarterly revenue of EUR 22.9m (USD 26.1m)¹ in the second quarter, a decrease of 12% from EUR 26.1m (USD 30.6m) in the second quarter of 2025:

The Netherlands revenue declined 14% year-over-year, reflecting the anticipated roll-off of legacy platform contracts following customer migrations;

Revenue from proprietary content deployed in Canada and the United States grew 44% year-over-year, and 25% from 1Q26; and

Brazil revenue was flat compared to the second quarter of 2025, as certain operators moved to direct supplier integrations.

●

Operating Loss, Net Loss and Adjusted EBITDA²

Operating loss for the second quarter was EUR 1.9m (USD 2.2m), a EUR 0.4m (USD 0.5m) improvement from an operating loss of EUR 2.3m (USD 2.7m) in the same period of 2025, as reduced operating expenses more than offset the impact of lower revenue on gross profit;

Net loss for the second quarter was EUR 2.9m (USD 3.3m), or EUR 0.11 (USD 0.13) per common share, compared to EUR 1.8m (USD 2.1m), or EUR 0.07 (USD 0.08) per common share, in the same period of 2025; and

Adjusted EBITDA was EUR 3.5m (USD 4.0m), flat compared to the second quarter of 2025, representing an Adjusted EBITDA Margin³ of 15% compared to 13% in the second quarter of 2025. Adjusted EBITDA remained broadly flat despite lower revenue, resulting in a 212-basis-point expansion in margin. This was driven by compensation savings from headcount reductions implemented since the beginning of the fiscal year and a favorable period-over-period change in bad debt provisions.

¹ Results converted from EUR to USD assume an exchange rate of 1.1394 for the three-month period ending June 30, 2026, and assume an exchange rate of 1.1720 for the three-month period ending June 30, 2025.

^2,3 Adjusted EBITDA and Adjusted EBITDA Margin are non-IFRS financial measures. For important information on the Company’s non-IFRS financial measures, see “Other Financial Information” below.

Second Quarter 2026 and Recent Business Highlights

●

Expanded Operator Relationships in Europe: Signed a definitive agreement with leading Belgian operator 711 to power its new online sportsbook, integrating Kambi’s Turnkey Sportsbook and bragg’s Fuze™ engagement toolset, and supported Super Technologies’ entry into the regulated Greek market through its Superbet brand with RGS games and HUB aggregation.

●

Announced Further Restructuring: On July 9, 2026, announced a further reduction of approximately 19% in its global workforce, expected to deliver approximately EUR 6.0m (USD 6.8m) in incremental annualized cash savings and bringing total expected annualized savings to approximately EUR 10.5m (USD 12.0m) together with the restructuring announced on January 8, 2026.

●

Entered the Alberta Market: On July 13, 2026, subsequent to quarter end, went live in the newly regulated Alberta igaming market at market opening, with multiple operators. More than 80 bragg titles are available to players in the province.

●

Completed the Acquisition of Drayton International: On July 22, 2026, subsequent to quarter end, completed the acquisition of Drayton International ("Drayton"), a diversified gaming technology and content platform, for USD 9.0m satisfied entirely in shares.

●

Appointed Matt Davey as Non-Executive Chairman: Matt Davey, Founder and Chairman of Tekkorp Capital and previously the builder of NYX Gaming Group, became Non-Executive Chairman on closing of the Drayton transaction and holds approximately 10% of bragg’s outstanding shares.

●

Completed Private Placement and Renewed Revolving Credit Facility: All 751,445 subscription receipts issued at USD 1.73 converted into common shares and warrants on closing of the Drayton transaction, releasing approximately EUR 1.1m (USD 1.3m) of escrowed funds. Subscribers included bragg’s Chief Financial Officer, Chief Operating Officer, director Thomas Winter and Non-Executive Chairman Matt Davey. The Company also renewed its revolving credit facility with a Tier One Canadian financial institution for a further year on terms consistent with the existing arrangement.

Matevž Mazij, Chief Executive Officer of bragg, commented, “In the second quarter, we continued to execute on our strategy with a focus on profitability and disciplined cost management. Despite lower revenue, Adjusted EBITDA remained broadly flat and Adjusted EBITDA Margin expanded, supported by continued progress in reducing our cost base.”

“Since quarter end we closed the Drayton transaction, satisfied entirely in shares, and announced a further workforce reduction. Integrating Drayton is our primary focus for the remainder of the year. That work is underway across content and technology and remains at an early stage. Together with Matt Davey joining as Non-Executive Chairman, our direction is unchanged: a games-first strategy on a lower cost base.”

Matt Davey, incoming Non-Executive Chairman of bragg, commented, "I have invested in bragg because the underlying assets are genuinely valuable — proprietary content growing strongly in North America, proven platform technology, and a licensed footprint across more than 30 regulated markets that took years to build and cannot be quickly replicated. That value is not yet reflected in the Company's financial results and closing that gap will require real change in how the business is structured and operates. The sequence is clear: strengthen the balance sheet, simplify the operating model to a sustainably lower cash cost base, and then accelerate investment in product and distribution. The restructuring executed this year is a start, not a destination. Progress will be measured in cash generation in the short term, and revenue growth over time, and the Board will hold the business to that standard. As a significant investor in the Company, my interests are fully aligned with those of all shareholders and I look forward to reporting progress on our objectives over the coming quarters.”

Board Changes

The Company also announced that Donald Robertson has resigned from the Board of Directors, effective August 13, 2026. Jordan Gnat has been appointed to the Board with effect from the same date.

Mr. Gnat is a senior executive and investor with over 30 years of leadership experience, including more than 20 years in the global gaming, sports and media industries. He is Co-Founder and Managing Partner of Boardwalk Capital, a lower middle market private equity firm, and was previously founder and Chief Executive Officer of Playmaker Capital Inc., a digital sports media business sold to Better Collective A/S in February 2024. He has also held senior roles at FOX Bet, The Stars Group and Scientific Games, and served as President and Chief Executive Officer of Boardwalk Gaming and Entertainment. Mr. Gnat is a director of Think Research Corporation, Sandhills Gaming Corp., Omnigame A/S and Twin Pines Entertainment, and a member of the board of the Hospital for Sick Children Foundation.

Mr. Gnat participated in the Company's recent private placement and is a shareholder of bragg.

Commenting on the change, Matt Davey, Non-Executive Chairman of bragg, said, "On behalf of the Board, I would like to thank Donald Robertson for his service and for his contribution to bragg through a demanding period, and to wish him well. We are pleased to welcome Jordan Gnat. Jordan has spent more than 30 years building and scaling businesses as an operator and an investor, most recently taking Playmaker Capital from launch to a successful exit. His expertise and track record further strengthen a Board well equipped to support the combined business."

Withdrawal of 2026 Outlook

The Company's previously disclosed fiscal 2026 revenue and Adjusted EBITDA guidance (the “2026 Guidance”) was prepared in respect of the Company’s operations on a standalone basis.

The Company completed the acquisition of Drayton on July 22, 2026 (see "Overview of 2Q26 – Financial performance in the first half of 2026 – Others – Drayton Acquisition and Private Placement" in the Company’s Management Discussion and Analysis (“MD&A”) for the quarter ended June 30, 2026). Integration planning is underway, and the Company has limited operating history for the combined business.

Investor Conference Call

The Company will host a conference call today at 8:30 a.m. Eastern Time, during which Bragg Chief Executive Officer, Matevž Mazij, and Chief Financial Officer, Robert Bressler, will discuss the Company’s financial results and provide a business update.

A presentation of these results will be made available to download at: https://investors.bragg.group/events-and-presentations/presentations/default.aspx

To join the live call by telephone, please use the below dial-in information:

Participant Dial-In Numbers

International / United States Toll: +1 626 884 3620

United States Toll-Free: +1 833 461 5787

Canada Toll-Free: +1 833 769 6440

Canada Toll: +1 365 657 4084

United Kingdom Toll: +44 117 389 0104

United Kingdom Toll-Free: +44 808 196 8935

Conference ID: 781376648

The call will also be broadcast live and archived in the Investors section of the Company’s website, at: https://investors.bragg.group/events-and-presentations/events/default.aspx

About bragg

Bragg Gaming Group, “bragg” (NASDAQ: BRAG, TSX: BRAG) crafts igaming environments that elevate player experiences. By combining battle-tested regulatory expertise with smart technology and captivating games and gaming worlds, bragg delivers a proven revenue engine for operators and an unforgettable experience for players.

The bragg product suite includes:

●

casino games: Featuring bragg studios game experiences, as well as aggregated and bespoke IP crafted for bragg by partner studios.

●

fuze™: Real-time behavioral intelligence that maps player journeys to reduce churn and maximize lifetime value.

●

bragg hub: A single integration aggregating the industry's best games from bragg’s premium in-house studios and third-party games houses.

●

bragg PAM: A proven, scalable platform that simplifies operations across markets.

Licensed and operational in 30+ regulated markets globally, including the U.S., Canada, LatAm, and Europe, bragg is engineered for igaming players and built for operator growth.

Caution Regarding Forward-Looking Statements

This news release may contain forward-looking information and statements (collectively, “forward-looking statements”) within the meaning of applicable securities laws in Canada and the U.S., including financial and operational expectations and projections. These statements, other than statements of historical fact, are based on management’s current expectations and projections and are subject to a number of risks, uncertainties, and assumptions, including market and economic conditions, business prospects or opportunities, future plans and strategies (including the Company’s strategic realignment and headcount reductions, the integration of acquired businesses and the Company’s ability to forecast and provide guidance for the combined business), projections, technological developments, anticipated events and trends and regulatory changes that affect the Company, its subsidiaries and their respective customers and industries. Although the Company and management believe the expectations and projections reflected in such forward-looking statements are appropriate and are based on reasonable assumptions and estimates as of the date hereof, there can be no assurance that these assumptions or estimates are accurate or that any of these expectations and projections will prove accurate. Forward-looking statements are inherently subject to significant business, regulatory, economic and competitive risks, uncertainties and contingencies that could cause actual events to differ materially from those expressed or implied in such statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “would”, “should”, “believe”, “objective”, “ongoing”, “imply” or the negative of these words or other variations or synonyms of these words or comparable terminology and similar expressions.

Shareholders and investors should not place undue reliance on forward-looking statements and FOFI as the plans, assumptions, intentions or expectations and projections upon which they are based might not occur. The forward-looking statements and FOFI contained in this news release are expressly qualified by this cautionary statement. Unless otherwise indicated by the Company, forward-looking statements and FOFI in this news release describe the Company’s expectations and projections as of August 13, 2026, and, accordingly, are subject to change after such date. The Company does not undertake to update or revise any forward-looking statements, except in accordance with applicable securities laws.

Other Financial Information

The Company also believes that such measures provide useful information about its operating results, enhance the overall understanding of its past performance and future prospects and allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making. However, these measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with IFRS. There are a number of limitations related to the use of such non-IFRS measures as opposed to their nearest IFRS equivalents. Accordingly, these non-IFRS measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. The Company uses the non-IFRS financial measures and metrics “EBITDA”, “Adjusted EBITDA” and “Adjusted EBITDA Margin”, each as defined below in this news release. The most directly comparable financial measure to each of EBITDA and Adjusted EBITDA is Net Loss. These non-IFRS measures are used to provide investors with supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures. The Company also believes that securities analysts, investors and other interested parties frequently use non-IFRS measures in the evaluation of issuers. The Company’s management uses non-IFRS measures in order to facilitate operating performance comparisons from period to period, to prepare annual operating budgets and forecasts and to determine components of management compensation.

The Company defined such non-IFRS measures as follows:

“EBITDA” means as net income (loss) plus interest, taxes, depreciation and amortization; provided that all revenue, costs and expenses shall be recorded on an accrual basis. The Company’s method of calculating EBITDA may differ from the method used by other issuers and, accordingly, the Company’s EBITDA calculation may not be comparable to similarly titled measures used by other issuers. “Adjusted EBITDA” means EBITDA after: (i) adding back share based compensation; (ii) deducting lease payments recorded as a depreciation of right-of-use assets and lease interest expense; (iii) adding back or deducting gain (loss) on lease modification; (iv) adding back or deducting gain (loss) on re-measurement of deferred consideration; (v) adding back certain exceptional costs; (vi) adding back transaction and acquisition costs; and (vii) adding back or deducting gain (loss) on disposal of tangible assets. “Adjusted EBITDA Margin” means Adjusted EBITDA divided by revenue.

A reconciliation of operating loss to EBITDA and Adjusted EBITDA is as follows in this news release as well as in the Company’s MD&A for the quarter ended June 30, 2026.

Future Oriented Financial Information

This news release may contain future oriented financial information (“FOFI”) within the meaning of applicable securities laws. The FOFI has been prepared by management to provide an outlook on bragg’s proposed activities and potential results and may not be appropriate for other purposes. The FOFI has been prepared based on a number of assumptions, including assumptions with respect to customer growth and market expansion. bragg and its management believe that the FOFI has been prepared on a reasonable basis, reflecting management’s best estimates and judgments; however, the actual results of operations of bragg and the resulting financial results may vary from the amounts set forth herein and such variations may be material. FOFI contained in this news release was made as of the date of this news release and bragg disclaims any intention or obligation to update or revise any FOFI contained in this news release, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law.

Join bragg on LinkedIn

For further information:

Robert Bressler

Chief Financial Officer

Bragg Gaming Group Inc.

+1 (647)-480-1591

investors@bragg.group

Financial tables follow:

BRAGG GAMING GROUP INC.

INTERIM UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS

PRESENTED IN EUROS (THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)

	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Revenue		22,892			26,079			48,544			51,584
Cost of revenue		(11,053	)		(12,336	)		(22,478	)		(23,557	)
Gross Profit		11,839			13,743			26,066			28,027

Selling, general and administrative expenses		(13,780	)		(16,091	)		(29,446	)		(31,898	)
Loss on remeasurement of deferred consideration		—			—			—			(157	)
Operating Loss		(1,941	)		(2,348	)		(3,380	)		(4,028	)

Net interest expense and other financing charges		(425	)		(14	)		(251	)		(360	)
Loss Before Income Taxes		(2,366	)		(2,362	)		(3,631	)		(4,388	)

Income taxes recovery (expense)		(509	)		533			(430	)		(81	)
Net Loss		(2,875	)		(1,829	)		(4,061	)		(4,469	)

Items to be reclassified to net loss:
Cumulative translation adjustment		308			(2,680	)		609			(4,103	)
Net Comprehensive Loss		(2,567	)		(4,509	)		(3,452	)		(8,572	)

Basic Loss Per Share		(0.11	)		(0.07	)		(0.16	)		(0.18	)
Diluted Loss Per Share		(0.11	)		(0.07	)		(0.16	)		(0.18	)

		Millions			Millions			Millions			Millions
Weighted average number of shares - basic		25.6			25.2			25.6			25.1
Weighted average number of shares - diluted		25.6			25.2			25.6			25.1

BRAGG GAMING GROUP INC.

INTERIM UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
PRESENTED IN EUROS (THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)

	As at			As at
	June 30,			December 31,
	2026			2025
Cash and cash equivalents		3,308			6,658
Trade and other receivables		17,857			21,122
Prepaid expenses and other assets		4,279			3,905
Total Current Assets		25,444			31,685
Property and equipment		972			1,198
Right-of-use assets		3,348			3,975
Intangible assets		29,208			30,421
Goodwill		31,558			31,206
Investments in associates		428			459
Other assets		405			405
Total Assets		91,363			99,349

Trade payables and other liabilities		23,816			25,520
Income taxes payable		351			1,824
Lease obligations on right of use assets		1,378			1,367
Share appreciation rights liability		312			471
Loans payable		2,809			3,512
Total Current Liabilities		28,666			32,694
Deferred income tax liabilities		421			509
Lease obligations on right of use assets		2,078			2,725
Share appreciation rights liability		103			123
Other non-current liabilities		596			596
Total Liabilities		31,864			36,647

Share capital		134,269			133,946
Contributed surplus		17,670			17,673
Accumulated deficit		(93,593	)		(89,461	)
Accumulated other comprehensive income		1,153			544
Total Equity		59,499			62,702
Total Liabilities and Equity		91,363			99,349

BRAGG GAMING GROUP INC.

UNAUDITED SELECTED FINANCIAL GAAP AND NON-GAAP MEASURES

PRESENTED IN EUROS (THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)

	Three Months Ended June 30,						Six Months Ended June 30,
EUR 000	2026			2025			2026			2025
Revenue		22,892			26,079			48,544			51,584
Operating Loss		(1,941	)		(2,348	)		(3,380	)		(4,028	)
EBITDA		2,952			2,621			6,196			5,661
Adjusted EBITDA		3,522			3,459			7,538			7,543

BRAGG GAMING GROUP INC.

RECONCILIATION OF OPERATING LOSS TO EBITDA AND ADJUSTED EBITDA

PRESENTED IN EUROS (THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)

	Three Months Ended June 30,						Six Months Ended June 30,
EUR 000	2026			2025			2026			2025
Net Loss		(2,875	)		(1,829	)		(4,061	)		(4,469	)
Income taxes (recovery) expense		509			(533	)		430			81
Loss Before Income Taxes		(2,366	)		(2,362	)		(3,631	)		(4,388	)
Net interest expense and other financing charges		425			14			251			360
Depreciation and amortization		4,893			4,969			9,576			9,689
EBITDA		2,952			2,621			6,196			5,661
Depreciation of right-of-use assets		(376	)		(215	)		(678	)		(429	)
Lease interest expense		(29	)		(25	)		(55	)		(52	)
Gain on lease modification		(26	)		—			(56	)		(101	)
Share based compensation		107			739			145			1,585
Transaction and acquisition costs		—			—			40			—
Exceptional costs		895			339			1,951			722
Gain on disposal of tangible assets		(1	)		—			(5	)		—
Loss on remeasurement of deferred consideration		—			—			—			157
Adjusted EBITDA		3,522			3,459			7,538			7,543

Source: View Original Filing on SEC EDGAR

Filing Exhibits & Attachments

5 documents

Bragg Gaming Group (BRAG) trims costs, acquires Drayton and pulls 2026 outlook

Rhea-AI Filing Summary

Positive

Negative

Filing Explained

Key Figures

Key Terms

FAQ

How did Bragg Gaming Group (BRAG) perform financially in Q2 2026?

What were Bragg Gaming Group (BRAG)’s first-half 2026 results?

How strong were Bragg Gaming Group (BRAG)’s margins and Adjusted EBITDA?

What is the significance of the Drayton acquisition for Bragg Gaming Group (BRAG)?

What cost-saving measures has Bragg Gaming Group (BRAG) announced for 2026?

Why did Bragg Gaming Group (BRAG) withdraw its 2026 financial guidance?

What is Bragg Gaming Group (BRAG)’s cash and debt position as of June 30, 2026?

Filing Exhibits & Attachments

Press Releases