# EDGAR Filing Document

**Accession Number:** 0001867834
**File Stem:** 0001104659-25-111292
**Filing Date:** 2025-11
**Character Count:** 163134
**Document Hash:** 856f524c7da27135d5cf199d51db2aa5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-111292.hdr.sgml**: 20251113

**ACCESSION NUMBER**: 0001104659-25-111292

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 8

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251113

**DATE AS OF CHANGE**: 20251113

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Bragg Gaming Group Inc.
- **CENTRAL INDEX KEY:** 0001867834
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER RENTAL & LEASING [7377]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A6
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40759
- **FILM NUMBER:** 251478528

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 130 KING STREET WEST
- **STREET 2:** SUITE 1955
- **CITY:** TORONTO
- **PROVINCE COUNTRY:** A6
- **ZIP:** M5X 1C9
- **BUSINESS PHONE:** 647-800-2282

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 130 KING STREET WEST
- **STREET 2:** SUITE 1955
- **CITY:** TORONTO
- **PROVINCE COUNTRY:** A6
- **ZIP:** M5X 1C9

**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** <br> **THE SECURITIES EXCHANGE ACT OF 1934**

**For the month of November, 2025**

**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 ⌧

**DOCUMENTS FILED AS PART OF THIS FORM 6-K**

---

| | |
|:---|:---|
| **Exhibit** | **Description** |
| [99.1](tm2531142d1_ex99-1.htm) | [Interim Unaudited Condensed Consolidated Financial Statements for the three and nine-month periods ended September 30, 2025](tm2531142d1_ex99-1.htm) |
| [99.2](tm2531142d1_ex99-2.htm) | [Management Discussion & Analysis for the three and nine-month periods ended September 30, 2025](tm2531142d1_ex99-2.htm) |
| [99.3](tm2531142d1_ex99-3.htm) | [Certification of Interim Filings by CEO, dated November 13, 2025](tm2531142d1_ex99-3.htm) |
| [99.4](tm2531142d1_ex99-4.htm) | [Certification of Interim Filings by CFO, dated November 13, 2025](tm2531142d1_ex99-4.htm) |
| [99.5](tm2531142d1_ex99-5.htm) | [News release, dated November 13, 2025](tm2531142d1_ex99-5.htm) |

---

**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.** | **BRAGG GAMING GROUP INC.** |
| Date: November 13, 2025 |  |  |
|  | By: | (signed) Robert Bressler |
|  | Name: | Robert Bressler |
|  | Title: | Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![](tm2531142d1_ex99-1img01img01.jpg)

BRAGG GAMING GROUP INC.

INTERIM UNAUDITED CONDENSED

CONSOLIDATED FINANCIAL STATEMENTS

Three and nine-month periods ended September 30, 2025 and September 30, 2024

Presented in Euros (Thousands)

**<u>**TABLE OF CONTENTS**</u>**

---

| | |
|:---|:---|
| **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** | **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 | CONVERTIBLE DEBT | 7 |
| 5 | SHARE CAPITAL | 8 |
| 6 | WARRANTS | 8 |
| 7 | SHARE BASED COMPENSATION | 9 |
| 8 | GOODWILL | 13 |
| 9 | DEFERRED CONSIDERATION | 13 |
| 10 | RIGHT OF USE ASSETS | 14 |
| 11 | INTANGIBLE ASSETS | 15 |
| 12 | TRADE AND OTHER RECEIVABLES | 16 |
| 13 | TRADE PAYABLES AND OTHER LIABILITIES | 16 |
| 14 | LEASE LIABILITIES | 17 |
| 15 | LOANS PAYABLE | 18 |
| 16 | RELATED PARTY TRANSACTIONS | 20 |
| 17 | FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT | 21 |
| 18 | SUPPLEMENTARY CASHFLOW INFORMATION | 25 |
| 19 | SEGMENT INFORMATION | 26 |
| 20 | INCOME TAXES | 27 |
| 21 | CONTINGENT LIABILITIES | 28 |
| 22 | SUBSEQUENT EVENTS | 28 |

---

**1**

**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 September 30,** | **Three Months Ended September 30,** | **Nine Months Ended <br> September 30,** | **Nine Months Ended <br> September 30,** |
|  | <br>**Note** | **2025** | **2024** | **2025** | **2024** |
| Revenue | 3, 19 | 26804 | 26169 | 78388 | 74841 |
| Cost of revenue | 3 | (12154) | (12167) | (35711) | (36558) |
| **Gross Profit** |  | **14650** | **14002** | **42677** | **38283** |
| Selling, general and administrative expenses | 3 | (15852) | (14829) | (47750) | (40918) |
| Gain (Loss) on remeasurement of derivative liability | 4 |  | 46 |  | (94) |
| Gain on settlement of convertible debt | 4 |  | 104 |  | 169 |
| Gain (Loss) on remeasurement of deferred consideration | 3, 9, 17 |  | 271 | (157) | (329) |
| **Operating Loss** |  | **(1202)** | **(406)** | **(5230)** | **(2889)** |
| Net interest expense and other financing charges | 3, 18 | (217) | (848) | (577) | (2370) |
| **Loss Before Income Taxes** |  | **(1419)** | **(1254)** | **(5807)** | **(5259)** |
| Income taxes (expense) recovery | 20 | (886) | 1089 | (967) | 790 |
| **Net Loss** |  | **(2305)** | **(165)** | **(6774)** | **(4469)** |
| Items to be reclassified to net loss: |  |  |  |  |  |
| &nbsp;&nbsp;Cumulative translation adjustment |  | (730) | (1002) | (4833) | (998) |
| **Net Comprehensive Loss** |  | **(3035)** | **(1167)** | **(11607)** | **(5467)** |
| **Basic Loss Per Share** |  | (0.09) | (0.01) | (0.27) | (0.19) |
| **Diluted Loss Per Share** |  | (0.09) | (0.01) | (0.27) | (0.19) |
|  |  | Millions | Millions | Millions | Millions |
| **Weighted average number of shares - basic** |  | 25.4 | 25.0 | 25.2 | 24.0 |
| **Weighted average number of shares - diluted** |  | 25.4 | 25.0 | 25.5 | 24.0 |

---

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

**2**

**BRAGG GAMING GROUP INC.**

**INTERIM UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION**

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

---

| | | | |
|:---|:---|:---|:---|
|  |<br>**Note** | **As at**<br>**September 30,**<br>**2025** | **As at**<br>**December 31,**<br>**2024** |
| Cash and cash equivalents |  | 3024 | 10467 |
| Trade and other receivables | 12, 17 | 25510 | 20072 |
| Prepaid expenses and other assets |  | 4922 | 2624 |
| **Total Current Assets** |  | **33456** | **33163** |
| Property and equipment |  | 1251 | 1341 |
| Right-of-use assets | 10 | 4310 | 3510 |
| Intangible assets | 11 | 29363 | 35859 |
| Goodwill | 8 | 31214 | 32722 |
| Investments in associates |  | 500 |  |
| Other assets |  | 403 |  |
| **Total Assets** |  | **100497** | **106595** |
| Trade payables and other liabilities | 13, 17 | 26312 | 19946 |
| Income taxes payable | 20 | 1074 | 463 |
| Lease obligations on right-of-use assets | 14 | 1364 | 882 |
| Deferred consideration | 9 |  | 1244 |
| Share appreciation rights liability | 7 | 480 |  |
| Loans payable | 15 | 2752 | 6579 |
| **Total Current Liabilities** |  | **31982** | **29114** |
| Deferred income tax liabilities | 20 | 551 | 680 |
| Lease obligations on right-of-use assets | 14 | 3057 | 2815 |
| Share appreciation rights liability | 7 | 400 |  |
| Other non-current liabilities |  | 486 | 487 |
| **Total Liabilities** |  | **36476** | **33096** |
| Share capital | 5 | 133253 | 131729 |
| Contributed surplus |  | 18285 | 17680 |
| Accumulated deficit |  | (87984) | (81210) |
| Accumulated other comprehensive income |  | 467 | 5300 |
| **Total Equity** |  | **64021** | **73499** |
| **Total Liabilities and Equity** |  | **100497** | **106595** |

---

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

Approved on behalf of the Board

---

| | |
|:---|:---|
| **Matevž Mazij** | **Holly Gagnon** |
| Chief Executive Officer | Chair of the Board of Directors |

---

**3**

**BRAGG GAMING GROUP INC.**

**INTERIM UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**Note** | <br>**Share**<br>**capital** | <br>**Shares to**<br>**be issued** | <br>**Contributed**<br>**surplus** | <br>**Accumulated**<br>**deficit** | **Accumulated**<br>**other**<br>**comprehensive**<br>**income (loss)** | <br>**Total**<br>**equity** |
| **Balance as at January 1, 2024** |  | **120015** | **3491** | **19887** | **(76063)** | **2917** | **70247** |
| Shares issued upon exercise of convertible debt | 4 | 2704 |  |  |  |  | 2704 |
| Shares issued as deferred consideration | 9 | 5630 | (3491) |  |  |  | 2139 |
| Exercise of restricted share units | 7 | 1799 |  | (1799) |  |  |  |
| Exercise of deferred share units | 7 | 1041 |  | (1041) |  |  |  |
| Exercise of stock options | 7 | 517 |  | (201) |  |  | 316 |
| Share-based compensation | 7 |  |  | 710 |  |  | 710 |
| Net loss for the period |  |  |  |  | (4469) |  | (4469) |
| Other comprehensive loss |  |  |  |  |  | (998) | (998) |
| **Balance as at September 30, 2024** |  | **131706** | **—** | **17556** | **(80532)** | **1919** | **70649** |
| **Balance as at January 1, 2025** |  | **131729** | **—** | **17680** | **(81210)** | **5300** | **73499** |
| Shares issued as deferred consideration | 9 | 1380 |  |  |  |  | 1380 |
| Exercise of stock options | 7 | 144 |  | (94) |  |  | 50 |
| Share-based compensation | 7 |  |  | 699 |  |  | 699 |
| Net loss for the period |  |  |  |  | (6774) |  | (6774) |
| Other comprehensive loss |  |  |  |  |  | (4833) | (4833) |
| **Balance as at September 30, 2025** |  | **133253** | **—** | **18285** | **(87984)** | **467** | **64021** |

---

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

**4**

**BRAGG GAMING GROUP INC.**

**INTERIM UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

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

---

| | | | |
|:---|:---|:---|:---|
|  | | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  |<br>**Note** | **2025** | **2024** |
| **Operating Activities** |  |  |  |
| Net loss |  | (6774) | (4469) |
| Add: |  |  |  |
| Net interest expense and other financing charges | 3, 18 | 577 | 2370 |
| Depreciation and amortization | 3 | 14918 | 12201 |
| Share based compensation | 7 | 1589 | 710 |
| Loss on remeasurement of derivative liability | 4 |  | 94 |
| Gain on settlement of convertible debt | 4 |  | (169) |
| Loss on remeasurement of deferred consideration | 3, 9, 17 | 157 | 329 |
| Unrealized foreign exchange (gain) loss |  | (124) | 40 |
| Income taxes expense (recovery) | 20 | 967 | (790) |
|  |  | 11310 | 10316 |
| Change in working capital | 18 | (1371) | (2899) |
| Income taxes (paid) recovered | 20 | (440) | 1004 |
| **Cash Flows From Operating Activities** |  | **9499** | **8421** |
| **Investing Activities** |  |  |  |
| Purchases of property and equipment |  | (294) | (677) |
| Additions of intangible assets | 11 | (9540) | (8183) |
| Loan receivables |  | (400) |  |
| Investment in associates |  | (500) |  |
| **Cash Flows Used In Investing Activities** |  | **(10734)** | **(8860)** |
| **Financing Activities** |  |  |  |
| Proceeds from exercise of stock options | 7 | 50 | 316 |
| Repayment of convertible debt |  |  | (1377) |
| Repayment of lease liability | 14 | (922) | (512) |
| Proceeds from loans payable | 15 | 2753 | 6332 |
| Repayment of loans payable | 15 | (6139) |  |
| Interest and financing fees |  | (812) | (703) |
| **Cash Flows (Used In) Generated From Financing Activities** |  | **(5070)** | **4056** |
| Effect of foreign currency exchange rate changes on cash and cash equivalents |  | (1138) | (844) |
| **Change In Cash And Cash Equivalents** |  | **(7443)** | **2773** |
| Cash and cash equivalents at beginning of period |  | 10467 | 8796 |
| **Cash And Cash Equivalents At End Of Period** |  | **3024** | **11569** |

---

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

**5**

**BRAGG GAMING GROUP INC.**

**NOTES TO THE INTERIM UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**FOR THE THREE AND NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2025 AND SEPTEMBER 30, 2024**

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

**1 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.

**2 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, 2024, which are available at www.sedarplus.ca.

**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, 2024.

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 policies set out in note 2 of the audited consolidated financial statements for the year ended December 31, 2024 have 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 filing by the board of directors of the Company (the "Board") on November 13, 2025.

**6**

**BRAGG GAMING GROUP INC.**

**NOTES TO THE INTERIM UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**FOR THE THREE AND NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2025 AND SEPTEMBER 30, 2024**

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

**3 LOSS BEFORE INCOME TAXES CLASSIFIED BY NATURE**

The loss before income taxes is classified as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  |<br>**Note** | **2025** | **2024** | **2025** | **2024** |
| **Revenue** | 19 | **26804** | **26169** | **78388** | **74841** |
| Cost of revenue |  | (12154) | (12167) | (35711) | (36558) |
| **Gross Profit** |  | **14650** | **14002** | **42677** | **38283** |
| Salaries and subcontractors |  | (6759) | (5230) | (19071) | (15470) |
| Share based compensation | 7 | (4) | (106) | (1589) | (710) |
| Total employee costs |  | (6763) | (5336) | (20660) | (16180) |
| Depreciation and amortization |  | (5229) | (4330) | (14918) | (12201) |
| IT and hosting |  | (1497) | (1359) | (4150) | (3619) |
| Professional fees |  | (1183) | (1559) | (3458) | (3952) |
| Corporate costs |  | (303) | (135) | (557) | (411) |
| Sales and marketing |  | (212) | (708) | (799) | (1800) |
| Bad debt recovery (expense) | 12 | 436 | (539) | (443) | (642) |
| Travel and entertainment |  | (274) | (238) | (1038) | (670) |
| Debt origination costs |  | (412) | (72) | (412) | (72) |
| Other operational costs |  | (415) | (553) | (1315) | (1371) |
| **Selling, General and Administrative Expenses** |  | **(15852)** | **(14829)** | **(47750)** | **(40918)** |
| Gain (Loss) on remeasurement of derivative liability | 4 |  | 46 |  | (94) |
| Gain on settlement of convertible debt | 4 |  | 104 |  | 169 |
| Gain (Loss) on remeasurement of deferred consideration | 9 |  | 271 | (157) | (329) |
| **Operating Loss** |  | **(1202)** | **(406)** | **(5230)** | **(2889)** |
| Interest income |  | 19 |  | 28 |  |
| Accretion on liabilities | 9 |  | (557) | (168) | (1667) |
| Foreign exchange gain |  | 19 | 51 | 337 | 7 |
| Interest and financing fees |  | (255) | (342) | (774) | (710) |
| **Net Interest Expense and Other Financing Charges** |  | **(217)** | **(848)** | **(577)** | **(2370)** |
| **Loss Before Income Taxes** |  | **(1419)** | **(1254)** | **(5807)** | **(5259)** |

---

**7**

**BRAGG GAMING GROUP INC.**

**NOTES TO THE INTERIM UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**FOR THE THREE AND NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2025 AND SEPTEMBER 30, 2024**

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

**4 CONVERTIBLE DEBT**

On September 5, 2022, the Company entered into a Funding Agreement for an investment of EUR 8,770 (USD 8,700) with Lind in the form of a Convertible Debt with a face value of EUR 10,081 (USD 10,000), bearing interest at an inherent rate of 7.5% maturing 24 months after issuance. Net proceeds after deducting transaction fees were EUR 8,053. The face value of the Convertible Debt has a 24-month maturity date and can be paid in cash or be converted into common shares of the Company ("Shares") at a conversion price equal to 87.5% of the five-day volume weighted average price ("VWAP") immediately prior to each conversion. Shares issued upon conversion are subject to a 120-day lock-up period following deal close.

---

| | | | |
|:---|:---|:---|:---|
|  | **Convertible debt** | **Derivative liability** | **Total** |
| Balance as at January 1, 2024 | 2445 | 471 | 2916 |
| &nbsp;&nbsp;Accretion expense | 1298 |  | 1298 |
| &nbsp;&nbsp;Loss on remeasurement of derivative liability |  | 94 | 94 |
| &nbsp;&nbsp;Gain on settlement of convertible debt |  | (169) | (169) |
| &nbsp;&nbsp;Shares issued upon exercise of convertible debt | (2314) | (390) | (2704) |
| &nbsp;&nbsp;Repayment of convertible debt | (1377) |  | (1377) |
| &nbsp;&nbsp;Effect of movement in exchange rates | (52) | (6) | (58) |
| Balance as at December 31, 2024 |  |  |  |

---

On August 7, 2024, the convertible debt has been settled in full.

For the three and nine months ended September 30, 2024, an accretion expense of EUR 493 and EUR 1,298 was recognised in net interest expense and other financing charges in respect of the Host Debt component. For the three and nine months ended September 30, 2024, a gain of EUR 46 and loss of EUR 94 on remeasurement of derivative liability was recognised in the interim unaudited condensed consolidated statements of loss and comprehensive loss.

During the three and nine months ended September 30, 2024 and until the debt was settled in full, immediately prior to any conversion, the embedded derivative liability is remeasured at fair value through profit and loss. Key valuation inputs and assumptions used are closing stock price on dates of conversion of between CAD 6.910 and 8.750, 5-day VWAP of between CAD 6.910 and 8.827, expected life of between 0.06 to 0.56 years, annual risk-free rate of between 5.17% and 5.54%

During the three and nine months ended September 30, 2024, nil and 504,215 shares, respectively, were issued upon exercise of convertible debt representing USD 2,500 of the total face value of USD 10,000. The Company also elected to settle USD 1,500 of the debt in cash upon delivery of a cash in-lieu of shares conversion notice for a total of USD 1,545.

Derivative and host debt balances representing the fair value of the converted debt are subsequently transferred to the share capital account in the interim unaudited condensed statements of changes in equity. Upon exercise, during the three and nine months ended September 30, 2024, EUR nil and EUR 2,314 was transferred from the host debt liability and EUR nil and EUR 390 from derivative liability, respectively, to share capital in the interim unaudited condensed consolidated statements of changes in equity for a total of EUR nil and EUR 2,127, respectively.

**8**

**BRAGG GAMING GROUP INC.**

**NOTES TO THE INTERIM UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**FOR THE THREE AND NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2025 AND SEPTEMBER 30, 2024**

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

**5 SHARE CAPITAL**

**Authorized - Unlimited Common Shares, fully paid**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Note** | **Number** | **Value** |
| January 1, 2024 | Balance |  | 23003552 | 120015 |
| February 5, 2024 to June 5, 2024 | Shares issued upon exercise of convertible debt | 4 | 504215 | 2704 |
| June 1, 2024 | Shares issued upon settlement of deferred consideration for Spin acquisition |  | 369516 | 2139 |
| June 2, 2024 | Shares issued upon settlement of deferred consideration for Wild Streak acquisition |  | 393111 | 3491 |
| April 1, 2024 to September 9, 2024 | Issuance of share capital upon exercise of FSOs | 7 | 120807 | 517 |
| May 1, 2024 to September 18, 2024 | Issuance of share capital upon exercise of DSU | 7 | 198481 | 1041 |
| May 1, 2024 to May 14, 2024 | Issuance of share capital upon exercise of RSU | 7 | 418000 | 1799 |
| **September 30, 2024** | **Balance** |  | **25007682** | **131706** |
| January 1, 2025 | Balance |  | 25042982 | 131729 |
| February 6, 2025 | Exercise of FSO | 7 | 25000 | 123 |
| June 5, 2025 | Shares issued upon settlement of deferred consideration for Spin acquisition |  | 371496 | 1380 |
| June 30, 2025 | Exercise of FSO | 7 | 10000 | 21 |
| **September 30, 2025** | **Balance** |  | **25449478** | **133253** |

---

The Company's common shares have no par value.

**6 WARRANTS**

The following are continuities of the Company's warrants:

---

| | | |
|:---|:---|:---|
| **Number of Warrants** | | **Warrants**<br>**issued as part of**<br>**convertible debt** |
| January 1, 2024 | Balance | 979048 |
| **September 30, 2024** | **Balance** | **979,048** |
| January 1, 2025 | Balance | 979,048 |
| **September 30, 2025** | **Balance** | **979,048** |

---

Each unit consists of the following characteristics:

---

| | | |
|:---|:---|:---|
|  | **Warrants** | **Warrants** |
|  | **issued as part of** | **issued as part of** |
|  | **convertible debt** | **convertible debt** |
| Number of shares |  | 1 |
| Number of Warrants |  |  |
| Exercise price of unit (CAD) |  | 9.28 |

---

**9**

**BRAGG GAMING GROUP INC.**

**NOTES TO THE INTERIM UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**FOR THE THREE AND NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2025 AND SEPTEMBER 30, 2024**

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

**6 WARRANTS (CONTINUED)**

**Warrants issued upon completion of Financing Arrangement**

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.

**7 SHARE BASED COMPENSATION**

The Company maintains an 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 table summarizes information about the OEIP.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **DSU** | **RSU** | **SAR** | **FSO** | **FSO** |
|  |<br>**Outstanding**<br>**DSUs**<br>**(Number of**<br>**of shares)** |<br>**Outstanding**<br>**RSUs**<br>**(Number of**<br>**of shares)** |<br>**Outstanding**<br>**SARs**<br>**(Number of**<br>**of shares)** |<br>**Outstanding**<br>**FSOs**<br>**(Number**<br>**of shares)** | **Weighted**<br>**Average**<br>**Exercise**<br>**Price / Share**<br>**CAD** |
| Balance as at January 1, 2024 | 225154 | 498000 |  | 1777438 | 8.43 |
| &nbsp;&nbsp;Granted |  |  |  | 165000 | 6.69 |
| &nbsp;&nbsp;Exercised | (198481) | (418000) |  | (120807) | 3.80 |
| &nbsp;&nbsp;Expired |  |  |  | (50000) | 5.00 |
| &nbsp;&nbsp;Forfeited / Cancelled | (7) |  |  | (125363) | 6.81 |
| **Balance as at September 30, 2024** | **26666** | **80000** | **—** | **1646268** | **8.61** |
| Balance as at January 1, 2025 | 26666 | 280000 | 1329082 | 1602346 | 8.81 |
| &nbsp;&nbsp;Granted |  |  | 306829 | 15000 | 2.30 |
| &nbsp;&nbsp;Exercised |  |  |  | (35000) | 2.30 |
| &nbsp;&nbsp;Forfeited / Cancelled |  |  |  | (59838) | 8.28 |
| **Balance as at September 30, 2025** | **26666** | **280000** | **1635911** | **1522508** | **8.92** |

---

**10**

**BRAGG GAMING GROUP INC.**

**NOTES TO THE INTERIM UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**FOR THE THREE AND NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2025 AND SEPTEMBER 30, 2024**

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

**7 SHARE BASED COMPENSATION (CONTINUED)**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Outstanding** | **Outstanding** | **Outstanding** | **Exercisable** | **Exercisable** |
| <br>**Range of exercise**<br>**prices (CAD)** |<br>**FSOs**<br>**(Number**<br>**of shares)** | **Weighted**<br>**Average**<br>**Remaining**<br>**Contractual**<br>**Life (Years)** | **Weighted**<br>**Average**<br>**Exercise**<br>**Price / Share**<br>**CAD** |<br>**FSOs**<br>**(Number**<br>**of shares)** | **Weighted**<br>**Average**<br>**Exercise**<br>**Price / Share**<br>**CAD** |
| 2.30 - 5.00 | 20000 | 10 | 4.68 | 10000 | 4.68 |
| 5.01 - 8.62 | 1101071 | 2 | 7.75 | 1016087 | 7.77 |
| 8.63 - 15.00 | 399885 | 5 | 12.25 | 399885 | 12.25 |
| 15.01 - 33.30 | 1552 | 1 | 33.30 | 1552 | 33.30 |
|  | **1522508** | **3** | **8.92** | **1427524** | **9.03** |

---

The following table summarizes information about the outstanding share options as at September 30, 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Outstanding** | **Outstanding** | **Outstanding** | **Exercisable** | **Exercisable** |
| <br>**Range of exercise**<br>**prices (CAD)** |<br>**FSOs**<br>**(Number**<br>**of shares)** | **Weighted**<br>**Average**<br>**Remaining**<br>**Contractual**<br>**Life (Years)** | **Weighted**<br>**Average**<br>**Exercise**<br>**Price / Share**<br>**CAD** |<br>**FSOs**<br>**(Number**<br>**of shares)** | **Weighted**<br>**Average**<br>**Exercise**<br>**Price / Share**<br>**CAD** |
| 2.30 - 5.00 | 83700 | 1 | 2.30 | 83700 | 2.30 |
| 5.01 - 8.62 | 1131081 | 4 | 7.72 | 909354 | 7.80 |
| 8.63 - 15.00 | 429935 | 6 | 12.17 | 423981 | 12.19 |
| 15.01 - 33.30 | 1552 | 2 | 33.30 | 1552 | 33.30 |
|  | **1646268** | **4** | **8.61** | **1418587** | **8.80** |

---

**Fixed Stock Options ("FSOs")**

During the three and nine months ended September 30, 2025, a share-based compensation charge of EUR 14 and EUR 198 (three and nine months ended September 30, 2024: EUR 108 and EUR 257) has been recognized in the interim unaudited condensed consolidated statements of loss and comprehensive loss.

During the three and nine months ended September 30, 2025, nil and 35,000 common shares of the Company were issued upon exercise of FSOs (three and nine months ended September 30, 2024: 12,125 and 120,807). Upon exercise of FSOs, for the three and nine months ended September 30, 2025, EUR nil and EUR 94 (three and nine months ended September 30, 2024: EUR 2 and EUR 201) 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 nine months ended September 30, 2025, totaled EUR nil and EUR 50 (three and nine months ended September 30, 2024: EUR 22 and EUR 316).

**11**

**BRAGG GAMING GROUP INC.**

**NOTES TO THE INTERIM UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**FOR THE THREE AND NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2025 AND SEPTEMBER 30, 2024**

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

**7 SHARE BASED COMPENSATION (CONTINUED)**

**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 nine months ended September 30, 2025, a share-based compensation charge of EUR nil (three and nine months ended September 30, 2024: EUR 1 and EUR 6) has been recognized in the interim unaudited condensed consolidated statements of loss and comprehensive loss.

During the three and nine months ended September 30, 2025, no common shares were issued upon exercise of DSUs (three and nine months ended September 30, 2024: 49,581 and 198,481). For the three and nine months ended September 30, 2025, upon exercise of DSUs, EUR nil (three and nine months ended September 30, 2024: 277 and EUR 1,041) was transferred from contributed surplus to share capital in the interim unaudited condensed consolidated statements of changes in equity.

**Restricted Share Units ("RSUs")**

During the three and nine months ended September 30, 2025, a share-based compensation charge of EUR 167 and EUR 501 (three and nine months ended September 30, 2024: EUR nil and EUR 447) has been recognized in the interim unaudited condensed consolidated statements of loss and comprehensive loss.

During the three and nine months ended September 30, 2025, no common shares were issued upon exercise of RSUs (three and nine months ended September 30, 2024: 418,000). For the three and nine months ended September 30, 2025, upon exercise of RSUs, EUR nil (three and nine months ended September 30, 2024: EUR 1,799) was transferred from contributed surplus to share capital in the interim unaudited condensed consolidated statements of changes in equity.

**Share Appreciation Rights ("SARs")**

On December 29, 2024, the Company granted a Share Appreciation Rights 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.

The aggregate number of SAR units granted on December 29, 2024 totaled 1,329,082, with an issue price of CAD 5.00 per unit, based on the market price of the Company's stock on the date of grant. During the nine months ended September 30, 2025, additional grants, also based on the market price on the date of grant, have been made as follows:

&nbsp;&nbsp;&nbsp;&nbsp;· 144,529
 units granted on June 26, 2025, at an issue price of CAD 6.06 per unit

&nbsp;&nbsp;&nbsp;&nbsp;· 162,300
 units granted on September 25, 2025, at an issue price of CAD 3.93 per unit

**12**

**BRAGG GAMING GROUP INC.**

**NOTES TO THE INTERIM UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**FOR THE THREE AND NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2025 AND SEPTEMBER 30, 2024**

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

**7 SHARE BASED COMPENSATION (CONTINUED)**

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

&nbsp;&nbsp;&nbsp;&nbsp;· 1/3
 on the first anniversary of the grant date

&nbsp;&nbsp;&nbsp;&nbsp;· 1/3
 on the second anniversary of the grant date

&nbsp;&nbsp;&nbsp;&nbsp;· 1/3
 on the third anniversary of the grant date

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

---

| | | |
|:---|:---|:---|
|  | **As at**<br>**September 30,**<br>**2025** | **As at**<br>**December 31,**<br>**2024** |
| Total carrying amount of liabilities for SARs | 880 |  |

---

The fair value of the SARs has been measured using Black-Scholes formula. 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**<br>**September 30,**<br>**2025** |
| Expected dividend yield (%) |  |
| Expected share price volatility (%) | 65.44 - 73.87 |
| Risk-free interest rate (%) | 3.74 |
| Expected life of options (years) | 5.0 |
| Share price (CAD) | 4.20 |
| Forfeiture rate (%) |  |

---

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 behaviour.

During the three and nine months ended September 30, 2025, a share-based compensation charge (recovery) of EUR (177) and EUR 890 (three and nine months ended September 30, 2024: EUR nil) has been recognized in the interim unaudited condensed consolidated statements of loss and comprehensive loss.

**13**

**BRAGG GAMING GROUP INC.**

**NOTES TO THE INTERIM UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**FOR THE THREE AND NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2025 AND SEPTEMBER 30, 2024**

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

**8 GOODWILL**

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

---

| | |
|:---|:---|
| As at January 1, 2024 | 31921 |
| &nbsp;&nbsp;Effect of Movement in exchange rates | 801 |
| **As at December 31, 2024** | **32722** |
| &nbsp;&nbsp;Effect of movements in exchange rates | (1508) |
| **As at September 30, 2025** | **31214** |

---

The carrying amount of goodwill is attributed to the acquisitions of Oryx, Wild Streak and Spin. The Company completed its annual impairment tests for goodwill as at December 31, 2024 and concluded that there was no impairment.

**9 DEFERRED CONSIDERATION**

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

---

| | |
|:---|:---|
| Balance as at January 1, 2024 | 2939 |
| &nbsp;&nbsp;Accretion expense | 428 |
| &nbsp;&nbsp;Gain on remeasurement of deferred consideration | (132) |
| &nbsp;&nbsp;Shares issued as deferred consideration | (2139) |
| &nbsp;&nbsp;Effect of movement in exchange rates | 148 |
| **Balance as at December 31, 2024** | **1244** |
| &nbsp;&nbsp;Accretion expense | 168 |
| &nbsp;&nbsp;Loss on remeasurement of deferred consideration | 157 |
| &nbsp;&nbsp;Shares issued as deferred consideration | (1380) |
| &nbsp;&nbsp;Effect of movement in exchange rates | (189) |
| **Balance as at September 30, 2025** | **—** |

---

On June 1, 2022, the Company acquired Spin Games LLC. The Company agreed deferred consideration payments in common 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 71.4% and 80.9%, an annual dividend rate of 0% and time to maturity of 1-3 years.

In the three and nine months ended September 30, 2025, an accretion expense of EUR nil and EUR 168 (three and nine months ended September 30, 2024: EUR 64 and EUR 369) was recorded in the interim unaudited condensed consolidated statements of loss and comprehensive loss.

In the nine months ended September 30, 2025, a loss on remeasurement of deferred consideration of EUR 157 (three and nine months ended September 30, 2024: gain of EUR 271 and loss of EUR 329) was recorded in the interim unaudited condensed consolidated statements of loss and comprehensive loss.

**14**

**BRAGG GAMING GROUP INC.**

**NOTES TO THE INTERIM UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**FOR THE THREE AND NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2025 AND SEPTEMBER 30, 2024**

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

**9 DEFERRED CONSIDERATION (CONTINUED)**

As at September 30, 2025, the Company has EUR nil deferred consideration payable (December 31, 2024: EUR 1,244 in current liabilities), being fully settled on June 5, 2025, with the issuance of 371,496 shares.

The fair value of deferred consideration as at December 31, 2024 is measured by determining the period-end share price and the discount for lack of marketability (DLOM) applying Finnerty's average-strike put option model (2012). The

assumptions include applying an annual dividend rate of 0.0% and volatility of 63.7% resulting in a DLOM of 9.3% for the third anniversary settlement of consideration.

**10 RIGHT OF USE ASSETS**

---

| | |
|:---|:---|
|  | **Right of use**<br>**properties** |
| **Cost** |  |
| Balance as at December 31, 2023 | 4434 |
| Additions | 161 |
| Modifications | 836 |
| Disposal | (633) |
| Effect of movement in exchange rates | 78 |
| Balance as at December 31, 2024 | 4877 |
| Additions | 1682 |
| Modification | 5 |
| Disposal | (125) |
| Effect of movement in exchange rates | (148) |
| **Balance as at September 30, 2025** | **6291** |
| **Accumulated Depreciation** |  |
| Balance as at December 31, 2023 | 1201 |
| Depreciation | 806 |
| Disposal | (633) |
| Effect of movement in exchange rates | (7) |
| Balance as at December 31, 2024 | 1367 |
| Depreciation | 770 |
| Disposal | (63) |
| Effect of movement in exchange rates | (93) |
| **Balance as at September 30, 2025** | **1981** |
| **Carrying Amount** |  |
| Balance as at December 31, 2024 | 3510 |
| **Balance as at September 30, 2025** | **4310** |

---

In the three and nine months ended September 30, 2025, depreciation expense of EUR 341 and EUR 770 was recognized within selling, general and administrative expenses (three and nine months ended September 30, 2024: EUR 229 and EUR 602).

**15**

**BRAGG GAMING GROUP INC.**

**NOTES TO THE INTERIM UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**FOR THE THREE AND NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2025 AND SEPTEMBER 30, 2024**

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

**11 INTANGIBLE ASSETS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**Intellectual**<br>**Property** | **Deferred**<br>**Development**<br>**Costs** | <br>**Customer**<br>**Relationships** | <br>**Brands** | <br>**Other** | <br>**Total** |
| **Cost** |  |  |  |  |  |  |
| Balance as at December 31, 2023 | 18096 | 21595 | 24758 | 2148 | 299 | 66896 |
| Additions | 648 | 11461 |  |  |  | 12109 |
| Effect of movement in exchange rates | 531 | 151 | 1325 | 53 | (1) | 2059 |
| Balance as at December 31, 2024 | 19275 | 33207 | 26083 | 2201 | 298 | 81064 |
| Additions | 702 | 8817 |  |  | 21 | 9540 |
| Effect of movement in exchange rates | (995) | (494) | (2494) | (99) | (33) | (4115) |
| **Balance as at September 30, 2025** | **18982** | **41530** | **23589** | **2102** | **286** | **86489** |
| **Accumulated Amortization** |  |  |  |  |  |  |
| Balance as at December 31, 2023 | 8445 | 11270 | 7452 | 1430 | 166 | 28763 |
| Amortization | 2755 | 8962 | 3246 | 663 | 88 | 15714 |
| Effect of movement in exchange rates | 186 | 42 | 451 | 42 | 7 | 728 |
| Balance as at December 31, 2024 | 11386 | 20274 | 11149 | 2135 | 261 | 45205 |
| Amortization | 2171 | 9140 | 2377 | 64 | 38 | 13790 |
| Effect of movement in exchange rates | (411) | (260) | (1072) | (97) | (29) | (1869) |
| **Balance as at September 30, 2025** | **13146** | **29154** | **12454** | **2102** | **270** | **57126** |
| **Carrying Amount** |  |  |  |  |  |  |
| Balance as at December 31, 2024 | 7889 | 12933 | 14934 | 66 | 37 | 35859 |
| **Balance as at September 30, 2025** | **5836** | **12376** | **11135** | **—** | **16** | **29363** |

---

In the three and nine months ended September 30, 2025, amortization expense of EUR 4,766 and EUR 13,790 was recognized within selling, general and administrative expenses (three and nine months ended September 30, 2024: EUR 3,988 and EUR 11,343).

**16**

**BRAGG GAMING GROUP INC.**

**NOTES TO THE INTERIM UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**FOR THE THREE AND NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2025 AND SEPTEMBER 30, 2024**

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

---

| | |
|:---|:---|
| **12** | **TRADE AND OTHER RECEIVABLES** |

---

Trade and other receivables comprises:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As at** | **As at** | **As at** | **As at** |
|  | **September 30,** | **September 30,** | **December 31,** | **December 31,** |
|  | **2025** | **2025** | **2024** | **2024** |
| Trade receivables |  | 24868 |  | 19558 |
| Sales tax | | 642 | | 514 |
| **Trade and other receivables** | | **25,510** | | **20,072** |

---

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

---

| | | |
|:---|:---|:---|
|  | **As at**<br>**September 30,**<br>**2025** | **As at**<br>**December 31,**<br>**2024** |
| Less than one month | 23899 | 18984 |
| Between two and three months | 979 | 660 |
| Greater than three months | 2707 | 2411 |
|  | 27585 | 22055 |
| Provision for expected credit losses | (2717) | (2497) |
| **Trade receivables** | **24868** | **19558** |

---

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

---

| | |
|:---|:---|
| Balance as at December 31, 2023 | 2059 |
| Net increase in provision for expected credit losses | 438 |
| Balance as at December 31, 2024 | 2497 |
| Net increase in provision for expected credit losses | 220 |
| **Balance as at September 30, 2025** | **2,717** |

---

**13 TRADE PAYABLES AND OTHER LIABILITIES**

Trade payables and other liabilities comprises:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As at** | **As at** | **As at** | **As at** |
|  | **September 30,** | **September 30,** | **December 31,** | **December 31,** |
|  | **2025** | **2025** | **2024** | **2024** |
| Trade payables |  | 7643 |  | 3236 |
| Accrued liabilities |  | 18165 |  | 16666 |
| Other payables | | 504 | | 44 |
| **Trade payables and other liabilities** | | **26,312** | | **19,946** |

---

**17**

**BRAGG GAMING GROUP INC.**

**NOTES TO THE INTERIM UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**FOR THE THREE AND NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2025 AND SEPTEMBER 30, 2024**

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

**14 LEASE LIABILITIES**

The Company leases various properties mainly for office buildings. Rental contracts are made for various periods ranging up to six (6) 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.

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:

---

| | | |
|:---|:---|:---|
|  | **September 30,**<br>**2025** | **December 31,**<br>**2024** |
| Balance as at beginning of the period | 3697 | 3277 |
| Additions | 1682 | 161 |
| Disposals | (62) |  |
| Modification | 5 | 836 |
| Accretion of interests | 83 | 123 |
| Payments | (922) | (790) |
| Effect of movement in exchange rates | (62) | 90 |
| **Balance as at end of period** | **4421** | **3697** |

---

The maturity analysis of lease liabilities are disclosed below:

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** |
|  | **Present value**<br>**of the minimum**<br>**lease payments** | **Total**<br>**minimum**<br>**lease payments** |
| Within 1 year | 1364 | 1417 |
| After 1 year but within 2 years | 1345 | 1436 |
| After 2 years but within 5 years | 1712 | 1768 |
|  | **4421** | 4621 |
| Less: Total future interest expenses |  | (200) |
|  |  | **4421** |

---

**18**

**BRAGG GAMING GROUP INC.**

**NOTES TO THE INTERIM UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**FOR THE THREE AND NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2025 AND SEPTEMBER 30, 2024**

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

**14 LEASE LIABILITIES (CONTINUED)**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Amortization expense on right of use assets | 341 | 229 | 770 | 602 |
| Gain on lease modification | (206) |  | (105) |  |
| Interest expense on lease liabilities | 31 | 24 | 83 | 84 |
| **Total amount recognized in the income statement** | **166** | **253** | **748** | **686** |

---

**15 LOANS PAYABLE**

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Promissory note** | **Revolving <br> credit facility** | **Total** |
| Balance as at January 1, 2024 |  |  |  |
| &nbsp;&nbsp;Proceeds from loan issuance | 6532 |  | 6532 |
| &nbsp;&nbsp;Interest expense | 617 |  | 617 |
| &nbsp;&nbsp;Interest paid | (454) |  | (454) |
| &nbsp;&nbsp;Repayment of principal |  |  |  |
| &nbsp;&nbsp;Effect of foreign currency exchange rate | (116) |  | (116) |
| **Balance as at December 31, 2024** | 6579 |  | 6579 |
| &nbsp;&nbsp;Proceeds from loan issuance |  | 2753 | 2753 |
| &nbsp;&nbsp;Interest expense | 363 |  | 363 |
| &nbsp;&nbsp;Interest paid | (512) |  | (512) |
| &nbsp;&nbsp;Repayment of principal | (6139) |  | (6139) |
| &nbsp;&nbsp;Effect of foreign currency exchange rate | (291) | (1) | (292) |
| **Balance as at September 30, 2025** | **—** | **2752** | **2752** |

---

**Promissory note**

On April 24, 2024, the Company obtained a secured promissory note in the principal amount of USD 7.0m from a member of management. The secured promissory note matured on April 24, 2025, with an extension agreed to September 15, 2025. It bore an interest at an annual rate of 14%, payable quarterly.

During the nine months ended September 30, 2025, the Company fully repaid the USD 7.0m secured promissory note.

**19**

**BRAGG GAMING GROUP INC.**

**NOTES TO THE INTERIM UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**FOR THE THREE AND NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2025 AND SEPTEMBER 30, 2024**

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

**15 LOANS PAYABLE (CONTINUED)**

In the three and nine months ended September 30, 2025, interest expense of EUR 35 and EUR 363 was recognized within net interest expense and other financing charges (three and nine months ended September 30, 2024: EUR 217 and EUR 387).

**Revolving credit facility**

On September 12, 2025, the Company entered into a financing agreement with a Tier One Canadian financial institution for certain revolving credit facilities in a maximum aggregate amount of up to USD 6.0m to support its ongoing working capital and general corporate requirements.

The credit facilities are secured by, amongst other things, a security interest over all of the assets of the Company and certain of its key operating subsidiaries, and are uncommitted and are repayable upon the earlier of (i) demand by lender, (ii) the occurrence of certain insolvency events, and (iii) on the one-year anniversary of the closing date, unless a one-year extension is granted at the lender's discretion.

The agreement 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.

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, as set out below:

*Interest rates*

Interest on borrowings is calculated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;· CDN$
 Prime Rate loans: Prime Rate plus the Applicable Margin per annum

&nbsp;&nbsp;&nbsp;&nbsp;· US$
 Base Rate loans: Base Rate plus the Applicable Margin per annum

&nbsp;&nbsp;&nbsp;&nbsp;· CDN$
 Term CORRA loans: Term CORRA plus a credit spread adjustment ("CSA") plus the
 Applicable Margin per annum

&nbsp;&nbsp;&nbsp;&nbsp;· Adjusted
 Term SOFR loans: Adjusted Term SOFR (being Term SOFR plus CSA) plus the Applicable Margin
 per annum, based on a 360-day year

*Applicable margin schedule*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Total Funded Debt / <br> EBITDA** | **Term CORRA <br> Loans** | **Adjusted Term SOFR <br> Loans** | **CDN$ Prime Rate or US$ Base Rate <br> Loans** | **Standby <br> Fees** |
| < 2.00:1.00 | 3.00% | 3.00% | 2.00% | 0.75% |
| ≥ 2.00:1.00 | 4.00% | 4.00% | 3.00% | 1.75% |

---

**20**

**BRAGG GAMING GROUP INC.**

**NOTES TO THE INTERIM UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**FOR THE THREE AND NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2025 AND SEPTEMBER 30, 2024**

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

**15 LOANS PAYABLE (CONTINUED)**

The Applicable Margin is determined at the end of each fiscal quarter based on the Company's most recently reported Total Funded Debt to EBITDA ratio.

In the three months ended September 30, 2025, the Company drew a total of CAD 4.5m in Term CORRA loans.

**16 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.

**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 Members of the Board**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| <br>**EUR 000** | **2025** | **2024** | **2025** | **2024** |
| Salaries and subcontractors | (382) | (648) | (1906) | (1965) |
| Share based compensation | 18 | 3 | (1033) | (583) |
|  | **(364)** | **(645)** | **(2939)** | **(2548)** |

---

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

---

| | | |
|:---|:---|:---|
| **Interim unaudited condensed consolidated statements of financial position** | **As at** | **As at** |
|  | **September 30,** | **December 31,** |
|  | **2025** | **2024** |
| Accrued liabilities | (319) | (1321) |
| **Net related party payable** | **(319)** | **(1321)** |

---

**21**

**BRAGG GAMING GROUP INC.**

**NOTES TO THE INTERIM UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**FOR THE THREE AND NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2025 AND SEPTEMBER 30, 2024**

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

**16 RELATED PARTY TRANSACTIONS (CONTINUED)**

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

---

| | | |
|:---|:---|:---|
| **Interim unaudited condensed consolidated statements of changes in equity** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** |
| Exercise of DSUs, RSUs and FSO's |  |  |
| Contributed surplus | (87) | (195) |
| Share capital | 124 | 465 |
| **Net movement in equity** | **37** | **270** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interim unaudited condensed consolidated statements of changes in cash flow** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Proceeds from exercise of options |  |  | 37 | 270 |
|  |  |  | **37** | **270** |

---

**17 FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT**

The financial instruments measured at amortized cost are summarized below:

**Financial Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Financial assets as subsequently** | **Financial assets as subsequently** | **Financial assets as subsequently** | **Financial assets as subsequently** |
|  | **measured at amortized cost** | **measured at amortized cost** | **measured at amortized cost** | **measured at amortized cost** |
|  | **September 30,** | **September 30,** | **December 31,** | **December 31,** |
|  | **2025** | **2025** | **2024** | **2024** |
| Trade receivables |  | 24868 |  | 19558 |

---

**Financial Liabilities**

---

| | | |
|:---|:---|:---|
|  | **Financial liabilities as subsequently** | **Financial liabilities as subsequently** |
|  | **measured at amortized cost** | **measured at amortized cost** |
|  | **September 30,**<br>**2025** | **December 31,**<br>**2024** |
| Trade payables | 7643 | 3236 |
| Accrued liabilities | 18165 | 16666 |
| Other liabilities | 504 | 44 |
| Loans payable | 2752 | 6579 |
|  | **29064** | **26525** |

---

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

**22**

**BRAGG GAMING GROUP INC.**

**NOTES TO THE INTERIM UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**FOR THE THREE AND NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2025 AND SEPTEMBER 30, 2024**

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

**17 FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT (CONTINUED)**

**Fair Value Hierarchy**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **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 | 3024 |  |  | 3024 | 10467 |  |  | 10467 |
| Other assets |  |  | 403 | 403 |  |  |  |  |
| **Financial liabilities** |  |  |  |  |  |  |  |  |
| Fair value through profit and loss: |  |  |  |  |  |  |  |  |
| Deferred consideration |  |  |  |  |  | 1244 |  | 1244 |
| Share appreciation rights liability |  | 880 |  | 880 |  |  |  |  |

---

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

During the nine months ended September 30, 2025, a loss of EUR 157 (three and nine months ended September 30, 2024: gain of EUR 271 and loss of EUR 329), was recognized in the interim unaudited condensed consolidated statements of loss and comprehensive loss on remeasurement of deferred consideration (Note 9) for financial instruments designated as FVTPL.

During the three and nine months ended September 30, 2025, a share-based compensation charge (recovery) of EUR (177) and EUR 890 (three and nine months ended September 30, 2024: EUR nil) 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 15).

**23**

**BRAGG GAMING GROUP INC.**

**NOTES TO THE INTERIM UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**FOR THE THREE AND NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2025 AND SEPTEMBER 30, 2024**

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

**17 FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT (CONTINUED)**

The following are the undiscounted contractual maturities of significant financial liabilities and the total contractual obligations of the Company as at September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2026** | **2027** | **2028** | **Thereafter** | **Total** |
| Trade payables and other liabilities | 26312 |  |  |  |  | 26312 |
| Lease obligations on right-of-use assets | 1417 | 1436 | 1214 | 364 | 190 | 4621 |
| Loans payable | 2753 |  |  |  |  | 2753 |
| Share appreciation rights liability | 1355 | 1664 | 1664 | 309 |  | 4992 |
| Other non-current liabilities | 4 | 3 | 19 | 23 | 438 | 487 |
|  | **31841** | **3103** | **2897** | **696** | **628** | **39165** |

---

**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 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.

**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.

**24**

**BRAGG GAMING GROUP INC.**

**NOTES TO THE INTERIM UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**FOR THE THREE AND NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2025 AND SEPTEMBER 30, 2024**

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

**17 FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT (CONTINUED)**

The provision matrix below shows the expected credit loss rate for each aging category of accounts receivable as at September 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Aging (months)** | **Aging (months)** | **Aging (months)** | |
|  |<br>**Note** | **<1** | **1 - 3** | **>3** |<br>**Total** |
| Gross trade receivable | 12 | 23899 | 979 | 2707 | 27585 |
| Expected credit loss rate |  | 1.77% | 7.83% | 81.95% | 9.85% |
| Expected credit loss provision | 12 | **422** | **77** | **2218** | **2717** |

---

The provision matrix below shows the expected credit loss rate for each aging category of accounts receivable as at December 31, 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Aging (months)** | **Aging (months)** | **Aging (months)** | |
|  |<br>**Note** | **<1** | **1 - 3** | **>3** |<br>**Total** |
| Gross trade receivable | 12 | 18984 | 660 | 2411 | 22055 |
| Expected credit loss rate |  | 2.88% | 5.75% | 79.32% | 11.32% |
| Expected credit loss provision | 12 | **547** | **38** | **1913** | **2497** |

---

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

**Concentration risk**

For the three and nine months ended September 30, 2025, one customer (three and nine months ended September 30, 2024: one customer) contributed more than 10% each to the Company's revenues. Aggregate revenues from this customer totaled EUR 4,268 and EUR 12,943, respectively, for the three and nine months ended September 30, 2025 (three and nine months ended September 30, 2024: EUR 5,853 and EUR 17,723).

As at September 30, 2025, no customer (December 31, 2024: one customer) constituted more than 10% to the Company's accounts receivable. The balance owed by this customer totaled EUR 4,247 as at December 31, 2024.

**25**

**BRAGG GAMING GROUP INC.**

**NOTES TO THE INTERIM UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**FOR THE THREE AND NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2025 AND SEPTEMBER 30, 2024**

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

---

| | |
|:---|:---|
| **18** | **SUPPLEMENTARY CASHFLOW INFORMATION** |

---

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

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| <br>**Cash flows arising from movement in:** | **2025** | **2024** |
| Trade and other receivables | (5438) | 195 |
| Prepaid expenses and other assets | (2299) | (1088) |
| Trade payables and other liabilities | 6366 | (2006) |
| **Changes in working capital** | **(1371)** | **(2899)** |

---

Significant non-cash transactions from investing and financing activities are as follows:

---

| | | |
|:---|:---|:---|
|  | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** |
| **Investing Activity** |  |  |
| Settlement of deferred consideration for Spin through share issuance | (1380) | (2139) |
| **Financing Activity** |  |  |
| Settlement of convertible debt through share issuance |  | (2704) |

---

During the nine months ended September 30, 2025 and 2024, 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:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** |
|  | **Cash** | **Non-cash** | **Total** | **Cash** | **Non-cash** | **Total** |
| Interest and financing fees | (812) | 149 | (663) | (626) |  | (626) |
| Foreign exchange gain (loss) |  | 337 | 337 | 7 |  | 7 |
| Lease interest expense |  | (83) | (83) | (84) |  | (84) |
| Accretion expense on deferred consideration |  | (168) | (168) |  | (369) | (369) |
| Accretion expense on convertible debt |  |  |  |  | (1298) | (1298) |
|  | **(812)** | **235** | **(577)** | **(703)** | **(1667)** | **(2370)** |

---

**26**

**BRAGG GAMING GROUP INC.**

**NOTES TO THE INTERIM UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**FOR THE THREE AND NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2025 AND SEPTEMBER 30, 2024**

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

**19 SEGMENT INFORMATION**

**Operating**

The Company has one reportable operating segment, B2B online gaming.

**Geography – Revenue**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Malta | 5371 | 5682 | 15959 | 16328 |
| Netherlands | 5110 | 7707 | 15395 | 22277 |
| Brazil | 4347 |  | 9183 |  |
| United States | 2754 | 1555 | 7468 | 3834 |
| Curaçao | 1368 | 4333 | 5774 | 14949 |
| Marshall Islands | 1358 |  | 5107 |  |
| Belgium | 1235 | 1530 | 3727 | 3839 |
| Croatia | 1187 | 1386 | 3333 | 3516 |
| Czech Republic | 931 | 1058 | 2732 | 1737 |
| Isle of Man | 943 | 1005 | 2317 | 1571 |
| Other | 2200 | 1913 | 7393 | 6790 |
| **Revenue** | **26804** | **26169** | **78388** | **74841** |

---

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

**Geography – Non-Current Assets**

Non-current assets are held in the following jurisdictions:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As at** | **As at** | **As at** | **As at** |
|  | **September 30,** | **September 30,** | **December 31,** | **December 31,** |
|  | **2025** | **2025** | **2024** | **2024** |
| United States |  | 60914 |  | 69201 |
| Other | | 6,127 | | 4,231 |
| **Non-current assets** | | **67,041** | | **73,432** |

---

**27**

**BRAGG GAMING GROUP INC.**

**NOTES TO THE INTERIM UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**FOR THE THREE AND NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2025 AND SEPTEMBER 30, 2024**

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

**20 INCOME TAXES**

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

---

| | | |
|:---|:---|:---|
|  | **As at**<br>**September 30,**<br>**2025** | **As at**<br>**December 31,**<br>**2024** |
| Income taxes payable | (1074) | (463) |
| Deferred income tax liabilities | (551) | (680) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Current income taxes expense (recovery) | 929 | (1113) | 1096 | (660) |
| Deferred income taxes expense (recovery) | (43) | 24 | (129) | (130) |
| **Total income taxes expense (recovery)** | **886** | **(1089)** | **967** | **(790)** |

---

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

---

| | | |
|:---|:---|:---|
|  | **As at**<br>**September 30,**<br>**2025** | **As at**<br>**December 31,**<br>**2024** |
| **Deferred tax assets** |  |  |
| Lease obligations on right of use assets | 1020 | 777 |
| Non-capital losses carried forward |  | 39 |
| **Deferred tax liabilities** |  |  |
| Goodwill and intangible assets | (552) | (681) |
| Right-of-use assets | (986) | (776) |
| Property and equipment | (33) | (39) |
| **Deferred income tax liabilities** | **(551)** | **(680)** |

---

**28**

**BRAGG GAMING GROUP INC.**

**NOTES TO THE INTERIM UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**FOR THE THREE AND NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2025 AND SEPTEMBER 30, 2024**

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

**20 INCOME TAXES (CONTINUED)**

The effective income tax rates in the interim unaudited condensed consolidated statements of loss and comprehensive loss were reported at rates different than the combined Canadian federal and provincial statutory income tax rates for the following reasons:

---

| | | |
|:---|:---|:---|
|  | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** |
| Consolidated loss before income taxes | (5807) | (5259) |
| Effective tax rate | 26.5% | 26.5% |
| Effective income taxes recovery | (1539) | (1394) |
| Effect of tax rate in foreign jurisdictions | 848 | 667 |
| Non-deductible and non-taxable items | 507 | 372 |
| Change in tax benefits not recognized | 958 | 1469 |
| Adjustment of prior year tax payable | 193 | (1904) |
| **Total income taxes expense** | **967** | **(790)** |

---

---

| | |
|:---|:---|
| **21** | **CONTINGENT LIABILITIES** |

---

In the ordinary course of business, the Company is involved in and potentially subject to, legal actions and proceedings. 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.

**22 SUBSEQUENT EVENTS**

No material events have taken place subsequent to the reporting date.

## Exhibit 99.2

**Exhibit 99.2**

![](tm2531142d1_ex99-2img01.jpg)

*Bragg Gaming Group Inc.*

**MANAGEMENT DISCUSSION & ANALYSIS FOR THE three and NINE-month MONTH PERIOD**

**ENDED SEPTEMBER 30, 2025**

**TABLE OF CONTENTS**

**MANAGEMENT DISCUSSION & ANALYSIS FOR THE THREE AND NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **1.** | **MANAGEMENT DISCUSSION & ANALYSIS** | 2 | 2 |
| **2.** | **CAUTION REGARDING FORWARD-LOOKING STATEMENTS** | 3 | 3 |
| **3.** | **LIMITATIONS OF KEY METRICS AND OTHER DATA** | 3 | 3 |
| **4.** | **OVERVIEW OF 3Q25** | 4 | 4 |
| **5.** | **FINANCIAL RESULTS** | 10 | 10 |
| &nbsp;&nbsp;&nbsp;**5.1** | &nbsp;&nbsp;&nbsp;**Basis of financial discussion** | &nbsp;&nbsp;&nbsp;**Basis of financial discussion** | 10 |
| &nbsp;&nbsp;&nbsp;**5.2** | &nbsp;&nbsp;&nbsp;**Selected interim information** | &nbsp;&nbsp;&nbsp;**Selected interim information** | 10 |
| &nbsp;&nbsp;&nbsp;**5.3** | &nbsp;&nbsp;&nbsp;**Other financial information** | &nbsp;&nbsp;&nbsp;**Other financial information** | 11 |
| &nbsp;&nbsp;&nbsp;**5.4** | &nbsp;&nbsp;&nbsp;**Selected financial information** | &nbsp;&nbsp;&nbsp;**Selected financial information** | 13 |
| &nbsp;&nbsp;&nbsp;**5.5** | &nbsp;&nbsp;&nbsp;**Summary of quarterly results** | &nbsp;&nbsp;&nbsp;**Summary of quarterly results** | 14 |
| &nbsp;&nbsp;&nbsp;**5.6** | &nbsp;&nbsp;&nbsp;**Liquidity and capital resources** | &nbsp;&nbsp;&nbsp;**Liquidity and capital resources** | 14 |
| &nbsp;&nbsp;&nbsp;**5.7** | &nbsp;&nbsp;&nbsp;**Cash flow summary** | &nbsp;&nbsp;&nbsp;**Cash flow summary** | 15 |
| **6** | **TRANSACTIONS BETWEEN RELATED PARTIES** | 16 | 16 |
| **7** | **DISCLOSURE OF OUTSTANDING SHARE DATA** | 17 | 17 |
| **8** | **CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS** | 18 | 18 |
| **9** | **CHANGES IN ACCOUNTING POLICY** | 18 | 18 |
| **10** | **MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL REPORTING** | 18 | 18 |
| **11** | **ADDITIONAL INFORMATION** | 18 | 18 |

---

Bragg Gaming Group Inc.<br> Management Discussion & Analysis<br> September 30, 2025 1

**1.** **MANAGEMENT DISCUSSION & ANALYSIS** 

This Management Discussion and Analysis ("**MD&A**") provides a review of the results of operations, financial condition and cash flow for Bragg Gaming Group Inc. and its subsidiaries ("**Bragg**" or the "**Company**"), on a consolidated basis, for the three and nine months period ended September 30, 2025 ("**3Q25**"). This document should be read in conjunction with the interim unaudited condensed consolidated financial statements for the three and nine months period ended September 30, 2025 (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, including those under the headings "Selected Financial Information" and "Other Financial Information" below. The Company believes these non-IFRS financial measures 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 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 nor otherwise be apparent when relying solely on IFRS measures.

This MD&A and, in particular the information in respect of Bragg's prospective revenues and Adjusted EBITDA 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.

Unless otherwise stated, in preparing this MD&A the Company has considered information available to it up to November 13, 2025, the date the board of directors of the Company (the "**Board**") approved this MD&A.

Bragg Gaming Group Inc.<br> Management Discussion & Analysis<br> September 30, 2025 2

**2.** **CAUTION REGARDING FORWARD-LOOKING STATEMENTS** 

This MD&A may contain forward-looking information and statements (collectively, "forward-looking statements") within the meaning of the Canadian securities legislation and applicable securities laws, 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, 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.

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.

Shareholders and investors should not place undue reliance on forward-looking statements as the plans, assumptions, intentions or expectations and projections upon which they are based might not occur. The forward-looking statements contained in this MD&A are expressly qualified by this cautionary statement. Unless otherwise indicated by the Company, forward-looking statements in this MD&A describe the Company's expectations and projections as of November 13, 2025, 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.

**3.** **LIMITATIONS OF SELECTED FINANCIAL INFORMATION AND OTHER DATA** 

The Company's selected financial information are 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 "Selected 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.<br> Management Discussion & Analysis<br> September 30, 2025 3

**4.** **OVERVIEW OF 3Q25** 

**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 (**"RGS"**) 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 Group.

The Company is dual-listed on the Nasdaq Global Select Market and the Toronto Stock Exchange, 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 become a leading vertically integrated content-led technology provider in the iGaming industry.

**Financial performance in the third quarter of 2025**

The Company is pleased to report on its financial performance during the three months ended September 30, 2025. The Company has continued to deliver against its strategic objectives, achieving growth, while remaining committed to revenue diversification and geographic expansion.

The Company has only one operating segment: B2B online gaming, and as of September 30, 2025 it derived 84.3% of its revenue from its games and content services, with the remainder of its revenue coming from iGaming platform and Turnkey solutions. 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 September 30, 2025, the majority of the Company's operating revenue is geographically based in Europe, though this segmentation is not correlated to the geographical location of the Company's worldwide end-user base.

Bragg Gaming Group Inc.<br> Management Discussion & Analysis<br> September 30, 2025 4

**Revenue**

The Company's revenue<sup>1</sup> for the three-month period ended September 30, 2025 increased from the same period in the previous year by 2.4% to EUR 26.8m (3Q24: EUR 26.2m) despite a 22% decline in revenue from the Netherlands due to regulatory changes and an increase in gaming taxes from 30.5% to 34.2%.

Factoring out the Netherlands, the business grew by 20%<sup>2</sup> mainly derived from the games and content products. Total games and content products revenue amounted to EUR 22.6m (3Q24: EUR 20.5m) and accounted for 84.3% (3Q24: 78.2%) of total revenues. This performance reflects sustained demand for the Company's unique games and content and technology proposition continues to grow. Growth in this revenue stream, particularly in the U.S. market, has been supported by continued investment and innovation in its technology, games development and product offering.

**Gross Profit**

Gross profit increased compared to the same period in the previous year by 4.6% to EUR 14.7m (3Q24: EUR 14.0m) with gross margin increasing by 115 bps to 54.7% (3Q24: 53.5%). The gross profit margin increase is primarily the result of a rise in RGS Proprietary content, which accounted for 15.7% of total revenue in 3Q25 (up from 10.4% in 3Q24), driven largely by strong growth in the U.S. distribution market.

**Expenses**

Selling, general and administrative expenses marginally increased from the same period in the previous year by 6.9% to EUR 15.9m (3Q24: EUR 14.8m) amounting to 59.1% of total revenue (3Q24: 56.7%).

Main changes in the quarter were driven by the following:

(a) **Salaries and subcontractors** increased by EUR 1.6m to EUR 6.8m (3Q24: EUR 5.2m) mainly due to increased
 headcount across the group and general salary increases.

(b) **Share based compensation costs** amounted to EUR nil (3Q24: EUR 0.1m). The decrease reflects a reduction
 in the fair of share appreciation rights ("SARs") awarded to the executive management
 on 29 December 2024, primarily driven by lower share price at the end of the period.

Total employee costs (including share-based compensation charge) increased by EUR 1.5m to EUR 6.8m (3Q24: EUR 5.3m).

(c) **Information technology hosting** increased by EUR 0.1m to EUR 1.5m (3Q24: EUR 1.4m) as a result of
 hosting and security enhancements.

(d) **Professional fees** decreased by EUR 0.4m to EUR 1.2m (3Q24: EUR 1.6m) mainly comprised of audit and
 tax advisory, legal, recruitment, regulatory and licensing costs. The higher expenses in
 the prior period reflected non-recurring expenses related to the Board's strategic
 review.

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

<sup>2</sup> 20% YoY revenue growth excluding revenue derived from Bragg's customers licensed and operating in the Netherlands jurisdiction.

Bragg Gaming Group Inc.<br> Management Discussion & Analysis<br> September 30, 2025 5

(e) **Corporate costs** increased to EUR 0.3m (3Q24: EUR 0.1m) which relate to increased listing costs 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
 0.5m to EUR 0.2m (3Q24: EUR 0.7m) primarily due to timing of expenditure and lower costs
 associated with marketing initiatives.

(g) **Transaction and acquisition costs** amounted
 to EUR 0.4m (3Q24: EUR 0.1m) which relate to legal and advisory fees in respect of the revolving
 credit facility.

(h) **Other operational costs** decreased to EUR 0.4m (3Q24: EUR 0.6m) primarily due to office set-up costs incurred
 in the prior period.

**Profitability**

Total operating loss for the three-month period amounted to EUR 1.2m (3Q24: operating loss of EUR 0.4m), an increase of EUR 0.8m as a result of the increase in selling, general and administrative expenses of EUR 1.1m, a gain/(loss) on remeasurement of deferred consideration of EUR nil (3Q24: a gain of EUR 0.3m) and a gain/(loss) on settlement of convertible debt of EUR nil (3Q24: a gain of EUR 0.1m), which are partially offset by the increase in gross profit of EUR 0.7m.

The Company's Adjusted EBITDA increased from the same period in the previous year by 8.9% to EUR 4.4m (3Q24: EUR 4.1m) with Adjusted EBITDA Margin increasing by 98 bps to 16.6% (3Q24: 15.6%). The increase primarily relates to improved gross profit margin as noted above, while the net operating expenses remained relatively flat. Definition of aforementioned financial metrics and a reconciliation between the current and prior year's reported figures to Adjusted EBITDA are provided in Section 5.3.

Profitability is expected to further improve following a strategic realignment, with a focus on integration and optimization. Key areas were identified and addressed to streamline the cost structure and capture synergies from previous acquisitions. These efforts will unlock improved margins and drive efficiency, focus, and long-term scalability.

**Cash Flow**

Cash flows generated from operating activities for the three months ended September 30, 2025, amounted to an inflow of EUR 2.4m (3Q24: EUR 6.3m inflow) with the underlying performance reaching EUR 4.1m (3Q24: EUR 3.6m) coupled with negative movement in working capital of EUR 1.7m (3Q24: positive EUR 2.7m).

Cash flows used in investing activities amounted to an outflow of EUR 3.5m (3Q24: EUR 3.0m), mainly reflecting EUR 3.1m (3Q24: EUR 2.8m) of increased investment in software development costs and EUR 0.3m (3Q24: EUR nil) for investment in associates.

Cash flows used in financing activities amounted to an inflow of EUR 0.1m (3Q24: EUR 1.6m inflow) mainly from the proceeds from revolving credit facility of EUR 2.7m (3Q24: EUR 0.2m), repayment of promissory note of EUR 1.7m (3Q24: EUR nil), interest and financing fees of EUR 0.6m (3Q24: EUR 0.3m), repayment of lease liability of EUR 0.3m (3Q24: EUR 0.2m) and repayment of convertible debt of EUR nil (3Q24: 0.9m).

**Financial performance in the nine months ended September 30, 2025**

**Revenues**

The Company's revenue for the nine months ended September 30, 2025 increased from the same period in the previous year by 4.7% to EUR 78.4m (nine months ended September 30, 2024: EUR 74.8m). The Company's positive year-over-year revenue growth was derived mainly from the onboarding of new customers in various jurisdictions, development work with our partners and a strong revenue performance from its proprietary casino games studio and existing U.S. customer base.

Bragg Gaming Group Inc.<br> Management Discussion & Analysis<br> September 30, 2025 6

**Gross Profit**

Gross profit for the nine months ended September 30, 2025 increased from the same period in the previous year by 11.5% to EUR 42.7m (nine months ended September 30, 2024: EUR 38.3m) with gross margins also increasing by 329 bps to 54.4% (nine months ended September 30, 2024: 51.2%). The gross profit and gross profit margin increases are mainly as a result of the shift in the product mix towards proprietary products.

**Expenses**

Selling, general and administrative expenses amounted to EUR 47.7m, an increase of EUR 6.8m from the same period in the previous year (nine months ended September 30, 2024: EUR 40.9m). Expenses were mainly driven by an increase of EUR 3.6m in salaries and subcontractors due to higher headcount, a change in the mix of operating geographies and general pay raises; EUR 0.9m in share-based compensation due to introduction of SARs; and EUR 2.7m in depreciation and amortization due to continuous investment in software development costs.

**Profitability**

Adjusted EBITDA amounted to EUR 12.0m (nine months ended September 30, 2024: EUR 11.1m), with margins increasing by 45 bps to 15.3% (nine months ended September 30, 2024: 14.8%). Operating loss amounted to EUR 5.2m (nine months ended September 30, 2024: loss of EUR 2.9m), an increase in loss of EUR 2.3m as a result of increase in total employee costs and amortization and depreciation as discussed in previous section, partially offset by increase in gross profit as a result of the shift in the product mix towards proprietary products.

Profitability is expected to improve following a strategic realignment, with a focus on integration and optimization. Key areas were identified and addressed to streamline the cost structure and capture synergies from previous acquisitions. These efforts will unlock improved margins and drive efficiency, focus, and long-term scalability.

**Cash Flow**

Cash flows generated from operating activities for the nine-month period ended September 30, 2025 amounted to EUR 9.5m (nine months ended September 30, 2024: EUR 8.4m) with the underlying performance remaining at EUR 11.3m (nine months ended September 30, 2024: EUR 10.3m) coupled with a net negative movement in working capital and income taxes paid of EUR 1.8m (nine months ended September 30, 2024: net negative EUR 1.9m).

Cash flows used in investing activities amounted to EUR 10.7m (nine months ended September 30, 2024: EUR 8.9m), an increase of EUR 1.8m primarily driven by increased investment in software development costs and investment in associates.

Cash flows generated from financing activities amounted to an outflow of EUR 5.1m (nine months ended September 30, 2024: EUR 4.1m inflow) mainly from proceeds from revolving credit facility of EUR 2.7 (nine months ended September 30, 2024: promissory note of EUR 6.3m), repayment of promissory note of EUR 6.1m (nine months ended September 30, 2024: EUR nil), repayment of convertible debt of EUR nil (nine months ended September 30, 2024: 1.4m), repayment of lease liability of EUR 0.9m (nine months ended September 30, 2024: EUR 0.5m) and interest and financing charges of EUR 0.8m (nine months ended September 30, 2024: EUR 0.7m).

**Financial Position**

Cash and cash equivalents as of September 30, 2025, amounted to EUR 3.0m (December 31, 2024: EUR 10.5m), a decrease of EUR 7.4m as a result of EUR 9.5m cash generated from operating activities offset by EUR 10.7m used in investing activities, EUR 5.1m used in financing activities and EUR 1.1m of foreign exchange gain.

Trade and other receivables as of September 30, 2025, totalled EUR 25.5m (December 31, 2024: EUR 20.1m), with increase driven by timing of billing and cash collection.

Bragg Gaming Group Inc.<br> Management Discussion & Analysis<br> September 30, 2025 7

Trade payables and other liabilities as of September 30, 2025, increased by EUR 6.4m to EUR 26.3m (December 31, 2024: EUR 19.9m), primarily driven by timing of payments.

**Others**

• **Financing:** During the nine months ended September 30, 2025, the Company fully repaid the USD 7.0m
 secured promissory note. On September 12, 2025, the Company entered into a financing
 agreement with a Tier One Canadian financial institution for certain revolving credit facilities
 in a maximum aggregate amount of up to USD 6.0m. During the three months ended September 30,
 2025, the Company drew a total of CAD 4.5m in Term CORRA loans.

• **Share Capital**: As of September 30, 2025, the number of issued and outstanding shares was
 25,449,478 (December 31, 2024: 25,042,982), the number of outstanding awards from equity
 incentive plans was 1,829,174 (December 31, 2024: 1,909,012), and the number of warrants
 issued upon convertible debt was 979,048 (December 31, 2024: 979,048).

• **Employees**:
 As of September 30, 2025, the Company has 537 employees, contractors, and sub-contractors
 (September 30, 2024: 477) across Europe, North America, and India.

**Strategic Progress**

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

Functioning as go-to Nasdaq and TSX-listed regulated iGaming supplier to an ever-increasing 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 the 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 powerful AI with the aim of enhancing player engagement, the maximization of revenue potential and the driving of 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, resulting in a reduced reliance on revenue from aggregated, non-exclusive online casino content by year end. During the third quarter of 2025, Bragg reported a 35% increase in revenue from its proprietary casino content in comparison to the third quarter of 2024.

● Growth in Key Markets: Content-focused products, including proprietary, exclusive and aggregated content are projected to drive significant revenue growth in North America and Brazil, which are both expected to contribute around 10% of revenue by year-end.

● Brazil's Growth: Bragg has seen consistent revenue growth in the Brazilian regulated iGaming market, having commenced operations on the day of the market opening on January 1, 2025. During the third quarter of 2025, the Company saw 80% proforma revenue growth in the market, when compared to the same period in the previous year when the Company was a supplier to certain operators in the pre-regulated market. Bragg continues to assert its belief that its proprietary and exclusive content and aggregation business can capture a significant share of the USD 3.2 billion Brazilian market which is expected to rise to USD 5.1 billion by 2030, according to H2 Gambling Capital. In the third quarter of 2025 Bragg launched its proprietary and exclusive content with BetMGM, Aposta Ganha and Winpot in the Brazilian market.

Bragg Gaming Group Inc.<br> Management Discussion & Analysis<br> September 30, 2025 8

● 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. By integrating with top-tier operators including FanDuel, DraftKings, Rush Street, Caesars and BetMGM and securing licenses in all key iGaming states, the Company's content is accessible to over 90% of the U.S. iGaming market, valued at over USD 10 billion, according to H2 Gambling Capital. The Company further expects more states to introduce regulatory frameworks for online casino operations in the coming years, with the total addressable market at maturity projected at over USD 75 billion. The Company 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, the projected costs and barriers for the Company to roll out in newly regulated U.S. jurisdictions are low, or negligible.

In the third quarter of 2025, Bragg launched its newest online casino content and RGS technology with Fanatics Casino across the key iGaming states of New Jersey, Michigan and Pennsylvania, later concluding a similar launch with Hollywood Casino across these three markets. In the Canadian market, Bragg also successfully launched its proprietary and exclusive content with the Score Casino and Betty Casino in Ontario. Post quarter end, as part of this goal of scaling Bragg's operations in the U.S. market, the Company expanded into West Virginia, initially via a proprietary and exclusive content partnership with its valued partner Caesars Entertainment. Bragg also unveiled the first of its bespoke online casino titles developed for Hard Rock Bet under the terms of the partnership agreement concluded in the second quarter of 2025.

● Stronger Penetration in Major European Markets: The Company is focused on expanding its content distribution in key Western European markets such as Italy, the U.K, Spain, and Sweden through the leverage of existing integrations with top operations and implementation of targeted sales strategies which includes new, localized online casino content offerings. During the third quarter, the Company launched proprietary and exclusive content with bet365 in the Netherlands, Sweden and Spain as well as launching content with Betsson Group in Spain.

● Expand Exclusive Partnerships: The Company plans to continue to increase its roster of partner studios to enhance the release cadence of titles in North America, LatAm and in Europe.

● Leverage PAM Business to Develop Long-term Partnerships: With regulatory headwinds and increased taxation in the Netherlands market, Bragg's largest PAM market, the Company expects PAM revenue as a proportion of total revenue to decline in the full year of 2025 compared to the previous year. However, the Company remains a leading provider of PAM in the Netherlands, cultivating long-term relationships with operators already using the Bragg PAM to cross sell and upsell the Company's other products, including the Bragg HUB product delivery system, casino content aggregation, Fuze™ player engagement and high-margin proprietary casino content. In the U.S., Bragg concluded a partnership with SCCG Management, ostensibly to further the reach of Bragg's PAM through SCCG's distribution channels, which constitute more than 130 partners.

● Enhanced Technology Profile: Bragg continuously innovates through the addition and upscaling of technologies including FUZE™ a player engagement toolset which provides bonuses, free rounds, tournaments, jackpots, an AI-powered game recommendation engine, as well as other engagement and promotional tools which easily integrate across all iGaming, sports betting and iLottery products. Advanced features such as these serve to enhance the player experience, contributing to the growth of Bragg's product portfolio revenue. During the third quarter, Bragg signed a strategic partnership with BurraPay, an innovative new cryptocurrency payment solutions provider. This collaboration marks a significant step in bringing secure, regulated cryptocurrency payment options to the Company's operator partners and their players across the rapidly expanding U.S. and international iGaming markets.

Bragg Gaming Group Inc.<br> Management Discussion & Analysis<br> September 30, 2025 9

● Data and AI Enhancements: Through the leveraging of extensive gaming data, Bragg creates actionable insights, employs AI-driven optimizations which drive game changing player experiences and enhance operator profitability, accelerating profitable growth in proprietary and exclusive content verticals. The Company is currently actively exploring opportunities to leverage AI with the aim of reducing costs and enhancing product margins, a goal which is being supported by the creation, and further integration of a 360° AI strategy encompassing all parts of the business.

● Personnel Changes: In the third quarter of 2025, the Company appointed Matej Filipančič to the role of Global Sales Director. A previous Bragg employee, Filipančič was instrumental in adapting Bragg's PAM platform for new regulated markets, including the Netherlands which has since become the company's biggest market, and was a key figure in developing the Company's market performance and strategy in his previous role as Head of Turnkey Solutions. Returning to Bragg in this newly created role, Filipančič will spearhead Bragg's global sales strategy, working to drive further growth and expansion of the company's aggregation platform, proprietary content, robust PAM system, and cutting-edge Fuze™ AI-powered engagement solutions.

● Cybersecurity Incident: On August 16, 2025, a cybersecurity incidence was initially detected. Immediately following detection, the Company took appropriate steps to mitigate any potential impact of the breach. With the assistance of independent cybersecurity experts, the Company has followed industry best practices and considers that the incident has been resolved.

There continues to be no indication that any personal information was affected and the breach has had no impact on the ability of the Company to continue its operations. The Company has also provided assurances to its customers regarding the security of its game titles. The Company has experienced no negative impact on its revenue or profitability and does not expect that the cost of responding to the incident will have a material financial impact on the Company. The Company has already applied knowledge gathered from the investigation of the event to enhance its cyber security defenses.

**Outlook**

The Company continues to anticipate full year 2025 revenue between EUR 106.0m and EUR 108.5m and Adjusted EBITDA of EUR 16.5m to EUR 18.5m.

**5.** **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.

**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).

Bragg Gaming Group Inc.<br> Management Discussion & Analysis<br> September 30, 2025 10

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| | | | | |
|:---|:---|:---|:---|:---|
| <br>**EUR 000** | **Three Months Ended**<br>**September 30,**<br>**2025** | **Three Months Ended**<br>**September 30,**<br>**2024** | **Nine Months Ended**<br>**September 30,**<br>**2025** | **Nine Months Ended**<br>**September 30,**<br>**2024** |
| Revenue | 26804 | 26169 | 78388 | 74841 |
| Net Loss | (2305) | (165) | (6774) | (4469) |
| EBITDA | 4027 | 3924 | 9688 | 9312 |
| Adjusted EBITDA | 4445 | 4083 | 11988 | 11109 |
| Basic Loss Per Share | (0.09) | (0.01) | (0.27) | (0.19) |
| Diluted Loss Per Share | (0.09) | (0.01) | (0.27) | (0.19) |

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| | | |
|:---|:---|:---|
|  | **As at**<br>**September 30,**<br>**2025** | **As at**<br>**December 31,**<br>**2024** |
| Total assets | 100497 | 106595 |
| Total non-current liabilities | 4494 | 3982 |
| Dividends paid | nil | nil |

---

As at September 30, 2025, non-current financial liabilities primarily consists of EUR 3.1m in lease obligations on right of use assets in relation to office leases (December 31, 2024: EUR 2.8m).

With the exception of EBITDA and Adjusted EBITDA, 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 across for all reporting periods presented.

**5.3** **OTHER FINANCIAL INFORMATION** 

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

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 "EBITDA" and "Adjusted EBITDA" (each 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.

Bragg Gaming Group Inc.<br> Management Discussion & Analysis<br> September 30, 2025 11

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) adding back or deducting gain (loss) on lease modification; (iii) deducting lease payments recorded as a depreciation of right-of-use assets and lease interest expense; (iv) adding back or deducting gain (loss) on re-measurement of deferred consideration; (v) adding back or deducting gain (loss) on re-measurement of derivative liability; (vi) adding back or deducting gain (loss) on settlement of convertible debt; and (vii) adding back certain exceptional costs. "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 September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| <br>**EUR 000** | **2025** | **2024** | **2025** | **2024** |
| Net Loss | (2305) | (165) | (6774) | (4469) |
| Income taxes expense (recovery) | 886 | (1089) | 967 | (790) |
| Loss Before Income Taxes | (1419) | (1254) | (5807) | (5259) |
| Net interest expense and other financing charges | 217 | 848 | 577 | 2370 |
| Depreciation and amortization | 5229 | 4330 | 14918 | 12201 |
| EBITDA | 4027 | 3924 | 9688 | 9312 |
| Depreciation of right-of-use assets | (341) | (229) | (770) | (602) |
| Lease interest expense | (31) | (24) | (83) | (84) |
| Gain on lease modification | (4) |  | (105) |  |
| Share based compensation | 4 | 106 | 1589 | 710 |
| Debt origination costs | 412 | 72 | 412 | 72 |
| Exceptional costs | 378 | 655 | 1100 | 1447 |
| (Gain) Loss on remeasurement of derivative liability |  | (46) |  | 94 |
| Gain on settlement of convertible debt |  | (104) |  | (169) |
| (Gain) Loss on remeasurement of deferred consideration |  | (271) | 157 | 329 |
| **Adjusted EBITDA** | **4445** | **4083** | **11988** | **11109** |

---

Exceptional costs during the three and nine months ended September 30, 2025 amount to EUR 0.4m and EUR 1.1m relating to legal and professional costs associated with non-recurring corporate, regulatory and advisory matters, and employee retention incentives. Exceptional costs during the three and nine months ended September 30, 2024 amounts to EUR 0.7m and EUR 1.4m, respectively, relating to legal and professional costs associated with non-recurring strategic process driven cost, corporate and regulatory matters, and expenses related to the Board's strategic review.

Gain (Loss) on remeasurement of derivative liability is due to remeasurement of the present value of the conversion options embedded in the convertible debt instrument, whilst gain on settlement of convertible debt arose from cash-in-lieu settlement of the debt. Gain (Loss) on remeasurement of deferred consideration is due to remeasurement of the present value of deferred share consideration in relation to the acquisition of Spin, which was fully settled on June 05, 2025, with the issuance of 371,496 shares.

Bragg Gaming Group Inc.<br> Management Discussion & Analysis<br> September 30, 2025 12

**5.4** **SELECTED FINANCIAL INFORMATION** 

Selected financial information is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| <br>**EUR 000** | **2025** | **2024** | **2023** | **2025** | **2024** | **2023** |
| Revenue | 26804 | 26169 | 22574 | 78388 | 74841 | 70162 |
| Operating Loss | (1202) | (406) | (2137) | (5230) | (2889) | (346) |
| EBITDA | 4027 | 3924 | 1209 | 9688 | 9312 | 8963 |
| Adjusted EBITDA | 4445 | 4083 | 3814 | 11988 | 11109 | 12450 |

---

---

| | | |
|:---|:---|:---|
|  | **As at**<br>**September 30,**<br>**2025** | **As at**<br>**December 31,**<br>**2024** |
| Total assets | 100497 | 106595 |
| Total liabilities | 36476 | 33096 |

---

**TRADE AND OTHER RECEIVABLES**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As at** | **As at** | **As at** | **As at** |
| | **September 30,** | **September 30,** | **December 31,** | **December 31,** |
| <br>**EUR 000** | **2025** | **2025** | **2024** | **2024** |
| Trade receivables |  | 24868 |  | 19558 |
| Sales tax receivables | | 642 | | 514 |
| **Trade and other receivables** | | **25,510** | | **20,072** |

---

---

| | | |
|:---|:---|:---|
| <br>**EUR 000** | **As at**<br>**September 30,**<br>**2025** | **As at**<br>**December 31,**<br>**2024** |
| Less than one month | 23899 | 18984 |
| Between two and three months | 979 | 660 |
| Greater than three months | 2707 | 2411 |
|  | 27585 | 22055 |
| Provision for expected credit losses | (2717) | (2497) |
| **Trade receivables** | **24868** | **19558** |

---

**TRADE PAYABLES AND OTHER LIABILITIES**

---

| | | |
|:---|:---|:---|
| <br>**EUR 000** | **As at**<br>**September 30,**<br>**2025** | **As at**<br>**December 31,**<br>**2024** |
| Trade payables | 7643 | 3236 |
| Accrued liabilities | 18165 | 16666 |
| Other liabilities | 504 | 44 |
| **Trade payables and other liabilities** | **26312** | **19946** |

---

Bragg Gaming Group Inc.<br> Management Discussion & Analysis<br> September 30, 2025 13

**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.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2023** | **2024** | **2024** | **2024** | **2024** | **2025** | **2025** | **2025** |
| **EUR 000** | 4Q23 | 1Q24 | 2Q24 | 3Q24 | 4Q24 | 1Q25 | 2Q25 | 3Q25 |
| Revenue | 23357 | 23811 | 24861 | 26169 | 27160 | 25505 | 26079 | 26804 |
| Operating income (loss) | (431) | (1268) | (1215) | (406) | (654) | (1680) | (2348) | (1202) |
| EBITDA | 3327 | 2609 | 2779 | 3924 | 4039 | 3040 | 2621 | 4027 |
| Adjusted EBITDA | 2786 | 3411 | 3615 | 4083 | 4682 | 4084 | 3459 | 4445 |
| Loss per share - Basic | (0.03) | (0.08) | (0.10) | (0.01) | (0.03) | (0.11) | (0.07) | (0.09) |
| Loss per share - Diluted | (0.03) | (0.08) | (0.10) | (0.01) | (0.03) | (0.11) | (0.07) | (0.09) |

---

**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.

*Promissory note*

On April 24, 2024, the Company obtained a secured promissory note in the principal amount of USD 7.0m from a member of management. The secured promissory note matured on April 24, 2025, with an extension agreed to September 15, 2025. It bore an interest at an annual rate of 14%, payable quarterly. During the nine months ended September 30, 2025, the Company fully repaid a the USD 7.0m secured promissory note.

*Revolving credit facility*

On September 12, 2025, the Company entered into a financing agreement with a Tier One Canadian financial institution for certain revolving credit facilities in 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. During the three months ended September 30, 2025, the Company drew a total of CAD 4.5m in Term CORRA loans.

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

---

| | | |
|:---|:---|:---|
| <br>**EUR 000** | **As at**<br>**September 30,**<br>**2025** | **As at**<br>**December 31,**<br>**2024** |
| Cash and cash equivalents | 3024 | 10467 |
| Trade and other receivables | 25510 | 20072 |
| Prepaid expenses and other assets | 4922 | 2624 |
| Current liabilities excluding loans payable and deferred consideration | (29230) | (21291) |
| **Net working capital** | **4226** | **11872** |
| Loans payable | (2752) | (6579) |
| Deferred consideration - current |  | (1244) |
| **Net current assets** | **1474** | **4049** |

---

Bragg Gaming Group Inc.<br> Management Discussion & Analysis<br> September 30, 2025 14

<br> On September 30, 2025, deferred consideration is EUR nil (December 31, 2024: EUR 1.2m), following the settlement of the third anniversary payment related to the acquisition of Spin during the second quarter of 2025.

The undiscounted contractual maturities of significant financial liabilities and the total contractual obligations of the Company as of September 30, 2025 are below:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2026** | **2027** | **2028** | **2029** | **Thereafter** | **Total** |
| Trade payables and other liabilities | 26312 |  |  |  |  |  | 26312 |
| Lease obligations on right-of-use assets | 1417 | 1436 | 1214 | 364 | 190 |  | 4621 |
| Loans payable | 2753 |  |  |  |  |  | 2753 |
| Share appreciation rights liability | 1355 | 1664 | 1664 | 309 |  |  | 4992 |
| Other non-current liabilities | 4 | 3 | 19 | 23 | 7 | 431 | 487 |
|  | **31841** | **3103** | **2897** | **696** | **197** | **431** | **39165** |

---

**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 cash flow may be summarized as follows:

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| <br>**EUR 000** | **2025** | **2024** |
| Operating activities | 9499 | 8421 |
| Investing activities | (10734) | (8860) |
| Financing activities | (5070) | 4056 |
| Effect of foreign exchange | (1138) | (844) |
| **Net cash flow** | **(7443)** | **2773** |

---

Bragg Gaming Group Inc.<br> Management Discussion & Analysis<br> September 30, 2025 15

Cash flows used in investing activities is primarily due to additions to intangible assets of EUR 9.5m (nine months ended September 30, 2024: EUR 8.2m).

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| <br>**EUR 000** | **2025** | **2024** |
| Purchases of property and equipment | (294) | (677) |
| Additions in intangible assets | (9540) | (8183) |
| Loan receivables | (400) |  |
| Investment in associates | (500) |  |
| **Cash flows used in investing activities** | **(10734)** | **(8860)** |

---

During the nine months ended September 30, 2025, cash flows used in financing activities mainly consisted of proceeds from revolving credit facility of EUR 2.7 (nine months ended September 30, 2024: promissory note of EUR 6.3m), repayment of promissory note of EUR 6.1m (nine months ended September 30, 2024: EUR nil), repayment of convertible debt of EUR nil (nine months ended September 30, 2024: 1.4m), repayment of lease liability of EUR 0.9m (nine months ended September 30, 2024: EUR 0.5m) and interest and financing charges of EUR 0.8m (nine months ended September 30, 2024: EUR 0.7m).

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| <br>**EUR 000** | **2025** | **2024** |
| Proceeds from exercise of stock options | 50 | 316 |
| Repayment of convertible debt |  | (1377) |
| Repayment of lease liability | (922) | (512) |
| Proceeds from loans payable | 2753 | 6332 |
| Repayment of loans payable | (6139) |  |
| Interest and financing fees | (812) | (703) |
| **Cash flows used in financing activities** | **(5070)** | **4056** |

---

Significant non-cash transactions from financing activities include settlement of convertible debt through issuance of common shares amounting to nil (nine months ended September 30, 2024: EUR 2,704).

---

| | |
|:---|:---|
| **6** | **TRANSACTIONS BETWEEN RELATED PARTIES** |

---

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.

**Key Management Personnel**

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

Bragg Gaming Group Inc.<br> Management Discussion & Analysis<br> September 30, 2025 16

**Transactions with Shareholders, Key Management Personnel and Members of the 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 members of the Board are set out in aggregate as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| <br>**EUR 000** | **2025** | **2024** | **2025** | **2024** |
| Salaries and subcontractors | (382) | (648) | (1906) | (1965) |
| Share based compensation | 18 | 3 | (1033) | (583) |
|  | **(364)** | **(645)** | **(2939)** | **(2548)** |

---

<br> Balances due to/from shareholders, key management personnel and members of the Board are set out as follows:

---

| | | |
|:---|:---|:---|
| **Interim unaudited condensed consolidated statements of financial position** | **As at** | **As at** |
|  | **September 30,** | **December 31,** |
|  | **2025** | **2024** |
| Accrued liabilities | (319) | (1321) |
| **Net related party payable** | **(319)** | **(1321)** |

---

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

---

| | | |
|:---|:---|:---|
| **Interim unaudited condensed consolidated statements of changes in equity** | **Nine Months Ended <br> September 30,** | **Nine Months Ended <br> September 30,** |
|  | **2025** | **2024** |
| Exercise of DSUs, RSUs and FSO's |  |  |
| Contributed surplus | (87) | (195) |
| Share capital | 124 | 465 |
| **Net movement in equity** | **37** | **270** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interim unaudited condensed consolidated statements of changes in cash flow** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Proceeds from exercise of options |  |  | 37 | 270 |
|  |  |  | **37** | **270** |

---

---

| | |
|:---|:---|
| **7** | **DISCLOSURE OF OUTSTANDING SHARE DATA** |

---

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

---

| | | |
|:---|:---|:---|
|  | **September 30,**<br>**2025** | **November 13,**<br>**2025** |
| Common Shares | 25449478 | 25449478 |
| Warrants | 979048 | 979048 |
| Fixed Stock Options | 1522508 | 1522508 |
| Restricted Share Units | 280000 | 280000 |
| Deferred Share Units | 26666 | 26666 |
|  | **28257700** | **28257700** |

---

Bragg Gaming Group Inc.<br> Management Discussion & Analysis<br> September 30, 2025 17

---

| | |
|:---|:---|
| **8** | **CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS** |

---

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, 2024, which are available at www.sedarplus.ca.

---

| | |
|:---|:---|
| **9** | **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.

---

| | |
|:---|:---|
| **10** | **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 at 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 nine months ended September 30, 2025, that have materially affected, or are reasonably likely to materially affect, internal control over financial reporting.

**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 at the date of this MD&A, and have concluded that these controls and procedures were appropriately designed.

**11 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 under the Company's name.

Press releases and other information are also available in the Investor section of the Company's website at <u>www.bragg.group</u>.

Bragg Gaming Group Inc.<br> Management Discussion & Analysis<br> September 30, 2025 18

## Exhibit 99.3

**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:

1. **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 **September 30, 2025**.

2. **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.

3. **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.

4. **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.

5. **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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 **ICFR – material weakness relating to design:** N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 **Limitation on scope of design:** N/A

6. **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 **July 1, 2025** and ended on **September 30, 2025** that has materially affected, or is
reasonably likely to materially affect, the issuer's ICFR.

---

| | |
|:---|:---|
| Date: | November 13, 2025 |
| (signed) Matevž Mazij | (signed) Matevž Mazij |
| **Matevž Mazij** | **Matevž Mazij** |
| **Chief Executive Officer** | **Chief Executive Officer** |

---

## Exhibit 99.4

**Exhibit 99.4**

**FORM 52-109F2**

**CERTIFICATION OF INTERIM FILINGS**

**FULL CERTIFICATE**

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

1. **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 **September 30, 2025**.

2. **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.

3. **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.

4. **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.

5. **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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 **ICFR – material weakness relating to design:** N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 **Limitation on scope of design:** N/A

6. **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 **July 1, 2025** and ended on **September 30, 2025** that has materially affected, or is
reasonably likely to materially affect, the issuer's ICFR.

Date: November 13, 2025.

---

| |
|:---|
| (signed) Robert Bressler |
| **Robert Bressler** |
| **Chief Financial Officer** |

---

## Exhibit 99.5

**Exhibit 99.5**

![](tm2531142d1_ex99-1img01img01.jpg)

**Bragg Gaming Group Reports Strong Third Quarter 2025 Financial Results and Reiterates Full-Year Revenue Outlook**

**Toronto, November 13**, Bragg Gaming Group (NASDAQ:BRAG; TSX:BRAG) ("**Bragg**" or the "**Company**"), a leading content and technology provider to the online gaming industry, today announced its financial results for the third quarter of 2025.

**Third Quarter Financial Highlights:**

● **Revenue Growth**: Total revenue of €26.8 million for the third quarter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Revenue increase of 20% (excluding The Netherlands) compared to the third quarter of 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The Netherlands revenue decreased by 22% year-over-year due to that market's overall contraction caused by increased regulation and
higher taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Brazil revenue increased by 80% compared to the third quarter of 2024 with continued growth in provider onboarding; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o United States revenue grew by 86% year-over-year, driven by expanded high-margin proprietary content footprint; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Including the impact of The Netherlands, total revenue grew by 2% year-over-year.

● **Net Loss and Adjusted EBITDA**: Net loss for the third quarter of 2025 was €2.3 million, or €0.09 per common share, compared to €0.2 million, or €0.01 per common share, in the third quarter of 2024. Adjusted EBITDA for the third quarter of 2025 was €4.45 million, up 9% from €4.08 million in the third quarter of 2024.

● **Strategic Market Expansion**: Launched content with Fanatics Casino across key iGaming states of New Jersey, Michigan and Pennsylvania, significantly expanding U.S. content footprint. Proprietary content revenue was up 35% in the third quarter of 2025 compared to the third quarter of 2024.

● **Balance Sheet Strengthened**: Entered into a new US $6.0 million financing agreement with the Bank of Montreal, replacing its prior debt at less than half the borrowing cost and strengthening its balance sheet to support a strategic shift toward higher-margin, cash-generating operations, with EUR 2 million in annualized synergies realized and a 20% Adjusted EBITDA Margin targeted for second half of 2025.

**Third Quarter and Recent Business Highlights:**

● **Bolstered Leadership Team**: Appointed Luka Pataky, as EVP of AI and Innovation, and Matej Filipančič to the role of Global Sales Director.

● **Enhanced Security**: Took immediate action to mitigate any potential impact from a cybersecurity incident in mid-August. The Company reiterates that there is no indication that any personal information was affected, the incident did not have any impact on its ability to continue its operations, nor has it been restricted from accessing any data that was subject to the internal computer breach. Bragg has informed the appropriate authorities and relevant government regulators about the incident.

● **Global Content Launches**: Launched exclusive and aggregated content with several valued clients, including bet365 (Mexico), StarCasino (The Netherlands), Betsson (Brazil and Spain), Sol Casino (Spain), BetMGM (Brazil), and Napoleon (Romania). In addition, Bragg has launched proprietary and exclusive online casino content with CasinoTime (Ontario), Doradobet (Peru), Betty Casino (Ontario), bet365 (The Netherlands, Spain and Sweden), theScore (Ontario), Aposta Ganha (Brazil), and Soccerbet (Serbia, Montenegro and Bosnia and Herzegovina). Bragg has also launched proprietary online casino content with Luckia (Spain) and delivered Yggdrasil content to key regulated European iGaming markets.

● **Significant U.S. Expansion**: Expanded U.S. content footprint through the launch of its newest games and Remote Gaming Server (RGS) technology with Fanatics Casino across New Jersey, Michigan and Pennsylvania. Bragg has also agreed to aggregate Expanse online casino content, as well as a PAM promotion partnership with SCCG across the U.S. market.

● **Enhanced Board Alignment with Shareholders**: Today, the Company announces that effective January 1, 2026, its Board of Directors has approved a 15% reduction in all Board member fees, and approved that all director compensation will be in the form of non-cash Deferred Share Units (DSUs) instead of cash compensation.

**Matevž Mazij, Chief Executive Officer for Bragg**, commented, "Bragg delivered another solid quarterly performance, anchored by increased revenue, improved operational efficiency, and higher Adjusted EBITDA, all reflecting the strength and resilience of our diversified business model. The Company is successfully navigating evolving international regulatory and taxation developments with a view to pursuing markets and jurisdictions that offer opportunities to higher margin business.

"Our revenue growth was driven by exceptional performance in key strategic markets, with the United States and Brazil up 86% and 80%, respectively, highlighting our increasing scale in these high-potential regions. Excluding the Netherlands, where temporary regulatory impacts continue to normalize, Bragg achieved approximately 20% growth across the rest of its markets. We are also very encouraged by our ongoing success in advancing higher-margin proprietary content, securing new partnerships, and realizing the benefits of our expense structure realignment. These initiatives are already sharpening our commercial focus and enhancing the scalability of our operating model. Finally, the newly secured USD 6 million credit facility with BMO Bank further strengthens our financial position and provides flexibility to accelerate expansion into regulated markets such as Brazil and the U.S. As we look ahead to the remainder of 2025 and into 2026, we remain confident in our ability to deliver long-term value for our shareholders. We look forward to updating investors as we progress."

**2025 Outlook**

The Company continues to anticipate full year 2025 revenue between €106.0 million and €108.5 million and Adjusted EBITDA of €16.5 million to €18.5 million.

**Investor Conference Call**

The Company will host a conference call today at 8:30 a.m. Eastern, and management will discuss the financial and operational performance of the company. A presentation of these results will be made available to download at : https://investors.bragg.group/financials/quarterly-results/default.aspx

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

Participant Dial-In Numbers<br> USA / International Toll +1 (646) 307-1963<br> USA - Toll-Free +1 (800) 715-9871<br> Canada - Toronto +1 (647) 932-3411<br> Canada - Toll-Free +1 (800) 715-9871<br> United Kingdom Toll - +44 203 433 3846<br> United Kingdom Toll Free - +44 0800 358 0970<br> Conference ID: 3967732

A webcast of the call and presentation may also be viewed at: https://investors.bragg.group/financials/quarterly-results/default.aspx

An audio recording of the Event will be available via the Echo Replay platform until November 20, 2025. To access the platform by phone, please dial-in using one of the numbers listed below and input Playback ID: 3967732 followed by # key:

Replay Details:

USA/ International Toll: +1(609) 800-9909<br> USA & Canada Toll-Free: +1(800) 770-2030<br> Canada Toll: +1(647) 362-9199<br> United Kingdom Toll: +44 203 433 3849

**Cautionary Statement Regarding Forward-Looking Information**

This news release contains forward-looking statements or "forward-looking information" within the meaning of applicable Canadian securities laws ("forward-looking statements"), including, without limitation, statements with respect to the following: the Company's strategic growth initiatives and corporate vision and strategy; financial guidance and targets for 2025, expected performance of the Company's business; expansion into new markets, our strategy for customer retention, growth, product development, and market position; expected future growth and expansion opportunities; expected benefits of transactions; expected future actions and decisions of regulators and the timing and impact thereof. Forward-looking statements are provided for the purpose of presenting information about management's current expectations and plans relating to the future and allowing readers to get a better understanding of the Company's anticipated financial position, results of operations, and operating environment. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.

All forward-looking statements contained in this news release or the conference call reflect the Company's beliefs and assumptions based on information available at the time the statements were made. Actual results or events may differ from those predicted in these forward-looking statements. All of the Company's forward-looking statements are qualified by the assumptions that are stated or inherent in such forward-looking statements, including the assumptions listed below. Although the Company believes that these assumptions are reasonable, this list is not exhaustive of factors that may affect any of the forward-looking statements. The key assumptions that have been made in connection with the forward-looking statements include the regulatory regime governing the business of the Company; the operations of the Company; the products and services of the Company; the Company's customers; the growth of the Company's business, meeting minimum listing requirements of the stock exchanges on which the Company's shares trade; the integration of technology; and the anticipated size and/or revenue associated with the gaming market globally.

Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the following: risks related to the Company's business and financial position; that the Company may not be able to accurately predict its rate of growth and profitability; risks associated with general economic conditions; adverse industry events; future legislative and regulatory developments; the inability to access sufficient capital from internal and external sources; the inability to access sufficient capital on favourable terms; realization of growth estimates, income tax and regulatory matters; the ability of the Company to implement its business strategies; competition; economic and financial conditions, including volatility in interest and exchange rates, commodity and equity prices; changes in customer demand; disruptions to our technology network including computer systems and software; natural events such as severe weather, fires, floods and earthquakes; any disruptions to operations as a result of the strategic alternatives review process; and risks related to health pandemics and the outbreak of communicable diseases. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise, except in accordance with applicable securities laws.

**Non-IFRS Financial Measures**

Statements in this news release make reference to non-IFRS financial measures, including "Adjusted EBITDA" and "Adjusted EBITDA Margin", which are non-IFRS financial measures that the Company believes are appropriate to provide meaningful comparison with, and to enhance an overall understanding of, the Company's past financial performance and prospects for the future. The Company believes these non-IFRS financial measures 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 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 nor otherwise be apparent when relying solely on IFRS measures.

"Adjusted EBITDA" means EBITDA after: (i) adding back share based compensation; (ii) adding back or deducting gain (loss) on lease modification; (iii) deducting lease payments recorded as a depreciation of right-of-use assets and lease interest expense; (iv) adding back or deducting gain (loss) on re-measurement of contingent and deferred consideration; (v) adding back or deducting gain (loss) on re-measurement of derivative liabilities; (vi) adding back or deducting gain (loss) on settlement of convertible debt; (vii) adding back or deducting gain (loss) on disposal of intangible assets and (viii) adding back certain exceptional costs. "Adjusted EBITDA Margin" means Adjusted EBITDA divided by revenue. A reconciliation to IFRS financial measures is provided in this news release as well as in Company's Management's Discussion and Analysis ("MD&A") for the three-month period ended September 30, 2025.

**Future Oriented Financial Information**

This news release and, in particular the information in respect of Bragg's prospective revenues, Adjusted EBITDA and Adjusted EBITDA Margin 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.

**About Bragg Gaming Group**

**Join Bragg Gaming Group on Social Media**

Twitter<br> LinkedIn<br> Facebook<br> Instagram

For investor enquiries, please contact:

Stephen Kilmer

+1 (646)-274-3580

stephen.kilmer@bragg.group

For media enquiries or interview requests, please contact:

Robert Simmons, Head of Communications at Bragg Gaming Group<br> press@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 September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Revenue | 26804 | 26169 | 78388 | 74841 |
| Cost of revenue | (12154) | (12167) | (35711) | (36558) |
| **Gross Profit** | **14650** | **14002** | **42677** | **38283** |
| Selling, general and administrative expenses | (15852) | (14829) | (47750) | (40918) |
| Gain/(loss) on remeasurement of derivative liability |  | 46 |  | (94) |
| Gain on settlement of convertible debt |  | 104 |  | 169 |
| Gain (Loss) on remeasurement of deferred consideration |  | 271 | (157) | (329) |
| **Operating Loss** | **(1202)** | **(406)** | **(5230)** | **(2889)** |
| Net interest expense and other financing charges | (217) | (848) | (577) | (2370) |
| **Loss Before Income Taxes** | **(1419)** | **(1254)** | **(5807)** | **(5259)** |
| Income taxes (expense) recovery | (886) | 1089 | (967) | 790 |
| **Net Loss** | **(2305)** | **(165)** | **(6774)** | **(4469)** |
| Items to be reclassified to net loss: |  |  |  |  |
| &nbsp;&nbsp;Cumulative translation adjustment | (730) | (1002) | (4833) | (998) |
| **Net Comprehensive Loss** | **(3035)** | **(1167)** | **(11607)** | **(5467)** |
| **Basic Loss Per Share** | (0.09) | (0.01) | (0.27) | (0.19) |
| **Diluted Loss Per Share** | (0.09) | (0.01) | (0.27) | (0.19) |
|  | Millions | Millions | Millions | Millions |
| **Weighted average number of shares - basic** | 25.4 | 25.0 | 25.2 | 24.0 |
| **Weighted average number of shares - diluted** | 25.4 | 25.0 | 25.5 | 24.0 |

---

**BRAGG GAMING GROUP INC.**

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

---

| | | |
|:---|:---|:---|
|  | **As at**<br>**September 30,**<br>**2025** | **As at**<br>**December 31,**<br>**2024** |
| Cash and cash equivalents | 3024 | 10467 |
| Trade and other receivables | 25510 | 20072 |
| Prepaid expenses and other assets | 4922 | 2624 |
| **Total Current Assets** | **33456** | **33163** |
| Property and equipment | 1251 | 1341 |
| Right-of-use assets | 4310 | 3510 |
| Intangible assets | 29363 | 35859 |
| Goodwill | 31214 | 32722 |
| Investments | 500 |  |
| Other assets | 403 |  |
| **Total Assets** | **100497** | **106595** |
| Trade payables and other liabilities | 26312 | 19946 |
| Income taxes payable | 1074 | 463 |
| Lease obligations on right-of-use assets | 1364 | 882 |
| Deferred consideration |  | 1244 |
| Share appreciation rights liability | 480 |  |
| Loans payable | 2752 | 6579 |
| **Total Current Liabilities** | **31982** | **29114** |
| Deferred income tax liabilities | 551 | 680 |
| Lease obligations on right-of-use assets | 3057 | 2815 |
| Share appreciation rights liability | 400 |  |
| Other non-current liabilities | 486 | 487 |
| **Total Liabilities** | **36476** | **33096** |
| Share capital | 133253 | 131729 |
| Contributed surplus | 18285 | 17680 |
| Accumulated deficit | (87984) | (81210) |
| Accumulated other comprehensive income | 467 | 5300 |
| **Total Equity** | **64021** | **73499** |
| **Total Liabilities and Equity** | **100497** | **106595** |

---

**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 September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| <br>**EUR 000** | **2025** | **2024** | **2025** | **2024** |
| Revenue | 26804 | 26169 | 78388 | 74841 |
| Operating Loss | (1202) | (406) | (5230) | (2889) |
| EBITDA | 4027 | 3924 | 9688 | 9312 |
| Adjusted EBITDA | 4445 | 4083 | 11988 | 11109 |

---

**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 September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| <br>**EUR 000** | **2025** | **2024** | **2025** | **2024** |
| Net Loss | (2305) | (165) | (6774) | (4469) |
| Income taxes expense (recovery) | 886 | (1089) | 967 | (790) |
| Loss Before Income Taxes | (1419) | (1254) | (5807) | (5259) |
| Net interest expense and other financing charges | 217 | 848 | 577 | 2370 |
| Depreciation and amortization | 5229 | 4330 | 14918 | 12201 |
| EBITDA | 4027 | 3924 | 9688 | 9312 |
| Depreciation of right-of-use assets | (341) | (229) | (770) | (602) |
| Lease interest expense | (31) | (24) | (83) | (84) |
| Gain on lease modification | (4) |  | (105) |  |
| Share based compensation | 4 | 106 | 1589 | 710 |
| Debt origination costs | 412 | 72 | 412 | 72 |
| Exceptional costs | 378 | 655 | 1100 | 1447 |
| (Gain) Loss on remeasurement of derivative liability |  | (46) |  | 94 |
| Gain on settlement of convertible debt |  | (104) |  | (169) |
| (Gain) Loss on remeasurement of deferred consideration |  | (271) | 157 | 329 |
| **Adjusted EBITDA** | **4445** | **4083** | **11988** | **11109** |

---