Bragg Gaming Group Inc (BRAG) 2025 Q2 法說會逐字稿

Good morning, everyone, and thank you for joining the second-quarter 2025 earnings conference call for Bragg Gaming Group. My name is Greg, and I will be your operator today. I will shortly hand the call over to Bragg Gaming Group's CEO, Matevž Mazij, who will discuss Bragg's second-quarter 2025 performance; and Bragg's CFO, Robbie Bressler, who will review the company's financial results.

大家早安，感謝大家參加布拉格遊戲集團 2025 年第二季財報電話會議。我叫格雷格，今天我將擔任您的接線生。我很快就會把電話轉給 Bragg Gaming Group 的執行長 Matevž Mazij，他將討論 Bragg 2025 年第二季的業績；以及 Bragg 的財務長 Robbie Bressler，他將審查公司的財務表現。

Please be reminded that you can review Bragg's results presentation on the company's investor website at investors.bragg.group in the Events and Presentations section. Following the prepared remarks, the conference will be open to a question-and-answer period. Certain statements on this call may constitute forward-looking information or future-oriented financial information. A full explanation of these risk factors is available on the second slide of Bragg's second-quarter 2025 earnings presentation titled Forward-Looking Statements, as well as in the recently filed press release and other public disclosures.

請注意，您可以在公司投資者網站 investors.bragg.group 的「活動和演示」部分查看 Bragg 的業績報告。準備好的發言結束後，會議將進入問答環節。本次電話會議中的某些陳述可能構成前瞻性資訊或面向未來的財務資訊。這些風險因素的完整解釋可在 Bragg 2025 年第二季財報的第二張投影片「前瞻性聲明」中找到，也可以在最近提交的新聞稿和其他公開揭露中找到。

I'd now like to turn the call over to Matevž Mazij, Chief Executive Officer of Bragg. Matevž?

現在我想將電話轉給 Bragg 執行長 Matevž Mazij。Matevž？

Good morning, everyone. My name is Matevž Mazij, and I am the CEO of Bragg. On this call, I'll start with our second-quarter highlights and operational updates. Then I'll pass the line to Robbie to discuss our financial results. After his commentary, I'll discuss more about our strategy and outlook for the rest of 2025, and then Robbie and I will answer your questions.

大家早安。我叫 Matevž Mazij，是 Bragg 的執行長。在這次電話會議上，我將首先介紹我們第二季的亮點和營運更新。然後我會將電話轉給羅比來討論我們的財務結果。在他發表評論之後，我將進一步討論我們 2025 年剩餘時間的策略和展望，然後羅比和我將回答你們的問題。

For those investors that are not familiar with Bragg, who exactly is Bragg Gaming Group? We're a must-have partner in the iGaming world. First, user experience is at the core of our products, and we're creating and delivering cutting-edge casino games from our own studios and through a selection of third-party studios.

對於那些不熟悉Bragg的投資人來說，Bragg Gaming Group到底是誰？我們是iGaming領域不可或缺的合作夥伴。首先，使用者體驗是我們產品的核心，我們正在透過我們自己的工作室和精選的第三方工作室創造和提供尖端的賭場遊戲。

Second, we're the silent engine behind some of the giants of iGaming, sports betting, and iLottery, empowering operators to launch into and dominate markets with our proprietary player account management solution and an in-house build delivery and engagement tech stack. We arm online casino, sports betting, and lottery operators with the tools to launch flawlessly, scale relentlessly and optimize for maximum success, delivering power and control to our partners.

其次，我們是一些 iGaming、體育博彩和 iLottery 巨頭背後的無聲引擎，透過我們專有的玩家帳戶管理解決方案和內部構建的交付和參與技術堆棧，使運營商能夠進入並主導市場。我們為線上賭場、體育博彩和彩票營運商提供工具，使其能夠完美啟動、不斷擴展和優化以獲得最大成功，為我們的合作夥伴提供權力和控制力。

Third, we're obsessed with the player. We don't just look at data, we decode it, leveraging information, advanced analytics and cutting-edge AI to supercharge player engagement, maximize revenue potential and build smarter, more efficient iGaming operations. In short, we're building the future of user experience. And our AI-first strategy is key to achieving this by embedding AI into our products and operations for unprecedented hyper-personalization, operational efficiency and maximize player lifetime value. This is Bragg Gaming Group, and we look forward to sharing our story with you.

第三，我們非常關注玩家。我們不僅查看數據，我們還對其進行解碼，利用資訊、高級分析和尖端人工智慧來增強玩家參與度、最大限度地提高收入潛力並建立更聰明、更有效率的 iGaming 營運。簡而言之，我們正在建立用戶體驗的未來。而我們的「AI優先」策略是實現這一目標的關鍵，它將AI嵌入到我們的產品和營運中，以實現前所未有的高度個人化、營運效率，並最大化玩家的終身價值。這裡是Bragg遊戲集團，我們期待與您分享我們的故事。

I'll start my presentation with our operational updates. In Q2, our revenue was $26.1 million, a 4.9% increase year-over-year. Excluding the Netherlands, we grew 21%. While regulatory changes in the Netherlands have affected the market, our business is becoming less dependent on it as we deliver strong growth elsewhere. Our gross profit grew by 10.8% year-over-year to EUR13.7 million, with our gross profit margin increasing by 280 basis points to 52.7%. Our adjusted EBITDA for Q2 2025 was EUR3.5 million, a decrease of 4.3% from the same period in 2024.

我的演講首先從我們的營運更新開始。第二季度，我們的營收為 2,610 萬美元，年增 4.9%。除荷蘭外，我們的成長了 21%。雖然荷蘭的監管變化影響了市場，但由於我們在其他地方實現了強勁成長，我們的業務對荷蘭的依賴程度正在降低。我們的毛利年增 10.8% 至 1,370 萬歐元，毛利率增加 280 個基點至 52.7%。我們 2025 年第二季的調整後 EBITDA 為 350 萬歐元，較 2024 年同期下降 4.3%。

While our top-line growth was less than expected at 4.9% growth in Q2 year-over-year, our strategic focus is clear. With increasing gaming taxes in key markets like Brazil, the Netherlands and Romania, we are prioritizing improved margin and cash flow performance over aggressive revenue expansion. We continuously reassess our strategy to maintain our bottom-line performance.

雖然我們的營收成長低於預期，第二季年增 4.9%，但我們的策略重點很明確。隨著巴西、荷蘭和羅馬尼亞等主要市場的博彩稅不斷增加，我們優先考慮提高利潤率和現金流表現，而不是積極擴大收入。我們不斷重新評估我們的策略，以保持我們的底線表現。

We will pursue those opportunities methodically, always ensuring our approach optimizes both margins and cash flow. Subsequent to the quarter, we advanced a planned realization of cost synergies throughout the business, which should provide the company with EUR2 million in annualized cash savings, which right sizes our cost base. We believe there are further opportunities to realize cost synergies in the second half of this year.

我們將有條不紊地尋求這些機會，始終確保我們的方法能夠優化利潤和現金流。本季之後，我們推進了整個業務範圍內成本協同效應的計劃，這將為公司帶來 200 萬歐元的年度現金節省，從而適當調整我們的成本基礎。我們相信今年下半年還有進一步實現成本綜效的機會。

Our strong emphasis and focus on our margin and cash flow performance serves to keep us agile as a business comparative to other peers. The revised guidance, which Robbie will discuss shortly, shows at the midpoint of our revised range that our adjusted EBITDA margin is within 0.5% of our previous guidance. This is consistent with our laser focus on creating a margin-accretive product mix and being focused on cash generation.

我們高度重視並關注利潤率和現金流表現，這使我們與其他同行相比保持業務靈活性。羅比將很快討論的修訂指南顯示，在我們修訂範圍的中點，我們的調整後 EBITDA 利潤率在我們之前指南的 0.5% 以內。這與我們專注於創建利潤成長產品組合和關注現金創造的理念一致。

In the Netherlands, we have a strong position. We're outperforming in a challenging regulatory environment where we are down by 17% versus a 25% industry decline. While our concentration in the Netherlands is challenging, the significance of the market becomes less and less as we experienced high growth in the US market where our proprietary content revenue grew by 270% year-on-year.

在荷蘭，我們擁有強大的地位。在充滿挑戰的監管環境中，我們的表現優異，我們的銷售額下降了 17%，而同期行業銷售額下降了 25%。雖然我們在荷蘭的集中度具有挑戰性，但隨著我們在美國市場經歷了高速成長，我們的專有內容收入比去年同期成長了 270％，該市場的重要性變得越來越小。

We have achieved a 44% year-over-year growth in proprietary content revenue, reaching EUR3.9 million in 2025. A significant 20% of our 2025 proprietary content revenue came from titles we released in 2024 alone. This shows that we are effectively monetizing our games over time. Even more impressively, over 50% of our proprietary content revenue is from titles that were launched before 2024. This really highlights the long-term stickiness and value of our content and our strong ability to generate long-term value.

我們的專有內容收入年增 44%，到 2025 年將達到 390 萬歐元。我們 2025 年專有內容收入的 20% 來自於僅在 2024 年發行的作品。這表明我們正在隨著時間的推移有效地將我們的遊戲貨幣化。更令人印象深刻的是，我們超過 50% 的專有內容收入來自 2024 年之前推出的遊戲。這確實凸顯了我們內容的長期黏著性和價值，以及我們創造長期價值的強大能力。

I am pleased with the way we're making significant strides in the proprietary space. Our strategy to diversify and expand in growth markets in a margin-accretive way is working, and we are confident in our ability to keep building momentum. Our bespoke content agreements with Caesars and Hard Rock Digital clearly illustrate and will continue to show that Bragg is the preferred bespoke content partner of Tier 1 operators, which serves as a strong validation of our talent and capabilities as a business.

我很高興看到我們在專有領域取得了重大進展。我們以增加利潤的方式在成長市場中實現多元化和擴張的策略正在發揮作用，我們有信心保持這一勢頭。我們與 Caesars 和 Hard Rock Digital 簽訂的客製化內容協議清楚地表明並將繼續表明 Bragg 是一級營運商首選的客製化內容合作夥伴，這有力地證明了我們作為一家企業的人才和能力。

Our Dragon Power brand continues to grow its market share in the US, where our Triple Gold title was one of the best launches to date and where our Super Orbs and the original Dragon Power continue to perform very well. Bragg will continue to expand the Dragon Power brand with 3 new titles in various stages of development. Indeed, our latest Dragon Power 10,000 Ways will launch in the third quarter.

我們的 Dragon Power 品牌在美國的市場份額持續增長，我們的 Triple Gold 頭銜是迄今為止最好的產品之一，我們的 Super Orbs 和原版 Dragon Power 繼續表現良好。Bragg 將持續擴大 Dragon Power 品牌，推出 3 款處於不同開發階段的新產品。事實上，我們最新的《龍之力量10,000種方式》將於第三季推出。

We're also expanding our Connect and Collect mechanic, which continues to be a star performer for us. We have also expanded our other key brands, launching Gold Party 2 in Q2 and will soon launch 2 new Fire Stamped titles. Our exclusive game partners have begun launching new portfolio of games with the first boomerang game already live. Existing partners, particularly Incredible Technologies in North America are experiencing increased success and we'll be rolling out more games later this year.

我們也正在擴展我們的「連接和收集」機制，它仍然是我們的明星產品。我們還擴展了其他主要品牌，在第二季度推出了 Gold Party 2，並將很快推出 2 個新的 Fire Stamped 品牌。我們的獨家遊戲合作夥伴已開始推出新的遊戲組合，其中第一款迴力鏢遊戲已經上線。現有的合作夥伴，特別是北美的 Incredible Technologies 正在取得越來越大的成功，我們將在今年稍後推出更多遊戲。

Our game road map encompassing both internal and partner studios is set to significantly expand in the rest of 2025 and into 2026. Bragg is actively monitoring key market trends and analyzing its internal brands and mechanics to identify unique opportunities for market share growth. A significant area of focus is the expansion into traditional stepper market, particularly in Canada and North America. This expansion is supported by a newly customized interface in a traditional player experience. Initial testing in non-US markets has yielded positive results.

我們的遊戲路線圖涵蓋內部和合作夥伴工作室，預計將在 2025 年剩餘時間和 2026 年大幅擴展。Bragg 正在積極監控關鍵市場趨勢並分析其內部品牌和機制，以發現市場份額成長的獨特機會。一個重要的關注領域是擴展到傳統步進機市場，特別是在加拿大和北美。此擴充由傳統玩家體驗中全新客製化的介面支援。在美國以外市場的初步測試已取得積極成果。

During the quarter, we launched our online casino games in New Jersey, Pennsylvania and Michigan with Fanatics Casino. The US online casino market grew by 31% year-over-year. In this growing market, Bragg's proprietary online casino content saw a 270% GGR increase year-over-year. The US online casino market is projected to grow from $10 billion in GGR in 2025 to over $75 billion in GGR at maturity.

本季度，我們與 Fanatics Casino 合作在新澤西州、賓夕法尼亞州和密西根州推出了線上賭場遊戲。美國線上賭場市場較去年同期成長31%。在這個不斷成長的市場中，Bragg 專有的線上賭場內容的 GGR 年比成長了 270%。預計美國線上賭場市場 GGR 將從 2025 年的 100 億美元成長到成熟時的 750 億美元以上。

In terms of potential iGaming expansion in the US, we are anticipating Ohio, Illinois and New York to be key battleground states for iGaming legalization in the midterm, with Ohio, in particular, of interest given its extended legislative deadlines in 2026. Our scalable business model allows us to expand into new states as they open with minimal incremental cost and our existing established partnerships with top operators in the market open these opportunities up even further.

就美國 iGaming 的潛在擴張而言，我們預計俄亥俄州、伊利諾伊州和紐約州將成為中期 iGaming 合法化的關鍵戰場州，其中俄亥俄州尤其值得關注，因為其 2026 年的立法期限已延長。我們可擴展的商業模式使我們能夠以最小的增量成本擴展到新的州，而我們與市場上頂級營運商的現有合作夥伴關係將進一步打開這些機會。

Another trend we've seen is the increased stagnation of online lottery in states where both iGaming and iLottery are legal due to increased competition from iGaming operators. In Brazil, our other key market, we launched on the first day of the regulated market opening. This has resulted in 56% year-on-year pro forma revenue growth in the second quarter.

我們看到的另一個趨勢是，由於iGaming營運商的競爭加劇，在iGaming和iLottery均合法的州，線上彩票業務日益停滯。在我們的另一個重點市場巴西，我們在受監管市場開放的第一天就推出了服務。這使得第二季的預期營收年增了 56%。

We've also further strengthened our exclusive content portfolio with a strategic investment in the Brazilian specialist online studio, RapidPlay. According to projections, Brazil's iGaming market is set to grow from $3.9 billion in 2025 to $6.1 billion by 2030, and we project Brazil will account for up to 10% of our revenue in 2025.

我們也透過對巴西專業線上工作室 RapidPlay 的策略性投資進一步加強了我們的獨家內容組合。根據預測，巴西的 iGaming 市場規模將從 2025 年的 39 億美元成長到 2030 年的 61 億美元，我們預計 2025 年巴西將占我們營收的 10%。

On the leadership front, we added two key hires: Scott Milford as EVP, Group Content, who comes with more than 25 years of experience driving game innovation and studio success at major gaming brands, including Aristocrat, Konami and [Naruse], and Scott brings an unmatched insight and leadership to one of the industry's fastest-growing content development companies.

在領導方面，我們新增了兩名關鍵員工： Scott Milford 擔任集團內容執行副總裁，他擁有超過 25 年在 Aristocrat、Konami 和 [Naruse] 等主要遊戲品牌推動遊戲創新和工作室成功的經驗，斯科特為業內發展最快的內容開發公司之一帶來了無力領導比的洞察力和領導。

Our other transformational hire was Luka Pataky, our new EVP of AI and Innovation. Luka comes with a strong pedigree in AI and technology with over a decade of experience at Sportradar, a company at the forefront of sports data and content. Luka has been instrumental in revolutionizing sports content creation through AI, computer vision and deep learning, successfully bringing real-time data collection solutions to production being the driving force behind integrating acquired tech businesses, thereby turning advanced technology into significant business value through the optimization of operating costs and business efficiencies. On the back of Luka's hire, we have launched a new AI-first initiative to make the company become an AI-first business by 2027.

我們另一位轉型聘用的人員是 Luka Pataky，他是我們新任的人工智慧和創新執行副總裁。Luka 在人工智慧和技術方面擁有深厚的造詣，在 Sportradar（一家處於體育數據和內容前沿的公司）擁有十多年的經驗。Luka 透過人工智慧、電腦視覺和深度學習徹底改變了體育內容創作方式，成功地將即時資料收集解決方案應用於生產，成為整合收購的技術業務的驅動力，從而透過優化營運成本和業務效率將先進技術轉化為重要的商業價值。在盧卡 (Luka) 受聘後，我們啟動了一項新的 AI-first 計劃，旨在使公司到 2027 年成為 AI-first 企業。

I will now turn the line over to Robbie to discuss our financial results.

現在我將把電話交給羅比來討論我們的財務結果。

Thank you, Matt. Good morning, everyone. I will now cover our financial results for the second quarter of 2025. Q2 revenue was EUR26.1 million, up 4.9% year-over-year, and excluding the Netherlands, we grew 21%. While regulatory changes in the Netherlands, higher taxes and new deposit rules have cut the market by about 1/4, our business is becoming less dependent on that market as we deliver strong margin-accretive growth elsewhere as illustrated in North America leading the way with 64% year-over-year growth in Q2, which is mostly from proprietary content, our best-performing marching product.

謝謝你，馬特。大家早安。我現在將介紹我們 2025 年第二季的財務表現。第二季營收為 2,610 萬歐元，年增 4.9%，除荷蘭外，成長 21%。雖然荷蘭的監管變化、更高的稅收和新的存款規則已經使市場規模減少了約四分之一，但我們的業務對該市場的依賴程度正在降低，因為我們在其他地區實現了強勁的利潤增長，例如北美地區，第二季度同比增長 64%，這主要來自專有內容，這是我們表現最好的行進產品。

Even in the Netherlands, we're outperforming the market. we are down 17% versus 25%, which the industry is down. Our strategy to diversify and expand in growth markets in a margin-accretive way is working, and we're confident in our ability to keep building momentum. Our gross profits grew by 10.8% on a year-over-year basis compared to Q2 2024, rising to EUR13.7 million, with Bragg's gross profit margin increasing by 280 basis points to 52.7%.

即使在荷蘭，我們的表現也優於市場。我們的銷售額下降了 17%，而整個行業的銷售額下降了 25%。我們以增加利潤的方式在成長市場中實現多元化和擴張的策略正在發揮作用，我們有信心保持這一勢頭。與 2024 年第二季相比，我們的毛利年增 10.8%，增至 1,370 萬歐元，其中 Bragg 的毛利率增加 280 個基點，達到 52.7%。

Company adjusted EBITDA amounted to EUR3.5 million in Q2 2025, dropping by 4.3% from the same period in 2024, and corresponding to an adjusted EBITDA margin of 13.3%. This decline is largely a result of an increase in compensation spending in Q2 2025 compared to Q2 2024. Through the realization of synergies, as Matt discussed, our compensation spending is in the right size to deliver operational leverage in future periods.

2025 年第二季度，公司調整後 EBITDA 為 350 萬歐元，較 2024 年同期下降 4.3%，對應調整後 EBITDA 利潤率為 13.3%。這一下降主要是因為 2025 年第二季的薪資支出與 2024 年第二季相比有所增加。正如馬特所討論的，透過實現協同效應，我們的薪資支出規模合適，可以在未來時期提供營運槓桿。

Looking at our product mix for Q2 2025, our PAM and turnkey segments generated $3.8 million, which was 14.6% of our total revenue. This is down from $4.9 million or 19.9% of revenue in the same period last year due to the Netherlands market contracting. Aggregated content made up 49.4% of our revenue this quarter, a slight decrease from 49.6% last year, but the real story here is the ascent of our proprietary content, which is climbing fast, now contributing 14.8% of our total revenue in Q2 2025, up significantly from 10.8% a year ago. The growth is especially strong, thanks to the ongoing momentum we're seeing in the US market.

縱觀我們 2025 年第二季的產品組合，我們的 PAM 和交鑰匙部門創造了 380 萬美元的收入，占我們總收入的 14.6%。由於荷蘭市場萎縮，這一數字比去年同期的 490 萬美元或 19.9% 有所下降。本季度，聚合內容占我們營收的 49.4%，較去年的 49.6% 略有下降，但真正的亮點是我們的專有內容的崛起，其增長速度很快，目前已占我們 2025 年第二季度總收入的 14.8%，較去年同期的 10.8% 大幅增長。由於美國市場持續保持強勁勢頭，成長尤其強勁。

Turning to the balance sheet. As of June 30, 2025, we held EUR4.2 million in cash and cash equivalents. During the quarter, we repaid $5 million of the $7 million secured promissory note outstanding. We are in the advanced stages of securing a new working capital revolving debt facility from a Tier 1 Canadian bank and believe we will close this early in Q3. While this process is taking much longer than expected, we are optimistic that we will have it closed soon.

轉向資產負債表。截至 2025 年 6 月 30 日，我們持有 420 萬歐元現金和現金等價物。在本季度，我們償還了未償還的 700 萬美元擔保本票中的 500 萬美元。我們正處於從加拿大一級銀行獲得新的營運資金循環債務融資的後期階段，並相信我們將在第三季初完成這筆融資。雖然這個過程比預期的要長得多，但我們樂觀地認為很快就會完成。

Turning to our outlook. Earlier this year, we expected double-digit revenue and adjusted EBITDA growth for 2025, driven by expansion in regulated markets, the growth of our proprietary and exclusive content and continued momentum in the US and LatAm. While our strategy hasn't changed, we've adjusted our full-year guidance to reflect higher gaming taxes, softer market conditions in the Netherlands and other regions, headwinds in Brazil and other broad market pressures. We now expect revenue of EUR106 million to EUR108.5 million and adjusted EBITDA of EUR16.5 million to EUR18.5 million.

轉向我們的展望。今年早些時候，我們預計 2025 年收入和調整後 EBITDA 將實現兩位數成長，這得益於受監管市場的擴張、專有和獨家內容的成長以及美國和拉丁美洲的持續發展勢頭。雖然我們的策略沒有改變，但我們調整了全年預期，以反映更高的博彩稅、荷蘭和其他地區疲軟的市場狀況、巴西的阻力以及其他廣泛的市場壓力。我們現在預計營收為 1.06 億歐元至 1.085 億歐元，調整後 EBITDA 為 1,650 萬歐元至 1,850 萬歐元。

As Matt mentioned, our revised guidance at the midpoint, adjusted EBITDA margin is within 0.5% of our previous guidance. This is consistent with our laser focus on creating a margin-accretive product mix and being focused on cash generation. These changes reflect a conscious shift towards higher quality earnings. We're prioritizing margin and cash generation over lower margin revenue.

正如馬特所提到的，我們修訂後的中點指引，調整後的 EBITDA 利潤率在我們先前指引的 0.5% 以內。這與我們專注於創建利潤成長產品組合和關注現金創造的理念一致。這些變化體現了人們有意識地追求更高品質的收益。我們優先考慮利潤和現金創造，而不是低利潤收入。

The efficiencies we've implemented post quarter are already making us a leaner business. We expect adjusted EBITDA margins to be a few points higher in the second half of 2025 versus the first half of 2025, and we remain confident in our ability to deliver sustainable, profitable growth for the long term.

我們在本季後實施的效率提升措施已使我們的業務更加精簡。我們預計2025年下半年的調整後EBITDA利潤率將較上半年略有提升，並且我們對於實現長期可持續盈利增長的能力充滿信心。

Our revised guidance is not a reflection of our products underperforming, quite the opposite. Gross gaming revenue, which reflects the level of play on our content and through our technology stack outside the Netherlands is up 25% year-over-year. Finally, we firmly believe that the best driver to unlock value for Bragg is to improve our margins and cash flow, and we are in a strong position to achieve this. We still believe that we will deliver operational leverage and believe that there are still synergies we can realize to optimize our cost structure.

我們修訂後的指導意見並不反映我們的產品表現不佳，恰恰相反。總遊戲收入反映了荷蘭以外地區對我們的內容和技術堆疊的遊戲水平，同比增長了 25%。最後，我們堅信，釋放布拉格價值的最佳動力是提高我們的利潤率和現金流，而我們完全有能力實現這一目標。我們仍然相信我們將發揮營運槓桿作用，並相信我們仍然可以實現協同效應來優化我們的成本結構。

I will now hand the call back to Matt.

我現在將把電話交還給馬特。

Thank you, Robbie. As a business, we're resilient, and we have an impressive history of changing to suit evolving market conditions, allowing us to pivot easily into new growth opportunities. As we successfully shift our regional and product strategy away from predominantly content aggregation and European markets, we're seeing particularly great results from the US and our content.

謝謝你，羅比。作為一家企業，我們具有韌性，並且擁有令人印象深刻的適應不斷變化的市場條件的變革歷史，這使我們能夠輕鬆地轉向新的成長機會。隨著我們成功地將區域和產品策略從以內容聚合和歐洲市場為主轉變，我們看到美國和我們的內容取得了特別出色的成果。

Our scalable model allows us to expand into new regulated states with minimal incremental cost. Our strategic focus is on reducing risk through revenue diversification by shifting our reliance away from the Netherlands market. Our revenue from the Netherlands is projected to decrease from 49% of total revenue in 2022 to a projected 32% in 2025.

我們的可擴展模型使我們能夠以最小的增量成本擴展到新的受監管州。我們的策略重點是透過收入多樣化來降低風險，減少對荷蘭市場的依賴。預計來自荷蘭的收入將從 2022 年佔總收入的 49% 下降到 2025 年的 32%。

The strategic shift to exclusive and proprietary content continues to set the stage for margin growth. Our exclusive content makes up 21% of revenue and our highest margin proprietary content accounts for 15% of revenue. This shift allows for full royalties capture and a recurring revenue stream.

向獨家和專有內容的策略轉變繼續為利潤成長奠定基礎。我們的獨家內容佔營收的 21%，利潤率最高的專有內容佔營收的 15%。這種轉變可以實現完全的版稅取得和經常性的收入流。

In the rapidly evolving iGaming and sports betting landscape, AI is transforming from a competitive advantage to an absolute necessity for sustainable growth and profitability. Our 2027 vision is to become an AI-first Bragg, and we strongly believe AI will become an intrinsic part of the iGaming experience. This means AI will be a core capability embedded in how we build products, run operations and engage the market.

在快速發展的 iGaming 和體育博彩領域，人工智慧正在從一種競爭優勢轉變為可持續成長和盈利的絕對必要條件。我們的 2027 年願景是成為 AI 優先的布拉格，我們堅信 AI 將成為 iGaming 體驗不可或缺的一部分。這意味著人工智慧將成為我們製造產品、營運和參與市場的核心能力。

Bragg's AI strategy is built on four pillars: building and scaling AI capabilities, delivering AI-powered products, operationalizing AI and leading with an AI-first culture. AI will deliver tangible business value through significant cost reduction via automated data collection, enhanced operational efficiency by streamlining workflows and increased profitability as evidenced by products which substantially improve operator margins.

Bragg 的人工智慧策略建立在四大支柱之上：建構和擴展人工智慧能力、提供人工智慧產品、實現人工智慧營運以及以人工智慧為先的文化為引領。人工智慧將透過自動資料收集大幅降低成本、透過簡化工作流程提高營運效率以及透過大幅提高營運商利潤率的產品提高盈利能力，從而提供切實的商業價值。

The core of this transformation lies in delivering unprecedented hyper-personalization and immersive player experiences, driving deeper engagement and loyalty while simultaneously strengthening responsible gaming initiatives through advanced behavioral analytics.

這種轉變的核心在於提供前所未有的超個人化和沈浸式玩家體驗，推動更深層的參與和忠誠度，同時透過先進的行為分析加強負責任的遊戲計畫。

Looking forward, we foresee continued advancements in predictive analytics for our strategic foresight and the widespread adoption of generative AI for scalable content creation. We will embrace an AI-first strategy, embedding AI into the core of our product development and operational decision-making, supported by a culture of innovation and cross-functional collaboration poised to capture the next wave of growth and deliver superior returns in this dynamic sector.

展望未來，我們預見預測分析將繼續進步，以增強我們的策略預見性，並廣泛採用生成式人工智慧來實現可擴展的內容創作。我們將採取人工智慧優先策略，將人工智慧嵌入我們的產品開發和營運決策的核心，並以創新和跨職能協作的文化為支撐，準備抓住下一波成長浪潮，並在這個充滿活力的領域提供卓越的回報。

At this point, I'd like to thank you for listening, and I want to thank the entire Bragg team for their hard work and dedication. I'll hand the call back to the operator, and Robbie and I will be happy to answer your questions.

在此，我要感謝大家的聆聽，也要感謝整個布拉格團隊的辛勤工作和奉獻精神。我會將電話轉回給接線員，羅比和我會很樂意回答您的問題。

(Operator Instructions) Jordan Bender, Citizens.

（操作員指示）喬丹·本德，公民。

A lot of good partnership wins in the US year-to-date and a lot of positive commentary on the call around that part of the business. As I look at the results in the second quarter, revenue down about 50%. Can you maybe just help us bridge some of the revenue contribution from Hard Rock and Caesars that you saw in the first quarter and then just kind of performance as we headed into the second quarter? Then maybe you originally gave a guidance, or you gave the outlook of that could potentially be 15% of revenue for the full year. Maybe just where that stands today?

今年迄今為止，我們在美國贏得了許多良好的合作夥伴關係，並且圍繞該部分業務的電話會議也獲得了很多積極的評價。當我查看第二季的業績時，收入下降了約 50%。您能否幫助我們彌補第一季 Hard Rock 和 Caesars 帶來的部分收入貢獻，以及我們進入第二季度時的表現？那麼，也許您最初給出了指引，或者預測稱其可能佔全年收入的15%。那麼，現在的情況如何呢？

Sure, Jordan. Thanks for the question. Yes, I do think that there is a path for us to get to that 15% marker, as we previously mentioned, of our 2025 revised revenue targets now. We do think the Hard Rock deal will continually add revenue through the second half of this year. That's factored into our revised guidance, as well as where we think the -- how Caesars will perform in the second half of the year.

當然，喬丹。謝謝你的提問。是的，我確實認為，正如我們之前提到的，我們現在有辦法實現 2025 年修訂收入目標的 15% 目標。我們確實認為，與 Hard Rock 的交易將在今年下半年持續增加收入。這已計入我們修訂後的指引中，以​​及我們認為凱撒娛樂下半年的表現如何。

We are very optimistic of what we've seen in the US. The US iCasino market is just flourishing immensely. We're still seeing really strong growth in the states where both iCasino and sports are regulated. iCasinos continually outperformed. We do believe that the US -- our US focus is paying off and will continually pay off for us as we continue to gain market share.

我們對美國市場的發展非常樂觀。美國iCasino市場正在蓬勃發展。在iCasino和體育博彩都受到監管的州，我們仍然看到強勁的成長勢頭。 iCasino的表現持續領先。我們堅信，我們對美國的關注正在帶來回報，隨著我們市場份額的不斷擴大，這種回報將持續下去。

Then just maybe two follow-ups here. One, in the press release, you talked about highly accretive growth opportunities ahead for the business. You touched on a few during the call, but maybe can you just consolidate how you're thinking about what these future opportunities might look like specifically? Then the second follow-up is, was there any FX impact to guidance for the full year?

那麼這裡可能只有兩個後續問題。首先，在新聞稿中，您談到了未來業務高度增值的成長機會。您在電話會議中提到了一些，但能否請您總結一下您對這些未來機會的具體看法？第二個問題是，外匯對全年業績指引有影響嗎？

Yes. In terms of FX, yes, there's a slight impact. The euro has weakened against the US dollar. We're seeing a bit of an impact there, but I'd say not a big pervasive impact. Sorry, remind me of the first part of your question?

是的。就外匯而言，是的，有輕微的影響。歐元兌美元走弱。我們確實看到了一些影響，但我認為影響不會很廣泛。抱歉，請讓我想起你問題的第一部分。

Just around, in the press release, you said the highly accretive growth opportunities. Can you just maybe elaborate or expand on how you think about those opportunities?

剛才，在新聞稿中，您提到了高度增值的成長機會。您能否詳細說明或闡述您對這些機會的看法？

Yes. Really, where we see highly accretive opportunities for our business is on the proprietary content side. We really are upping our game. We brought in Scott Milford from Aristocrat. We're really increasing our bench strength and what we can do and what we can produce on the proprietary content side. I think we've done -- actually, I'm confident we've done a great job to penetrate the US market. I think we have a lot of growth opportunity to do that in other markets where we have dominant positions.

是的。事實上，我們認為我們的業務高度增值的機會是在專有內容方面。我們確實在提高我們的水平。我們從 Aristocrat 引進了 Scott Milford。我們正在切實提升我們的實力，提升我們在專有內容方面的能力和製作能力。我認為我們已經——實際上，我相信我們在打入美國市場方面做得非常出色。我認為，在我們佔據主導地位的其他市場中，我們有很多成長機會。

The Netherlands specifically, although it is a contracting market, we are outperforming the market in the sense that -- the total market is down 25%, but we're only down 18%. We still see the Netherlands as a great opportunity for us to keep pushing good proprietary content and further move our profitability. That's where we're focused, looking at the assets that we have, looking at the positions we have in markets and how best do we leverage that to promote what we see as our most profitable product, proprietary content.

具體來說，荷蘭雖然是一個萎縮的市場，但我們的表現優於整個市場——整個市場下降了 25%，但我們只下降了 18%。我們仍然認為荷蘭是一個很好的機會，讓我們能夠繼續推廣優質的專有內容並進一步提高獲利能力。這就是我們關注的重點，關注我們擁有的資產，關注我們在市場中的地位，以及如何最好地利用這些來推廣我們認為最賺錢的產品——專有內容。

(Operator Instructions). It looks like there are no further questions. I would now like to turn the call back over to Robbie Bressler for closing remarks. Robbie?

（操作員指令）。看起來沒有其他問題了。現在我想將電話轉回給羅比·布雷斯勒 (Robbie Bressler) 做結束語。羅比？

As mentioned, Bragg has an impressive history and strong track record of adapting to evolving market conditions and successfully pivoting into new growth opportunities. Although, top line growth has been lower than expected, I'm very pleased to see our business grow at 21% outside of the Netherlands and our continued focus on driving higher margins and more cash. We are confident that we can scale this business in a manner that adds value over the long term.

如上所述，布拉格擁有令人印象深刻的歷史和良好的業績記錄，能夠適應不斷變化的市場條件並成功轉向新的成長機會。儘管營業收入成長低於預期，但我很高興看到我們的業務在荷蘭以外地區成長了 21%，並且我們繼續致力於提高利潤率和增加現金。我們有信心以長期增值的方式擴大這項業務。

Finally, I'd like to take this opportunity to thank our investors and shareholders for their continued support and confidence in our story. Have a great day.

最後，我想藉此機會感謝我們的投資者和股東對我們故事的持續支持和信心。祝你有美好的一天。