Kambi Group plc Q4 2025 Report
“I take confidence from how we ended the year, displaying signs that we are now turning the corner towards a period of gradual growth” – says Werner Becher, CEO of Kambi Group
Financial highlights
- Revenue in the fourth quarter 2025 was €42.7m (44.5m), a decrease of 3.9%. Excluding €1.3m of transition fees received in Q4 2024, revenues decreased by 1.1%. For the period January to December 2025, revenues were €162.0m (176.4m), a decrease of 8.2%. Excluding €12.5m of transition fees received in the same period in 2024, revenues decreased by 1.2%.
- Adjusted EBITA (acq) in the quarter was €6.2m (7.1m) at a margin of 14.4% (16.0%), and €7.4m (6.3m) excluding the impact of FX revaluations. For the period January to December 2025, Adjusted EBITA (acq) was €15.5m (25.3m) at a margin of 9.6% (14.3%), and €17.6m (25.4m) excluding the impact of FX revaluations.
- Total expenses were €37.9m (38.5m) in the quarter, a decrease of 1.7%. For the period January to December 2025, total expenses were €151.8m (156.3m), a decrease of 2.9%.
- Operating profit for the fourth quarter was €4.1m (4.6m), at a margin of 9.6% (10.4%) and €8.1m (18.8m), at a margin of 5.0% (10.6%) for the period January to December 2025.
- Cash flow (excluding working capital, M&A and financing activities) amounted to €6.0m (6.7m) for the quarter and €21.2m (25.9m) for the period January to December 2025.
- Earnings per share for the quarter were €0.174 (0.170) and €0.240 (0.515) for full year 2025.
- Kambi estimates Adjusted EBITA (acq) to be in the range of €20 - 25m for 2026, with the expectation being towards the upper end of the range if there is no introduction of a new tax on sports betting in Colombia. (see page 6).
Key operational highlights
- Signed Odds Feed+ agreements with Coolbet, FDJ UNITED and Superbet Group, with ComeOn Group added in recent days
- Agreed five new Turnkey Sportsbook partnerships in Q4 and Finland-facing SuomiVeto and tribal-owned 4 Bears Casino & Lodge in US state of North Dakota in Q1
- Signed several extensions with partners including Paf, PENN Entertainment and Churchill Downs
- Acquired source code for a player account management platform from OMEGA Systems, unlocking Turnkey Sportsbook opportunities in Nevada
- Completed a successful launch with Ontario Lottery and Gaming Corporation in January 2026
CEO comment
“As we reflect on 2025, I feel positive about the progress we are making and the direction of the business. We also demonstrated that the business was robust enough to withstand the challenges that emerged, including new and increased taxes in several jurisdictions and FX pressures.
I take confidence from how we ended the year, displaying signs that we are now turning the corner towards a period of gradual growth. Revenue in the fourth quarter was €42.7 million, contributing to full‑year revenue of €162 million, with the quarter delivering another solid operator trading margin of 11.2% (10.8% for the full year), reinforcing the consistent margin trend we have seen in recent years. Our ongoing efficiency programme is also delivering benefits and will leave us in a stronger position as our top line grows in the years ahead. During 2025, we also undertook substantial share buyback programmes, underscoring our commitment to use excess capital effectively and to achieve added value for shareholders.
We also further enhanced our market‑leading product portfolio throughout the year. Central to this progress has been the continuing roll‑out of AI‑powered pricing and trading — accounting for nearly half of all bets across the network in 2025 — a development that will continue in 2026 with the FIFA World Cup set to be fully traded by AI for the first time. As one of the world’s largest sportsbooks, Kambi remains uniquely positioned to utilise the advantages of AI through our vast liquidity and data set, enabling our partners to compete in highly competitive markets with more accurate pricing, a more expansive offering and improved operator trading margins.
During the quarter, we signed several new Turnkey Sportsbook partnerships, closing out the year with an agreement with Pickwin in Mexico, while in recent days we agreed partnerships with SuomiVeto and 4 Bears Casino & Lodge. We also extended long‑standing partnerships with Churchill Downs Incorporated and Paf as well as a retail sportsbook extension with PENN Entertainment. In terms of Odds Feed+, we signed agreements with Coolbet, FDJ UNITED and Superbet Group in Q4, and in recent days added ComeOn Group to our growing roster of odds feed partners.
Following the end of Q4, we completed the assignment from FDJ of the sportsbook provider arrangements with Ontario Lottery and Gaming Corporation (OLG) to achieve our landmark launch with OLG, which is now live with Kambi online under its PROLINE+ brand and across more than 10,000 retail points of sale throughout the province. OLG is an operator of significant scale and one of the most respected lotteries in the world, and we are proud to support both its online and retail sportsbook offerings. This is a strategically important partnership for Kambi and further strengthens Kambi’s increasingly prominent position within the lottery and state‑owned sector.
Today we issue our financial guidance for 2026, which is €20 to 25 million Adjusted EBITA (acq), excluding FX revaluations, representing a material year‑on‑year increase. Our expectation is towards the upper end of this range if there is no introduction of a new tax on sports betting in Colombia. This guidance reflects strong growth from new customers, offsetting the ongoing impact of certain customer migrations. This top-line growth will be further supported by a disciplined and increasingly efficient cost base against an inflationary backdrop.
Looking ahead, the headwinds associated with the planned migrations of FDJ UNITED and LeoVegas will continue, during which time we will focus on improving operational excellence, expanding our partner network and delivering AI-driven product innovation to increase profitability. Once through these headwinds, these initiatives will create a robust foundation that primes us for accelerated growth and greater shareholder value.”
Invitation to presentation of the report
Kambi invites analysts, investors, and media to a presentation of the report at 10.00 CEST on Wednesday 5 November.
The presentation will be held in English by Kambi’s CEO Werner Becher and CFO David Kenyon and can be accessed using the links below. After the presentation there will be the opportunity to ask questions.
Webcast:
If you wish to participate via webcast please use the link below. Via the webcast you are able to ask written questions.
https://edge.media-server.com/mmc/p/6c7car73
Teleconference:
If you wish to participate via teleconference please register on the link below. After registration you will be provided phone numbers and a conference ID to access the conference. You can ask questions verbally via the teleconference.
https://register-conf.media-server.com/register/BId188c2b7220148a69142d3d04d2e21ce