Kambi Q1 2026 revenue up 4.9% as adjusted EBITA jumps 64%

Kambi Group plc entered 2026 with measurable financial progress as the global sportsbook technology provider reported stronger first-quarter revenue, improved profitability and significant strategic expansion into key regulated markets. The company’s latest quarterly performance suggests that its long-term focus on institutional partnerships, product diversification and operational efficiency is beginning to produce broader commercial gains despite external tax pressures and competitive regulatory conditions.

For the first quarter ending March 31, 2026, Kambi generated revenue of €43.5 million, reflecting a 4.9% year-on-year increase from €41.5 million in Q1 2025. While the revenue growth itself was relatively moderate, the more significant development came through the company’s profitability metrics, where Kambi delivered stronger operational leverage.

Adjusted EBITA increased to €5.7 million from €3.5 million in the corresponding prior-year quarter. This represented a substantial rise of approximately 64%, while the adjusted EBITA margin improved from 8.4% to 13.0%. Operating profit also rose sharply to €4.2 million compared to €0.8 million last year, highlighting more disciplined cost management and improved product scalability.

Earnings per share reached €0.086, a notable increase from €0.027 in Q1 2025, further underlining stronger shareholder returns during the quarter.

Cost discipline supports profit gains

Although Kambi continued expanding its commercial footprint, total operating expenses were marginally reduced to €31.9 million, demonstrating greater efficiency across its operational model. Total expenses remained broadly stable at €39.2 million, while cash flow stood at €7.3 million, slightly below the €7.7 million reported in the previous year.

This combination of stable costs and expanding revenues indicates that Kambi’s strategic emphasis on scalable technology solutions, particularly its turnkey sportsbook and Odds Feed+ products, may be allowing the company to strengthen margins without excessive expenditure growth.

In a competitive igaming environment where technology suppliers face increasing pressure to innovate while preserving profitability, this balance could prove strategically important.

Canada emerges as a major institutional growth market

One of the most commercially significant developments during the quarter was Kambi’s selection by Atlantic Lottery Corporation and British Columbia Lottery Corporation to provide a multi-province sportsbook solution spanning seven Canadian provinces.

This partnership materially expands Kambi’s position in Canada and strengthens its institutional credibility. With this latest agreement, combined with its pre-existing relationship with Ontario Lottery and Gaming Corporation, Kambi now supports sportsbook operations for lotteries in eight of Canada’s ten provinces.

This development may position the company as one of the most influential sportsbook technology suppliers within Canada’s regulated lottery ecosystem.

The significance of this arrangement extends beyond immediate revenue generation. Lottery contracts often provide long-term operational stability, regulatory trust and recurring revenue opportunities, making them strategically valuable compared to more volatile private-sector betting partnerships.

Entry into France broadens European regulatory reach

Kambi also achieved a notable European milestone through its long-term partnership with Pari Mutuel Urbain, commonly known as PMU. PMU is widely recognised as one of France’s most established betting operators, particularly within horse racing.

Through this agreement, Kambi officially entered France’s regulated online sports betting market. PMU’s new sportsbook app now integrates Kambi’s sportsbook capabilities alongside its traditional racing products, creating broader cross-sell opportunities.

France represents one of Europe’s largest and more tightly regulated betting jurisdictions. Successfully entering this market may enhance Kambi’s strategic credibility among other national operators seeking sportsbook modernisation while reinforcing the company’s broader European relevance.

Additional partnerships expand diversification

Beyond Canada and France, Kambi secured multiple additional agreements during Q1 2026, illustrating continued diversification.

New deals included:

• North Dakota tribal operator 4 Bears Casino and Lodge
• SuomiVeto in Finland
• LCKY Group
• Pickwin

These agreements suggest Kambi continues balancing large institutional contracts with smaller regional and niche operators, potentially reducing overdependence on any single market segment.

At the same time, Kambi strengthened its Odds Feed+ product through a multi-year agreement with ComeOn Group and expanded integrations with Hard Rock Bet Sportsbook, Coolbet and LeoVegas.

Such partnerships are particularly important because Odds Feed+ can offer lower-risk, modular revenue opportunities compared to full turnkey sportsbook deployments.

AI trading capabilities become increasingly central

A particularly important operational theme from Kambi’s Q1 report was the company’s growing use of artificial intelligence within sportsbook pricing and trading functions.

According to CEO Werner Becher, more than 60% of all Q1 bets were priced and traded using AI systems following deployments across tennis and basketball, with ATP tennis recently added.

This shift may carry several strategic implications:

• Improved pricing speed
• Enhanced scalability
• Potentially reduced operational costs
• More efficient market coverage

For sportsbook technology providers, AI integration is increasingly becoming a competitive necessity rather than a luxury. If Kambi successfully expands this capability without compromising trading integrity or regulatory standards, it may improve both efficiency and long-term product competitiveness.

FIFA World Cup preparations create near-term commercial opportunity

Kambi also confirmed that it is actively preparing product enhancements ahead of the upcoming FIFA World Cup. These include improvements in:

• Front-end user experience
• Rewards systems
• Market expansion
• Trading tools

Major global sporting events often represent substantial acquisition and betting volume opportunities for sportsbook operators. By preparing infrastructure and product features in advance, Kambi appears focused on maximizing both partner performance and long-term platform value.

Importantly, management emphasized these developments are intended to provide sustainable benefits beyond the tournament itself rather than merely short-term event-driven gains.

Colombia tax pressures introduce caution

Despite positive momentum, Kambi acknowledged an external financial challenge from Colombia’s newly introduced sports betting tax, which replaced the temporary VAT levy withdrawn earlier in 2026.

The company estimates this tax change could reduce revenue by approximately €4 million during the full year.

While this presents a measurable headwind, management maintained its adjusted EBITA guidance range of €20 million to €25 million for 2026. This suggests internal confidence that growth from expansion markets and operational efficiency can offset some tax-related pressure.

Such tax developments also underscore the broader regulatory complexity facing global sportsbook providers, where jurisdictional shifts can materially affect revenue trajectories.

Leadership perspective reflects measured confidence

CEO Werner Becher framed the quarter as evidence of strengthening business fundamentals while maintaining caution regarding external pressures.

“Our Q1 2026 results represent a strong start to the year and underscore the increasingly positive trajectory the business is now on,” says Werner Becher, CEO of Kambi Group.

His broader remarks emphasized Kambi’s confidence in maintaining guidance while highlighting major progress in Canada, France, AI-driven operations and World Cup preparation.

Notably, Kambi’s messaging focused on strategic durability rather than aggressive overstatement, which may reflect a more legally prudent and institutionally aligned communication strategy.

Broader industry significance

Kambi’s Q1 2026 performance reflects wider trends shaping the global igaming and sportsbook sector:

• Growing lottery digitisation
• Regulated market expansion
• AI-powered sportsbook automation
• Multi-jurisdictional product adaptation
• Tax and compliance complexity

As operators increasingly seek compliant, scalable and modular sportsbook solutions, suppliers like Kambi may benefit from rising demand among lotteries, institutional operators and regional brands seeking technological expertise without full in-house development.

Conclusion

Kambi Group’s first quarter of 2026 presents a picture of a company advancing through disciplined execution rather than explosive growth. While revenue gains were moderate, the stronger profitability, expanded margins and successful market entries into Canada and France indicate more meaningful structural progress.

Its widening presence across regulated institutional markets, increasing AI deployment and product ecosystem diversification may strengthen its resilience in a rapidly evolving betting landscape. At the same time, regulatory taxation risks such as those emerging in Colombia remain an important reminder that global sportsbook expansion carries unavoidable external pressures.

Overall, Kambi appears to be positioning itself not merely as a sportsbook supplier but as a broader infrastructure partner for regulated betting markets. If current strategic initiatives continue delivering operational efficiency and partner growth, 2026 could mark a more consequential transition year in Kambi’s longer-term commercial evolution.

FAQs

What were Kambi Group’s Q1 2026 revenues?
Kambi reported €43.5 million in revenue during Q1 2026, reflecting a 4.9% increase from Q1 2025.

How much did Kambi’s adjusted EBITA grow?
Adjusted EBITA rose to €5.7 million from €3.5 million year-on-year, representing a significant profitability improvement.

Why is Kambi’s Canadian expansion important?
Its partnerships with multiple provincial lottery corporations significantly strengthen Kambi’s institutional footprint across Canada.

What does the PMU partnership mean for Kambi?
The PMU agreement marks Kambi’s entry into France’s regulated online sports betting market.

How is AI influencing Kambi’s sportsbook operations?
More than 60% of bets in Q1 were AI-priced and traded, suggesting increased automation and operational scalability.

What is Odds Feed+?
Odds Feed+ is Kambi’s modular sportsbook product that provides operators with pricing and trading services without requiring full turnkey solutions.

Did Kambi reduce expenses in Q1 2026?
Yes, operating expenses declined slightly to €31.9 million despite continued expansion.

What risk does Colombia’s sports betting tax create?
Kambi estimates the tax could reduce 2026 revenue by approximately €4 million.

How is Kambi preparing for the FIFA World Cup?
The company is enhancing front-end systems, rewards, trading tools and market offerings for partners ahead of the tournament.

What is Kambi’s full-year 2026 EBITA guidance?
Kambi maintained adjusted EBITA guidance of €20 million to €25 million despite external tax challenges.