Kambi Group reports Q4 2025 results with stable outlook for 2026

Kambi Group plc, the sports betting technology provider listed on Nasdaq Stockholm, has published its financial summary for the fourth quarter of 2025, presenting a measured picture of performance amid shifting regulatory and currency conditions across key markets.

For the period covering October to December 2025, revenue amounted to €42.7 million, representing a decrease of 3.9 per cent compared to €44.5 million in the corresponding quarter of 2024. The prior year’s fourth quarter included €1.3 million in transition fees. When excluding those one-off transition fees, the year-on-year revenue decline for the quarter was 1.1 per cent, indicating a comparatively stable underlying performance.

For the full year ended December 31, 2025, revenue totalled €162.0 million compared to €176.4 million in 2024, reflecting a decrease of 8.2 per cent. However, 2024 included €12.5 million in transition fees. Excluding these, the year-on-year decrease in underlying revenue was 1.2 per cent.

The figures illustrate that while headline numbers show a more pronounced reduction, the core operational revenue base remained broadly resilient once exceptional items are adjusted.

Profitability and margins

Adjusted EBITA attributable to acquired intangible assets in the fourth quarter amounted to €6.2 million, compared to €7.1 million in the same period in 2024. This corresponds to a margin of 14.4 per cent, down from 16.0 per cent a year earlier. Excluding the impact of foreign exchange revaluations, Adjusted EBITA for the quarter was €7.4 million, compared to €6.3 million in the previous year’s quarter.

For the full year 2025, Adjusted EBITA amounted to €15.5 million, down from €25.3 million in 2024. The margin stood at 9.6 per cent compared to 14.3 per cent in the prior year. When excluding the impact of foreign exchange revaluations, Adjusted EBITA reached €17.6 million compared to €25.4 million in 2024.

Operating profit for the fourth quarter was €4.1 million, corresponding to a margin of 9.6 per cent. This compares to €4.6 million and a margin of 10.4 per cent in Q4 2024. For the full year, operating profit was €8.1 million at a margin of 5.0 per cent, compared to €18.8 million and a 10.6 per cent margin in 2024.

Total expenses in the fourth quarter decreased by 1.7 per cent to €37.9 million, compared to €38.5 million in the same quarter of 2024. For the full year, total expenses amounted to €151.8 million, down 2.9 per cent from €156.3 million in 2024. The reduction in costs reflects ongoing internal efficiency measures and disciplined cost management.

Cash flow and earnings per share

Cash flow excluding working capital, mergers and acquisitions and financing activities amounted to €6.0 million for the fourth quarter compared to €6.7 million in Q4 2024. For the full year, the corresponding figure was €21.2 million compared to €25.9 million in the previous year.

Earnings per share for the fourth quarter were €0.174 compared to €0.170 in Q4 2024. For the full year 2025, earnings per share amounted to €0.240 compared to €0.515 in 2024.

While full-year earnings per share declined year-on-year, the quarterly figure demonstrates a relatively stable performance in the final quarter of the year.

Outlook for 2026

Looking ahead, Kambi estimates Adjusted EBITA for 2026 to fall within the range of €20 million to €25 million. The company has indicated that the expectation is toward the upper end of the range provided there is no introduction of a new tax on sports betting in Colombia.

Colombia has been a significant regulated market for sports betting in Latin America. Any potential changes to taxation could affect operator profitability and, by extension, supplier revenue. Kambi’s guidance therefore incorporates a degree of prudence in light of possible regulatory developments.

Key operational developments

Beyond the financial metrics, Kambi highlighted several operational milestones achieved during the quarter and early 2026.

The company signed Odds Feed+ agreements with Coolbet, FDJ UNITED and Superbet Group. ComeOn Group was also added in recent days. These agreements strengthen Kambi’s position as a provider of advanced odds solutions to both existing and new partners.

In the fourth quarter, Kambi agreed five new Turnkey Sportsbook partnerships. In the first quarter of 2026, further agreements were reached with Finland-facing SuomiVeto and tribal-owned 4 Bears Casino & Lodge in the US state of North Dakota.

The company also signed several partnership extensions including with Paf, PENN Entertainment and Churchill Downs. Such renewals are significant in the B2B technology space as they provide revenue visibility and demonstrate continued confidence in the supplier’s platform and services.

A notable strategic step during the period was the acquisition of source code for a player account management platform from OMEGA Systems. This acquisition is expected to unlock additional Turnkey Sportsbook opportunities in Nevada, a highly regulated and competitive US jurisdiction.

In January 2026, Kambi completed a successful launch with Ontario Lottery and Gaming Corporation. The partnership with this Canadian provincial operator marks another step in Kambi’s expansion across regulated North American markets.

Leadership perspective

Werner Becher, CEO of Kambi Group, commented on the year’s performance and strategic direction.

“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.”

“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.”

“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.”

The CEO’s remarks underscore management’s emphasis on resilience, operational efficiency and technological advancement.

Strategic positioning in a competitive landscape

Kambi operates as a B2B sportsbook supplier, offering turnkey solutions, managed trading services and modular products such as Odds Feed+. The sports betting industry continues to experience regulatory shifts, market consolidation and increasing competition from both established global operators and regional entrants.

The company’s reference to artificial intelligence reflects a broader trend within the sector. Access to large data sets and liquidity pools can enable more accurate odds setting and risk management. For operators, this translates into competitive pricing and improved trading margins.

The acquisition of player account management technology may also signal a move toward greater vertical integration in selected markets, particularly in the United States where licensing structures vary by state.

Conclusion

Kambi Group’s fourth quarter and full-year 2025 results present a narrative of cautious stability rather than rapid expansion. Headline revenue and profit metrics declined compared to 2024, yet much of the variation can be attributed to transition fees in the prior year and foreign exchange movements.

Underlying revenues remained broadly steady when adjusted for exceptional items. Cost discipline and an efficiency programme have supported margin resilience despite regulatory and tax pressures in certain jurisdictions.

Operationally, the company continued to sign new agreements and renew existing partnerships, strengthening its presence in Europe and North America. The acquisition of player account management technology and the launch with Ontario Lottery and Gaming Corporation illustrate a forward-looking strategy centred on regulated markets.

Guidance for 2026 indicates management’s expectation of improved profitability, subject to regulatory developments in key jurisdictions such as Colombia. The outlook suggests confidence in both the company’s commercial pipeline and its operational model.

In a sector defined by regulatory complexity and technological innovation, Kambi’s results demonstrate an organisation seeking to balance prudent financial management with strategic investment. Whether the upper end of its 2026 guidance is achieved will depend on external regulatory factors and continued execution across its partnership network. Nonetheless, the group appears positioned to pursue measured growth while maintaining a disciplined approach to capital allocation and operational efficiency.

Frequently Asked Questions

What was Kambi Group’s revenue in Q4 2025?
Kambi Group reported revenue of €42.7 million for the fourth quarter of 2025.

How did full-year 2025 revenue compare to 2024?
Full-year revenue was €162.0 million in 2025 compared to €176.4 million in 2024.

What is Adjusted EBITA for 2025?
Adjusted EBITA for the full year 2025 was €15.5 million or €17.6 million excluding FX revaluations.

What is the company’s outlook for 2026?
Kambi expects Adjusted EBITA in 2026 to be in the range of €20 million to €25 million.

How could Colombia impact the 2026 outlook?
The outlook assumes no introduction of a new tax on sports betting in Colombia, which could affect profitability if implemented.

What were earnings per share in Q4 2025?
Earnings per share for the fourth quarter were €0.174.

Did Kambi reduce its expenses in 2025?
Yes, total expenses decreased by 2.9 per cent for the full year compared to 2024.

What operational highlights were reported?
Kambi signed new Odds Feed+ agreements, agreed new Turnkey Sportsbook partnerships, extended existing contracts and completed a launch with Ontario Lottery and Gaming Corporation.

Did Kambi undertake share buybacks in 2025?
Yes, the company carried out substantial share buyback programmes during 2025.

How is Kambi using artificial intelligence?
Kambi stated it leverages AI through its large liquidity and data set to enhance pricing accuracy and improve trading margins for partners.