Kambi reports 23% Q3 revenue growth and updates its 2026 earnings outlook

Kambi Group has reported stronger financial results for the third quarter of 2026, with revenue increasing by 23% year on year to €46.0 million. Adjusted EBITA (acq) rose by 161% to €7.9 million, while the sportsbook technology supplier also updated its full-year outlook, estimating adjusted EBITA (acq) of around €26 million.

The results, published on 4 November 2026, reflect growth across the company's partner network, continued product development and cost control. Kambi also highlighted the growing contribution of its proprietary artificial intelligence trading system, which was handling a substantial share of betting activity during the period.

Revenue and profitability strengthen in the third quarter

Revenue for the three months ended 30 September reached €46.0 million, compared with €37.4 million in the same period of 2025. For the first nine months of 2026, revenue totalled €135.4 million, representing an increase of 13.5% from €119.3 million a year earlier.

Gross profit increased by 16% to €37.2 million in the quarter, against €32.1 million in Q3 2025. The gross profit margin was 80.9%, compared with 85.8% a year earlier. Across the January to September period, gross profit rose by 10% to €113.8 million, while the margin reached 84.1%, down from 86.9% in the corresponding 2025 period.

Adjusted EBITA (acq) recorded one of the strongest increases in the report, climbing to €7.9 million from €3.0 million. The adjusted margin improved to 17.3%, compared with 8.2% in the prior-year quarter. For the first nine months, the measure reached €21.2 million, representing a 106% increase from €10.3 million.

Operating expenses were broadly stable at €29.2 million, compared with €29.0 million a year earlier. For the first nine months of the year, expenses decreased by 0.8% to €92.6 million from €93.3 million. Operating profit for Q3 rose to €5.1 million from €1.6 million, while the nine-month figure reached €15.2 million compared with €4.0 million in 2025.

Kambi reported cash flow of €6.6 million in the quarter and €15.4 million for the January to September period, excluding working capital, mergers and acquisitions and financing activities. Earnings per share were €0.128 for Q3 and €0.341 for the first nine months, compared with €0.036 and €0.072 respectively in the prior-year periods.

Full-year outlook updated to around €26 million

Following the third-quarter performance, Kambi revised its estimated full-year adjusted EBITA (acq) to around €26 million. Its previous guidance range was €23 million to €27 million. The updated figure gives investors a more focused estimate for the year, although it remains an outlook rather than a final result.

Management linked the financial performance to revenue growth, business diversification, cost discipline and favourable foreign exchange movements. The company also noted that the operator trading margin for the quarter was 11.9%, which it described as its second-strongest quarterly margin to date. That outcome came despite less favourable sports results during August and September.

The financial performance also benefited from activity surrounding the latter stages of the 2026 FIFA World Cup. According to Kambi's management, the tournament contributed to increased engagement across its sportsbook network during the early part of the quarter.

The combination of improved revenue, stronger adjusted profitability and relatively stable operating expenses provides an important foundation for Kambi as it approaches the final quarter of the financial year.

New agreements extend Kambi's partner network

Commercial activity was another important part of the report. Kambi confirmed a 10-year omnichannel sportsbook and player account management partnership with Station Casinos in Nevada.

The agreement covers both online and retail operations and is intended to combine Kambi's Turnkey Sportsbook with its in-house player account management platform. This arrangement represents an important development in the company's expansion into Nevada, one of the established regulated sports betting jurisdictions in the United States.

Kambi said Station Casinos was preparing to begin the regulatory field-testing process in Nevada before moving towards a wider rollout across the state. The partnership gives Kambi an entry point into a major US sports betting market, subject to the relevant regulatory process and approvals.

The company also reported Turnkey Sportsbook agreements with Pure Casino Entertainment and QuinnBet. Separately, it signed an Odds Feed+ partnership with RETABET. These agreements demonstrate continued commercial activity across different markets and reflect Kambi's strategy of supplying sportsbook technology through a range of partnership arrangements.

Kambi did not disclose detailed financial terms for these arrangements in the quarterly announcement, so their individual revenue contributions should not be assumed.

The report also referred to launches supported by Kambi in Alberta's newly regulated online market. These launches add to the company's North American activity, while the Alberta Gaming, Liquor and Cannabis regulator oversees the province's iGaming sector. The announcement did not identify the operators involved in each launch.

AI trading handles 85% of network bets

Kambi placed particular emphasis on the progress of its artificial intelligence trading capabilities. According to the company, 85% of bets across its network were being traded through its AI system. Deployment already covered soccer, tennis, ice hockey and baseball, with further rollout underway across basketball, American football and table tennis.

The company said the technology supports wider market coverage, more efficient trading and improvements to the live betting experience. Its strategy involves using network data and automated pricing capabilities to increase the number of available betting markets while supporting operator trading performance.

One feature highlighted in the report was dynamic bet acceptance. Kambi stated that 59% of live bets traded by AI were being accepted with zero-second live delay. This development is expected by the company to support a higher volume of live betting activity by reducing the time customers wait for bet acceptance.

The increasing role of automation is also relevant to sportsbook operations because live sports markets require rapid responses to changing events. Kambi's approach aims to make more betting opportunities available while managing pricing and trading processes across its network.

Werner Becher, Kambi's chief executive officer, said the quarter reflected “a robust financial performance, new partner wins and further strategic progress.” He also highlighted the increasing role of AI in the company's sportsbook operations, stating: “Currently 85% of network bets are being traded through the AI system.”

These comments represent management's assessment of the company's operational progress and the contribution of its proprietary technology.

Group operations consolidated under the Kambi brand

Kambi also said it had consolidated its businesses under the Kambi brand and a revised internal structure. The company named Abios, Shape Games and Tzeract as businesses that had been fully integrated into the group's operating model.

The stated aim is to create a more focused and agile organisation, bringing data, technology and trading capabilities closer together. Kambi said this structure would help it make greater use of network data and its AI trading system.

The integration also reflects the company's wider strategic direction. Rather than operating through separate organisational structures, Kambi intends to coordinate its capabilities more closely under a unified corporate identity.

The announcement did not set out separate financial contributions for the integrated businesses. However, management presented the organisational changes as part of its wider effort to strengthen its technology offering and improve operational focus.

Brazil's regulatory developments remain a consideration

The quarterly report also addressed the regulatory situation in Brazil. Following the Brazilian government's September 2026 measure prohibiting fixed-odds betting and online gaming activities, the market's long-term prospects changed significantly for companies operating in the sector.

Kambi indicated that Brazil represented a low single-digit percentage of its expected 2026 revenue. Although the company said the development could remove future growth opportunities in the country, it also pointed to the geographical diversity of its partner network as an important factor in managing market-specific disruption.

The situation highlights the importance of regulatory developments for international sportsbook technology suppliers. Companies serving multiple jurisdictions must consider changes in licensing frameworks and market access when assessing their commercial strategies.

Report presentation and investor access

Kambi's results announcement included details of a presentation scheduled for 10:00 CET on 4 November 2026. Chief executive Werner Becher and chief financial officer David Kenyon were named as the presenters, with analysts, investors and media invited to follow the session and submit questions.

As the scheduled time has passed, readers should consult Kambi's investor channels for any subsequent presentation materials or replay availability.

Conclusion

Kambi's third-quarter report points to a period of improved revenue and profitability, supported by partner activity, operational discipline and an expanding use of AI in sportsbook trading. The 23% rise in revenue and 161% increase in adjusted EBITA (acq) provide a stronger financial base for the company's updated estimate of around €26 million for the full year.

The expansion of its commercial relationships with Station Casinos, Pure Casino Entertainment, QuinnBet and RETABET also demonstrates the continuing importance of partnerships to Kambi's business model. Meanwhile, the integration of Abios, Shape Games and Tzeract reflects a broader organisational effort to bring its technology and data capabilities together.

AI trading is another important part of this development. With 85% of network bets already being handled by the system, Kambi is positioning automation as a central component of its sportsbook offering. Its ability to extend this technology into additional sports and improve live bet acceptance will remain an important area to monitor.

The next stage will depend on the delivery of recently announced partnerships, the progress of the Nevada launch process and the company's ability to extend AI trading across more sports and betting markets. Regulatory developments, including the change in Brazil and the operating requirements in North America, will also remain important considerations.

Overall, Kambi's third-quarter results demonstrate measurable financial progress alongside continued commercial and technological development. The updated full-year outlook provides a clearer indication of management's expectations, while the final quarter will offer a further measure of how effectively the company can translate its expanding network and technology investments into sustained financial performance.

FAQs

How much revenue did Kambi generate in Q3 2026?
Kambi reported third-quarter revenue of €46.0 million, representing a 23% increase compared with €37.4 million in the same quarter of 2025.

How much did Kambi's adjusted EBITA increase?
Adjusted EBITA (acq) increased by 161% to €7.9 million, compared with €3.0 million in the third quarter of 2025.

What is Kambi's updated financial guidance for 2026?
Kambi updated its estimated full-year adjusted EBITA (acq) to around €26 million, replacing its previous guidance range of €23 million to €27 million.

Who is the CEO of Kambi Group?
Werner Becher is the chief executive officer of Kambi Group and provided commentary on the company's third-quarter financial and operational performance.

What is the Station Casinos agreement with Kambi?
It is a 10-year omnichannel partnership covering sportsbook technology and player account management services for Station Casinos in Nevada.

Which companies signed new sportsbook agreements with Kambi?
The third-quarter announcement identified Pure Casino Entertainment and QuinnBet as Turnkey Sportsbook partners and RETABET as an Odds Feed+ partner.

What percentage of Kambi's network bets are handled by AI?
Kambi reported that 85% of bets across its network were being traded through its proprietary AI system.

What is dynamic bet acceptance at Kambi?
It is a feature designed to improve live bet processing. Kambi reported that 59% of live bets traded by AI were accepted with zero-second live delay.

What happened to Abios, Shape Games and Tzeract?
Kambi reported that all three businesses had been fully integrated under the Kambi brand and its revised organisational structure.

Why is Brazil important to Kambi's financial outlook?
Brazil introduced a major regulatory measure in September 2026 that prohibited fixed-odds betting and online gaming activities. Kambi said the country represented a low single-digit percentage of its expected 2026 revenue.