Kambi Group (KAMBI) Q2 2024 earnings summary

Executive summary

• Q2 2024 revenue rose 7% year-over-year to €45.7 million, driven by major football tournaments Euro 2024 and Copa América, and successful partner launches including LiveScore Bet and Svenska Spel.

• Signed a long-term exclusive sportsbook partnership with Choctaw Nation of Oklahoma, expanding US presence and future potential in Texas.

• Announced CEO succession: Werner Becher appointed as new CEO, effective 25 July 2024, bringing significant industry and technology experience.

Financial highlights

• Q2 2024 revenue reached €45.7 million, up from €42.9 million year-over-year; H1 2024 revenue at €88.9 million versus €86.9 million.

• EBIT for Q2 was €7.5 million, up from €5 million year-over-year; H1 EBIT at €13.3 million, up from €10.8 million.

• EBITDA for Q2 was €16.1 million (up 25% year-over-year), with a margin of 35.1%.

• Cash and cash equivalents at 30 June 2024 were €52.7 million.

• Operator trading margin reached a record 10.3% in Q2, supported by favorable tournament outcomes.

Outlook and guidance

• Confident in meeting full-year guidance, with expectations to be within or towards the upper end of the range.

• H2 will see a €5 million headwind from reduced Penn transition fees and a €0.4 million impact from increased Swedish gaming tax.

• Board withdrew 2027 financial targets due to slower regulatory progress in key markets.

• Recently launched partners expected to contribute full half-year revenues in H2.

• Modular service portfolio and recent commercial wins position the company for future growth.