Kambi Group (KAMBI) Q2 2025 earnings summary

Executive summary

• Q2 2025 performance met expectations but revenue declined 11.5% year-over-year to €40.5m, or 2.0% excluding prior year transition fees, with operational efficiencies and strategic partnerships supporting results.

• Largest-ever share buyback program initiated, totaling €15m through November, with €9.9m spent in H1 and 982,200 shares repurchased.

• Expansion in Latin America continued, with new agreements signed post-quarter with LeoVegas and RedCap, and esports became the fifth largest turnover generator.

• Operating profit for Q2 was €1.6m (margin 4.0%), and net cash at quarter-end was €53.1m.

• Operator trading margin increased to 11.5%, above the long-term expected range, driven by strong football margins and Bet Builder engagement.

Financial highlights

• Q2 2025 revenue was €40.5m, down from €45.7m in Q2 2024, with H1 revenue at €81.9m.

• Adjusted EBITDA for Q2 was €12.4m (margin 30.7%), H1 €23.5m (margin 28.7%).

• Adjusted EBITA (acq) for Q2 was €3.7m (margin 9.2%), H1 €6.0m (margin 7.4%).

• Q2 profit after tax was €0.2m; H1 profit after tax €1.0m.

• Cash balance at the end of H1 was €53.1m.

Outlook and guidance

• Full-year 2025 guidance: Adjusted EBITA (acq) €20–25m; expenses for Adjusted EBITA (acq) €145–150m, total expenses €150–155m, all excluding FX revaluations.

• Management expects results toward the lower end of guidance due to FX and tax headwinds, but anticipates a stronger H2 from seasonality and new customer launches.

• Revenue growth expected from new signings, including Ontario Lottery and Gaming Corporation, and continued cost savings.

• Ongoing focus on diversifying revenue streams and capitalizing on growth opportunities in LatAm and esports.

• Strategic investments in technology and partnerships expected to drive future growth.