Kambi Group (KAMBI) Q3 2025 earnings summary

Executive summary

• Signed 12 new commercial agreements since Q3 start, including major deals for Odds Feed Plus, Superbet Group, LeoVegas, and contract extensions with DraftKings and PENN Entertainment.

• Acquired source code for a proprietary player account management (PAM) platform from OMEGA Systems, targeting new opportunities, especially in Nevada, with product readiness aimed for H1 2026.

• Efficiency program delivered material cost reductions, supporting profitability amid macroeconomic headwinds.

• Q3 2025 revenue declined 13.1% year-over-year to €37.4m, or 8.1% excluding prior year transition fees; Q3 performance met expectations with strong margins and disciplined cost control.

• Net cash position at quarter-end was €45.4m, after €18.0m in share repurchases year-to-date.

Financial highlights

• Q3 revenue was €37.4m, down from €43.0m in Q3 2024, with year-to-date revenue down 1.2% excluding transition fees.

• Adjusted EBITA (acq) for Q3 was €3.4m (margin 9.0%), down 32% year-over-year; YTD Adjusted EBITA (acq) was €9.4m (margin 7.9%), down 48%.

• Q3 operating profit was €1.6m (margin 4.3%), down 55% year-over-year; Q3 profit after tax was €1.0m, down 59%.

• Q3 cash flow (excluding working capital and M&A) was €6.1m; YTD was €15.2m.

• Gross margin for Q3 was 86.4% (down from 89.4%); YTD gross margin was 87.4%.

Outlook and guidance

• Full-year 2025 adjusted EBITA (acq) guidance revised down to around €17m due to macroeconomic pressures, FX headwinds, and delayed Ontario Lottery launch now expected in early 2026.

• Q4 expected to benefit from seasonal spike in sports turnover.

• New guidance for 2026 to be provided with Q4 earnings.