Kambi Group (KAMBI) Q4 2024 earnings summary

Executive summary

• Q4 2024 revenue reached €44.5 million, reflecting stable year-over-year growth and robust financial performance.

• Full-year 2024 revenue was €176.4 million, with EBITA (acq) of €25.3 million and EPS of €0.515, both up year-over-year.

• Significant commercial momentum from new product launches, key partnerships, and strategic market entries, including Brazil and Ontario.

• Leadership changes included a new CEO and board appointments, with a focus on future growth.

• Initiated an efficiency programme to drive cost synergies and operational improvements.

Financial highlights

• Q4 2024 revenue: €44.5m (Q4 2023: €44.3m); full year 2024 revenue: €176.4m (FY 2023: €173.3m).

• Q4 EBITA (acq): €7.1m (margin 16.0%); full year EBITA (acq): €25.3m (margin 14.3%).

• Net cash at year-end: €61.3m, up from €50.5m.

• Share buybacks totaled €3.3m in Q4, with a new €12m program announced and 1.37m shares cancelled.

• Q4 EBITDA was €16.0m (down 6% year-over-year); full-year EBITDA was €59.7m (up 5%).

Outlook and guidance

• 2025 EBITA (acq) guidance set at €20–25m, reflecting both revenue headwinds and cost-saving initiatives.

• Operator trading margin guidance raised to 9.7%-11% due to structural product mix changes and AI-driven efficiencies.

• Revenue growth expected from new launches in Brazil, Odds Feed+ product, and OLG contract, with some built-in assumptions for additional signings.

• Revenue headwinds include customer migrations (Kindred, LeoVegas), regulatory changes, and new gaming taxes, notably a €3-€5m impact from Colombia VAT.

• Cost base expected to decrease to €150-155m despite inflation and data cost increases, due to efficiency programs and role reductions.