Kambi Group (KAMBI) Q4 2025 earnings summary

Executive summary

• Q4 2025 adjusted EBITA (acq) grew 16% year-over-year to €7.4m, signaling a return to profitability growth in 2026.

• Fifteen new partnerships and agreements were signed since Q4, including a major multi-channel launch with Ontario Lottery and Gaming Corporation.

• Diversification strategy reduced revenue reliance on top three partners to 36%, with 53 turnkey and 7 odds feed partners by year-end.

• AI-driven trading now prices over 50% of bets, expanding to more sports and improving product quality and operator trading margin.

• Revenue for Q4 2025 was €42.7m, down 3.9% year-over-year; full-year revenue was €162.0m, down 8.2%, but only down 1.2% excluding prior year transition fees.

Financial highlights

• Q4 2025 revenue was €42.7m, supported by a strong operator trading margin, but down from €44.5m in Q4 2024.

• Adjusted EBITA (acq) for Q4 2025 reached €7.4m, up from €6.3m in Q4 2024.

• Full-year 2025 revenue was €162.0m, down 8.2% year-over-year, or 1.2% excluding transition fees.

• Adjusted EBITA (acq) for the year was €17.6m, down from €25.4m in 2024, impacted by transition fees.

• Cash flow for the year was €21.2m; share buybacks totaled €25.8m, with year-end cash at €32.9m.

Outlook and guidance

• 2026 adjusted EBITA (acq) guidance is €20–25m, with upside if no new Colombian sports betting tax is introduced.

• Organic growth expected in the mid-single digits (3–5%), mainly from Odds Feed+ and new turnkey customers.

• World Cup 2026 expected to add €5m in revenue, about 3% of the top line, and will be the first major event fully traded by AI.

• Modular products (including Odds Feed+) projected to contribute 10–15% of 2026 revenue.

• Cost base expected to remain broadly flat, with €9m in targeted annual savings.