Kambi Reports Q4 Revenue of €42.7m and Signals “Gradual Growth” Ahead for 2026

In its Q4 2025 report, the company posted revenue of €42.7m (€44.5m), representing a 3.9% decrease compared to the same quarter last year. Excluding €1.3m of transition fees received in Q4 2024, revenues decreased by 1.1%. For the full year, revenues reached €162.0m (€176.4m), an 8.2% decline year-on-year. Adjusted for €12.5m of transition fees received in 2024, revenues were down 1.2%.

Adjusted EBITA (acq) for the fourth quarter stood at €6.2m (€7.1m), with a margin of 14.4% (16.0%), and €7.4m excluding the impact of FX revaluations. For the full year, Adjusted EBITA (acq) amounted to €15.5m (€25.3m), corresponding to a 9.6% margin (14.3%), and €17.6m excluding FX revaluations.

Total expenses in Q4 were €37.9m (€38.5m), down 1.7%, while full-year expenses decreased 2.9% to €151.8m (€156.3m). Operating profit for the quarter reached €4.1m (€4.6m), with a margin of 9.6% (10.4%). For the January–December period, operating profit was €8.1m (€18.8m), reflecting a 5.0% margin (10.6%).

Cash flow (excluding working capital, M&A and financing activities) amounted to €6.0m (€6.7m) in the quarter and €21.2m (€25.9m) for the full year. Earnings per share were €0.174 (€0.170) in Q4 and €0.240 (€0.515) for full-year 2025.

The company issued 2026 financial guidance, estimating Adjusted EBITA (acq) in the range of €20–25m, excluding FX revaluations. Management indicated expectations toward the upper end of the range, contingent on no new sports betting tax being introduced in Colombia.

CEO Commentary: “Turning the Corner”

Commenting on the results, Werner Becher, CEO of Kambi Group plc, stated:

"As we reflect on 2025, I feel positive about the progress we are making and the direction of the business. We also demonstrated that the business was robust enough to withstand the challenges that emerged, including new and increased taxes in several jurisdictions and FX pressures. 

I take confidence from how we ended the year, displaying signs that we are now turning the corner towards a period of gradual growth. Revenue in the fourth quarter was €42.7 million, contributing to full-year revenue of €162 million, with the quarter delivering another solid operator trading margin of 11.2% (10.8% for the full year), reinforcing the consistent margin trend we have seen in recent years. Our ongoing efficiency programme is also delivering benefits and will leave us in a stronger position as our top line grows in the years ahead. During 2025, we also undertook substantial share buyback programmes, underscoring our commitment to use excess capital effectively and to achieve added value for shareholders."

Becher also highlighted the continued expansion of AI-powered pricing and trading capabilities:

"We also further enhanced our market-leading product portfolio throughout the year. Central to this progress has been the continuing roll-out of AI-powered pricing and trading — accounting for nearly half of all bets across the network in 2025 — a development that will continue in 2026 with the FIFA World Cup set to be fully traded by AI for the first time. As one of the world's largest sportsbooks, Kambi remains uniquely positioned to utilise the advantages of AI through our vast liquidity and data set, enabling our partners to compete in highly competitive markets with more accurate pricing, a more expansive offering and improved operator trading margins."

Partnerships and Product Expansion

During Q4, Kambi signed five new Turnkey Sportsbook partnerships, including an agreement with Pickwin in Mexico. In Q1 2026, the company added Finland-facing SuomiVeto and tribal-owned 4 Bears Casino & Lodge in North Dakota.

The supplier also extended partnerships with Churchill Downs Incorporated, Paf and PENN Entertainment, including a retail sportsbook extension with the latter. In the Odds Feed+ segment, new agreements were signed with Coolbet, FDJ UNITED and Superbet Group in Q4, with ComeOn Group added shortly after year-end.

Following the close of the quarter, Kambi completed the assignment from FDJ of sportsbook provider arrangements with the Ontario Lottery and Gaming Corporation (OLG), enabling the launch of PROLINE+ powered by Kambi across more than 10,000 retail locations and online in Ontario.

Becher emphasized the strategic importance of the Canadian partnership:

"Following the end of Q4, we completed the assignment from FDJ of the sportsbook provider arrangements with Ontario Lottery and Gaming Corporation (OLG) to achieve our landmark launch with OLG, which is now live with Kambi online under its PROLINE+ brand and across more than 10,000 retail points of sale throughout the province. OLG is an operator of significant scale and one of the most respected lotteries in the world, and we are proud to support both its online and retail sportsbook offerings. This is a strategically important partnership for Kambi and further strengthens Kambi's increasingly prominent position within the lottery and state-owned sector."

Looking ahead, Becher acknowledged ongoing headwinds linked to customer migrations but reiterated the company’s strategic focus:

"Today we issue our financial guidance for 2026, which is €20 to 25 million Adjusted EBITA (acq), excluding FX revaluations, representing a material year-on-year increase. Our expectation is towards the upper end of this range if there is no introduction of a new tax on sports betting in Colombia. This guidance reflects strong growth from new customers, offsetting the ongoing impact of certain customer migrations. This top-line growth will be further supported by a disciplined and increasingly efficient cost base against an inflationary backdrop.

Looking ahead, the headwinds associated with the planned migrations of FDJ UNITED and LeoVegas will continue, during which time we will focus on improving operational excellence, expanding our partner network and delivering AI-driven product innovation to increase profitability. Once through these headwinds, these initiatives will create a robust foundation that primes us for accelerated growth and greater shareholder value."

Invitation to presentation of the report

Kambi invites analysts, investors, and media to a presentation of the report at 10.00 CEST on Wednesday 18 February.
The presentation will be held in English by Kambi's CEO Werner Becher and CFO David Kenyon and can be accessed using the links below. After the presentation there will be the opportunity to ask questions.

Webcast:
If you wish to participate via webcast please use the link below. Via the webcast you are able to ask written questions.
https://edge.media-server.com/mmc/p/6c7car73

Teleconference:
If you wish to participate via teleconference please register on the link below. After registration you will be provided phone numbers and a conference ID to access the conference. You can ask questions verbally via the teleconference.
https://register-conf.media-server.com/register/BId188c2b7220148a69142d3d04d2e21ce