Kambi Reports 23% Revenue Growth and Higher Q3 Profitability

Kambi Strengthens Financial Performance in Q3 2026

Kambi recorded revenue of €46 million in the third quarter of 2026, compared with €37.4 million in the same period last year. For the first nine months of the year, revenue reached €135.4 million, representing 13.5% growth compared with €119.3 million in 2025.

Gross profit increased 16% year-on-year to €37.2 million during the quarter, although the gross margin declined to 80.9%, from 85.8% in Q3 2025. Between January and September, gross profit amounted to €113.8 million, up 10%.

One of the strongest improvements came from adjusted EBITA (acq), which rose 161% to €7.9 million in Q3, compared with €3 million a year earlier. The corresponding margin increased to 17.3%, from 8.2%.

For the nine-month period, adjusted EBITA (acq) more than doubled, reaching €21.2 million against €10.3 million in 2025.

Operating profit also advanced substantially, reaching €5.1 million in the quarter, compared with €1.6 million in the previous-year period. Its margin improved to 11.1%, from 4.3%.

Meanwhile, operating expenses remained broadly stable at €29.2 million, an increase of just 0.7% year-on-year. For the January-September period, expenses decreased 0.8% to €92.6 million.

Following these results, Kambi revised its full-year adjusted EBITA (acq) outlook, now expecting approximately €26 million, compared with its previous guidance range of €23 million to €27 million.

Station Casinos Deal Leads Commercial Expansion

Commercial development remained a central component of Kambi's third-quarter performance, with the company securing new agreements and expanding its partner network across several regulated jurisdictions.

A major announcement was the signing of a 10-year omnichannel sportsbook and Player Account Management (PAM) partnership with Station Casinos in Nevada.

The agreement covers both Kambi's Turnkey Sportsbook and its in-house player account management platform. According to CEO Werner Becher, Station Casinos is preparing to launch the solutions through Nevada's regulatory field test before proceeding with a full statewide rollout.

The company also expanded its Turnkey Sportsbook portfolio through agreements with Pure Casino Entertainment and QuinnBet, while RETABET joined its network through an Odds Feed+ partnership.

These developments strengthen Kambi's position in regulated betting markets and diversify its commercial network across different operators and geographies.

North American Presence Expands in Alberta

Kambi also supported several operator launches in Alberta following the opening of the Canadian province's regulated online gambling market.

The developments add another growth opportunity in North America, where the supplier continues to expand its technology footprint through partnerships with licensed operators.

AI Trading Handles 85% of Network Bets

Technology innovation, particularly artificial intelligence, remained a key driver of Kambi's operational strategy.

The company reported that 85% of bets across its network are now traded through its proprietary AI-powered system. Deployment, initially focused on sports including soccer, tennis, ice hockey and baseball, is expanding to basketball, American football and table tennis.

According to Becher, the technology is delivering improvements in trading efficiency, operator margins, betting availability and the overall live betting experience.

One notable development is the introduction of dynamic bet acceptance. Kambi reported that 59% of all live bets traded by its AI system are now accepted with zero-second live delay.

This capability is expected to support millions of additional live bets annually by reducing friction during in-play betting and allowing operators to maintain a broader range of markets for longer periods.

Becher highlighted the relationship between network scale and AI capabilities as a competitive advantage, enabling Kambi to increase betting opportunities while maintaining strong trading margins.

Despite less favourable sporting results during August and September, the operator trading margin across the network reached 11.9% for the quarter, Kambi's second-highest quarterly margin on record.

Brazil's Regulatory Changes and Corporate Integration

Commenting on the business outlook, Becher also addressed the impact of Brazil's decision to ban online gambling, describing the regulatory development as disappointing.

He noted that Brazil represented a low single-digit percentage of Kambi's 2026 revenue, reflecting the company's growing geographical diversification and partner base. However, he acknowledged that the decision could eliminate the market's long-term growth potential.

On the organizational front, Kambi completed the integration of Abios, Shape Games and Tzeract under a unified corporate structure and the Kambi brand.

The consolidation is intended to create a leaner and more agile organization, with a stronger focus on leveraging data generated across its global network and proprietary AI trading technology.

Werner Becher Highlights Long-Term Growth Strategy

Assessing the company's performance and strategic direction, Kambi CEO Werner Becher emphasized the combination of financial discipline, commercial expansion and technological development.

"Kambi continued its positive trajectory in Q3, driven by a robust financial performance, new partner wins and further strategic progress," Becher stated.

He added that the company's expanding partner network, continued product innovation and operational discipline provide a solid foundation for future development.

"Supported by our powerful network, proven technology and a clear strategic focus, I believe the business is well positioned to deliver sustainable long-term value for both partners and shareholders alike," the CEO concluded.

Kambi to Present Q3 Results to Investors and Analysts

Kambi scheduled its third-quarter 2026 results presentation for Wednesday, November 4, at 10:00 CET.

The presentation will be conducted in English by Werner Becher, CEO, and David Kenyon, CFO, with analysts, investors and media representatives invited to participate.

Participants will have the opportunity to submit questions through the webcast or ask them verbally via teleconference.

Webcast: https://edge.media-server.com/mmc/p/eq252rgg

Teleconference registration: https://register-conf.media-server.com/register/BIa74879f1b43a4d7784af831a38befa89