Kambi Reports Mixed Q3 Earnings Amid Slower Sports Schedule

Financial Performance Highlights Q3 Decline

Kambi Group has released its financial performance report for the third quarter, showing a decrease in revenue influenced by a subdued sporting calendar and other challenges. Despite these hurdles, company executives remain positive about the future.

Revenue and Profitability Metrics

The company reported Q3 revenue of EUR 37.4 million (approximately $43 million), which is a 13.1% decline compared to the same quarter last year. Adjusting for EUR 2.3 million in transition fees related to 2024, the revenue decline stands at 8.1%. Year-to-date (YTD) revenue reached EUR 119.3 million ($137 million), down 9.6% year-on-year but only 1.2% lower when excluding EUR 11.2 million in transition fees from the prior year.

Kambi’s adjusted EBITA for the third quarter was EUR 3.4 million ($3.9 million), representing a 9% margin. This compares to EUR 4.9 million (11.4% margin) in Q3 2024. For the year so far, adjusted EBITA totaled EUR 9.4 million ($10.8 million), falling from EUR 18.2 million in the previous year’s period.

Operating expenses decreased from EUR 39.4 million ($45.3 million) in Q3 2024 to EUR 35.4 million in Q3 2025. YTD expenses were EUR 117.8 million ($135.3 million), marking a 3.3% reduction year-on-year.

Operating profit for the quarter was EUR 1.6 million ($1.8 million), yielding a 4.3% margin. YTD operating profit was EUR 4 million ($4.6 million) with a 3.4% margin. These figures show a noticeable decline compared to EUR 3.6 million in Q3 2024 and EUR 14.2 million year-to-date from the prior year.

Cash flow improved, reaching EUR 6.1 million ($7 million) in the quarter and EUR 15.2 million ($17.5 million) for the year to date. Earnings per share (EPS) decreased to EUR 0.036 ($0.041) in Q3 from EUR 0.083 last year, while YTD EPS fell to EUR 0.072 ($0.083) from EUR 0.345 the previous year.

Kambi forecasted an adjusted EBITA of EUR 17 million ($19.5 million) for the full year 2025, affected by ongoing challenges in the Brazil market.

Strengthening Market Position Through New Partnerships

Despite the financial headwinds, Kambi has expanded its partner network by securing four new Odds Feed+ agreements, including a notable deal with European sports betting leader Superbet Group. The company also inked several turnkey sportsbook contracts, notably with Glitnor Group and the Oneida Indian Nation.

Kambi further enhanced its offerings by acquiring source code for a player account management platform from OMEGA Systems, a move expected to unlock significant turnkey sportsbook opportunities, especially in Nevada.

CEO’s Positive Outlook for Future Growth

Werner Becher, Kambi’s CEO, described the recent partnerships as clear indicators of the company’s commercial momentum. He acknowledged that Q3’s results were affected by a less eventful sports calendar compared to last year but expressed satisfaction with ongoing cost-reduction efforts, which will persist into the next quarter and through 2026.

Looking ahead, Becher anticipates a busier sports calendar and expects Kambi to capitalize on this for growth. He highlighted the company’s continuous product improvements, the opportunities generated by the newly acquired player account management platform, and the efficiency initiatives as foundations for building positive momentum. Becher concluded with confidence in Kambi’s ability to achieve sustainable growth and deliver long-term value to shareholders.