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Visual21 Nov 2025
Data center suppliers
Kambi Group (KAMBI) investor relations material
Kambi Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Signed 12 new commercial agreements since Q3 start, including major deals for Odds Feed Plus, Superbet Group, LeoVegas, and contract extensions with DraftKings and PENN Entertainment.
Acquired source code for a proprietary player account management (PAM) platform from OMEGA Systems, targeting new opportunities, especially in Nevada, with product readiness aimed for H1 2026.
Efficiency program delivered material cost reductions, supporting profitability amid macroeconomic headwinds.
Q3 2025 revenue declined 13.1% year-over-year to €37.4m, or 8.1% excluding prior year transition fees; Q3 performance met expectations with strong margins and disciplined cost control.
Net cash position at quarter-end was €45.4m, after €18.0m in share repurchases year-to-date.
Financial highlights
Q3 revenue was €37.4m, down from €43.0m in Q3 2024, with year-to-date revenue down 1.2% excluding transition fees.
Adjusted EBITA (acq) for Q3 was €3.4m (margin 9.0%), down 32% year-over-year; YTD Adjusted EBITA (acq) was €9.4m (margin 7.9%), down 48%.
Q3 operating profit was €1.6m (margin 4.3%), down 55% year-over-year; Q3 profit after tax was €1.0m, down 59%.
Q3 cash flow (excluding working capital and M&A) was €6.1m; YTD was €15.2m.
Gross margin for Q3 was 86.4% (down from 89.4%); YTD gross margin was 87.4%.
Outlook and guidance
Full-year 2025 adjusted EBITA (acq) guidance revised down to around €17m due to macroeconomic pressures, FX headwinds, and delayed Ontario Lottery launch now expected in early 2026.
Q4 expected to benefit from seasonal spike in sports turnover.
New guidance for 2026 to be provided with Q4 earnings.
Quantify impact of each guidance revision factor
Strategic rationale for PAM platform acquisition
Future revenue contribution from recent partner deals
Long-term PAM strategy beyond Nevada?
Odds Feed+ customer acquisition target for 2026?
2026 organic revenue growth expectations?
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Next Kambi Group earnings date
Q4 202525 Feb, 2026
Next Kambi Group earnings date
Q4 202525 Feb, 2026
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Frequently asked questions
Providing odds for sportsbooks
Kambi is a company specializing in providing sports betting services and technology solutions to operators in the global gaming industry. Their comprehensive platform offers a range of products and services, including odds compiling, risk management, trading tools, and front-end user interfaces. The platform and data enables their clients to offer a seamless sports betting experience to their customers. Kambi is listed on the Stockholm stock exchange, but like much of the European gambling industry the company is headquartered and operates from the island nation of Malta.
Enabling a vast amount of betting opportunities
Betting on sports has been popular for a very long time but with the advent of online platforms for betting, it became a lot more accessible for consumers. There has been a worldwide boom of online betting interest in recent years, with more and more bettors looking for betting opportunities outside of their region. While many betting platforms still employ dedicated staff to manually adjust the odds after a variety of factors, it simply isn’t a feasible endeavor to do all of this in-house. For big matches such as the Champions League the odds are more often than not set and adjusted by teams of skilled professionals. But for matches with less interest, and due to the sheer volume of different alternatives offered through modern betting platforms, buying odds and betting solutions is a way to ensure a broad portfolio of matches and wager opportunities for customers.
Operating solely on a B2B-basis
The company operates on a B2B (business-to-business) model, partnering with gaming operators to enhance their sportsbook offerings and drive growth in the competitive sports betting market. In other words, Kambi does not own and run any betting platforms, but has instead chosen to focus solely on providing other companies with the tools that they need to provide odds and betting opportunities for their customers.
Focusing on the thriving european betting market
Kambi has a broad customer base in the gambling industry, including online gaming operators, land-based casinos, and sportsbook providers. They collaborate with well established gambling operators such as DraftKings, Kindred Group, LeoVegas, and many others. These partnerships allow Kambi to extend its services to diverse markets and regions globally. While Kambi operates in multiple jurisdictions, the bulk of their business is primarily focused on regulated markets in Europe, including the United Kingdom, Sweden, and several other European countries where online sports betting is legal, thriving, and supported by a broad customer base.
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