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Kambi Group
Kambi Group (KAMBI) investor relations material
Kambi Group Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary18 Feb, 2026
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.
What underpins 2026 EBITA growth expectation?
PAM and AI: How do these enhance market share?
Mitigate impact of rising global gaming taxes?
Odds Feed+ competitive advantage
Cost efficiency program's 2026 impact
OLG launch's strategic impact on lottery sector
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Next Kambi Group earnings date
Q1 202629 Apr, 2026
Kambi Group
Next Kambi Group earnings date
Q1 202629 Apr, 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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