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Kambi (KAMBI) investor relations material

Kambi Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary23 Jul, 2025

Executive summary

  • Q2 2025 revenue declined 11.5% year-over-year to €40.5m, but only 2.0% excluding prior year transition fees; performance met expectations amid tough comparatives and operational efficiencies.

  • Adjusted EBITA (acq) for Q2 was €3.7m (down 50%), margin 9.2%; H1 Adjusted EBITA (acq) €6.0m (down 55%), margin 7.4%.

  • Largest-ever €15m share buyback program initiated, with €9.9m spent in H1, reflecting confidence in future prospects.

  • Continued expansion in Latin America and growth in esports turnover, supported by new agreements with LeoVegas and Redcap.

  • Net cash position at 30 June 2025 was €53.1m after tax payments and share buybacks.

Financial highlights

  • Q2 2025 revenue was €40.5m, down from €45.7m in Q2 2024, which included €4.5m in non-recurring transition fees.

  • Adjusted EBITA (acq) for Q2 was €3.7m; H1 at €7.2m excluding FX revaluations.

  • Q2 profit after tax was €0.2m vs €4.7m prior year; H1 profit after tax €1.0m vs €7.9m.

  • Q2 EPS €0.009 vs €0.155; H1 EPS €0.036 vs €0.260.

  • Cash position at quarter-end was €53.1m, slightly up from €52.7m a year earlier.

Outlook and guidance

  • Full-year 2025 guidance: Adjusted EBITA (acq) €20–25m; expenses for Adjusted EBITA (acq) €145–150m, total expenses €150–155m, all excluding FX revaluations.

  • Management expects results toward the lower end of guidance due to FX and tax headwinds, but anticipates a stronger H2 from seasonality and new customer launches.

  • Ongoing focus on diversifying revenue streams, especially in LatAm and esports, and strategic investments in technology and partnerships.

  • Brazil remains a key market, though current performance is below expectations and new taxes may temper growth.

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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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