Kambi Group (KAMBI) Q3 2026 earnings summary

Executive summary

• Q3 revenue increased 23% YoY to €46.0m; adjusted EBITA (acq) rose 161% to €7.9m, supported by partner launches, cost discipline and favourable FX.

• Full-year adjusted EBITA (acq) guidance was updated to ~€26m from €23–27m.

Financial highlights

• Q3 revenue was €46.0m versus €37.4m; gross profit rose 16% to €37.2m from €32.1m.

• Operating expenses were €29.2m versus €29.0m; adjusted EBITA (acq) was €7.9m versus €3.0m.

• Operating profit was €5.1m versus €1.6m, and profit after tax was €3.4m versus €1.0m.

• YTD revenue increased 13.5% to €135.4m.

• World Cup data costs were fully recharged to partners.

Outlook and guidance

• Q4 guidance excludes Brazil revenue; Brazil is expected to reduce YoY Q4 revenue by €1m and LeoVegas migrations by €2m, partly offset by FX.

• FY 2026 assumptions include ~11% operator trading margin for the remainder of the year; 2026 expenses are expected to remain broadly flat despite inflation.

• Q4 is expected to benefit from a busier sports calendar; Mohegan Sun transition fees of €600,000 ended after Q3.

• 2027 faces LeoVegas migration and the absence of the 2026 FIFA World Cup boost; new signings and cost control are offsets, with formal guidance planned alongside Q4 results.