Kambi Group releases Q3 2025 report
Revenue totalled €37.4m in the third quarter.
Press release.- Kambi Group has released its report for the third quarter of 2025. Revenue was €37.4m, down 13.1 per cent.
Werner Becher, CEO of Kambi Group, said: “Since the start of Q3, Kambi has signed seven Turnkey Sportsbook partners, three Odds Feed+ deals and two partner renewals – a clear reflection of the commercial progress we are making.”
Financial highlights
– Revenue in the third quarter was €37.4m (43.0m), a decrease of 13.1 per cent. Excluding €2.3m of transition fees received in Q3 2024, revenues decreased by 8.1 per cent. For the period January to September 2025, revenues were €119.3m (132.0m), a decrease of 9.6 per cent. Excluding €11.2m of transition fees received in the same period in 2024, revenues decreased by 1.2 per cent.
– Adjusted EBITA (acq) in the quarter was €3.4m (4.9m), at a margin of 9.0 per cent (11.4 per cent). For the period January to September 2025, Adjusted EBITA (acq) was €9.4m (18.2m), at a margin of 7.9 per cent (13.8 per cent), and €10.3m (19.1m) excluding the impact of FX revaluations.
– Total expenses were €35.4m (39.4m) in the quarter, a decrease of 10.3 per cent. For the period January to September 2025, total expenses were €113.9m (117.8m), a decrease of 3.3 per cent.
– Operating profit for the third quarter was €1.6m (3.6m), at a margin of 4.3 per cent (8.3 per cent) and €4.0m (14.2m), at a margin of 3.4 per cent (10.7 per cent) for the period January to September 2025.
– Cash flow (excluding working capital and M&A) amounted to €6.1m (5.7m) for the quarter and €15.2m (19.2m) for the period January to September 2025.
– Earnings per share for the quarter were €0.036 (0.083) and €0.072 (0.345) year-to-date.
– Due to the ongoing negative impact of FX, the Brazilian market developing slower than anticipated and the revised timing of a key partner launch, Kambi now estimates full year Adjusted EBITA (acq) to be around €17.0m.
Key operational highlights
– Signed four Odds Feed+ deals, including with major European operator Superbet Group, underlining the quality of Kambi’s modular odds feed solution.
– Agreed numerous Turnkey Sportsbook partnerships, including an online deal with Glitnor Group and with Oneida Indian Nation, which operates three retail properties in New York State
– Acquired source code for a player account management platform from OMEGA Systems, unlocking Turnkey Sportsbook opportunities in Nevada.
Becher commented: “Since the start of Q3, Kambi has signed seven Turnkey Sportsbook partners, three Odds Feed+ deals and two partner renewals – a clear reflection of the commercial progress we are making.
“Among those agreements is our partnership with Superbet Group for our Odds Feed+ product. Currently ranked no.11 in the EGR Power 50 list, Superbet is one of the leading operators in Europe and Latin America and therefore a great addition to our Odds Feed+ partner roster. Additional deals with LeoVegas Group and Coolbet only further underline the strength of our premium modular odds solution.
“From a Turnkey perspective, we partnered with Glitnor Group, which will upgrade from its existing sportsbook supplier to utilise our premium end-to-end sportsbook in multiple markets in Europe and the Americas. We continued to strengthen our tribal gaming ties in the US through a partnership with the Oneida Indian Nation in New York State and signed three partnerships in the Netherlands with Betnation, Holland Gaming Technology and Hommerson. These agreements further diversify our revenue base while strengthening our position in a number of key markets.
“We are also focused on increasing future commercial opportunities and to that end we have announced the acquisition of source code to a player account management (PAM) platform. A PAM is a core component of a multi-vertical igaming technology stack that enables operators to centrally control all aspects of player management from KYC to payments to promotional tools, as well as housing casino aggregation capabilities. In the immediate term, the PAM will be focused on unlocking Turnkey Sportsbook opportunities in Nevada and potentially later in other markets where there are few or no viable third-party PAMs available.
“Our Q3 financial performance was disciplined in a period impacted by a quieter sporting calendar, which last year included the Euros, Copa América and the Olympics, and the ongoing increased impact of gaming-related taxes. Revenue in Q3 reached €37.4 million, a decrease of 8% year-over-year when excluding transition fees, generating Adjusted EBITA (acq) of €3.4 million. We continue to see the benefits of our cost efficiency programme, which will continue into Q4 and 2026.
“The planned Q4 launch of Ontario Lottery & Gaming is now expected to take place in Q1 2026, with revenue generation therefore starting later than originally anticipated. All development work is complete, and we are working closely with OLG on thorough testing. This amended timeline, the ongoing negative impact of FX, and the slower than anticipated development of the Brazilian market have led us to revise our 2025 guidance to an Adjusted EBITA (acq) of around €17.0 million.
“With the busy sporting calendar upon us, we continue to focus on delivering an unbeatable product and service to our partners while building the foundations for long-term growth. The recent commercial wins, ongoing improvements to our market-leading product, the opportunities that the PAM will create, as well as the continued progress of our efficiency programme are, together, evidence of the positive momentum we are building. When coupled with the exciting opportunities we continue to pursue, I have growing confidence we will deliver sustainable growth and long-term returns for our shareholders.”
