Kambi raises 2026 guidance as Q3 adjusted EBITA jumps 161%

Revenue rose 23 per cent to €46m, while AI trading accounted for 85 per cent of bets across Kambi’s network.

Key takeaways:

• Kambi’s Q3 2026 revenue rose 23 per cent year on year to €46.0m, while adjusted EBITA (acq) increased 161 per cent to €7.9m.
• The company raised its full-year 2026 adjusted EBITA (acq) guidance to around €26m, from a previous range of €23m to €27m.
• Kambi agreed a 10-year omni-channel sportsbook and PAM partnership with Station Casinos in Nevada.
• The company expanded its partner network through agreements with Pure Casino Entertainment, QuinnBet and RETABET, and supported launches in Alberta’s newly regulated online market.
• Brazil accounted for a low single-digit percentage of Kambi’s 2026 revenue, but CEO Werner Becher said the country’s online gambling ban could remove its long-term growth potential.

Press release.- Kambi Group reported a 23 per cent increase in third-quarter revenue to €46m, while adjusted EBITA (acq) more than doubled to €7.9m. Following the results, the sportsbook technology provider updated its full-year adjusted EBITA (acq) guidance to around €26m, supported by commercial expansion, AI trading developments and continued growth across its partner network.

Financial highlights

• Revenue in the third quarter of 2026 totalled €46.0m (37.4m), an increase of 23 per cent. Revenue for the period January to September 2026 was €135.4m (119.3m), an increase of 13.5 per cent.
• Gross profit in the quarter increased by 16 per cent to €37.2m (32.1m), at a margin of 80.9 per cent (85.8 per cent), and for the period January to September 2026 increased by 10 per cent to €113.8m (103.6m), at a margin of 84.1 per cent (86.9 per cent).
• Adjusted EBITA (acq) in the quarter increased by 161 per cent to €7.9m (3.0m¹), at a margin of 17.3% (8.2 per cent), and for the period January to September 2026 increased by 106 per cent to €21.2m (10.3m¹), at a margin of 15.7 per cent (8.6 per cent).
• Operating expenses in the quarter were €29.2m (29.0m), an increase of 0.7 per cent. For the period January to September 2026, operating expenses were €92.6m (93.3m), a decrease of 0.8 per cent.
• Operating profit in the quarter was €5.1m (1.6m), at a margin of 11.1 per cent (4.3 per cent). For the period January to September 2026, operating profit was €15.2m (4.0m), at a margin of 11.2 per cent (3.4 per cent).
• Cash flow (excluding working capital, M&A and financing activities) amounted to €6.6m (6.1m) in the quarter and €15.4m (15.2m) for the period January to September 2026.
• Earnings per share for the quarter were €0.128 (0.036) and €0.341 (0.072) for the period January to September 2026.
• Full-year estimated adjusted EBITA (acq) is updated to around €26m from €23 – 27m.

Key operational highlights

• Landmark 10-year omni-channel sportsbook and PAM partnership agreed with Station Casinos in Nevada.
• Expanded partner network through Turnkey Sportsbook agreements with Pure Casino Entertainment and QuinnBet, as well as an Odds Feed+ partnership with RETABET.
• Supported launches with multiple operators in Alberta’s newly regulated online market, further strengthening Kambi’s North American presence.
• Continued AI trading rollout across additional sports, driving trading efficiency, margin uplift and user experience improvements.

CEO comment 

Werner Becher, CEO of Kambi Group, detailed: “Kambi continued its positive trajectory in Q3, driven by a robust financial performance, new partner wins and further strategic progress. We delivered revenue of €46m in the quarter, a year-on-year increase of 23 per cent, while adjusted EBITA (acq) in the same period more than doubled to €7.9m, reflecting the strength of our diversified business model, continued cost discipline and favourable FX movements. Following this performance, and despite disappointing regulatory changes in Brazil, we are today updating our full-year adjusted EBITA (acq) guidance to around €26m from €23 – 27m.

The latter stages of the FIFA World Cup, including a record-breaking final, drove high levels of engagement across our network and contributed to a strong start to the quarter. While we experienced less favourable sports results in August and September, operator trading margin for the full quarter was still our second-strongest quarterly margin ever at 11.9 per cent, underlining the edge we have through our powerful network scale and AI-powered trading capabilities. These financial results provide further evidence that we are on the right path to sustainable, long-term growth.

Commercially, we continued to strengthen both the scale and quality of our partner network. A key highlight was the announcement of our landmark, long-term partnership with Station Casinos in Nevada, the market-leading operator off the main Las Vegas Strip. Station Casinos is currently on track to launch both our Turnkey Sportsbook and in-house player account management platform in the coming weeks via the Nevada regulatory field test, ahead of a full rollout across the state. I’m excited at the prospect of showcasing just how strong our online and retail sportsbook is in one of the most thoroughly regulated markets in the world.

We also secured a number of new partnerships and contract extensions across our Turnkey Sportsbook and Odds Feed+ portfolio, including agreements with Pure Casino Entertainment, RETABET and QuinnBet. Together, these developments further expand our reach across regulated markets and reinforce the scale, diversity and resilience of the network that underpins our business. The disruption caused by Brazil’s decision to ban online gambling highlighted the strength of our partner network. Given our growing partner base and geographical footprint, Brazil accounted for a low single-digit percentage of Kambi’s 2026 revenue, although the development could remove the long-term growth potential of the market.

Our proprietary AI trading capabilities also continue to deliver material results as deployment expands beyond soccer, tennis, ice hockey and baseball, with rollout underway across basketball, American football and table tennis. Currently, 85 per cent of network bets are being traded through the AI system. The results are seen in areas including offering expansion, live UX and operator trading margin. One example is the introduction of dynamic bet acceptance, with 59 per cent of all live bets traded by AI now accepted with zero-second live delay, which will lead to millions more live bets annually. In short, we are increasingly able to offer a larger number of betting opportunities that we can keep available for longer, enabling greater player engagement at consistently strong margins.

In terms of strategic progress, we also took the important step to consolidate our businesses under the Kambi brand and a new internal structure, with Abios, Shape Games and Tzeract now fully integrated. As a result of this exercise, we now operate as a leaner, more agile organisation, as well as one which is fully focused on leveraging the data advantages of our vast network and proprietary AI trading system to strengthen our position as the world’s leading AI-powered sports betting network.

The momentum generated over recent quarters, combined with our expanding partner network, continued product innovation and operational discipline, gives us confidence in the future. Supported by our powerful network, proven technology and a clear strategic focus, I believe the business is well positioned to deliver sustainable long-term value for both partners and shareholders alike.” 

Invitation to presentation of the report

Kambi invites analysts, investors, and media to a presentation of the report at 10.00 CET on Wednesday, November 4, 2026. The presentation will be held in English by Kambi’s CEO Werner Becher and CFO David Kenyon and can be accessed using the links below. After the presentation, there will be an opportunity to ask questions.

Frequently asked questions (FAQs)

• How much revenue did Kambi make in Q3 2026? Kambi reported revenue of €46.0m in the third quarter of 2026, an increase of 23 per cent year on year. Revenue for January to September 2026 totalled €135.4m, up 13.5 per cent.
• Why did Kambi raise its 2026 guidance? Kambi raised its full-year adjusted EBITA (acq) guidance to around €26m after strong Q3 financial performance, new partner wins and strategic progress. CEO Werner Becher also cited cost discipline and favourable FX movements.
• What is Kambi’s partnership with Station Casinos? Kambi agreed a landmark 10-year omni-channel sportsbook and player account management partnership with Station Casinos in Nevada. Station Casinos is on track to launch Kambi’s Turnkey Sportsbook and in-house PAM platform through the Nevada regulatory field test.
• How is Kambi using AI in its trading operations? Kambi says 85 per cent of network bets are now traded through its AI system, with deployment expanding into basketball, American football and table tennis. It has also introduced dynamic bet acceptance, with 59 per cent of AI-traded live bets accepted with zero-second live delay.