Kambi Posts Favorable Q2 Metrics, Driven by Busy Sports Season

Kambi Group has published its financial report for the second quarter of the year, reporting a slight increase to €45.7 million ($49.6 million). The 3% increase in turnover would have stood at 20% instead if not considering the impact of the Penn online migration.

Operating profit for the period, on the other hand, reached €6.2 million ($6.7 million) at a margin of 13.5%. Additionally, the company reported EBITA of €7.5 million ($8.1 million) for the period at a margin of 16.4%.

Cash flow, excluding working capital and M&A, stood at €8.1 million ($8.8 million). Earnings per share, on the other hand, were €0.155 ($0.17) for Q2.

Kambi also reported its H1 results, highlighting revenue of €88.9 million ($96.4 million), operating profit of €10.6 million ($11.5 million) at a margin of 11.9%, and EBITA of €13.3 million ($14.4 million) at a margin of 14.9%.

The company’s cash flow for H1 reached €13.5 million ($14.6 million). Also, Kambi reported earnings per share of €0.260 ($0.28) for the first half of 2024.

The Company Reported Noteworthy Q2 Highlights

Kambi also reported a number of Q2 highlights, including its exclusive nationwide partnership with the Choctaw Nation of Oklahoma, one of the largest tribes in the United States. In addition to that, the company reported multiple partner launches including key completions before the Euro 2024 of LiveScore in the UK and Svenska Spel in Sweden.

In Q2, the company designated Werner Becher as the company’s new CEO, set to succeed the incumbent Kristian Nylén in late July.

The company also completed its fourth share buyback program and unveiled a new long-term capital allocation policy that seeks to generate shareholder value through buybacks.

Finally, Kambi withdrew its 2027 financial targets amid significant market uncertainties.

Kambi’s CEO Was Pleased with the Results

CEO Nylén commented on the favorable results, attributing them to the busy sporting calendar and the growth of Kambi’s many partners. He lauded the partnership with the Choctaw Nation of Oklahoma as one of the highlights of the quarter, praising the tribal entity’s footprint in gambling and sports.

Nylén was likewise pleased with the two partner launches ahead of the Euro 2024, expressing delight about the tie-ups with LiveScore and Svenska Spel.

Nylén thanked everyone at Kambi for pushing the company forward over the past 14 years.

I would like to take this opportunity to thank all Kambi employees, past and present, for their hard work and dedication during my time as CEO over the past 14 years, as well as everyone else who has supported Kambi along the way. I am proud of what we have achieved together and I firmly believe the foundation we have built positions us for future success.”

Kristian Nylén, CEO, Kambi Group

The outgoing CEO added that he is confident Becher would be a worthy successor to the mantle of CEO.