Kambi Posts Mixed Q3 Results Due to Quieter Sporting Calendar

Kambi Group has published its financial results for Q3, outlining a decrease in revenue amid certain headwinds and a quieter sporting calendar. Despite that, the company leadership remained bullish on the company’s long-term prospects.

Kambi’s Q3 Metrics Experienced a Decline

In its report, Kambi outlined Q3 revenue of EUR 37.4 million ($43 million), marking a decrease of 13.1% year-on-year. Excluding EUR 2.3 million of Q3 2024 transition fees, the figure represented an 8.1% decrease in revenue. On a year-to-date basis, Kambi’s revenue dropped to EUR 119.3 million ($137 million), marking a 9.6% decrease year-on-year. Excluding EUR 11.2 million in transition fees for the prior-year period, the YTD results represented a decrease of only 1.2%.

In the meantime, Kambi reported adjusted EBITA of EUR 3.4 million ($3.9 million), at a margin of 9%. For comparison, the Q3 2024 adjusted EBITA stood at EUR 4.9 million at a margin of 11.4%. The YTD figures outline adjusted EBITA of EUR 9.4 million ($10.8 million), down from EUR 18.2 million in the prior-year period.

Kambi’s expenses also decreased, dropping from EUR 39.4 million ($45.3 million) in Q3 2024 to EUR 35.4 million in Q3 2025. YTD expenses amounted to EUR 117.8 million ($135.3 million), down 3.3% YOY.

Additionally, the company reported Q3 operating profit of EUR 1.6 million ($1.8 million), at a margin of 4.3%, and YTD operating profit of EUR 4 million ($4.6 million), at a margin of 3.4%. This represents a significant decline from the prior-year results, which outlined Q3 operating profit of EUR 3.6 million and YTD operating profit of EUR 14.2 million.

The company’s cash flow increased to EUR 6.1 million ($7 million) for the quarter and EUR 15.2 million ($17.5 million) for the YTD. The company’s earnings per share for the quarter were EUR 0.036 ($0.041), down from EUR 0.083 in the prior-year period. On a YTD basis, earnings per share were EUR 0.072 ($0.083), down from EUR 0.345 in the prior-year period.

Kambi projected FY 2025 adjusted EBITA of EUR 17 million ($19.5 million) due to continued setbacks in Brazil.

Multiple Deals Attest to the Quality of Kambi’s Products

Despite the financial setbacks, Kambi continued to reinforce its portfolio of partners, signing four new Odds Feed+ deals, including with European leader Superbet Group. The company also negotiated multiple turnkey sportsbook deals, including ones with Glitnor Group and the Oneida Indian Nation.

In addition to that, Kambi acquired source code for a player account management platform from OMEGA Systems. The former company said that this unlocked significant turnkey sportsbook opportunities in Nevada.

CEO Becher Is Optimistic About Kambi’s Long-Term Prospects

CEO Werner Becher commented on the Q3 results, calling the recent agreements a “clear reflection” of Kambi’s commercial progress. He called the Q3 performance disciplined amid a quieter sporting calendar that lacked some of last year’s huge events. Becher was pleased with the results of Kambi’s cost-cutting program, which is set to continue into Q4 and 2026.

CEO Becher added that he is looking forward to a busier sporting calendar, trusting Kambi to deliver further growth. He concluded: “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.”