Kambi: Tough Comparisons and Headwinds Result in Weaker Q2

Kambi Group, a B2B provider of sports betting services, has published its report for the second quarter of the year, highlighting its resilience despite a decrease in revenue. While the leadership expects further headwinds in 2025, it remained optimistic in the company’s ability to generate value.

The Company’s Q2 Report Outlined Suboptimal Performance

Kambi’s financial report outlined Q2 revenue of EUR 40.5 million ($47.5 million), marking a decrease of 11.5% from EUR 45.7 million in the prior-year period. Excluding the EUR 4.5 million of transition fees, revenue remained mostly stable with a decrease of only 2%.

Kambi added that its total revenue for the first half of the year reached EUR 81.9 million ($96 million), down 7.9% year-on-year. Excluding EUR 8.9 million of transition fees, revenues actually increased by 2.3%.

Kambi’s Adjusted EBITA for Q2 stood at EUR 3.7 million ($4.3 million), down from EUR 7.5 million in the prior-year period. EBITA margin was 9.2%. In the meantime, the H1 2025 results showed adjusted EBITA of EUR 6 million ($7 million), down from EUR 13.3 million in H1 2024. H1 adjusted EBITA margin was 7.4%.

The company’s expenses remained mostly the same at EUR 38.1 million ($44.7 million) for Q2 and EUR 78.6 million ($92.2 million) for H1. Operating profit declined significantly from EUR 6.2 million in Q2 2024 to EUR 1.6 million ($1.9 million) in Q2 2025. For H1, operating profit was EUR 2.4 million ($2.8 million), down from EUR 10.6 million in the prior-year period.

In addition to that, Kambi reported cash flow of EUR 1.3 million ($1.5 million) for the quarter, down from EUR 8.1 million, and EUR 9 million ($10.6 million)for H1, down from EUR 13.5 million in the prior-year period.

Earnings per share for Q2 plummeted to EUR 0.009 ($0.011) for Q2 and EUR 0.036 ($0.042) for H1.

Kambi Formed News Deals Despite the Setbacks

Despite Kambi’s mixed financial performance, not everything was gloom and doom for the company. Key operational highlights for Q2 included an extension of the company’s partnership with LeoVegas and a new sportsbook agreement with RedCap in LATAM.

In addition to that, Kambi’s board of directors initiated two consecutive share buyback programs to repurchase shares with a total value of EUR 15 million. This is notably the largest share buyback in the company’s history.

CEO Becher Was Unsatisfied with the Results

Kambi’s chief executive officer, Werner Becher, commented on the results, saying that they reflected the resilience of the business amid a dynamically changing industry. He said that, albeit suboptimal, the results were in line with the company’s forecasts.

He added that the results for Q2 and H1 were further undermined by tough comparisons with 2024 and a variety of headwinds in certain markets.

Becher added that he was unsatisfied with the results and was committed to taking the business further. He said: “Looking ahead to the rest of the year, the external environment will continue to pose challenges, but I remain optimistic that we can increasingly deliver value for our partners, expand our partner network, strengthen our product portfolio and position the business for long-term, sustainable growth.”