Kambi Group plc Q3 2025 Report

Financial highlights

• Revenue in the third quarter 2025 was €37.4m (43.0m), a decrease of 13.1%. Excluding €2.3m of transition fees received in Q3 2024, revenues decreased by 8.1%. For the period January to September 2025, revenues were €119.3m (132.0m), a decrease of 9.6%. Excluding €11.2m of transition fees received in the same period in 2024, revenues decreased by 1.2%.
• Adjusted EBITA (acq) in the quarter was €3.4m (4.9m), at a margin of 9.0% (11.4%). For the period January to September 2025, Adjusted EBITA (acq) was €9.4m (18.2m), at a margin of 7.9% (13.8%), 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%. For the period January to September 2025, total expenses were €113.9m (117.8m), a decrease of 3.3%.
• Operating profit for the third quarter was €1.6m (3.6m), at a margin of 4.3% (8.3%) and €4.0m (14.2m), at a margin of 3.4% (10.7%) 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 €17.0 million.

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

CEO comment

“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.”

Invitation to presentation of the report

Kambi invites analysts, investors, and media to a presentation of the report at 10.00 CEST on Wednesday 5 November.

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 the opportunity to ask questions.

Webcast:

If you wish to participate via webcast please use the link below. Via the webcast you are able to ask written questions.

webcast: edge.media-server.com/mmc/p/qrrugvox

Teleconference:

If you wish to participate via teleconference please register on the link below. After registration you will be provided phone numbers and a conference ID to access the conference. You can ask questions verbally via the teleconference.

Registration: register-conf.media-server.com/register/BI543b2e9c60b54630b42e7bd0c0751f6e