Kambi Group plc has reported Q4 and FY25 results, with the iGaming and sportsbook technology supplier recording lower year-on-year revenues, alongside declines in Adjusted EBITA and operating profit.
But company boss Werner Becher is still predicting a return to higher profitability in 2026.
Revenue for Q4 2025 amounted to €42.7 million (£37.25), down 3.9 percent on 2024.
Full year revenues reached €162 million (£141.34m), compared with €176.4 million (£153.9m) the previous year, representing a drop of of 8.2 percent.
Kambi’s Q4 Adjusted EBITA was €6.2 million (£5.4m) — against €7.1 million (£6.19m) in Q4 2024.
Adjusted EBITA for the year was €15.5 million (£13.52m), a massive drop from the €25.3 million (£22.07m) of 2024. Full-year operating profit plunged to €8.1 million (£7.06m) from €18.8 million (£16.4m) in 2024.
Colombia Hit
Spun off from Unibet in 2010, Malta-headquartered Kambi signalled deposit limits in the Netherlands, increased gaming-related taxes in Colombia and “revised commercial terms in certain renewed contracts” as the principal negatives, estimating that just in Colombia alone the impact translated to a hit of some €3.6 million (£3.14m) in 2025.
On the operational side, during the year, Kambi signed Odds Feed+ agreements with Coolbet, FDJ UNITED and Superbet Group, with ComeOn Group being added more recently.
The company also agreed five new Turnkey Sportsbook partnerships in Q4, and additional deals in early 2026, extended several existing partner agreements, acquired player account management source code from OMEGA Systems, and completed a launch with the Ontario Lottery and Gaming Corporation in January 2026.
Looking ahead, Kambi estimates Adjusted EBITA for 2026 to be in the range of €20 million to €25 million (£17.44m-£21.8m).
AI Promise
Despite the headwinds, Kambi Group CEO Becher asserted: “I feel positive about the progress we are making and the direction of the business.
“We also demonstrated that the business was robust enough to withstand the challenges that emerged, including new and increased taxes in several jurisdictions and FX pressures.
“Our ongoing efficiency programme is also delivering benefits and will leave us in a stronger position as our top line grows in the years ahead.
“During 2025, we also undertook substantial share buyback programmes, underscoring our commitment to use excess capital effectively and to achieve added value for shareholders.
“As one of the world’s largest sportsbooks, Kambi remains uniquely positioned to utilise the advantages of AI through our vast liquidity and data set, enabling our partners to compete in highly competitive markets with more accurate pricing, a more expansive offering and improved operator trading margins.”
