Kambi Group plc has reported second-quarter 2025 revenue of €40.5 million, down 11.5% compared to the same period last year. Adjusting for €4.5 million in transition fees received in Q2 2024, the underlying year-on-year decline stands at 2.0%. First-half 2025 revenue totalled €81.9 million, a 7.9% decrease compared to H1 2024. Excluding €8.9 million in prior-year transition fees, revenue rose by 2.3%.
Adjusted EBITA (acq) for Q2 came in at €3.7 million, representing a margin of 9.2%, down from €7.5 million and 16.4% last year. Total expenses declined 3.8% year-on-year to €38.1 million for the quarter. Operating profit fell to €1.6 million, with an operating margin of 4.0%. Cash flow, excluding working capital and M&A activity, stood at €1.3 million for the quarter. Among key operational developments, Kambi extended its Turnkey Sportsbook agreement and launched a new Odds Feed+ partnership with LeoVegas Group. It also signed a new Turnkey Sportsbook deal with RedCap in Latin America. Following its extraordinary general meeting, Kambi’s board approved a SEK 165 million (€15 million) share buyback programme running until 21 November 2025—the largest in the company’s history.
Werner Becher, CEO of Kambi Group commented: “Q2 2025 proved to be a quarter that reflected both the resilience of our business and the evolving dynamics of our industry. While results were in line with our expectations, they came against a backdrop of challenging market conditions and tough comparisons with Q2 2024.
Last year’s quarter benefited from the uplift of the Euros and Copa América and included the last full quarter of transition fees from Penn Entertainment. Meanwhile, challenging dynamics include foreign exchange movements and regulatory and tax headwinds, such as deposit limits in the Netherlands and Colombia’s VAT, which continue to affect performance.
Operator trading margin was 11.5% for the quarter, above our long-term expected range of 9.5–11.0%, as we continued to see strong engagement with our market-leading Bet Builder, which is a higher margin, lower staking product. Despite these impacts, Q2 was a period of solid operational progress across various areas of the business. Additionally, the continuation of our 2025 efficiency programme can now start to be seen in our cost base and will continue to drive increased leverage throughout the year.
From a commercial perspective, we were delighted to extend our partnership with LeoVegas Group through a new two-year Turnkey Sportsbook agreement. We also expanded this relationship through an Odds Feed+ deal, with LeoVegas becoming our fourth partner since launching the product in Q3 2024. While Turnkey partner churn is an inevitable part of the business, it is encouraging to see our product portfolio evolving in ways that now enable us to retain partners through our more extensive product offering.
We continue to diversify our revenue base, illustrated not only by the Odds Feed+ deal but the recent Turnkey Sportsbook signing of RedCap in Latin America, expanding our reach in the region. RedCap will initially launch its Betpro and Starplay brands online in Panama and El Salvador, with scope to expand into retail and additional markets in the future. RedCap will be transitioning from a competing supplier, underlining our position as the home of premium sports betting solutions.
Our esports betting product, powered by our Abios division, is also becoming an increasingly important part of our product offering. Esports via the Turnkey continues to grow in popularity and in Q2 was the fifth largest ‘sport’ across the global network based on turnover. We believe we have a leading esports product, one that’s not only proving its worth on the Turnkey but is fast becoming a unique selling point for our Odds Feed+ product, with few operators possessing this capability in-house.
While the first half of the year played out broadly as expected, I want to reiterate that I am not satisfied with where we are at today, with my ambition for the business being far greater. 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.”
