Kambi Group plc has reported third-quarter 2025 revenue of €37.4 million, down 13.1% from €43.0 million in the same period last year. Excluding €2.3 million in transition fees received in Q3 2024, revenue decreased by 8.1%. For the period from January to September 2025, total revenue stood at €119.3 million, a 9.6% year-on-year decline, or 1.2% lower on a comparable basis excluding prior-year transition fees of €11.2 million.
Adjusted EBITA (acq) for the quarter was €3.4 million, representing a margin of 9.0%, compared to €4.9 million and 11.4% in Q3 2024. Year-to-date Adjusted EBITA (acq) was €9.4 million, with a margin of 7.9%, down from €18.2 million and 13.8% respectively in the previous year. Excluding foreign exchange revaluations, Adjusted EBITA (acq) for the nine-month period totalled €10.3 million.
Operating profit for the quarter amounted to €1.6 million, compared to €3.6 million in the prior year, while total expenses fell by 10.3% to €35.4 million. Year-to-date operating profit reached €4.0 million, down from €14.2 million in 2024, with total expenses of €113.9 million, representing a 3.3% reduction. Cash flow (excluding working capital and M&A) was €6.1 million in the quarter and €15.2 million year-to-date. Earnings per share for the quarter were €0.036, compared to €0.083 last year, and €0.072 year-to-date versus €0.345 in 2024.
The company cited continued foreign exchange headwinds, slower-than-expected progress in the Brazilian market, and a revised timeline for a key partner launch as factors impacting results. As a result, Kambi revised its full-year Adjusted EBITA (acq) forecast to around €17.0 million.
Operationally, the quarter saw four new Odds Feed+ agreements signed, including with European operator Superbet Group, expanding adoption of Kambi’s modular odds feed solution. The company also entered into several Turnkey Sportsbook partnerships, such as an online agreement with Glitnor Group and a retail deal with Oneida Indian Nation, which operates three casino properties in New York State.
In addition, Kambi acquired the source code for a player account management (PAM) platform from OMEGA Systems, which it said would enable further development of its Turnkey Sportsbook product and support future market entries, including in Nevada.
Werner Becher, CEO of Kambi Group commented: “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.”
