Kambi reported a 13.5% year-on-year increase in second-quarter revenue and raised its full-year adjusted EBITA guidance following growth in revenue and profitability during the first half of 2026.
Revenue for the second quarter increased to €45.9m from €40.5m, while adjusted EBITA more than doubled to €7.6m from €3.7m, representing a margin of 16.5%, up from 9.3%. Operating profit rose to €5.8m from €1.6m, while earnings per share increased to €0.128 from €0.009.
For the first six months of 2026, revenue rose 9.1% to €89.4m. Adjusted EBITA increased 83% to €13.3m, with the margin improving to 14.8% from 8.8%. Operating profit reached €10.1m, compared with €2.4m in the first half of 2025, while earnings per share increased to €0.213 from €0.036.
Operating expenses declined 0.6% in the quarter to €31.5m and were down 1.4% to €63.4m for the first half of the year. Cash flow, excluding working capital, mergers and acquisitions and financing activities, totalled €1.5m during the quarter and €8.8m for the first six months.
Reflecting the improved performance, Kambi increased its estimated full-year adjusted EBITA guidance to between €23m and €27m, up from its previous range of €20m to €25m.
Operationally, Kambi said it processed more than €1bn in Turnkey Sportsbook turnover during the FIFA World Cup, with operator trading margin reaching 18% across the tournament.
During the quarter, the supplier was selected by the Atlantic Lottery Corporation and British Columbia Lottery Corporation to provide the sportsbook for a new multi-province Canadian platform. It also partnered with Pure Casino Entertainment ahead of Alberta’s regulated iGaming market launch and signed an Odds Feed+ agreement with RETABET Group. Kambi also expanded its partnership with 4 Bears Casino & Lodge to include its player account management platform.
CEO Werner Bercher comment: “Q2 marked another strong period of progress for Kambi, both in terms of financial delivery and in demonstrating the ongoing momentum we are building as a business. We delivered a positive financial performance during the quarter, with strong revenue growth to €45.9m and double the adjusted EBITA (acq) to €7.6m, despite credits related to operational issues in April. This growth was supported by a record quarterly operator trading margin of 14.0%, continued commercial momentum and disciplined cost control through our ongoing efficiency programme. Our Q2 performance, following on from a good Q1, puts us in a strong position for the rest of year; today we have increased our full-year outlook with an expected adjusted EBITA (acq) of €23 – 27m for 2026.
“The quarter was shaped by the FIFA World Cup, where Kambi delivered a leading product throughout the tournament, with 78 matches taking place in Q2. While some of the kick-off times were less favourable for many European sportsbooks, Kambi’s broad Americas partner base helped to support turnover, highlighting again the value of our global network. Our partners in the Americas generated 57% of global network turnover, compared to 38% of the turnover of the 2022 FIFA World Cup.
“This was Kambi’s first FIFA World Cup to be fully traded by AI, representing an important milestone in the evolution of our cutting-edge sportsbook technology. Our performance was also validated externally, with third-party benchmarking from Bettormetrics showing Kambi as a leader across live betting KPIs, including high market availability. This translated into a smoother and more engaging experience for end users, while we also delivered greater combinability through an enhanced Bet Builder, particularly across player props markets. Even though this year’s FIFA World Cup provided more teams, more games and more betting opportunities, Kambi’s automated systems enabled us to deliver a market-leading product at greater efficiency than in 2022.
“Commercially, we continue to execute on our long-term plan and diversify our partner network. We expanded our reach in the Americas through a new partnership and launch with Canadian Bank Note Company, as well as a new agreement in Alberta with Pure Casino Entertainment. These developments build on the landmark agreement announced in our last quarterly report to power a multi-province Canadian sportsbook solution for Atlantic Lottery Corporation and British Columbia Lottery Corporation. We also extended our Turnkey Sportsbook partnerships with BetWarrior and Desert Diamond Casinos, further strengthening relationships with existing partners.
While there remains work to do, the first half of 2026 has demonstrated we have now turned a corner and returned to growth. This improved performance is driven by the development of our market-leading product, commercial progress and the ongoing transition to an AI-first organisation. As we increase our estimated 2026 adjusted EBITA (acq), our focus now is on sustaining this momentum and translating it into long-term value for our partners and shareholders.”
