Kambi Group plc released its fourth-quarter and full-year 2025 financial results on February 18, showing modest moderation in revenue alongside ongoing strategic partnerships and product innovation that management says will drive growth into 2026.
For the fourth quarter ended December 31, 2025, Kambi reported revenue of €42.7 million, down 3.9 % from €44.5 million a year earlier. Excluding one-time transition fees received in the prior period, the underlying revenue decline narrowed to around 1.1 %. For the full year, revenue reached €162.0 million, compared with €176.4 million in 2024 — a drop that likewise shrinks to about 1.2 % when adjusting for transition fees.
Adjusted EBITA (acquired basis) for Q4 fell to €6.2 million from €7.1 million, at a margin of 14.4 % (down from 16.0 % in Q4 2024). Both full-year EBITA and operating profit also declined, reflecting a challenging macro and regulatory backdrop that included increased taxes and foreign exchange headwinds across key markets. € 21.2 million in cash flow was generated for the year excluding working capital and financing activities.
Strategic Growth and Operational Momentum
Despite financial headwinds, Kambi highlighted several commercial developments as evidence of future growth potential. During Q4 and early 2026, the group:
• Signed Odds Feed+ agreements with major partners including Coolbet, FDJ UNITED and Superbet Group, with ComeOn Group joining more recently.
• Agreed five new Turnkey Sportsbook partnerships, including deals with Pickwin in Mexico, SuomiVeto for the Finnish regulated market and 4 Bears Casino & Lodge in North Dakota.
• Secured extensions with incumbent operators such as Paf, PENN Entertainment and Churchill Downs.
• Acquired player account management source code from OMEGA Systems to unlock Turnkey opportunities in Nevada.
• Completed a key launch with the Ontario Lottery and Gaming Corporation (OLG) in January 2026.
AI Trading and Technology Rollout
Management underscored the accelerating role of artificial intelligence in its product suite. Nearly half of all bets across Kambi’s network were priced and traded using AI in 2025, a capability that will be further showcased during the 2026 FIFA World Cup, where AI will handle trading across the tournament for the first time. Executives say AI-enhanced trading supports sharper pricing, faster response to market movements and improved operator trading margins.
CEO Werner Becher commented that while 2025 presented revenue and margin pressure from regulatory changes and FX swings, the company is “turning the corner towards a period of gradual growth”, noting the benefit of cost efficiency initiatives and a strengthened product portfolio.
Outlook for 2026
For the full financial year 2026, Kambi issued guidance for Adjusted EBITA of between €20 million and €25 million, with management expecting results toward the upper end of this range if a proposed new sports-betting tax in Colombia does not materialize. The company anticipates revenue tailwinds from organic growth in its operator network, the full-year contribution from customers acquired in 2025, major sporting events like the World Cup and continued launch activity, offset by some known transitional and regulatory impacts.
As the company navigates these headwinds, its strategic emphasis on AI-driven offerings, expanding regulated market share, and broadening global partnerships will be central to its roadmap for returning to stronger top-line momentum and profitability.