Kambi Group reported a modest decline in fourth-quarter revenue and a sharper fall in full-year profitability for 2025, reflecting customer migrations and regulatory headwinds despite continued partnership expansion.
Revenue for the fourth quarter reached €42.7m ($50.5m), down 3.9% year-on-year. Excluding €1.3m in transition fees received in Q4 2024, revenue decreased 1.1%. Full-year revenue totalled €162.0m, a decline of 8.2%, or 1.2% lower when excluding €12.5m of transition fees recorded in 2024.
Adjusted EBITA for the quarter was €6.2m, down from €7.1m, representing a margin of 14.4% compared with 16.0% a year earlier. For the full year, adjusted EBITA fell 38.7% to €15.5m, with margin contracting to 9.6% from 14.3%.
Operating profit in Q4 declined to €4.1m, down from €4.6m, while full-year operating profit dropped 56.9% to €8.1m.
Total expenses for the quarter decreased 1.7% to €37.9m and fell 2.9% to €151.8m across 2025. Earnings per share for the quarter rose slightly to €0.174, but full-year EPS declined to €0.240 from €0.515.
During the period, Kambi signed multiple new agreements across its sportsbook and odds solutions portfolio. The company entered Odds Feed+ partnerships with Coolbet, FDJ United and Superbet Group.
It also agreed five new Turnkey Sportsbook partnerships during Q4 and further agreements in early 2026, including Finland-focused SuomiVeto and the 4 Bears Casino & Lodge in North Dakota.
After the reporting period, Kambi completed a sportsbook launch with Ontario Lottery and Gaming Corporation across online and retail channels, extending its presence in lottery-operated betting markets.
Kambi expects adjusted EBITA of €20m to €25m in 2026, implying potential year-on-year growth, although performance remains sensitive to tax developments in Colombia and the impact of partner migrations.
The company noted that AI-driven trading accounted for nearly half of bets processed during 2025, with further automation planned for major sporting events in 2026.
In February 2026, ComeOn Group agreed a multi-year integration of Kambi’s Odds Feed+ solution, giving the operator access to sports and esports odds data through Kambi’s Abios division and expanding Kambi’s third-party distribution strategy.
Kambi provides sportsbook technology and trading services to operators across regulated markets in Europe and North America, with recent growth focused on lottery partnerships and modular odds distribution rather than full turnkey migrations
