Kambi has released its 2025 Annual Report, reporting total revenues of €162m ($186.7m), down 8.2% year-on-year. Excluding €12.5m of transition fees received in 2024, revenues decreased by 1.2%. Revenue reflects fees received for sports betting services provided to Kambi’s operators.
Profit after tax fell sharply to €6.8m, a 55.8% decline from 2024. Adjusted EBITDA also dropped, amounting to €50.4m, down 15.6% year on year.
Adjusted EBITA (acquired), excluding the impact of FX revaluations, declined to €17.6m, a 30.7% decrease from €25.3m in 2024.
Despite lower overall results, the operator trading margin increased to 10.8% from 10.0% the previous year, driven by improvements in products and pricing.
Kambi 2025 Results
Kambi CEO Werner Becher said the results reflect both external pressures during the year, including tax changes and foreign exchange headwinds.
Becher added: "We ended 2025 with clear signs of momentum, delivering a 16% year-on-year increase in adjusted EBITA (acq) in Q4 after excluding the impact of FX revaluations."
Diversification remains a central focus for Kambi. In 2025, the company further reduced its reliance on a small number of large partners, with revenue from the top three partners falling to 35%, down from over 60% five years earlier.
Key milestones for 2025 included signing the Ontario Lottery and Gaming Corporation (OLG), which went live with Kambi at the end of January 2026, and launching in Brazil on the first day of sports betting regulation, marking entry into one of the most anticipated new markets globally.
Despite the decline in earnings, Kambi significantly expanded its share buyback programme. The Group repurchased shares worth €25.8m, up 186.7% from €9.0m in 2024. This move underscores Kambi’s commitment to using excess capital effectively and creating value for shareholders.
