Kambi has reported its latest financial figures, highlighting a difficult third quarter for 2025, with the sportsbook's quarterly revenue falling 13% to €37.4m.
This latest figure brings the supplier's year-to-date revenue up to €119.3m, 10% lower than at the same point of the prior year. However, troubling statistics elsewhere highlight more severe drop-offs in both profits and EBITDA over the course of the third quarter, as well as the full calendar year so far.
Kambi's Q3 at a glance...
Regarding revenues, Kambi's latest Q3 2025 figure of €37.4m represents both a drop-off of 13% year-on-year and 7.9% quarter-on-quarter. Elsewhere, however, adjusted EBITDA was also subject to a 32% decrease in comparison to results from the year prior, settling at €3.4m for the three-month period.
Kambi's operating profit margin also dropped by exactly 4% from last year's results, settling at 4.3% with an overall operating profit figure of €1.6m, down 55% year-on-year. Profits after tax also sunk by a notable 59% in comparison to results from the year prior, reaching just €1m.
Kambi's year-to-date results
Over the course of the year so far, Kambi has amassed a revenue of €119.3m, 10% lower than the figure reported during the first nine months of 2025. Similarly, to results from the third quarter, year-to-date adjusted EBITDA fell more drastically, sinking by 48% to reach €9.4m.
Indeed, profits remain the supplier's most troubling financial vertical over the course of 2025 so far, with operating profit margin having dropped from 10.7% during the first three quarters of 2024 to just 3.4% this year. Figures from this year to date also highlight that operating profit currently sits at €4m and profit after tax at €2.1m, down 72% and 80%, respectively.
Q3 highlights & full-year outlook
In the wake of these latest results, which Kambi has attributed to the ongoing negative impact of FX and the slower than anticipated development of the Brazilian market, the company has now lowered its full-year 2025 adjusted EBITDA expectations to €17m, down from €20m-€25m previously. It has also been specified that the supplier's Ontario launch, previously scheduled for Q4 2025, has now been pushed back to Q1 2026.
The supplier has been keen to draw focus on its new partnership integrations and renewals over the course of the third quarter, in which Kambi entered an Odds Feed+ deal with Superbet and two additional operators - as well as signing seven new turnkey sportsbook collaborations.
Elsewhere, Kambi also announced in the past 24 hours the acquisition of Omega Systems' PAM source code, which is intended to be utilised to help aid Kambi's proprietary PAM platform in Nevada.
CEO's comments
Speaking on these latest financial results, Kambi CEO, Werner Becher said: "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. 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. 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."
Global Gaming Insider sat down with Kambi CCO, Sarah Roberston, at G2E 2025 to discuss the supplier's progression in the Nevada and wider US market over the course of the year
