Kambi Group Plc remains confident that new sportsbook partnerships will help offset financial headwinds caused by contract changes and market exits affecting its operator network.

Q3 2025 accounts saw Kambi report revenues of €37.4m, marking a 13% year-on-year decline compared to €43m in Q3 2024. This contributed to a corresponding drop in profit of 72% from €3.6m to €1.6m.

The revenue drop reflects the absence of €2.3m in transition fees recorded in Q3 2024, tied to the offboarding of PENN Entertainment (USA) and Napoleon Sports (Belgium). For comparison, Kambi recognised €11.2m in transition fees in the first nine months of 2024, versus none for  2025 as year-to-date revenues stand at €119m (YTD2024: €132m), down 9.6%.

Similar to Q2, Kambi has also struggled with difficult comparatives against an active sporting calendar last year – a trend which was also seen in various B2C companies Q2 financials earlier this year, but which has seen little mention in these same B2C firms’ Q3s so far.

Kambi CEO, Werner Becher, explained: “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.

“Revenue in Q3 reached €37.4m, a decrease of 8% year-over-year when excluding transition fees, generating Adjusted EBITA of €3.4m. We continue to see the benefits of our cost efficiency programme, which will continue into Q4 and 2026.”

The significant revenue drop, combined with negative foreign exchange impacts in Latin American markets, saw Kambi’s Adjusted EBITA decline by 32% to €3.m in Q3 2025 (Q3 2024: €4.m). Despite these headwinds, Kambi maintained a post-tax profit of €1m, supported by the implementation of new cost controls under its “2025 efficiency programme”.

On a YTD basis, Adjusted EBITA stood at €9.4m, down 48% from €18.2m in the same period in 2024, with net profit for the period falling to €2.1m (2024 YTD: €10.4m).

Keep-the-faith… 2026 comeback 

The company continues to focus on operational efficiency while navigating delayed partner launches, increased gaming-related taxes, and a slower-than-expected ramp-up in newly regulated markets such as Brazil.

Despite a rocky Q3 and signs of troubles during the prior quarters, Kambi has expressed confidence in a return to form in the latter half of the year and going into 2026. To give the company credit, it secured multiple deals during both Q3 and Q4.

The most recent of these, a Europe and Latin America-focused deal with Romania-based Superbet, may give the firm a breath of fresh air in Brazil, where its new partner has a solid chunk of market share.

July also saw Kambi extent its deal with LeoVegas until 2027, providing a continuing commercial lifeline for the company over the coming years, while it has also been finding success in the US and earlier this month was chosen by Glitnor Group to support the Malta-based iGaming firm’s expansion into sports betting.

A trickier market  will be the Netherlands. Kambi seems to have been banking heavily there lately, with three deals signed this year with Betnation, Holland Gaming Technology and Hommerson.

The Dutch market stands at an impasse, however, with high taxes already cutting into operator revenues set to increase again to 37.5% next January. While the last elections lead to a more favourable political result for the industry than many expected, most Dutch political parties are still on board with an extensive package of gambling reform which could make life more difficult for Kambi’s clients there.

Regardless of future prospects, Kambi has had to take an assessment of its situation in 2025 and project earnings for the end of the year. Citing slower development than expected in Brazil and the pushing back of its launch with the Ontario Lottery Corporation until 2026, the firm now expects adjusted EBITDA to come in at around €17m.

Becher concluded: “With the busy sporting calendar upon us, we continue to focus on delivering an unbeatable product and service to our partners while building the foundations for long-term growth. 

“The recent commercial wins, ongoing improvements to our market-leading product, the opportunities that the PAM will create, as well as the continued progress of our efficiency programme are, together, evidence of the positive momentum we are building. 

“When coupled with the exciting opportunities we continue to pursue, I have growing confidence we will deliver sustainable growth and long-term returns for our shareholders.”