Financial highlights

• Revenue in the second quarter totalled €40.5m (45.7m), a decrease of 11.5%. Excluding the €4.5m of transition fees received in Q2 2024, revenues decreased by 2.0%. For the first half of 2025 revenues were €81.9m (88.9m), a decrease of 7.9%. Excluding €8.9m of transition fees received in H1 2024, revenues increased by 2.3%.
• Adjusted EBITA (acq) in the quarter was €3.7m (7.5m), at a margin of 9.2% (16.4%). For the first half of 2025, adjusted EBITA (acq) was €6.0m (13.3m), at a margin of 7.4% (14.9%), and €7.2m (13.3m) excluding the impact of FX revaluations, almost entirely from the first quarter 2025.
• Total expenses were €38.1m (39.6m) in the quarter, a decrease of 3.8%. For the first half of 2025, total expenses were €78.6m (78.4m) including an FX revaluation loss of €1.2m (0.01m).
• Operating profit was €1.6m (6.2m), at a margin of 4.0% (13.5%) for the second quarter and €2.4m (10.6m), at a margin of 2.9% (11.9%) for the first half of 2025.
• Cash flow (excluding working capital and M&A) amounted to €1.3m (8.1m) for the quarter and €9.0m (13.5m) for the first half of 2025.
• Earnings per share for the second quarter of 2025 were €0.009 (0.155) and €0.036 (0.260) for the first half of 2025.

Key operational highlights

• Agreed two-year Turnkey Sportsbook extension and new Odds Feed+ agreement with LeoVegas Group.
• Signed Turnkey Sportsbook partnership with RedCap in Latin America, continuing Kambi’s expansion in the region.
• Following Kambi’s EGM, the Board initiated two consecutive share buyback programmes with a total value of SEK 165m (€15m) which will run until 21 November 2025. This is Kambi’s largest share buyback to date.

CEO comment
“Q2 2025 proved to be a quarter that reflected both the resilience of our business and the evolving dynamics of our industry. While results were in line with our expectations, they came against a backdrop of challenging market conditions and tough comparisons with Q2 2024.

Last year’s quarter benefited from the uplift of the Euros and Copa América and included the last full quarter of transition fees from Penn Entertainment. Meanwhile, challenging dynamics include foreign exchange movements and regulatory and tax headwinds, such as deposit limits in the Netherlands and Colombia’s VAT, which continue to affect performance.

Operator trading margin was 11.5% for the quarter, above our long-term expected range of 9.5–11.0%, as we continued to see strong engagement with our market-leading Bet Builder, which is a higher margin, lower staking product. Despite these impacts, Q2 was a period of solid operational progress across various areas of the business. Additionally, the continuation of our 2025 efficiency programme can now start to be seen in our cost base and will continue to drive increased leverage throughout the year.

From a commercial perspective, we were delighted to extend our partnership with LeoVegas Group through a new two-year Turnkey Sportsbook agreement. We also expanded this relationship through an Odds Feed+ deal, with LeoVegas becoming our fourth partner since launching the product in Q3 2024. While Turnkey partner churn is an inevitable part of the business, it is encouraging to see our product portfolio evolving in ways that now enable us to retain partners through our more extensive product offering.

We continue to diversify our revenue base, illustrated not only by the Odds Feed+ deal but the recent Turnkey Sportsbook signing of RedCap in Latin America, expanding our reach in the region. RedCap will initially launch its Betpro and Starplay brands online in Panama and El Salvador, with scope to expand into retail and additional markets in the future. RedCap will be transitioning from a competing supplier, underlining our position as the home of premium sports betting solutions.

Our esports betting product, powered by our Abios division, is also becoming an increasingly important part of our product offering. Esports via the Turnkey continues to grow in popularity and in Q2 was the fifth largest ‘sport’ across the global network based on turnover. We believe we have a leading esports product, one that’s not only proving its worth on the Turnkey but is fast becoming a unique selling point for our Odds Feed+ product, with few operators possessing this capability in-house.

While the first half of the year played out broadly as expected, I want to reiterate that I am not satisfied with where we are at today, with my ambition for the business being far greater. Looking ahead to the rest of the year, the external environment will continue to pose challenges, but I remain optimistic that we can increasingly deliver value for our partners, expand our partner network, strengthen our product portfolio and position the business for long-term, sustainable growth.”

Invitation to presentation of the report
Kambi invites analysts, investors, and media to a presentation of the report at 10.00 CEST on Wednesday 23 July.
The presentation will be held in English by Kambi’s CEO Werner Becher and CFO David Kenyon and can be accessed using the links below. After the presentation there will be the opportunity to ask questions.