Kambi Begins 2025 with Mixed Financials and Strategic Market Gains

Revenue Declines on One-Off Comparison, But Core Growth Remains

Kambi reported Q1 2025 revenue of €41.5 million, a 4% decline compared to the same period in 2024. However, when excluding €4.4 million in transition fees received in Q1 2024, underlying revenue actually rose by 7%.

Adjusted EBITA stood at €2.3 million, down from €5.8 million a year ago. The EBITA margin decreased to 5.6%, compared to 13.3% in Q1 2024. Excluding foreign exchange revaluation effects, adjusted EBITA reached €3.5 million.

Total expenses increased by 4% to €40.5 million, which included a €1.2 million FX revaluation loss. This contrasts with a €0.2 million gain in Q1 2024. Operating profit dropped to €0.8 million, representing a 2.0% margin, down from 10.2% in the prior year. Earnings per share decreased to €0.027 from €0.107.

Strong Progress in Regulated Markets

The quarter saw Kambi make notable progress in market access and regulatory approvals. In Canada, the group was chosen as the long-term sports betting partner of the Ontario Lottery and Gaming Corporation.

Kambi also launched on the first day of operations in Brazil’s newly regulated market, going live with multiple operators including Stake, BetMGM, BetWarrior, KTO, and Rei do Pitaco. The company extended its long-term agreement with Dutch operator BetCity and received licensing approval to operate in Nevada, a milestone that reflects compliance with one of the most stringent regulatory environments in the U.S.

CEO Commentary on Performance

CEO Kristian Nylén acknowledged both the operational progress and the gap between expected and actual financial results:

“In Q1, we continued to build the foundations for long-term success, furthering our mission to develop a stronger, more resilient Kambi. While revenue grew 7% when excluding the impact of transitions fees, our financial performance was below what should be expected of a company of Kambi’s standing and far from the future level I aspire to.”