Kambi raises lower end of 2026 profit guidance to about €26 million
Key Facts
Kambi raised its 2026 guidance for adjusted operating profit, measured by adjusted EBITA (acq), to about €26 million, from a range of €23 million to €27 million, as third-quarter revenue grew 23% to €46.0 million, the company said in its report. The update narrows the previous estimate around a level above its lower end, while results showed a sharp increase in adjusted profit during the quarter. Adjusted EBITA (acq) was about €7.9 million, compared with €3.0 million in the same period a year earlier. The margin on this measure rose to 17.3% from 8.2%. The company said its operator trading margin was 11.9%, its second-strongest quarterly margin on record, despite less favorable sports results in August and September.
Kambi's revenue for the first nine months of the year was €135.4 million, up 13.5% from €119.3 million in the corresponding period. In the third quarter alone, revenue rose to €46.0 million from €37.4 million. Gross profit increased 16% to €37.2 million, from €32.1 million a year earlier. But the gross profit margin fell to 80.9% from 85.8%. The chief financial officer said the cost of World Cup data, despite being passed on in full to partners, made gross profit the most important metric for that quarter.
Operating expenses were €29.2 million in the quarter, up just 0.7% from €29.0 million a year earlier, while operating profit rose to €5.1 million from €1.6 million. The chief financial officer attributed the improvement in profitability to operating leverage as revenue grew and the cost base remained disciplined. Across January to September, adjusted EBITA (acq) increased 106% to €21.2 million, compared with €10.3 million. Its margin was 15.7%, against 8.6% in the corresponding period. Operating profit for the period also rose to €15.2 million from €4.0 million, and its margin reached 11.2% from 3.4%.
Earnings per share rose to €0.128 in the third quarter, compared with €0.036 a year earlier, and reached €0.341 in the first nine months, versus €0.072 in the corresponding period. Cash flow, excluding working capital, mergers and acquisitions, and financing, was €6.6 million in the quarter, compared with €6.1 million. From January to September, cash flow on the same measure reached €15.4 million, compared with €15.2 million. The chief financial officer said the currency impact included a €1.7 million increase in the value of revenue linked to Colombia, as the peso strengthened against the euro. The company also repurchased more than €5 million of shares in the quarter, bringing total buybacks since the start of the year to more than €13 million.
The company said operator trading volumes rose 3% year on year, which the chief financial officer linked to new customer launches, the stronger Colombian peso and the World Cup, as well as the impact of some market transitions. The tournament boosted customer engagement and gave the period a strong start, including a final the chief executive described as record-breaking. But sports results in August and September were less favorable for the company, he said. Even so, the operator trading margin for the full quarter was 11.9%, Kambi's second-strongest quarterly level on record. The chief executive said the margin “remained our second-strongest quarterly margin ever at 11.9%.”
In Brazil, Kambi said the market accounted for a low single-digit share of its 2026 revenue. It warned that a decision to ban online gambling could remove long-term growth opportunities in the market. Meanwhile, the company expanded its partner network with turnkey sports betting agreements with Pure Casino Entertainment and QuinnBet, and an odds feed partnership with RETABET. It also supported several operator launches in Alberta following regulation of the market. The company also announced a 10-year multichannel agreement with Station Casinos in Nevada, with a launch expected during regulatory testing in the following weeks ahead of a statewide rollout.
Kambi said 85% of bets across its network are managed by its AI trading system. Of its live bets handled by the system, 59% are accepted without live delay, the company said. It added that Abios, Shape Games and Tzeract are now fully integrated under its brand and new internal structure. Looking ahead, the chief financial officer said a busier sports calendar in the fourth quarter could support trading volume growth. But he expected a trading margin of 11% for the remainder of the year, slightly below the third-quarter margin. The company invited analysts, investors and media to a presentation of its results on 4 November 2026 at 10:00 Central European Time, with questions to follow.