Kambi Updates Full-Year Earnings Estimate After Third-Quarter Revenue Grows 23%
Key Facts
Kambi updated its full-year adjusted operating profit estimate after third-quarter revenue rose 23% year over year to €46.0 million, according to the company’s report. The announcement accompanied results showing improved adjusted operating profit and operating profit compared with the same period a year earlier. The CEO said the estimate was revised after the quarter’s performance, despite disappointing regulatory changes in Brazil. He pointed to the strength of the business model, cost discipline and favorable exchange-rate movements. The update resets the company’s annual estimate, while quarterly figures show growth in revenue and profitability.
Kambi revenue from January to September totaled €135.4 million, up 13.5% from the corresponding period. For the quarter, adjusted operating profit rose 161% to €7.9 million. Its margin reached 17.3%, compared with 8.2% in the year-earlier quarter. Operating profit was €5.1 million, with a margin of 11.1%, compared with €1.6 million and a margin of 4.3% in the same period a year earlier. The results show improved quarterly revenue and operating profit, alongside a higher adjusted margin.
In the first nine months of the year, adjusted operating profit rose 106% to €21.2 million, from €10.3 million in the corresponding period. Its margin was 15.7%, compared with 8.6% previously. Cash flow, excluding working capital, mergers and acquisitions, and financing, was €6.6 million for the quarter, compared with €6.1 million in the year-earlier period. The figures reflect improved adjusted earnings over the period, with a limited increase in cash flow under the measure cited by the company. The CEO said performance came despite regulatory changes in Brazil, adding that cost discipline and favorable currency movements contributed to the operating picture.
The CEO linked the latter stages of the quarter’s performance to the World Cup, including a final he described as record-breaking, and said the tournament lifted customer engagement and contributed to a strong start to the period. He added that sports results in August and September were less favorable for the company. Even so, the operator trading margin for the quarter was 11.9%, Kambi’s second-strongest quarterly margin in its history, he said. The performance combined an early boost from the tournament with sports results that were less supportive for the rest of the quarter. The CEO said the full-quarter margin "remained our second-strongest quarterly margin ever at 11.9%."
In Brazil, Kambi said the market represents a low single-digit share of its revenue for the year, but warned that a decision to ban online gambling could remove long-term growth opportunities there. The CEO described the regulatory changes as disappointing, pointing to one of the factors that accompanied the annual estimate update. Meanwhile, the company continued to expand its partner network through turnkey sports betting agreements with Pure Casino Entertainment and QuinnBet. It also announced an odds feed services partnership with RETABET. The company said its partners supported several operator launches in Alberta’s regulated online betting market, strengthening its presence in North America.
On technology, the company said 85% of bets across its network are managed by its AI-powered trading system. It said 59% of live bets traded by the system are accepted without live delay. The development was part of Kambi’s presentation of its platform capabilities, alongside the expansion of its partner network. It also announced a 10-year omnichannel agreement with Station Casinos in Nevada. The company said launch through the state’s regulatory testing is expected in the following weeks, followed by a full statewide rollout.
Kambi said Abios, Shape Games and Tzeract are now fully integrated under its brand and new internal structure, as part of efforts to make its operations more agile. The company is scheduled to present its third-quarter results to analysts, investors and the media on 4 November 2026 at 10.00 Central European Time, with questions to follow the presentation. The event comes after the publication of the quarterly results and annual estimate update. The presentation will allow management to provide further details on performance and outlook, according to the company. Regulatory changes in Brazil remain among the factors the company cited in explaining the update.