Kambi Group reported third-quarter 2026 revenue of €46m, up 23% from €37.4m in the same period of 2025, with adjusted EBITA (acq) rising 161% to €7.9m and the corresponding margin widening from 8.2% to 17.3%. The supplier also updated its full-year adjusted EBITA guidance to approximately €26m, against a previously indicated range of €23–27m.
Operating profit climbed from €1.6m to €5.1m, lifting the operating margin to 11.1% from 4.3% a year earlier. Operating costs were broadly flat at €29.2m, leaving the bulk of the revenue increase to fall through to the bottom line.
Gross profit rose 16% to €37.2m, although the gross margin declined from 85.8% to 80.9%. According to Kambi’s quarterly report, revenue in the period included €4.2m of higher World Cup data costs recharged to operators, a component that reduced the percentage gross margin without affecting profitability.
Earnings per share increased from €0.036 to €0.128. Cash flow excluding working capital, acquisition operations and financing activities was €6.6m, compared with €6.1m a year earlier.
Over the first nine months, revenue reached €135.4m, up 13.5%, with adjusted EBITA of €21.2m, a 106% increase, and operating profit of €15.2m against €4m in the same period of 2025.
The report also notes that the definition of adjusted EBITA (acq) has been updated to exclude the effects of currency revaluations, with comparative figures presented by the group on the updated basis.
Trading margin second-highest on record
“Kambi continued its positive trajectory in the third quarter, supported by solid financial results, the acquisition of new partners and further strategic progress,” said chief executive Werner Becher. He said adjusted EBITA more than doubled to €7.9m, a result reflecting “the strength of our diversified business model, continued cost discipline and favourable currency movements”.
Becher said the closing stages of the football World Cup, including a record-breaking final, generated high engagement across the network and contributed to a strong start to the quarter. August and September brought less favourable sporting results, he added, but the operator trading margin for the full quarter was still the second highest ever recorded on a quarterly basis, at 11.9%.
Partner wins across North America and Europe
Commercially, Kambi agreed a ten-year partnership with Station Casinos covering omni-channel sportsbook and the player account management (PAM) platform. According to the chief executive, the launch of the Turnkey Sportsbook and PAM solutions is expected in the following weeks via the field trial required by Nevada regulation, before the offering is extended in the state.
The group also announced Turnkey Sportsbook deals with Pure Casino Entertainment and QuinnBet, as well as an Odds Feed+ partnership with RETABET, and supported the launch of multiple operators in Alberta’s newly regulated online market.
AI trading and brand integration
Becher said 85% of network bets are currently handled through Kambi’s AI system, and that 59% of all live bets managed by the AI are now accepted without delay, which he said will lead to millions of additional live bets each year. AI-based trading is being extended to basketball, American football and table tennis, following football, tennis, ice hockey and baseball.
Kambi also completed the integration of Abios, Shape Games and Tzeract under the Kambi brand and within a new organisational structure.
On Brazil, Becher said the market represented a low percentage of Kambi’s 2026 revenue given the group’s geographic footprint, though he noted that Brazil’s decision to ban online gaming could remove the market’s long-term growth potential.
Supported by the strength of the network, proven technology and a clear strategic direction, Becher said he believes the company is well positioned to generate sustainable long-term value for partners and shareholders.
This article was produced with AI assistance and reviewed under the GamblingZine editorial verification process.
Sources
- Kambi, ricavi a 46 milioni nel terzo trimestre 2026: +23%. Becher: “L’EBITA rettificato è più che raddoppiato” — Independent reporting (published 2026-11-04)
Reporting verified against the sources above; retrieval timestamps are preserved in the editorial record.