Key points:
- Kambi’s Q1 2024 revenue falls 4% year-on-year to €41.5m
- Expenses rose by 4%, with the company securing multiple licences in the Americas during the quarter
- Operating profits have fallen notably to a figure of €0.8m from the €4.4m posted in Q1 2024
Kambi Group has posted its full financial results from the first quarter of 2025, highlighting a 4% year-on-year decrease in revenue to a total of €41.5m ($47.2m).
It was decreases across the board for Kambi during Q1, with adjusted EBITDA falling to €2.3m from the €5.8m posted during the year prior – paired with an EBITDA margin of 5.6%. Further, the company's operating profit also fell year-on-year by a notable 138.5%, settling at €0.8m.
Q1 2025 results
Indeed, the supplier’s profit plummet has come paired with a marginal increase in operating expenses, which rose by 4% in comparison to last year’s initial quarter to a total figure of €40.5m. Operating profit margin settled at 2%, while cash flow increased to €7.7m from the €5.4m posted in Q1 2024.
Per share, Kambi’s earnings for the quarter totaled €0.027, down from the €0.107 posted last year. Additionally, Kambi’s revenue figure of €41.5 represents a slight drop quarter-on-quarter from the €44.5m posted during Q4 2024. These latest results also fall a matter of weeks before the company’s 2025 AGM, which is set for 19 May.
Q1 2025 highlights
Kambi initiated a phase of expansion during the initial quarter of the calendar year this year, securing a licence from the Nevada Gaming Commission for the provision of its sportsbook technology in the state in January. Following on from this, the supplier also announced the extension of its BetCity partnership following the latter’s acquisition by Entain.
Further, alongside also securing licensure in the newly regulated Brazilian sports betting market early in the year, Kambi was also selected by the Ontario Lottery and Gaming Corporation (OLG) to take over from FDJ as the organisation’s new long-term sports betting partner.
Good to know: Last July, Kambi appointed Werner Becher as its new CEO, a move followed by the swift retraction of the company’s financial targets
CEOs comments
Speaking on these latest results, Becher stated: “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.
“The operator trading margin was delivered despite an almost unprecedented run of player-friendly results in the March Madness basketball tournament. March Madness is one of the largest sporting events in the US and is consistently among the most popular betting events of the year at Kambi.
“This year saw the top seeds in each region advance to the Final Four, only the second time in history this has happened. These results, which will have been felt by US-facing sportsbooks, resulted in Kambi posting a low single-digit margin for March Madness. However, our growing global network reduces our exposure to such player-friendly outcomes, leading to an operator trading margin of 10.2% for the quarter.”
