Kambi Group (KAMBI) released its Q4 2025 results today, presenting a complex narrative of operational efficiency gains set against a backdrop of declining top-line revenue.
While the company successfully beat EBITA forecasts, it continues to navigate a difficult transition period following the loss of several high-profile partners.
Financial Performance and Efficiency Gains
Kambi reported Q4 revenue of €42.7 million, narrowly missing the €42.9 million consensus. However, the company delivered a significant surprise on the profit side, generating €7.3 million in adjusted EBITA—an 17.7% beat over forecasts. This improvement suggests that Kambi’s aggressive cost-cutting measures and efficiency initiatives are beginning to yield tangible results, even as the broader revenue stream remains under pressure from FX headwinds and regulatory delays in Brazil.
Commercial Momentum and Odds Feed+
Despite the revenue dip, the quarter was marked by a “flurry of commercial activity”. Kambi secured 15 new partnerships since the beginning of Q4, most notably the transition of the Ontario Lottery (OLG) sportsbook. The company is also seeing strong traction for its “Odds Feed+” product, which has been adopted by Tier 1 operators like Hard Rock and LeoVegas.
CEO Werner Becher highlighted the impact of these new deals:
“On the 27th of January, we transitioned this full contract with OLG, taking on responsibility for the sportsbook… a major undertaking, and that’s a fantastic achievement by everyone involved.”
Strategic Outlook for 2026
As Kambi enters 2026, management expects modular products, interchangeable software components that allow operators to customize their platforms, to become a more substantial part of the business. Becher projected that this segment could account for 10% to 15% of total revenue within the year.
While investors remain cautious, leading to a slight dip in the stock price following the report, the jump in adjusted EBITA provides a foundation of stability for the upcoming fiscal year.
