Kambi Group released second-quarter 2025 results, showcasing a business adapting to industry headwinds while advancing strategic growth initiatives, particularly in Latin America and esports. The company reported €40.5 million in revenue for the quarter, marking an 11.5% year-on-year decline. Excluding €4.5 million in transition fees from Q2 2024, the year-on-year decrease narrows to just 2%.
CEO Werner Becher acknowledged both progress and pressure in the company’s performance, stating: “Q2 2025 proved to be a quarter that reflected both the resilience of our business and the evolving dynamics of our industry.”
Financial Overview: Impact of Transition Fees and FX Pressures
Adjusted EBITA came in at €3.7 million, representing a 9.2% margin—down from 16.4% a year earlier. For the first half of the year, EBITA reached €6.0 million. Total quarterly expenses fell 3.8% to €38.1 million, though this included FX-related losses, which affected performance more heavily in Q1.
Operating profit dropped to €1.6 million from €6.2 million, and cash flow (excluding working capital and M&A) declined to €1.3 million from €8.1 million. Earnings per share dipped to €0.009 in Q2, compared to €0.155 the previous year.
Despite regulatory challenges like Colombia’s VAT and Dutch deposit limits, Becher said Kambi’s operator trading margin remained strong at 11.5%, surpassing the company’s expected long-term range of 9.5–11.0%.
Strengthening Partnerships and Expanding Reach
Key developments during the quarter included a two-year extension of Kambi’s Turnkey Sportsbook and agreement with LeoVegas Group, alongside a new Odds Feed+ deal. This made LeoVegas the fourth partner to adopt the product since its Q3 2024 launch.
In Latin America, Kambi signed a Turnkey Sportsbook partnership with RedCap, a deal that will see the Betpro and Starplay brands launch online in Panama and El Salvador. Becher highlighted that RedCap’s switch from a rival provider underscored Kambi’s appeal: “RedCap will be transitioning from a competing supplier, underlining our position as the home of premium sports betting solutions.”
Esports Betting Gains Traction
The company’s esports betting offering—powered by its Abios division—has grown notably. During Q2, esports ranked as the fifth most popular “sport” by turnover across Kambi’s global network. Becher emphasized its rising importance: “We believe we have a leading esports product… fast becoming a unique selling point for our Odds Feed+ product.”
Share Buybacks and Future Outlook
Following an Extraordinary General Meeting, Kambi launched two consecutive share buyback programmes totaling SEK 165 million (€15 million), the largest in the company’s history. These will run through November 2025.
Despite expressing some dissatisfaction with current performance levels, Becher remained confident: “Looking ahead to the rest of the year, the external environment will continue to pose challenges, but I remain optimistic that we can increasingly deliver value for our partners… and position the business for long-term, sustainable growth.”
Source:
“Kambi published its Q2 2025 Report”, linkedin.com, Jul 23, 2025
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