Kambi Group PLC reported fourth-quarter and full-year 2025 financials that broadly matched revenue forecasts but showed muted profitability on a reported basis once foreign exchange revaluations were included.
For the fourth quarter, the sports betting platform provider posted revenue of €42.7 million, a 4% decline from the year-ago quarter and effectively in line with consensus, which stood at €42.9 million. Reported underlying EBITA for the quarter fell 14% to €6.2 million. That reported EBITA came in 15% below consensus, although management noted that when foreign exchange revaluations are excluded the underlying EBITA was 2% ahead of expectations.
Looking at the full fiscal year 2025, Kambi recorded revenues of €162.0 million, down 8% from the prior year and matching both market consensus and the companys own guidance. Full-year underlying EBITA declined 39% to €15.6 million. On a reported basis, that result was 8% below consensus; excluding FX effects, however, the full-year EBITA was 4% ahead of consensus.
Management issued guidance for fiscal 2026 that frames underlying EBITA excluding foreign exchange revaluations in a €20-25 million range. The company said the upper end of that range would be achievable if a proposed sports betting tax in Colombia is not implemented. Kambi noted that this guidance range includes the current consensus estimate of €24 million. The company also indicated it expects total operating expenses to remain broadly flat, with planned efficiency measures intended to offset inflationary pressures.
Operationally, Kambi pointed to continued commercial activity, disclosing 15 commercial agreements signed since the start of the fourth quarter. Of those, five turnkey sportsbook partnerships were signed during the fourth quarter and two further turnkey deals were completed in the first quarter of fiscal 2026. The company also reported a launch in Ontario in January.
On the technology side, Kambi said its AI-powered pricing and trading capability now accounts for nearly half of all bets handled by the platform. The company added that World Cup football will be traded entirely using its AI systems.
From a capital allocation perspective, Kambi completed €25.8 million of share buybacks during fiscal 2025 and finished the period with €32.9 million in net cash. The company provided timing expectations for customer migrations, noting that the migration of FDJ is expected to be complete by the end of fiscal 2026 while the migration of LeoVegas is expected to conclude by the end of fiscal 2027.
These results and forward guidance present a mixed picture: revenue trajectories that are in line with expectations, reported profitability compressed by FX revaluations, and a guidance range that incorporates conditional factors such as proposed tax changes in Colombia. Managements emphasis on efficiency programmes and AI-driven trading adoption point to areas it expects to drive performance going forward.