Kambi raises Q3 adjusted EBITA to €7.9m as revenue grows 23%

Kambi published its quarterly figures for Q3 2026 this week. Adjusted EBITA, which leaves out acquisition-related amortisation among other items, came to €7.9m. In the same quarter of 2025, that measure stood at €3m. Net profit reached €3.4m, compared with €1m a year before.

Kambi said the final matches of the football World Cup, new partners and favourable exchange rates contributed to growth. On a comparable basis, the stronger Colombian peso added €1.7m of revenue. Reported revenue growth was 23%, a figure that does not fully reflect the development of betting activity. The value of bets placed on the Kambi network rose 3%.

Revenue included €4.2m for more expensive World Cup data. Kambi passed these costs on to connected operators, so according to the company they had no effect on profit. Gross margin fell from 85.8% to 80.9%. The trading margin of the connected bookmakers was 11.9%, compared with 10.3% a year earlier. Kambi attributes this to results that favoured operators in the closing stage of the World Cup. In August and September, results had instead been more favourable to players.

Kambi now expects adjusted EBITA of about €26m for the whole of 2026. After the second quarter, the company had still assumed a range of €23m to €27m. For the fourth quarter, Kambi allows for negative effects from departing partners and changes in Brazil. The sportsbook supplier expects its costs for 2026 as a whole to stay roughly in line with 2025.

Kambi said 85% of bets on its network are now processed by its own AI system. After football, tennis, ice hockey and baseball, the system is being rolled out for basketball, American football and table tennis. A possible additional payment to external advisers is linked to this development. Kambi estimates the cost at a high single-digit million euro amount. The company has not made a provision, because according to Kambi the amount cannot yet be determined reliably. Recognition in the accounts is expected in 2027.

Ten bookmakers in total rely on Kambi's software for their sportsbook in the Netherlands. However, the Q3 report says nothing specific about the Dutch market.