Kambi’s Q1 2025: €41.5M Revenue Dips, 7% Growth Underpins Strategy
Kambi Group’s Q1 2025 financials show a 4% revenue drop to €41.5 million, offset by a 7% underlying growth and new partnerships.
Financials Take a Hit
Kambi Group reported Q1 2025 revenue of €41.5 million, down 4% from €43.2 million in Q1 2024. “While revenue grew 7% when excluding the impact of transitions fees, our financial performance was below what should be expected,” said CEO Werner Becher.
Excluding €4.4 million in prior-year transition fees, revenue rose 7%, driven by a 4% operator turnover increase and a trading margin jump to 10.2% from 9%.
Operating profit fell 82% to €0.8 million, with a 2% margin, and adjusted EBITA dropped to €2.3 million from €5.8 million. A €1.2 million currency exchange loss, versus a €0.2 million gain last year, hurt results. “In Q1, we continued to build the foundations for long-term success,” Becher said.
Costs and Challenges
Total expenses rose 4% to €40.5 million, with a €1.2 million forex loss. Employee costs fell to €15 million from €16.2 million via a 2025 efficiency program, but data provider costs climbed to €5.2 million from €4.8 million, and other operating expenses hit €9 million, up from €8.3 million, due to Nevada licensing and hosting costs.
Becher noted regulatory headwinds, like Dutch deposit limits and higher gaming taxes.
Despite March Madness’ player-friendly outcomes, Kambi’s global network kept the trading margin solid at 10.2%.
“The operator trading margin was delivered despite an almost unprecedented run of player-friendly results in the March Madness basketball tournament,” Becher said.
Kambi secured a long-term deal with Ontario Lottery and Gaming Corporation, set to boost revenue from mid-2025. “This imminent partnership highlights the exciting potential of forging relationships with state-owned… operators,” Becher said.
A Nevada B2B sports betting license and a BetCity partnership extension further bolstered its footprint.
Abios signed a multi-year esports deal with Kindred Group, and Shape Games launched a Software Development Kit with Paf. “Our commitment to delivering best-in-class sports betting solutions remains unwavering,” Becher said.
Kambi’s Americas turnover grew 7%, making up 57% of total turnover, while Europe dipped 2%.
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