Kambi just released its Q1 2025 results. The numbers are slightly down, but momentum is building. The company says it’s laying solid ground for future growth, driven by new partnerships and a stronger international footprint. The Kambi Q1 2025 results reflect these trends.

  • Revenue for the quarter was €41.5 million, down 4% from Q1 2024. But when excluding last year’s €4.4 million in transition fees, revenue actually rose 7%. This shows underlying growth despite headline decline.

  • Adjusted EBITA came in at €2.3 million with a 5.6% margin, lower than last year’s 13.3%. Excluding FX losses, EBITA improved to €3.5 million, suggesting more stable operational performance.

  • Total expenses grew 4% to €40.5 million, mainly due to a €1.2 million FX revaluation loss. Last year the company had a small FX gain instead, which had positively affected results.

  • Operating profit was €0.8 million, compared to €4.4 million last year. The margin was 2.0%, reflecting short-term impacts including FX and lower March Madness sportsbook margins.

  • Cash flow (excluding working capital and M&A) improved to €7.7 million from €5.4 million. This points to a stronger financial base despite profit pressures.

  • Kambi Q1 2025 results also highlight key deals: becoming long-term partner to Ontario Lottery and Gaming Corporation and launching operations in Brazil. Partners now include Stake, BetMGM, and KTO.

  • Partner diversification is a core strategy, with revenue from the top three partners down to 39% in 2024 from 45% in 2023. This trend continued in Q1, as new deals expand the customer base.

  • The company secured Nevada licensing, strengthening its compliance track record. This is expected to support more B2B sportsbook contracts across regulated U.S. markets.

  • “Our growing global network reduces our exposure to player-friendly outcomes,” said CEO Werner Becher, referring to low margins during March Madness.

  • Kambi remains focused on becoming the trusted partner for state and monopoly operators, such as ATG and Svenska Spel. These partnerships are seen as more stable in a consolidating market.