Kambi’s second-quarter results are in, and the numbers reflect both expected shifts and ongoing market challenges. The Kambi Q2 2025 results came in slightly softer, with CEO Werner Becher pointing to last year’s one-off gains and industry headwinds. Still, there was progress in operations and product development.

  • Q2 revenue came in at €40.5m, down 11.5% year-on-year. But if you strip out the €4.5m in transition fees from Q2 2024, the actual revenue drop was just 2%. First-half revenue totalled €81.9m, also showing a 2.3% increase when adjusted for transition fees.

  • Adjusted EBITA for the quarter hit €3.7m with a 9.2% margin, compared to €7.5m and 16.4% last year. For the first six months of 2025, EBITA reached €6.0m—€7.2m when FX effects are excluded. Kambi says cost controls from its efficiency programme are beginning to show results.

  • Total expenses dipped 3.8% to €38.1m in Q2. Over the half-year, expenses reached €78.6m, including a €1.2m FX revaluation loss. That compares with just €0.01m in FX losses last year.

  • Operating profit was €1.6m for the quarter, down from €6.2m. That puts the operating margin at 4.0%, versus 13.5% in Q2 2024. For the half-year, operating profit stood at €2.4m with a 2.9% margin.

  • Cash flow (excluding M&A and working capital) slowed to €1.3m from €8.1m in Q2 last year. First-half cash flow came in at €9.0m, down from €13.5m. Kambi attributed the dip to timing effects and transitional factors.

  • EPS for Q2 dropped to €0.009 from €0.155. The figure for the first half was €0.036, compared to €0.260 last year. Profitability took a hit from lower one-off fees and currency effects.

  • On the commercial side, Kambi renewed its partnership with LeoVegas for another two years. The deal includes both the Turnkey Sportsbook and the newer Odds Feed+ product. LeoVegas becomes the fourth client using Odds Feed+ since it launched last year.

  • Growth in Latin America continues with a new deal signed with RedCap. RedCap will roll out its Betpro and Starplay brands in Panama and El Salvador to start. Kambi said RedCap is switching from a rival provider, highlighting confidence in its offering.

  • Kambi launched two back-to-back share buyback programmes worth SEK 165m (€15m). Running until 21 November, the move marks its largest share repurchase to date. The company said this reflects its commitment to long-term value creation.

  • Esports is gaining momentum, with Abios-powered betting climbing into Kambi’s top five products by turnover. It’s now one of the standout features within both the Turnkey and Odds Feed+ products. “We believe we have a leading esports product,” said Becher.

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