Financial highlights

Revenue in the fourth quarter 2025 was €42.7m (44.5m), a decrease of 3.9%. Excluding €1.3m of transition fees received in Q4 2024, revenues decreased by 1.1%. For the period January to December 2025, revenues were €162.0m (176.4m), a decrease of 8.2%. Excluding €12.5m of transition fees received in the same period in 2024, revenues decreased by 1.2%.
Adjusted EBITA (acq) in the quarter was €6.2m (7.1m) at a margin of 14.4% (16.0%), and €7.4m (6.3m) excluding the impact of FX revaluations. For the period January to December 2025, Adjusted EBITA (acq) was €15.5m (25.3m) at a margin of 9.6% (14.3%), and €17.6m (25.4m) excluding the impact of FX revaluations.
Total expenses were €37.9m (38.5m) in the quarter, a decrease of 1.7%. For the period January to December 2025, total expenses were €151.8m (156.3m), a decrease of 2.9%.
Operating profit for the fourth quarter was €4.1m (4.6m), at a margin of 9.6% (10.4%) and €8.1m (18.8m), at a margin of 5.0% (10.6%) for the period January to December 2025.
Cash flow (excluding working capital, M&A and financing activities) amounted to €6.0m (6.7m) for the quarter and €21.2m (25.9m) for the period January to December 2025.
Earnings per share for the quarter were €0.174 (0.170) and €0.240 (0.515) for full year 2025.
Kambi estimates Adjusted EBITA (acq) to be in the range of €20 - 25m for 2026, with the expectation being towards the upper end of the range if there is no introduction of a new tax on sports betting in Colombia. (see page 6).

Kambi