"Our Q1 2026 results represent a strong start to the year and underscore the increasingly positive trajectory the business is now on" - says Werner Becher, CEO of Kambi Group
Financial highlights
- Revenue in the first quarter of 2026 totalled €43.5m (41.5m), an increase of 4.9%
- Adjusted EBITA (acq) increased 63.5% in Q1 2026 to €5.7m (3.5m1) at a margin of 13.0% (8.4%)
- Operating expenses were €31.9m (32.6m), a decrease of 2.1%
- Total expenses were €39.2m (39.3m2), a decrease of 0.4%
- Operating profit was €4.2m (0.8m), at a margin of 9.7% (2.0%)
- Cash flow (excluding working capital, M&A and financing activities) amounted to €7.3m (7.7m)
- Earnings per share for the first quarter were €0.086 (0.027)
Key operational highlights
- Selected by Atlantic Lottery Corporation and British Columbia Lottery Corporation to power multi-province Canadian sportsbook solution covering seven of Canada's 10 provinces
- Agreed a long-term Turnkey Sportsbook partnership with Pari Mutuel Urbain (PMU) and completed the launch of its new online sportsbook, marking Kambi's entry into the regulated French market
- Completed several key partner launches including Ontario Lottery and Gaming Corporation as well as new partners LCKY Group in Sweden and Pickwin in Mexico
- Continued positive Odds Feed+ momentum through a multi-year agreement with ComeOn Group, expanded content delivery to Hard Rock Bet Sportsbook and launches with Coolbet and LeoVegas
1 The definition of adjusted EBITA (acq) has been updated to exclude the impact of foreign exchange revaluations (a gain of €0.1m in Q1 2026 and a loss of €1.2m in Q1 2025). Further detail can be found in the report on page 8, 16 and 17.
"I am pleased to present our Q1 2026 results, which mark a strong start to the year and underscore the increasingly positive trajectory the business is now on. During the quarter, we delivered improved financial performance alongside continued commercial momentum. Revenue in the quarter increased by 5% year-on-year to €43.5m, while adjusted EBITA (acq) increased by 64% over the same period to €5.7m, reflecting increased operating leverage in the business.
Our strengthening financial and commercial position supports our guidance of a full-year adjusted EBITA (acq) range of €20 - 25m. This outlook now reflects the impact of the newly introduced sports betting tax in Colombia, which replaced the temporary VAT levy withdrawn in February. Although the new tax is expected to result in an approximate €4m revenue reduction in 2026, we remain confident in our ability to deliver adjusted EBITA (acq) within our stated guidance range.
Today, we announced a significant partnership with Atlantic Lottery Corporation and British Columbia Lottery Corporation, which will soon see Kambi provide our online and retail Turnkey Sportsbook across seven provinces in Canada. This follows a thorough tender process where our capability, experience and probity made us the standout choice to supply a new nationwide sports betting solution. When coupled with our existing partnership with Ontario Lottery & Gaming Corporation, Kambi will be powering the sportsbooks for lotteries in eight of the 10 provinces in Canada.
This exciting news comes shortly after announcing a long-term partnership agreement with PMU, one of France's most established and recognisable betting brands. PMU has now launched its new betting app, integrating the Kambi sportsbook alongside its racing product for the first time to drive meaningful cross-sell opportunities. This launch represents Kambi's entry into the regulated French sports betting market, and I am optimistic about supporting PMU's ambition to grow market share in one of Europe's largest betting markets. The PMU agreement, along with our expansion in Canada, illustrates Kambi's growing relevance among leading national and institutional operators.
In addition, we secured several other important agreements during Q1, including Turnkey Sportsbook deals with tribal operator 4 Bears Casino and Lodge in North Dakota and SuomiVeto in Finland, and a multi-jurisdictional Odds Feed+ agreement with ComeOn Group.
We continued to deepen existing partnerships during the quarter. Notably, we expanded content access for Odds Feed+ partner Hard Rock Bet Sportsbook, providing pricing for major events such as the Winter Olympics and March Madness, as well as a broader range of outright markets across key US sports. This builds on a partnership that already includes access to our full tennis offering and a wide selection of tier-one domestic football leagues.
Operationally, we are working closely with partners ahead of the upcoming FIFA World Cup, rolling out a series of product enhancements across front end, rewards, offering expansion and trading. These improvements are designed not only for the tournament itself, but to deliver lasting value well beyond it. At the same time, we continue to expand our AI-driven trading capabilities. Following early-stage rollouts across tennis and basketball, more than 60% of Q1 bets were priced and traded by AI, a proportion that is set to increase further following the recent expansion into ATP tennis.
While external challenges remain, we have started the year on the front foot. Kambi continues to offer market-leading turnkey and odds feed products, we are progressing on efficiency and productivity initiatives, and we are entering the busiest period of the global sports calendar with confidence. Against this backdrop, I believe the broader outlook for the business remains bright and I am encouraged by the opportunities ahead."
Invitation to presentation of the report
Kambi invites analysts, investors, and media to a presentation of the report at 10.00 CEST on Wednesday 29 April 2026. The presentation will be held in English by Kambi's CEO Werner Becher and CFO David Kenyon and can be accessed using the links below. After the presentation there will be the opportunity to ask questions.
Webcast:
If you wish to participate via webcast please use the link below. Via the webcast you are able to ask written questions.
https://edge.media-server.com/mmc/p/yx4gz76h
Teleconference:
If you wish to participate via teleconference please register on the link below. After registration you will be provided phone numbers and a conference ID to access the conference. You can ask questions verbally via the teleconference.
https://register-conf.media-server.com/register/BI46da7b0b1386486aa852a2f374e22b0e
For further information, please contact:
Mattias Frithiof
SVP Investor Relations & Sustainability
Mattias.Frithiof@kambi.com
Mobile: +46 73-599 45 77
About Kambi
Kambi Group is the home of premium sports betting services for licensed B2C gaming operators. Kambi's portfolio of market-leading products include Turnkey Sportsbook, Odds Feed+, Managed Trading, Bet Builder, Esports, Front End and Sportsbook Platform. Kambi Group also operates esports data and odds supplier Abios, front end technology experts Shape Games and cutting-edge AI trading division Tzeract. Kambi Group's partners include ATG, Bally's Corporation, Corredor Empresarial, Kindred Group, LeoVegas, LiveScore, Rush Street Interactive and Svenska Spel. Kambi Group employs more than 1,000 staff across offices in Malta (headquarters), Australia, Denmark, Philippines, Romania, Sweden, the UK and the United States.
Kambi utilises a best of breed security approach and is ISO 27001 and eCOGRA certified. Kambi Group plc is listed on Nasdaq First North Growth Market under the symbol "KAMBI".
The Company's Certified Advisor is Redeye Nordic Growth AB.
This information is information that Kambi Group plc is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2026-04-29 07:45 CEST.
