## Kambi 2024 Financial Performance Summary
Kambi reported a revenue of €176.4 million for the year ending 31 December 2024, marking a 1.8% increase over the previous year. The CEO, who took over in July, described the period as both “transitional” and “transformative” following the departure of long-serving CEO Kristian Nylén in January.
After Nylén expressed dissatisfaction with Kambi’s 2023 performance, the new CEO appeared optimistic about the past year’s achievements, emphasizing the company’s efforts to diversify revenue streams. Despite this positive outlook, he cautioned that 2025 could pose challenges, with partners like Kindred and LeoVegas moving away from Kambi’s turnkey sportsbook, and a temporary VAT in Colombia also being a potential concern.
“This year won’t be without significant challenges, with 2025 presenting a particular set of headwinds, which we expect to ease going forward,” the CEO stated. “We are actively taking action to manage costs and continue to diversify our revenue streams through product expansion.”
### Marginal Growth Factors in 2024
The slight revenue increase was driven by key partnerships, including the inclusion of Hard Rock Digital and Rei do Pitaco to Kambi’s Odds Feed+ services, alongside Kwiff adopting their Bet Builder. Additionally, several partners such as KTO Group, Choctaw Nation, VIP Play Inc, and Week Creek Hospitality joined their turnkey sportsbook product. Renewed contracts with Rush Street Interactive, Sun International, and Penn Entertainment also contributed to the growth.
Challenges included Penn’s online migration starting in 2023, new deposit limits in the Netherlands, and increased gaming taxes in Sweden. The exit of Kindred Group from various markets also posed difficulties.
### Financial Performance Highlights in 2024
EBITDA rose by 5.5% to €59.7 million, although operating profit remained stable at €20.1 million with an 11.4% margin. Total costs increased by 2% year-on-year, and restructuring expenses contributed to a 5% decrease in pre-tax profit to €19 million. However, lower income tax payments improved the bottom line, with net profit at €15.4 million, a 3.4% increase from the previous year. The supplier ended the year with a cash flow of €25.9 million, a significant 73% increase from 2023.
### Mixed Results in Q4 2024
In the final quarter of 2024, Kambi’s revenue grew slightly by 0.5% year-on-year to €44.5 million. The quarter saw new client acquisitions, including Wind Creek Hospitality and VIP Play Inc.
Total expenses rose by 3.8% to €38.5 million, and after factoring in other costs like restructuring expenses, pre-tax profit fell 40% to €4.5 million. Paying €519,000 in income tax, Kambi made a net profit of €5.1 million in Q4, down by 7.3%. EBITDA decreased by 5.9% to €16 million.
### Outlook for 2025
Kambi provided guidance for 2025, estimating EBITDA between €20 million and €25 million, which is close to the €25.3 million recorded in 2024. It is anticipated that costs will increase throughout the year as the company adapts to forthcoming challenges.