**Kambi Financial Report for 2024: A Year of Marginal Growth and Change**
Kambi reported revenue for the 12 months ending 31 December 2024 at €176.4 million (£146.4 million/$185.2 million), marking a 1.8% increase from the previous year.
Although the growth was marginal, CEO Werner Becher characterized the year as “transitional” and “transformative” for the supplier. Becher began his tenure as CEO in July, succeeding Kristian Nylén, whose departure was confirmed in January.
Shortly after Nylén announced his exit, he expressed dissatisfaction with Kambi’s performance in 2023. Despite an increase in revenue, net profit and EBITDA had decreased year-on-year.
Moving to this year, Becher expressed optimism about the group’s accomplishments over the past 12 months, highlighting efforts to diversify revenue streams.
However, Becher issued a warning for 2025 as certain partners, notably Kindred and LeoVegas, plan to migrate away from Kambi’s turnkey sportsbook. He also pointed out the recently approved temporary VAT in Colombia as a potential issue for the group.
“This year won’t be without significant challenges, with 2025 presenting a particular set of headwinds, which we expect to ease going forward,” said Becher. “As previously announced, we are actively taking action to manage costs and are continuing to diversify our revenue streams through product expansion.”
## Marginal Growth for Kambi
In 2024, marginal revenue growth was supported by several factors. These include the inclusion of Hard Rock Digital and Rei do Pitaco in Kambi’s Odds Feed+ services, along with Kwiff adopting its Bet Builder services.
Kambi also added several partners to its turnkey sportsbook product, such as KTO Group, Choctaw Nation, VIP Play Inc, and Week Creek Hospitality during the 12-month period. Additionally, key partners Rush Street Interactive and Sun International renewed contracts, as did Penn Entertainment for its retail sportsbook network.
Nevertheless, challenges arose, such as the impact of Penn’s online migration initiated in 2023. Kambi also dealt with new deposit limits in the Netherlands and new gaming taxes in Sweden, while partner Kindred Group exited various markets.
## Bottom-Line Improvement in 2024
EBITDA increased by 5.5% to €59.7 million, while operating profit (EBIT) remained flat at €20.1 million with a margin of 11.4%.
Total costs rose by only 2% year-on-year. However, restructuring costs contributed to Kambi’s expenses, resulting in a 5% decline in pre-tax profit to €19 million.
On a positive note, income tax payments were lower in 2024, leading to an improved bottom line. Net profit for the year amounted to €15.4 million, reflecting a 3.4% improvement over the previous year.
The supplier ended the year with a cash flow of €25.9 million, representing a 73% increase from 2023.
## Mixed Bag for Kambi in Q4
In the final quarter of 2024, revenue rose by 0.5% year-on-year to €44.5 million. During this period, Kambi acquired several new clients, including Wind Creek Hospitality and VIP Play Inc.
However, total expenses increased by 3.8% to €38.5 million, and after accounting for other costs, including restructuring expenses, pre-tax profit dropped by 40% to €4.5 million.
Kambi paid €519,000 in income tax, resulting in a net profit of €5.1 million in Q4, down by 7.3%. Moreover, EBITDA decreased by 5.9% to €16 million.
## What Can We Expect in 2025?
Kambi provided insights into potential developments for the coming year, alongside its 2024 performance.
The headline guidance suggests EBITA between €20 million and €25 million, close to the €25.3 million posted in 2024. While costs may rise in some areas, these are expected to be passed on to partners, which should not impact EBITA.
Kambi anticipates revenue growth from organic expansion within the operator network, notably full-year contributions from LiveScore and Svenska Spel.
However, certain headwinds, such as the end of transition fees received in 2024 and the proposed temporary VAT on deposits in Colombia, could impact revenue.
“Looking further ahead, the strategic initiatives we have undertaken—advancing AI innovation, expanding our product portfolio, and initiating a cost efficiency programme—along with our various partner signings, provide a solid platform for the future,” said Becher. “The foundations we are building today will enable us to emerge stronger, more agile, and well-positioned for long-term growth.”
Kambi Group’s 2024 revenue was flat, as CEO Werner Becher cautioned