### Kambi’s 2024 Financial Performance
Kambi reported revenue for the 12 months ending on 31 December 2024, totaling €176.4 million (£146.4 million/$185.2 million), as detailed in its earnings released on 26 February. This figure represents a slight increase of 1.8% from the previous year.
Despite the marginal growth, Becher described the year as a “transitional” and “transformative” period for the supplier. Becher assumed the role of CEO in July, succeeding Kristian Nylén, whose exit was announced in January.
Following Nylén’s departure announcement, he expressed dissatisfaction with Kambi’s 2023 performance. Although revenue had increased, both net profit and EBITDA were down compared to the previous year.
This year, however, Becher seemed more optimistic about the group’s achievements over the past year, noting efforts to diversify revenue streams.
Looking ahead to 2025, Becher issued a warning as some partners, particularly Kindred and LeoVegas, plan to migrate away from Kambi’s turnkey sportsbook. He also mentioned the recently approved temporary VAT in Colombia as a potential concern for the group.
“This year won’t be without significant challenges, with 2025 presenting a specific set of headwinds, which we expect to ease going forward,” Becher stated. “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, Kambi’s marginal revenue growth was supported by several factors, including the addition of Hard Rock Digital and Rei do Pitaco to its Odds Feed+ services and 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 Wind Creek Hospitality. Additionally, key partners Rush Street Interactive and Sun International renewed contracts, as did Penn Entertainment for its retail sportsbook network.
However, there were challenges, such as the impact of Penn’s online migration, initiated in 2023. Kambi also faced 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, at a margin of 11.4%.
Total costs were only 2% higher year-on-year. However, restructuring costs added to Kambi’s expenditures, resulting in a 5% decrease in pre-tax profit to €19 million.
On the positive side, income tax payments were lower in 2024, leading to an improved bottom line. Net profit for the year was €15.4 million, a 3.4% improvement from the previous year.
The supplier concluded the year with a cash flow of €25.9 million, representing a 73% increase from 2023.
### Mixed Results 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 secured 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 decreased 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 7.3%. Additionally, EBITDA fell by 5.9% to €16 million.
### Outlook for 2025
In addition to reviewing its 2024 performance, Kambi provided insight into the expectations for the coming year.
The headline guidance is for EBITDA to range between €20 million and €25 million, close to the €25.3 million posted in 2024. While costs may increase in some areas, these will be passed on to partners, and Kambi stated this should not impact EBITDA.
Kambi anticipates revenue growth from organic developments within its operator network, notably full-year revenue contributions from LiveScore and Svenska Spel.
However, revenue might be affected by the loss of transition fees received in 2024 and the proposed temporary VAT on deposits in Colombia.
“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,” Becher commented. “The foundations we are building now will propel us forward.”