Kambi has reported revenue of €42.7m (£37.2m) for Q4 2025, representing a 4% decrease year on year (YoY) amid headwinds in Europe and Latam.
The supplier noted revenue was hampered by the “negative impact of deposit limits in the Netherlands, increased gaming-related taxes in Colombia, the Netherlands and other jurisdictions and new commercial terms of certain renewed contracts”.
This was despite the positive impact of new partner launches on Q4 revenue, with Kambi noting the VAT in Colombia cost a further €3.6m across the year.
Turnover from the Americas accounted for 60.3% of Kambi’s operator network total, with the figure bolstered by the regulated Brazilian market which went live in January 2025.
Europe made up 36.6% of Kambi’s Q4 turnover, a decrease of 13.7% when compared to last year, which was attributed to “certain operators’ exit from markets”.
The Rest of the World made up 3.1% of Kambi’s turnover during the quarter.
Kambi also stated that locally regulated markets generated 98.3% of sportsbook turnover in Q4, compared to 95.7% the previous year.
This increase was driven by the launch of the Brazilian market in early 2025 alongside FDJ United’s exits of certain unregulated markets during the last 12 months.
Adjusted EBITDA for the quarter decreased 4% YoY to €15.3m, with an EBITDA margin of 35.9%.
When looking at the full-year 2025, Kambi reported revenue of €162m for 2025, down 8% YoY.
Post-tax profit for the year fell 56% YoY to €6.8m, with adjusted EBITDA for 2025 totalling €50.4m, down 18% YoY.
Kambi said its turnkey sportsbook partners amounted to 53 by the end of the year, while revenue from its top three partners was reduced to 36% of group revenue.
Bosses said that “recent and further additions will further diversify [the] base in 2026”.
The supplier’s share price sits at SEK105.8 (£8.67) at the time of writing, unchanged from market opening.
Kambi CEO Werner Becher praised how the supplier has handled the regulatory challenges thrown at it throughout the year.
He said: “As we reflect on 2025, I feel positive about the progress we are making and the direction of the business.
“We also demonstrated that the business was robust enough to withstand the challenges that emerged, including new and increased taxes in several jurisdictions and FX pressures.
“I take confidence from how we ended the year, displaying signs that we are now turning the corner towards a period of gradual growth.”
Kambi also issued its financial guidance for 2026, which includes €20m-€25m in adjusted EBITDA.
Becher continued: “Our expectation is towards the upper end of this range if there is no introduction of a new tax on sports betting in Colombia.
“This guidance reflects strong growth from new customers, offsetting the ongoing impact of certain customer migrations. This top-line growth will be further supported by a disciplined and increasingly efficient cost base against an inflationary backdrop.
“Looking ahead, the headwinds associated with the planned migrations of FDJ United and LeoVegas will continue, during which time we will focus on improving operational excellence, expanding our partner network and delivering AI-driven product innovation to increase profitability.
“Once through these headwinds, these initiatives will create a robust foundation that primes us for accelerated growth and greater shareholder value.”
Kambi’s 2025 sports betting report released by the supplier in January highlighted the significant impact that bet builders were having when it came to sportsbook products.
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The post Kambi reports Q4 revenue decrease amid new legislation and tax hikes first appeared on EGR Intel.
Figure of €42.7m represents a 4% decrease year on year, with changing market conditions in the Netherlands and Colombia cited as contributing factors
The post Kambi reports Q4 revenue decrease amid new legislation and tax hikes first appeared on EGR Intel.