Kambi Posts 13.5% Q2 Revenue Rise and Uplifts Full-Year Profit Forecast

Kambi has delivered a strong second-quarter performance, with revenue climbing 13.5% year-on-year to €45.9 million, prompting the supplier to raise its adjusted EBITA guidance for the full year. The improvement was driven by sustained commercial momentum, higher operator trading margins and tight cost control.

Adjusted EBITA more than doubled to €7.6 million in Q2, representing a margin of 16.5%, compared with 9.3% a year earlier. Operating profit reached €5.8 million, up from €1.6 million, while earnings per share jumped to €0.128 from €0.009. For the first half of 2026, revenue grew 9.1% to €89.4 million, with adjusted EBITA rising 83% to €13.3 million and the margin improving to 14.8%. Operating profit for the half was €10.1 million, versus €2.4 million in the prior year, and EPS increased to €0.213 from €0.036.

Reflecting the improved profitability, Kambi now expects full-year adjusted EBITA to land between €23 million and €27 million, up from its previous guidance of €20 million to €25 million. Operating expenses fell 0.6% in the quarter and 1.4% in the first half, to €31.5 million and €63.4 million respectively. Cash flow before working capital, M&A and financing stood at €1.5 million for the quarter and €8.8 million for the half.

Operationally, the FIFA World Cup was a highlight: Kambi processed more than €1 billion in Turnkey Sportsbook turnover during the tournament, with operator trading margin reaching 18%. The supplier noted that 57% of global network turnover came from the Americas, compared with 38% for the 2022 World Cup. CEO Werner Bercher described the event as “Kambi’s first FIFA World Cup to be fully traded by AI” and said that the company’s automated systems enabled it to deliver a market-leading product with greater efficiency than in 2022.

During the quarter, Kambi was selected by the Atlantic Lottery Corporation and British Columbia Lottery Corporation to power a multi-province Canadian sportsbook solution. It also partnered with Pure Casino Entertainment ahead of Alberta’s regulated iGaming launch, signed an Odds Feed+ agreement with RETABET Group, and expanded its relationship with 4 Bears Casino & Lodge by adding its player account management platform. Existing partnerships with BetWarrior and Desert Diamond Casinos were also extended.

Bercher added that the first half of 2026 has demonstrated the business has “turned a corner and returned to growth,” driven by product development, commercial progress and the shift toward an AI-first organisation.