Revenue fell by 4.0 percent to €42.7 million (€44.5 million).
Operating profit amounted to €4.1 million (€4.6 million), with an operating margin of 9.6 percent (10.3 percent).
Net profit after tax was €4.8 million (€5.1 million), a decrease of 5.9 percent compared to the previous year.
Earnings per share amounted to €0.174 (€0.170), representing an increase of 2.4 percent year-on-year.
No ordinary dividend is proposed (0).
Kambi estimates that adjusted EBITA (acq) will reach €20–25 million in 2026, excluding currency effects, with results at the upper end of the range if no new gaming tax is introduced in Colombia, according to the company's forecast. Revenue is expected to be supported by organic growth, full-year contributions from customers added in 2025, new launches, as well as the Football World Cup and the removal of VAT on sports betting in Colombia. At the same time, the migration of FDJ UNITED and Leovegas, along with increased regulatory costs, are expected to weigh on results.
Operating expenses are expected to remain largely unchanged despite inflation, and the forecast is based on an operator margin of around 11 percent compared to 10.8 percent in 2025.
"Going forward, the headwinds associated with the planned migrations of FDJ UNITED and Leovegas will continue, and during this period we will focus on improving our operational excellence, expanding our partner network, and delivering AI-driven product innovation to increase profitability. Once we have overcome these headwinds, these initiatives will create a robust foundation that prepares us for accelerated growth and increased shareholder value," writes CEO Werner Becher.
| Kambi, MEUR | Q4-2025 | Q4-2024 | Change |
| Net revenue | 42.7 | 44.5 | -4.0% |
| Operating profit | 4.1 | 4.6 | -10.9% |
| Operating margin | 9.6% | 10.3% | |
| Net profit | 4.8 | 5.1 | -5.9% |
| Earnings per share, EUR | 0.174 | 0.170 | 2.4% |
| Ordinary annual dividend per share, EUR | 0 | 0 |
