Kambi Doubles Adjusted EBITA and Raises 2026 Earnings Outlook
Kambi Group raised its 2026 adjusted EBITA (acq) outlook after it reported a 13.5% year-on-year increase in second-quarter revenue on 22 July 2026. Revenue reached €45.9m in Q2, up from €40.5m a year earlier, while adjusted EBITA (acq) doubled to €7.6m.
Q2 Financial Highlights
The company said margins improved from 9.3% to 16.5% in the quarter, and it raised its full-year adjusted EBITA (acq) guidance to €23m-€27m from a previous range of €20m-€25m.
Operating profit increased to €5.8m from €1.6m. Operating expenses fell by 0.6% to €31.5m. For the first half of 2026, revenue rose by 9.1% to €89.4m and adjusted EBITA (acq) increased by 83% to €13.3m.
CEO Werner Becher said the first half of the year showed that Kambi had “turned a corner and returned to growth.” He credited product development, new commercial agreements and the company’s shift toward an AI-first operating model.
World Cup Boosts Turnover
The FIFA World Cup was the main driver of the quarter’s results. Kambi processed more than €1bn in Turnkey Sportsbook turnover during the tournament and recorded an operator trading margin of 18%.
Partners in the Americas accounted for 57% of Kambi’s network turnover, compared with 38% during the 2022 tournament. Less favourable kick-off times affected European operators, but the company said its broader Americas presence offset the impact.
This tournament also marked Kambi’s first FIFA World Cup traded fully through artificial intelligence. The supplier said the technology allowed it to cover more matches and betting markets more efficiently than in 2022.
New Partnerships Across Canada
Commercial activity continued outside the tournament too. Kambi launched with Atlantic Lottery Corporation and British Columbia Lottery Corporation, partnered with Pure Casino Entertainment ahead of Alberta’s regulated market launch, signed a multi-year Odds Feed+ agreement with RETABET Group, and expanded its player account management partnership with 4 Bears Casino & Lodge.
💡TGJ Take
The raised outlook matters more than the World Cup turnover headline. Kambi grew revenue, doubled adjusted EBITA (acq) and cut operating costs within the same quarter. That combination shows higher activity now converts into better earnings rather than just higher volume. The Odds Feed+ deal with RETABET also signals that Kambi extends its data business beyond full sportsbook takeovers. Suppliers and investors should watch if Canadian launches and AI-led efficiency gains can sustain this momentum once the tournament boost fades.
