Kambi’s revenue and earnings tumbled in Q2 2025, as the absence of one-off transition fees and a quieter sports calendar weighed on performance.
Q2 revenue fell 11.5% year-on-year to €40.5m [$47.6m], while adjusted EBITA dropped by half to €3.7m [$4.4m], down from €7.5m [$8.8m] in Q2 2024. The EBITA margin also declined by 44% year-on-year to 9.2%. Adjusted EBITDA came in at €12.4m for the quarter, marking a 23% year-on-year decline.
Shares in Kambi plunged nearly 9% immediately after the market opened.
Across H1 2025, revenue fell 7.9% year-on-year to €81.9m, while adjusted EBITA plunged 54.9% to €6.0m, representing a margin of 7.4%, down from 14.9% a year earlier. Adjusted EBITDA declined 22% to €23.5m, with the margin slipping to 28.7% from 33.9%.
