Kambi’s first-quarter revenue came in at €43.5 million, representing growth of 4.9% from €41.5 million a year ago. Adjusted EBITA (acq) stood at €5.7 million, up from €3.5 million a year earlier. Operating profit reached €4.2 million, compared with €0.8 million in Q1 2025.
Profit Growth Was Faster than That of Revenue
The improvement can be linked to greater cost efficiency. Operating expenses went down by 2.1% to €31.9 million, while total expenses remained largely unchanged at €39.2 million. According to Kambi, this was a result of efficiency work and better operating leverage.
Operating environment is not very soft for Kambi. Its 2026 guidance remains at €20 million to €25 million in adjusted EBITA. However, the outlook now includes a hit from Colombia. As per Kambi’s estimates, a new sports betting tax may cut 2026 revenue by about €4 million.
Canada Gives Kambi a More Stable Route
The biggest commercial update, though, came from Canada. Kambi was chosen by the Atlantic Lottery Corporation and British Columbia Lottery Corporation to provide a multi-province sportsbook solution in seven of the ten provinces of Canada. Alongside the existing Ontario Lottery and Gaming Corporation partnership, Kambi says it will power lottery sportsbooks in eight provinces.
Lottery partnerships are different from private sportsbook launches. While such collaborations may take longer to develop and implement, they are often considered a safer way to enter regulated markets. For Kambi, that stability can be useful, given the challenges it faces in light of tax changes, partner migrations, and tougher market conditions.
The Ontario launch was another positive development in Q1, as reported by the company. At the same time, Kambi noted that some revenue was offset due to FDJ UNITED’s exit from certain markets and revised commercial terms on renewed contracts.
France Adds a Longer-Term Bet
Through its Turnkey Sportsbook partnership with Pari Mutuel Urbain or PMU, Kambi expanded operations in France as well. This deal marks Kambi’s entry into the regulated French sports betting market. It implies the provision of online sportsbook technology, front-end work, pricing, trading, and risk management tools.
France is one of the mature, competitive, and strictly regulated markets. But through PMU, Kambi gets a recognized partner in the country and a chance to grow gradually from there.
Automation Becomes Part of the Margin Story
Kambi is also leaning harder on automated trading. The company said more than 60% of Q1 bets were priced and traded by AI, with further growth expected after expansion into ATP tennis. It is also preparing product upgrades ahead of the FIFA World Cup, including changes across front end, rewards, offering expansion, and trading.
Bottom Line
The quarter appears to bring Kambi cost savings, improved margins, and better operator connections. Canada now stands out as the most supportive location, with France and automation providing longer-term optionality.
As of now, Kambi looks better positioned than it did last year. The company’s next challenge will be to see if this disciplined approach can withstand tax pressure without hindering its commercial success.
