Kambi Posts Strong Q1 Growth as Canadian Expansion and France Entry Drive Momentum

Financial performance signals improved efficiency

Kambi generated €43.5 million in revenue during Q1 2026, representing a 4.9% year-on-year increase. More notably, adjusted EBITA rose 63.5% to €5.7 million, with margins improving to 13.0%, reflecting stronger operational leverage.

Operating profit climbed to €4.2 million, compared to €0.8 million in the same period last year, while total expenses remained broadly stable at €39.2 million. Earnings per share also increased significantly to €0.086.

CEO Werner Becher highlighted the company’s improving financial trajectory, emphasizing that efficiency gains and disciplined cost control are beginning to translate into stronger margins. “Our Q1 2026 results represent a strong start to the year and underscore the increasingly positive trajectory the business is now on”.

Canada expansion positions Kambi as dominant lottery supplier

A key highlight of the quarter was Kambi’s selection by Atlantic Lottery Corporation and British Columbia Lottery Corporation to deliver a multi-province sportsbook solution.

The agreement will see Kambi power both online and retail betting across seven Canadian provinces. Combined with its existing partnership with Ontario Lottery and Gaming Corporation, the company will soon provide sportsbook services to lotteries in eight of Canada’s ten provinces—cementing its position as a leading B2G sportsbook supplier in the country.

Entry into France marks strategic European milestone

Kambi also announced a long-term Turnkey Sportsbook partnership with Pari Mutuel Urbain (PMU), one of France’s most established betting brands.

The collaboration has already resulted in the launch of PMU’s new online sportsbook, integrating Kambi’s technology alongside its existing horse racing offering. This move marks Kambi’s entry into the regulated French market, one of Europe’s largest and most competitive sports betting jurisdictions.

The partnership is expected to unlock cross-sell opportunities and support PMU’s ambitions to expand its market share.

Expanding global partner network

Beyond Canada and France, Kambi continued to broaden its commercial reach during the quarter. New Turnkey Sportsbook agreements were signed with operators including 4 Bears Casino and Lodge in North Dakota and SuomiVeto in Finland.

The supplier also strengthened its Odds Feed+ product offering through a multi-year agreement with ComeOn Group, while expanding content delivery to Hard Rock Bet and launching integrations with Coolbet and LeoVegas.

AI trading and product innovation ahead of major events

Kambi continues to invest in technology and product development, particularly in AI-driven trading capabilities. During Q1, more than 60% of bets were priced and managed using AI, with further expansion planned following recent integration into ATP tennis markets.

The company is also preparing for the upcoming FIFA World Cup, rolling out enhancements across frontend experience, rewards systems, and betting markets. These improvements are designed to deliver both short-term engagement during the tournament and long-term value for operators.

Outlook: resilience amid regulatory changes

Despite external headwinds, including a newly introduced sports betting tax in Colombia expected to reduce annual revenue by approximately €4 million, Kambi reaffirmed its full-year adjusted EBITA guidance of €20–25 million.

Management remains confident that continued commercial momentum, operational efficiency, and expansion in regulated markets will support sustained growth throughout 2026.

Investor presentation

Kambi will present its Q1 2026 results on April 29 at 10:00 CEST, with CEO Werner Becher and CFO David Kenyon hosting a live session for analysts, investors, and media, followed by a Q&A.