Kambi Group PLC reported first quarter results showing revenue of €43.5 million, up 5% from the prior year, and a jump in operating performance as EBITA rose to €5.7 million, a 65% increase that translated into a 13.0% EBITA margin.
The sports betting platform vendor maintained its full-year EBITA guidance for fiscal 2026 in the range of €20 million to €25 million. Management said a €4 million headwind stemming from Colombia's tax increase, introduced in March, will be partially mitigated by delays to certain customer migrations.
Total expenses are expected to be broadly flat for the year, the company said, with ongoing efficiency programmes offsetting inflationary pressures. Operational metrics in the quarter showed a 3% decline in the operator turnover index, while operator margin improved by 1.4 percentage points to 11.6%.
Net cash on the balance sheet stood at €31.5 million at the period end. The company also reported a number of commercial wins during the quarter, including a new agreement in Canada covering seven provinces and entry into the French market through a deal with PMU. In addition, Kambi signed modular product agreements with ComeOn Group, Hard Rock and LeoVegas.
Looking ahead, management indicated the company expects a boost to revenue in the second quarter from the World Cup.
From an operational standpoint, the quarter combined modest top-line growth with a sharper improvement in profitability. The uplift in EBITA and margin suggests that efficiency initiatives and product mix are supporting margin conversion despite the revenue increase being relatively small on a year-on-year basis. The company’s guidance range for fiscal 2026 remains unchanged even after the announced Colombia tax change, with management pointing to offsetting factors such as migration timing and internal cost measures.
Contract wins across multiple markets and modular product agreements reflect ongoing commercial activity, potentially supporting future scale once migrations and integrations progress. The reported net cash position provides a degree of balance-sheet flexibility as Kambi executes on deployments and navigates the tax and timing headwinds noted.