Kambi Group plc

Revenue was EUR 45.9 million in Q2, up from EUR 40.5 million a year ago. Operating expenses were EUR 31.5 million, down slightly from EUR 31.7 million, and adjusted EBITA (acq) was EUR 7.6 million versus EUR 3.7 million last year. Management said the World Cup contributed approximately EUR 6 million of revenue in Q2, with over EUR 500 million turnover and around 17% margin during the quarter, and the tournament finished with more than 100 million bets, turnover in excess of EUR 1 billion, and an 18% operator trading margin. Full-year adjusted EBITA (acq) guidance was raised to EUR 23 million-EUR 27 million from EUR 20 million-EUR 25 million. Management also said H1 adjusted EBITA was EUR 13.3 million and that Q2 adjusted EBITA would have been broadly EUR 10 million without the technical-downtime credits. Cash closed at EUR 33 million after EUR 3.6 million of share buybacks, and the company announced a 100 million SEK, or EUR 9.2 million, repurchase program through November.

Werner Becher described Q2 as an exceptionally strong period and framed the World Cup as proof of Kambi’s product and automation edge. He emphasized the AI trading system, saying it handled the tournament without additional human traders, supported 100% uptime, and enabled a bigger, more engaging betting menu. His tone was upbeat but measured: he repeatedly noted that World Cup margins were unusually high and may not repeat, while still saying the company has “turned the corner” and returned to growth.

David Kenyon focused on the operating leverage in the quarter: revenue rose while costs stayed controlled, with operating expenses at EUR 31.5 million and adjusted EBITA (acq) at EUR 7.6 million. He said cost of sales rose mainly because of data costs, including premium World Cup data and Odds Feed+, but stressed those data costs are recharged and net to zero on the bottom line. On cash, he pointed to EUR 5.8 million operating profit, a EUR 33 million closing cash balance, EUR 3.6 million of buybacks in the quarter, and said the board’s capital allocation policy is to use cash predominantly for share repurchases rather than dividends.

Analysts focused on how World Cup revenue and cash flow are recognized, and management explained that bets settled by June 30 are recognized in June, invoiced in July, and paid within 30 days, so World Cup cash comes through July to September. Questions also centered on the high margin and whether it would hurt Q3 turnover; management said turnover is negatively correlated with margin and expects a short-term effect, while also noting the World Cup can drive new customer acquisition and that 24% of bets came from newly acquired customers. Other notable topics were prediction markets, Wisconsin/Nevada regulation, share buybacks versus dividends, and whether adjusted EBITA would have been higher without April technical issues; David said yes, and estimated the issue hit bottom line by a low single-digit EUR million amount.