Kambi Q3 2026 Results: Revenue Up 23% to €46.0m, Adjusted EBITA Up 161% Despite Brazil Ban

Kambi Group plc reported third-quarter 2026 revenue of €46.0m, up 23% from €37.4m a year earlier, in its results release of 4 November 2026, and said full-year adjusted EBITA (acq) should come in at around €26m.

The sportsbook supplier cited cost discipline and favorable foreign exchange for the guidance update, and said it holds despite disappointing regulatory changes in Brazil. Earnings before interest, taxes and amortization (EBITA) is the profit measure Kambi leads with, shown here on an adjusted basis.

Kambi Q3 2026 results: revenue and profit

Revenue and profit both rose sharply in the quarter, while gross margin narrowed. The table sets out the main figures from the company release, with prior-year comparatives in brackets.

Cash flow before working capital, M&A and financing was €6.6m, compared with €6.1m a year earlier. The nine-month operating margin was 11.2%, up from 3.4%.

The profit gain came mainly from flat operating costs against much higher revenue. Quarterly operating expenses rose by only €0.2m.

Brazil ban and the guidance change

Kambi describes Brazil as a small part of its business. CEO Werner Becher said the country was a "low single-digit percentage" of 2026 revenue and that the disruption "highlighted the strength of our partner network". He also warned that Brazil's decision to ban online gambling "could remove the long-term growth potential of the market".

Full-year adjusted EBITA (acq) guidance is now around €26m, from a range of €23–27m. Kambi ties the change to cost control and currency effects rather than to the Brazilian exposure. Investing.com's coverage of the results described the move as an upgrade, though the new figure sits inside the earlier range.

For suppliers with Latin American plans, the Brazilian outcome is a reminder that regulated-market growth can reverse. Gamingo's earlier report on Mexico's 50% gambling tax and channelisation risk covers another market where policy has shifted the economics for operators.

World Cup effect on trading margin

Kambi said the latter stages of the World Cup, including a record-breaking final, drove engagement and a strong start to the quarter. Sports results in August and September were less favorable for operators. Operator trading margin for the quarter was still 11.9%, the second-strongest Kambi has recorded.

According to Investing.com's coverage of the company's figures, the operator turnover index grew 3% and operator margin rose 1.6 percentage points.

US and Canada deals, AI trading and integration

The commercial pipeline leans toward North America. Kambi signed a 10-year omni-channel sportsbook and player account management (PAM) deal with Station Casinos in Nevada, with launch expected in the coming weeks through the Nevada regulatory field test. It follows the supplier's earlier Nevada gaming licences.

Other announcements in the report:

• Turnkey Sportsbook agreements with Pure Casino Entertainment and QuinnBet.
• An Odds Feed+ agreement with RETABET.
• Launches with several operators in Alberta's newly regulated market.
• Full integration of Abios, Shape Games and Tzeract under the Kambi brand.

On the earnings call, as reported by Investing.com, management said Kambi is live in 35 PENN properties in the US and that QuinnBet was added in October. It also described the quarter as the third straight with year-on-year revenue and profit growth. Kambi's tribal-market work with the Choctaw Nation and its BetCity partnership extension show the same pattern of long-term operator contracts.

AI trading is the other structural shift. Kambi says 85% of network bets are now traded by AI. Investing.com's coverage of the results slides puts the Q2 share at 75% and reports headcount falling from 995 at the end of Q2 to 939 at the end of Q3.

How it compares with peers

Kambi's quarter lands alongside other strong third-quarter supplier and operator results. Gamingo's coverage of Sportradar's Q3 2026 results and Rush Street Interactive's Q3 2026 results shows similar double-digit growth in US-facing businesses. Kambi's margin recovery is sharper because its cost base barely moved.

Status reviewed on 4 November 2026. Figures come from Kambi's Q3 2026 regulatory release published on 4 November 2026, with call and slide details from Investing.com. More finance news and North America coverage.