Kambi Grows Q3 Revenue 23%, but Brazil and LeoVegas Point to a Weaker Q4

Kambi has settled on full-year adjusted EBITA of around €26 million after a World Cup-led third quarter. That implies a fourth quarter about a third below last year's, and Brazil is not the largest reason.

• Kambi Group reported third-quarter revenue of €46.0 million, up 23%, and adjusted EBITA (acq) of €7.9 million against €3.0 million a year earlier
• Operating profit rose to €5.1 million from €1.6 million and profit after tax to €3.4 million from €1.0 million
• Full-year adjusted EBITA (acq) guidance moved to around €26 million from the €23 million to €27 million set in July, leaving about €4.8 million for the fourth quarter
• Chief executive Werner Becher put Brazil at "a low single-digit percentage" of Kambi's 2026 revenue after the ban that took licensed sites offline on 6 October
• Chief financial officer David Kenyon sized the fourth-quarter impact at around €1 million for Brazil and around €2 million for LeoVegas on the results call

The World Cup's Last Weeks Carried a Quarter That Faded Late

Kambi published its Q3 2026 report on 4 November, with revenue up from €37.4 million. Adjusted EBITA (acq), which now excludes foreign exchange revaluations, reached a margin of 17.3% against a restated 8.2%. Cash was €40.9 million against €45.4 million a year earlier.

Against the second quarter, revenue was flat on €45.9 million and adjusted EBITA (acq) rose from €7.6 million. Operating profit fell from €5.8 million, with €1.7 million of items affecting comparability, mainly redundancy costs.

The operator trading margin was 11.9%, down from a record 14.0% in the second quarter and up from 10.3% a year earlier. Becher called it Kambi's second-strongest quarterly margin, after less favourable sports results in August and September.

Turnover rose only 3.0%. Revenue included €4.2 million of higher-priced World Cup data costs, which Kambi says were passed on to operators with no effect on profit, and €1.7 million from a stronger Colombian peso. European turnover fell 3.1%, mainly on operator migrations, according to Kambi.

Kambi Sizes Brazil at About €1 Million for the Fourth Quarter

Becher wrote that the disruption from the ban "highlighted the strength of our partner network", and that Brazil accounted for "a low single-digit percentage of Kambi's 2026 revenue, although the development could remove the long-term growth potential of the market".

The report names no affected partner. Kambi's earlier announcements name KTO Group and Stake as turnkey partners there, and its Q2 report lists Rei do Pitaco as a client of its trading data feed in Brazil.

On the call, according to Investing.com's AI-assisted transcript, Becher said customers were "in a wait-and-see position" and confirmed that fourth-quarter guidance includes no Brazilian revenue. Kenyon gave around €1 million for Brazil, around €2 million for LeoVegas leaving Kambi in Sweden and the UK, and €600,000 for Mohegan Sun fees that have ended. The transcript does not say whether these are revenue or profit figures.

The report says Congress must approve the Provisional Measure by 23 November or it lapses. That deadline can be extended once by 60 days, the federal licences expired on 25 October, and Justice Luiz Fux called a public hearing rather than rule.

Nevada and QuinnBet Are Coming, and So Is a Consultants' Bill

Becher said Station Casinos, a 10-year omni-channel deal, is on track to launch "in the coming weeks" through Nevada's regulatory field test. QuinnBet, which announced no launch date in October, is now scheduled for the fourth quarter. Kambi gave no separate growth figure for its data feed or for Shape Games, now folded into the Kambi brand.

The report also discloses a final performance-based payment to consultants on its AI trading system, estimated in the high single-digit millions of euros. It is unprovisioned, with recognition expected during 2027.

The Guidance Lifted the Floor and Lowered the Ceiling

Around €26 million raises the old midpoint by €1 million and cuts the top of the range by the same amount. With €21.2 million booked, that leaves about €4.8 million, the lowest of 2026 and about a third below the €7.3 million implied for the fourth quarter of 2025. Kambi credits strong performance and currency tailwinds, and assumes a trading margin of around 11%. This is less an upgrade than a closer estimate.

Strip the Pass-Through and the Peso and Growth Is Nearer 7%

Removing the data costs and the currency gain leaves about €40.1 million, roughly 7% above last year. That rough measure is not Kambi's, but it sits closer to turnover growth than the 23% headline. Operating expenses rose just 0.7% to €29.2 million, so the recovery is real, but it owes more to cost discipline than demand.

Brazil Is a Small Loss Now and a Larger One Later

A low single-digit share lets Kambi absorb the ban without the physical exit of a supplier such as Evolution, which closed its Brazilian studio on 5 October. The larger cost is the lost option, which Kambi concedes. For now LeoVegas costs twice what Brazil does, and Kenyon is reported as saying there are "clearly headwinds for next year".

The third quarter shows a leaner Kambi converting revenue into profit. The fourth will show how much of that survives without a tournament, without Brazil and without LeoVegas in two of its markets.