Kambi Q2 2026 Results: World Cup and AI Trading Drive Growth

Kambi reported Q2 2026 revenue of 45.9 million euros, up 13.5% year over year, as the FIFA World Cup became the sportsbook technology supplier's first tournament traded entirely by artificial intelligence. Adjusted EBITDA more than doubled to 7.6 million euros from 3.7 million euros a year earlier, and the company raised its full year adjusted EBITDA guidance on the back of the tournament's performance.

Updated July 2026.

• 45.9 million euros in Q2 2026 revenue, up 13.5% from 40.5 million euros in Q2 2025.
• Over 1 billion euros in World Cup stakes processed at an 18% operator trading margin, with more than 100 million bets placed during the tournament.
• 23 million to 27 million euros raised full year adjusted EBITDA guidance, up from a prior range of 20 million to 25 million euros.

What were Kambi's headline Q2 2026 numbers

Kambi's Q2 2026 revenue reached 45.9 million euros, a 13.5% increase from the 40.5 million euros reported in Q2 2025. Adjusted EBITDA came in at 7.6 million euros, up 102% from 3.7 million euros a year earlier, while operating profit rose to 5.8 million euros from 1.6 million euros. Earnings per share for the quarter were 0.128 euros.

How did Kambi perform across the first half of 2026

For the first six months of 2026, Kambi reported revenue of 89.4 million euros, up 9.1% from 81.9 million euros in H1 2025. H1 adjusted EBITDA rose 83% to 13.3 million euros from 7.2 million euros, and H1 operating profit climbed to 10.1 million euros from 2.5 million euros. H1 earnings per share reached 0.213 euros.

How big a role did the World Cup play

The FIFA World Cup was the clear driver of the quarter. Kambi processed more than 1 billion euros in tournament stakes at an operator trading margin of 18%, with over 100 million individual bets placed across the competition. American operators accounted for 57% of global turnover during this World Cup, sharply higher than the 38% share they represented during the 2022 tournament, underlining how much the US sports betting market has grown as a share of Kambi's tournament volume in four years.

Why does Kambi call this its first fully AI traded World Cup

CEO Werner Becher said the tournament marked a milestone for the company's automated trading technology: "This was Kambi's first FIFA World Cup to be fully traded by AI, representing an important milestone." He added that "the quarter was shaped by the FIFA World Cup, where Kambi delivered a leading product throughout the tournament." Kambi had already been scaling AI adoption before the tournament, with roughly half of all bets fully AI traded by January 2026, a share the World Cup appears to have pushed meaningfully higher given the tournament's scale.

"This was Kambi's first FIFA World Cup to be fully traded by AI, representing an important milestone." - Werner Becher, CEO, Kambi

Why is this described as Kambi turning a corner

The framing matters because Kambi's recent history has been mixed. Full year 2025 revenue had fallen 1.2% excluding transition fees, and Q4 2025 revenue actually declined 4% year over year to 42.7 million euros, weighed down by gaming tax increases in Brazil, Colombia, the Netherlands and Illinois. Against that backdrop, a 13.5% quarterly revenue jump and a doubling of adjusted EBITDA represents a clear inflection rather than a continuation of the prior trend, which is why the World Cup quarter is being read as the point where growth resumed.

What is driving Kambi's improving margins

Beyond the World Cup itself, Kambi's underlying margin profile has been improving as AI trading expands. Client trading margins rose to 10.8% in the period tracked into early 2026, up from 10% in 2024, as automated pricing reduced the cost and error rate associated with manual trading desks. Revenue concentration also improved, with Kambi's three largest customers now accounting for 36% of revenue, down from higher levels previously, a sign the company has diversified its client base rather than remaining dependent on a small number of large partners.

Who are Kambi's major clients

Kambi operates 53 live turnkey sportsbook partners, including operators such as BetRivers and Churchill Downs, supplying the trading, pricing and platform technology that sits behind those brands' sportsbooks. That partner network is what channels the World Cup's stakes and bet volume through Kambi's own trading engine rather than through in-house systems built by the operators themselves.

Did Kambi raise its full year guidance

Yes. Kambi raised its full year 2026 adjusted EBITDA guidance to a range of 23 million to 27 million euros, up from its previous guidance range of 20 million to 25 million euros. The upgrade reflects management's confidence that the World Cup quarter's gains are durable rather than a one-off tournament effect, given the AI trading efficiencies are structural rather than tied only to the tournament.

Kambi Q2 and H1 2026 results at a glance

Metric	Q2 2026	Q2 2025	Change
Revenue	45.9m euros	40.5m euros	Up 13.5%
Adjusted EBITDA	7.6m euros	3.7m euros	Up 102%
Operating profit	5.8m euros	1.6m euros	Up sharply
H1 revenue	89.4m euros	81.9m euros	Up 9.1%
H1 adjusted EBITDA	13.3m euros	7.2m euros	Up 83%

How does this compare with other sportsbook technology suppliers

Kambi's rebound stands out partly because of a contrast with rival supplier Evolution's Q2 2026 results, where the live casino and games specialist reported slipping revenue as its planned Galaxy Gaming acquisition unraveled. The divergence highlights how differently exposed suppliers within iGaming can be to short term catalysts, with a major sporting event able to lift a sportsbook technology specialist even while a casino focused supplier faces separate headwinds tied to a specific corporate deal rather than the broader market.

What could threaten Kambi's momentum from here

The same tax pressures that hurt Kambi in late 2025, particularly gaming tax increases in Brazil, Colombia, the Netherlands and Illinois, have not gone away and could still weigh on results once the World Cup effect fades from the comparable base. Management has also downplayed prediction markets as a competitive threat in regulated US states, arguing rivals in that space only hold a first mover advantage in markets that remain unregulated, though that view will be tested as prediction market platforms continue expanding.

What does this mean for Kambi's operator partners

For the sportsbook brands running on Kambi's platform, the quarter's results suggest the supplier's AI trading investment is translating into better margins that can be shared back through commercial terms, alongside proven capacity to handle World Cup scale volume without disruption. That combination, tournament-tested infrastructure plus improving underlying margins, is likely to feature heavily in Kambi's pitch to prospective partners evaluating sportsbook technology providers ahead of future major tournaments.

Frequently asked questions

What is Kambi's business model?

Kambi is a business to business sportsbook technology supplier that provides trading, pricing, risk management and platform services to licensed sports betting operators on a turnkey basis, rather than operating its own consumer facing sportsbook brand.

How many bets did Kambi process during the World Cup?

Kambi processed more than 100 million bets during the tournament, generating over 1 billion euros in stakes at an 18% operator trading margin.

Is Kambi's growth guidance for the full year or just the World Cup quarter?

The raised guidance of 23 million to 27 million euros in adjusted EBITDA covers Kambi's full 2026 financial year, not just the World Cup affected quarter.

Why did American operators make up a bigger share of World Cup turnover this year?

American operators represented 57% of global turnover during this World Cup, up from 38% in 2022, reflecting the continued expansion and maturation of the regulated US sports betting market over the past four years.