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Kambi Group plc Q4 2025 Report 18 February 2026 Kambi Group plc – Q4 2025 Report CEO Werner Becher, CFO David Kenyon 1
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2 Agenda 1. Key highlights 2. Financial performance 3. Strategic & operational updates 4. Summary 5. Q&A Kambi Group plc – Q4 2025 Report CEO Werner Becher, CFO David Kenyon
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Key highlights Kambi Group plc – Q4 2025 Report CEO Werner Becher, CFO David Kenyon 3 Strong end to 2025 with Q4 Adjusted EBITA ( acq ) increasing 16% YoY to €7.4m Positive commercial momentum continues with 15 agreements since the start of Q4 Completed a successful multi - channel launch with Ontario Lottery and Gaming Corporation Adjusted EBITA (acq) excluding FX revaluations
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Financial summary Q4 2025 4 Adjusted EBITA ( acq ) €7.4m Q4 2024 €6.3m Revenue €42.7m Q4 2024 €44.5m Cash flow €6.0m Full year 2025 Adjusted EBITA (acq) €17.6m FY 2024 €25.4m Revenue €162.0m FY 2024 €176.4m Q4 2024 €6.7m Cash flow €21.2m FY 2024 €25.9m Kambi Group plc – Q4 2025 Report CEO Werner Becher, CFO David Kenyon Adjusted EBITA (acq) excluding FX revaluations Cash flow excluding working capital, M&A and financing activities
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757 656 640 913 851 683 602 789 712 704 687 778 737 672 646 754 11.2% 2% 4% 6% 8% 10% 12% 0 200 400 600 800 1,000 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Turnover Index Operator Trading Margin Operator trading analysis Kambi Turnkey Turnover Index and Operator Trading Margin 5 Kambi Group plc – Q4 2025 Report CEO Werner Becher, CFO David Kenyon
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2026 guidance – Adjusted EBITA (acq) development €m 6 Kambi Group plc – Q4 2025 Report CEO Werner Becher, CFO David Kenyon Revenue factors Cost factors 0 10 20 30 40 50 Adj EBITA (acq) 2025 exc. FX revaluations Organic Growth 2026 launches World Cup Impact Migrations Gaming tax & other Cost of sales Operating expenses Adj EBITA (acq) 2026 €20 – 25m range
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Positive Turnkey commercial momentum 7 Q4 Partnership with Glitnor in multiple jurisdictions in Europe and the Americas Partnerships with three Dutch operators: Betnation , Holland Gaming Technology and Hommerson Multi - year online sportsbook agreement with Pickwin in Mexico Partnered with SuomiVeto ahead of Finland’s regulated market launch Signed on - property sportsbook agreement with MHA Nation in North Dakota Four Turnkey partner renewals also agreed during Q4 Formally assumed contractual responsibilities for OLG’s multi - channel sportsbook Kambi Group plc – Q4 2025 Report CEO Werner Becher, CFO David Kenyon Q1 so far
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Launched in province on 27 January online and across 10,000 retail points of sale Marks completion of novation agreement and integration, with partnership due to run until 2032 Underscores Kambi’s strong reputation among state - owned organisations Ontario Lottery & Gaming Corporation Kambi Group plc – Q4 2025 Report CEO Werner Becher, CFO David Kenyon 8 Important strategic milestone
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Odds Feed+ Network of odds partners continues to grow Kambi Group plc – Q4 2025 Report CEO Werner Becher, CFO David Kenyon 9 In Q4, signed with FDJ UNITED, Superbet and Coolbet Recently added ComeOn Group, ranked 21st in the EGR Power 50 list
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Revenue base continues to diversify Kambi Group plc – Q4 2025 Report CEO Werner Becher, CFO David Kenyon 10 0% 10% 20% 30% 40% 50% 60% 70% 2019 2020 2021 2022 2023 2024 2025 Top three partners % of total revenue Geographic diversification continues, with strong growth across Latin America Recent and future additions will further diversify base in 2026 Revenue from top three partners reduced to 36% in 2025 Number of live Turnkey Sportsbook partners increased to 53 at year end
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0% 10% 20% 30% 40% 50% 60% 2022 2023 2024 2025 % of bets priced and traded by AI on the Kambi network Industry leader in AI - powered trading Kambi Group plc – Q4 2025 Report CEO Werner Becher, CFO David Kenyon 11 AI now trading more than half of all bets on the Kambi network Enabling a more expansive offering and higher operator trading margin Trading soccer, with tennis, basketball and ice hockey markets being rolled out Leveraging our unique and vast data asset
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Belgium Brazil Canada Colombia Denmark Netherlands Spain Sweden UK USA − The biggest sports betting event of all time, with 40 more matches across 10 more days versus 2022 − At least 8 of Kambi’s top 10 markets will have their respective countries represented, enhancing interest and engagement − Kambi’s first major event completely traded by AI, enabling delivery of a leading and improving product FIFA World Cup opportunity 104 matches 11 June – 19 July 12 +63% Increase in number of matches versus 2022 World Cup Kambi’s top 10 markets (alphabetical order) Kambi Group plc – Q4 2025 Report CEO Werner Becher, CFO David Kenyon +100% The number of knockout matches doubled versus 2022
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Summary Commercial momentum continues across both Turnkey and Odds Feed+ Returning to revenue and profitability growth in 2026 Building strong foundations for longer - term success 13 Kambi Group plc – Q4 2025 Report CEO Werner Becher, CFO David Kenyon
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Q&A kambi.com 14 Kambi Group plc – Q4 2025 Report CEO Werner Becher, CFO David Kenyon
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kambi.com Thank you Kambi Group plc – Q4 2025 Report CEO Werner Becher, CFO David Kenyon 15