Kambi is withdrawing its 2027 financial targets due to “slower than expected” regulation progress in certain key markets.
Back in February, the sports betting services provider began a review of its underlying assumptions that formed its 2027 financial targets, which were first revealed in January last year.
Those targets were revenue being two to three times higher than FY2022 levels – approximately €330m to €500m – and EBIT of more than €150m.
Reflecting on this target, Kambi’s board concluded that the company has “made progress in areas within its control”, but there has been “slower than expected progress towards regulation in certain key markets” which is likely to cause revenue delays in such markets.
Following Werner Becher’s appointment as Kambi CEO earlier this week, the board noted that it will “focus its attention on providing Becher with its full support in executing on the company’s long-term strategy and extending Kambi’s lead as the world’s leading sports betting provider”.
In addition, the board stated that Kambi should have long-term financial targets in place and such targets will be evaluated with Becher and communicated when appropriate.
Kambi has also recently announced that it will report its second quarter financial results – April to June 2024 – later this month on July 24.