Sweden’s major gaming operator Kindred Group has reported a drop in net gaming revenue for the final quarter of 2025, highlighting the ongoing challenges facing the Swedish market.
The company’s financial update shows that total revenue fell compared with the previous year, reflecting softer demand and regulatory headwinds in its core Nordic region.
Kindred’s fourth-quarter net gaming revenue was €220.0 million, down from €239.3 million in the same period of 2024, with an adjusted EBITDA margin narrowing as costs rose and competition increased.
For the full year 2025, the group posted revenue of €937.1 million, slightly below the previous year, as higher operational expenses and compliance-related costs impacted profitability. Regulatory measures in Sweden — including stricter responsible gambling controls and tighter oversight requirements — have contributed to a more challenging operating environment.
Management noted that while the Nordic region remains strategically important, expansion into other regulated jurisdictions has helped cushion domestic pressures. The company continues to prioritise product development, improved player experience and market diversification as part of its longer-term resilience strategy.
Looking ahead, Kindred signalled a cautious outlook for 2026, acknowledging that regulatory uncertainty and competitive intensity are likely to persist. However, leadership expressed confidence that disciplined cost management and a focus on sustainable growth in regulated markets will support gradual stabilisation in the coming quarters.
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