Evolution: Interim report January-June 2026

Second quarter of 2026 (Q2 2025)

• Net revenues declined 1.2% to EUR 517.8 million (524.3)
• EBITDA amounted to EUR 341.0 million (345.3), corresponding to a margin of 65.9% (65.9)
• Profit for the period amounted to EUR 251.4 million (248.3)
• Earnings per share amounted to EUR 1.27 (1.22)

January-June 2026 (1H 2025)

• Net revenues declined 1.4% to EUR 1,030.8 million (1,045.2)
• EBITDA amounted to EUR 676.3 million (687.2), corresponding to a margin of 65.6% (65.8)
• Profit for the period amounted to EUR 503.4 million (503.0)
• Earnings per share amounted to EUR 2.54 (2.46)

Comments from CEO Martin Carlesund:
For the second quarter of 2026, Evolution reported net revenues of EUR 517.8 million and EBITDA of EUR 341.0 million, corresponding to a year-on-year revenue decline of 1.2 percent and a EBITDA margin of 65.9 percent. Net revenue growth at constant currency is estimated to be 2.4 percent. 

Overall, I am happy with the performance in the quarter. Revenue and margin are moving in the right direction compared to the first quarter, cost control remains strong, cash flow is improving, and we continue to expand in key markets while executing on our product roadmap.

Following several quarters of decline, Europe returned to quarter-on-quarter growth of 3.5 percent. We remain cautious about the low channelization rates, but the quarter otherwise showed encouraging activity in several markets, with strong development in the game show category and continued demand for native-speaking tables.

Latin America maintained its positive momentum and delivered solid year-on-year growth of 26.3 percent. Among recent events, we have re-launched the newly acquired studio in Argentina and brought a localised version of Ice Fishing to the Brazilian market.

North America continued its steady growth pace, with year-on-year growth of 9.5 percent. During the quarter, Monopoly Live was launched in four states, and we opened our second studio in Michigan. In July, we expanded our presence in Alberta, Canada, following its transformation to a regulated commercial online gaming market.

Asia was the exception to the otherwise positive progress, with a quarter-on-quarter decline of 3.7 percent. The region remains volatile as earlier stated, and increased cybercrime activity could not be fully offset by otherwise relatively favorable development. The volatility is something we continue to work through.

Other markets, which mainly comprise Africa, also showed some volatility, but with a clear positive underlying development reflected in quarter-on-quarter growth of 14.2 percent. We have a strong position in Live and are also seeing increasing activity in RNG.

Our focus is always to create the most entertaining content in the industry. During the quarter, Ice Fishing continued to attract new audiences across markets and strengthened its position as one of our most successful launches in recent years. Among newer additions, we have launched Monopoly Roulette and Monopoly Roll'em under our global exclusive partnership with Hasbro.

Earlier this week, we reached a GBP 4.75 million settlement with the UK Gambling Commission, concluding its license review. The matter mainly related to Evolution content being available on six unlicensed websites, in breach of our terms of supply. We acted immediately when this was identified, and the review found no broader pattern of unlicensed access in the UK. I am proud of how our team has handled the very lengthy review, with professionalism, discipline and a clear focus on doing what is right.

Today, the currently agreed closing period under our agreement to acquire Galaxy Gaming expires. After today, either party may choose to terminate the agreement. Two years have passed, and Evolution has spent significant time, effort and resources handling the rather large amount of administration required to close this acquisition. Galaxy is a great company; however, due to its size, the transaction is not significant for Evolution. The outcome has no material impact on our existing business, our US operations, or our long-term ambitions.

To conclude: The road is almost never straight, but what matters is that we are moving forward. Some curves are harder than others, but they can also be fun. And the same goes for Evolution. It is great, fun work, and we are always moving forward. I am pleased with the progress we are making across the business, and this is above all thanks to the great work, energy and commitment of everyone at Evolution. With that, I look forward to the remainder of the year.

Presentation for investors, analysts and the media
CEO Martin Carlesund and CFO Joakim Andersson will present the report and answer questions on Friday 17 July 2026 at 09:00 a.m. CEST via a telephone conference. The presentation will be in English and can also be followed online.

Webcast: https://evolution.events.inderes.com/q2-report-2026/register
Teleconference: https://events.inderes.com/evolution/q2-report-2026/dial-in