Fourth quarter of 2025 (Q4 2024)

• Net revenues decreased 3.7% to EUR 514.2 million (533.8) and total operating revenues decreased 9.5% to EUR 565.9 million (625.3)
• Adjusted EBITDA (excluding other operating revenues) decreased 6.1% to EUR 341.5 million (363.6), corresponding to a margin of 66.4% (68.1)
• EBITDA decreased 13.6% to EUR 393.2 million (455.0)
• Profit for the period amounted to EUR 306.8 million (377.1)
• Earnings per share amounted to EUR 1.54 (1.83)

January-December 2025 (2024)

• Net revenues increased 0.2% to EUR 2,066.5 million (2,063.1) and total operating revenues decreased 4.3% to 2,118.2 million (2,214.1)
• Adjusted EBITDA (excluding other operating revenues) decreased 3.2% to EUR 1,365.7 million (1,410.7), corresponding to a margin of 66.1% (68.4)
• EBITDA decreased 9.2% to EUR 1,417.3 million (1,561.8)
• Profit for the period amounted to EUR 1,062.1 million (1,244.0)
• Earnings per share amounted to EUR 5.24 (5.94)

CEO comments

For the fourth quarter of 2025, Evolution reported net revenues of EUR 514.2 million and after adjusting for other operating revenues, EBITDA amounted to EUR 341.5 million, corresponding to a year-on-year revenue decline of 3.7 percent and a margin of 66.4 percent. Net revenue growth at constant currency is estimated to be 4.9 percent.

Looking at 2025 as a whole from an operational perspective, it might have been one of our strongest years ever with amazing new games and studio expansions in all parts of the world. On top of that, we have handled several tough and sometimes unexpected situations; ring-fencing, extremely questionable or even criminal activities from competitors, and cyber criminality. Despite these challenges we still delivered a solid margin of 66.1 percent and a fantastic cash flow. The financial performance was not as strong as we would have wanted when entering the year, but I am happy with the way the company has stood up for what is right and lived up to our ambition to become a little bit better every day. So with that said, overall, we are proud but not happy with 2025. Our amazing people look forward to doing more in 2026 by expanding with full speed. Our primary focus will be on the USA, Latin America and new innovative games. We will also invest in Europe, but slightly less aggressively. With this expansion in mind, we estimate to deliver a margin in line with 2025.

Zooming in on the fourth quarter, Asia has turned back to growth compared to the third quarter, signaling some progress in our hard work to combat cyber criminality. The progress is slow, methodical, and very important. Our studio in the Philippines is also continuing to develop nicely.

We continue to grow decently in North America even if we want it to go faster. It is still early days for the online gaming industry, and we believe the region will see an increasing share of Live. To increase penetration and options, we re-launched our second brand Ezugi during the quarter, starting in New Jersey with a clear goal to become the #2 Live Casino provider in the US. As a next step, we will establish a new studio in Grand Rapids to support Ezugi's expansion to Michigan.

Latin America grew well year-on-year. Brazil is continuing to progress following the new regulation, and we see that players are increasingly discovering and enjoying our wide portfolio of games. In Argentina, one of our competitors has withdrawn from the market, providing us with the opportunity to buy their studio. We look forward to further expanding our footprint and market share in Argentina as a result of this.

Other markets, mainly constituting Africa, continued to grow at high pace during the quarter.

To sum up the above, Asia, North America, Latin America and Africa all did well in the quarter; however, development in Europe was not good, burdened by unfavorable regulatory movements. We believe that Evolution currently has the strongest ring-fencing measures in place among all suppliers, but we also recognize that the regulated markets are losing ground. The regulatory scale is not in balance, and this development is bad for the most vulnerable players. However, the scale tends to swing over time, and we remain as committed as ever to providing European operators and players with the most entertaining experiences.

Our product roadmap for the next twelve months is nothing short of spectacular and might prove to be the largest step ever in terms of increasing the gap relative to our competition. I know that it is something you have heard me say before, but this year is truly special. In mid-2025 we entered an exclusive multi-year licensing partnership with Hasbro, which is now materializing in exciting new game titles across both our Live and RNG universe. Among the many highlights are the two largest game shows to date - Game Night and MONOPOLY Filthy Rich. We always want to push the boundaries for interactive entertainment, meeting the increasing and changing user requirements, and I think our teams have outdone themselves this year. Very exciting!

2026 marks Evolution's 20th anniversary. Looking back at the first twenty years, from a first small Live studio in Latvia to the global giant in interactive entertainment that Evolution is today, is almost overwhelming. We have reached that position by constantly challenging ourselves, both in good and bad times, and we will continue to do so for the next 20 years as well. Looking at the market over the two decades gone by and the extreme pace of online technology and overall digitalization of society, the majority of gaming is still land-based. In other words, opportunities are immense! We look forward to 2026.

For further information, please contact:
CFO Joakim Andersson, ir@evolution.com

This information is such that Evolution AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the contact person set out above on 5 February 2026, at 07:30 am CET. 

Presentation for investors, analysts and the media 
CEO Martin Carlesund and CFO Joakim Andersson will present the report and answer questions on Thursday 5 February 2026 at 09:00 a.m. CET via a telephone conference. The presentation will be in English and can also be followed online.

Webcast: https://evolution.events.inderes.com/q4-report-2025/register
Teleconference: https://events.inderes.com/evolution/q4-report-2025/dial-in