Evolution Pleased with FY 2025 Financials Despite Multiple Setbacks

Evolution, a provider of cutting-edge online casino games and live casino experiences has published its financial results for the final quarter of 2025, reporting decreases in revenue and EBITDA. Despite that, the net revenues for the full year remained stable.

Evolution Faced Some Setbacks in Q4

In Q4 2025, Evolution’s net revenues reached EUR 514.2 million ($607.4 million), representing a decrease of 3.7% from EUR 533.8 million in the prior year period. At the same time, operating revenues experienced a decline of 9.5% to EUR 565.9 million ($668.5 million) from EUR 625.3 million in Q4 2024.

The EBITDA figures tell a similar story with adjusted EBITDA declining by 6.1% to EUR 341.5 million ($403.4 million) and EBITDA decreasing 13.6% to EUR 393.2 million ($464.5 million). For comparison, the company’s adjusted EBITDA and EBITDA for Q4 2024 were EUR 363.6 million and 455 million.

Further metrics show that the company’s profit for the period plummeted to EUR 306.8 million ($362.4 million) from EUR 377.1 in the prior year quarter. Earnings per share also decreased to EUR 1.54 ($1.82) from EUR 1.83.

The 2025 Results Highlighted Certain Challenges

Evolution’s results for 2025, meanwhile, highlighted stable net revenues at EUR 2,066.5 million ($2,441.1 million), up 0.2% from the prior year. The company’s total operating revenues, meanwhile, experienced a drop of 4.3% to EUR 2,118.2 million ($2,502.2 million) from EUR 2,214.1 million.

Adjusted EBITDA for the full year decreased 3.2% to EUR 1,365.7 million ($1,613.3 million). For comparison, the company’s adjusted EBITDA for the prior year was EUR 1,410.7 million. The EBITDA margin for 2025 was 66.1%, down from 68.4% in 2024. EBITDA for 2025 decreased 9.2% to EUR 1,417.3 million ($ million) from EUR 1,561.7 million in 2024.

The company’s profit for 2025, meanwhile, amounted to EUR 1,062.1 million ($1,674.3 million), down from EUR 1,244 million. Earnings per share for the year reached EUR 5.24 ($6.19), down from EUR 5.94.

As of the end of the year, the company had approximately 2,000 live tables, up from 1,700 in 2024.

2026 Marks Evolution’s 20^th Anniversary

Martin Carlesund, Evolution’s CEO, commented on the results, saying that 2025 remains one of the company’s stronger years, despite the tough comparisons with 2024. He attributed the seasonal decreases to a variety of setbacks his team faced throughout the year. At the same time, the company launched new studios and entered new markets, demonstrating its strength.

Carlesund said that Evolution’s 2026 focus will have a strong emphasis on Latin America accompanied by less aggressive investment in Europe. With 2026 being the company’s anniversary, he hopes that it will be a fruitful year for the business.

Looking at the market over the two decades gone by and the extreme pace of online technology and overall digitization of society, the majority of gaming is still land-based. In other words, opportunities are immense! We look forward to 2026.

Martin Carlesund, CEO, Evolution

In the meantime, Evolution’s board is set to decide on and announce its recommendation later in the quarter.