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Evolution Stock Plummets Following Suboptimal Q1 Report
Interestingly, revenues from regulated markets have increased by 19% whereas its revenues from unregulated ones have declined by 6%

Evolution Gaming’s stock has experienced a sharp decline following the company’s recent Q1 report. The company’s stock, which was worth approximately SEK 835.60 ($86.69) apiece, has plummeted to SEK 674.20 ($69.95) as of the time of this writing.
The Q1 Results Did Not Meet Expectations
Evolution Gaming saw its shares plummet following the publication of its latest quarterly report, which highlighted somewhat mixed results. The financial metrics failed to meet the targets it was expected to, resulting in a loss of investor confidence.
For reference, Evolution’s revenue for the first three months of 2025 stood at EUR 520.9 million ($592.6 million) . While this result was stronger than the one in Q1 2024, it underscored a slowdown in the company’s growth. Whereas the company’s revenue increased by 12.3% in the prior-year period, the Q1 2025 result represented growth of 3.9% year-on-year, or 6.1% on a constant currency basis.
This means that the company’s growth was 4% lower that investors expected.
At the same time, the company’s EBITDA for the period experienced a decline of 1.1% to EUR 342 million ($389.1 million). The EBITDA margin fell to 65.6% from 69% in Q1 2024. The EBITDA growth missed the company’s targets by 9%.
The Company Was Beset by Challenges
Overall, Evolution experienced a slowdown across all regions. However, it should be mentioned that its revenues from regulated markets have increased by 19% whereas its revenues from unregulated ones have declined by 6%.
Among the chief reasons for the company’s slowdown are the hurdles in Georgia where team members have repeatedly striked, demanding better conditions. While the company says that the strike is now a “closed chapter,” it still had certain effect on the business, resulting in reduced capacity.
At the same time, Evolution has had to deal with continuous cyberattacks in Asia, which have put further pressure on its revenue growth.
The shifting financial landscape and economic headwinds have also taken a toll on the company.
Evolution to Enhance Its Product Regardless of the Challenges
Martin Carlesund, Evolution’s chief executive officer, commented on the recent results, highlighting many of the issues faced by his team, including some regulatory trouble it has faced. Among other things, the company had to exit several partnership agreements with certain unregulated operators per the UK authorities’ request.
Carlesund addressed the Q1 results, admitting that he is not happy with the financial development. However, he also said that the figures were impacted by certain investments that contribute to Evolution’s mission to “ever increase the gap to competition.”
It takes hard work in all areas; staying ahead in the ever-changing regulatory landscape, being an attractive employer around the globe, moving our technology to the cutting edge and offering the best product in the world.
Martin Carlesund, CEO, Evolution
Not all was gloom and doom for Evolution, which also recorded positive developments in Q1. Among other things, it released dozens of new games and opened two new studios.
Although Fiona doesn't have a long-spanning background within the gambling industry, she is an incredibly skilled journalist who has built a strong interest in the constantly growing iGaming network. The team at Gambling News is glad to have her on our roster to help deliver the best stories as soon as they hit. Aside from writing, she loves to dabble in online casino games such as slots and roulette, both for her own enjoyment and also as research to better improve her understanding of the industry.
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