Evolution’s Q1 Held Back by Weak USD & Decline in Europe

Evolution has published its interim report for the period ended March 31 (Q1), highlighting slight decreases in revenue and EBITDA. The suboptimal results were attributed to lackluster performances in Europe.

Evolution’s Financials Experienced a Slight Decline

In Q1 2026, Evolution reported a 1.5% decline in net revenues to EUR 513 million ($602.3 million). While the company continued to experience growth in Asia and the Americas, Europe delivered a lackluster performance, resulting in a regional decline of 5.9%.

The setbacks in Europe also led to a 1.9% decline in the company’s Q1 EBITDA to EUR 335.3 million ($393.6 million). This was equivalent to a margin of 65.4%.

Evolution also reported a profit of EUR 251.9 million ($295.7 million) for Q1, down 1% from Q1 2025.

The company’s earnings per share before dilution experienced a slight increase to EUR 1.26 ($1.48).

Evolution Grew in LATAM, US Growth Offset by Weak USD

In its official announcement, Evolution highlighted some of its Q1 achievements, which included significant progress in its efforts to tackle cybercrime in Asia.

Elsewhere, the company launched its second Latvian studio and also acquired a second studio in Argentina.

CEO Martin Carlesund commented on the progress, highlighting a growth of 29.3% in Latin America. He noted that, in addition to the new studio in Argentina, Evolution is currently eyeing expansion in Brazil and Colombia.

The company’s performance in North America was strong, but was offset by the weak USD and unfavorable conversions. Canada, on the other hand, could provide further opportunities as Alberta prepares to launch iGaming.

Carlesund noted that Europe was the biggest disappointment for Q1. He attributed the weak performance in the region to regulatory volatility and subjectivity.

Evolution Remains Focused on Long-Term Value Creation

CEO Carlesund said that he was looking forward to 2026 since it marks the company’s 20^th anniversary. He said that his team has come a long way and remains committed to further improving the quality of Evolution’s products.

Carlesund teased that the exciting roadmap for 2026 will see Evolution launch a variety of thrilling products. He concluded that his team will remain focused on long-term value creation, never losing sight of what truly matters – player satisfaction.

In the meantime, Evolution’s board of directors decided not to propose any dividend for the financial year 2025.