STOCKHOLM – Evolution reported modest declines in first‑quarter revenue and earnings on Thursday, citing weaker results in Europe and currency pressure from a soft U.S. dollar.
The company posted EUR 513 million ($602.3 million) in net revenue for the quarter ended March 31, down 1.5% from a year earlier. Growth in Asia and the Americas was not enough to offset a 5.9% revenue drop in Europe, which management described as the biggest drag on quarterly performance.
EBITDA fell 1.9% to EUR 335.3 million ($393.6 million), representing a margin of 65.4%. Net profit slipped 1% to EUR 251.9 million ($295.7 million). Earnings per share before dilution edged up to EUR 1.26 ($1.48).
Evolution said Latin America remained a bright spot, with revenue in the region up 29.3%. The company opened a second studio in Argentina and is preparing for further expansion in Brazil and Colombia. In North America, underlying performance was strong, but results were tempered by unfavorable currency conversions tied to the weaker U.S. dollar. Canada may offer additional upside as Alberta moves toward launching iGaming.
Chief executive Martin Carlesund said Europe was the “biggest disappointment” of the quarter, pointing to regulatory volatility and subjective enforcement as key challenges.
Carlesund also highlighted progress in combating cybercrime in Asia and noted the launch of a second studio in Latvia. He said he is looking ahead to 2026, which marks Evolution’s 20th anniversary, and promised a “thrilling” product roadmap focused on long‑term value creation and player satisfaction.
Evolution’s board has decided not to propose a dividend for the 2025 financial year.
