Evolution has released its financial results for the fourth quarter and full year 2025, posting declines in Q4 revenue and EBITDA but maintaining stable net revenue for the year. CEO Martin Carlesund said 2025 still ranks among the company’s stronger years, despite challenging comparisons with 2024 and several operational setbacks.
Q4 2025: Revenue and Profitability Decline
Evolution’s fourth‑quarter performance reflected a softer end to the year:
- Net revenue: EUR 514.2 million, down 3.7% from EUR 533.8 million
- Operating revenue: EUR 565.9 million, down 9.5%
- Adjusted EBITDA: EUR 341.5 million, down 6.1%
- EBITDA: EUR 393.2 million, down 13.6%
- Profit for the period: EUR 306.8 million, down from EUR 377.1 million
- EPS: EUR 1.54, down from EUR 1.83
Carlesund attributed the quarterly declines to a combination of seasonal factors and operational challenges.
Full‑Year 2025: Stable Net Revenue, Lower Margins
For the full year, Evolution delivered largely steady top‑line results:
- Net revenue: EUR 2,066.5 million, up 0.2%
- Operating revenue: EUR 2,118.2 million, down 4.3%
- Adjusted EBITDA: EUR 1,365.7 million, down 3.2%
- EBITDA margin: 66.1%, compared to 68.4% in 2024
- EBITDA: EUR 1,417.3 million, down 9.2%
- Profit: EUR 1,062.1 million, down from EUR 1,244 million
- EPS: EUR 5.24, down from EUR 5.94
The company ended the year with approximately 2,000 live tables, up from 1,700 in 2024—reflecting continued expansion of its studio footprint.
Looking Ahead to 2026: Expansion and Opportunity
Carlesund said that despite the year’s challenges, Evolution continued to launch new studios and enter new markets, demonstrating the company’s underlying strength. He highlighted Latin America as a key strategic focus for 2026, with more measured investment planned in Europe.
With 2026 marking Evolution’s 20th anniversary, Carlesund expressed confidence in the company’s long‑term opportunity:
“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.”
Evolution’s board is expected to announce its dividend recommendation later this quarter.
