Evolution Reports Solid 2025 Financial Results Despite Challenges
Overview of Evolution’s 2025 Financial Performance
Evolution, a leading developer of innovative online casino games and live casino solutions, has revealed its financial outcomes for the year ending 2025. While the company experienced a few setbacks during the final quarter, it maintained overall stable net revenues for the full year.
Challenges During the Fourth Quarter
In the last quarter of 2025, Evolution recorded net revenues of EUR 514.2 million (approximately $607.4 million), marking a 3.7% reduction compared to EUR 533.8 million in the same period a year before. Operating revenues fell by 9.5%, reaching EUR 565.9 million ($668.5 million) down from EUR 625.3 million.
Adjusted EBITDA dropped 6.1% to EUR 341.5 million ($403.4 million), while the unadjusted EBITDA fell 13.6% to EUR 393.2 million ($464.5 million). These figures contrast with EUR 363.6 million and EUR 455 million reported in the fourth quarter of 2024.
Profit for the quarter decreased significantly to EUR 306.8 million ($362.4 million) from EUR 377.1 million previously. Similarly, earnings per share declined to EUR 1.54 ($1.82) compared to EUR 1.83 the year before.
Full Year 2025 Results and Insights
Across the entire year, Evolution managed to hold net revenues steady at EUR 2,066.5 million ($2,441.1 million), representing a slight increase of 0.2% over the prior year. However, total operating revenues edged down 4.3% to EUR 2,118.2 million ($2,502.2 million) from EUR 2,214.1 million.
Adjusted EBITDA for 2025 decreased by 3.2% to EUR 1,365.7 million ($1,613.3 million) relative to EUR 1,410.7 million in 2024. The EBITDA margin slipped from 68.4% to 66.1%. Meanwhile, EBITDA declined 9.2%, finishing at EUR 1,417.3 million compared to EUR 1,561.7 million the previous year.
Profit for 2025 stood at EUR 1,062.1 million ($1,674.3 million), down from EUR 1,244 million, with earnings per share falling to EUR 5.24 ($6.19) from EUR 5.94. The company expanded its live table offerings to around 2,000 by year-end, up from 1,700 in 2024.
Looking Forward: Evolution’s 20th Anniversary in 2026
Martin Carlesund, CEO of Evolution, reflected on 2025 as a strong year despite difficult comparisons to 2024. He explained that seasonal declines were influenced by several challenges throughout the year, but emphasized the company’s achievements in launching new studios and tapping into new markets as indicators of its resilience.
Carlesund highlighted a strategic shift for 2026 with a focus on expanding in Latin America while moderating investments in Europe. He expressed optimism for the anniversary year, suggesting significant growth opportunities amid ongoing digital transformation.
“Considering the rapid advancement in online technology over the past two decades and the general digitization of society, much of the gaming industry remains land-based. This points to vast potential. We eagerly anticipate what 2026 will bring.”
Martin Carlesund, CEO, Evolution
Additionally, Evolution’s board is scheduled to finalize and announce its recommendations later in the quarter.
