Evolution reports 2025 results and outlines 2026 outlook
On 5 February, Evolution, a global provider of online casino games, published its fourth-quarter and full-year 2025 results. Over the past year, the company’s net revenue grew 0.2% to €2.06 billion, while total operating revenue decreased by 4.3% to €2.11 billion. Adjusted EBITDA for the year was €1.36 billion, while EBITDA decreased by 9% to €1.4 billion. Earnings per share were €5.24, compared to €5.94 in 2024.
Annual operating expenses increased to €860.9 million compared to €794.6 million in 2024, mainly due to higher personnel costs associated with studio expansion and growth in other operating expenses. The company’s headcount reached 22,475 at the end of 2025.
Top products and regions in Q4
In the final quarter of 2025, the company generated €514.2 million, which is 3.7% less than in 2024. The total operating revenue declined by 9.5% to €565.9 million. Adjusted EBITDA was €341.5 million, down 6.1% with a margin of 66.4%. EBITDA fell 13.6% to €393.2 million, net profit for the quarter amounted to €306.8 million, and earnings per share were €1.54 compared to €1.83 a year earlier.
The online casino market continues to grow, with technological progress, the shift of land-based casinos to online, regulatory changes and the growth of mobile traffic remaining key drivers. In the fourth quarter, 74% of Evolution’s client operators’ GGR came from mobile devices. Although RNG remains the largest vertical, the live segment is making a significant contribution to growth.
Source: Evolution.
Specifically, revenue from Evolution’s live games in Q4 amounted to €438.6 million, while revenue from RNG games amounted to €75.7 million. Other operating revenue fell sharply: by 43.5% in the quarter and by 65.8% for the year, which had a significant impact on total operating revenue. Operating expenses for the period rose to €215 million, mainly due to increased personnel costs for launching new tables and expanding studios. At the end of 2025, the company’s portfolio included approximately 2,000 live tables, compared to 1,700 a year earlier.
Blask says that Evolution’s top 10 games are:
Source: Blask.
In terms of regions, Asia returned to growth in Q4 after a previous decline, while North America is showing steady but slow growth. In the US, the Ezugi brand was relaunched in New Jersey, and there are plans to open a new studio in Michigan to support expansion. Latin America also showed annual growth, especially after regulatory updates in Brazil. Revenue in Africa continues to grow rapidly, while revenue from Europe is declining due to unfavourable regulatory changes.
Source: Evolution.
Key partnership of the year
In mid-2025, Evolution entered into an exclusive multi-year licensing partnership with renowned provider Hasbro. This added major game shows such as Game Night and MONOPOLY Filthy Rich to the company’s portfolio. The company has announced a major product roadmap for the coming year, which management calls one of the most significant in its history.
CEO comments on 2025 performance
Commenting on the financial report, Evolution CEO Martin Karelsund (pictured) noted that from an operational standpoint, the past year was one of the strongest: “We released excellent new games and expanded our studios around the world. At the same time, we had to deal with some serious and sometimes unexpected problems: ring-fencing, extremely dubious and even criminal actions by competitors, as well as cybercrime.”
Despite the difficulties, the company maintained a solid margin of 66.1% and a strong cash flow of €1.25 billion. For comparison, the cash flow for 2024 was €1.3 billion. According to Karelsund, the financial results were not as strong as expected at the beginning of the year. Still, he said he is pleased with how the company stood by its principles and supported development. ”Overall, we are proud of what we have achieved, but we are not satisfied with the result,” he notes.
Source: Evolution.
Evolution’s priorities for 2026 include accelerated expansion in the US and Latin America, the launch of new innovative games and moderate investment in Europe. In this way, the company aims to maintain its 2025 margin. Evolution also notes several risks that could affect future results: changes in legislation and regulatory practices, operational risks, including force majeure events, cyber threats and geopolitical factors, and financial risks. The group regularly monitors these factors to be prepared to counter them.
This article was first published in Russian on 9 February 2026.
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