Evolution Gaming Group AB (publ) Earnings Recaps
Q1 2026
Apr 22, 2026
Evolution delivered a resilient Q1 with EUR 513 million in revenue amid regional challenges, supported by growth in North and Latin America, and progress on strategic deployments and product launches.
Key takeaways
- North America and LatAm achieved record-high revenues, with North America’s US dollar growth at ~21%, driven by new Monopoly-themed titles and studio expansions.
- Europe continued to decline due to regulatory headwinds and player channeling issues, despite launching a second Riga studio and implementing ring-fencing measures.
- Asia showed its second consecutive quarter of quarter-on-quarter growth, though cautiously optimistic amid ongoing regulatory and cybercrime mitigation efforts.
- The company expanded its studio footprint in Latvia, U.S., and Argentina, supporting its 2026 product roadmap and growth ambitions in regulated markets.
- Overall, Evolution remains focused on accelerating growth in the US and Latin America, with a strong pipeline of innovative launches planned for the remainder of 2026.
Q3 2025
Oct 24, 2025
Evolution experienced a challenging third quarter in 2025, with net revenues declining 2.4% to EUR 507.1 million, primarily impacted by volatility in the Asian market, while European, North American, and Latin American segments showed positive growth and helped maintain margin targets.
Key takeaways
- Net revenue of EUR 507.1 million reflects a year-on-year decline, driven by increased cybercrime and regulatory uncertainties in Asia.
- EBITDA reached EUR 336.9 million with a healthy margin of 66.4%, consistent with full-year targets.
- Positive momentum in Europe and successful product launches, including the highly anticipated Ice Fishing and the new Sneaky Slots brand, contributed to growth outside of Asia.
- RNG revenue grew by 4.2%, marking the first time RNG has outperformed Live, signaling a shift in consumer preferences.
- Continued focus on cost efficiency and innovation, with over 110 game releases this year, supports long-term growth strategies amid regional challenges.