Evolution has reported a softer fourth quarter for 2025 as net revenue fell 3.7% to €514.2m, compared with €533.8m a year earlier. Total operating revenue declined 9.5% to €565.9m. Adjusted EBITDA excluding other operating revenue decreased 6.1% to €341.5m, corresponding to a margin of 66.4%. Profit for the period dropped to €306.8m.
The supplier said net revenue growth at constant currency would have been 4.9%, yet several pressures shaped the quarter. Europe underperformed due to what the company described as unfavourable regulatory developments, which continued to weigh on operators and suppliers. Other regions performed more strongly.
Asia returned to growth on a sequential basis, supported by progress in combating cyber criminality, while Latin America and Africa grew year on year. North America continued to expand, though Evolution stated that it aims for a faster pace.
During the fourth quarter, the company relaunched its Ezugi brand in New Jersey with ambitions to become the number two Live Casino provider in the US. Evolution also confirmed plans to establish a new studio in Grand Rapids to support future growth in Michigan.
For the full year, net revenue increased 0.2% to €2.066bn, with total operating revenue declining 4.3% due to a reduction in other operating revenue. EBITDA for the year fell 9.2% to €1.417bn, while profit reached €1.062bn. The adjusted EBITDA margin for the year was 66.1%.
The company emphasised continued investment in new game development, studio expansion and regulatory compliance. It also highlighted the upcoming release of major titles developed through its licensing agreement with Hasbro, including the Game Night and Monopoly Filthy Rich game shows.
Evolution enters 2026 with approximately 2,000 Live tables and a stated priority to accelerate growth in the US, Latin America and selected European markets, while maintaining margins broadly in line with 2025.
The Board will announce its updated capital allocation proposal, including shareholder remuneration, later in the quarter
