Evolution posted broadly stable results for Q1 2026, with net revenue reaching €513 million, down 1.5% year-on-year, as currency headwinds and rising costs offset continued demand for its products.
EBITDA for the quarter ended 31 March came in at €335.3 million, a 1.9% decline, with margin slightly easing to 65.4%. Profit totaled €251.9 million, just below the €254.7 million reported a year earlier, while earnings per share rose to €1.26 from €1.24.
Live casino revenue fell to €434.9 million from €448.7 million, while RNG revenue increased to €78.2 million from €72.3 million.
The business indicated that its online casino offerings have a steady demand, as evidenced by recent game releases and continuing expansion. On the other side, compared to last year, the operating expenses for the Quarter were up to €220.4 million due to higher personnel costs, additional stand alone studios, and extra gaming tables. For the previous quarter, Evolution opened its second studio in Latvia and expanded its footprint into Argentina and resolved cyber-related issues affecting Asia.
Europe remained the largest geographic region; however, North America and Latin America exhibited higher rates of growth. Mobile user contribution accounted for 76% of total operator’s GGR from Evolution’s platform while the regulated (government) markets as a whole represented approximately 48% of total revenue.
CEO Martin Carlesund said:
Asia [delivered] quarter-on-quarter growth of 2.2 percent, the second consecutive quarter of growth in the region. And LatAm delivered a strong 29.3 percent year-on-year growth. The clear disappointment this quarter was Europe. Following a lacklustre end to 2025, the region declined another 5.9 percent quarter-on-quarter. The main reasons are regulatory volatility and subjectivity, which have a clear impact on player activity.
Addressing ongoing challenges, including legal disputes with Playtech and cyber threats, Carlesund added:
As a shareholder of Evolution, you are well aware that we have faced several ordeals over the past years, ranging from changing regulatory dynamics to cybercrime and deceitful attempts by competitors to harm our company. I want to reiterate two things: First, at Evolution, we never shy away. We stand up for what we believe in, we do what is right and we always push forward. While this can hurt a little in the short-term, our cost-efficient operations, discipline, and fantastic, hard-working talents give us the resilience to stay patient and focused on long-term value creation. Second, we never lose sight of what really matters: Player satisfaction and entertainment! The supplier with the content that players want is the one that will win in the end.
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