Sweden’s at-war Evolution, currrently locked in existential legal conflict with arch iCasino rivals Playtech in a New Jersey courtroom, have reported flat-lining Net Revenue of €513 million (£445.76m) for the first quarter of 2026, a 1.5 percent decline, year-over-year.
EBITDA for Q1, ending March 31, €335.3 million (£291.35m), down 1.9 percent, compared to the same quarter last year, with a margin of 65.4 percent, against d to 65.6 percent, y-o-y.
Profit for the period reached €251.9 million (£218.9m), slightly below the €254.7 million (£221.3m) of Q1 2025; while earnings-per-share increased to €1.26 from €1.24.
Revenue from live iGaming products in Q1 amounted to €434.9 million (£377.92m), compared to €448.7 million (£389.91m) the previous year.
RNG Revenue increased to €78.2 million (£67.95m) from €72.3 million (£62.83m).
Ex-Israeli Secret Agents
Evolution, which claims that Playtech effectively employed the services of ex-Israeli secret service agents to trash its reputation, affirmed that the demand for their online casino products continues to grow, supported by new game launches and expansion of its iGaming portfolio.
Primarily driven by increased staffing costs, linked to the expansion of studio operations and additional gaming tables, Evolution’s operating expenses rose to €220.4 million (£191.53m) during the quarter. The iCasino providers launched a second studio in Latvia and acquired another studio in Argentina, while also reporting progress in addressing cyber-related challenges in Asia, where the company has been facing several concerted malware attacks.
Geographically, Evolution’s iGaming revenue remained weighted towards Europe, although growth was observed in North America and Latin America.
Mobile continued to account for a significant share of activity, representing 76 percent of operator GGR generated through Evolution’s platform.
Regulated markets accounted for 48 percent of total revenue during the quarter, reflecting a gradual increase in licensed iGaming activity, Evolution noted in its Q1 Financial Report.
Disappointment
“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,” said Evolution CEO Martin Carlesund.
“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.”
And directly addressing stakeholders, 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.”
