Evolution reported net revenue of €513.0 million for the first quarter of 2026, representing a 1.5 percent decline compared to the same period in 2025, while underlying igaming growth remained positive when adjusted for currency effects.
EBITDA for the quarter totalled €335.3 million, down 1.9 percent year-on-year, with a margin of 65.4 percent, compared to 65.6 percent in the prior year. Profit for the period reached €251.9 million, slightly below €254.7 million in Q1 2025, while earnings per share increased to €1.26 from €1.24.
Revenue from live igaming products accounted for €434.9 million, compared to €448.7 million in the previous year, while RNG revenue increased to €78.2 million from €72.3 million. The company stated that demand for online casino products continues to grow, supported by new game launches and expansion of its igaming portfolio.
Operating expenses rose to €220.4 million, primarily driven by increased staffing costs linked to the expansion of studio operations and additional gaming tables. During the quarter, Evolution launched a second studio in Latvia and acquired another studio in Argentina, while also reporting progress in addressing cyber-related challenges in Asia.
Geographically, 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 gross gaming revenue generated through Evolution’s platform.
The company noted that regulated markets accounted for 48 percent of total revenue during the quarter, reflecting a gradual increase in licensed igaming activity. Evolution reiterated that market growth is being driven by technological developments, increased mobile usage and the continued migration of land-based casino activity into online environments.
The results indicate continued stability in Evolution’s igaming performance, with growth in underlying demand offset by margin pressures and investment in infrastructure as the supplier expands its global footprint.
Comments from CEO Martin Carlesund: “For the first quarter of 2026, Evolution reported net revenues of EUR 513.0 million and EBITDA of EUR 335.3 million, corresponding to a year-on-year revenue decline of 1.5 percent and a margin of 65.4 percent. Net revenue growth at constant currency is estimated to be 6.8 percent.
“In Asia, we made some further progress in the battle against cybercrime with a quarter-on-quarter growth of 2.2 percent. This marks a second consecutive quarter of growth. Even though the overall picture is better today than a year ago, volatility and uncertainty will persist for at least the remainder of the year.
“LatAm delivered a strong 29.3 percent year-on-year growth, and on top of that we completed the acquisition of a Live Casino studio in Argentina from a competitor that has withdrawn from the market. To meet demand, we also see further expansion needs in Brazil and Colombia which will take place through both new studios and the addition of more studio space in existing premises.
“Growth in North America improved compared to the fourth quarter, but is impacted by the weak USD. In our reporting currency EUR, year-on-year growth was 10.1 percent, whereas growth in local currency was 21.4 percent. Our ambitions are, however, higher than what the current numbers suggest. In the quarter, we have completed the construction of our second studio in Michigan, with expected launch in the coming months. Additionally, there were some positive regulatory movements; in the US, the Maine governor has signed the iGaming bill into law. In Canada, Alberta will regulate its online casino market in July as the second province after Ontario.
“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. We also continue to face a material disadvantage from our self-imposed ring-fencing measures, which, as stated several times before, is the right long-term path even though the short-term price is high. Overall, channelisation in Europe is decreasing, and it is bad for the impacted countries, the players and the industry as such.
“2026 marks Evolution’s 20th anniversary! When the company was founded back in 2006, we had a clear vision of taking the land-based casino experience online. Today, the vision is something much bigger: a methodical desire to create pure and authentic entertainment. We want our products to reach a level of excitement equivalent to a great streaming series or a movie. An important piece of this systematic shift, which will expand both the player and operator base over time, is our global, exclusive partnership with Hasbro and the amazing opportunity to integrate the MONOPOLY franchise into our content. I am truly excited about the product roadmap for 2026, and even more so about what we will be able to create over the next two decades. It will be a transition that extends beyond Evolution and the industry, reshaping the player experience and influencing areas we may not even envision today.
“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! There is no way around that the one supplier with the content that players want is the one that will win in the end.”
