Evolution reported stable iGaming revenue but declining profitability in its 2025 annual report, citing regulatory changes, regional volatility and increased investment as impacts on performance — despite continued product expansion.
Net revenue for the year totalled €2.066 billion (£1.8bn), remaining broadly flat, year-on-year; while adjusted EBITDA declined 3.2 percent to €1.366 billion (£1.19bn), corresponding to a margin of 66.1 percent.
Profit fell 14.6 percent to €1.062 billion (£920m), reflecting higher costs and external pressures across key markets.
Said CEO Martin Carlesund: “From an operational perspective, 2025 may have been one of the strongest years in our history.
“We launched an exceptional number of new games, expanded studios across continents and strengthened our global platform.”
Not Satisfied
Carlesund also noted the impact of external factors on performance, stating: “[Although] we expected stronger growth, overall we are proud – but not satisfied.”
Evolution continued to expand its iGaming content portfolio throughout 2025, launching 113 new live and RNG titles during the year, while also growing its global studio network with new facilities in markets including the United States, Brazil and The Philippines.
Regionally, performance varied across markets.
North America delivered stable development with ongoing investment in studios and product localisation, while Latin America showed signs of recovery following regulatory transitions in Brazil.
Challenging
Asia remained a more challenging region, impacted by cyber-related issues and market adjustments.
The supplier also highlighted continued investment in its iGaming product offering, including the expansion of live game shows and RNG content, alongside a multi-year licensing agreement with Hasbro to develop branded content based on intellectual property such as MONOPOLY.
Evolution stated that it continues to operate at scale, with approximately 2,000 live tables globally and a customer base of around 870 operators, reflecting its position within the global iGaming supply chain.
Added Carlesund: “As we move into 2026, our primary focus will be continued expansion in North America and Latin America, sustained innovation across Live and RNG, and disciplined execution in Europe and Asia.
“We expect to maintain the margin in line with 2025 while investing for long-term growth.”
