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Edge22 Nov 2024
Evolution: The Live Casino Juggernaut
With ~49% CAGR since its 2015 IPO, 60%+ EBIT margin, and global dominance in live casino, the story of Evolution is truly one for the books.
Evolution
Evolution (EVO) investor relations material
Evolution Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary5 Feb, 2026
Executive summary
Q4 2025 net revenues were EUR 514.2 million, up 1.4% quarter-on-quarter but down 3.7% year-on-year; full-year net revenues were EUR 2,067 million, up 0.2% from 2024.
Adjusted EBITDA for Q4 was EUR 341.5 million (margin 66.4%); full-year adjusted EBITDA was EUR 1,366 million (margin 66.1%).
Q4 profit was EUR 306.8 million; full-year profit reached EUR 1,062 million.
Operational efficiency improved, with headcount up 5.8% year-on-year and new studios launched in Brazil, the Philippines, Romania, and New Jersey.
The company maintained strong cash flow and defended margins despite regulatory and market challenges, especially in Europe and Asia.
Financial highlights
Q4 adjusted EBITDA margin was 66.4%; full-year margin was 66.1%, within the 66%-68% guidance.
Q4 profit reached EUR 306.8 million; full-year profit was EUR 1,062 million.
Operating cash flow after investments was EUR 262 million in Q4; cash conversion at 82%.
Total CapEx for 2025 was EUR 134.8 million.
Shareholder remuneration in 2025 totaled almost EUR 1.1 billion, a 9.3% yield on year-end market cap.
Outlook and guidance
2026 margin expected to be in line with 2025 at 66%.
Expansion to continue in the U.S. and Latin America, with ongoing investment in Europe.
Over 110 new games and RNG releases planned for 2026, including major Hasbro-branded titles.
Management expects improved performance with a more stable regulatory environment.
Long-term ambition is to grow at least in line with the market in all regions.
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Latest summaries
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Q2 FY26 recurring revenue grew 8% and adjusted EPS guidance was raised to 9-12%.
Next Evolution earnings date
Q1 202622 Apr, 2026
Evolution
Next Evolution earnings date
Q1 202622 Apr, 2026
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Frequently asked questions
Live Casino Providers
Evolution is a Swedish company established in 2006 that primarily produces live casino solutions for online gaming platforms. The company's core product is live casino games, where players interact with real dealers through live streams. Evolution's game roster includes traditional table games like blackjack, roulette, and baccarat, as well as some unique game show-style variations. As part of the broader online gaming industry, Evolution Gaming has been spearheading the development and popularization of this way play casino games online.
Experts In Live Casino
Evolution has been one of the most important companies in the live casino revolution. Live casino is a way of gambling online that is different from traditional forms of casino games. Instead of software with accompanying visuals taking care of the entire experience, such as dealing the cards or spinning the roulette wheel, an actual dealer is in charge of running the game and ensuring that everything runs smoothly. Even if games like blackjack and roulette have been popular at online casinos since their inception, live casino offers a way to play that differs from other methods of online gambling. Even if it’s not exactly like sitting at a table at one of MGM’s or Caesar’s casinos in Vegas, it’s a more personal experience when compared to traditional ways to gamble online, as the dealers also act as entertainers.
Providing Games for Casino Operators
Evolutions business models mean that they don’t operate any casinos themselves. Instead, they cater to other gambling companies and casino operators looking to provide as broad of a catalog as possible for their customers. This means that Evolution’s games have become a common sight on many popular platforms, as offering live casino games is more or less a must for any serious online casino operator.
Other Titles
Even if live casinos are the main area of operation for Evolution, it’s not all they offer to customers. The company also provides various solutions within video slots and similar types of games, primarily through their subsidiary NetEnt. This allows Evolution to offer a broader catalog of games, and to compete with other providers outside of their primary area of operations.
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