Evolution reported a 1.2% year-on-year decline in second-quarter revenue, with weakness across Europe and Asia offsetting stronger performances in other regions.
For the three months to 30 June, the supplier recorded net revenue of €517.8m, falling from €524.3m during the same period in 2025.
Europe and Asia were the primary drag on overall performance, with revenue declining 4% and 8.9% year-on-year respectively across those two regions.
Despite the annual decline, Europe posted a 3.5% quarter-on-quarter improvement in net revenue by players’ IP addresses, rising to €173.0m for the period.
CEO Martin Carlesund described the European recovery as a significant milestone after a prolonged difficult period for the region.
“Following several quarters of decline, Europe returned to quarter-on-quarter growth,” Carlesund said, pointing to strong development in the game show category and continued demand for native-speaking tables.
He remained measured about the sustainability of that momentum, adding: “We have seen an increasing activity in regulated markets. Whether we have had an inflection point, it’s too early to say.”
Latin America once again delivered the strongest regional growth, with revenue rising 26.3% year-on-year to €47.5m, supported by the relaunch of a newly acquired studio in Argentina and a localised Ice Fishing launch in Brazil.
North America continued its steady upward trajectory, with revenue climbing 9.5% to €81m, helped by the rollout of Monopoly Live across four US states and the opening of a second studio in Michigan.
Asia remained the most challenging region for Evolution, with revenue falling 8.9% year-on-year and 3.7% quarter-on-quarter to €190.5m, with Carlesund attributing the decline to increased cybercrime activity.
“We have said it before that this is a cat-and-mouse game, and the volatility will remain. But we are not stressed,” Carlesund said during an earnings call, expressing confidence in the company’s ability to manage the issue.
Africa and other markets provided another bright spot, with revenue growing 10.3% year-on-year to €25.8m across both Live Casino and RNG operations.
Overall live revenue came in at €437.3m, down 3.6% year-on-year, while RNG revenue climbed 14.0% to €80.5m, reflecting growing diversification across the business.
Operating profit declined 2.8% year-on-year to €297.8m, though a €3.1m gain from financial items helped push pre-tax profit up 2.2% to €300.9m.
Net profit for the quarter reached €251.4m, an increase of 1.3%, after Evolution paid €49.4m in tax, while EBITDA came in 1.2% lower at €341.0m.
For the first half as a whole, net revenue fell 1.4% to €1.03bn, with net profit marginally higher at €503.4m despite pressure across several key financial metrics.
Evolution also referenced its agreement with the UK Gambling Commission this week, confirming a £4.75m settlement following a licence review related to its games being available via unlicensed operator websites in breach of its terms of supply.
The settlement was reached after the close of the second quarter and therefore had no impact on the reported financial results for the period.
Carlesund closed the earnings report on a confident note, stating: “I am pleased with the progress we are making across the business, and this is above all thanks to the great work, energy and commitment of everyone at Evolution.”
