Evolution has delivered a mixed set of second-quarter results for 2026, with revenue dipping slightly year-on-year despite a return to growth across European markets.
The Swedish live casino supplier posted net revenue of €517.8m for Q2 2026, representing a 1.2% decline compared to the same period in 2025, though revenue rose 2.4% at constant currency.
EBITDA came in at €341m, down marginally from €345.3m in Q2 2025, while profit for the quarter edged higher year-on-year to €251.4m from €248.3m.
For the first half of 2026 as a whole, Evolution reported €1.03bn in total revenue alongside €676.3m in EBITDA, reflecting the scale the business has reached.
Live casino remained the dominant revenue driver during the quarter, contributing €437.3m, while random number generator games added a further €80.5m to the total.
The steady operational performance came against the backdrop of what appears to be an imminent collapse of Evolution’s planned acquisition of US-based casino table games developer Galaxy Gaming.
Evolution Chief Executive Officer Martin Carlesund addressed the situation directly when commenting on the company’s Q2 2026 results, offering little optimism that the deal would be completed.
“Today, the currently agreed closing period under our agreement to acquire Galaxy Gaming expires,” Carlesund noted. “After today, either party may choose to terminate the agreement. Two years have passed, and Evolution has spent significant time, effort and resources handling the rather large amount of administration required to close this acquisition.”
Carlesund was careful to frame any outcome as non-critical, adding: “Galaxy is a great company; however, due to its size, the transaction is not significant for Evolution. The outcome has no material impact on our existing business, our US operations, or our long-term ambitions.”
Despite the uncertainty surrounding the Galaxy Gaming deal, Evolution continued expanding its studio footprint during the quarter, opening second facilities in both Michigan and Argentina.
The Argentine studio followed an €6m acquisition completed earlier this year that was designed to strengthen the company’s growing Latin American presence in the region.
Evolution also brought an 18-month UK Gambling Commission licence review to a close during Q2 2026, agreeing to pay a £4.75m settlement after its content appeared via unlicensed websites accessible to British consumers.
The regulator’s findings related to content appearing through two operators on six unlicensed websites, though Evolution stressed no broader pattern of unlicensed access had been identified.
The company stated it had terminated the relevant commercial relationships immediately and would continue strengthening its ring-fencing and compliance measures going forward.
On the capital returns front, Evolution repurchased 5.14 million shares during the quarter, equivalent to 2.58% of its outstanding share capital, at a total cost of €303.2m.
