Year-end Report January - December 2025
5th February 2026
CEO, Martin Carlesund
CFO, Joakim Andersson
Highlights Year-End Report 2025 Fourth quarter of 2025 (Q4 2024)
Net revenues decreased by 3.7% to EUR 514.2 million (533.8)
Live growth -4.5% to EUR 438.6 million (459.4)
RNG growth +1.7% to EUR 75.7 million (74.4)
Adjusted EBITDA decreased 6.1% to EUR 341.5 million (363.6), corresponding to a margin of 66.4% (68.1)(1)
Operational highlightsSome progress in cybercrime combat in Asia
Launch of Ezugi in New Jersey
Launch of Red Baron
Ice Fishing popularity on the rise
ICE in January 2026
January-December 2025 (FY 2024)Net revenues increased 0.2% to EUR 2,066.5 million (2,063.1)
Live growth -0.2% to EUR 1,772.6 million (1,775.7)
RNG growth +2.3% to EUR 75.7 million (74.4)
Adjusted EBITDA decreased 3.2% to EUR 1,365.7 million (1,410.7), corresponding to a margin of 66.1% (68.4)(1)
2
(1) Adjusted EBITDA is excluding other operating revenue
Quarterly Operational KPls25 000
Headcount end of period Game Rounds index - all games
500
20 000
15 000
10 000
22 223 22 248
21 141
20 537
20 772
21 252
21 652
19 221
17 331 17 447 17 823
22 475
450
400
350
300
250
200
150
100
50
0
376
369 376 386
339
301
357
355
350
275 277
254
23Q1 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 25Q1 25Q2 25Q3 25Q4
23Q1 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 25Q1 25Q2 25Q3 25Q4
lncrease in staff
YoY growth 5.8%
Expansion in existing locations and new studios
Improved cost mix
Activity in the network
YoY growth -5.5%
Combination of ring-fencing and counter measures to cyber crime has
deceased activity somewhat in 2H 2025
3
Annual Operational KPlsTop 5 Customer Dependency (%)
50 46
41
38
39
32
33
30
22
27
45
40
35
30
25
20
15
10
5
2500
2000
1500
1000
500
Number of tables at year end (#, "00")
2000
0
2017 2018 2019 2020 2021 2022 2023 2024 2025
0
1700
1600
1300
1000
700
700
550
400
2017 2018 2019 2020 2021 2022 2023 2024 2025
Yearly customer concentration
Total number of customers at YE 2025 was around 870
Top 5 customers represented approx. 39% of total revenue by year end 2025 compared to 46% in 2024
Yearly increase in tables
Number of tables in operation increased by approx. 300 in 2025
Continued expansion in 2026 expected
Net revenues by Customers' location (Q4 2025, %)
2%
Net revenues by Customers' players' IP addresses (Q4 2025, %)
Regulated vs Unregulated by Customers' players' IP addresses
44%
45% 44%
42% 42%
39% 39% 39% 40% 39% 39% 39%
41%
46% 47%
10%
14%
71%
8%
4%
35%
15%
38%
3%
Unregulated Regulated
% RegulatedRevenue by Customerbased on where the customers are located:
71% Europe
14% North America
10% Latin America
3% Asia
2% Africa & Other
100% of Evolution's revenues come from licensed
operators in regulated jurisdictions.
Revenue by Playerbased on registered IP address at the time of playing:
38% Asia
35% Europe
15% North America
8% Latin America
4% Africa & Other
The IP address provides an approximation of the location
of the operators' customers at time of playing.
Regulated vs Unregulatedbased on registered IP address at the time of playing:
47% Regulated in Q4 2025
The IP address provides an approximation of the location
of the operators' customers at time of playing.
Net revenues by Customers' players' IP addresses . The IP address provides an approximation of the location of the operators' customers at time of playing.
Europe Asia
201,8
194,9
191,0
191,3
180,2
182,2
177,6
Q1−24
Q2−24
Q3−24
Q4−24
Q1−25
Q2−25
Q3−25
Q4−25
189,7
205,0
200,0
195,0
190,0
185,0
180,0
175,0
170,0
165,0
240,0
220,0
200,0
180,0
160,0
140,0
120,0
100,0
197,6
200,7
202,2
202,2
201,9
193,6
189,1
209,1
Q1−24 Q2−24 Q3−24 Q4−24 Q1−25 Q2−25 Q3−25 Q4−25
Comments
Revenue of EUR 177.6 million (201.8) corresponding to a negative growth of 12.0% YoY and negative 2.5% QoQ
Full quarter effect from ringfencing from Q2 and onwards
No news from the UK Gambling Commission
Comments
Revenue of EUR 193.6 million (202.8) corresponding to a negative growth of 4.3% YoY and positive 2.4% QoQ
Continued issues with cybercrime
Challenging regional regulatory dynamics remain
Continued good development in the Philippines
6
Regional Update - North & Latin AmericaNet revenues by Customers' players' IP addresses . The IP address provides an approximation of the location of the operators' customers at time of playing.
North America Latin America
85,0
80,0
75,0
70,0
65,0
60,0
55,0
50,0
45,0
77,1
74,0
74,2
70,6
71,5
64,8
62,1
60,2
Q1−24 Q2−24 Q3−24 Q4−24 Q1−25 Q2−25 Q3−25 Q4−25
45,0
43,0
41,0
39,0
37,0
35,0
33,0
31,0
29,0
27,0
25,0
43,2
39,8
38,5
36,6
37,4
37,6
36,2
33,0
Q1−24 Q2−24 Q3−24 Q4−24 Q1−25 Q2−25 Q3−25 Q4−25
Comments
Revenue of EUR 77.1 million (70.6) corresponding to a growth of 9.2% YoY and 3.9% QoQ
Live casino brand Ezugi launched
Crazy Time launched in Connecticut
Galaxy Gaming acquisition progressing
Comments
Revenue of EUR 43.2 million (38.5) corresponding to a growth of 12.2% YoY and 8.5% QoQ
Main competitor has withdrawn from Live
Continued good development for regulation in Brazil
7
Studio Update - 24 Studios in 16 jurisdictions24
18
20
15
9
11
6
7
1
2
3
2006
2013
2014
2018
2019
2020
2021
2022
2023
2024
2025
Comments
24 Studios located in 16 jurisdictions by end of 2025
In 2025, 4 new Studios were launched
New Studios in Brazil, Philippines, Romania & New Jersey
8
MONOPOLY TM, ® & © 1935, 2026 Hasbro
©2026 Hasbro. All Rights Reserved
MONOPOLY TM, ® & © 1935, 2026 Hasbro
Financial development
344,0
501,5
508,4
519,4
533,8
520,9
524,3
507,1
514,2
452,6
475,3
407,5
429,6
441,1
378,5
345,8
337,0
355,6
363,6
261,0
238,2
300,2
279,5
318,6
311,7
341,5
336,9
345,3
342,0
345,8
69,3% 69,0% 68,6% 69,9% 70,7% 70,4% 70,9% 69,0%
68,0% 68,5% 68,1%
65,6% 65,9% 66,4% 66,4%
22Q2 22Q3 22Q4 23Q1 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 25Q1 25Q2 25Q3 25Q4
Net revenues Adj. EBITDA Adj. EBITDA, %10
A
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Evolution AB (publ) published this content on February 05, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on February 05, 2026 at 08:27 UTC.
