Live casino developer Evolution reported revenue in line with expectations for the fourth quarter. Adjusted EBITDA was also in line with projections. The company is holding off on announcing a dividend proposal and will instead provide an update on this later in the quarter.
Revenue fell by 3.7 percent to €514.2 million (€533.8 million). This result can be compared to the Bloomberg analyst consensus of €517 million.
CEO Martin Carlesund stated that the company returned to growth in Asia during the period compared to the previous quarter, signaling some progress in Evolution's efforts to combat cybercrime.
In North America, growth continues at a "decent pace," although Carlesund expressed a desire for faster progress. "The online gaming industry is still in its infancy, and we believe the live segment will increase in the region," he added.
Latin America reportedly grew well compared to last year, while in Africa the company continued to grow at a rapid pace during the quarter.
"However, developments in Europe were not favorable, weighed down by adverse regulatory movements. We believe that Evolution currently has the most comprehensive ringfencing measures among all suppliers, but we also see that regulated markets are losing ground," Carlesund said.
The EBITDA result was €393.2 million (€455.0 million), expected €348 million, with an EBITDA margin of 76.5 percent (85.2 percent).
Adjusted EBITDA amounted to €341.5 million (€363.6 million), expected €344 million, with an adjusted EBITDA margin of 66.4 percent (68.1 percent). For the full year, the margin was 66.1 percent (68.4 percent).
Net profit after tax was €306.8 million (€377.1 million).
Earnings per share amounted to €1.54 (€1.83).
The board will make a decision on capital allocation, including the dividend, at a later date in the first quarter. Last year, Evolution paid a dividend of €2.80 per share, and this year's dividend expectations average €2.63.
| Evolution, MEUR | Q4-2025 | Consensus | Change vs. Consensus | Q4-2024 | Change |
| Net Revenue | 514.2 | 517 | -0.5% | 533.8 | -3.7% |
| EBITDA | 393.2 | 348 | 13.0% | 455.0 | -13.6% |
| EBITDA Margin | 76.5% | 67.3% | 85.2% | ||
| Adjusted EBITDA | 341.5 | 344 | -0.7% | 363.6 | -6.1% |
| Adjusted EBITDA Margin | 66.4% | 66.5% | 68.1% | ||
| Net Profit | 306.8 | 377.1 | -18.6% | ||
| Earnings per Share, EUR | 1.54 | 1.83 | -15.8% | ||
| Ordinary Annual Dividend per Share, EUR | 2.63 | 2.80 |
