Evolution Highlights Stability and Product Pipeline in 2025 Results

Evolution AB reported marginal revenue growth for 2025 while using its fourth-quarter and full-year update to emphasize long-term positioning over short-term financial movement. Company executives focused on product development, regulatory exposure, and geographic expansion, repeatedly pointing to market stability as the primary factor influencing stronger growth rather than operational performance.

During the results presentation, Evolution highlighted its exclusive partnership with Hasbro, progress toward acquiring Galaxy Gaming, and a growing portfolio of new game launches. Management also introduced a new layer of transparency around where player activity originates, reflecting increased regulatory scrutiny across global markets.

Chief executive Martin Carlesund described operational performance in positive terms despite softer financial comparisons. “Operationally, it was a good quarter a year. Maybe the best ever. We increased efficiency, maintained margin, delivered fantastic games, [and] continue to expand our footprint just as we should.”

A central theme of the update was Evolution’s expanding Monopoly-branded content roadmap. The company outlined plans for more than 110 game launches across live and RNG formats, including several titles tied to its exclusive Hasbro agreement. Executives said the upcoming lineup represents one of the strongest development cycles the company has presented.

“Normally, we state that we have one big showcase title… But this year, it is impossible to pick one. That’s how strong the lineup is.”

Carlesund said customer reaction at ICE Barcelona underscored management’s confidence in the pipeline. “Everyone looks at the games and like, Wow, when are we going to get them? Everyone looks at the games like, there is nothing in comparison. There is no one else doing anything else that is even remotely doing what we do.”

Planned launches include large-scale game shows and hybrid formats such as Game Night and Monopoly Filthy Rich, along with new table games and RNG variants. Some titles, including Monopoly Deluxe, have already been released, while larger-scale games are expected to launch during the first half of the year.

For the first time, Evolution provided a revenue breakdown based on players’ IP addresses, supplementing its traditional reporting by customer location. Management said the additional disclosure responds to regulatory interest in channelization and player origin.

Based on fourth-quarter estimates, revenue by player IP was distributed as 38% Asia, 35% Europe, 15% North America, 8% Latin America, and 4% Africa and other regions. Regulated markets accounted for 47% of revenue under this view.

“There’s a lot of focus on regulatory aspects and where players are coming from… and we feel that it’s important now to disclose and show this is our revenue… and to put a little bit of emphasis on that.”

The company stressed that all of its customers operate under licences and described the IP-based data as a directional indicator rather than a precise measurement.

In Europe, Evolution said declining channelization continues to affect performance despite strict compliance standards. Management argued that regulatory frameworks in some markets are pushing players toward unregulated operators that Evolution does not supply.

“We believe that we currently have the strongest, most strict ring fencing measures among all providers in Europe. The current challenge is not the action ring fencing, but instead the channelization decline…Simply put, the players are, by the regulation, pushed out of the regulated remit… playing on unregulated operators that we don’t accept.”

In Asia, executives cited ongoing cybercrime concerns and regulatory friction, while noting improvement in the Philippines. “We have made some progress in the cyber crimes mitigation… the overall regulatory dynamics continue to be somewhat challenging…At the same time, we see good development in the Philippines where the regulatory framework is getting more stable.”

Throughout the call, Carlesund returned to the importance of predictable conditions. “Just a stable environment. If we just could have a stable environment, solve a little bit continuously, meticulously get a little bit better in Asia. That’s it. No more, no less.”

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Evolution reported record revenues in North America and Latin America during the quarter, identifying Brazil as a key contributor. In the U.S., the company relaunched Ezugi as a second live casino brand and expanded studio capacity in Michigan and New Jersey. Management said live dealer penetration remains low relative to potential.

The company also confirmed that its acquisition of Galaxy Gaming remains on schedule, pending approvals in two states, including Nevada. “The process is moving forward, and we are still within the timeline of closing before the 17th of July.”

Evolution said litigation with Playtech continues without material change and that it has received no new communication from the UK Gambling Commission since last summer.

Financially, Evolution reported net revenue of €2.07bn for 2025, up 0.2% year on year, with adjusted EBITDA of €1.37bn and margins remaining in the mid-60% range. Management tied future margin improvement largely to steadier regulatory and market conditions.

Source:

“Evolution Talks ‘Stability,’ Monopoly Pipeline and Regulated Revenue Split in 2025 Results“, gamblinginsider.com, February 5, 2026.