Evolution posted its Q2 2025 earnings this week, with revenue landing at €524.3m. That marks a 3.1% year-on-year uptick, slightly behind the company’s usual pace. The Evolution Q2 2025 earnings came in against a backdrop of strategic moves and persistent market challenges.

  • EBITDA for the quarter was €345.3m, with a margin of 65.9%. This was almost flat compared to Q2 last year, when EBITDA reached €345.8m and margin stood at 68%. Profit dropped to €248.3m from €269.1m in Q2 2024.

  • For the first half of 2025, net revenues hit €1.045bn, up 3.5% from €1.01bn the year before. H1 EBITDA was €687.2m, down slightly from €691.6m in 2024, with a margin of 65.8%. Profit for the six months stood at €503m versus €538.3m in H1 2024.

  • CEO Martin Carlesund acknowledged the slower growth and said: “We are not satisfied with this quarter’s growth, and we are working hard to increase the pace.” He pointed to ongoing headwinds in Asia and tighter regulation in Europe.

  • Growth in Asia was hampered by cybercrime issues and video stream hijacking. The company is tackling the problem with new tech and says revenue in the region has now returned to growth. Evolution Q2 2025 earnings reflect cautious optimism for the remainder of the year in the region.

  • In Europe, revenue shrank again both year-on-year and quarter-on-quarter. Carlesund attributed this to earlier ring-fencing decisions outside the UK and noted that over-regulation could hurt the industry’s long-term sustainability.

  • The US market continues to perform well, with expansion plans including a new studio in Grand Rapids, Michigan. Evolution has now entered all seven US states with legal online casino operations.

  • In Latin America, Brazil is the key focus as the country transitions into a regulated market. Evolution opened a studio in São Paulo in Q2, aimed at accelerating its growth there.

  • Live Casino revenue grew 3.6% year-on-year and 1.6% quarter-on-quarter. RNG revenue was flat at 0.3% growth, with one of the biggest payouts to date impacting results.

  • The company launched 4 new Live Casino titles and 20 new slot games in Q2. MONOPOLY Live is being prepped for the US market, as part of an expanded global deal with Hasbro. Evolution also signed a new partnership with Bally’s in Rhode Island, entering its seventh US state.

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