Evolution posts €1.03bn H1 revenue, settles UK case, continues buyback
The Malta-headquartered supplier also confirmed a £4.75 million settlement with the UK Gambling Commission and let the agreed closing window on its Galaxy Gaming deal lapse.
Live casino suppliers are navigating a slower European growth environment this year, with margins under pressure from rising compliance costs and regional volatility. Evolution AB reported a 1.4% decline in first-half 2026 net revenue on 17 July, alongside a regulatory settlement with the UK Gambling Commission and a continuing share buyback programme.
Q2 and H1 results
Net revenue for the second quarter fell 1.2% year on year to €517.8 million, with EBITDA down slightly to €341.0 million, a margin of 65.9%.
For the first half, net revenue declined 1.4% to €1,030.8 million and EBITDA fell to €676.3 million, a margin of 65.6%. Profit for the half rose marginally to €503.4 million, giving earnings per share of €2.54.
Financial highlights at a glance
| Metric | Q2 2026 | Q2 2025 | H1 2026 | H1 2025 |
|---|---|---|---|---|
| Net revenue | €517.8m | €524.3m | €1,030.8m | €1,045.2m |
| EBITDA | €341.0m | €345.3m | €676.3m | €687.2m |
| EBITDA margin | 65.9% | 65.9% | 65.6% | 65.8% |
| Profit for the period | €251.4m | €248.3m | €503.4m | €503.0m |
| Earnings per share | €1.27 | €1.22 | €2.54 | €2.46 |
Regional performance
Chief Executive Officer Martin Carlesund said net revenue growth at constant currency was 2.4%.
- Europe returned to quarter-on-quarter growth of 3.5% after several quarters of decline.
- Latin America grew 26.3% year on year, helped by the relaunch of a newly acquired studio in Argentina and a localised version of Ice Fishing in Brazil.
- North America grew 9.5%, with Monopoly Live launched in four US states and a second studio opened in Michigan; in July, Evolution also expanded into Alberta following the Canadian province’s move to a regulated commercial online gaming market.
- Asia declined 3.7% quarter on quarter, which the company attributed to volatility and increased cybercrime activity, while other markets, mainly in Africa, grew 14.2%.
On product, Evolution highlighted continued strong performance from Ice Fishing and the launch of Monopoly Roulette and Monopoly Roll’em under its exclusive partnership with Hasbro.
Carlesund said:
‘We remain cautious about the low channelization rates, but the quarter otherwise showed encouraging activity in several markets, with strong development in the game show category and continued demand for native-speaking tables.’
UK Gambling Commission settlement
Evolution confirmed it has reached a £4.75 million settlement with the UK Gambling Commission, concluding a licence review.
The company said the matter mainly concerned Evolution content being available on six unlicensed websites, in breach of its terms of supply, and that the review found no broader pattern of unlicensed access in the UK.
Galaxy Gaming deal reaches decision point
Separately, the agreed closing period under Evolution’s 2024 agreement to acquire Galaxy Gaming expired on 17 July 2026, after which either party may choose to terminate.
Carlesund said two years had passed since the deal was struck and that, due to its size, the transaction is not significant for Evolution, adding that any outcome would have no material impact on the group’s existing business, US operations or long-term ambitions.
Share buyback continues
Evolution also disclosed that it acquired 1,002,767 of its own shares between 13 and 17 July 2026 under the repurchase programme announced on 18 May 2026.
The programme is being carried out on Nasdaq Stockholm by Citibank, which makes its own trading decisions independently of Evolution, in accordance with EU market abuse rules.
| Date | Shares acquired | Weighted average price (SEK) | Value (SEK) |
|---|---|---|---|
| 13 July 2026 | 199,874 | 691.7057 | 138,253,985.08 |
| 14 July 2026 | 197,376 | 690.6073 | 136,309,306.44 |
| 15 July 2026 | 194,853 | 695.5209 | 135,524,333.93 |
| 16 July 2026 | 204,616 | 690.5171 | 141,290,846.93 |
| 17 July 2026 | 206,048 | 687.2972 | 141,616,213.47 |
Following the latest purchases, Evolution’s holding of own shares stood at 7,737,125 as of 17 July 2026, out of 199,226,613 total shares in issue.
Since the programme began on 19 May 2026, Evolution has repurchased 7,737,125 shares in total, against a maximum of 19,922,661 shares permitted under its mandate.
Evolution develops and licenses B2B online casino solutions to gaming operators, with around 870 operators among its customers and roughly 22,900 employees across studios in Europe, Asia, North America and South America. The company is listed on Nasdaq Stockholm under the ticker EVO and is licensed by the Malta Gaming Authority, alongside regulators in jurisdictions including the UK, Belgium, Canada, Romania and South Africa.
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