Evolution reported a slight decline in second-quarter revenue for 2026 while maintaining profitability, supported by stronger performances in the Americas and a return to double-digit growth in its RNG business.
For the three months ended 30 June, net revenue reached €517.8 million, down 1.2% from a year earlier but 0.9% higher than the previous quarter. EBITDA totaled €341.0 million with a 65.9% margin, while profit increased to €251.4 million. Earnings per share came in at €1.27, compared with €1.22 in the prior-year quarter.
The results broadly matched market expectations, although diluted EPS fell one cent short of analyst forecasts. Shares slipped 1.19% in pre-market trading to $681.4.
Americas And RNG Support Results
Chief executive Martin Carlesund said the business made progress despite differing regional performances.
“Overall, I am happy with the performance in the quarter. Revenue and margin are moving in the right direction compared to the first quarter, cost control remains strong, cash flow is improving, and we continue to expand in key markets while executing on our product roadmap.”
Europe remained under pressure year over year, with revenue down 4%. However, player activity by geographical region rose 3.5% from the first quarter to €173.0 million.
“Following several quarters of decline, Europe returned to quarter-on-quarter growth,” Carlesund said. “We remain cautious about the low channelisation 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.
“We have seen an increasing activity in [European] regulated markets. Whether we have had an inflection point, it’s too early to say.”
Latin America posted 26.3% revenue growth to €47.5 million following the relaunch of Evolution’s Argentina studio and the launch of a localized Ice Fishing game in Brazil. North America generated €81.0 million in revenue, up 9.5%, helped by Monopoly Live launches in four US states, a second Michigan studio and later expansion into Alberta’s regulated market.
Asia remained the weakest region, with revenue falling 8.9% year over year and 3.7% quarter over quarter to €190.5 million.
“We have said it before that this is a cat-and-mouse game, and the volatility will remain. But we are not stressed,” Carlesund said during the earnings call.
Second-Half Pipeline Unchanged
Live casino revenue declined 3.6% to €437.3 million, while RNG revenue climbed 14.0% to €80.5 million, marking its first double-digit growth in about three years. During the quarter, Evolution launched Monopoly Roulette and Monopoly Roll’em through its Hasbro partnership, while Ice Fishing continued to perform strongly.
Management maintained its full-year EBITDA margin target of about 66% and said Disco Balls, additional Hasbro titles and a new studio in Vilnius are planned for the second half of 2026.
The company also confirmed a £4.75 million settlement with the UK Gambling Commission following a licence review into Evolution content appearing on six unlicensed websites. Because the agreement was reached after the reporting period, it did not affect second-quarter results.
Source:
“Evolution: Interim report January-June 2026”, evolution.com, Jul 17, 2026
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