Evolution AB reported a 1.4% fall in first-half 2026 net revenue to €1,030.8 million, disclosed a £4.75 million settlement with the UK Gambling Commission (UKGC), and confirmed it is still buying back its own shares. The Malta-headquartered live casino supplier published the results on 17 July, with growth at constant currency masking a headline decline driven by exchange rates.
Revenue slips as profit holds
Net revenue for the second quarter fell 1.2% year on year to €517.8 million, down from €524.3 million. EBITDA slipped to €341.0 million from €345.3 million, holding an EBITDA margin of 65.9%. For the first half, net revenue declined 1.4% to €1,030.8 million from €1,045.2 million, and EBITDA fell to €676.3 million from €687.2 million, a margin of 65.6%.
Profit was steadier. First-half profit rose marginally to €503.4 million from €503.0 million, giving earnings per share of €2.54 against €2.46 a year earlier. Chief Executive Officer Martin Carlesund said net revenue grew 2.4% at constant currency, which points to currency movements rather than underlying demand as the main drag on the reported figure.
Regional split turns on Europe and Latin America
Europe returned to quarter-on-quarter growth of 3.5% after several quarters of decline, a shift that matters for a supplier whose core market had been contracting. 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%. Evolution launched Monopoly Live in four US states, opened a second studio in Michigan, and in July 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. Other markets, mainly in Africa, grew 14.2%.
On product, Evolution pointed to continued demand for Ice Fishing and the launch of Monopoly Roulette and Monopoly Roll’em under its exclusive live casino and slots partnership with Hasbro.
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.
Evolution ranks among the largest B2B gambling suppliers by revenue, and its channelization comment signals where it sees the ceiling on regulated growth.
UK Gambling Commission settlement
Evolution confirmed a £4.75 million settlement with the UKGC, 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. The settlement closes a regulatory question in one of Evolution’s licensed markets without a finding of wider non-compliance.
Galaxy Gaming deal reaches a decision point
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, given its size, the transaction is not significant for Evolution. He added that any outcome would have no material impact on the group’s existing business, its US operations, or its long-term ambitions.
Buyback continues
Evolution 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 run on Nasdaq Stockholm by Citibank, which makes its own trading decisions independently of Evolution in line with EU market abuse rules.
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 against a maximum of 19,922,661 permitted under its mandate, leaving significant headroom to keep buying.
Evolution develops and licenses B2B online casino products to operators, counting around 870 operators as customers and roughly 22,900 employees across studios in Europe, Asia, North America and South America. It is listed on Nasdaq Stockholm under the ticker EVO and licensed by the Malta Gaming Authority, alongside regulators in jurisdictions including the UK, Belgium, Canada, Romania and South Africa. With European demand turning positive and Latin America and North America expanding, the second half will test whether constant-currency growth converts into a reported rebound.
Source: Evolution
