Evolution’s H1 revenue slips to €1.03 billion

• Evolution’s net revenue fell 1.4% to €1.03 billion in H1 2026, with EBITDA down to €676.3 million from €687.2 million.
• Europe returned to quarter-on-quarter growth of 3.5%, and Latin America grew 26.3% year-on-year in the second quarter.
• Evolution this week finalised a £4.75 million settlement with the UK Gambling Commission and saw the closing window expire on its Galaxy Gaming acquisition.

Evolution AB has reported first-half 2026 net revenue of €1.03 billion, down 1.4% year-on-year, as gains in Latin America and North America could not fully offset a softer Europe and a volatile Asia.

The Stockholm-listed live casino giant delivered the results in the same week it finalised a £4.75 million settlement with the UK Gambling Commission and saw the closing window expire on its Galaxy Gaming acquisition.

Founded in 2006, Evolution has grown into the dominant force in B2B live casino, counting 870 operators among its customers under a stable of brands that includes NetEnt, Red Tiger, Ezugi and Big Time Gaming.

The group employs around 22,900 people across studios in Europe, Asia, and North and South America. That scale is part of why every quarterly print gets scrutinised so closely by rivals and investors alike, particularly since Evolution launched its €2bn buyback programme in May.

Regions diverge

Second-quarter net revenue came to €517.8 million, down 1.2% year-on-year, though the picture looks better at constant currency, where growth was 2.4%. EBITDA for the quarter was €341.0 million, a 65.9% margin.

Zoom out to the half-year and the story is one of near-stagnation rather than collapse: EBITDA of €676.3 million against €687.2 million a year earlier, a margin of 65.6% versus 65.8%, and profit for the period essentially unchanged at €503.4 million against €503.0 million.

The regional split explains most of the movement. Following several quarters of decline, Europe returned to quarter-on-quarter growth of 3.5%, even though it still sat 4% below last year’s levels. Management credited stronger appetite for game shows and native-language tables.

Asia went the other way, declining 3.7% quarter-on-quarter, with increased cybercrime activity not fully offset by otherwise favourable development elsewhere.

Latin America stayed the standout, up 26.3% year-on-year after a Q1 revenue surge. North America grew 9.5%, with Monopoly Live now live in four states and a second studio opened in Grand Rapids, Michigan.

In July, Evolution also expanded its presence in Alberta following the province’s transformation into a regulated commercial online gaming market. Its live casino arm, Ezugi, has already been building out its Canadian footprint through deals like its bet365 Ontario deal.

Martin Carlesund, CEO of Evolution, said:

“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.”

UK case closed

The regulatory overhang cleared earlier in the week, when Evolution finalised its £4.75m settlement with the UK Gambling Commission, concluding a licence review. The matter centred on Evolution content appearing on six unlicensed websites, in breach of the company’s terms of supply.

Carlesund was blunt about it:

“We acted immediately when this was identified, and the review found no broader pattern of unlicensed access in the UK.”

Galaxy deal in limbo

Then there’s Galaxy Gaming. The closing period on Evolution’s $85 million deal to acquire the US table-games developer, agreed in July 2024, expired this week, leaving either party free to terminate the agreement.

Evolution downplayed the stakes, noting Galaxy’s size means the deal was never significant to its own business and that a collapse would carry no material impact on its wider US operations. Two years of paperwork for what the company itself frames as a side note says something about how differently Evolution and Galaxy sit in the market.

None of this slowed product output. Monopoly Roulette and Monopoly Roll’em both launched under the Hasbro partnership during the quarter, and Ice Fishing kept its place among Evolution’s strongest recent titles.

The next earnings print will show whether Europe’s rebound has legs, whether Asia’s cybercrime problem eases, and whether Galaxy Gaming quietly becomes a closed chapter rather than an open question.