Evolution’s Latin America revenues surge 29.3% in Q1 2026
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- Evolution reported Latin American revenues of EUR 46.8m in Q1 2026, up 29.3% year-on-year.
- Brazil drove regional growth, supported by the launch of Crazy Time Brasil ahead of the quarter.
- Evolution also completed a studio acquisition in Argentina and finished its second Michigan studio.
Evolution AB reported a 29.3% year-on-year increase in Latin American revenues in the first quarter of 2026, as Brazilian expansion continued to accelerate and the company added production capacity in Argentina.
The regional result was the clearest bright spot in a quarter where group net revenues of EUR 513.0m came in 1.5% below the prior-year period, with regulatory pressure in Europe and ongoing challenges in Asia weighing on the top line.
Brazil leads the region
Brazil was the primary growth engine in the quarter. Evolution expanded its operator relationships in the market, building on momentum from the country’s regulated online gambling framework that took effect at the start of 2025.
The company had launched Crazy Time Brasil, a localised version of its flagship game show title, in March 2026 ahead of the quarter close.
Latin American revenues have grown sequentially in each of the last four quarters. The region added 8.3% quarter-on-quarter in Q1 2026 compared with Q4 2025, reinforcing the upward trajectory.
Argentina studio acquired
Evolution completed the acquisition of a studio in Argentina during the quarter, adding local production capacity in a second key Latin American market.
North America also performed strongly, with revenues growing 10.1% year-on-year to EUR 78.7m. Evolution completed its second Michigan studio during the period and launched Monopoly-themed slot content in the region. The company noted positive regulatory movements in North America without providing further detail.
Group results mixed
The Americas momentum was not enough to offset pressure elsewhere. Europe declined sharply year-on-year, reflecting the full-quarter impact of regulatory ringfencing that came into effect from Q2 2025. Asia returned to modest sequential growth as cybercrime mitigation efforts continued, though the region remained under year-on-year pressure.
Group EBITDA came in at EUR 335.3m with a margin of 65.4%. RNG revenues grew 8.1% to EUR 78.2m, partially offsetting a 3.1% decline in live revenues to EUR 434.9m.
Evolution ended the quarter with a total cash and bond portfolio of EUR 1.2bn and total equity of EUR 4.3bn. The company reiterated its full-year 2026 EBITDA margin target as in line with 2025 and confirmed plans to release more than 110 new games across the year.
With Brazil’s regulated market still expanding and operator licensing continuing to develop, Latin America is positioned as a key part of Evolution’s growth strategy for the remainder of 2026. The Argentina studio acquisition adds further production capacity to support that expansion.
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