Evolution Q2 Results: Revenue Down 1.2%, Latin America Up 26%
Q2 2026 results for Evolution, parent company of Nolimit City and NetEnt. Revenue fell 1.2% to €517.8 million, but it held an EBITDA margin of 65.9%, with Latin America up 26.3% and North America up 9.5%.
Key takeaways
- Q2 revenue was €517.8 million, down 1.2% year over year. Excluding currency effects, it was up 2.4%.
- EBITDA was €341.0 million, with a margin of 65.9%, the same as a year earlier.
- Latin America grew 26.3% and North America 9.5%. Europe rebounded, up 3.5% from the previous quarter, while Asia fell 3.7%.
Starting with the numbers
| Item | Q2 2026 | Q2 2025 |
|---|---|---|
| Revenue | €517.8 million | €524.3 million |
| EBITDA | €341.0 million | €345.3 million |
| EBITDA margin | 65.9% | 65.9% |
| Net profit | €251.4 million | €248.3 million |
| Earnings per share | €1.27 | €1.22 |
On July 17, Evolution reported its Q2 results. Revenue was €517.8 million, down 1.2% from a year earlier. The company explained that excluding currency effects, it grew 2.4%. Because of a stronger euro, money earned in other currencies looked smaller once converted to euros.
What stands out is profitability. The EBITDA margin of 65.9% is exactly the same as a year earlier. In other words, for every 100 earned in revenue, close to 66 becomes operating cash. Net profit actually rose slightly to €251.4 million. Total revenue for the first half was €1,030.8 million.
Each region moved in a different direction
CEO Martin Carlesund described the quarter as “revenue and margin moving in the right direction compared with Q1.” Looking at the regions shows what he meant.
Europe had been declining for several quarters, but this time it grew 3.5% from the previous quarter. The company remained wary of the still-low channelization rate, meaning players slipping away to unlicensed sites. It said game show categories and local-language table demand were strong.
Latin America grew the fastest, up 26.3% year over year. The company reopened a newly acquired studio in Argentina and released a localized Ice Fishing for Brazil. North America grew 9.5%. MONOPOLY Live launched in four states, and a second studio opened in Michigan.
Asia was the only exception. It fell 3.7% from the previous quarter. The company explained that this region is naturally volatile and that other positive trends could not fully offset the rise in cybercrime activity. The rest of the world, centered on Africa, grew 14.2% from the previous quarter.
The game the company highlighted most is Ice Fishing. It said the game has drawn a new player base across multiple markets and has become one of its most successful launches in recent years. A localized version was even released separately for Brazil.
The slot side of the story
Most of Evolution’s revenue comes from live casino. Slots fall under what the company’s filings call the RNG segment. Carlesund said, “We hold a strong position in live, and activity is also growing in RNG.” The RNG segment includes slots from NetEnt, Red Tiger, Big Time Gaming, and Nolimit City.
Through its global exclusive partnership with Hasbro, it also released new MONOPOLY Roulette and MONOPOLY Roll’em. On the slot side, Big Time Gaming released MONOPOLY Money in October under the same license.
Two things that broke in the same week
Two days before the earnings release, there was a £4.75 million settlement with the UK Gambling Commission. Carlesund said, “The team handled a very long review with professionalism and principle.” Details are in the settlement article.
On the same day, the deadline passed for the deal to acquire US table game company Galaxy Gaming. Carlesund said, “Two years have passed and it has carried a significant administrative burden,” adding, “It is a small deal and not an important one for Evolution.” Four days later, on July 21, Evolution gave notice that it was terminating the agreement.
“The road is rarely straight. What matters is that you keep moving forward.” That is the line Carlesund used to close the earnings report. A week after the report came out, the company met another winding stretch of road: its largest shareholder crossing the 30% stake mark.
Source: Evolution official filing