Live casino and RNG giant Evolution has published its FY 2025 Year-end Report on 5 February, reporting near-flat revenue growth as challenges in Asia and tighter regulation in Europe weighed on performance.
According to the report, Evolution delivered €2.07bn in total revenue, up just 0.2% year-on-year, with profitability and activity levels declining compared to 2024.
📊 FY 2025 financial highlights
- €2.07bn — total revenue (+0.2% YoY)
- €1.77bn — live casino revenue (–0.2% YoY)
- €218.3m — RNG revenue (+2.5% YoY)
- €1.37bn — EBITDA (–3.2% YoY)
- 66.1% — EBITDA margin (vs 68.4% in 2024)
- €1.06bn — net profit (–14.6% YoY)
🌍 Regional revenue trends (Q4 2025, by player IP)
- Asia: €193.6m (–4.3% YoY) — impact of cybercrime and enforcement actions
- Europe: €177.6m (–12% YoY) — stricter regulatory requirements
- North America: €77.1m (+9.2% YoY) — driven by Ezugi’s launch in New Jersey and Crazy Time in Connecticut
- Latin America: €43.2m (+12.2% YoY) — exit of a key live-casino competitor
⚙️ Operational snapshot
-
24 studios across 16 jurisdictions
(+4 YoY: Brazil, Philippines, Romania, New Jersey) - ~2,000 live tables (+300 YoY)
- 22,475 employees (+5.8% YoY)
- 47% of Q4 revenue generated from regulated jurisdictions
-
39% revenue share from the top five operators
(down from 46% YoY)
Management outlook
CEO Martin Carlesund highlighted progress in tackling cybercrime in Asia, noting that enforcement efforts and compliance measures weighed on short-term activity but strengthened long-term sustainability.
Evolution expects to:
- Maintain EBITDA margins broadly in line with 2025
- Release 110+ new games in 2026
- Continue its planned acquisition of Galaxy Gaming
The company also linked a –5.5% YoY decline in gaming activity (based on the rounds index) to
regulatory tightening and anti-cybercrime measures introduced in H2 2025.
