)
Edge22 Nov 2024
Evolution: The Live Casino Juggernaut
With ~49% CAGR since its 2015 IPO, 60%+ EBIT margin, and global dominance in live casino, the story of Evolution is truly one for the books.
Evolution (EVO) investor relations material
Evolution Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary23 Oct, 2025
Executive summary
Net revenues for Q3 2025 declined 2.4% year-over-year to EUR 507.1 million, mainly due to weak performance in Asia, while Europe, North America, and Latin America showed growth or stability.
EBITDA was EUR 336.9 million with a margin of 66.4%, down from 68.5% a year ago, but within the full-year target range.
Profit for Q3 was EUR 252.3 million, reflecting a 23.2% year-on-year decline; EPS after dilution was EUR 1.25.
Cost efficiency and operational improvements were emphasized, with a 3.4% sequential decline in operating expenses.
Staff headcount increased 4.2% year-on-year, supporting expansion in existing and new locations.
Financial highlights
Q3 2025 net revenues: EUR 507.1 million (down 2.4% year-over-year and 3.3% quarter-on-quarter).
Adjusted EBITDA: EUR 336.9 million (margin 66.4%), down from 68.5% a year ago.
Profit for Q3: EUR 252.3 million (down 23.2% year-over-year); EPS EUR 1.25.
Operating expenses rose 5% year-on-year but fell 3.4% sequentially.
CapEx was EUR 29.8 million, trending below the full-year forecast.
Operating cash flow after investments was EUR 342.1 million, with a cash conversion of 83%.
Outlook and guidance
Management expects EBITDA margin for the full year to remain within the 66–68% range.
Over 110 new games planned for 2025; continued innovation in product offerings.
Asia expected to remain volatile due to cybercrime and regulatory issues.
Full-year CapEx is expected to be slightly below the initial EUR 140 million forecast.
Share repurchase intention for 2025 is EUR 500 million.
Implications of limited review vs. audit?
Why adjust EBITDA by other operating revenues?
Why track both annual and quarterly revenue growth?
Commitment to Asia despite ongoing volatility?
North America growth drivers and outlook?
Next steps in Playtech litigation?
Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.
Next Evolution earnings date
Q4 20255 Feb, 2026
The essential earnings season companion
The #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
)
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
)
)
Frequently asked questions
Live Casino Providers
Evolution is a Swedish company established in 2006 that primarily produces live casino solutions for online gaming platforms. The company's core product is live casino games, where players interact with real dealers through live streams. Evolution's game roster includes traditional table games like blackjack, roulette, and baccarat, as well as some unique game show-style variations. As part of the broader online gaming industry, Evolution Gaming has been spearheading the development and popularization of this way play casino games online.
Experts In Live Casino
Evolution has been one of the most important companies in the live casino revolution. Live casino is a way of gambling online that is different from traditional forms of casino games. Instead of software with accompanying visuals taking care of the entire experience, such as dealing the cards or spinning the roulette wheel, an actual dealer is in charge of running the game and ensuring that everything runs smoothly. Even if games like blackjack and roulette have been popular at online casinos since their inception, live casino offers a way to play that differs from other methods of online gambling. Even if it’s not exactly like sitting at a table at one of MGM’s or Caesar’s casinos in Vegas, it’s a more personal experience when compared to traditional ways to gamble online, as the dealers also act as entertainers.
Providing Games for Casino Operators
Evolutions business models mean that they don’t operate any casinos themselves. Instead, they cater to other gambling companies and casino operators looking to provide as broad of a catalog as possible for their customers. This means that Evolution’s games have become a common sight on many popular platforms, as offering live casino games is more or less a must for any serious online casino operator.
Other Titles
Even if live casinos are the main area of operation for Evolution, it’s not all they offer to customers. The company also provides various solutions within video slots and similar types of games, primarily through their subsidiary NetEnt. This allows Evolution to offer a broader catalog of games, and to compete with other providers outside of their primary area of operations.
Quartr provides global coverage of all investor relation material from public companies.
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Yes, the Quartr mobile app is free on both iOS and Android.
Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.
Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.
Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.
Explore our global coverage