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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 Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary17 Jul, 2025
Executive summary
Net revenues grew 3.1% year-on-year to €524.3M in Q2 2025, with EBITDA at €345.3M and a margin of 65.9%.
Profit for the period was €248.3M; EPS at €1.22.
Expansion included new studios in the Philippines and Brazil, and a landmark global licensing deal with Hasbro.
Operational headcount increased 5.2% year-on-year, supporting expansion.
The company remains cautiously optimistic for H2 2025, expecting stronger performance.
Financial highlights
Net revenue reached €524.3M, up 3.1% year-on-year; adjusted for currency, growth was 8.8%.
EBITDA was €345.3M with a margin of 65.9%, aligning with full-year guidance.
Net profit for the period was €248.3M; EPS at €1.22.
Operating expenses grew 10% year-on-year to €217.9M, driven by investments and higher personnel costs.
Operating cash flow after investments was €192.3M, with CapEx at €33M for the quarter.
Outlook and guidance
Full-year EBITDA margin guidance of 66–68% reaffirmed; H2 expected to be stronger.
Over 110 new games planned for 2025; continued investment in new studios.
CapEx forecast for 2025 is €140M; share repurchase intention of €500M.
Cautious optimism for Asia and Europe as regulatory and technical measures take effect.
New studios and product launches expected to contribute more over time.
Assess impact of ring-fencing in Europe.
Explain cybercrime impact in Asia.
Elaborate on Hasbro partnership details.
How will resource mix changes affect employees?
What drove the higher working capital buildup?
What's the timeline for the UKGC review?
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Next Evolution earnings date
Q3 202523 Oct, 2025
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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.
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