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Evolution (EVO) investor relations material

Evolution Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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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.

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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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