Evolution (EVO) Q1 2026 earnings summary

Executive summary

• Net revenues for Q1 2026 declined 1.5% year-on-year to EUR 513.0 million, with Live segment revenues down 3.1% and RNG up 8.1%.

• EBITDA reached EUR 335.3 million, with a margin of 65.4%.

• Profit for the period was EUR 251.9 million; diluted EPS was EUR 1.26.

• Key events included acquisition of a studio in Argentina, new studios in Latvia, the U.S., and Argentina, and progress against cybercrime in Asia.

• North America and LATAM achieved all-time high revenues, while Europe experienced continued decline due to regulatory volatility.

Financial highlights

• Operating expenses were EUR 220 million, up 1.3% year-on-year and 2.5% quarter-on-quarter.

• Operating profit was EUR 292.6 million, with an operating margin of 57.0%.

• Operating cash flow after investments was EUR 311 million, with a cash conversion rate of 81%.

• CapEx totaled EUR 34.6 million, stable as a share of net revenues.

• Total cash position stood at EUR 1.2 billion, equity at EUR 4.3 billion.

Outlook and guidance

• Focused investment and expansion planned in the U.S., Brazil, Colombia, and Argentina.

• Over 110 new games, including major Monopoly-themed launches, are scheduled for 2026.

• FY 2026 EBITDA margin targeted to match FY 2025 outcome.

• Board proposed no dividend for 2025, with future capital allocation decisions pending.

• Management remains positive on long-term European prospects despite current regulatory headwinds.