Evolution (EVO) Q2 2025 earnings summary

Executive summary

• Net revenue for Q2 2025 was EUR 524.3 million, up 3.1% year-on-year, with EBITDA at EUR 345.3 million and a margin of 65.9%.

• Profit for the period was EUR 248.3 million; EPS before dilution was EUR 1.22.

• Growth was impacted by regulatory ring-fencing in Europe and cybercrime in Asia, though Asia returned to growth.

• Expansion included new studios in the Philippines and Brazil, and a global licensing agreement with Hasbro.

• Acquisition of Galaxy Gaming progressing, expected to close in H2 2025.

Financial highlights

• Net revenue: EUR 524.3 million (+3.1% year-on-year); EBITDA: EUR 345.3 million (margin 65.9%).

• Net profit: EUR 248.3 million; EPS: EUR 1.22.

• Operating expenses grew 10.4% year-on-year to EUR 217.9 million.

• Operating cash flow after investments: EUR 192.3 million; CapEx: EUR 33 million.

• Cash and cash equivalents at quarter-end: EUR 505.3 million; total equity: EUR 3.7 billion.

Outlook and guidance

• Full-year EBITDA margin guidance maintained at 66%-68%.

• Management expects a stronger second half, driven by operational improvements and new market entries.

• Over 110 new games planned for 2025; continued investment in new studios.

• Capex forecast for 2025 is EUR 140 million; share repurchase intention of EUR 500 million.