Evolution (EVO) Q2 2026 earnings summary

Executive summary

• Net revenues for Q2 2026 were EUR 517.8 million, down 1.2% year-over-year but up 0.9% quarter-over-quarter, with EBITDA at EUR 341.0 million and a margin of 65.9%.

• Profit for the period was EUR 251.4 million, with EPS after dilution at EUR 1.27.

• Strong performance in North America and Latin America, with all-time high or record growth and new studios launched in Michigan and Argentina; Europe showed recovery, while Asia remained volatile due to cybercrime.

• RNG revenue grew 14% year-over-year, while Live segment revenue declined 3.6% year-over-year but improved sequentially.

• First Hasbro partnership games released, supporting ongoing expansion.

Financial highlights

• Net revenues: EUR 517.8 million (down 1.2% YoY, up 0.9% QoQ).

• EBITDA: EUR 341.0 million, margin 65.9%.

• Operating profit: EUR 297.8 million.

• Profit for the period: EUR 251.4 million.

• EPS after dilution: EUR 1.27.

• Operating expenses: EUR 220 million (up 1% YoY, down 0.2% QoQ).

• Operating cash flow after investments: EUR 258 million; cash conversion at 86%.

• CapEx: EUR 34.7 million.

• Total cash: EUR 1,153.5 million; total equity: EUR 4.2 billion.

Outlook and guidance

• EBITDA margin guidance maintained for the full year, targeting at least FY 2025 outcome.

• Management expects further growth in regulated markets and ongoing adaptation to regulatory changes.

• Over 110 new games expected to be released in 2026, including more Hasbro titles and a major new game in Q3.

• Continued focus on cost control and working capital efficiency.

• Cautious optimism for Europe after returning to quarter-on-quarter growth; continued volatility in Asia.