Evolution (EVO) Q3 2025 earnings summary

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.