Evolution (EVO) Q4 2025 earnings summary

Executive summary

• Q4 2025 net revenues were EUR 514.2 million, up 1.4% quarter-on-quarter but down 3.7% year-on-year; full-year net revenues were EUR 2,067 million, up 0.2% from 2024.

• Adjusted EBITDA for Q4 was EUR 341.5 million (margin 66.4%); full-year adjusted EBITDA was EUR 1,366 million (margin 66.1%).

• Q4 profit was EUR 306.8 million; full-year profit reached EUR 1,062 million.

• Operational efficiency improved, with headcount up 5.8% year-on-year and new studios launched in Brazil, the Philippines, Romania, and New Jersey.

• The company maintained strong cash flow and defended margins despite regulatory and market challenges, especially in Europe and Asia.

Financial highlights

• Q4 adjusted EBITDA margin was 66.4%; full-year margin was 66.1%, within the 66%-68% guidance.

• Q4 profit reached EUR 306.8 million; full-year profit was EUR 1,062 million.

• Operating cash flow after investments was EUR 262 million in Q4; cash conversion at 82%.

• Total CapEx for 2025 was EUR 134.8 million.

• Shareholder remuneration in 2025 totaled almost EUR 1.1 billion, a 9.3% yield on year-end market cap.

Outlook and guidance

• 2026 margin expected to be in line with 2025 at 66%.

• Expansion to continue in the U.S. and Latin America, with ongoing investment in Europe.

• Over 110 new games and RNG releases planned for 2026, including major Hasbro-branded titles.

• Management expects improved performance with a more stable regulatory environment.

• Long-term ambition is to grow at least in line with the market in all regions.