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 reached EUR 2,067 million, nearly flat year-over-year (+0.2%).

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

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

• Operational efficiency improved with a 5.8% increase in headcount and a more cost-effective resource mix.

• Expansion included new studios in Brazil, the Philippines, Romania, and the U.S., with a focus on growth in the USA and Latin America.

Financial highlights

• Q4 Live segment revenue declined 4.5% year-on-year to EUR 438.6 million; RNG grew 1.7% to EUR 75.7 million.

• Full-year Live revenue was EUR 1,772.6 million; RNG revenue was EUR 294.0 million.

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

• Total CapEx for 2025 was EUR 134.8 million.

• Shareholder remuneration in 2025 totaled almost EUR 1.1 billion, including EUR 572.5 million in dividends and EUR 500.2 million in buybacks.

Outlook and guidance

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

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

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