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 (+0.2%).

• Adjusted EBITDA margin for Q4 was 66.4%, and for the full year 66.1%, both lower than the previous year.

• Profit for Q4 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, Philippines, Romania, and New Jersey.

• The product roadmap for 2026 is described as the strongest ever, with over 110 new games planned, including major Hasbro-branded launches.

Financial highlights

• Q4 net revenues: EUR 514.2 million (down 3.7% YoY); full-year: EUR 2,067 million (up 0.2% YoY).

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

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

• Earnings per share (EPS) after dilution: EUR 1.54 in Q4; full-year: EUR 5.24.

• Operating cash flow after investments in Q4: EUR 262 million; cash balance at year-end: EUR 818 million.

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 at full speed in the U.S. and Latin America, with ongoing investment in Europe.

• Management emphasizes the need for a stable regulatory environment to unlock further growth, especially in Europe and Asia.