Evolution Posts €1.03 Billion First Half Revenue

Evolution allowed the closing window for its Galaxy Gaming acquisition to expire on July 17 as the live casino supplier reported lower first-half revenue and a £4.75 million UK regulatory settlement.

Good to Know

• H1 2026 net revenue fell 1.4% to €1.03 billion.
• Evolution settled a UK Gambling Commission licence review for £4.75 million.
• Either Evolution or Galaxy Gaming can now terminate the 2024 acquisition agreement.

Galaxy Deal Loses Its Deadline

Chief Executive Officer Martin Carlesund said the Galaxy Gaming transaction carries little weight for Evolution after two years without completion. Any outcome should have no material effect on existing operations, U.S. plans or long-term targets.

Elsewhere, Evolution faced an uneven first half. Latin America revenue grew 26.3%, while North America rose 9.5%. Europe returned to quarterly growth of 3.5%, helped by native-language tables and game shows.

Asia fell 3.7% from the previous quarter as cybercrime and market volatility affected activity. Markets mainly covering Africa grew 14.2%.

“We remain cautious about the low channelization rates, but the quarter otherwise showed encouraging activity in several markets, with strong development in the game show category and continued demand for native-speaking tables,” Carlesund said.

Q2 net revenue fell 1.2% to €517.8 million. EBITDA declined to €341.0 million, although the margin remained at 65.9%.

For the first half, EBITDA fell to €676.3 million on revenue of €1.03 billion. Profit increased slightly to €503.4 million, while earnings per share rose to €2.54.

The UK licence review added a compliance cost during the period. Evolution agreed to pay £4.75 million after its content appeared on six websites serving British customers without a UK licence. The company said those websites breached its supply terms and that investigators found no wider pattern of unlicensed UK access.

Product launches continued despite the slower results. Monopoly Live entered four U.S. states, while Evolution opened another Michigan studio and entered regulated online gaming in Alberta during July.

Ice Fishing performed well in Brazil, while an acquired Argentina studio returned to service. Evolution also released Monopoly Roulette and Monopoly Roll’em through its Hasbro partnership.

Evolution continued returning capital to investors. It bought 1,002,767 shares from July 13 to July 17 through Citibank on Nasdaq Stockholm.

Total treasury shares reached 7,737,125 by July 17, against a programme limit of 19,922,661 shares.

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