Evolution started 2025 with modest growth in revenue, but a drop in profit reflected the company’s focus on long-term investments and operational adjustments. CEO Martin Carlesund addressed the challenges head-on, pointing to decisions made during the quarter that he believes will strengthen the business over time.
Good to know
- Evolution opened new studios in New Jersey and Romania during Q1 2025.
- Live gaming made up more than 85 percent of total revenue.
- Profit declined despite a slight rise in overall revenue.
The company reported €520.9 million in gaming revenue for the first quarter, marking a 3.9 percent increase from the same period in 2024. However, profit for the quarter dropped to €254.7 million, down 5.4 percent year-over-year. EBITDA fell slightly to €345.8 million, a decline of 1.1 percent.
CEO Martin Carlesund addressed the slowdown with transparency. “The decelerated growth rate in the quarter is not only impacted by the development of the currency rates but also connected to conscious actions we have taken that will be beneficial for the business in the longer term,” he said.
He acknowledged the financial dip but framed it as part of a broader strategy. “Needless to say, I am not happy with the financial development in the quarter, but one must take into account that the results are impacted by necessary steps that contribute to our mission to ever increase the gap to competition… The road cannot always be straight, but what is crucial is that we learn from the challenges we face and relentlessly adapt and strive to make Evolution a little bit better every day.”
During the quarter, Evolution opened a third live casino studio in New Jersey and launched a second facility in Romania. The company also took steps to strengthen compliance by reinforcing market controls in parts of Europe.
Live gaming continued to be the company’s biggest revenue driver, bringing in €448.7 million. That figure represented a year-over-year gain of €17.4 million, though it declined by €10.7 million compared to the previous quarter. Revenue from random number generator (RNG) games totaled €72.3 million, up €2.2 million year-over-year, but slightly down from the previous quarter.
In terms of geography, Asia led with €201.9 million in revenue, up 2.2 percent year-over-year. Europe brought in €189.7 million, reflecting a slight 0.7 percent decline. The remaining €129.3 million came from North America, Latin America, and other regions—all of which reported year-over-year growth.
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