Evolution Q2 2026 Revenue Falls Slightly

Evolution, the leading live casino supplier, posted its second consecutive quarter of declining revenue for 2026, reporting net revenue of €517.8 million for Q2, down 1.2% year-on-year from €524.3 million. EBITDA reached €341.0 million, maintaining a margin of 65.9%, while net profit edged up slightly to €251.4 million. Earnings per share increased to €1.27.

Despite the modest decline, CEO Martin Carlesund emphasized improvements compared to Q1, citing stronger cost control, improved cash flow, and growth in key markets. “Revenue and margin are moving in the right direction compared to the first quarter, cost control remains strong, cash flow is improving, and we continue to expand in key markets while executing on our product roadmap,” Carlesund said.

Regional Performance Highlights

Europe saw a return to quarter-on-quarter growth of 3.5%, recovering from earlier weakness, supported by game show titles and native-speaking tables. Latin America continued its strong momentum, achieving 26.3% year-on-year growth, driven by the reopening of Evolution’s studio in Argentina and a localized release of Ice Fishing in Brazil. North America also grew 9.5%, aided by the rollout of Monopoly Live across four US states and a second Michigan studio, while Asia remained volatile, with revenue declining 3.7% due to cybercrime impacts. As published in the company’s official report, Africa showed underlying growth of 14.2%, reinforcing Evolution’s strength in both live and RNG offerings.

The company highlighted the continued success of recent product launches. Ice Fishing has become one of Evolution’s strongest performers, alongside Monopoly Roulette and Monopoly Roll’em, part of the Hasbro partnership.

Galaxy Gaming Acquisition Reaches Contractual Deadline

A key strategic development is Evolution’s long-running proposed acquisition of Galaxy Gaming. Originally announced in July 2024, the deal faced prolonged regulatory review and was extended in November 2025 to July 17, 2026. Carlesund noted that the contractual outside date has now passed, allowing either party to terminate the agreement.

“Two years have passed, and Evolution has spent significant time, effort and resources handling the rather large amount of administration required to close this acquisition. Galaxy is a great company; however, due to its size, the transaction is not significant for Evolution. The outcome has no material impact on our existing business, our US operations or our long-term ambitions,” Carlesund said, as reported by G3 Newswire.

While neither company has formally terminated the deal, Carlesund indicated that Evolution is prepared to move on if regulatory approvals are not completed, signaling a potential end to the two-year saga. Analysts suggest the prolonged UK and US regulatory review, alongside Galaxy’s share price trading below the agreed acquisition value, contributed to the delays.

Earlier this week, Evolution resolved a licensing review with the UK Gambling Commission, agreeing to a £4.75 million settlement. The review concerned the availability of Evolution content on six unlicensed UK-facing websites. Carlesund emphasized the matter was resolved professionally and found no broader pattern of unlicensed access.