Evolution delivered a quarter full of contrasts as stronger regional growth, resilient profits and successful new games were offset by another decline in group revenue and fresh uncertainty surrounding its long-delayed acquisition of Galaxy Gaming.
The live casino supplier generated net revenue of €517.8 million during the second quarter of 2026, down 1.2% from €524.3 million a year earlier. It was Evolution’s second consecutive quarter of falling revenue, placing additional attention on whether the company can restore group-wide growth during the second half of the year.
The headline decline did not tell the whole story. EBITDA reached €341 million, producing a margin of 65.9%, while net profit increased slightly to €251.4 million. Earnings per share also climbed to €1.27, suggesting that disciplined spending helped protect profitability despite softer revenue.
| Q2 performance indicator | 2026 result | Comparison or movement | What it signals |
|---|---|---|---|
| Net revenue | €517.8 million | Down 1.2% year on year | Group growth remains under pressure |
| EBITDA | €341.0 million | Margin of 65.9% | Cost controls continue to support earnings |
| Net profit | €251.4 million | Slight increase | Profitability remained resilient |
| Europe | 3.5% quarterly growth | Returned to sequential growth | Regional recovery is gaining traction |
| Latin America | Up 26.3% year on year | Strongest major regional increase | Local content and studio reopening boosted demand |
| North America | Up 9.5% | Continued expansion | New products and studio capacity supported growth |
| Asia | Down 3.7% | Revenue remained volatile | Cybercrime continued to affect performance |
Chief Executive Martin Carlesund struck a cautiously positive tone, pointing to stronger cash flow, tight cost control and improved momentum compared with the first quarter. Europe returned to quarter-on-quarter growth, supported by game-show products and tables featuring native-speaking dealers.
Latin America stood out with growth of 26.3%, helped by the reopening of Evolution’s Argentina studio and the Brazilian launch of a localised version of Ice Fishing. North America advanced 9.5% following the introduction of Monopoly Live in four US states and the opening of a second Michigan studio. Africa also posted underlying growth of 14.2%, while Asia fell 3.7% as criminal activity continued to disrupt the market.
Products driving the company’s current momentum include:
- Ice Fishing, which has quickly become one of Evolution’s strongest recent releases;
- Monopoly Roulette, expanding the supplier’s branded game-show portfolio;
- Monopoly Roll’em, another title emerging from its Hasbro partnership;
- native-language live tables designed for specific local markets;
- and expanded US studio operations intended to support growing regulated demand.
Yet the most intriguing part of the quarter may be a transaction that still has not happened.
Evolution announced its proposed acquisition of Galaxy Gaming in July 2024, but regulatory scrutiny pushed the deal far beyond its original timetable. The agreement was extended in November 2025, setting a final outside date of July 17, 2026. That deadline has now passed, meaning either company may terminate the transaction.
Neither side had formally walked away when the results were published, but Carlesund made clear that Evolution was prepared to move forward without the acquisition. He described Galaxy as a strong business while stressing that the deal was not large enough to materially affect Evolution’s existing US operations or long-term ambitions.
The company also recently resolved a UK Gambling Commission licensing review through a £4.75 million settlement connected to Evolution content appearing on six unlicensed UK-facing websites.
Evolution now enters the second half of 2026 with strong margins and promising regional growth, but two unresolved questions remain: when group revenue will return to expansion, and whether the Galaxy Gaming deal will survive after two years of regulatory delay.