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Evolution Board of Directors Recommends No Dividend Payment for 2025

Evolution announced its full Annual Report for 2025 on April 1. Key financial metrics are consistent with the previously released Year-end Report dated February 5. The iGN editorial team highlights the following new data:

Shareholder Policy

  • The Board of Directors has recommended that the Annual General Meeting not approve any dividend payment for 2025 — a departure from the policy of distributing 50% of net profit. For 2024, the company paid €2.80 per share (€572.5 million in total)
  • The Board justified this recommendation by stating that profits and excess capital can be returned to shareholders more efficiently than through cash dividends
  • €5.24 — earnings per share (5.94)
  • Evolution repurchased 7,335,630 of its own shares in 2025 at an average price of ~€69.1
  • Market capitalization declined by 28.7% over the year

Operational and Financial Performance

  • €1,257.3 million — operating profit, operating margin 59.4% (64.1%)
  • €1,255.2 million — operating cash flow (1,301.0 million)
  • €818 million — cash and cash equivalents at year-end (801.5 million)
  • 14.8% — effective tax rate (13.5%) impacted by Pillar II
  • ~870 clients (800), including +40 in Brazil
  • 12% — share of the largest client in revenue (13%)
  • 73% — mobile revenue share (71%)
  • 113 new games released in 2025

Revenue by Region for 2025

  • €793.7 million — Europe (−1.1% YoY)
  • €729.7 million — Asia (−6.3% YoY)
  • €296.8 million — North America (+15.2% YoY)
  • €156.8 million — Latin America (+7.8% YoY)
  • €89.5 million — Other markets (+14.3% YoY)

CEO Martin Carlesund stated that, according to the outcome of a legal dispute, an unnamed competitor was behind the defamatory campaign against Evolution.

Amid a 28.7% decline in market capitalization over the year and the recommendation to forgo dividends, Evolution is shifting its capital return priorities for shareholders. The rise in the effective tax rate due to Pillar II creates additional pressure on net profit. Growth in North America (+15.2%) and Latin America (+7.8%) partially offset declines in Asia (−6.3%) and stagnation in Europe (−1.1%).