Evolution Reports 0.2% Revenue Growth in 2025

Provider Evolution on February 5 published its Year-end Report for 2025, showing near-zero growth amid cybersecurity challenges in the Asian market and tighter regulatory requirements in Europe.

Key Metrics for FY 2025

€2.07 billion — revenue (+0.2% YoY)
€1.77 billion — Live Casino revenue (-0.2% YoY)
€218.3 million — RNG revenue (+2.5% YoY)
€1.37 billion — EBITDA (-3.2% YoY)
66.1% — EBITDA margin (vs 68.4% YoY)
€1.06 billion — net profit (-14.6% YoY)

Revenue by Region in Q4 2025

Asia: €193.6 million (-4.3% YoY) — cybersecurity challenges
Europe: €177.6 million (-12% YoY) — tighter regulatory requirements
North America: €77.1 million (+9.2% YoY) — Ezugi launch in New Jersey, Crazy Time in Connecticut
Latin America: €43.2 million (+12.2% YoY) — exit of a key competitor from the Live segment

Operational Highlights

24 studios across 16 jurisdictions (+4 YoY: Brazil, Philippines, Romania, New Jersey)
~2000 live tables (+300 YoY)
22,475 employees (+5.8% YoY)
47% of revenue from players in regulated jurisdictions in Q4
39% — share of the top five operators in revenue (vs 46% YoY)

CEO Comments

CEO Martin Carlesund highlighted the company’s progress in combating cybersecurity threats in Asia. The company expects to maintain EBITDA margins at 2025 levels and plans to release over 110 new games in 2026. The acquisition of Galaxy Gaming is also ongoing.

Impact of Regulatory Measures

The company linked the decrease in gaming activity (-5.5% YoY in game round index) to stricter regulatory requirements and anti-cybercrime measures in the second half of 2025.