Evolution Puts “Predictability” Front and Center, Alongside a Monopoly Roadmap and a New Regulated-Revenue View in 2025 Results

Evolution highlighted its expanding Monopoly content pipeline, rolled out fresh disclosure around regulated revenue, and argued that greater market predictability is the main lever for returning to stronger growth.

In its fourth-quarter and full-year update, Evolution AB steered the discussion away from short-term financial variability and toward product strength, geographic footprint, and regulatory positioning, with executives repeatedly framing a more predictable external environment — rather than internal execution — as the key constraint on faster expansion.

The supplier pointed to its exclusive Hasbro relationship, a wave of new Monopoly-branded releases, continued progress on the Galaxy Gaming acquisition, a broader and more diversified customer mix, and new transparency on how much revenue is coming from regulated markets.

Management also touched on the ongoing dispute with Playtech and the still-unresolved UK Gambling Commission review. CEO Martin Carlesund summed up the period like this:

“From an operations standpoint, it was a very strong quarter and year, potentially the strongest we’ve ever had. We drove efficiency, protected margins, shipped great games, [and] kept expanding our footprint exactly as planned.”

Monopoly + Hasbro Roadmap: “No Real Comparison”

A large share of the upbeat tone centered on Evolution’s exclusive Hasbro partnership and a larger-than-usual content plan for 2026. That roadmap spans multiple Monopoly-branded live and RNG launches and more than 110 total game releases.

“Typically, we say there’s one headline showcase title… This time, choosing just one doesn’t make sense. That’s how deep the lineup is.”

Carlesund added that, at ICE Barcelona, customers were “stunned” by what they saw.

“People look at the games and go, ‘Wow, when do we get them?’ The reaction is basically that there’s nothing else comparable. Nobody is doing anything even close to what we’re delivering.”

The upcoming slate includes large-format game shows and hybrid concepts such as Game Night and Monopoly Filthy Rich, plus new table offerings and additional RNG variants. Some RNG titles, including Monopoly Deluxe, are already live, and the company said several of the big-format launches should arrive in Q1 or Q2.

Executives said the breadth of releases should increase separation from rivals and help re-accelerate demand as more markets move into a mature phase.

New Geographic Detail: Regulated Split Using Player IP Alongside Customer Location

Evolution, for the first time, presented a detailed revenue breakdown by geography using players’ IP addresses, in addition to its established reporting based on where customers are located.

Using Q4 player IP estimates:

• Asia: 38%
• Europe: 35%
• North America: 15%
• Latin America: 8%
• Africa & Other: 4%
• Regulated markets: 47%

Management said the new disclosure aligns with increasing regulatory attention on channelization and where play is originating.

“There’s a growing focus on the regulatory side and on where players actually come from… and we think it matters now to disclose and illustrate this revenue picture… and to put a bit more emphasis on it.”

The company reiterated that it works only with licensed operators, and described the IP-based view as a directional indicator of where play is occurring.

Europe and Asia: Ring-Fencing, Channelization Pressure, and Cybercrime

Europe received substantial focus during the call. Evolution said it operates with some of the toughest compliance requirements among suppliers, while warning that declining channelization in multiple markets is weighing on results.

“We believe we currently apply the strongest and strictest ring-fencing standards among all providers in Europe.”

“The main issue right now isn’t the ring-fencing itself, it’s the drop in channelization… In simple terms, regulation is pushing players outside the regulated framework… toward unregulated operators we won’t work with.”

In Asia, management referenced ongoing cybercrime and regulatory headwinds, while pointing to signs of stabilization in the Philippines.

“We’ve made progress on cybercrime mitigation… the broader regulatory dynamics are still somewhat challenging… At the same time, we’re seeing positive movement in the Philippines as the framework becomes more stable.”

Across the conversation, executives kept circling back to the same idea: stability.

“A predictable environment. If we could just get a predictable environment, keep solving things step by step, and steadily improve in Asia with real attention to detail. That’s it. Nothing more, nothing less.”

North America: Ezugi Reintroduced and More Headroom for Live Casino Share

In the U.S., Evolution is positioning for higher live-dealer penetration as the market develops further. Carlesund noted that the pace of iGaming legalization across states has slowed, and pointed to Maine as a pending launch.

The company brought Ezugi back as a second live brand and is still adding studio capacity, including new and upgraded sites in Michigan and New Jersey. Management said Ezugi can help drive faster growth in the U.S.

“Live casino share still has significant upside.”

During the quarter, North America and Latin America both delivered record revenues, according to the company, with Brazil highlighted as an important growth engine.

Galaxy Gaming Deal: Still Moving Forward

Evolution said the acquisition of Galaxy Gaming remains on schedule, although approvals are still outstanding in two states, including Nevada.

“Nevada recently introduced guidance for licensees that operate online gaming in other jurisdictions. I’ve seen some speculation that this could complicate approvals for us. The process is progressing, and we remain within the timeline to close before the 17th of July.”

Management referenced Nevada’s updated guidelines for online operators active elsewhere. Questions raised around India and Russia were also linked to that guidance, but the company said it is not adjusting its operating model because of the transaction.

Legal and Regulatory Update: Playtech Case and the UK Review

Executives said the Playtech litigation continues, but with no meaningful change to report.

“It’s following its course… it’s ongoing, it’s slow, and it will likely be with us for some time. There’s no material update.”

The company also said it has not received any new information from the UK regulator regarding its review of Evolution:

“We haven’t had any feedback from the UK Gambling Commission since last summer… We don’t know when they’ll return, but they’ve been very cooperative…”

Set against broader regulatory change in Europe, Evolution portrayed these topics as demanding but manageable compliance issues, rather than disruptions unique to the company.

Key Financial Figures

Although management tried to look past quarter-to-quarter noise, the numbers still reflected softer year-on-year comparisons.

Q4 2025 compared with Q4 2024

• Net revenue: €514.2m (down 3.7%)
• Adjusted EBITDA: €341.5m (down 6.1%); margin 66.4%
• Operating profit: €350.9m (down 16.0%)
• Profit for the period: €306.8m (down 18.6%)
• EPS: €1.54 (down 15.9%)

Full-year 2025 compared with 2024

• Net revenue: €2.07bn (up 0.2%)
• Adjusted EBITDA: €1.37bn (down 3.2%); margin 66.1%
• Operating profit: €1.26bn (down 11.4%)
• Profit for the period: €1.06bn (down 14.6%)

Executives reiterated that margins are still in the mid-60% range and suggested that meaningful improvement will largely depend on steadier market conditions.

“If we could just have a predictable environment…”

Forward View

Even with regulatory friction across Europe and Asia, Evolution sounded confident, leaning on the scale of its content pipeline and continued studio expansion.

“We’re going to deliver an outstanding product… expansion will continue at full speed in the U.S. and Latin America… and we’re excited about 2026.”

The takeaway from Evolution was straightforward: less emphasis on short-term earnings volatility, and more focus on blockbuster releases, a broader customer footprint, and positioning for the next phase of regulated live-casino growth.