Q4 2025 Evolution AB (publ) Earnings Call Transcript
Key Points
- Evolution AB (EVVTY) reported a quarter-on-quarter growth in net revenues of 1.4% in Q4 2025.
- The company maintained a strong adjusted EBITDA margin of 66.4% for the quarter.
- North America and Latin America achieved all-time high revenues, with significant growth driven by Brazil.
- The launch of new games, such as Ice Fishing and Red Baron, has been well-received, with Ice Fishing gaining popularity rapidly.
- Evolution AB (EVVTY) has expanded its global footprint with new studio openings in Brazil, the Philippines, Romania, and the US.
- Net revenues experienced a year-on-year decline of 3.7% in Q4 2025.
- Europe saw a decline in revenues both year-on-year and quarter-on-quarter, attributed to regulatory challenges and market instability.
- The company's Live revenue declined by 4.5% to EUR438.6 million.
- Cybersecurity issues in Asia continue to pose challenges, although some progress has been made.
- The overall financial performance for 2025 was flat, with only a 0.2% increase in net revenues for the full year.
Welcome to Evolution Q4 report 2025 presentation. (Operator Instructions)
Now I will hand the conference over to the speakers CEO, Martin Carlesund; and CFO, Joakim Andersson. Please go ahead.
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Good morning, everyone. Welcome to the presentation of Evolution's year-end report for 2025. My name is Martin Carlesund, and I'm the CEO of Evolution. With me, I have our CFO, Joakim Andersson. As always, I will start with some comments on our performance and then hand over to Joakim for a closer look at our financials. After that, I will conclude with an outlook and then we will open up for your questions. Next slide, please.
So let's start with the financial and operational highlights in the quarter. Overall, we saw somewhat better performance in Q4 compared to Q3. The net revenues came in at EUR540 million, corresponding to quarter-on-quarter growth of 1.4%, but a year-on-year decline of 3.7%. Adjusted EBITDA amounted to EUR341.5 million, giving a
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