TLDR Evolution reported Q2 2026 net revenue of €517.8 million, missing analyst forecasts. Americas revenue hit record highs, with Latin America up 26.3% year-on-year. Europe live casino revenue fell 3.6% year-on-year but grew from the first quarter. Evolution settled with the UK Gambling Commission for £4.75 million, closing an 18-month probe. The deal to buy Galaxy Gaming is now in doubt after its deadline passed.
Evolution AB released its second quarter 2026 results on July 17. The Swedish gaming technology company reported net revenue of €517.8 million, just under the €520 million analysts expected.
EBITDA came in at €341 million, also slightly below the forecast of €343.5 million. The EBITDA margin held at 65.9%, matching the company’s guidance for the year.
Earnings per share reached €1.27, a small miss against the €1.28 estimate. That figure still marked a 4.1% rise from a year earlier, helped by fewer shares outstanding and a swing in financial gains.
Americas Lead Growth While Europe Stays Weak
North America and Latin America posted record revenue for the quarter. Latin America grew 26.3% year-on-year, lifted by a reopened studio in Argentina and the newly regulated market in Brazil.
North America expanded 9.5% during the same period. A second studio in Michigan and an expanded studio in São Paulo both contributed to the gains.
Europe told a different story. Group live casino revenue fell 3.6% year-on-year to €437.3 million, a drop the company linked mostly to European markets.
The region did return to growth compared with the first quarter of the year. Management pointed to tighter compliance rules and lower market channelization as reasons behind the earlier weakness.
Asia also declined, with revenue down 9% year-on-year and 3.7% from the prior quarter. The company blamed ongoing illegal streaming of its content, an issue it