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Read Full BioEvolution AB released its financial results for the fourth quarter and full year 2025. Despite a decline in revenue, CEO Martin Carlesund said it may have been the best quarter ever as the company improved efficiency, maintained margin, and developed “fantastic games.” Overall, the company is “proud, but not happy” with the results for 2025.
Net revenue fell to €514.2 million (around $600 million), down 3.7% year-on-year from Q4 2024’s €533.8 million ($629 million). Revenue for the year remained fairly stable at just over €2 billion, a 0.2% increase from 2024. Despite this, profits fell 14.5% from €1.24 billion ($1.46 billion) to €1.06 billion ($1.25 billion).
When reporting the results, Carlesund said, “The financial performance was not as strong as we would have wanted when entering the year, but I am happy with the way the company has stood up for what is right and lived up to our ambition to become a little bit better every day.”
Company Publishes Detailed Geographical Breakdown
The company performed well in Asia, North America, Latin America, and Africa, growing particularly strongly in Brazil’s newly regulated gambling market. In Europe, conditions were less favorable. Carlesund said the company has the “strongest ring-fencing measures in place among all suppliers, but we also recognize that the regulated markets are losing ground.”
For the first time, the company published a detailed geographical breakdown of its operations, revealing revenue generated by region based on player IP addresses. That revealed the following market share:
- 38% Asia
- 35% Europe
- 15% North America
- 8% Latin America
- 4% Africa & Other
- 47% regulated markets
The company’s executives have previously been accused of knowingly providing games to illegal markets. A report backed by competitor Playtech alleged that games were accessible in various sanctioned and restricted countries, such as Iran, Syria, and Sudan.
Evolution filed a lawsuit in response to the allegations, and it later emerged that Playtech had commissioned the report. The case remains ongoing.
Looking Ahead to 2026
Carlesund was optimistic about the company’s prospects for the year ahead. The company has set a goal to become the second biggest live casino provider in the US and is launching a second brand, Ezugi, this quarter. The brand will initially launch in New Jersey before entering Michigan, through a Grand Rapids studio, later this year.
The legalization of online casinos in Maine has also provided the company with a new market to target in the US. Its acquisition of Galaxy Games remains on track, with an expected closing date of July.
The game developer is particularly excited about its deal with Hasbro to launch a range of Monopoly-themed games. These are among 110 new games scheduled for release this year.
Upon showcasing the new games at ICE Barcelona last month, Carlesund said customers were “flabbergasted.” He added that players were excitedly asking when the new suite would be released and emphasized that competitors are not producing anything remotely like Evolution’s games. One game, Monopoly Deluxe, has already launched, with others set to follow from April.
The company also sees an opportunity to expand in Latin America, targeting Argentina and Brazil, in particular. This year marks the company’s 20th anniversary since its founding in 2006 with one studio in Latvia. In that time, Carlesund said the company has evolved considerably and will continue to challenge itself over the next 20 years.
