Evolution AB has reported record fourth-quarter revenue of €620 million for 2025, representing a 19% increase year-on-year, driven by strong demand for its live dealer and RNG product portfolios across regulated European and North American markets.
The company's EBITDA margin held steady at 69.3%, maintaining its position as one of the most profitable businesses in the global iGaming supply chain.
Alongside the financial results, Evolution announced a strategic expansion into Southeast Asia, with a new dedicated live casino studio set to open in Manila, Philippines in Q2 2026. The facility will serve licensed Asian operators and represent Evolution's first purpose-built studio in the region.
"Asia represents a substantial long-term growth opportunity," said Martin Carlesund, Evolution's CEO. "Our Manila studio will allow us to deliver culturally relevant content and local language support to a rapidly maturing regulated market."
The company's share price rose 4.2% following the announcement on the Nasdaq Stockholm exchange.
Source: Evolution AB Investor Relations
James Whitfield
Editor-in-Chief
Member of the iGaming Pulse editorial team. Covering industry news, analysis, and B2B developments across the global iGaming sector.
Comments (1)
Manila is a smart move. Localized content for Asia is a gap in the market.
