Stockholm, Feb 5, 2026, 10:50 CET — Regular session
- Shares of Evolution AB slipped roughly 1.8% in morning trading following a decline in Q4 revenue.
- The company said the 2026 EBITDA margin is expected to stay roughly on par with 2025.
- The board postponed its dividend proposal, promising an update later this quarter
Evolution AB shares dropped Thursday following a fourth-quarter revenue dip and a pause on dividend plans, leaving investors uncertain about cash payouts. The stock slid roughly 1.8% to near 575 kronor, after bouncing between about 562 and 591 kronor earlier in the day. (MarketScreener)
The year-end report arrives at a sensitive time for the stock. Traders are hunting for clues that growth might steady after a turbulent year weighed down by compliance expenses, uneven regional demand, and a stricter regulatory climate in parts of Europe.
The delay in deciding the dividend only fuels the uncertainty. For many shareholders, the dividend payout ranks nearly as high as the speed of new game releases.
Evolution reported Q4 net revenues of 514.2 million euros, down 3.7% year-on-year. Adjusted EBITDA slipped 6.1% to 341.5 million euros. The adjusted EBITDA margin stood at 66.4%. CEO Martin Carlesund labeled 2025 as “proud but not happy,” while the company expects to maintain a margin in line with that year. (Cision News)
Evolution reported in its investor presentation that Live revenues dropped 4.5% last quarter, while RNG — random number generator games, the typical digital casino format — edged up 1.7%. Adjusted EBITDA, the company’s operating earnings metric excluding other operating revenue, was also highlighted. (MarketScreener)
The board is set to finalize capital allocation, including the dividend, later in the first quarter, according to a Finwire report cited by MarketScreener. That report also noted fourth-quarter net revenue came in just under a Bloomberg consensus. Carlesund was quoted saying Europe faced challenges due to “adverse regulatory movements.” (MarketScreener)
Evolution’s report highlighted steady gains in fighting cybercrime across Asia and mentioned stronger “ring-fencing” controls — these are safeguards to prevent products from reaching unauthorized markets. The company also flagged efforts in the Americas, including bringing back the Ezugi brand in New Jersey and gearing up to open a new studio in Grand Rapids as part of its Michigan growth strategy.
The company is also banking on its game pipeline. Evolution revealed an exclusive multi-year licensing deal with Hasbro, delivering new titles across its live and RNG lineup.
The downside is clear. If Asia’s fight against cybercrime yields only gradual progress, or Europe’s regulatory changes continue to pinch, revenue growth might stall and costs could stay elevated.
Investors are focusing on two key points: a definitive decision on dividends and proof that margins will remain steady as the company steps up investment in the US and Latin America.
Evolution is set to release its interim report for January–March on April 22, with its annual general meeting in Stockholm scheduled for April 24. (Evolution)
