Evolution AB (publ) (EVO) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to Evolution Q4 Report 2025 presentation. During the Q&A session, participants are able to ask questions by dialing pound key five on their telephone keypad. Now I will hand the conference over to the speakers, CEO Martin Carlison and CFO Joachim Andersen. Please go ahead. Good morning, everyone. Welcome to the presentation of Evolution's year-end report for 2025. My name is Martin Karlsson, 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'll open up for 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 €540 million, corresponding to quarter-on-quarter growth of 1.4%, but a year-on-year decline of 3.7%. Adjusted EBITDA amounted to €341.5 million, giving a margin of 66.4%. Asia turned back to modest growth quarter on quarter, signaling some progress in our hard work to battle the cybercriminality in the region. As pointed out several times before, there is no quick fix to these issues. We constantly adapt and develop our technical solutions to win in the long run. We believe that it's harder to steal our content today than it was a year ago. Latin America, North America and Africa also showed growth, whereas Europe declined both on a year-on-year and quarter-on-quarter basis. Our live revenue declined by 4.5% to €438.6 million, while R&G increased by 1.7% to €75.7 million. I believe our slop brands have great potential ahead. Live is currently affected by both Europe and Asia, while North America and Lati...