Evolution’s Q2 2026 results show steady growth in most regions as Galaxy deal likely falls through

Evolution, the Swedish live casino supplier, has published its financial figures for the second quarter of 2026, revealing a mixed performance that includes a probable end to its long-running acquisition of US firm Galaxy Gaming.

The company generated €517.8m in net revenue for Q2 2026, a slight dip of 1.2% compared with the same period last year, although revenue rose 2.4% when measured at constant currency. EBITDA came in at €341m (versus €345.3m in Q2 2025), while net profit edged higher to €251.4m from €248.3m a year earlier.

Galaxy acquisition set to be scrapped

Evolution’s agreement to buy Galaxy Gaming, an US-based developer of table games and technology, was originally struck in July 2024 for $85m. The closing date has been pushed back several times, and a revised deadline expired today. CEO Martin Carlesund indicated the deal is unlikely to go through.

“After today, either party may choose to terminate the agreement,” Carlesund said, adding that Evolution had spent “significant time, effort and resources” on the administrative process. He described Galaxy as “a great company” but stressed that the transaction is not material for Evolution: “The outcome has no material impact on our existing business, our US operations, or our long-term ambitions.”

Regional performance: Europe back in growth, Asia remains weak

Europe returned to sequential growth, with revenue rising 3.5% quarter-on-quarter to €173m, ending a run of quarterly declines. However, revenue was still 4% lower than in Q2 2025. Management attributed the improvement to strong demand for game shows and native-language tables, while noting that the broader regulatory and tax environment continues to weigh on the industry.

North America saw steady gains, with revenue up 9.5% year-on-year to €81m, helped by the rollout of Monopoly Live in four US states, a second studio in Michigan, and expansion into Alberta, Canada. Latin America remained Evolution’s fastest-growing region, with revenue jumping 26.3% to €47.5m, supported by the relaunch of an acquired Argentine studio and a localised version of Ice Fishing for Brazil.

Asia was the weakest performer, with revenue falling 8.9% year-on-year and 3.7% quarter-on-quarter to €190.5m. Carlesund cited ongoing volatility and increased cybercrime activity as the main drags. Revenue from other markets (primarily Africa) rose 10.3% annually to €25.8m.

UK regulatory settlement and capital returns

During the quarter, Evolution concluded an 18-month licence review by the UK Gambling Commission, agreeing to pay £4.75m after its content appeared on unlicensed sites accessible to British players. The company said it had terminated the relevant commercial relationships and strengthened its compliance measures.

Evolution continued its share buyback programme, repurchasing 5.14 million shares (2.58% of outstanding capital) for €303.2m in Q2. Carlesund expressed satisfaction with the company’s progress, noting: “The road is almost never straight, but what matters is that we are moving forward.”