Evolution AB EBITDA Miss, Europe Down 5.9%

Evolution AB posted Q1 net revenue €513 million, flat versus consensus, but EBITDA fell 2% to €335.3 million, missing estimates.
Europe revenue, the largest segment at €345.3 million, declined 5.9% sequentially, driven by regulatory volatility per CEO Martin Carlesund.
Latin America revenue rose 29.3% YoY to €64.4 million; North America grew 10.1% (€75.5 million) and Asia modestly to €16.9 million.
Cash and equivalents increased to €1.098 billion, operating cash flow €345.8 million, and the board proposed no dividend for FY 2025.