Evolution’s Q1 2026 report is out, and it’s again mixed signals. If you read the headlines, it looks like a growth story that has finally stalled out. But if you look under the hood, the geography of this business is clearly re-architecting itself.

The headline numbers came in slightly below consensus. Net revenues fell 1.5% year-over-year to €513.0 million, and EBITDA dipped 1.9% to €335.3 million. The EBITDA margin landed at 65.4%.

However, judging Evolution by its consolidated top line right now is missing the forest for the trees. We are watching the transition from a Europe-dominated hyper-growth machine to a globally diversified, methodical grinder.

Let’s break down the regions, the margins, and of course the capital allocation strategy, which remains the massive elephant in the room.

Links to some of my earlier write-ups;

Fjord Alpha

Evolution Q1-26: A shifting global footprint…

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