As the prediction horizon increases, predicting the future evolution of traffic scenes becomes increasingly difficult due to the multi-modal nature of agent motion. Most state-of-the-art (SotA) prediction models primarily focus on forecasting the most likely future. However, for the safe operation of autonomous vehicles, it is equally important to cover the distribution for plausible motion alternatives. To address this, we introduce EP-Diffuser, a novel parameter-efficient diffusion-based generative model designed to capture the distribution of possible traffic scene evolutions. Conditioned on road layout and agent history, our model acts as a predictor and generates diverse, plausible scene continuations. We benchmark EP-Diffuser against two SotA models in terms of accuracy and plausibility of predictions on the Argoverse 2 dataset. Despite its significantly smaller model size, our approach achieves both highly accurate and plausible traffic scene predictions. We further evaluate model generalization ability in an out-of-distribution (OoD) test setting using Waymo Open dataset and show superior robustness of our approach. The code and model checkpoints are available at: https://github.com/continental/EP-Diffuser.