Evolution reported a 3.7% year-on-year increase in third-quarter revenue. Overall revenue increase reached €526.1m, while adjusted EBITDA rose 2.7% to €345.9m, according to its latest financial results.
In Q3, the live casino and online gaming provider recorded a 65.8% adjusted EBITDA margin, compared with 66.4% in the same period last year. Profit for the quarter declined to €243.3m from €252.3m, while earnings per share increased to €1.31 from €1.25.
In first nine months of 2026 revenue edged up 0.3% year-on-year to €1.56bn. Adjusted EBITDA decreased slightly by 0.2% to €1.02bn, with the margin falling to 65.7% from 66%.
Commenting on the results, CEO Martin Carlesund, said:
All in all, I am pleased to state that this was an uneventful quarter with focus on core business and stable to good development across our markets. For the first time since 2024, all regions reported quarter-on-quarter growth, while the group also reported year-on-year growth. Our two largest regions were stable, with quarter-on-quarter growth of 0.4 percent in Europe and 0.8 percent in Asia. Growth remained solid in the rest of the world, with year-on-year increases of 13.6 percent in North America, 23.1 percent in LatAm and 23.7 percent in Africa.
Evolution has noted an encouraging quarter-on-quarter performance across all of its regions in Q3, with its two main regions Europe and Asia achieving a 0.4% and a 0.8% uptick in revenue, respectively. Other regions performed better in terms of their year-on-year performance results since revenues in North America were higher by 13.6%, that in Latin America increased by 23.1% and in Africa was higher by 23.7%.
Both of the group’s leading product groups have shown growth in their revenues in the year-on-year comparison. Live Casino revenue was up 2.6% while revenue from Random Number Generators (RNG) increased by 10.1%.
During the reporting quarter, the company has broadened its game portfolio by launching a number of products, including Monopoly Roll’em and Disco Balls, and introduced Spinning Whale targeting the US market. New product launches are planned for the fourth quarter, including Ice Fishing in North America and a partnership project Game Night in view of the cooperation with Hasbro.
Carlesund has stressed that the company continues to focus on providing its customers with new entertainment experiences along with the efficient strategy of engaging potential players to their content.
Talking of studio closure in Brazil, Carlesund said:
At the beginning of October, Brazil’s regulatory framework was rolled back following a decision by the president. The final outcome of this regulatory decision remains unclear, and it is difficult to predict how player behaviour in Brazil will evolve. As a result, our Brazilian studio is temporarily closed. Based on our estimated revenue split by player IP, Brazil accounts for well below half of LatAm revenues. At the same time, momentum in the rest of LatAm remains strong and will offset part of the impact from the situation in Brazil. We continue to closely monitor developments and adapt as necessary. Our immediate focus is on supporting our employees and managing the practical consequences on the ground.
Despite regulatory uncertainty in Brazil and a relatively modest increase in year-to-date revenue, Evolution said it remained focused on its core business priorities, including customer experience, product development, cash flow generation and cost management.
