Evolution posts 3.7% revenue growth in Q3 2026

Evolution reported a year‑on‑year 3.7% increase in third‑quarter 2026 revenue, with total revenues of €526.1m and adjusted EBITDA rising 2.7% to €345.9m. Quarterly profit fell to €243.3m from €252.3m, while earnings per share rose to €1.31 from €1.25.

Key financial results

For the third quarter, Evolution reported an adjusted EBITDA margin of 65.8%, versus 66.4% in the same period last year. In the first nine months of 2026, revenues increased 0.3% year‑on‑year to €1.56bn, and adjusted EBITDA fell slightly 0.2% to €1.02bn, with the margin decreasing to 65.7% from 66%.

The company further detailed that revenues from its two main lines rose in the annual comparison: Live Casino revenues increased 2.6% and Random Number Generators (RNG) revenues grew 10.1%.

Regional performance

Evolution noted sequential growth in all its regions for the first time since 2024. The group’s two largest regions showed quarter‑on‑quarter increases of 0.4% in Europe and 0.8% in Asia. On a year‑on‑year basis, North America grew 13.6%, Latin America 23.1% and Africa 23.7%.

Chief executive Martin Carlesund commented:

"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."

Carlesund added that "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."

Product launches and roadmap

During the quarter, Evolution expanded its portfolio with titles including Monopoly Roll’em and Disco Balls, and launched Spinning Whale aimed at the US market. For the fourth quarter it announced Ice Fishing in North America and a collaborative project called Game Night in partnership with Hasbro. The company remains focused on product development and customer experience.

Temporary closure of the Brazil studio and regulatory follow‑up

In early October, Brazil’s regulatory framework was reversed following a presidential decision. Evolution said the final outcome of that decision remains uncertain and therefore its Brazil studio is temporarily closed. According to the company, Brazil represents "well below half" of Latin America’s revenue by player IP. Evolution stressed that the rest of Latin America maintains strong momentum that will offset some impact and that it will continue to monitor the situation and adapt actions as needed. For regulatory matters related to the case, the company is following the evolution of the regulation.

Operationally, Evolution said that despite the uncertainty in Brazil and a relatively modest revenue increase year‑to‑date, it keeps priorities on customer experience, product development, cash‑flow generation and cost management.

— Emilio Navarro, Technology correspondent for the sector.