Evolution posts 3.7% revenue rise in Q3 2026, EBITDA up 2.7%

Evolution reported a 3.7% year-on-year increase in third-quarter revenue to €526.1m, and adjusted EBITDA rose 2.7% to €345.9m, in results published on 5 November 2026. Profit for the quarter fell to €243.3m from €252.3m a year earlier, while earnings per share increased to €1.31 from €1.25.

Quarterly and year-to-date figures

Adjusted EBITDA margin for Q3 stood at 65.8%, down from 66.4% in the same period last year. For the first nine months of 2026, revenue edged up 0.3% year-on-year to €1.56bn, while adjusted EBITDA decreased 0.2% to €1.02bn and the margin fell to 65.7% from 66%.

Both of Evolution’s principal product groups grew on a year-on-year basis in Q3. Live Casino revenue increased by 2.6%, and revenue from Random Number Generators (RNG) rose by 10.1%.

Regional performance

For the first time since 2024, all regions reported quarter-on-quarter growth. Europe recorded a 0.4% quarter-on-quarter increase and Asia grew 0.8% quarter-on-quarter. Year-on-year gains were stronger in other regions: North America rose 13.6%, LatAm increased 23.1%, and Africa was up 23.7%.

"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," said CEO Martin Carlesund.

Carlesund noted that the group's two largest regions were stable on a quarter-on-quarter basis and that year-on-year growth was achieved at group level.

Product launches and pipeline

During Q3 Evolution broadened its game portfolio with several releases, including Monopoly Roll’em and Disco Balls, and introduced Spinning Whale targeted at the US market. The company plans further launches in Q4, including Ice Fishing in North America and a partnership project Game Night in cooperation with Hasbro. These product moves were presented as part of the group's continued focus on product development and customer experience. Relevant product coverage appears under the casino section.

Brazil studio closure and regulatory uncertainty

Evolution temporarily closed its Brazilian studio after a rollback of Brazil’s regulatory framework following a decision by the president at the beginning of October. Carlesund said the final outcome of the regulatory decision remains unclear and that it is difficult to predict how player behaviour in Brazil will evolve.

Carlesund added that, based on the company's estimated revenue split by player IP, Brazil accounts for "well below half of LatAm revenues" and that momentum in the rest of LatAm remains strong enough to offset part of the impact. He said the company's immediate focus is supporting employees and managing practical consequences on the ground.

"We continue to closely monitor developments and adapt as necessary," Carlesund said.

Evolution said it remains focused on core priorities including customer experience, product development, cash flow generation and cost management despite the regulatory uncertainty in Brazil and relatively modest year-to-date revenue growth.