Evolution returns to revenue growth in Q3 2026 as net revenue rises 3.7% to €526.1m

Evolution reported net revenues of €526.1 million for the third quarter of 2026, up 3.7% from €507.1 million a year earlier. It is the first year-on-year increase after four consecutive quarterly declines. Growth at constant currency was an estimated 4.0%. Live casino revenue rose 2.6% to €443.0 million, while RNG revenue grew 10.1% to €83.1 million.

Profit for the period fell 3.6% to €243.3 million and operating profit declined 2.1% to €290.3 million. Operating expenses increased 12.0% to €235.9 million, driven mainly by higher personnel costs tied to new studio tables and expansion. Two one-off items totalling €12.1 million also contributed: a €5.6 million settlement with the UK Gambling Commission, and €6.5 million in termination and legal fees after the planned merger with Galaxy Gaming was ended in July. Adjusted EBITDA, which excludes both items, rose 2.7% to €345.9 million, with the margin at 65.8% against 66.4% a year earlier. Earnings per share rose 4.6% to €1.31 because share buybacks reduced the average share count.

By customer location, Europe revenue fell 6.0% to €336.3 million, while North America grew 11.0%, LatAm 39.3% and Asia 42.5%. Regulated markets made up 49% of revenue by player IP, compared with 46% a year earlier. Mobile accounted for 77.0% of operators' gross gaming revenue through Evolution's platform.

Brazil's ban on fixed-odds betting and online casino games was signed on 25 September, and licensed sites went offline on 6 October. Evolution closed its Brazilian studio on 5 October, citing uncertain regulatory conditions. CEO Martin Carlesund said the final outcome of the decision remains unclear and that player behaviour in Brazil is hard to predict. He said Brazil represents well below half of LatAm revenues, and that momentum elsewhere in the region would offset part of the impact.

In the quarter Evolution launched Monopoly Roll'em and Disco Balls and introduced the US-focused slots brand Spinning Whale. It plans to roll out Ice Fishing in North America in the fourth quarter and to launch Game Night under its Hasbro partnership by year-end. The company spent €823.9 million on buybacks in the quarter and held €656.4 million in cash. For the first nine months, net revenues rose 0.3% to €1,557.0 million. The year-end report is due on 4 February 2027.