Evolution has reported a 3.7% increase in revenue for the third quarter of 2026 compared to the same period last year, reaching €526.1 million. Additionally, the company's adjusted EBITDA experienced a 2.7% rise, totaling €345.9 million, according to their latest financial results.
In this quarter, Evolution's live casino and online gaming operations achieved an adjusted EBITDA margin of 65.8%, slightly down from 66.4% in the prior year. The profit for Q3 dipped to €243.3 million from €252.3 million, whereas earnings per share rose from €1.25 to €1.31.
For the first nine months of 2026, revenue saw a modest uptick of 0.3% year-on-year, reaching €1.56 billion. Adjusted EBITDA decreased marginally by 0.2% to €1.02 billion, with margins falling from 66% to 65.7%.
CEO Martin Carlesund commented on the results, expressing satisfaction with the quarter's stability and growth within the company's core markets. "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," he stated. Carlesund pointed out significant developments, noting that all regions reported quarter-on-quarter growth for the first time since 2024. In Europe and Asia, the growth rates were 0.4% and 0.8%, respectively. Notably, year-on-year growth figures were substantial in other regions, with North America increasing by 13.6%, Latin America by 23.1%, and Africa by 23.7%.
Both major product segments for Evolution, Live Casino and Random Number Generators (RNG), posted year-on-year revenue growth of 2.6% and 10.1%, respectively.
During Q3, Evolution expanded its game offerings by launching several new products, including Monopoly Roll’em, Disco Balls, and Spinning Whale, aimed specifically at the U.S. market. Several new titles are set to debut in the fourth quarter, such as Ice Fishing in North America and Game Night through a partnership with Hasbro.
Addressing regulatory challenges, Carlesund discussed the closure of the company's studio in Brazil after a rollback of the country's regulatory framework in early October. "The final outcome of this regulatory decision remains unclear, and it is difficult to predict how player behavior in Brazil will evolve," Carlesund explained. He noted that Brazil contributes less than half of Latin America's revenues, emphasizing that the continuing performance in other parts of Latin America would help mitigate the impact from Brazil.
Despite facing regulatory uncertainties in Brazil and only modest growth in overall year-to-date revenue, Evolution remains committed to its business priorities, including enhancing customer experiences, product innovation, cash flow management, and overall cost control.
