Evolution Q3 Revenue Rises 3.7% to €526.1 Million as Net Profit Falls

Evolution reported third-quarter 2026 revenue of €526.1 million, up 3.7% year on year and 1.6% from the previous quarter, as both live casino and RNG games delivered growth.

The supplier published its results on October 23. Revenue increased by an estimated 4% at constant exchange rates, while adjusted EBITDA rose 2.7% to €345.9 million. Its adjusted EBITDA margin narrowed to 65.8% from 66.4%.

Net profit declined 3.6% to €243.3 million, although earnings per share increased 4.6% to €1.31 following share repurchases. 

RNG Growth Outpaces Live Casino

Live casino remained Evolution’s largest business, generating €443 million in quarterly revenue, an increase of 2.6%. It accounted for approximately 84.2% of group revenue.

RNG revenue grew 10.1% to €83.1 million, increasing its contribution to 15.8% from 14.9% a year earlier.

During the quarter, Evolution launched Monopoly Roll’em and Disco Balls and introduced Spinning Whale, a slots brand focused on the US market. The company plans to roll out Ice Fishing in North America during Q4 and release Game Night, developed under its Hasbro partnership, before year-end. 

Every Region Records Sequential Growth

Measured by players’ IP addresses, all five regions grew quarter on quarter for the first time since 2024.

Asia generated €192.1 million, up 1.6% year on year and 0.8% sequentially. Europe contributed €173.7 million, down 4.7% annually but up 0.4% from Q2.

North American revenue reached €84.3 million, increasing 13.6% year on year and 4.1% quarter on quarter. Latin America rose 23.1% annually to €49 million, while Africa and other markets increased 23.7% to €27.1 million.

Regulated markets represented 49% of revenue on the player-IP measure, compared with 46% a year earlier. These regional allocations differ from Evolution’s separate reporting based on the location of its operator customers.

One-Off Expenses Reduce Reported Profitability

Adjusted EBITDA excluded €12.1 million in exceptional expenses: a €5.6 million UK Gambling Commission settlement and €6.5 million in termination and legal costs associated with the abandoned Galaxy Gaming acquisition.

Evolution terminated that agreement in July, triggering a $5.2 million termination payment included within the wider transaction-related costs.

Without those adjustments, EBITDA fell 0.9% to €333.8 million, with a margin of 63.5%. Operating profit declined 2.1% to €290.3 million, while the operating margin fell to 55.2%. 

Buybacks Reduce Cash and Share Count

Evolution spent €823.9 million repurchasing shares during Q3. Cash and cash equivalents ended September at €656.4 million, unchanged year on year but down approximately 43% from June.

By September 30, the company had spent €1.127 billion of its €2 billion programme, buying approximately 16.9 million shares. It cancelled approximately 16.2 million shares in September, reducing its issued share count to around 183.1 million. 

Brazilian Studio Temporarily Closed After Quarter-End

Evolution closed its Brazilian studio on October 5 because of uncertain regulatory conditions.

Chief executive Martin Carlesund said the outcome of Brazil’s regulatory reversal remained unclear. Brazil accounts for well below half of Latin American revenue on the company’s estimated player-IP allocation, he said, with growth elsewhere in the region expected to offset part of the impact.

The closure occurred after the reporting period and therefore did not affect the completed third-quarter results.