Evolution Q3 results for 2026 show net revenues up 3.7% year on year to €526.1m, according to the company’s interim report for January to September 2026, published on 23 October. Adjusted EBITDA rose 2.7% to €345.9m, while the Swedish live casino supplier closed its Brazilian studio on 5 October.
Profit for the quarter fell 3.6% to €243.3m from €252.3m. Basic earnings per share still rose to €1.31 from €1.25, because the average share count dropped from 201.8m to 186.0m after buybacks.
Evolution Q3 results in detail
Live games brought in €443.0m, up 2.6% from €431.7m, and RNG games €83.1m, up 10.1% from €75.5m, the company reported. At constant exchange rates, group revenue growth was 4.0%. New releases in the quarter included Monopoly Roll’em, Disco Balls and Spinning Whale, a slots brand aimed at the US.
The adjusted EBITDA margin slipped to 65.8% from 66.4%. Operating expenses climbed to €235.9m from €210.5m, which Evolution put down mainly to staff costs for new tables in its studios and wider expansion.
Two one-off items, totalling €12.1m, are excluded from adjusted EBITDA: a €5.6m settlement with the UK Gambling Commission (GBP 4.75m, fully paid after the regulator’s review of Evolution Malta Holding’s licence closed on 15 July) and €6.5m in termination and legal fees after Evolution ended its merger agreement with Galaxy Gaming in July. The termination fee alone was USD 5.2m. Reported EBITDA fell 0.9% to €333.8m.
Evolution spent €823.9m on its own shares in the third quarter. Since 19 May it has bought back 16.9m shares for €1,127.1m under its €2bn programme, and cancelled 16.2m of them in September, leaving 183,058,121 shares. Nine-month net revenues rose 0.3% to €1,557.0m, while adjusted EBITDA slipped 0.2% to €1,022.2m.
Regional growth
All regions grew quarter on quarter for the first time since 2024, according to Chief Executive Officer Martin Carlesund. Measured by players’ IP addresses, Europe rose 0.4% and Asia 0.8% on the second quarter, while Europe was down 4.7% year on year.
| Region | Q3 2026 (€m) | Q3 2025 (€m) | Change y/y |
|---|---|---|---|
| Asia | 192.1 | 189.1 | +1.6% |
| Europe | 173.7 | 182.2 | -4.7% |
| North America | 84.3 | 74.2 | +13.6% |
| LatAm | 49.0 | 39.8 | +23.1% |
| Africa and Other | 27.1 | 21.9 | +23.7% |
Source: Evolution interim report, net revenues by customers’ players’ IP address, July to September 2026 and 2025.
Regulated markets generated 49% of net revenues, or €258.5m, up from 46% a year earlier.
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.
Martin Carlesund, CEO, Evolution, in the interim report
Brazil studio closed
Evolution’s studio in Brazil shut on 5 October because of uncertain regulatory conditions, the report states. The closure followed the provisional measure President Luiz Inácio Lula da Silva signed on 25 September banning fixed-odds betting, covered in TGE’s Brazil betting ban roundtable.
Based on player IP, Brazil accounts for well below half of Evolution’s LatAm revenues, which reached €49.0m in the quarter, Carlesund said. He added that growth in the rest of LatAm would offset part of the hit.
The final outcome of this regulatory decision remains unclear, and it is difficult to predict how player behaviour in Brazil will evolve.
Martin Carlesund, CEO, Evolution, in the interim report
Next steps
Evolution plans to roll out Ice Fishing in North America in the fourth quarter and to launch Game Night, a title under its Hasbro partnership, before year-end. Brazil’s federal betting authorisations lapse on 25 October. Evolution publishes its year-end report on 4 February 2027.
Source: Evolution
