Evolution posts 3.7% Q3 revenue rise as CEO calls quarter 'uneventful'

24/10/2026

Live casino and slot supplier Evolution AB has reported modest growth for the third quarter. Chief Executive Officer Martin Carlesund described the period as uneventful and said he sees that as a positive sign.

The company is headquartered and listed in Sweden. Its net revenue rose 3.7% year-on-year to €526.1m (£440m). Much of this growth came from its RNG games segment, which grew by 10%.

Profit and margins

Adjusted EBITDA increased 2.7% to €345.9m, up from €336.9m a year earlier. However, the margin slipped from 66.4% to 65.8%. Operating profit fell by €6.3m to €290.3m.

Regional results

Carlesund said every region grew compared with the previous quarter, the first time this has happened since 2024. Year-on-year, the picture was mixed:

  • Europe: down 4.7%, from €182.3m to €173.7m
  • North America: up 13.6% to €84.3m, from €74.2m
  • Latin America: up 23.1%, from €39.8m to €49m
  • Africa and other areas: €27.1m, up from €21.9m

Revenue from Asia rose only slightly compared with the previous quarter.

Studio closure in Brazil

The quarter ended with news that the Brazilian government had abolished its regulated market. Evolution temporarily closed its Brazilian studio earlier this month in response. Brazil is not a major market for the company, and Evolution expects growth in other Latin American markets to offset the impact over time.

On the investor call, Carlesund criticised the decision. He said it was unfortunate that a populist agenda could overturn a regulatory framework that had only been in place for about a year and a half. He added that Evolution's global scale helps it deal with this kind of regulatory change. He also said the studio could reopen at short notice, and that the company would be ready to accelerate if Brazil reopens its market.

Outlook

Evolution has not changed its full-year outlook. Carlesund told investors the company plans a "spectacular roadmap" for 2027.

The company also confirmed that its long-running legal dispute with rival supplier Playtech is expected to continue at least through 2026.

After the results, Evolution's share price rose 2.64% to SEK 833.40. This brings its gain so far this year to 33.5%.

Source: SBC News