Evolution Q3 Revenue Rises 3.7% As RNG Grows 10%
Evolution, the supplier behind much of the world's live casino content, reported third-quarter net revenues of €526.1 million, up 3.7% from €507.1 million a year earlier.
Its RNG slots division grew faster than its live casino division.
The Stockholm-listed group published the figures in its interim report for January to September on October 23, 2026.
The Numbers
Adjusted EBITDA rose 2.7% to €345.9 million, a margin of 65.8% against 66.4% a year earlier.
Profit for the period fell to €243.3 million from €252.3 million, while earnings per share rose to €1.31 from €1.25.
Live revenue grew 2.6% to €443.0 million, and RNG revenue grew 10.1% to €83.1 million.
Across the first nine months, net revenues were up 0.3% to €1,557.0 million, and adjusted EBITDA slipped 0.2% to €1,022.2 million.
Operating expenses in the quarter included €12.1 million of one-off items, according to the group's results presentation.
They covered a settlement fee to the UK Gambling Commission and termination and legal fees linked to the Galaxy Gaming acquisition. Excluding those items, costs grew 2.8% year on year.
Regional Picture
Chief executive Martin Carlesund described the quarter as uneventful, with the focus on the core business.
He said that for the first time since 2024 every region grew quarter on quarter, and the group also grew year on year.
Europe and Asia, the two largest regions, rose 0.4% and 0.8% on the quarter respectively.
Year-on-year growth was stronger elsewhere: North America was up 13.6%, Latin America 23.1% and Africa 23.7%.
Brazil Disruption
Evolution flagged one clear risk. At the start of October, Brazil's regulatory framework was rolled back following the president's decision, and the final outcome remains unclear.
The company said it is hard to predict how player behaviour in Brazil will evolve, and its Brazilian studio is temporarily closed.
Based on player IP, Brazil accounts for well below half of Latin American revenue, Evolution said. It expects momentum in the rest of the region to offset part of the impact.
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Launches And Buybacks
New releases in the quarter included Monopoly Roll'em and Disco Balls, and the group opened a second studio in Lithuania. It also introduced Spinning Whale, a slots brand aimed at the US market.
Looking ahead, Ice Fishing is due to roll out in North America in the fourth quarter. Another title under the Hasbro partnership, called Game Night, is planned before the end of the year.
The board's €2 billion share buyback programme continued, with 11,784,056 shares acquired during the quarter.
Evolution still expects its 2026 EBITDA margin to land in line with 2025, and it plans more than 110 new games this year.
What To Watch
The next signals are the North American Ice Fishing launch, the Game Night release and any clarity on Brazil's rules.
Operators comparing online casino sites will keep seeing Evolution's games across the market, so its regional numbers are a useful read on live casino demand.
