Evolution released its financial results for the Q3 and the first nine months of 2026, highlighting steady core business development and positive sequential growth across all operating regions. For the third quarter of 2026, Evolution posted net revenues of EUR 526.1 million, reflecting a 3.7% increase compared with EUR 507.1 million in the same period of 2025.
Adjusted EBITDA grew 2.7% to EUR 345.9 million from EUR 336.9 million, yielding a strong adjusted EBITDA margin of 65.8%. Profit for the third-quarter period reached EUR 243.3 million, resulting in earnings per share of EUR 1.31.
For the broader nine-month period from January to September 2026, net revenues rose slightly by 0.3% to EUR 1,557.0 million, while adjusted EBITDA stood at EUR 1,022.2 million with a margin of 65.7%. Profit for the first nine months amounted to EUR 746.7 million, with earnings per share coming in at EUR 3.85.
Regional stability and international growth
Reflecting on the quarter’s performance, management noted that operations remained focused on core business expansion and stable development. For the first time since 2024, every region delivered positive quarter-on-quarter growth, accompanied by robust year-on-year gains across international markets. Europe and Asia remained stable with sequential growth of 0.4% and 0.8% respectively, while emerging regions demonstrated strong momentum with year-on-year increases of 13.6% in North America, 23.1% in Latin America, and 23.7% in Africa.
Both Live Casino and RNG verticals contributed to the growth, with Live increasing by 2.6% year-on-year and RNG expanding by 10.1%. During the quarter, Evolution introduced several new games, including Monopoly Roll’em and Disco Balls, alongside launching the US-focused slots brand Spinning Whale. Looking ahead to the fourth quarter, the blockbuster title Ice Fishing is scheduled for rollout in North America, while preparations continue for the launch of Game Night, a major showcase title developed under the Hasbro partnership.
Regulatory developments in Brazil
Addressing regulatory shifts, management noted that Brazil’s regulatory framework was rolled back at the beginning of October following a presidential decision. While the final outcome and its impact on player behavior remain uncertain, the Brazilian studio has been temporarily closed as a precautionary measure. Based on estimated revenue splits by player IP, Brazil accounts for well below half of Latin American revenues, and strong underlying momentum across the rest of the region is expected to partially offset the regional impact.
