Evolution returned to revenue growth in Q3 2026, reporting a 3.7% year-on-year increase in net revenue to €526.1m. Both Live Casino and random number generator (RNG) products grew, although regulatory uncertainty in Brazil disrupted the supplier’s regional operations.
According to Evolution’s official Q3 financial report published on 23 October, adjusted EBITDA increased 2.7% to €345.9m, while the adjusted EBITDA margin narrowed from 66.4% to 65.8%.
Evolution reported €526.1m in third-quarter net revenue, representing 3.7% year-on-year growth.
Adjusted EBITDA rose 2.7% to €345.9m, but the margin fell to 65.8%.
Live Casino revenue grew 2.6%, while RNG revenue rose 10.1% year on year.
North America, Latin America and Africa recorded double-digit annual revenue growth.
Evolution temporarily closed its Brazilian studio following regulatory changes introduced in October.
Evolution’s third-quarter results improved after several periods of challenging market conditions. Live Casino revenue rose 2.6% year-on-year, while RNG products grew 10.1%. The company reported quarter-on-quarter revenue growth across every geographical region for the first time since 2024.
Evolution CEO Martin Carlesund said:
For the first time since 2024, all regions reported quarter-on-quarter growth, while the group also reported year-on-year growth.
North America posted 13.6% annual growth, followed by Latin America at 23.1% and Africa at 23.7%. Europe and Asia remained relatively stable, with sequential growth of 0.4% and 0.8%, respectively.
Despite the quarterly improvement, Evolution’s nine-month performance remained largely unchanged. Net revenue increased just 0.3% to €1.557bn, while adjusted EBITDA declined 0.2% to €1.022bn.
Brazil has become a major challenge for Evolution after the government decided to prohibit fixed-odds betting and online casino operations. The company’s Brazilian studio is temporarily closed following changes to the country’s regulatory framework in early October.
The disruption follows a nationwide betting shutdown that required licensed operators to cease activities and introduced restrictions affecting their commercial partners.
Evolution said Brazil accounts for considerably less than half of its Latin American revenue, based on estimated player IP locations. Growth elsewhere in the region is expected to offset part of the disruption, although the longer-term financial impact remains uncertain.
The situation also highlights the importance of market-access controls for international suppliers, an issue examined in a previous report on Evolution’s B2B compliance practices.
Evolution continues to prioritise product development, operational efficiency and financial discipline as it navigates regulatory challenges. The company is expanding its games portfolio while adapting operations to changing market conditions.
The results also provide new financial context for investors following an earlier SEK131.7bn takeover offer that Evolution’s board recommended rejecting.
For operators and technology partners, the third-quarter figures demonstrate improving demand across major regions. However, the Brazilian studio closure shows how regulatory decisions can create immediate operational risks even as overall revenue grows.
