Live casino supplier Evolution has released its financial results for Q3 2025.
In total, net revenue for the quarter came to €507.1m ($588m) for the industry giant, down 2.4% year-on-year. Adjusted EBITDA followed suit, down 5.3% year-on-year to €336.9m, with a margin of 66.4%, down from last year's 68.5%. Profit took a sizeable dip as a result, down 23.2% to €252.3m.
Breaking Q3 revenue down by segment, live gaming reported earnings of €431.7m; its lowest result for the last four quarters, and down 3.4% year-on-year. RNG revenue accounted for the remaining €75.5m, up 4.1%.
Profitability was impacted by an increase in operating expenses, up 5.3% year-on-year. Personnel costs related to the supplier's launch of new live casino studios played a part in this increase, as did general business expansion.
By region, Asia only just outperformed Europe, with earnings of €189.1m. However, this reflects a decline of 6.5%. European revenue also took a humble, down 6.5% as well to €182.2m, though North America, LatAm and other regions all saw increases. North America revenue grew 14.5% to €74.2m, potentially in part due to Evolution's US expansion, while LatAm grew 6.4% to €39.8m.
As of the end of Q3, Evolution employed 21,652 staff, 16,094 of whom worked full-time.
Year-to-date
For the year-to-date, net revenue came to €1.55bn, up 1.5% from the same period last year. Adjusted EBITDA totalled €1m, down 2.2%, while operating profit came to €906.4m, down notably from the €1m reported this time last year. Overall profits totalled €755.3m, down 12.9%.
Live revenue accounted for the majority of YTD earnings, making €1.33bn, up slightly from the €1.32bn reported this time last year. RNG also saw a minor increase, from €213m to €218.3m.
In line with Q3's results, expenses were up, totalling €645.9m compared to last year's €587m.
Comments
On the results, Evolution CEO Martin Carlesund said: "We have not been satisfied with the growth so far this year and that sentiment has not changed in this quarter. However, a difference compared to the first half of the year is that performance in Europe, North America and Latin America is decent to good. Unfortunately, revenue development in Asia is still very far from satisfactory...
"By now, you know the Evolution spirit - we never shy away from a challenge, we continue to focus on expansion and innovation, and we make sure to become a little bit better every day. That will always be our way forward!"
The CEO also mentioned the developing story between it and Playtech in his comment. He said: "We will deploy whatever time, effort and money necessary to defend our firm and its exciting future."
In October, Evolution launched Crazy Time in Connecticut
