Evolution reported a 3.7% year-on-year increase in third-quarter net revenue to €526.1m ($589.5m), as growth in live casino and random-number-generator (RNG) games lifted its top line.
The Sweden-based supplier generated €443m from live games, up 2.6%, while RNG revenue rose 10.1% to €83.1m.
Adjusted EBITDA increased 2.7% to €345.9m, although the adjusted margin narrowed to 65.8% from 66.4% a year earlier. Profit for the period fell 3.6% to €243.3m and statutory EBITDA slipped 0.9% to €333.8m, showing that revenue growth did not fully carry through to reported earnings.
The distinction between adjusted and statutory EBITDA reflects two charges. Evolution recorded a €5.6m fee for its settlement with the Gambling Commission and €6.5m in termination and legal costs linked to its abandoned Galaxy Gaming acquisition.
Both were excluded from adjusted EBITDA. Operating expenses also rose as the supplier expanded studio tables and staffing.
Evolution quarterly net revenue in 2026
Evolution’s net revenue increased across the first three quarters of 2026. Values in €m.
Regional results were mixed when measured by operator customer location. European revenue fell to €336.3m from €357.6m a year earlier, while North America rose to €81m and Latin America reached €76.6m.
The report separately measures revenue by players' IP addresses, so those regional figures should not be treated as a direct account of where all end users played.
On that separate player-IP measure, Evolution CEO Martin Carlesund said: "For the first time since 2024, all regions reported quarter-on-quarter growth."
He reported sequential increases of 0.4% in Europe and 0.8% in Asia, even as Europe remained weaker on an annual comparison.
After the reporting period, Evolution temporarily closed its Brazilian studio following an October change in the country's regulatory framework. The company said the outcome remains unclear and estimated that Brazil represents well below half of Latin American revenue when measured by player IP. That development did not affect the completed third-quarter figures.
Across the first nine months, net revenue edged up 0.3% to €1.557bn, adjusted EBITDA eased 0.2% to €1.022bn and profit fell 1.1% to €746.7m.
A July report on Evolution's Q2 results documented a 1.2% revenue decline to €517.8m. The Q3 increase marks a return to year-on-year top-line growth after a softer first half.
Mobile devices generated 77% of operators' GGR via Evolution's platform in Q3, up from 74% a year earlier
