Evolution Q3 2026: Revenue Up 3.7% to €526.1m, Brazil Studio Closed

By Daniel Harper, Editor-in-Chief
Published 23 October 2026

Evolution, the Stockholm-listed live casino and slots supplier, published its interim report for January to September 2026 on 23 October. Third-quarter net revenue rose 3.7% to €526.1 million from €507.1 million a year earlier, a return to growth after the second quarter, when revenue fell 1.2%. Chief executive Martin Carlesund called the quarter “uneventful” and said all regions grew on the previous quarter for the first time since 2024.

Evolution games are carried by many of the offshore casinos used by Australians, from live blackjack and roulette to game shows such as Crazy Time. Our Evolution provider page and Evolution live games guide cover the portfolio.

Key figures

Third quarter 2026, with the prior-year quarter in brackets:

Net revenue: €526.1m (€507.1m), up 3.7%.
Live casino revenue: €443.0m, up 2.6%.
RNG (slots) revenue: €83.1m, up 10.1%.
Adjusted EBITDA: €345.9m (€336.9m), a margin of 65.8% (66.4%).
Profit: €243.3m (€252.3m).
Earnings per share: €1.31 (€1.25).

The quarter included €12.1 million of one-off operating costs, covering the £4.75 million settlement with the UK Gambling Commission announced in July and termination and legal fees linked to the abandoned Galaxy Gaming acquisition. For the first nine months, net revenue was €1,557.0 million, up 0.3%, and adjusted EBITDA €1,022.2 million. Evolution expects its full-year 2026 EBITDA margin to be in line with 2025.

Regions

Europe: up 0.4% on the second quarter.
Asia: up 0.8% on the second quarter, after a 3.7% fall in Q2.
North America: up 13.6% year on year.
Latin America: up 23.1% year on year.
Africa: up 23.7% year on year.

Brazil studio closed

After the quarter ended, Brazil’s government banned fixed-odds betting and online casino games through a provisional measure signed on 25 September, and licensed sites went offline from 6 October. Evolution’s Brazilian studio closed on 5 October. The company calls the closure temporary and says the final outcome of the decision, and how Brazilian players will behave, is hard to predict. It estimates Brazil accounts for well below half of its Latin American revenue, with growth in the rest of the region expected to offset part of the impact.

New games

Evolution launched Monopoly Roll’em and Disco Balls during the quarter, introduced Spinning Whale, a slots brand aimed at the US market, and opened a second studio in Lithuania. Ice Fishing is due to roll out in North America in the fourth quarter, and Game Night, developed under its Hasbro partnership, is planned before the end of the year. The company plans more than 110 new games in 2026. It also bought back 11,784,056 shares during the quarter under a €2 billion buyback program.

What it means for Australian players

Evolution’s RNG segment includes slot brands such as NetEnt, Red Tiger and Nolimit City, and it grew almost four times as fast as live casino in the quarter (10.1% against 2.6%).

Game shows such as Crazy Time use multiplier features that raise variance. Before playing, check the RTP and maximum payout in the game’s help screen; our live casino guide and Crazy Time guide show how those figures differ between bet spots. Online casino games remain prohibited for Australian-licensed operators under the Interactive Gambling Act 2001, so these products are only available through offshore sites.

Sources

Header photo: Edvard Munch – At the Roulette Table in Monte Carlo – Google Art Project by Edvard Munch, licensed Public domain.