Evolution published its financial results for the third quarter of 2026 on October 23, reporting a 3.7% year-on-year increase in revenue to €526.1 million. The provider achieved quarter-on-quarter revenue growth in all regions for the first time since 2024. Excluding currency fluctuations, revenue rose by 4% compared to the same period last year.
Financial and Operational Performance
Live casino products contributed €443 million, making up 84.2% of total revenue, with a 2.6% annual increase. Revenue from RNG (random number generator) games rose by 10.1% year-on-year to €83.1 million, accounting for 15.8% of the total. Adjusted EBITDA reached €345.9 million, reflecting a 2.7% increase from the previous year and a margin of 65.8%. Operating profit was €290.3 million, up 2.1% year-on-year, with a margin of 55.2%. Net profit stood at €243.3 million, and earnings per share increased by 4.6% to €1.31.
The company's cash position was €656.4 million, unchanged year-on-year but down 43.1% from the previous quarter, mainly due to a substantial share buyback program. Evolution employed 23,408 staff, serving 800 operator clients. Regulated markets accounted for 49% of revenue, and 77% of operator GGR originated from mobile devices.
Regional Revenue and Market Highlights
Revenue distribution by player IP showed growth in all regions: Asia generated €192.1 million, Europe €173.7 million, North America €84.3 million, Latin America €49 million, and other markets (primarily Africa) €27.1 million. North and Latin America saw the strongest growth rates, with Latin America up 23.1% year-on-year and North America rising 13.6%.
Key events during the quarter included the launch of new games such as Monopoly Rollem and Disco Balls, and the introduction of the Spinning Whale slot brand for the US market. Evolution also terminated its acquisition agreement with Galaxy Gaming, paying $5.2 million in compensation. In September, the company redeemed 16,168,492 shares, reducing the total to 183.1 million.
Impact on the Industry
For operators and affiliates, Evolution's broad-based regional growth signals continued demand for its live and RNG offerings, particularly as regulated markets and mobile channels expand their share of revenue. The temporary closure of Evolution's live casino studio in Brazil, due to regulatory uncertainty, highlights ongoing challenges in emerging markets. The company's focus on new product launches and partnerships, including a planned live show in North America and a flagship game in collaboration with Hasbro, suggests ongoing innovation and potential new revenue streams for partners.
Key takeaways
- Evolution's Q3 2026 revenue rose 3.7% to €526.1 million, with growth in all regions.
- Live casino and RNG segments both contributed to overall gains.
- The company intensified share buybacks, reducing cash reserves but increasing share value.
- Regulatory uncertainty in Brazil led to a temporary studio closure, but regional diversification helped offset losses.