Evolution Posts €526.1M in Net Revenue for Q3 2026.
Live casino provider Evolution increased net revenue by 3.7% year over year in the third quarter of 2026, to €526.1 million. Adjusted EBITDA rose 2.7% to €345.9 million, representing a margin of 65.8%. The result marks the company’s first annual revenue increase after four consecutive quarters of decline.
Financial performance and business segments
Live casino revenue grew 2.6% year over year to €443.0 million. The RNG segment rose 10.1% to €83.1 million, contributing 15.8% of group revenue. Operating profit, however, fell 2.1% to €290.3 million. Operating expenses increased 12.1% to €235.9 million, largely reflecting the expansion of the studio network and personnel costs, which reached €124.3 million.
Net profit declined 3.6% to €243.3 million, partly affected by the OECD Pillar Two global minimum tax rules. The effective tax rate was 15.6%. Basic earnings per share increased 4.6% to €1.31, supported by the company’s share repurchase program. Evolution spent €823.9 million on buybacks during the quarter.
Regional performance and regulatory developments
By player IP address, Asia remained Evolution’s largest market, generating €192.1 million in revenue, up 1.6% year over year. Europe contributed €173.7 million, down 4.7% annually, but edged up 0.4% from the previous quarter.
Growth was strongest in Africa, where revenue increased 23.7%, and Latin America, which rose 23.1% to €49.0 million. North American revenue grew 13.6% to €84.3 million.
Regulated markets made up 49% of the company’s portfolio, up from 46% a year earlier. Revenue from these markets reached €258.5 million, an increase of 10.3%. Mobile traffic represented 77% of total operator GGR on Evolution’s platform.
On October 5, Evolution suspended operations at its Brazilian studio following regulatory changes enacted by President Luiz Inácio Lula da Silva. Brazil accounted for less than half of the LatAm segment’s revenue up to €24.5 million. The company is awaiting a Federal Supreme Court ruling on market licensing.
One-off expenses
Adjusted EBITDA did not include €12.1 million in one-off costs. This comprised €5.6 million to settle a regulatory review with the UK Gambling Commission (UKGC), and €6.5 million in legal and break-up costs after the Galaxy Gaming merger was terminated.
Potential impact on traffic
- Brazilian market suspension: The studio shutdown may temporarily reduce conversion for localized live games, such as Roleta Brasileira, and redirect traffic to slots or traditional tables with English-speaking dealers.
- Greater focus on mobile journeys: With mobile accounting for 77% of GGR, fast-loading live streams and well-optimized landing pages, PWAs, and in-app funnels are increasingly important.
- Expansion in Latin America and Africa: Growth above 23% in both regions could support increased traffic investment in other South American markets, including Colombia, Peru, and Chile, as well as Kenya and Nigeria, where CPMs are relatively low.
- Stricter standards in regulated markets: As regulated markets grow to 49% of the portfolio, operators may place greater emphasis on clean affiliate traffic avoiding aggressive misrepresentations and scheme traffic, in Tier 1 markets across Europe and North America.
