Evolution Q3 2026: Revenue Up 3.7% to €526.1m, Profit Down as Brazil Studio Closes

Evolution reported net revenue of €526.1 million for the third quarter of 2026, up 3.7% from €507.1 million a year earlier, in its interim report for January to September 2026. Adjusted EBITDA rose 2.7% to €345.9 million, while profit for the quarter fell to €243.3 million from €252.3 million, a decline of approximately 3.6%.

Key Figures

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Figures are from Evolution's interim report; prior-year figures are shown in brackets.

Earnings per share increased even though profit for the period declined. This article does not speculate about the reasons for the difference.

Nine-Month Picture

For January to September 2026, Evolution reported net revenue of €1,557.0 million, compared with €1,552.3 million in the same period of 2025. Adjusted EBITDA was €1,022.2 million (€1,024.1 million), and profit was €746.7 million (€755.3 million). The adjusted EBITDA margin was 65.7%, compared with 66.0% in the prior-year period. Earnings per share for the nine months were €3.85, compared with €3.71.

Growth by Product and Region

Evolution reported year-on-year growth of 2.6% for Live Casino and 10.1% for RNG (random number generator) games. By region, the release reported Europe up 0.4% and Asia up 0.8% on a quarter-on-quarter basis. North America was up 13.6% year on year, Latin America 23.1%, and Africa 23.7%. These figures use different comparison periods, so they should not be compared directly without consulting the report's definitions.

Brazil

Evolution said its Brazil studio was temporarily closed. The company's comments linked the situation to changes in Brazil's regulatory framework in early October 2026. The release does not establish an exact studio-closure date, so this article does not state one.

Separately, Brazil's National Congress records list provisional measure MPV 1.394/2026, dated 25 September 2026, concerning a prohibition on fixed-odds betting. Evolution's release does not explicitly establish that this measure caused the studio closure. The legal measure and its implications should be assessed separately from the company's financial report.

Outlook

This article does not provide a forecast or investment recommendation. Readers should consult Evolution's full interim report and subsequent official announcements for the company's statements about its outlook.

Confirmed and Not Included

• Reported by Evolution: the financial figures, product and regional growth rates, and comments about the Brazil studio described above.
• Not included without adequate primary-source confirmation: a euro split between Live Casino and RNG revenue, regional revenue in euros, an operating-cost figure, and an exact date for the Brazil studio closure.

Timeline

• 25 September 2026 — Brazil's MPV 1.394/2026 is dated in the National Congress records.
• Early October 2026 — Evolution describes changes to Brazil's regulatory framework; the company release does not specify an exact date for the studio closure.
• 23 October 2026 — Evolution publishes its interim report for January to September 2026.

Bottom Line

Evolution reported higher third-quarter revenue and adjusted EBITDA, alongside lower profit and a lower adjusted EBITDA margin. It also said its Brazil studio was temporarily closed. The company did not provide formal financial guidance in the information summarized here. Readers should refer to the full report for definitions and additional context.