Evolution Q3: Company Reports Growth in All Regions for the First Time Since 2024

Key Points Q3 revenue grew 3.7% to €526.1 million, while adjusted EBITDA rose 2.7% to €345.9 million North America, LATAM and Africa recorded double-digit growth, led by Africa at 23.7% CEO Martin Carlesund said that he AI dealers as a potential complement, not a replacement, for live dealers

Key Points

Q3 revenue grew 3.7% to €526.1 million, while adjusted EBITDA rose 2.7% to €345.9 million

North America, LATAM and Africa recorded double-digit growth, led by Africa at 23.7%

CEO Martin Carlesund said that he AI dealers as a potential complement, not a replacement, for live dealers

Gaming content provider Evolution has published its financial report for the third quarter of 2026, detailing its performance during the past three months. The company highlighted an increase in revenue and adjusted EBITDA, although profits decreased slightly.

Evolution

Q3 Was a Period of Strength for Evolution

Evolution’s financial report shows that the company’s net revenues for Q3 2026 experienced an increase of 3.7% to EUR 526.1 million ($589.1 million) versus EUR 507.1 million in Q3 2025. The company’s adjusted EBITDA, on the other hand, reached EUR 345.9 million ($387.3 million), up 2.7% from EUR 336.9 million in the prior-year period. The EBITDA figure for Q3 2026 corresponds to a margin of 65.8%.

EUR 526.1 million

EUR 345.9 million

At the same time, Evolution’s Q3 profits experienced a slight decrease, falling to EUR 243.3 million ($272.5 million) versus EUR 252.3 million in the prior-year period. However, the earnings per share improved to EUR 1.31 versus ($1.47) EUR 1.25 for the prior-year period.

EUR 243.3 million

EUR 1.31

On a year-to-date basis, Evolution’s net revenues reached EUR 1,557 million ($1,743.6 million), marking a slight increase of 0.3% from EUR 1,552.3 million in the previous year. Adjusted EBITDA for the first nine months of 2026 was also fairly stable at EUR 1,022.2 million ($1,144.7 million), marking only a 0.2% decline from EUR 1,024.1 million for the first nine months of 2025.

EUR 1,557 million

EUR 1,022.2 million

Evolution’s YTD profit decreased to EUR 746.7 million ($836.2 million) (previously EUR 755.3 million). The company’s earnings per share, however, increased to EUR 3.85, ($4.31) up from EUR 3.71 for the prior-year period.

EUR 746.7 million

EUR 3.85

Evolution’s Business Experienced Growth in All Regions

According to the report, Q3 was the first time since 2024 that Evolution grew across all its operating regions. The company’s two largest regions, Europe and Asia, remained stable and reported growth of 0.4% and 0.8%, respectively. At the same time, Evolution’s business in North America, LATAM, and Africa experienced double-digit growth of 13.6%, 23.1%, and 23.7%, respectively.

The company’s Live and RNG segments likewise experienced growth, with the former increasing by 2.6%, and the latter by 10.1%.

Q3 was also an exciting period in terms of new product launches. Additionally, Evolution is currently working with Hasbro on launching a new game called Game Night.

CEO Carlesund Praised the Performance & Shared His Thoughts on AI Dealers

Evolution’s chief executive officer, Martin Carlesund, commented on the results, saying that he was pleased with what he called an “uneventful quarter.” The lack of significant headwinds allowed Evolution to focus on its core businesses and make stable improvements.

Martin Carlesund

While Q3 was a period of strength, Carlesund acknowledged the growing uncertainty in Brazil, whose online gaming market is in peril after the country took a U-turn on its gambling stance. As a result of that, Evolution’s studio in Brazil had to be temporarily closed and the company is now closely following the situation.

Despite that, Carlesund remained optimistic about Evolution’s business, saying:

Carlesund also commented on the possibility of AI-powered live dealers. While he didn’t reject the idea, he noted that he doesn’t believe that AI dealers will take over the live casino sector anytime soon.

At the same time, the CEO noted that Evolution is open to exploring AI-based solutions and potentially considering the idea of AI-powered live dealers, but only as a complement rather than a replacement.

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