Jul 21, 2026 | 7:13 am
Evolution returned to year-on-year revenue growth in the third quarter of 2026, reporting EUR 526.1 million in net revenues, up 3.7%. Adjusted EBITDA rose 2.7% to EUR 345.9 million, although its margin slipped to 65.8% from 66.4% a year earlier. Net profit reached EUR 243.3 million, compared with EUR 252.3 million.
CEO Martin Carlesund described the period as an “uneventful quarter with focus on core business and stable to good development across our markets.” For the first time since 2024, every region recorded quarter-on-quarter growth, according to the company.
Regional Results Show Contrasting Trends
Europe remained a challenge, with revenue falling 4.7% year-on-year to EUR 173.7 million. Asia generated EUR 192.1 million, an increase of 1.6%, as Evolution continued addressing cybercrime affecting the market.
North America delivered EUR 84.3 million in revenue, up 13.6%, while Latin America grew 23.1% to EUR 49 million. Africa and other markets recorded EUR 25.8 million, representing 23.7% growth.
Carlesund said the Americas and Africa continued to develop well, while management acknowledged that Europe “should do better.” The presentation also identified Asia's cybercrime problems as “not solved.”
Brazil added uncertainty after its regulatory framework was rolled back following a presidential decision in early October. Evolution temporarily closed its Brazilian studio while assessing the consequences. Management said Brazil represents well below half of Latin American revenue based on player IP estimates, with continued momentum elsewhere in the region expected to offset some of the impact.
New Games Support Product Expansion
Evolution's Live segment grew 2.6% year-on-year, while its RNG business advanced 10.1%. During the quarter, the company launched Monopoly Roll’em and Disco Balls, alongside Spinning Whale, a slots brand aimed at the US market.
The company also plans to introduce Ice Fishing in North America during Q4 and release Game Night, developed through its Hasbro partnership, before year-end. Carlesund described the forthcoming pipeline as “spectacular,” highlighting its planned major releases for 2027.
The presentation reported 23,408 employees at quarter-end, an 8.1% annual increase. Its game rounds index reached 435, up 22.5% year-on-year, indicating higher activity across its network.
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Profitability And Shareholder Returns
Evolution generated EUR 334.1 million in operating cash flow after investments. It ended the quarter with EUR 656.4 million in cash and cash equivalents and no debt.
The company also continued its EUR 2 billion share buyback programme, repurchasing 11.8 million shares during Q3. Management expects buybacks to continue into early 2027 at a slower pace.
For the full year, Evolution aims to grow at least in line with the market across regions and maintain an EBITDA margin consistent with its 2025 outcome. Its annual release target exceeds 110 new games.
Source:
“Evolution: Interim report January-September 2026”, evolution.com, October 23, 2026