Evolution’s latest quarterly results show a strong margin and mixed regional trends. Revenue for Q3 reached €507.1m, while EBITDA came in at €336.9m, giving a 66.4% margin (71.7% in Q3/2024). Europe picked up again, Asia slowed, and North America stayed on track for growth.

• Revenue was €507.1m, down slightly from last year, but profitability stayed high. Live casino brought in €431.7m, while RNG contributed €75.5m.

• EBITDA of €336,9m, which is a decrease of -19% compared to Q3/2024, while profit landed at €252.3m, down -23% (YoY).

• Across the first nine months of 2025, Evolution made €1.55bn in revenue, up 1.5% year-on-year. EBITDA for the period hit just over €1bn, and profit reached €755.3m. The margin held steady at 66%.

• Europe bounced back after a weaker start to the year. Asia slipped as Evolution tightened controls against fraud and player abuse. North America continued to grow, and Latin America gained momentum thanks to progress in Brazil’s gaming market.

• The company said tougher anti-fraud actions in Asia hurt short-term results but were needed to protect the business. Its new studio in the Philippines performed well despite a choppy first quarter in the new regulated market.

• Evolution released several new titles in the quarter, including Ice Fishing, its first speed game show. It also launched 22 RNG games and introduced a new brand, Sneaky Slots, sitting between Nolimit City and NetEnt. More than 110 new titles are planned for 2025.

• In North America, Evolution relaunched the Ezugi brand and opened new studios in the US and Canada. A new deal with Gaming Arts will also take some of its online slot titles into land-based casinos.

• Costs increased as new studios opened and more staff came on board. Even so, strong margins and cash flow kept finances solid. The company ended Q3 with €656.4m in cash.

• CEO Martin Carlesund said the European recovery was a welcome sign: “Europe is back to growth quarter-on-quarter,” he said. He also stressed Evolution’s focus on compliance as regulation tightens worldwide.

• The UK Gambling Commission’s licence review, launched last year, remains ongoing. The company also confirmed Playtech as the client behind a 2021 report it called defamatory, with legal proceedings continuing into 2026.

• Evolution’s São Paulo studio opened in July and is set for further expansion. Mobile play made up 74% of gross revenue, and the company now employs more than 21,600 people across its studios worldwide.

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