€526.1M Revenue. 65.8% EBITDA Margin. Growth Across Every Region – Martin Carlesund & Joakim Andersson Lead Evolution

Evolution has returned to broad growth. The B2B live casino supplier reported net revenues of EUR 526.1m for the third quarter of 2026, up 3.7% on the same period last year, with an adjusted EBITDA margin holding at 65.8%. It was, by the company’s own account, a quarter about getting back to steady.

The report, published on 23 October, carried one piece of news that sat awkwardly against the growth. Just after the quarter closed, Evolution temporarily shut its studio in Brazil. The Evolution Q3 2026 results therefore tell two stories at once: a business growing again across the board, and a market that paused overnight.

What the Evolution Q3 2026 results actually show

Net revenues reached EUR 526.1m, against EUR 507.1m a year earlier. Live games brought in EUR 443.0m and RNG games EUR 83.1m. The split matters, because RNG grew faster, up 10.1% year on year, while Live rose 2.6%. Adjusted EBITDA came in at EUR 345.9m, up 2.7%.

For the nine months to September, net revenues were EUR 1,557.0m, up a slim 0.3%. So the third quarter did real work in pulling the year back into positive territory.

Why all-region growth matters for this B2B iGaming supplier

The milestone the company leaned on is specific. For the first time since 2024, every region grew quarter on quarter. Europe and Asia were close to flat on that measure, up 0.4% and 0.8%. The bigger numbers come on a year-on-year basis, and they come from outside the two largest regions: North America up 13.6%, Latin America up 23.1%, and Africa up 23.7%.

Those are two different measures, and both are worth keeping straight. The return to growth everywhere is a quarterly signal. The double-digit figures are the annual pace of the newer markets. Together they describe a year that was drifting in Europe and Asia and got rescued by momentum elsewhere.

The adjusted EBITDA gap in the online casino numbers

Here is the part the headline margin hides. Reported EBITDA, before adjustments, actually fell 0.9% to EUR 333.8m. The gap between that and the 2.7% rise in adjusted EBITDA is roughly EUR 12.1m, and the company tells you exactly what it is: a EUR 5.6m settlement fee with the UK Gambling Commission and EUR 6.5m in termination and legal fees tied to ending the Galaxy Gaming merger.

Both are one-off in nature, and both are disclosed plainly. The read is that the underlying business is steadier than the reported line suggests, and that this quarter simply absorbed some housekeeping.

What the temporary Brazil studio closure means for the regulated gaming market

The sharpest development came after the quarter closed. On 5 October, Evolution temporarily closed its Brazilian studio after the country’s regulatory framework was rolled back following a decision by the president. In the report, CEO Martin Carlesund said: “The final outcome of this regulatory decision remains unclear, and it is difficult to predict how player behaviour in Brazil will evolve.”

Evolution’s cushion is its own revenue split. The company estimates, by player IP, that Brazil accounts for well below half of its Latin American revenue, and that momentum across the rest of LatAm will offset part of the impact. On the quarter as a whole, Carlesund said: “All in all, I am pleased to state that this was an uneventful quarter with focus on core business and stable to good development across our markets.” That reads as deliberate calm around a messier reality on the ground in one country.

How should online casino operators read the Evolution Q3 2026 results?

For operators, the signal is about risk shape more than headline growth. Evolution’s year turned positive because its revenue is spread across regions, and the Brazil pause is survivable for the same reason. The takeaway is that single-market dependence is the exposure to watch, and the suppliers that priced in regulatory volatility early are the ones least rattled when a framework changes overnight. The next quarter will show whether the rest of Latin America can carry the weight Brazil has set down.

Source: Evolution