Evolution Q3 2026: revenue up 3.7%, Brazil studio closed

Evolution, one of the leading suppliers of live-dealer casino games, grew its revenue by 3.7% in the third quarter to EUR 526.1 million. The Swedish-listed studio published its interim report on 23 October. The same report confirms that its studio in Brazil has been closed since 5 October, after the country's online betting and casino ban.

Evolution's tables sit behind the live blackjack, roulette and game-show lobbies at many online casinos; the company says it has more than 800 operator customers. So its report is also a guide to what those lobbies will look like next, and where they will be missing.

The quarter in figures

All figures below are for July to September 2026, with the same quarter of 2025 in brackets.

• Net revenues: EUR 526.1 million (507.1), up 3.7%
• Live games: EUR 443.0 million (431.7); RNG games, mainly slots: EUR 83.1 million (75.5)
• Adjusted EBITDA: EUR 345.9 million (336.9), a margin of 65.8% (66.4%)
• Profit for the period: EUR 243.3 million (252.3)
• Earnings per share: EUR 1.31 (1.25)

The adjusted figure leaves out two one-off costs: a EUR 5.6 million settlement fee with the UK Gambling Commission and EUR 6.5 million of termination and legal fees linked to the Galaxy Gaming acquisition. Operating profit fell 2.1% to EUR 290.3 million. Earnings per share still rose while profit fell; the report also shows Evolution buying back its own shares during the year.

Over the first nine months, revenue was almost flat at EUR 1,557.0 million, up 0.3%.

Chief executive Martin Carlesund called it "an uneventful quarter with focus on core business". For the first time since 2024, every region grew on the previous quarter. Europe rose 0.4% and Asia 0.8% quarter on quarter. Compared with a year earlier, North America grew 13.6%, Latin America 23.1% and Africa 23.7%. Live revenue rose 2.6% year on year and RNG 10.1%.

Brazil: studio closed, outcome unclear

Brazil's Provisional Measure (Medida Provisória, MP) 1.394 bans online betting and online casinos while Congress decides whether to make it law. Our report on the 97 amendments filed in Congress covers where that stands.

Evolution says the "final outcome of this regulatory decision remains unclear" and that "it is difficult to predict how player behaviour in Brazil will evolve". As a result, "our Brazilian studio is temporarily closed". The report lists the closure as an event after the end of the quarter, so the Q3 figures above do not yet show it.

Evolution does not give a revenue figure for Brazil. It says only that, based on where players are located, Brazil accounts for "well below half of LatAm revenues", and that growth in the rest of Latin America "will offset part of the impact". It did not say how many studio staff are affected; its stated focus is "supporting our employees and managing the practical consequences on the ground".

Evolution is not the only company pulling back in Brazil. Flutter is closing its Betfair brand in Brazil and plans to return with Betnacional only if the market reopens.

What is coming to the lobbies

The report names the games behind the quarter and the next ones on the list:

• Launched in Q3: Monopoly Roll'em, Disco Balls and the US-focused slots brand Spinning Whale.
• Q4: Ice Fishing, an existing title Evolution calls a "blockbuster hit", rolls out in North America.
• Before year-end: Game Night, another showcase title under the Hasbro partnership. Evolution says it will be "exceptional in both size and features" but gave no launch date or details.

Evolution's results land the day after Betsson's Q3 report, which also pointed to Brazil. Evolution's next report, for the full year, is scheduled for 4 February 2027.