Evolution: Q3 revenue up 3.7%, Brazil adds uncertainty to outlook

what happened

Evolution, a Swedish B2B supplier of online casino solutions, reported third-quarter 2026 net revenues of EUR 526.1 million, up 3.7% from EUR 507.1 million a year earlier, according to its interim report distributed through TradingView. Adjusted EBITDA rose 2.7% to EUR 345.9 million, although the margin eased to 65.8% from 66.4%. Profit for the period fell to EUR 243.3 million from EUR 252.3 million, and earnings per share reached EUR 1.31 against EUR 1.25.

For the first nine months, revenues edged up 0.3% to EUR 1,557.0 million, while adjusted EBITDA slipped 0.2% to EUR 1,022.2 million. Year on year, North America grew 13.6%, Latin America 23.1% and Africa 23.7%.

why it matters

The main source of uncertainty is Brazil. Early in October the sector rules there were reversed by presidential decision, the final shape of the change is still unclear, and Evolution has temporarily shut its studio in the country. The company says Brazil accounts for well below half of its Latin American revenue, and continued strength elsewhere in the region should offset part of the hit. Investors will watch how Brazilian players respond.

market impact

EVO shares: Brazil studio closure is a downside risk, partly offset by growth in other LatAm markets

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