Evolution reports 3.7% Q3 revenue growth to €526.1 million as profit weakens

Evolution’s third quarter brought revenue back into positive territory, but the earnings line did not exactly cooperate. For PSPs and other payment firms watching regulated gaming, the mix matters: studio expansion, regulatory costs, and deal-related expenses can lift topline while still squeezing margin.

1. For January to September 2026, Evolution reported third-quarter net revenue of €526.1 million, up 3.7% year on year from €507.1 million in Q3 2025. After adjusting for foreign exchange movements, the company estimated growth at 4.0%.
2. Live casino remained the main engine, with revenue of €443.0 million, up 2.6% from €431.7 million a year earlier. RNG (random-number-generator) games also grew, rising 10.1% to €83.1 million from €75.5 million. The company said the quarter was helped by new titles, including Monopoly Roll'em, Disco Balls and Spinning Whale, a slots brand focused on the United States.
3. Profitability moved the other way. Adjusted EBITDA increased 2.7% to €345.9 million from €336.9 million, but the adjusted EBITDA margin narrowed to 65.8% from 66.4%. Profit for the period fell 3.6% to €243.3 million, while statutory EBITDA declined 0.9% to €333.8 million and the statutory EBITDA margin dropped to 63.5% from 66.4%.
4. Evolution’s report points to two specific cost items that were excluded from adjusted EBITDA: €5.6 million tied to its settlement with the UK Gambling Commission and €6.5 million in termination and legal costs linked to the planned Galaxy Gaming acquisition. Operating expenses rose to €235.9 million from €210.5 million, partly because of personnel costs related to additional studio tables and business expansion.
5. The UK Gambling Commission announced a £4.75 million payment in lieu of a financial penalty in July 2026 after a review of the availability of Evolution games on unlicensed websites accessible to consumers in Great Britain. The regulator later said Evolution had strengthened its controls and that follow-up testing had not identified further instances of concern. Evolution also terminated the planned Galaxy Gaming transaction in July.

The bigger takeaway for high-risk payment providers is familiar: regulated gaming revenue can keep growing while compliance, operating expansion, and M&A fallout eat into reported earnings. That is the part acquirers and banking partners usually end up pricing, one way or another.