Evolution Gaming Group AB (publ) Q3 2025 Earnings Recap

Evolution experienced a challenging third quarter in 2025, with net revenues declining 2.4% to EUR 507.1 million, primarily impacted by volatility in the Asian market, while European, North American, and Latin American segments showed positive growth and helped maintain margin targets.

Key Takeaways

• Net revenue of EUR 507.1 million reflects a year-on-year decline, driven by increased cybercrime and regulatory uncertainties in Asia.
• EBITDA reached EUR 336.9 million with a healthy margin of 66.4%, consistent with full-year targets.
• Positive momentum in Europe and successful product launches, including the highly anticipated Ice Fishing and the new Sneaky Slots brand, contributed to growth outside of Asia.
• RNG revenue grew by 4.2%, marking the first time RNG has outperformed Live, signaling a shift in consumer preferences.
• Continued focus on cost efficiency and innovation, with over 110 game releases this year, supports long-term growth strategies amid regional challenges.