Evolution Gaming Group AB (publ) Q3 2026 Earnings Recap

Evolution’s shares rose 3.1% after the company reported 3.7% year-on-year revenue growth and a 65.8% adjusted EBITDA margin. Growth remains uneven: Europe declined year on year, while the newly imposed Brazil ban adds uncertainty for Q4.

Key Takeaways

• Q3 net revenue was EUR 526.1 million, up 3.7% year on year and 1.6% quarter on quarter.
• Adjusted EBITDA was EUR 345.9 million, with a 65.8% margin; year-to-date margin was 65.7% against a full-year target of 66%.
• Live revenue rose 2.6% year on year; RNG grew 10.1%, marking a second consecutive quarter of double-digit growth.
• Regional performance diverged: North America grew 13.6% year on year and LatAm 23.1%, while Europe fell 4.7%. Africa and other grew 23.7%.
• Brazil’s ban took effect after quarter-end. Evolution has closed its studio there while awaiting clarity, leaving Q4 exposure uncertain.