Evolution Gaming Group AB (publ) Q3 2025 Earnings Recap

Evolution reported a 2.4% year-on-year decline in net revenue to EUR 507.1 million for Q3 2025, primarily due to ongoing challenges in Asian markets, though European and North American segments showed resilience and growth potential.

Key Takeaways

• Net revenue declined by 2.4% year-on-year; EBITDA margin remained stable at 66.4%.
• Strong performance in Europe; recognized as a top B2B supplier by a major regulator.
• RNG revenue grew by 4.2%, marking its first time outperforming Live revenue, which saw a decline of 3.4%.
• Continued expansion of innovative game offerings with successful launches like Ice Fishing and Sneaky Slots.
• Operational headcount increased by 4.2% year-on-year, although a quarter-on-quarter decrease of 2.7% reflects a cautious hiring approach amidst volatility.