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Edge22 Nov 2024
Evolution: The Live Casino Juggernaut
With ~49% CAGR since its 2015 IPO, 60%+ EBIT margin, and global dominance in live casino, the story of Evolution is truly one for the books.
Evolution
Evolution (EVO) investor relations material
Evolution Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary23 Oct, 2026
Executive summary
Q3 net revenue was EUR 526.1m, up 3.7% YoY; adjusted EBITDA was EUR 345.9m, up 2.7%, with a 65.8% margin.
Operating profit was EUR 290.3m, down 2.1%; profit for the period was EUR 243.3m versus EUR 252.3m, and diluted EPS was EUR 1.29 versus EUR 1.25.
All regions grew QoQ for the first time since 2024; Live and RNG both grew YoY.
Financial highlights
Q3 operating expenses were EUR 235.9m, including EUR 12.1m in UK Gambling Commission settlement and Galaxy Gaming termination and legal costs; excluding these items, expenses grew 2.8% YoY.
Jan–Sep revenue rose 0.3% to EUR 1,557.0m; adjusted EBITDA declined 0.2% to EUR 1,022.2m.
Jan–Sep operating profit was EUR 880.7m versus EUR 906.4m; profit was EUR 746.7m versus EUR 755.3m, while basic EPS rose to EUR 3.85 from EUR 3.71.
Outlook and guidance
FY 2026 EBITDA margin target remains in line with FY 2025, at 66%; 2026 releases are expected to exceed 110 games.
Long-term growth ambition is at least in line with market growth in its regions for Live and RNG.
Game Night is targeted for launch before year-end; Ice Fishing is planned for North America in Q4.
Brazil studio was temporarily closed from 5 October amid regulatory uncertainty; momentum elsewhere in LatAm is expected to offset part of the impact.
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Latest events from Evolution
- Q2 revenue EUR 517.8M, 65.9% EBITDA margin, share buyback, and UK settlement finalized.EVO
Q2 2026 - Revenue and EBITDA dipped slightly, but North America and LATAM growth remained strong.EVOQ1 2026
- Q4 2025 revenues declined year-on-year, but global growth and new game launches are set for 2026.EVOQ4 2025
- Q3 2025 revenue fell 2.4% as Asia lagged, but margins and buybacks stayed strong.EVOQ3 2025
- Q2 revenue grew 3.1% to EUR 524.3m, with strong margins and global expansion amid regulatory headwinds.EVOQ2 2025
- Q3 2024 revenues up 27.9% to EUR 579m, margin 68.5%, profit EUR 328.6m.EVOQ3 2024
- Q2 revenue up 15.3%, EBITDA margin 68%, and EUR 400m share buyback launched.EVOQ2 2024
- Revenue up 3.9%, margin narrows, but expansion and guidance remain strong.EVOQ1 2025
- Strong 2024 growth, robust margins, and major shareholder returns amid Asia challenges.EVOQ4 2024
Next Evolution earnings date
Q4 20264 Feb, 2027
Evolution
Next Evolution earnings date
Q4 20264 Feb, 2027
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Frequently asked questions
Live Casino Providers
Evolution is a Swedish company established in 2006 that primarily produces live casino solutions for online gaming platforms. The company's core product is live casino games, where players interact with real dealers through live streams. Evolution's game roster includes traditional table games like blackjack, roulette, and baccarat, as well as some unique game show-style variations. As part of the broader online gaming industry, Evolution Gaming has been spearheading the development and popularization of this way play casino games online.
Experts In Live Casino
Evolution has been one of the most important companies in the live casino revolution. Live casino is a way of gambling online that is different from traditional forms of casino games. Instead of software with accompanying visuals taking care of the entire experience, such as dealing the cards or spinning the roulette wheel, an actual dealer is in charge of running the game and ensuring that everything runs smoothly. Even if games like blackjack and roulette have been popular at online casinos since their inception, live casino offers a way to play that differs from other methods of online gambling. Even if it’s not exactly like sitting at a table at one of MGM’s or Caesar’s casinos in Vegas, it’s a more personal experience when compared to traditional ways to gamble online, as the dealers also act as entertainers.
Providing Games for Casino Operators
Evolutions business models mean that they don’t operate any casinos themselves. Instead, they cater to other gambling companies and casino operators looking to provide as broad of a catalog as possible for their customers. This means that Evolution’s games have become a common sight on many popular platforms, as offering live casino games is more or less a must for any serious online casino operator.
Other Titles
Even if live casinos are the main area of operation for Evolution, it’s not all they offer to customers. The company also provides various solutions within video slots and similar types of games, primarily through their subsidiary NetEnt. This allows Evolution to offer a broader catalog of games, and to compete with other providers outside of their primary area of operations.