Evolution (EVO) Q3 2026 earnings summary

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.