Evolution Posts Mixed Q3 Report, Vows to Continue Improving

Evolution has published its Q3 2024 report, highlighting a slight decrease in revenue for the quarter and a slight increase for the year-to-date period. In any case, the leadership remained convinced in the company’s “exciting future” and vowed to take action against the authors of the controversial 2021 report.

Evolution’s Q3 Results Were Mixed

In its report, Evolution outlined a 2.4% decrease in net revenue to EUR 507.1 million. Adjusted EBITDA, on the other hand, slumped by 5.3% to EUR 336.9 million, which corresponds to a 66.4% adjusted EBITDA margin.

At the same time, the company’s profits for the period decreased to EUR 252.3 million from EUR 328.6 million in the prior year period. Earnings per share for Q3 likewise decreased, falling from EUR 1.57 in Q3 2024 to EUR 1.25 in Q3 2025.

On a year-to-date basis, the company experienced a 1.5% increase in net revenue to EUR 1.55 billion. YTD adjusted EBITDA, however, decreased by 2.2% to EUR 1 billion, corresponding to a margin of 66%,

Evolution’s YTD profit and earnings per share, meanwhile, stood at EUR 755.3 million and EUR 3.71, respectively. Both figures represented decreases from the comparable prior year period.

The Company Launched New Games & Studio

Evolution also listed several Q3 highlights, which included favorable cost control and good leverage from investment. According to the company, these factors have set it up to improve its margin development.

In Q3, Evolution launched Ezugi as the second live casino brand in the US, which it lauded as an important step in its growth in North America.

Additionally, Evolution expanded its RNG portfolio by launching a new slot studio called Sneaky Slots.

While this happened after the reporting period, Evolution also mentioned the recent unmasking of Playtech as the author of a damning report that had alleged Evolution was engaging in misconduct. The company called that a “defamatory smear campaign” and vowed to take action against Playtech and Black Cube, which compiled the report.

CEO Carleson Weighs in on the Report

Martin Carlesund, Evolution’s CEO, commented on the report, admitting that the company has not been satisfied with its 2025 growth. He attributed the somewhat mixed results to underperformance in several volatile markets. However, the setbacks were partially offset by favorable performance in Europe and North America.

Carlesund noted that the company remains on track to deliver its promised 110 new releases. Some of the highlights of Q3 included the launch of Ice Fishing, which was the company’s first-ever speed game show.

Carlesund also commented on the Playtech report, promising that his team would always go “to all lengths” to protect its company, brand, colleagues, and shareholders.

Whether it is our efforts to fight cyber criminals in Asia, the resolution of the Georgian strike, or the action we are taking against Playtech and their associates who sought to harm Evolution, we will deploy whatever time, effort and money necessary to defend our firm and its exciting future. We are dedicated to setting a strong course for our company and our industry, and you can count on us to continue doing so.

Martin Carlesund, CEO, Evolution

Carlesund concluded that the Evolution spirit is to never shy away from challenges and to drive further improvement every day.