Provider’s revenue grew fastest in Africa, Latin America and North America, but bought studios lead lobbies in Sweden, India and Ukraine.
On 23 October 2026, Evolution published its report for the quarter to 30 September:
- Net revenue rose 3.7% YoY to €526.1M.
- Live games accounted for €443.0M, and RNG revenue rose 10.1% to €83.1M.
- Adjusted EBITDA rose 2.7% to €345.9M, at a 65.8% margin.
- A £4.75M UK Gambling Commission settlement and the Galaxy exit sit outside that figure.
The company said this was the first quarter since 2024 with growth against the prior quarter in every region. By player IP, Africa and other markets rose 23.7%, Latin America 23.1% and North America 13.6%.
Europe fell 4.7% to €173.7M. Asia stayed the largest region, at €192.1M.
Evolution owns NetEnt, Red Tiger Gaming, Nolimit City, Big Time Gaming and Ezugi. The measure is provider content share: what share of the casino lobby each studio’s games take. In September 2026 the Evolution brand had its highest share in Spain. Bangladesh is second — its share rose from 1.2% in August to 6.2%. In the United States the share is 2.7%.
NetEnt and Big Time Gaming take their highest lobby share in Sweden. For Red Tiger Gaming and Ezugi, that market is India. For Nolimit City, it is Ukraine.
Evolution is still paying for earlier purchases. In 2026 it sent earn-outs, the extra sums still owed on past deals, to Nolimit City, Big Time Gaming and Arcadia Gaming Solutions, and it bought a studio in Argentina for €6M.
In July it left the Galaxy Gaming merger and paid a $5.2M fee. Spinning Whale launched in the same quarter as a new slots brand for the US.
On 5 October 2026 Evolution temporarily closed its Brazil studio after the president rolled back the regulatory framework. The company said that market is well below half of Latin America revenue. Cash ended at €656.4M, in line with a year earlier, after €823.9M of share buybacks. The months after the closure will show whether the local shelf holds.