Image credit: Source: Evolution AB interim report, January to September 2026. Never imply stock depicts the actual event.
Evolution reported third-quarter 2026 net revenue of EUR 526.1 million, up 3.7%, and said its Brazilian studio is temporarily closed after the country rolled back its regulated framework.
Adjusted EBITDA rose 2.7% to EUR 345.9 million, but the margin slipped to 65.8% from 66.4%. Profit for the period fell to EUR 243.3 million from EUR 252.3 million. The report was published on 23 October.
For the first nine months, net revenue rose only 0.3% to EUR 1,557.0 million, and adjusted EBITDA edged down to EUR 1,022.2 million from EUR 1,024.1 million. The quarter helped, but it did not change the year.
Growth is coming from the Americas and Africa
The company gave growth rates by region rather than revenue by region:
- North America: up 13.6% year on year
- Latin America: up 23.1% year on year
- Africa and other markets: up 23.7% year on year
- Europe: up 0.4% quarter on quarter
- Asia: up 0.8% quarter on quarter
The fastest rates come from the smaller regions. Europe and Asia grew by fractions of a percent quarter on quarter.
Brazil shows how a supplier absorbs a market reversal
Brazil is the one market the report treats as a setback. The chief executive said "Brazil's regulatory framework was rolled back following a decision by the president," and that the Brazilian studio is "temporarily closed." The closure followed the regulatory change "at the beginning of October."
The company did not say how many staff are affected. It said its immediate focus is "supporting our employees and managing the practical consequences on the ground."
The chief executive also said "the final outcome of this regulatory decision remains unclear." That is the core problem for suppliers. The report does not say whether the studio will reopen. Operators hit by the same Brazil ban have already moved their guidance, as Entain's cut to the low end shows.
What the rest of Latin America has to carry
The chief executive argued that "momentum in the rest of LatAm remains strong and will offset part of the impact from the situation in Brazil." Latin America grew 23.1% in the quarter, so the company has a basis for that claim. Whether the rest of the region can replace Brazil's contribution is a question for the next few reports.
For readers tracking live casino, the consolidation of the top suppliers remains the bigger story. Evolution's Q3 shows a company still growing and still profitable, with a regulatory exposure in one market that it cannot control.