Evolution reported mixed results for the third quarter of 2025, with overall revenues slipping slightly and continued weakness in Asian markets offset by stronger performances in Europe, North America, and Latin America.
The live casino and RNG giant posted net revenues of EUR507.1 million ($547.2 million) for the quarter, down 2.4 percent from EUR519.4 million a year earlier. Adjusted EBITDA fell 5.3 percent to EUR336.9 million ($363.5 million), corresponding to a margin of 66.4 percent versus 68.5 percent in the same period last year. Profit for the quarter totaled EUR252.3 million ($272.1 million).
For the first nine months of 2025, revenues increased 1.5 percent year-on-year to EUR1,552.3 million ($1.67 billion), while adjusted EBITDA declined by 2.2 percent to EUR1,024.1 million ($1.1 billion), representing a margin of 66.0 percent. Net profit for the period was EUR755.3 million ($814.3 million), with earnings per share of EUR3.71 ($4.00).
Despite currency-adjusted growth of 3.9 percent in Q3, Evolution CEO Martin Carlesund acknowledged that the company remains dissatisfied with its overall performance in 2025. “We have not been satisfied with the growth so far this year and that sentiment has not changed in this quarter,” Carlesund noted, while pointing out improved results in Europe, North America, and Latin America.
The company’s primary concern continues to be its Asia-facing operations, where revenues have been impacted by persistent cybercriminal activity and market volatility. Evolution has been investing heavily in countermeasures against fraudulent activity, but these have at times had unintended side effects.
“The fight is a constant balancing act between taking countermeasures that are too stringent – which create issues for legitimate end-users – and too light, which don’t yield the desired effects,” said Carlesund. “During the third quarter, we over-extended our countermeasures and our revenue was affected negatively.”
Asia’s performance was also affected by regulatory shifts, including the newly regulated Philippines market, which the company described as “very volatile” in its early stages. Despite this, Evolution reported strong initial results from its new live casino studio in Manila, describing it as a demonstration of its continued commitment to the region. Elsewhere in Asia, markets such as India are also moving toward regulation, introducing further uncertainty for suppliers and operators active in those jurisdictions.
While Asia weighed on group results, other regions delivered steady or improved growth. Europe returned to quarter-on-quarter expansion after the full implementation of ring-fencing measures earlier this year, providing what the company described as “a new baseline to grow from.”
North America continued to deliver double-digit growth on a yearly basis, supported by multiple new dedicated studio launches across the US and Canada. Evolution also highlighted new commercial milestones during the period, including a partnership with Gaming Arts to explore adapting online slot titles for land-based casinos, and the relaunch of Ezugi as the firm’s second live casino brand in the United States.
In Latin America, growth has begun to accelerate again following a slower start to 2025, as operators and players adapt to Brazil’s new gaming regulations. Evolution opened its first live casino studio in Sao Paulo in July and is already planning an expansion.
One of the more notable developments in Q3 was that Evolution’s RNG business outperformed its Live division for the first time. Live revenue declined 3.4 percent year-on-year, largely due to Asia’s challenges, while slots studios – particularly Nolimit City -delivered strong growth. The company also launched Sneaky Slots, a new RNG brand positioned between Nolimit City and NetEnt in terms of style and player experience.
Evolution continued its rapid product rollout, staying on track with a roadmap of more than 110 new releases for the year. Q3 highlights included Ice Fishing, the company’s first-ever “speed game show,” and Gator Hunters, a sequel to the successful Duck Hunters slot. The company plans several additional releases before the end of 2025, leading into its 20th anniversary celebrations at ICE 2026.
Carlesund used part of his quarterly statement to underline Evolution’s regulatory philosophy, emphasizing the group’s proactive compliance stance. “Our goal is to stay ahead of regulatory developments while maximizing business potential,” he said, citing the company’s cautious approach to sweepstakes in the United States as an example.
Despite ongoing challenges in Asia, Evolution remains confident of maintaining its EBITDA margin within the 66–68 percent range for the full year, supported by disciplined cost management and strong performances elsewhere. Carlesund closed his remarks by reaffirming the company’s long-term commitment to innovation and operational excellence: “We never shy away from a challenge. We continue to focus on expansion and innovation, and we make sure to become a little bit better every day. That will always be our way forward.”
