Evolution Reports Mixed Q3 Results and Commits to Future Growth
Mixed Financial Performance in Q3 2025
Evolution recently released its financial report for the third quarter of 2025, revealing a modest decline in net revenue alongside a slight rise in year-to-date figures. Despite the fluctuating results, company leadership remains confident about Evolution’s promising future. They also expressed their intention to pursue legal action against the creators of a controversial report from 2021.
Q3 Revenue and Profit Details
The quarter saw a 2.4% drop in net revenue, totaling EUR 507.1 million. Meanwhile, adjusted EBITDA decreased by 5.3% to EUR 336.9 million, reflecting a 66.4% margin. Profits for the period fell from EUR 328.6 million the previous year to EUR 252.3 million, with earnings per share dropping from EUR 1.57 to EUR 1.25.
Looking at the year-to-date period, net revenue grew by 1.5%, reaching EUR 1.55 billion. However, adjusted EBITDA slightly declined by 2.2% to EUR 1 billion, maintaining a margin of 66%. Profit and earnings per share for the year-to-date stood at EUR 755.3 million and EUR 3.71 respectively, both representing decreases compared to the prior year.
New Product Launches and Expansion
Evolution highlighted positive cost management and effective investment leverage as key factors that may help boost margins moving forward. During Q3, the company introduced Ezugi as its second live casino brand in the United States, marking a significant milestone in its North American expansion.
The company also grew its random number generator (RNG) slot game portfolio by establishing a new development studio named Sneaky Slots. While this launch occurred after the reported quarter, it represents an important step in diversifying Evolution’s offerings.
In addition, Evolution addressed recent news revealing Playtech as the source of a damaging report accusing the company of misconduct. Labeling this as a defamatory campaign, Evolution pledged to take decisive action against Playtech and Black Cube, the firm that compiled the report.
CEO Martin Carlesund’s Perspective
Martin Carlesund, Evolution’s CEO, acknowledged that the company’s growth in 2025 has not met expectations, attributing mixed results to weaknesses in several unpredictable markets. Nonetheless, strong performances in Europe and North America helped balance out some of these challenges.
Carlesund reassured stakeholders that Evolution remains on target to release 110 new games this year. A notable highlight from the third quarter was the launch of Ice Fishing, the company’s first-ever speed game show.
Addressing the issue of the damaging report, Carlesund emphasized Evolution’s commitment to protecting its brand, employees, and shareholders by taking all necessary measures against those attempting to harm the company.
“Whether it’s combating cybercrime in Asia, resolving labor strikes in Georgia, or confronting the defamatory actions by Playtech and its associates, we will invest whatever resources are necessary to defend Evolution and its exciting future. We are committed to steering the company and the industry towards growth and integrity, and you can count on us to maintain this course.”
Martin Carlesund, CEO, Evolution
He concluded by reaffirming Evolution’s spirit of facing challenges head-on and striving for continuous improvement every day.
