Evolution’s Q3 Revenue Rises 3.7% as Margin Slips to 65.8%

The profit for this period was EUR 243.3 million, compared to EUR 252.3 million from the previous year. Earnings per share increased to EUR 1.31, up from EUR 1.25.

The First Half Was Down 1.4%

Net revenues for the first nine months were EUR 1,557.0 million, showing a marginal increase of 0.3%. Excluding the third quarter, first-half revenue stood at EUR 1,030.9 million. The comparable figure a year earlier was EUR 1,045.2 million.

That is a decline of 1.4% across the first six months, a 15M calculation from the quarterly and nine-month figures. The company publishes neither half separately. Nine-month adjusted EBITDA fell 0.2% to EUR 1,022.2 million, with the margin at 65.7% against 66.0%.

All Regions Grew for the First Time Since 2024

The chief executive, Martin Carlesund, called it "an uneventful quarter with focus on core business". Every region posted quarter-on-quarter growth for the first time since 2024, alongside year-on-year growth for the group.

The two largest regions, Europe and Asia, showed minimal growth, with Europe increasing by 0.4% and Asia by 0.8% quarter-over-quarter. However, year-over-year growth was more notable in North America (13.6%), Latin America (23.1%), and Africa (23.7%).

Brazilian Studio Is Temporarily Closed

At the beginning of October, Brazil rolled back its regulatory framework after President Luiz Inácio Lula da Silva made a decision. Evolution says the final outcome is still uncertain, and it is difficult to predict how players will behave in the country.

This means that the Brazilian studio is closed for the time being. According to the company’s estimated revenue share by player IP, Brazil makes up significantly less than half of the revenue from Latin America. The rest of the region is still going strong, which offsets part of the impact.

A game licensed by Hasbro, Game Night, is expected to be released before the end of the year.