Evolution AB Reports Q3 2025 Revenue Decline
Evolution AB, a major European B2B online casino provider, posted net revenues of EUR 507.1 million in the third quarter of 2025, a decrease of 2.4 per cent year-on-year. The company attributed the decline primarily to weaker performance in Asia, while revenues in Europe, North America and Latin America showed modest improvement despite a challenging global environment.
European and North American Trends
Evolution’s European operations generated EUR 182.2 million in Q3 2025, showing a return to quarter-on-quarter growth after a slower first half. Despite the absence of major sports events during the summer, regulated markets across the continent performed steadily. In North America, the company maintained double-digit annual growth supported by new studio openings, expanded licensing agreements, and the continued rollout of the Ezugi live brand.
However, sequential growth was more moderate due to the timing of new market entries and integration activities. Over the first nine months of the year, total revenue rose by 1.5% to EUR 1.55 billion, while adjusted EBITDA fell 2.2% to EUR 1.02 billion, with a margin of 66%. Evolution confirmed its full-year EBITDA target range of 66–68%.
Asia Challenges and Strategic Priorities
Asia remained the company’s weakest region, with Q3 revenue declining 6.7% year-on-year to EUR 189.1 million. The downturn was linked to ongoing regulatory challenges in the Philippines and increased cyber threats affecting live casino operations. Evolution noted that stricter countermeasures against illicit play had a short-term negative impact on results but were necessary to maintain long-term market integrity.
On the innovation front, the company launched its new RNG studio, Sneaky Slots, and reported stronger growth in RNG games than in live casino titles for the first time. Looking forward, Evolution plans to strengthen its content portfolio and expand its global studio network while continuing to navigate regulatory and compliance risks across all markets.