Operating revenues rose 27.9% to €579 million, with a one-time gain of €59.7 million from reduced earn-out liability
Evolution reported a year-on-year net gaming revenue (NGR) increase of 14.7%, reaching €519.4 million in Q3, despite earnings impacts from strike disruptions and targeted cyber-attacks in Asia. Growth in constant currency reached 19%, primarily driven by live casino gains.
Operating revenues rose 27.9% to €579 million, with a one-time gain of €59.7 million from reduced earn-out liability. Live casino revenue grew by 16% year-on-year, supported by new tables launched in Colombia and the Czech Republic. Evolution’s RNG segment, encompassing brands such as NetEnt and Red Tiger, also saw improved performance with an 8.5% increase to €72.5 million.
CEO Martin Carlesund attributed RNG growth to new game releases and gameplay enhancements, remarking:
“We are beginning to see the results of our incremental improvements in the RNG offering.”
Ongoing strike action at Evolution’s Georgia studio, involving around 550 employees, reduced operations to 60% capacity. The company countered capacity loss by shifting production to other studios, although Regulus Partners noted that Georgia’s significant scale—40% of Evolution’s workforce—made it “too big to be replaced.”
Evolution faced cyber-attacks against its Asian video distribution, suspected to be linked to regional disruptions like the closure of POGOs in the Philippines. Carlesund emphasized strengthened cybersecurity efforts: “We continue to see attacks and will continue to aggressively scale up counter measures.” Despite these challenges, Asia revenue grew from €172.1 million in Q3 last year to €202.2 million, marking a 17.5% increase.
Evolution’s EBITDA rose by 30.3% to €415.3 million, yielding a 71.7% margin, with a net profit of €328.6 million.