Evolution has released its Q3 2024 financial results, reporting a 2.4% decrease in net revenue to EUR 507.1 million. At the same time, adjusted EBITDA fell by 5.3% to EUR 336.9 million, resulting in a 66.4% adjusted EBITDA margin. These numbers indicate a challenging quarter for the company, although its leadership remains optimistic about its potential for future success. The company’s profits also took a hit, dropping to EUR 252.3 million from EUR 328.6 million in the same quarter of the previous year. Earnings per share were similarly affected, decreasing from EUR 1.57 in Q3 2024 to EUR 1.25 in Q3 2025.
For the year-to-date period, Evolution experienced a marginal 1.5% increase in net revenue, reaching EUR 1.55 billion, though adjusted EBITDA declined by 2.2% to EUR 1 billion, corresponding to a 66% margin. Year-to-date profit dropped to EUR 755.3 million, down from the previous year, while earnings per share fell to EUR 3.71.
Despite these mixed results, Evolution highlighted several strategic initiatives in Q3 that demonstrate its commitment to growth and innovation. A key development was the launch of Ezugi as its second live casino brand in the United States, marking an important milestone in expanding its presence in the North American market. Furthermore, Evolution enhanced its Random Number Generator (RNG) portfolio by introducing a new slot studio, Sneaky Slots, which is expected to bolster its offering in the gaming sector.
The company also addressed a controversial report released in 2021, which alleged misconduct on Evolution’s part. Recently, Playtech was identified as being behind this report, and Evolution has labeled it a “defamatory smear campaign.” The company has vowed to take legal action against Playtech and Black Cube, the firm that compiled the report.
Martin Carlesund, CEO of Evolution, took a candid stance on the report and the company’s overall performance. He acknowledged that while the 2025 growth did not meet their expectations, the company was still on a promising path. Carlesund pointed out that underperformance in several volatile markets impacted the results, but they were partially mitigated by strong performances in Europe and North America.
The CEO reiterated that Evolution is dedicated to innovation and aims to deliver on its pledge of 110 new game releases. A notable launch during the quarter was Ice Fishing, touted as the company’s first-ever speed game show, which is expected to capture the interest of a diverse gaming audience.
In response to the Playtech report, Carlesund emphasized the company’s resolve to protect its interests, stating that all necessary measures would be taken to safeguard its brand and stakeholders. “Whether it’s combating cyber criminals in Asia, resolving the Georgian strike, or pursuing action against Playtech and their associates, we are committed to defending Evolution’s future. We have an exciting future ahead of us, and we will make sure to navigate any challenges that come our way,” he assured.
Carlesund concluded with a message of resilience and commitment to continuous improvement, reinforcing the Evolution spirit of not shying away from challenges. He expressed confidence in the company’s strategy and its role in shaping the future of the industry.
However, not all analysts are convinced about Evolution’s optimistic outlook. Some point to the ongoing volatility in key international markets and increasing competition as potential hurdles that could impact the company’s growth trajectory. They suggest that while Evolution’s strategic initiatives are promising, the company must also focus on addressing market-specific challenges to sustain its growth.
In contrast, other market observers believe that Evolution’s strategic expansion and innovation initiatives position it well to capitalize on the growing demand in the gaming sector. They argue that the company’s investments in new brands and technologies will pay off in the long run, potentially strengthening its market position and financial performance.
Overall, Evolution’s Q3 2024 results present a mixed picture, with challenges in certain areas but also a clear path forward driven by innovation and strategic expansion. The company’s leadership remains firmly committed to its goals and is taking decisive action to ensure a prosperous future, despite the hurdles it currently faces.
David Garato is a luminary in gaming journalism, renowned for peeling back the curtain on the gaming world with his witty and insightful commentary. A decade into weaving stories from the pixelated edges of indie games to the expansive universes of AAA titles, David’s work is a thrilling blend of analysis and adventure. When not writing, he’s live-streaming, sharing his gaming exploits with an engaged and growing audience. David doesn’t just write about games; he lives them, making him a trusted guide in the gaming community.
