# Evolution Q3 Profit for the Period Falls 3.6% as Revenue Rises 3.7%

By John Kim

Canonical URL: https://www.tokenpost.com/news/business/39328
Published: 2026-10-23T21:11:44.000Z
Updated: 2026-10-23T21:11:44.000Z
Section: Business

> Revenue grew after four consecutive quarters of year-over-year declines. Operating expenses increased 12% to €235.9 million.

Evolution AB's profit for the period fell 3.6% to €243.3 million in the quarter ended Sept. 30, while revenue rose 3.7% to €526.1 million after four consecutive quarters of year-over-year declines.

Revenue was €507.1 million in the third quarter of 2025, and profit for the period was €252.3 million. The latest results paired higher revenue with lower profit. Evolution released its January-September results Oct. 23.

Operating expenses increased 12% to €235.9 million from €210.5 million a year earlier. Evolution attributed most of the increase to personnel costs for new studio tables and expansion. Currency movements added €1.2 million to expenses year over year.

The quarter’s expenses included a €5.6 million U.K. Gambling Commission settlement and €6.5 million in costs tied to the ended Galaxy Gaming merger agreement, including legal fees. Evolution gave notice in July that it was ending its Galaxy Gaming merger agreement. Both sets of fees are excluded from adjusted EBITDA.

Profit margin narrowed to 46.2% from 49.8%. Adjusted EBITDA rose 2.7% to €345.9 million, while its margin fell to 65.8% from 66.4%. Operating profit declined 2.1% to €290.3 million.

Basic earnings per share rose 4.6% to €1.31 from €1.25. Average basic shares outstanding fell to 186 million from 201.8 million.

Chief Executive Officer Martin Carlesund said, “For the first time since 2024, all regions reported quarter-on-quarter growth.” The comment refers to sequential growth across regions; the revenue increase for the quarter was measured against the same period a year earlier.

The Sweden-based company supplies online casino solutions to gaming operators. It introduced its U.S.-focused slots brand Spinning Whale during the quarter and plans to bring its Ice Fishing game to North America in the fourth quarter of 2026.