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Evolution’s growth story faced a rare dip this quarter as Asia’s turbulence dragged on global results.
Evolution has reported Q3 2025 revenue of €507.1m, marking a 2.4% year-on-year decline as ongoing difficulties in Asia overshadowed gains across Europe, North America, and Latin America.
Asia headwinds weigh on Evolution Q3 2025 results
Cyber threats and regulation continue to disrupt the region’s performance.
CEO Martin Carlesund said the company’s challenges stemmed largely from its defensive response to cyber-criminal activity in Asia. “We have not been satisfied with the growth so far this year,” he said. “Unfortunately, revenue development in Asia is still very far from satisfactory.”
Revenue from the region fell 6.5% year-on-year to €189.1m, with Carlesund admitting the company “over-extended” its countermeasures, unintentionally reducing legitimate play. “Within the quarter, we did too much, causing loss in revenue,” he added. “If we do too little, we lose to the pirates. Towards the end of the quarter, we found a better balance.”
At constant currency, Evolution’s overall revenue rose 3.9%, but adjusted EBITDA fell 5.3% to €336.9m, with a margin of 66.4%, consistent with its full-year outlook.
RNG outpaces Live Casino for the first time
New titles and creative brands boost RNG growth across global markets.
While Live Casino revenue declined 3.4% to €431.7m, RNG revenue increased 4.1% to €75.5m, the first time RNG growth surpassed Live. The uptick was driven by Nolimit City’s strong results and 22 new RNG releases, including the launch of the Sneaky Slots brand.
On the Live side, Evolution introduced Ice Fishing, its first “speed game show,” which recorded strong early player engagement.
Compliance and legal battles define Evolution’s stance
The company doubles down on regulation and transparency amid ongoing litigation.
Carlesund emphasised that Evolution’s long-term success depends on leading with compliance. “We always want to do what is right,” he said, referencing the company’s decision to restrict sweepstakes operations in certain US jurisdictions after regulatory changes in California.
Regulated markets now account for 46% of total revenue, reflecting Evolution’s continued shift toward transparency and legal alignment.
Carlesund also confirmed that Playtech was behind a controversial 2021 intelligence report targeting the company. “We will go to all lengths to protect our brand and shareholders,” he said.
Despite short-term challenges, Evolution’s strategy remains this: stabilise Asia, expand RNG, and defend its reputation across regulated markets.
Can the company turn this volatility into renewed growth in 2026?
Source: NEXT.io
