Evolution: Interim report January-September 2026

Third quarter of 2026 (Q3 2025)

• Net revenues increased 3.7% to EUR 526.1 million (507.1)
• Adjusted EBITDA increased 2.7% to EUR 345.9 million (336.9), corresponding to a margin of 65.8% (66.4)
• Profit for the period amounted to EUR 243.3 million (252.3)
• Earnings per share amounted to EUR 1.31 (1.25)

January-September 2026 (9M 2025)

• Net revenues increased 0.3% to EUR 1,557.0 million (1,552.3)
• Adjusted EBITDA declined 0.2% to EUR 1,022.2 million (1,024.1), corresponding to a margin of 65.7% (66.0)
• Profit for the period amounted to EUR 746.7 million (755.3)
• Earnings per share amounted to EUR 3.85 (3.71)

CEO comments
For the third quarter of 2026, Evolution reported net revenues of EUR 526.1 million and adjusted EBITDA of EUR 345.9 million, corresponding to year-on-year revenue growth of 3.7 percent and an adjusted EBITDA margin of 65.8 percent.

All in all, I am pleased to state that this was an uneventful quarter with focus on core business and stable to good development across our markets. For the first time since 2024, all regions reported quarter-on-quarter growth, while the group also reported year-on-year growth.

Our two largest regions were stable, with quarter-on-quarter growth of 0.4 percent in Europe and 0.8 percent in Asia. Growth remained solid in the rest of the world, with year-on-year increases of 13.6 percent in North America, 23.1 percent in LatAm and 23.7 percent in Africa.

Both Live and RNG reported year-on-year growth, with Live increasing by 2.6 percent and RNG by 10.1 percent. During the quarter, we launched several new games, including Monopoly Roll’em and Disco Balls, and introduced the US-focused slots brand Spinning Whale. Looking ahead, the blockbuster hit Ice Fishing will be rolled out in North America during the fourth quarter. We are also preparing to launch another showcase title under our Hasbro partnership before year-end: Game Night. It will be exceptional in both size and features, supporting our agenda to win the players’ trust over the next decade by delivering the world’s most entertaining content.

At the beginning of October, Brazil’s regulatory framework was rolled back following a decision by the president. The final outcome of this regulatory decision remains unclear, and it is difficult to predict how player behaviour in Brazil will evolve. As a result, our Brazilian studio is temporarily closed. Based on our estimated revenue split by player IP, Brazil accounts for well below half of LatAm revenues. At the same time, momentum in the rest of LatAm remains strong and will offset part of the impact from the situation in Brazil. We continue to closely monitor developments and adapt as necessary. Our immediate focus is on supporting our employees and managing the practical consequences on the ground.

We remain focused on managing any short-term challenge while prioritising the entertainment and user experience, growth, cash flow and cost discipline. As always, I am ever so grateful to all colleagues around the world and the effort they put in every day to stay ahead of the game. Thank you!

Presentation for investors, analysts and the media
CEO Martin Carlesund and CFO Joakim Andersson will present the report and answer questions on Friday 23 October 2026 at 09:00 am CEST via a telephone conference. The presentation will be in English and can also be followed online.

Webcast: https://evolution.events.inderes.com/q3-2026/register
Teleconference: https://events.inderes.com/evolution/q3-2026/dial-in

För ytterligare information, kontakta:
CFO Joakim Andersson, ir@evolution.com