Evolution saw a decline in in both revenue and EBITDA in Q3 2025, as CEO Martin Carlesund stated the supplier would go to “all lengths” to protect itself in the fallout from Playtech being named as the company behind the controversial 2021 short-seller report.

Evolution’s net revenue fell 2.4% year on year (YoY) to €507.1m (£440.4m), down from €519.4m. Of that figure, €431.7m came from live casino games.

Meanwhile, RNG revenue grew from €72.5m in Q3 2024 to €75.5m in Q3 2025.

Breaking revenue down by region, group revenue in Europe stood at €182.2m, down from €194.9m last year.

Despite this, Carlesund noted the region had seen quarter-on-quarter growth.

There was also a fall in Asia revenue, down from €202.2m in Q3 2024 to €189.1m in Q3 2025. The CEO said operations were “still very far from satisfactory” in the region.

He added: “Asia is also affected by the newly regulated Philippines market, which initially has been very volatile, as well as other markets such as, for example, India, that in our view show signs of moving towards regulation, creating a higher level of uncertainty than before.”

Evolution did see growth in both Latam and North America, up from €37.4m to €39.8m in Latam and €64.8m to €74.2m in North America.

In other markets, revenue grew from €20.2m to €21.9m.

The supplier’s share of revenue from regulated markets hit 46%, up from 39% in Q3 2024.

EBITDA slumped 18.9% YoY to €336.9m, although adjusted EBITDA only decreased by 5.3%. Profit for the quarter stood at €252.3m, declining 23.2% YoY from €328.6m.

Commenting on the results, Carlesund said: “As I have pointed out before, we have not been satisfied with the growth so far this year and that sentiment has not changed in this quarter.

“However, a difference compared to the first half of the year is that performance in Europe, North America and Latin America is decent to good.”

For the January to September 2025 period, net revenue grew 1.5% YoY to €1.6bn, though adjusted EBITDA dropped 2.2% to €1bn.

Profit for the first nine months of 2025 stood at €755.3m, a fall from the €866.9m recorded for the same period last year.

On Tuesday, 21 October, Evolution published a press release stating rival supplier Playtech had paid intelligence firm Black Cube more than £1.8m to produce a report that claimed Evolution games were available in black markets such as Iran, Syria and Sudan.

In a response hours later, Playtech said the investigation was done “lawfully” and stood by the decision to commission the report.

The publication, sent to regulators and media by law firm Calcagni & Kanefsky LLP, wiped billions off Evolution’s share price at the time.

Commenting on the matter, Carlesund said: “Four years ago, a defamatory and false report on Evolution was published and disseminated, that caused substantial harm to the company and its shareholders.

“As a result of a lengthy legal process to identify the source of this report, we now know that Playtech, a competitor of ours, paid Black Cube, a controversial intelligence firm, to produce the report.

“At Evolution, we will always go to all lengths to protect our company, our brand, our colleagues and our shareholders.

“Whether it is our efforts to fight cyber criminals in Asia, the resolution of the Georgian strike, or the action we are taking against Playtech and their associates who sought to harm Evolution, we will deploy whatever time, effort and money necessary to defend our firm and its exciting future.

“We are dedicated to setting a strong course for our company and our industry, and you can count on us to continue doing so.”

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