Key Moments:
- Evolution reported €507.1m in Q3 2025 revenue, a 2.4% decrease year-on-year
- Revenue from Asia dropped 6.5% to €189.1m due to intensified cyber threat responses
- RNG revenue increased 4.1% to €75.5m, outpacing Live Casino revenue growth for the first time
Q3 2025 Performance Overview
Evolution has experienced a downturn in its Q3 2025 financial results, reporting revenue of €507.1m, representing a 2.4% decrease compared to the previous year. After steady growth in other regions, ongoing difficulties in Asia had a pronounced impact, overshadowing gains in Europe, North America, and Latin America.
Asia Market Disruptions Undercut Gains
The company faced significant challenges in Asia, primarily due to increased cyber threats and stricter regulatory dynamics. CEO Martin Carlesund specified that the company’s defensive actions against cyber-criminal activity in the region not only failed to deliver the desired results but also unintentionally limited legitimate player activity. He stated, “We have not been satisfied with the growth so far this year. Unfortunately, revenue development in Asia is still very far from satisfactory.”
Revenue from Asia dropped 6.5% year-on-year to €189.1m. Carlesund reflected on the operational strategy, “Within the quarter, we did too much, causing loss in revenue. If we do too little, we lose to the pirates. Towards the end of the quarter, we found a better balance.”
At constant currency, total company revenue showed a 3.9% increase, yet adjusted EBITDA decreased 5.3% to €336.9m, with a margin standing at 66.4% – consistent with Evolution’s full-year expectations.
Very disappointing Q3 from Evolution. Carlesund says they went too far with countermeasures in Asia — massive QoQ drop and no real solution in sight. Other regions up, but Asia drags hard.
Only bright spots seems to be LatAm and RNG growth.
Otherwise, looks really rough. $EVO pic.twitter.com/aUvoCUj5OW
— M1 (@M1nvest) October 23, 2025
RNG Growth Surpasses Live Casino for First Time
For the first time, revenue growth from Random Number Generator (RNG) games surpassed that of Live Casino. Live Casino revenue fell 3.4% to €431.7m, while RNG revenue rose by 4.1% to €75.5m. This performance was driven by 22 new RNG titles and contributions from the Nolimit City brand, as well as the launch of the Sneaky Slots brand.
On the Live Casino side, Evolution introduced Ice Fishing, described as its first “speed game show,” and reported strong player engagement in the early stages following its launch.
| Segment | Q3 2025 Revenue (€m) | Year-on-Year Change |
|---|---|---|
| Total Revenue | 507.1 | -2.4% |
| Asia Revenue | 189.1 | -6.5% |
| Live Casino | 431.7 | -3.4% |
| RNG | 75.5 | +4.1% |
| Adjusted EBITDA | 336.9 | -5.3% |
Regulation, Compliance, and Legal Developments
With escalating regulatory and legal pressures, Evolution’s management emphasized commitment to transparency and compliance. Carlesund underlined, “We always want to do what is right,” citing decisions such as restricting sweepstakes operations in certain U.S. jurisdictions following regulatory changes in California. The share of revenue from regulated markets now stands at 46%, highlighting the company’s increased focus on legal compliance.
Carlesund further confirmed that Playtech was responsible for a 2021 intelligence report related to the company. He remarked, “We will go to all lengths to protect our brand and shareholders.”
Looking Forward
Despite short-term volatility, Evolution aims to stabilize its position in Asia, continue expanding its RNG offering, and reinforce its standing in regulated markets. The company’s forward-looking strategy is centered on navigating cyber security challenges, fostering innovation, and maintaining regulatory rigor.
- Author
Daniel Williams
