1) Q3 2026 Performance Overview - Net revenues reached EUR 526.1 million, up 3.7% YoY and 1.6% QoQ. - Adjusted EBITDA was EUR 345.9 million, with a margin of 65.8%. - All regions contributed to growth for the first time since 2024, with live revenues increasing by 1.3% QoQ and 2.6% YoY. - RNG reported 10.1% YoY growth, marking its second consecutive quarter of double-digit growth.

2) Regional Insights and Growth Drivers - Europe: Experienced a 0.4% QoQ growth but a 4.7% YoY decline. Localized content demand remains high, with new game launches like Ice Fishing. - North America: Achieved 13.6% YoY growth, with slots dominating the game type. Expansion continues with new studios in Michigan and New Jersey. - LatAm: Reported 23.1% YoY growth, unaffected by the recent gaming ban in Brazil, with plans for further expansion in Colombia and Argentina. - Africa: Strong performance with 23.7% YoY growth, attributed to consistent operational focus.

3) Challenges and Regulatory Environment - A new gaming ban in Brazil took effect post-Q3, leading to studio closures and potential revenue impacts in Q4. The company is prepared to reopen on short notice. - Regulatory uncertainties and low channelization rates in Europe are seen as barriers to capturing market growth, with management expressing a need for stability to improve performance.

4) Operational and Product Developments - Headcount increased by 8.1% YoY and 2.3% QoQ, indicating a focus on growth and operational capacity. - New game launches include Monopoly Roll’em and Disco Balls, with a significant upcoming title, Game Night, expected to be a major highlight. - The introduction of the Spinning Whale studio aims to cater to the U.S. market, focusing on localized RNG content.

5) Guidance and Future Outlook - Management remains optimistic about maintaining strong EBITDA margins, targeting 66% for the full year. - The company is committed to its share buyback program, having repurchased 16.9 million shares year-to-date, while maintaining a net cash position. - Future growth is anticipated, contingent on stabilizing regulatory environments and successful game launches.

Bottom line: Evolution's Q3 2026 results reflect stable growth amidst regulatory challenges, with strong performance in North America and LatAm. The company is well-positioned for future growth, but must navigate the evolving landscape in Brazil and Europe to sustain momentum.