Evolution AB (publ)

Evolution AB (publ)

EVGGF
Evolution AB (publ)US flagOther OTC
75.63
USD
+0.23
- -
14.97BMarket Cap
2013 Y
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
0.22
0.28
0.43
0.64
0.99
1.36
2.02
3.05
5
6.83
8.42
9.84
10.19
10.61
Basic EPS, GAAP
0.04
0.07
0.11
0.18
0.35
0.46
0.83
1.55
2.83
3.95
5.01
5.94
5.24
5.86
Free Cash Flow per Basic Share
0.02
0.05
0.07
0.05
0.23
0.37
0.81
1.52
2.51
3.66
5.03
5.56
5.52
5.52
Dividend per Share
0.02
0.03
- -
0.06
0.09
0.18
0.24
0.41
0.68
1.42
2
2.67
2.82
2.77
Book Value per Share
0.05
0.11
0.22
0.33
0.59
0.87
1.46
2.52
3.76
5.96
8.44
8.64
8.88
7.37
Tangible Book Value per Share
0.06
0.1
0.19
0.27
0.52
0.78
1.35
0.92
1.15
1.89
4.53
4.79
5.05
3.51
Basic Weighted Avg Shares
175
175
180
180
180
180
181
184
214
213
214
210
203
206
Sales/Revenue/Turnover
39
49
76
115
178
245
366
561
1,069
1,457
1,799
2,063
2,067
2,190
Operating Margin (%)
22.26
26.97
27.61
30.2
37.49
36.46
43.05
53.41
61.19
62.34
63.53
61.49
58.34
61.51
Depreciation Expense
3
4
6
10
14
18
25
33
81
100
125
142
160
151
Net Income, GAAP
7
12
20
32
62
83
150
285
605
843
1,071
1,244
1,062
1,209
Effective Tax Rate (%)
9
7.66
4.97
8.35
6.8
6.57
4.8
4.71
6.5
6.97
6.77
13.55
14.79
13.68
Profit Margin (%)
18.49
24.93
26.23
27.49
34.83
34.01
40.94
50.72
56.65
57.89
59.54
60.3
51.39
55.2
Working Capital
5
12
26
32
69
106
191
131
439
683
1,161
903
824
605
LT Debt
- -
- -
- -
7
7
6
15
38
53
65
66
77
73
74
Total Equity
14
24
44
64
110
162
281
2,726
3,191
3,460
4,006
3,972
4,076
3,729
Return on Invested Capital (%)
47.05
55.04
51.28
45.05
51.87
45.52
49.74
17.19
19.16
23.17
25.55
23.07
20.02
25.85
Return on Capital (%)
79.9
85.77
69.25
59.87
68.97
60.6
66.42
71.3
87.86
76.28
66.55
66.03
56.21
75.82
Return on Common Equity (%)
79.9
85.77
69.24
64.68
75.57
63.77
71.32
78.39
95.61
81.28
69.69
68.89
58.82
80.06

Capital Structure

FRC

in mil. unless spec.
Dec'24
Mar'25
Jun'25
ST Debt
16
17
16
LT Borrowings
- -
- -
- -
LT Finance Leases
77
76
74
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
207
204
203
Market Capitalization
15,468
14,217
13,875

Working Capital

FRC

in mil. unless spec.
Dec'24
Mar'25
Jun'25
Total Current Assets
2,006
2,243
1,574
Cash, Cash Equivalents & STI
801
958
495
Accounts Receivable, Net
409
391
425
Inventories
9
- -
- -
Total Current Liabilities
1,103
1,238
969
Payables & Accruals
- -
- -
- -
ST Debt
16
17
16
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
115.22%
8.61%
2.63%
Free Cash Flow
79.4%
36%
-3.77%
Net Income, GAAP
53.86%
36.11%
-14.62%
Sales/Revenue/Turnover
41.09%
33.02%
0.17%
Total Cash Common Dividend
- -
54.74%
2.37%

Quarterly Revenue

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
501
508
519
625
2,063
2025
521
524
566
- -
2,067
2026
513
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
1.27
1.28
1.57
1.83
5.94
2025
1.24
1.22
1.54
- -
5.24
2026
1.26
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
2.65
- -
- -
2.67
2025
- -
2.81
- -
- -
2.82
2026
- -
- -
- -
- -
- -

Company Description

APIChat
CEO
Martin Carlesund
Full Time Employees
16,368
Sector
Consumer Cyclical
Industry
Gambling, Resorts & Casinos
Address
Vasagatan 16 Stockholm Sweden 111 20
IPO Date
Jan 16, 2020
Business
Evolution AB (publ) (EVGGF) develops, produces, markets and licenses fully integrated B2B online casino solutions, including live casino games, live game shows, slots and related software, to gaming operators worldwide; core offerings encompass casino and live games shows under the Evolution and Ezugi brands, online casino solutions under the NetEnt brand, and casino games with jackpot systems, smart spins bonus management and tournaments gamification under the Red Tiger brand. The company operates studios across Europe, North and South America, serving over 800 customers including tier-1 online operators and land-based casinos, with a focus on the fast-growing live casino segment driven by mobile distribution, market regulation and product innovation. Founded in 2006 and headquartered in Stockholm, Sweden, Evolution employs over 22,000 people and maintains a scalable business model emphasizing operational excellence and geographic expansion. Recent developments include ongoing share repurchase programs since May 2025 to optimize capital structure, with acquisitions totaling over 3 million shares by late November 2025; extension of the merger agreement with Galaxy Gaming through July 2026 to enhance land-based and online capabilities pending regulatory approvals; and new product launches such as Red Baron crash game, Always 9 Baccarat, Lightning Bac Bo, Fireball Roulette and Red Door Roulette in Spain.

Company News

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