Good morning, everyone. Welcome to the presentation of Evolution's interim report for the third quarter of 2026.

My name is Martin Carlesund and I'm the CEO of Evolution. With me, I have our CFO, Joakim Andersson, as usual.

I will start with some comments on our performance and then hand over to Joakim for a closer look at our financials. After that, I will conclude and then we will open up for questions.

Next slide, please. Let's start with the highlights.

Net revenues were €526.1 million, corresponding to a year-on-year increase of 3.7% and a quarter-on-quarter increase of 1.6%. Adjusted EBITDA came in at €345.9 million, giving a margin of 65.8%.

Adjustments include the UK Gaming Commission settlement of €5.6 million and the Galaxy Gaming termination fee of €6.5 million. This was an uneventful quarter, which I believe is something good.

On a quarter-on-quarter basis, all regions contributed to growth for the first time since 2024. The margin remains stable and very strong cash flow.

Live revenues increased by 1.3% compared to the second quarter and by 2.6% on a year-on-year basis. RNG reported double-digit growth for the second quarter in a row, up 10.1% compared to last year and 3.2% compared to the second quarter.

Nothing spectacular happened on the operational side. It's business as usual with several game releases, new studio openings, and our everlasting credo of becoming a little bit better every day.

After the end of the quarter, the new, potentially temporary ban on gaming came into force in Brazil, as you know. That will make Q4 not as uneventful, but we don't want to speculate about the final outcome.

We will know more after the second round of the election this weekend. For now, we have closed the studio, but we're ready to reopen on short notice.

It's highly unfortunate that a populistic agenda can overthrow a regulatory framework that has only been in place for 1 and a half year. However, Evolution has the advantage of our global scale and size, and it's not the first time we had to handle the regulatory fickleness of the market.

We now focus on how to handle our employees and the practical consequences as we wait for further clarity. Next slide, please.

Let's look at our operational KPIs, first consisting of headcount and then game rounds. Headcount increased by 8.1% on a year-on-year basis and 2.3% compared to the second quarter.

We launched one more studio in the quarter, our third in total this year and our 27th studio worldwide. We continue to optimize the distribution and cost mix.

The game rounds index can be seen as a general indicator of activity throughout our network over time. We've seen a steady increase over the past quarters and somewhat of a jump in Q3.

Next slide, please. Looking at the revenue mix by customer location, Europe has decreased slightly, while LATAM and Asia have increased compared to Q2.

As a reminder, as we require all our customers to carry a license in a regulated jurisdiction, all our revenues are regulated. The revenue split on our customers' customers, which is an estimation based on the IP number of players received from our customers and per-share third-party geo-information, has not changed compared to Q2.

The same goes for the estimated share of revenue from regulated markets, which remains at 49%. Next slide, please.

Now I will go through each of the major regions based on the estimation of revenue based on our customers' customers' IP number. Europe reported quarter-on-quarter growth of 0.4% and a year-on-year decrease of 4.7%.

It's not exciting, and we should do better. No matter the regulatory situation or low channelization rates, we should do better.

Demand for localized content remains high, and we launched an Italian-language Ice Fishing during the quarter. We also opened a second studio in Lithuania.

Asia increased by 0.8% quarter-on-quarter and by 1.6% year-on-year. It's one small step forward compared to Q2, but you all know that there is no quick solution to the cybercrime issues that we continue to see.

We are playing the long game, and I remain confident that it will pay off. Next slide, please.

Yet again, we achieved all-time high revenues in both North America and LATAM, but now also in Africa. North America reported 13.6% year-on-year growth.

Slots continue to be the dominating game type, and our RNG portfolio performs better. At the same time, Live is slowly finding its audience, and we continue to expand to meet demand.

Earlier this year, we opened our second studio in Michigan, and during the fourth quarter, we will open a fourth studio in New Jersey that also will serve Delaware. We will then have a total of eight operative hubs in the US.

LATAM reported 23.1% year-on-year growth, and it didn't include any effects from the ban in Brazil that came into force early October. If Brazil reopens its market, we're ready to accelerate.

In the meantime, we're planning for further expansion in Colombia, while also building momentum in Argentina with our two studios there. Africa & other continued its strong performance with a 23.7% year-on-year growth.

Next slide, please. Let's look at the products.

In Live, two of the main launches in Q3 were Monopoly Roller and Disco Balls. Both of them have been off to a very good start.

In RNG, we are introducing a new US-focused studio named Spinning Whale. The first game will be available in November, and it will, of course, be distributed through One-Stop Shop.

This exciting new addition will further cater to the preference of the US players. Looking ahead, I want to highlight one title under our Hasbro partnership that will be launched very soon: Game Night.

It will feature a huge money wheel and five bonus games inspired by Hasbro classics, such as Hungry Hungry Hippos and Connect 4. It will be the largest game show in the history of online casino and a truly spectacular game.

Very much look forward to that release. With that, I will hand over to Joakim for a closer look at our financials.

Next slide, please.

Thank you. Let me start with a five-year trend on slide 8.

Looking at the blue bars and our revenue development, it's encouraging to see another quarter added to the positive trend we've established since the low point in Q3 2025. Net revenue amounted to €526.1 million in the quarter.

We reported adjusted EBITDA of €345.9 million, corresponding to a margin of 65.8%. Year to date, our EBITDA margin stands at 65.7%, meaning that we continue to track well against our full-year target of 66%.

Next slide, please. Looking at the more detailed profit and loss statement, I've highlighted three areas this time that I would like to comment on.

First, obviously, as I just said, net revenue amounted to €526.1 million, representing a growth of €8.3 million quarter-on-quarter and a return to positive growth year-on-year at 3.7%. This performance was driven by positive development with the Live portfolio combined with another strong quarter of double-digit growth in RNG.

The second highlight is our cost development. On a reported basis, total operating expenses amounted to €235.9 million.

However, this includes both the settlement fees paid to the UK Gambling Commission and termination and legal costs related to the contemplated Galaxy Gaming acquisition. Together, these items amount to €12.1 million, and when we talk about our adjusted EBITDA, we are excluding these one-off items to provide a more accurate view of the underlying performance, which also improves comparability with prior periods.

Looking more closely at our expenses, you will find that personnel costs show relatively high year-on-year growth, driven primarily by increased headcount of 8% compared to Q3 last year. On a rolling 12-month basis, the increase is more moderate.

The third highlight is earnings per share, which amounted to €1.29 during the quarter, which is 2.4% higher than Q3 last year. However, if you would compare EPS on an adjusted basis by removing the non-recurring items from this quarter, the improvement of EPS is approximately 7.5%, driven primarily by the significant reduction in shares outstanding resulting from our share buyback program.

Next slide, please. Operating cash flow after investments amounted to €334.1 million during the quarter.

Working capital continue to contribute positively, adding €32.5 million. I have commented on the working capital initiatives over the past few quarters, and while further opportunities remain, I'm pleased to see that the increased focus on accounts receivable is delivering tangible results.

As a consequence of the strong operating cash flow, cash conversion was very strong during the quarter, contributing to a rolling 12-month cash conversion of 85%, as illustrated in the graph. I have limited comments on the capital expenditures.

Investment levels remain consistent with the stable trend we've seen over recent quarters, with total investments of €32 million during the period. Next slide, please.

My final slide is, as always, about the balance sheet. I have two comments here.

Total cash and cash equivalents amounted to €656.4 million at quarter-end. The cash balance is now on a slightly lower level as a result of the substantial shareholder distributions we are making via the share buyback program.

As of the 30th of September, we had repurchased 16.9 million shares year to date, corresponding to €1.1 million. We will continue our buybacks through Q4 and Q1, although at a somewhat lower pace than in Q3, as we adjust the pace to align more closely with cash generation.

During the third quarter, we held an extraordinary general meeting to approve the cancellation of treasury shares held at that time. This was necessary because Swedish companies are not permitted to hold more than 10% of their own shares.

In order to continue executing the €2 billion buyback framework, a cancellation of treasury shares was required approximately halfway through the program. The equity amounted to €3.6 billion at the end of the quarter, meaning that despite the significant buybacks completed to date, we continue to maintain a very strong financial position.

That concludes the financial deep dive for this quarter. Back to you, Martin.

Thank you, Joakim. Let's summarize and then move to Q&A.

Q3 2026 has been uneventful, maybe even a little boring, and business as usual. It's a state that I like.

It helps us to focus on things that matter, to continue pushing forward with the best and most innovative and entertaining products, expanding our footprint, creating revenue and cash flow. In Q4, we have the situation in Brazil to deal with, but it's not the first time that a single market undergoes volatility or uncertainty, and I'm sure that it won't be the last time either.

We will continue to see volatility from all parts of the world also going forward. Are Asia cybercrime issues solved?

No. What matters is, once again, to stay focused on the core and recognize the scale of which Evolution runs its business and how stable and good we are in doing that.

Entertainment, user experience, people, getting a little bit better every day, growth, cash flow, cost discipline, and entertainment again—that's the core of Evolution and will continue to be the core. Ready, set, go.

Time for Q4. With that, we thank you for listening, and now we open up for questions.

Next slide, please.

Hi, gentlemen. Just a few questions from me.

The first one's on Live growth. Now you've returned to growth in Live for the quarter, would you say that Ice Fishing has been the key growth driver in Live this quarter?

Because from an outside-in view, Ice Fishing has shown some very, very impressive player growth.

Ice Fishing is probably the largest game in online history, and it's the third time Evolution creates such a great game. Lightning Roulette, Crazy Time, and now Ice Fishing.

It shows what we are doing and what we are aiming to do and what we continuously aim to do. I wouldn't attribute a single quarter to any type of game.

It's the combination of all of our games.

Fair. Then the second one would be on upcoming game launches.

You're launching Game Night soon. As I understand, the setup for the game in the studio is quite complex.

With that in mind, should we expect you to invest more on a game-by-game basis as you continue to develop some of these increasingly complex game shows such as Game Night?

I think that our investment level and on the size we are will remain more or less the same. It's not driven by one specific game or even that we do more complex games.

Game Night is going to be spectacular. It's the biggest game ever made in our history, and probably in online Live history as well.

It's going to be absolute awesome. I wouldn't see it affecting the level of investment, no.

I appreciate that. The final one's on Asia.

Martin, I think you've historically written repeatedly about volatility in the region and, of course, the cyber theft issues in the reports. If I'm not mistaken, this time, you didn't mention it in the report, but you discussed it briefly during this call.

Should we interpret this as you being increasingly confident or satisfied with the measures you've taken? Or should we not read too much into this as it's been quiet for a long time now?

We are working very hard. We're taking long-term steps to protect our product, and I think that we have traction exactly on these technical endeavors that we do, and I'm happy with them.

Exactly how that plays out, there will probably be volatility as we go forward, but we are happy where we are technically.

Thank you so much. That's all for me.

Thanks.

Thank you.

Good morning, guys.

Good morning.

My first question is on the growth. You are at 4% growth.

Is this a realistic number for you aiming for growth in line with market, or do you see it as a sort of exceptional from easy comps over last year?

I would say that the takeaway should be that when we have the opportunity to do business and focus on our core business, we will see good traction and good growth. We don't need tailwind.

We don't need headwind. If we could just be continuing working, then I would assume that we can have good figures also going forward.

Okay. Thanks.

The new games pipeline for 2027, ICE is only a few months away. Can you share any light on games pipelines rolled up for 2027?

We're going to have a spectacular roadmap also for 2027. We are on the late side, as we all know, a little bit with the games because they are super complex, big, and the biggest games we have ever made.

I would say that 2027 will be a spectacular year, not only for what we show on ICE, but also what we release.

Okay. Thanks.

My final question is on the new studio in New Jersey. Do you see demand to ramp it up quickly, or do you think it will be capacity increase?

I wouldn't say slow. Quick is a relative word, but I think that we will see a good ramp-up in medium term.

Okay. Thank you.

Thank you.

Good morning. Three questions, please.

My first one's on the growth in Europe. Obviously, overall, you said you're happy with a stable position across geographies and everything grew quarter-on-quarter, but you did call out that you can do better in Europe and you should do better in Europe, and it does look like there's some market share lost there.

Could you help us understand a little bit on what can drive that? I know you've talked about channelization, but there aren't any huge changes going on right now.

What is it that you think you need to do better in Europe to capture some more of the market growth and get back to a position you were in long before, which was obviously gaining market share?

I think that you will see that if we can just have a couple of stable quarters in Europe where we focus on actually working with our customers and get back from all of these external parameters and regulatory changes and taxes going here or there and whatever, even with the situation we have, if it would be stable, we will see to that we will do better.

Okay. Second one on Spinning Whale.

Is that much of a departure from your previous strategy? You said it's focused on the US.

Does that mean it's focused on low-volatility, land-based-style games? Or are you looking to do something a little bit different there?

Given the success you've had in Live by also acquiring the right IP, is doing some deals around land-based IP something you're considering within that? Just a little bit on the strategy of what you're trying to achieve with Spinning Whale would be appreciated.

We want to do a localized RNG content for our North American business. This is what we are doing with Spinning Whale.

Finally, on the comment on the buyback, you said that you're slowing it to more align with cash generation. That seems like a pretty clear answer, but is it fair to say, then, you're not considering at this time taking on any debt to fund the pace of buyback?

Or is that something that could or might be reviewed as you get to the full year's next year? Thanks.

We have the timeframe to do the buyback, up until Q1 and a little bit more, maybe. We will, of course, manage, and if we can do that without taking up debt, that's good.

It saves money. Of course, that's what we aim to do, and it looks good.

I can just add a quick one, Ed. The capital allocation framework and the kind of leverage targets remain.

We have said that we want to be in a net cash position as kind of standard where we want to stay. That remains.

Thank you.

Thank you.

Thank you.

Good morning, gentlemen. Thank you for taking my questions.

Morning.

The first one just reflects your game rounds index up to 20, I think, year-on-year against constant currency growth up around 4%.

Fantastic.

I beg your pardon?

It's fantastic, isn't it?

Yeah. I was just wondering why is not driving through to stronger revenues.

I know you've talked in the past about how it's just a directional indicator, but can you just sort of share some of the drivers around the main mix effects as to how that translates into only 4% constant currency growth? Is it because RNG is much hit?

Is it geographic effects, or are there other things going on? That's the first question.

Thanks.

It's a directional indicator. You could see that it indicates how well our games are doing right now and how many plays them.

There are so many parameters that affects the revenue and when the revenue drops down. It's about which markets that are growing, what type of traction, what type of bet levels you have there, and so on and so on.

Over an eternal time, of course, there is almost a one correlation between how the activity in the network and the revenue comes out. That's over a very long time period.

Quarter-on-quarter, even a couple of quarters, there's not that relation.

Okay. There's no change in the underlying take rates that you have agreed with your main customers?

That's a good question, but no, we don't see any major price pressure or that type of situation, no.

Great. Then my second question is just with respect to the improvement in momentum you're seeing in Asia.

How much of that would you attribute to easing pressures around player currency headwinds versus underlying participation and incremental steps you've taken or not taken since the last quarter with respect to actions around video piracy? Thank you.

I can't go down into that level. I'm happy, as I said, with the technical achievements that we do, and it's a long-term play.

I believe in what we do, but it will take some time. I'm quite happy where we are right now.

Then just the last brief question is just with respect to Brazil. I know it's not a huge part of the total group, but what proportion of the cost base there are you able to mitigate near term?

Can you just confirm that group-level margin targets for stability for the full year are achievable in spite of the fact that probably generate zero revenue from the region for this entire quarter? Thank you.

I will only comment from the margin perspective because I don't want to go into what happens and what we're going to use where and what we don't even know if we're going to open again. Our margin guidance for the full year remains, in line with last year.

That remains. There's no change in that.

Very clear. Thank you.

Thank you.

Hi, morning, everybody.

Good morning.

My first question is one for Joakim on the accounts receivable. This quarter, obviously, you've seen another reduction in the accounts receivable of close to €30 million.

You've said that opportunities still remain. Just would like to understand, obviously, you've been talking about these working capital efficiency initiatives and they've been coming through since the end of last year.

How much more is there really still to go, or is the bulk of that sort of working capital done now?

We started to talk about this in, I think, Q3, Q4, and more so in Q4 when it was at a very high level. Then we said that we are following it.

We're not worried. We understand what it is.

Then I think we talked about that we have in the past maybe let our customers use us as kind of a bank to finance their operations and their working capital, which we are not doing any longer.

Being more disciplined in the kind of invoicing process, getting the invoices out on time and correct, and then chasing, making sure that customers are paying us when they should. That is really what we have done.

It's no magic there. That has led to these improvements the last couple of quarters, Q1, Q2, and also now Q3.

Is there more to do? Yes, as I said, and there's more to do.

We don't want any invoice to be late. It should be paid on time, and there are still some overdue.

Got it. Then on Brazil, just for my understanding, I had never understood that country was geofenced in any way.

Is it the case that your Brazilian revenues go down to zero in the fourth quarter, or will there still be some revenues in Brazil despite the studio closure in the fourth quarter?

There is no ring-fencing there.

Okay. Then the final question I had was just targets, obviously, include your medium-term targets that you're going to grow at least in line with the market in your regions for both Live and RNG.

Do you think you're achieving that this year? Would seem probably so for RNG.

Maybe there are some pockets in Live, some regions where you don't think you're achieving growth in line with the market. If you could just give us some sense of how you're doing against that target would be really useful.

Sorry, it broke up for me the first little part. Ask again, please.

Oh, one of your targets is to grow in line with the market in your regions for both Live and RNG. Just wondering if you think you're achieving that in all your regions this year.

I think there is more to do on that. I think that there are markets that we can do better, like in Europe right now.

We have to look at it in a little bit longer-time perspective than a quarter-on-quarter and so on. There's more we can do.

Understood. Very clear.

Thank you.

Thank you.

Yeah.

Good morning and thanks for taking my questions.

Good morning.

Good morning. Just three from me, very quickly.

You've talked about your FX headwind have affected top-line growth in prior quarters. Just wondering if you've got any comment in terms of what sort of headwind you've experienced to revenue growth this quarter?

In the end of the quarter, we had a clear headwind in Brazil. It didn't really start until the 5th of October, but that's a typical headwind.

Sorry, is that a headwind in an operational sense or from an foreign currency perspective, which is what I'm asking about?

I don't have any details on a specific headwind in currency or operational. I think that we are coming out of a quarter with a very good operational, quite stable situation.

We're happy with that. All our regions is growing, contributing to growth.

Some of them are actually growing very well. In a combined situation, I don't have any typical headwinds.

It's more stable.

Understood. Just on the Brazil and Monique's question there, just following on from that and the studio closure, given that there's no ring-fencing, would you say that there's still a net positive for you, given what has happened in terms of your ability to still service the market via operators licensed from elsewhere?

I think that everyone is flabbergasted about the situation in Brazil and that it's a total negative for anyone in this business that it happens in this way.

Understood. Thanks.

Just, lastly, a bit of a philosophical one. You've done a great job this year of clearing up a lot of the share price overhangs in 2026.

By that, I mean the UKGC settlement and walking away from Galaxy, congratulations on that. That's certainly helped the share price, well done.

I guess, in my mind, the largest overhang still seems to be the defamation suit against Black Cube. Recent feedback from investors seems to suggest that you're open to potentially settling the suit there, but Playtech is less so.

Yet, if you drop the suit, given that you're the plaintiff, that overhang is gone. Can you confirm that that's indeed the case and you are indeed open to settling that and removing that overhang?

We are in a full lawsuit with them and that will continue as we go forward. I have no comments in other direction.

We're doing everything we can, and now there's new steps taken every day, I would say.

Understood. Thanks very much.

Thank you.

Thank you very much. Good morning, everyone.

Good morning.

Hello. Couple of questions, if you wouldn't mind.

I noticed the headcount picked up in the third quarter. Can you comment a bit about what's behind this?

Should we view that as perhaps an encouraging sign for your expectations for top-line growth in the future? Then second question, have you made any progress around AI and the potential rollout of AI live dealers as a potential substitute to your current studios?

Then, very sorry to come back again to Brazil, it wasn't quite clear to me if you were saying or not that we should expect that Brazilian revenue in Q4 should go to zero given the closure of the studio or whether you would still generate revenue from selling to operators which are potentially not licensed in the market.

Okay. Let's start with the end, and then we'll go backwards.

The only comment I had is that we have to monitor the situation in Brazil. No one really knows what will happen.

It could be reopened again. It's a negative, of course, that it's closing down in this way that it is in the middle of a presidential campaign.

We were very happy with the regulation. The country as such is not ring-fenced, and we will see what will happen with the players.

When it comes to AI, we're really working hard with AI in the whole group, evaluating where we can make really good progress with it and how we can replace functionality. I want AI injections which I stated over the year.

You need to look at where you can gain something from AI and you really push efficiency and other. We're happy with the progress of that.

AI dealer is a possibility. We're looking into that as have been looking into that.

We'll see where we come with that. It's like an RNG Live game.

It's a complement. I don't think that it will take over Live as some people ask, but we are looking into that as well.

The first question, what was that? Now I didn't remember.

Headcount.

The headcount. Don't read too much into the headcount.

It's a little bit like the bet spots, but yes, of course, we are aiming and pushing and we want to do better. Of course, that comes out of that.

We're having a better cost mix as well.

Thank you.

Thank you.

Hi, good morning and thanks for taking my questions. I'll start with Africa & other, which delivered a strong quarter.

What are the key drivers behind that growth and how sustainable do you think that trajectory is?

The key driver is hardcore, focused business as usual and good work from the region. It's a rather small region and it's rather volatile.

I think that 24% or in the 23%—20-plus percent growth is a very good growth, and you have to look at it in a longer time period and then you will see it fluctuate a bit.

Perfect. Thank you.

Then just a question on Brazil again, if I may. We've seen instances historically when regulatory change initially created some revenue volatility for you, but soon stabilized.

India comes to mind in Q3 and Q4 last year. Is that a reasonable framework for Brazil today, or is this situation different?

I think that this situation is new where it's so abrupt and it's regulated, and the operator has paid for a five-year license, and so on. It's very difficult to say where we will end up.

We're working on it, and I try to do everything we can for our employees and everyone on the ground, but it's difficult to say.

Okay. Thank you.

My last question is just on capital allocation and shareholder return. You've had a lot of success with going 100% buybacks this year.

With that in mind, how do we think about capital allocation in the years to come?

I think that we are very happy with the capital allocation this year. I'm happy with the way that we did it.

I know there was a lot of frustration about the timing. I think it came out very well in the end, which I also emphasized there.

We will be better in time with what we will do next year. That's the only thing I can do.

We're happy with what we've done so far this year, and we will continue and be in better time in this year.

Thanks very much for taking my questions.

Thank you.

Yes, hi, guys. Thank you for taking my question.

Hi.

Good morning.

Can I just come back just briefly to the previous question? Given the extremely high margins you have and a very strong cash flow, why is it that you want to run this with a net cash balance sheet?

It seems a bit inefficient to me.

That could be a financial question to the CFO, but the actual answer is that we are in a volatile situation in online gaming. A lot of things happen, and we want to push forward, and we want to be free to make the investment we need, and we want to be self-sustained.

Over time, we're taking the decision to be net cash positive and know that.

Okay. Fair enough.

Second question is what I guess everybody is trying to get their heads around is on the cost side in Brazil. If we're to just take any business or Evolution overall, what would you say is the variable cost, typically, of your costs?

I think that we have a fantastic business model, and I think that we as a company are super fast in acting whenever there are circumstances changing to adjust our cost base. Our variable cost in Evolution, due to the great managers that I have in the company, which I'm lucky to have in the company, are fast, agile, and to the point.

It's very hard for me to put a percentage to it, but I think we are fast in adopting and we're fast in adjusting.

Fair enough. Thank you so much.

Thank you.

Hi, good

morning.

Just one quick question from my side with respect to the temporary closure of the Brazilian studio. Could you maybe help us understand better what sort of impact that could have on markets outside of Brazil?

On markets? Sorry, I didn't get that.

In terms of the studio providing or other geographies outside of Brazil, other Portuguese-speaking countries, is there a way to understand what sort of impact the closure could have?

No, that would be at the moment marginal.

Okay. Thank you.

Thank you.

Hi. Thanks for taking my question.

Just a quick one, following up from Andrew's one on the Playtech and spectrum. In the report, it mentions that you take some revenue from what they consider prohibited markets.

Could you say what proportion of revenue of yours is taken from these markets which are prohibited? I know the DGE is, but I'd be interested to know, yeah, what proportion are from, yeah, prohibited markets.

Thank you.

No, I don't comment on that.

Fair. All my other questions have been answered.

Thank you.

Thank you.

Okay. Thank you, everybody.

Nice to speak to you all. Look forward to see you again in I guess, a little bit over a quarter because then the next time it would be 2027.

Thank you.