Evolution AB

Evolution AB

69.70
EUR
+0.60
(+0.87%)
5.29EPS
11.74P/E
12.05BMarket Cap
Oct 23Next Earn
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
10.6
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
5.29
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
5.1
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
2.86
Book Value per Share
0.08
0.14
0.24
0.36
0.61
0.9
1.55
12.84
14.97
16.23
18.76
19.23
20.46
21.82
Tangible Book Value per Share
0.06
0.1
0.19
0.27
0.52
0.78
1.35
0.79
1.15
1.89
4.53
4.86
5.14
6.45
Basic Weighted Avg Shares
175
175
180
180
180
180
181
184
214
213
214
210
203
200
Sales/Revenue/Turnover
39
49
76
115
178
245
366
561
1,069
1,457
1,799
2,063
2,067
2,121
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
58.82
Depreciation Expense
3
4
6
10
14
18
25
33
81
100
125
142
160
167
Net Income, GAAP
7
12
20
32
62
83
150
285
605
843
1,071
1,244
1,062
1,058
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
15.17
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
49.9
Working Capital
5
12
26
32
69
106
191
131
439
683
1,161
903
824
1,107
LT Debt
- -
- -
- -
7
7
6
15
38
53
65
66
77
73
71
Total Equity
14
24
44
64
110
162
281
2,726
3,191
3,460
4,006
3,972
4,076
4,234
Return on Invested Capital (%)
42.9
55.04
51.27
45.05
51.87
45.52
49.74
17.19
19.16
23.17
25.55
25.82
20.88
19.95
Return on Capital (%)
52.22
64.06
59.32
54.95
65.58
58.39
63.16
18.54
20.15
24.94
28.21
30.66
25.92
24.61
Return on Common Equity (%)
52.22
64.06
59.32
58.94
71.5
61.33
67.57
18.93
20.46
25.36
28.68
31.19
26.39
25.14

Capital Structure

EUR

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
18
18
20
LT Borrowings
- -
- -
- -
LT Finance Leases
73
71
71
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
199
199
194
Market Capitalization
11,707
10,093
12,053

Working Capital

EUR

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
2,076
2,427
2,174
Cash, Cash Equivalents & STI
818
1,087
1,143
Accounts Receivable, Net
447
440
407
Inventories
11
- -
- -
Total Current Liabilities
1,251
1,374
1,067
Payables & Accruals
- -
- -
- -
ST Debt
18
18
20
Deferred Revenue
- -
- -
- -

Growth Rates

EUR

•

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

EUR

•

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
518
- -
- -
- -

Quarterly Earnings Per Share

EUR

•

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
1.27
- -
- -
- -

Quarterly Dividends Per Share

EUR

•

in mil. unless spec.

Year

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

Company Description

CEO
Martin Olof Carlesund
Full Time Employees
16,243
Sector
Technology services
Industry
Packaged software
Address
Vasagatan 16 Stockholm OR Sweden 111 47
IPO Date
Mar 20, 2015
Business
Evolution AB (publ) (EVO.ST) develops, produces, markets and licenses fully integrated B2B online casino solutions to gaming operators worldwide; core offerings encompass live casino games, live game shows, slots, RNG-based table games and first-person titles delivered via brands including Evolution, NetEnt, Red Tiger, Big Time Gaming, Nolimit City, Ezugi, DigiWheel and Livespins; specific products feature innovative live titles such as Lightning Bac Bo, Fireball Roulette, Crazy Time and MONOPOLY Live alongside RNG slots with mechanics like Megaways, high-volatility games and engagement tools including progressive jackpots, Smart Spins and Tournaments. Founded in 2006 and headquartered in Stockholm, Sweden, the company operates studios across Europe, North America, Latin America and other regions, serving over 800 customers including tier-1 operators and land-based casinos in regulated markets; it employs more than 22,000 people and maintains a scalable platform focused on operational excellence, product innovation and expansion into new geographies. Recent developments include the extension of its merger agreement with Galaxy Gaming through July 2026 to advance the acquisition of side-bet products and table games announced in 2024; new product launches such as Red Baron crash game, Red Door Roulette in Spain, Insurance Baccarat and Marble Race; and an exclusive partnership extension with PlayStar for live casino in New Jersey, alongside ongoing share repurchase programs to optimize capital structure.

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