Evolution AB: Comprehensive Corporate Profile and Financials

Quick Facts / Company Snapshot

• Company Name: Evolution AB (publ)
• Stock Ticker: EVO (Nasdaq Stockholm Large Cap)
• Headquarters: Stockholm, Sweden
• Total Operating Revenues (2024): €2,214.1 million
• Net Revenues (2024): €2,063.1 million
• Operating Profit (EBIT) (2024): €1,419.6 million
• Operating Margin (2024): 64.1%
• Adjusted EBITDA (2024): €1,410.7 million
• Adjusted EBITDA Margin (2024): 68.4%
• Profit for the Year (2024): €1,244.0 million
• Earnings Per Share (Basic): €5.94
• Proposed Dividend Per Share: €2.80
• Total Employees: 21,252 (15,381 Full-Time Equivalents)
• Number of Live Tables: Over 1,700
• New Game Launches (2024): 109 titles
• Global Studios: 21 locations including hubs in Latvia, Georgia, Malta, and the USA
• Key Acquisition (2024): Livespins (Completed), Galaxy Gaming (Agreement signed)

Company Overview

Evolution AB is a world-leading B2B provider of online casino solutions, specializing in the development, production, marketing, and licensing of fully integrated live casino and slots solutions to gaming operators. The company does not conduct any gaming operations of its own; instead, it operates purely as a software and service provider. Evolution’s mission is to make operators successful and provide an excellent gaming experience for their end-users. The company’s vision is to be the leading online casino provider in the world.

The core of Evolution’s offering is its live casino platform, where game presenters (dealers) run games from casino tables that are streamed in real-time via video to end-users on devices such as computers, smartphones, and tablets. This platform covers all aspects required by a gaming operator, ranging from recruitment and training of game presenters to streaming, production, supervision, customer services, and follow-up.

In addition to live casino, Evolution has expanded its portfolio to include Random Number Generator (RNG) games and slots. The company creates games with high entertainment value, delivered through a scalable business model. Evolution’s customers include the majority of the largest online gaming operators in Europe and North America, as well as land-based casinos transitioning to online offerings. The company operates production studios in multiple global locations, serving as hubs for its operations.

Evolution creates economic value through its operations for shareholders, employees, suppliers, and society. The company aims to increase the gap with competitors and grow faster than the global online casino market. In 2024, the company strengthened its position through the launch of 109 new games and the expansion of its global infrastructure.

Business Segments

Evolution operates primarily through two revenue-generating segments based on its product offerings: Live Casino and RNG (Random Number Generator). The company considers itself to consist of a single operating segment—the provision of solutions for online casino and associated services—but breaks down revenue by these two main product categories.

1. Live Casino

• Revenue (2024): €1,775.7 million
• Percentage of Total Net Revenue: 86.1%
• Operational Scope: This is the core of Evolution’s business and its fastest-growing segment. It involves the real-time streaming of traditional and innovative casino games from production studios. The portfolio includes classic table games such as Roulette, Blackjack, and Baccarat, as well as a growing category of “Game Shows.” Game shows combine live casino elements with RNG and augmented reality technology to attract a broader audience. The segment generates revenue primarily through commission fees calculated as a percentage of the operators’ winnings generated via the offering. It also includes fees for dedicated tables, which are monthly service charges for operators who opt for exclusive tables customized to their brand and requirements. Live Casino revenue grew by 16.6% compared to 2023.

2. RNG (Random Number Generator)

• Revenue (2024): €287.4 million
• Percentage of Total Net Revenue: 13.9%
• Operational Scope: The RNG segment comprises the development and licensing of slots and RNG table games. This segment includes the portfolios of acquired brands such as NetEnt, Red Tiger, Big Time Gaming (BTG), and Nolimit City. The offering includes “First Person” games, which are RNG-based recreations of live casino titles with premium 3D rendering. Revenue in this segment is also largely commission-based. Evolution has focused on incremental improvements to processes and high-quality game releases to drive growth in this area. In 2024, the RNG segment showed steady improvements and increasing momentum.

History and Evolution

Evolution was founded in 2006 with the aim of setting the standard for online live casino gaming. Since its inception, the company has paved the way for the development of the online casino segment globally.

• 2006: Foundation of Evolution.
• 2015: Listing on Nasdaq First North Premier exchange on March 20. IPO marked the adoption of a dividend policy to distribute a minimum of 50% of net profit over time.
• 2017: Listing on the main market of Nasdaq Stockholm in June. Launch of the first game show, “Dream Catcher,” revolutionizing the live casino domain.
• 2020: Acquisition of NetEnt and Red Tiger, expanding the product offering into slots.
• 2021: Launch of “One Stop Shop” (OSS) integration for NetEnt and Red Tiger games.
• 2022: Acquisition of Big Time Gaming and Nolimit City, further strengthening the slots portfolio.
• 2023: Acquisition of Livespins, adding social streaming capabilities.
• 2024:
  • Celebrated the launch of 109 new titles.
  • Acquired Livespins and Arcadia Gaming Solutions.
  • Entered into an agreement to acquire Galaxy Gaming (closing expected mid-2025).
  • Opened new studios in the Czech Republic and Colombia.
  • Began construction on new studios in New Jersey and Michigan.
  • Entered the Delaware market, the sixth US state to open for online casino.
  • Published a new Capital Allocation Framework.

Throughout its history, Evolution has maintained a strategy of product innovation, operational excellence, and customer optimization to expand its market lead.

Products and Services

Evolution offers a world-leading online casino portfolio delivered through its “One Stop Shop” (OSS) platform. This single integration point allows operators to access games from all Group brands.

1. Live Casino Games

• Revenue Contribution: Included within the €1,775.7 million Live Casino segment revenue.
• Description:
  • Classics: Traditional table games including Roulette, Blackjack, and Baccarat. These remain the bedrock of the portfolio.
  • Game Shows: A category defined by Evolution involving unique entertainment formats. The 2024 headliner was “Lightning Storm,” described as the biggest and most ambitious live game show ever created. Other titles include “Crazy Time,” “Funky Time,” and “Stock Market.”
  • Variants: Innovative twists on classics, such as “Lightning Roulette,” “Infinite Fun Fun 21 Blackjack,” and “Super Speed Baccarat.”

2. RNG and Slots

• Revenue Contribution: Included within the €287.4 million RNG segment revenue.
• Description:
  • First Person Games: RNG-based recreations of live titles (e.g., First Person Lightning Roulette) with a “GO LIVE” button to transport players to the live version.
  • Slots: A vast library of video slots featuring unique mechanics and IP. Key 2024 releases included “Starburst Galaxy” (NetEnt), “Primate King Megaways” (Red Tiger), “Punk Rocker 2” (Nolimit City), and “Fizzy Pennyslot” (Big Time Gaming).

3. Other Services

• Revenue Contribution: Included in Total Operating Revenues but distinct from Net Revenue. (Other operating revenues in 2024 amounted to €151.1 million, primarily related to reduced earnout liability).
• Description:
  • Dedicated Tables: Customized tables and environments reserved exclusively for specific operators.
  • Setup and Integration: Fees for launching new customers or integrating new solutions.
  • One Stop Shop (OSS): A unified platform enabling single integration, a unified back office, and shared promotional tools across all brands.

Brand Portfolio

Evolution manages a diverse portfolio of distinct brands, each catering to different player preferences and market segments.

1. Evolution

• Focus: The primary brand for Live Casino and Game Shows.
• Key Offerings: Live Roulette, Blackjack, Baccarat, Poker, and major Game Shows like “Lightning Storm” and “Crazy Time.”
• Revenue Context: The primary driver of the Live Casino segment (€1,775.7 million).

2. NetEnt

• Focus: Premium online slots.
• Key Offerings: Iconic titles like “Starburst” and its 2024 sequel “Starburst Galaxy.” Known for the “Elevate” feature allowing players to pay extra for special features.
• Revenue Context: A major contributor to the RNG segment (€287.4 million).

3. Red Tiger

• Focus: Innovative slots with daily jackpots and engagement tools.
• Key Offerings: “Primate King Megaways,” “Piggy Riches 2 Megaways,” and “777 Super Strike.”
• Revenue Context: Contributor to the RNG segment.

4. Big Time Gaming (BTG)

• Focus: Creator of the Megaways™ mechanic.
• Key Offerings: High-volatility slots like “Trigger Happy” and “Panda Money.”
• Revenue Context: Contributor to the RNG segment.

5. Nolimit City (NLC)

• Focus: Distinctive, high-volatility slots with complex mechanics and provocative themes.
• Key Offerings: “San Quentin,” “Kenneth Must Die,” and “Outsourced.”
• Revenue Context: Contributor to the RNG segment; noted for steady growth in its player base.

6. Ezugi

• Focus: Live casino solutions with a focus on specific regional markets and localized content.
• Key Offerings: “EZ Dealer Roulette” and “EZ Arcade” games like “Claw Roulette.”
• Revenue Context: Contributor to the Live Casino segment.

7. Livespins

• Focus: B2B social streaming.
• Key Offerings: “Bet with Streamers” functionality allowing players to bet behind streamers.
• Revenue Context: Acquired in 2024; enables social gaming experiences.

8. Arcadia Gaming Solutions

• Focus: Arcade-style gaming technology.
• Key Offerings: Connected physical arcade machines playable online (e.g., “Coin Pusher”).
• Revenue Context: Acquired in 2024; supports Ezugi’s EZ Arcade line.

Geographical Presence

Evolution operates a global infrastructure to serve regulated markets. Revenues are allocated based on player activity (end-user location) or operator location.

Region-Wise Revenue (2024)

• Asia:
  • Revenue: €802.7 million
  • Percentage of Total Net Revenue: 38.9%
  • Growth: +19.4% year-over-year.
  • Context: The largest region by revenue. Operations faced disruptions due to cyber-attacks in 2024, impacting growth rates.
• Europe:
  • Revenue: €779.0 million
  • Percentage of Total Net Revenue: 37.8%
  • Growth: +9.7% year-over-year.
  • Context: Continued steady growth trajectory.
• North America:
  • Revenue: €257.7 million
  • Percentage of Total Net Revenue: 12.5%
  • Growth: +13.7% year-over-year.
  • Context: Strong momentum with new launches in Delaware and studio expansions.
• Latin America (LatAm):
  • Revenue: €145.5 million
  • Percentage of Total Net Revenue: 7.1%
  • Growth: +13.9% year-over-year.
  • Context: A region of focus with new regulatory frameworks (e.g., Brazil) and studio openings in Colombia.
• Other:
  • Revenue: €78.3 million
  • Percentage of Total Net Revenue: 3.8%
  • Growth: +26.3% year-over-year.
  • Context: Includes Africa and other global territories.

Manufacturing and Office Footprint

Evolution operates 21 studios globally.

• Major Production Hubs:
  • Riga, Latvia: The main production studio for game development, testing, and English-speaking tables. Includes the “Job Shop” for in-house manufacturing.
  • Tbilisi, Georgia: The largest hub, featuring a mix of English-speaking and international teams.
  • Mrieħel, Malta: Focuses on international teams and native language tables for regulated markets like Denmark and Sweden.
• North American Studios:
  • New Jersey, USA
  • Pennsylvania, USA
  • Michigan, USA
  • Connecticut, USA
  • Vancouver, Canada (British Columbia)
• Other European Studios:
  • Kaunas, Lithuania
  • Madrid, Spain
  • Sofia, Bulgaria
  • Prague, Czech Republic (New in 2024)
  • Bucharest, Romania
  • Yerevan, Armenia
• South American Studios:
  • Buenos Aires, Argentina
  • Medellin, Colombia (New in 2024)
• On-Premise Studios (Dual Play):
  • Located in land-based casinos in the UK, Malta, Romania, Spain, and the USA.

Financial Performance Analysis

In 2024, Evolution demonstrated solid financial performance, characterized by double-digit revenue growth and high profitability margins, despite facing external challenges such as cyber-attacks.

• Net Revenues: Increased by 14.7% to €2,063.1 million (from €1,798.6 million in 2023).
• Total Operating Revenues: €2,214.1 million, which includes €151.1 million in other operating revenues related to reduced earnout liability.
• EBITDA: Increased to €1,561.8 million.
• Adjusted EBITDA: Increased by 11.3% to €1,410.7 million.
• Profit for the Year: Increased by 16.2% to €1,244.0 million.

Multi-Year Trend Analysis (5-Year CAGR)

• Revenue Growth: 5-year Compound Annual Growth Rate (CAGR) of 41.3%.
• Market Context: This growth rate exceeds the global online casino market’s 5-year CAGR of 23.1%.

Profit and Loss Analysis

Revenue

• Net Revenues: €2,063.1 million.
• Revenue Sources: Primarily commission fees based on operator winnings and fixed fees for dedicated tables.
• Other Operating Revenues: €151.1 million (non-recurring item related to earnout liability reduction).

Expenses

• Total Operating Expenses: €794.6 million (increased from €655.9 million in 2023).
• Personnel Costs: €437.8 million (55% of costs). The largest cost item, driven by recruitment for operations, IT, and product development.
• Depreciation, Amortization, and Impairment: €142.2 million (18% of costs).
• Other Operating Expenses: €214.5 million (27% of costs). Includes premises, consumables, and communications.

Profitability Metrics

• Operating Profit (EBIT): €1,419.6 million.
• Operating Margin: 64.1%.
• Adjusted EBITDA Margin: 68.4% (slightly below the 2023 margin of 70.5%).
• Profit Margin: 56.2%.
• Effective Tax Rate: 13.5%.

Balance Sheet Analysis

Assets

• Total Assets: €5,346.8 million.
• Non-Current Assets: €3,340.9 million.
  • Goodwill: €2,276.5 million.
  • Other Intangible Assets: €692.4 million.
• Current Assets: €2,005.9 million.
  • Cash and Cash Equivalents: €801.5 million.
  • Accounts Receivable: €409.0 million.

Liabilities

• Total Liabilities: €1,374.9 million.
• Current Liabilities: €1,103.1 million.
• Non-Current Liabilities: €271.8 million.
  • Includes contingent consideration (earnouts) and lease liabilities.

Equity

• Total Equity: €3,971.8 million.
• Equity/Assets Ratio: 74.3% (indicating a very strong financial position).

Debt and Liquidity

• Debt Status: The company describes itself as “debt-free” regarding interest-bearing loans, though it carries lease liabilities.
• Bond Portfolio: Investment in a bond portfolio amounted to €100.8 million.

Cash Flow Analysis

• Operating Cash Flow: €1,301.0 million.
  • Driven by improved profit and strong cash generation from operations.
• Investing Cash Flow: Negative €248.0 million.
  • Includes investments in intangible assets (€71.4 million), property/plant/equipment (€65.3 million), and the bond portfolio.
• Financing Cash Flow: Negative €1,238.1 million.
  • Includes dividend payments of €559.3 million and share repurchases of €678.0 million.
• Free Cash Flow Insights: The company generates strong cash flow, enabling it to fund organic growth, acquisitions, and substantial capital returns to shareholders simultaneously.

Board of Directors and Leadership Team

Board of Directors

• Jens von Bahr (Chairman): Co-founder of Evolution. Elected 2015. Holds 22,400,140 shares through Österbahr Ventures AB (jointly owned with Fredrik Österberg). Not independent in relation to the company or major shareholders.
• Joel Citron (Member): CEO of Tenth Avenue Holdings LLC. Elected 2015. Chairman of the Audit Committee and Remuneration Committee. Independent.
• Ian Livingstone (Member): Executive Chairman of London+Regional Properties Limited. Elected 2015. Independent.
• Fredrik Österberg (Member): Co-founder of Evolution. Elected 2015. Holds 22,400,140 shares through Österbahr Ventures AB. Not independent in relation to major shareholders.
• Mimi Drake (Member): Partner and Practice Leader at Cerity Partners. Elected 2021. Member of the Audit Committee. Independent.
• Sandra Urie (Member): Retired Chairman Emeritus of Cambridge Associates, LLC. Elected 2021. Member of the Audit Committee. Independent.

Group Management Team (During 2024)

• Martin Carlesund: Group CEO. Employed since 2015.
• Jacob Kaplan: Chief Financial Officer (Stepped down post-2024, replaced by Joakim Andersson in Feb 2025).
• Todd Haushalter: Chief Product Officer.
• Sebastian Johannisson: Chief Strategy Officer.
• Louise Wiwen-Nilsson: Chief Human Resources Officer.

Subsidiaries, Associates, Joint Ventures

Evolution has a complex structure of subsidiaries to manage its global operations and IP.

Top Entities by Carrying Value (Parent Company Investments)

1. Evolution Malta Holding Ltd: 100% ownership. Carrying value: €2,630.8 million. This is the primary holding entity for the group’s subsidiaries.

Other Significant Disclosed Entities (100% Ownership)

• Evolution Malta Ltd (Malta)
• Evolution Gaming Malta Ltd (Malta)
• SIA Evolution Latvia (Latvia)
• Evolution Georgia LLC (Georgia)
• Evolution US LLC (USA)
• NetEnt Americas LLC (USA)
• Red Tiger International (IOM) Limited (Isle of Man)
• Big Time Gaming Pty Ltd (Australia)
• Nolimit City Holding Ltd (Malta)
• Ezugi NV (Curaçao)
• Livespins Holding Limited (Isle of Man) – Acquired 2024
• Arcadia Gaming Solutions Ltd (Israel) – Acquired 2024

The company consolidates all subsidiaries, and they contribute to the single business segment. Specific revenue contributions per subsidiary are not itemized in the report beyond the consolidated regional and product segment data.

Physical Properties

Evolution owns and leases significant physical infrastructure to support its 24/7 live operations.

Key Properties

• Production Studios: The company operates 21 studios.
  • Riga, Latvia: Main production hub.
  • Tbilisi, Georgia: Largest hub by volume.
  • Mrieħel, Malta: European hub.
  • USA: Studios in New Jersey, Pennsylvania, Michigan, and Connecticut.
  • Canada: Vancouver.
  • New 2024: Prague (Czech Republic) and Medellin (Colombia).
• Offices: Corporate headquarters in Stockholm, Sweden. Offices in all studio locations plus various tech and commercial hubs (e.g., Estonia, Netherlands, UK, Taiwan).
• Land and Buildings: Carrying value of land and buildings is €20.1 million.
• Construction: Ongoing construction for new studios in New Jersey and Michigan.

Segment-wise Performance

Live Casino Performance

• Revenue: €1,775.7 million.
• Growth: +16.6% year-over-year.
• Drivers: Increased commission income from existing and new customers, launch of new tables, and successful game shows like “Lightning Storm.” The segment continues to see high demand for traditional table games.

RNG Performance

• Revenue: €287.4 million.
• Growth: +4.4% year-over-year (Calculated from €275.3m in 2023).
• Drivers: Steady improvements and momentum heading into 2025. Benefit from OSS integration and new releases from NetEnt, Red Tiger, BTG, and Nolimit City.

Founders

• Jens von Bahr: Co-founder and Chairman of the Board. Previously Managing Director of Oriflame Sri Lanka. Holds a BSc in Business from Stockholm University and an MBA.
• Fredrik Österberg: Co-founder and Board Member. Previously CEO of Sportal Nordic. Holds a BSc in Business Administration and Economics from Stockholm University.

Both founders remain active on the board and are major shareholders through their joint investment company, Österbahr Ventures AB.

Shareholding Pattern

As of December 31, 2024:

• Capital Group: 15.7% (Largest shareholder)
• Österbahr Ventures AB: 10.6% (Founders’ vehicle)
• Spring Mountain Investments Ltd (Kenneth Dart): 10.1%
• Vanguard: 3.5%
• BlackRock: 3.5%
• Richard Livingstone: 1.9%
• Norges Bank Investment Management: 1.5%
• Total Number of Shareholders: 91,730
• Foreign Institutional Ownership: 41.6% of capital.
• Holding of Own Shares: 2.5% (5,270,961 shares).

Parent

Evolution AB (publ) is the ultimate Parent Company of the Group. It is a holding company formed in December 2014 and listed on Nasdaq Stockholm. The parent company’s operating revenues for 2024 were €15.7 million, consisting primarily of internal Group services. It reported a profit for the year of €1,316.1 million, largely due to dividends received from its Maltese subsidiary (€1,447.3 million).

Investments and Capital Expenditure Plans

Evolution continues to invest heavily to support its expansion and product innovation.

• Total Capex (2024):
  • Intangible Assets: €71.4 million (Development of new games and platform improvements).
  • Property, Plant, and Equipment: €65.3 million (New studio space, gaming tables, servers, and studio equipment).
• Strategic Priorities:
  • Capacity Expansion: Construction of new studios in the USA (New Jersey, Michigan) and expansion of existing studios in Pennsylvania, Connecticut, Canada, Armenia, and Romania.
  • Product Innovation: Continued investment in the “Product Leap” strategy, launching over 100 games annually.
  • Acquisitions: €7.6 million spent on subsidiary acquisitions in 2024, with €100 million invested in a bond portfolio.
  • Share Buybacks: €678.0 million spent on repurchasing own shares in 2024. A new program of up to €500 million is planned for 2025.

Future Strategy

Evolution’s strategy focuses on three core areas to maintain its leadership and grow faster than the global market:

1. Product Innovation:
   • Continuing the “Product Leap” with over 100 new game releases annually.
   • Developing new game categories (e.g., “Speed Game Show” like “Ice Fishing” in 2025).
   • Blending live and slots mechanics (e.g., “Bet with Streamers” via Livespins).
   • Revitalizing the NetEnt brand with the “Elevate” feature.
2. Customer Optimization:
   • Leveraging the “One Stop Shop” (OSS) platform to provide seamless integration for operators.
   • Enhancing promotional tools like “Spin Gifts” across all brands.
   • Using AI-driven recommendations to personalize player journeys.
3. Operational Excellence:
   • Expanding studio capacity to meet global demand.
   • Entering new regulated markets, with a specific focus on Brazil’s new regulatory framework in 2025.
   • Addressing cyber-security challenges to regain momentum in Asia.
   • Ring-fencing locally regulated markets to ensure compliance.

Competitive Landscape

The report notes that competition is intensifying as new providers enter the market and existing ones improve their offerings.

• Barriers to Entry: While low for basic entry, barriers to success in Live Casino are high due to the complexity of operations, need for scale, and operational excellence required for profitability.
• Market Position: Evolution holds a clear leadership position in the online casino market.
• Competitors: The report mentions “other systems providers” generally but does not explicitly name specific peer companies in the competitive analysis section, focusing instead on Evolution’s aim to “increase the gap” to the competition.

Key Strengths

• Scalable Business Model: Demonstrated by an Adjusted EBITDA margin of 68.4%.
• Market Leadership: World’s leading provider of online casino games with a “must-have” portfolio for operators.
• Innovation: Proven ability to create new game categories (e.g., Game Shows) and successfully integrate acquisitions.
• Global Footprint: Extensive studio network (21 locations) and licenses in over 30 jurisdictions.
• Financial Strength: Debt-free status (regarding interest-bearing loans), strong cash flow (€1,301 million operating cash flow), and ability to distribute significant dividends.
• Operational Excellence: 99.96% system availability and sophisticated Mission Control Rooms (MCR) for fraud detection.

Key Challenges and Risks

• Regulatory Risks: Dependence on laws and regulations in various jurisdictions. Changes in regulation (re-regulation or deregulation) can impact business. Evolution ring-fenced markets in 2024, affecting short-term margins.
• Cyber Attacks: In 2024, sophisticated cyber-attacks disrupted Asian operations and video streaming, impacting growth.
• Operational Disruptions: External sabotage disrupted the Georgia studio in 2024.
• Dependence on Key Customers: The top 5 customers accounted for 46% of net revenues in 2024.
• Human Capital: High dependence on recruiting and retaining staff, particularly game presenters. Personnel costs are the largest expense item (55%).
• Currency Risk: Revenue is partly in foreign currencies (USD, CAD, etc.), while accounts are in EUR.

Conclusion and Strategic Outlook

Evolution AB closed 2024 with strong financial results, delivering €2.06 billion in revenue and maintaining a dominant market position despite facing significant external challenges such as cyber-attacks and operational disruptions. The company continues to vastly outperform the general online casino market growth.

Looking ahead to 2025, Evolution remains committed to its growth strategy through relentless product innovation, global studio expansion, and strategic acquisitions like Galaxy Gaming. With a “Product Leap” initiative in full motion and a focus on new markets like Brazil, the company is poised to continue widening the gap between itself and its competitors. The Board’s proposal of a €2.80 dividend and a €500 million buyback program underscores confidence in the company’s continued cash generation and long-term value creation.

Official Site: https://www.evolution.com/

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FAQ Section

Q: What was Evolution AB’s total revenue in 2024? A: Evolution AB reported total net revenues of €2,063.1 million for the financial year 2024, representing an increase of 14.7% compared to the previous year.

Q: What is Evolution’s primary business segment? A: The primary segment is Live Casino, which generated €1,775.7 million in 2024, accounting for approximately 86.1% of the company’s total net revenue.

Q: Does Evolution pay a dividend to shareholders? A: Yes, the Board of Directors proposed a dividend of €2.80 per share for the 2024 financial year, consistent with their policy to distribute at least 50% of net profit.

Q: Which new markets did Evolution enter in 2024? A: In 2024, Evolution entered the Delaware market in the United States and opened new studios in the Czech Republic and Colombia to support global expansion.

Q: Who are the main shareholders of Evolution AB? A: As of December 31, 2024, the largest shareholders include Capital Group (15.7%), Österbahr Ventures AB (10.6%), and Spring Mountain Investments Ltd (10.1%).

Content is based on publicly available corporate filings, regulatory disclosures, annual reports, 10-K filings, Investor Relations materials, and direct mail communication with the company.