Evolution AB (publ) (STO: EVO): Detailed Corporate Profile

Source: Evolution AB (publ) Annual Report 2025.

Quick Facts / Company Snapshot

Metric / Field	Disclosed Data Point	Source / Accounting Base
Official Company Name	Evolution AB (publ)	Disclosed in Report (Note 1)
Corporate Registration Number	556994-5792	Disclosed in Report (Note 1)
Headquarters Address	Hamngatan 11, 111 47 Stockholm, Sweden	Disclosed in Report (Note 1)
Stock Exchange & Ticker	Nasdaq Stockholm (Large Cap), Ticker: EVO	Disclosed in Report (Note 1)
Listing Date on Main Market	7 June 2017 (First North Premier: 20 March 2015)	Disclosed in Report (The Evolution Share)
Group Chief Executive Officer	Martin Carlesund	Disclosed in Report (Group Management)
Chief Financial Officer	Joakim Andersson (Appointed February 2025)	Disclosed in Report (Group Management)
Chairman of the Board	Jens von Bahr	Disclosed in Report (Board of Directors)
Total Net Revenues (2025)	EUR 2,066.540 million (EUR 2,066.5 million)	Disclosed in Financial Statements
Total Operating Revenues (2025)	EUR 2,118.207 million	Disclosed in Financial Statements
Operating Profit (EBIT) (2025)	EUR 1,257.306 million	Disclosed in Financial Statements
Operating Margin (2025)	59.4%	Disclosed in Directors’ Report
Adjusted EBITDA (2025)	EUR 1,365.7 million	Disclosed in Report (The Year in Brief)
Adjusted EBITDA Margin (2025)	66.1%	Disclosed in Report (The Year in Brief)
Profit for the Year / Net Profit (2025)	EUR 1,062.096 million	Disclosed in Financial Statements
Total Assets (31 Dec 2025)	EUR 5,521.787 million	Disclosed in Financial Statements
Total Equity (31 Dec 2025)	EUR 4,076.449 million	Disclosed in Financial Statements
Cash and Cash Equivalents (31 Dec 2025)	EUR 817.951 million	Disclosed in Financial Statements
Total Headcount (31 Dec 2025)	22,475 employees (16,243 Full-Time Equivalents)	Disclosed in Directors’ Report
Global Studio & Table Footprint	24 studios globally; ~2,000 live casino tables	Disclosed in Report (Strategic Report)

Source: Evolution AB (publ) Annual Report 2025.

Company Overview

Evolution AB (publ) is a Sweden-domiciled, world-leading business-to-business (B2B) developer, producer, and licensor of fully integrated online live casino and Random Number Generator (RNG) slot gaming solutions. The parent company, Evolution AB (publ), is incorporated under the Swedish Companies Act, has its headquarters in Stockholm, and its shares trade on the Nasdaq Stockholm Large Cap exchange under the ticker symbol EVO.

The group operates as a pure B2B content provider and technology vendor. Evolution does not conduct any direct-to-consumer (B2C) gaming operations, take direct consumer bets, or handle player funds and account balances. Instead, the company innovates, develops, hosts, and streams gaming content that is distributed through licensed gaming operators and land-based casino enterprises worldwide. At the close of 2025, Evolution served approximately 870 business customers globally.

• Evolution operates strictly as a B2B technology and content provider, serving roughly 870 licensed operators across Europe, Asia, North America, and Latin America.
• The company’s overarching mission is to make operators successful and provide an excellent gaming experience for their end users.
• Evolution’s stated corporate vision is to be the leading online casino provider in the world.

                  ┌────────────────────────────────────────┐
                  │          Evolution Group               │
                  │  (Innovates, Develops, Produces B2B)   │
                  └──────────────────┬─────────────────────┘
                                     │
                     Variable Commission & Fixed Table Fees
                                     │
                                     ▼
                  ┌────────────────────────────────────────┐
                  │       Licensed Gaming Operators        │
                  │  (Player KYC, Payments, Account Admin) │
                  └──────────────────┬─────────────────────┘
                                     │
                        Gaming Platform & Game Content
                                     │
                                     ▼
                  ┌────────────────────────────────────────┐
                  │          End Consumers / Players       │
                  │     (Desktop, Mobile Devices, Apps)    │
                  └────────────────────────────────────────┘

The underlying operational framework combines digital streaming systems, physical broadcasting studios, hardware engineering, data infrastructure, and regulatory compliance protocols. Operators license Evolution’s games and integrate them into their consumer platforms via Evolution’s proprietary “One Stop Shop” (OSS) single technical touchpoint. In return, Evolution earns revenue primarily through variable commission fees calculated as a contractual percentage of operator winnings generated on its games, complemented by fixed monthly fees for dedicated branded tables.

• Commission-based revenue model directly exposes Evolution to broader structural expansion in global regulated digital gaming.
• In 2025, the company delivered EUR 2,066.540 million in net revenues and EUR 1,062.096 million in net profit.
• Evolution operated 24 broadcast studios across four continents with approximately 2,000 live operational tables at year-end 2025.

Business Segments

Evolution manages and reports its operational revenue under two primary product segments: Live Casino and RNG (Random Number Generator) Casino. Both segments leverage shared back-office infrastructure, centralized technical integration, and global distribution networks to service licensed operators.

                  ┌─────────────────────────────────────────┐
                  │      Total Net Revenues (2025)          │
                  │           EUR 2,066.540 M               │
                  └────────────────────┬────────────────────┘
                                       │
                    ┌──────────────────┴──────────────────┐
                    ▼                                     ▼
        ┌───────────────────────┐             ┌───────────────────────┐
        │      Live Casino      │             │      RNG Casino       │
        │   EUR 1,772.579 M     │             │    EUR 293.961 M      │
        │       (85.77%)        │             │       (14.23%)        │
        └───────────────────────┘             └───────────────────────┘

Segment Revenue Breakdown (2025 vs. 2024)

Business Segment	Revenue 2025 (EUR ‘000)	% of Total Net Revenue (2025)	Revenue 2024 (EUR ‘000)	% of Total Net Revenue (2024)	Year-on-Year Growth (%)
Live Casino	1,772,579	85.77% (Calculated by FirmsWorld)	1,775,734	86.07% (Calculated by FirmsWorld)	-0.18% (Calculated by FirmsWorld)
RNG Casino	293,961	14.23% (Calculated by FirmsWorld)	287,351	13.93% (Calculated by FirmsWorld)	+2.30% (Calculated by FirmsWorld)
Total Net Revenues	2,066,540	100.00%	2,063,085	100.00%	+0.17% (Calculated by FirmsWorld)

Source: Evolution AB (publ) Annual Report 2025 (Consolidated Income Statement and Note 4).

1. Live Casino Segment

The Live Casino segment represents Evolution’s core operational division, generating EUR 1,772.579 million in 2025, which constitutes 85.77% of total consolidated net revenues. The division develops, manages, and broadcasts live-streamed casino table games and interactive live game shows in real time from physical production studios located around the world.

• Live Casino revenue reached EUR 1,772.579 million in 2025 compared to EUR 1,775.734 million in 2024.
• The segment operates roughly 2,000 live tables with presenters speaking 24 different languages.
• Broadcast capabilities encompass traditional table formats, customized VIP salons, and high-production television-style game shows.

Live Casino operations require deep physical, technical, and human capital integration. Studio environments are fitted with high-definition video cameras, optical card readers, computerized dice shakers, and proprietary video encoding systems developed in-house. Approximately 88% of Evolution’s total workforce operates directly on studio gaming floors as game presenters, dealers, shufflers, and floor managers.

The offering includes standard generic tables accessible to players across multiple network operators, as well as dedicated tables built exclusively for individual operators. Dedicated tables are customized with bespoke interior décor, brand attributes, localized languages, and specific uniform standards, providing operators with differentiated customer retention tools.

2. RNG (Random Number Generator) Casino Segment

The RNG Casino segment delivered EUR 293.961 million in net revenue during 2025, representing 14.23% of consolidated net revenues and growing 2.30% year-on-year from EUR 287.351 million in 2024. This segment encompasses Evolution’s animated digital slot games, virtual table games, and proprietary First Person line of 3D-rendered casino classics.

• RNG revenue expanded to EUR 293.961 million in 2025, accounting for 14.23% of total group net sales.
• The division launched 91 new RNG titles in 2025, including releases across video slots and virtual games.
• In late 2025, Evolution initiated a comprehensive structural transformation to grant the RNG division higher operational independence from the Live segment.

RNG products operate on mathematical software engines certified across multiple regulatory jurisdictions. The portfolio features complex mechanics such as Megaways™, dynamic win ways, and high-volatility math engines. The First Person gaming vertical bridges RNG and Live segments: players engage with RNG software in a 3D environment but have access to a built-in “GO LIVE” portal button that instantly redirects them to the corresponding live dealer table.

Evolution’s RNG portfolio is driven by dedicated creative studios including NetEnt, Red Tiger, Big Time Gaming, Nolimit City, and newly established boutique brands. Management’s ongoing organizational transformation aims to simplify RNG processes, tailor content specifically to regional demands (notably in North America), and balance boutique game development with scalable global distribution.

History and Evolution

Evolution was founded in 2006 by Jens von Bahr and Fredrik Österberg with the ambition to revolutionize the nascent digital casino market by delivering a authentic, real-time live dealer experience streamed over the internet. Starting from a single production studio in Riga, Latvia, the company established foundational engineering and operational standards that shifted online table gaming from basic computer graphics to interactive human broadcasts.

┌──────────────┐     ┌──────────────┐     ┌──────────────┐     ┌──────────────┐     ┌──────────────┐
│  2006–2013   │     │  2014–2017   │     │  2018–2020   │     │  2021–2024   │     │     2025     │
├──────────────┤     ├──────────────┤     ├──────────────┤     ├──────────────┤     ├──────────────┤
│• Founded in  │     │• Dual Play   │     │• Game Show   │     │• Acquired    │     │• 113 Games   │
│  Riga, Latvia│     │  launched    │     │  revolution  │     │  NetEnt, BTG,│     │  Launched    │
│• Studio exp. │     │• Nasdaq First│     │  (Lightning) │     │  Nolimit City│     │• Hasbro Deal │
│  to Malta    │     │  North (2015)│     │• North Amer. │     │• One Stop    │     │• 24 Studios  │
│• Mobile live │     │• Nasdaq Main │     │  entry (US)  │     │  Shop launch │     │  Globally    │
│  casino dev. │     │  Stockholm   │     │• Job Shop in │     │• Global exp. │     │• ~2,000 Live │
│  (2013)      │     │  (2017)      │     │  Riga (2020) │     │  to LatAm    │     │  Tables      │
└──────────────┘     └──────────────┘     └──────────────┘     └──────────────┘     └──────────────┘

• 2006–2013: Foundational Growth and Mobile Expansion. Following its Riga inception, Evolution opened its second major European production studio in Fort Mrieħel, Malta, in 2013. In the same year, the company initiated exploratory testing on mobile devices, transitioning live dealer gaming from desktop computers to smartphones and tablets.
• 2014–2017: Public Listings and the Game Show Revolution. Evolution AB (publ) was incorporated in Stockholm in December 2014. Shares commenced trading on Nasdaq First North Premier on 20 March 2015 and transitioned to the main market of Nasdaq Stockholm on 7 June 2017. In 2017, Evolution created the live game show category with the launch of Dream Catcher, merging live television mechanics, money-wheel gameplay, and digital multipliers.
• 2018–2020: US Entry, Lightning Multipliers, and Studio In-Housing. Evolution opened its first American production facility in New Jersey in 2018, followed by studios in Pennsylvania and Michigan. In 2018, it launched Lightning Roulette, introducing high-volatility RNG multipliers into traditional table games. In 2020, Evolution established the Evolution Job Shop in Riga to manufacture proprietary mechanical, electronic, and broadcast equipment in-house.
• 2021–2024: RNG M&A Consolidation and Platform Unification. Evolution completed strategic acquisitions of leading RNG slot developers: NetEnt and Red Tiger (2020/2021), Big Time Gaming (2021), and Nolimit City (2022). In 2021, it launched the One Stop Shop (OSS) platform to distribute Live and RNG content through a unified integration point. Studio expansion accelerated across Europe (Lithuania, Romania, Spain, Bulgaria, Czech Republic, Armenia) and the Americas (Canada, Argentina, Colombia).
• 2025: Global Milestone Year and Exclusive Hasbro Agreement. In 2025, Evolution celebrated 19 years of operations, launching 113 new titles and expanding its global footprint to 24 operational studios. New studios opened in the Philippines (Evolution’s first in Asia), São Paulo (Brazil), New Jersey (third state studio), and Romania (second hub). The company executed an exclusive global licensing partnership with Hasbro for MONOPOLY and broader board game IP.

Products and Services

Evolution provides an end-to-end B2B technology ecosystem covering live broadcast entertainment, proprietary studio equipment manufacturing, digital RNG games, real-time risk surveillance, and customer back-office tools.

• Revenues are officially categorized by segment: Live Casino (EUR 1,772.579 million; 85.77% of net revenue) and RNG Casino (EUR 293.961 million; 14.23% of net revenue). Individual product-level revenue splits are not separately disclosed in the provided report.
• The group’s technical platform maintained an operational system availability of 99.90% in 2025 (compared to 99.96% in 2024), excluding scheduled maintenance.
• Mobile gaming accounted for 73% of total group revenues in 2025, up from 71% in 2024.

1. Live Casino Classic Table Games

• Revenue Contribution: Included in Live Casino segment (EUR 1,772.579 million / 85.77% of total). Product-level split not separately disclosed.
• Operational Scope: Classic casino games remain the bedrock of Evolution’s portfolio. Traditional table categories encompass Roulette, Blackjack, Baccarat, Craps, and Dragon Tiger. Evolution continuously refreshes these classics with multiplier twists and enhanced game mechanics. In 2025, key releases included Always 8 Baccarat, Insurance Baccarat, Bet Stacker Blackjack, Fireball Roulette, Super Speed Dragon Tiger, and Dragon Tiger Phoenix.

2. Live Game Shows and Speed Game Shows

• Revenue Contribution: Included in Live Casino segment (EUR 1,772.579 million / 85.77% of total). Product-level split not separately disclosed.
• Operational Scope: Combining live presenters, physical money wheels, augmented reality (AR) visual effects, and high multipliers (up to 5,000x). In 2025, Evolution pioneered the “speed game show” format with Ice Fishing, built with high-frequency reward loops to reduce round times and prevent player fatigue. Other major 2025 game show releases included Red Baron (live-studio crash game), Race Track (virtual studio horse racing), Marble Race, and Super Color Game.

3. RNG Video Slots and Jackpots

• Revenue Contribution: Included in RNG Casino segment (EUR 293.961 million / 14.23% of total). Product-level split not separately disclosed.
• Operational Scope: Evolution delivers a catalogue of hundreds of digital slot titles across multiple math models and creative themes. Products feature trademarked mechanics including Megaways™ (dynamic reel modifiers), xWays®, and xNudge®. Slot content is engineered for desktop and mobile play, supported by unified back-office promotional engines, free-spin modules, and tournament networks.

4. First Person 3D RNG Games

• Revenue Contribution: Included in RNG Casino segment (EUR 293.961 million / 14.23% of total). Product-level split not separately disclosed.
• Operational Scope: Faithful RNG recreations of Evolution’s live tables and game shows rendered in 3D animated environments. Titles include First Person Roulette, Blackjack, Baccarat, Craps, Lightning Roulette, Dream Catcher, and Mega Ball. Every game incorporates Evolution’s proprietary “GO LIVE” button, transitioning the user seamlessly into the corresponding live dealer broadcast.

5. Dual Play Live Tables

• Revenue Contribution: Included in Live Casino segment. Product-level split not separately disclosed.
• Operational Scope: Dual Play technology converges physical land-based casinos with digital networks. Custom camera, lighting, and sensor rigs are installed over physical tables in premier land-based casinos in the UK, Malta, Romania, and the USA, allowing on-premise casino visitors and remote online players to wager simultaneously on the exact same game round.

6. One Stop Shop (OSS) Technical Integration Platform

• Operational Scope: Evolution’s single API integration gateway and back-office management console. OSS allows operators to access all Live and RNG content across all group brands through one technical integration, one contract structure, and one unified view. It handles concurrent user scaling, regulatory compliance configurations, localized language delivery, and data feeds.

                     ┌────────────────────────────────┐
                     │     One Stop Shop (OSS)        │
                     │  Single Integration Platform   │
                     └───────────────┬────────────────┘
                                     │
    ┌──────────┬──────────┬──────────┼──────────┬──────────┬──────────┐
    ▼          ▼          ▼          ▼          ▼          ▼          ▼
┌─────────┐┌─────────┐┌─────────┐┌─────────┐┌─────────┐┌─────────┐┌─────────┐
│Evolution││  Ezugi  ││ NetEnt  ││Red Tiger││   BTG   ││ Nolimit ││ Sneaky/ │
│  Live   ││  Live   ││  Slots  ││  Slots  ││  Slots  ││  Slots  ││Tap-A-Roo│
└─────────┘└─────────┘└─────────┘└─────────┘└─────────┘└─────────┘└─────────┘

7. Evolution Job Shop (Proprietary Hardware Manufacturing)

• Operational Scope: Evolution’s boutique in-house mechanical and electronic engineering facility in Riga, Latvia. The Job Shop utilizes Computerized Numerical Control (CNC) metalworking machines, lathes, axis mills, and automated welding setups to build custom studio and table hardware. It manufactures automated dice shakers (Sic Bo, Bac Bo), Craps launcher machines, Crazy Coin Flip devices, scalable Blackjack optical scanners, and specialized casino table felt layouts.

Brand Portfolio

Evolution operates a multi-brand strategy designed to target distinct demographic, regional, and stylistic segments of the global online casino marketplace. All group brands are integrated and delivered through the One Stop Shop platform.

• Individual brand-level revenue breakdowns are not separately disclosed in the report. Group revenues are formally reported under Live Casino (EUR 1,772.579 million) and RNG Casino (EUR 293.961 million).
• The group’s brand ecosystem includes 8 major operating brands spanning live broadcast and RNG game development.

┌─────────────────────────────────────────────────────────────────────────┐
│                         Evolution AB (publ)                             │
└────────────────────────────────────┬────────────────────────────────────┘
                                     │
         ┌───────────────────────────┴───────────────────────────┐
         ▼                                                       ▼
  Live Casino Brands                                      RNG Slot Studios
 ┌─────────────────┐                                     ┌─────────────────┐
 │ • Evolution     │                                     │ • NetEnt        │
 │ • Ezugi         │                                     │ • Red Tiger     │
 └─────────────────┘                                     │ • Big Time (BTG)│
                                                         │ • Nolimit City  │
                                                         │ • Sneaky Slots  │
                                                         │ • Tap-A-Roo     │
                                                         └─────────────────┘

1. Evolution (Flagship Brand)

• Operational Domain: Premium live dealer casino games and flagship interactive live game shows.
• Brand Profile: Founded in 2006, the Evolution brand represents the company’s core technological and operational powerhouse. It produces the industry’s highest-volume live dealer titles, including Lightning Roulette, Crazy Time, Monopoly Live, Monopoly Big Baller, Ice Fishing, and Super Sic Bo.

2. Ezugi

• Operational Domain: Localized and regional live dealer casino gaming solutions.
• Brand Profile: Operating alongside the flagship brand, Ezugi specializes in customized, market-specific live table solutions with localized presenters and regional table games. In 2025, Ezugi was launched as Evolution’s second live dealer brand in New Jersey, with planned expansion into Michigan.

3. NetEnt

• Operational Domain: Iconic digital video slots and premium RNG table games.
• Brand Profile: Established in 1996 and acquired by Evolution in 2020, NetEnt is a historical pioneer in digital slot mechanics. In 2025, NetEnt underwent a complete brand and catalog refresh to modernize visual standards and gameplay mechanics for new player demographics.

4. Red Tiger

• Operational Domain: High-cadence online video slots, daily drop jackpots, and engagement tools.
• Brand Profile: Integrated into the group alongside NetEnt, Red Tiger produces high volumes of commercially proven video slots featuring distinctive graphic themes, dynamic bonus rounds, and network jackpot mechanics.

5. Big Time Gaming (BTG)

• Operational Domain: Innovative video slots and high-volatility math engines.
• Brand Profile: Acquired in 2021, Big Time Gaming is the creator of the globally recognized Megaways™ game mechanic, which replaced fixed paylines with dynamic random reel modifiers. BTG titles focus on high mathematical volatility and unique gameplay features.

6. Nolimit City

• Operational Domain: Boundary-pushing, high-volatility themed video slots.
• Brand Profile: Acquired in 2022, Nolimit City is known for dark, unconventional artistic themes, complex game math, and proprietary trademarked mechanics such as xWays®, xNudge®, and xSplit®. In 2025, Nolimit City delivered several high-performing releases that expanded its market footprint.

7. Sneaky Slots

• Operational Domain: Character-driven boutique online video slots.
• Brand Profile: Launched in 2025 as a new internal game studio to diversify Evolution’s RNG creative identity, focusing on distinctive narrative themes, character art, and playful slot mechanics.

8. Tap-A-Roo

• Operational Domain: Fast-paced casual RNG gaming and short-session arcade content.
• Brand Profile: Launched in 2025 as an internal boutique RNG studio designed to create rapid-play, short-session mobile-first titles aimed at evolving casual player habits.

Geographical Presence

Evolution operates an international broadcast, engineering, and administrative footprint spanning Europe, Asia, North America, Latin America, and Africa. At year-end 2025, the group operated 24 broadcast studios across four continents and managed office, administrative, and engineering hubs across approximately 50 buildings globally.

┌────────────────────────────────────────────────────────────────────────┐
│               Geographical Net Revenue Share (2025)                   │
├───────────────────┬───────────────────┬─────────────────┬──────────────┤
│    Asia: 38.41%   │   Europe: 35.31%  │  N. Amer: 14.36%│ LatAm: 7.59% │
│  (EUR 793.7 M)    │   (EUR 729.7 M)   │  (EUR 296.8 M)  │ (EUR 156.8 M)│
└───────────────────┴───────────────────┴─────────────────┴──────────────┘
 *Other regions accounted for 4.33% (EUR 89.5 M).

Geographical Net Revenue Breakdown (2025 vs. 2024)

Region	Net Revenue 2025 (EUR Million)	% of Total Net Revenue (2025)	Net Revenue 2024 (EUR Million)	% of Total Net Revenue (2024)	Year-on-Year Growth (%)
Asia	793.7	38.41% (Calculated by FirmsWorld)	802.7	38.91% (Calculated by FirmsWorld)	-1.12% (Calculated by FirmsWorld)
Europe	729.7	35.31% (Calculated by FirmsWorld)	779.0	37.76% (Calculated by FirmsWorld)	-6.33% (Calculated by FirmsWorld)
North America	296.8	14.36% (Calculated by FirmsWorld)	257.7	12.49% (Calculated by FirmsWorld)	+15.17% (Calculated by FirmsWorld)
Latin America (LatAm)	156.8	7.59% (Calculated by FirmsWorld)	145.5	7.05% (Calculated by FirmsWorld)	+7.77% (Calculated by FirmsWorld)
Other Markets	89.5	4.33% (Calculated by FirmsWorld)	78.3	3.80% (Calculated by FirmsWorld)	+14.30% (Calculated by FirmsWorld)
Total Net Revenues	2,066.5	100.00%	2,063.1	100.00%	+0.17% (Calculated by FirmsWorld)

Source: Evolution AB (publ) Annual Report 2025 (The Year in Brief and Note 4).

1. Asia

• 2025 Net Revenue: EUR 793.7 million (38.41% of consolidated net revenue).
• Operational Scope & Footprint: Asia represented Evolution’s largest revenue-generating region in 2025. The company opened its first Asian broadcast studio in Cebu, Philippines, during 2025 to support newly regulated local frameworks and international demand.
• Operational Context: The Asian market was impacted during 2025 by cyber criminality and attacks from illicit competitors, requiring technical countermeasures and network filtering. Operational stability and recovery improved toward the end of the year.

2. Europe

• 2025 Net Revenue: EUR 729.7 million (35.31% of consolidated net revenue).
• Operational Scope & Footprint: Europe houses Evolution’s primary central production hubs:
  • Riga, Latvia: Foundational studio hub, game testing lab, R&D centre, primary Mission Control Room (MCR), and home of the Evolution Job Shop.
  • Tbilisi, Georgia: Evolution’s largest operational hub, housing English and multi-language international presenter teams.
  • Fort Mrieħel, Malta: International studio serving regulated European language markets.
  • Additional European Studios: Lithuania (Kaunas), Romania (Bucharest, including a second studio opened in 2025), Spain (Madrid), Bulgaria (Sofia), Czech Republic (Prague), and Armenia (Yerevan).
• Operational Context: European revenue contracted by 6.33% in 2025 due to proactive ring-fencing measures and tighter regulatory frameworks across several European countries.

3. North America

• 2025 Net Revenue: EUR 296.8 million (14.36% of consolidated net revenue).
• Operational Scope & Footprint: Evolution expanded operations across regulated US states and Canadian provinces:
  • United States: Operational studios in New Jersey (third studio opened in 2025), Pennsylvania, Michigan, and Connecticut. In 2025, Evolution entered Rhode Island with online video slots and launched Crazy Time and Red Door Roulette in Connecticut.
  • Canada: Operational broadcast studio in Vancouver, British Columbia.
• Operational Context: North American revenues grew 15.17% year-on-year, driven by live dealer penetration, new game launches, and the re-introduction of Ezugi in New Jersey.

4. Latin America (LatAm)

• 2025 Net Revenue: EUR 156.8 million (7.59% of consolidated net revenue).
• Operational Scope & Footprint: Latin America grew 7.77% in 2025. Evolution operates broadcast studios in Buenos Aires (Argentina), Medellin (Colombia), and opened its first production studio in São Paulo (Brazil) in 2025.
• Operational Context: Brazil’s transition to a regulated online gaming regime represents a major strategic catalyst. The customer base expanded by 40 new clients in Brazil during 2025, though early-year revenue was tempered by extended operator and player adjustment periods.

5. Other Markets (Including Africa)

• 2025 Net Revenue: EUR 89.5 million (4.33% of consolidated net revenue).
• Operational Context: Grew 14.30% in 2025, driven by strong engagement with live and RNG content across African jurisdictions (including South Africa, Botswana, Namibia, and Tanzania where the group holds licenses).

Profit and Loss

Evolution maintained strong operating margins and disciplined cost control in 2025 despite macroeconomic headwinds, regulatory ring-fencing in Europe, and cyber disruptions in Asia.

• Total operating revenues reached EUR 2,118.207 million, including EUR 51.667 million in other operating revenues related to reduced earnout liabilities.
• Operating profit (EBIT) stood at EUR 1,257.306 million, delivering an operating margin of 59.4%.
• Personnel expenses represented 55.4% of total operating expenses (EUR 476.767 million), remaining the group’s largest cost item.
• Adjusted EBITDA totaled EUR 1,365.7 million with an Adjusted EBITDA margin of 66.1%.

Consolidated Income Statement

Line Item (EUR ‘000)	FY 2025	FY 2024	Year-on-Year Change (%)
Revenues – Live	1,772,579	1,775,734	-0.18% (Calculated by FirmsWorld)
Revenues – RNG	293,961	287,351	+2.30% (Calculated by FirmsWorld)
Net Revenues	2,066,540	2,063,085	+0.17% (Calculated by FirmsWorld)
Other operating revenues	51,667	151,058	-65.80% (Calculated by FirmsWorld)
Total Operating Revenues	2,118,207	2,214,143	-4.33% (Calculated by FirmsWorld)
Personnel expenses	-476,767	-437,835	+8.89% (Calculated by FirmsWorld)
Depreciation, amortisation and impairment	-160,034	-142,222	+12.52% (Calculated by FirmsWorld)
Other operating expenses	-224,100	-214,533	+4.46% (Calculated by FirmsWorld)
Total Operating Expenses	-860,901	-794,590	+8.35% (Calculated by FirmsWorld)
Operating Profit (EBIT)	1,257,306	1,419,553	-11.43% (Calculated by FirmsWorld)
Financial income	17,289	26,590	-34.98% (Calculated by FirmsWorld)
Financial expenses	-28,171	-7,219	+290.23% (Calculated by FirmsWorld)
Profit Before Tax	1,246,424	1,438,924	-13.38% (Calculated by FirmsWorld)
Tax on profit for the year	-184,328	-194,909	-5.43% (Calculated by FirmsWorld)
Profit for the Year (Net Profit)	1,062,096	1,244,015	-14.62% (Calculated by FirmsWorld)
Attributable to: Owners of the Parent Company	1,062,096	1,244,015	-14.62% (Calculated by FirmsWorld)
Basic Earnings Per Share (EUR)	5.24	5.94	-11.78% (Calculated by FirmsWorld)
Diluted Earnings Per Share (EUR)	5.23	5.91	-11.51% (Calculated by FirmsWorld)
Effective Tax Rate (%)	14.8%	13.5%	+1.30 percentage points (Calculated by FirmsWorld)

Source: Evolution AB (publ) Annual Report 2025 (Consolidated Income Statement).

Key Operating and Financial Ratios

Financial / Operating Ratio	FY 2025	FY 2024	Notes / Basis
Adjusted EBITDA (EUR million)	1,365.7	1,410.7	Operating Profit excluding D&A and earnout adjustments
Adjusted EBITDA Margin (%)	66.1%	68.4%	Adjusted EBITDA / Net Revenues
Operating Margin (EBIT Margin) (%)	59.4%	64.1%	Operating Profit / Total Operating Revenues
Net Profit Margin (%)	51.40%	60.30%	Net Profit / Net Revenues (Calculated by FirmsWorld)
Return on Equity (ROE) (%)	26.06%	31.32%	Net Profit / Total Equity (Calculated by FirmsWorld)
Effective Tax Rate (%)	14.8%	13.5%	Driven by Pillar II top-up taxes and regional profit mix
Personnel Costs as % of Total Costs	55.38%	55.10%	Personnel / Total Operating Expenses (Calculated by FirmsWorld)
Depreciation & Amortisation % of Costs	18.59%	17.90%	D&A / Total Operating Expenses (Calculated by FirmsWorld)
Other Operating Expenses % of Costs	26.03%	27.00%	Other OpEx / Total Operating Expenses (Calculated by FirmsWorld)

Source: Evolution AB (publ) Annual Report 2025.

Balance Sheet

Evolution maintains a balance sheet marked by high liquidity, substantial equity reserves, and low interest-bearing debt. Intangible assets and goodwill from historical acquisitions make up the largest share of non-current assets.

• Total assets expanded to EUR 5,521.787 million as of 31 December 2025, compared to EUR 5,346.772 million in 2024.
• Total equity stood at EUR 4,076.449 million, representing an equity-to-assets ratio of 73.82% (Calculated by FirmsWorld).
• Cash, cash equivalents, and bond investments totaled EUR 922.001 million (Calculated by FirmsWorld) (EUR 817.951 million cash + EUR 104.050 million bond portfolio).

Consolidated Statement of Financial Position (Balance Sheet)

Assets (EUR ‘000)	31 Dec 2025	31 Dec 2024	Liabilities & Equity (EUR ‘000)	31 Dec 2025	31 Dec 2024
Goodwill	2,370,154	2,276,524	Share capital	650	650
Other intangible assets	682,268	692,399	Other capital contributed	2,432,439	2,429,053
Land and buildings	20,230	20,126	Reserves	-157,307	-267,301
Other property, plant, equip.	163,099	147,493	Retained earnings incl. profit	1,800,667	1,809,433
Right-of-use assets (leases)	79,705	83,673	Total Equity	4,076,449	3,971,835
Bond portfolio	104,050	100,824	Deferred tax liabilities	61,911	62,976
Other financial assets	12,735	10,537	Provision for pensions	3,952	1,610
Deferred tax assets	13,919	9,302	Non-current lease liabilities	72,830	77,394
Total Non-Current Assets	3,446,160	3,340,878	Other long-term liabilities	55,251	129,869
Accounts receivable	447,011	408,985	Total Non-Current Liabilities	193,944	271,849
Current tax receivables	740,643	726,601	Accounts payable	10,991	16,053
Other current receivables	37,259	31,787	Current tax liabilities	1,088,894	957,241
Prepaid exp. & accrued income	32,763	37,047	Current lease liabilities	18,238	16,268
Cash and cash equivalents	817,951	801,474	Other current liabilities	73,523	61,010
Total Current Assets	2,075,627	2,005,894	Accrued exp. & prepaid inc.	59,748	52,516
			Total Current Liabilities	1,251,394	1,103,088
TOTAL ASSETS	5,521,787	5,346,772	TOTAL EQUITY & LIAB.	5,521,787	5,346,772

Source: Evolution AB (publ) Annual Report 2025 (Consolidated Statement of Financial Position).

Cash Flow

Evolution generates high cash conversion from operations, driven by low working capital requirements and high operating margins.

• Cash flow from operating activities reached EUR 1,255.217 million in 2025 (EUR 1,301.004 million in 2024).
• Capital expenditures in intangible and tangible assets totaled EUR 134.830 million (Calculated by FirmsWorld) (EUR 70.231m intangibles + EUR 64.599m property, plant, and equipment).
• Capital return to shareholders totaled EUR 1,072.683 million (Calculated by FirmsWorld), consisting of EUR 572.494 million in dividends paid and EUR 500.189 million in share buybacks.

Consolidated Statement of Cash Flows

Cash Flow Summary (EUR ‘000)	FY 2025	FY 2024
Operating Profit (EBIT)	1,257,306	1,419,553
Adjustments for non-cash items	95,402	-5,839
Interest received / paid (net)	11,198	20,588
Income tax paid	-74,978	-74,419
Cash flow before changes in working capital	1,288,928	1,359,883
Change in accounts receivable	-39,248	-60,344
Change in accounts payable	-4,605	2,480
Change in other working capital	10,142	-1,015
Cash Flow from Operating Activities	1,255,217	1,301,004
Acquisition of intangible assets (capitalized development)	-70,231	-71,395
Acquisition of property, plant and equipment	-64,599	-65,318
Acquisition of subsidiaries	-11,191	-7,583
Net cash flow from bond portfolio	1,198	-99,903
Change in other financial assets	-345	-3,772
Cash Flow from Investing Activities	-145,168	-247,971
Repayment of lease liabilities	-19,452	-18,272
Repurchase of own shares	-500,189	-677,988
Proceeds / costs from warrants	3,386	-59,559
Dividend paid to shareholders	-572,494	-559,266
New share issues	0	77,007
Cash Flow from Financing Activities	-1,088,749	-1,238,078
Cash Flow for the Year	21,300	-185,045
Cash and cash equivalents at beginning of the year	801,474	985,756
Exchange rate differences on cash	-4,823	763
Cash and Cash Equivalents at Year-End	817,951	801,474

Source: Evolution AB (publ) Annual Report 2025 (Consolidated Statement of Cash Flows).

Board of Directors and Leadership Team

Evolution’s governance structure comprises a six-member Board of Directors elected by shareholders and an executive management team overseeing corporate and operational strategy.

Governance Structure

                  ┌─────────────────────────────────────────┐
                  │          Shareholders / AGM             │
                  └────────────────────┬────────────────────┘
                                       │
                  ┌────────────────────▼────────────────────┐
                  │           Board of Directors            │
                  │        (Jens von Bahr, Chairman)        │
                  └───────┬──────────┬──────────┬───────────┘
                          │          │          │
         ┌────────────────┴──┐   ┌───┴──────────┴───┐   ┌──────────────────┐
         ▼                   ▼   ▼                  ▼   ▼                  ▼
  Audit Committee   Remuneration Comm.   Compliance Comm.  Sustainability Comm.
  (Joel Citron)       (Joel Citron)        (Sandra Urie)      (Mimi Drake)
         │                   │                  │                  │
         └───────────────────┼──────────────────┼──────────────────┘
                             │
                  ┌──────────▼──────────────────────────────┐
                  │       Group CEO (Martin Carlesund)      │
                  └──────────┬──────────────────────────────┘
                             │
     ┌───────────────────────┴────────────────────────┐
     ▼                                                ▼
Group Management                               Extended Group Management
(CFO, Chief Strategy Officer)                  (Senior Operational Directors)

Board of Directors

• Jens von Bahr (Chairman of the Board): Born 1971. Co-founder of Evolution. Elected to the Board in 2015; Chairman since 1 November 2016. Previously Managing Director of Oriflame Sri Lanka and founder of several entrepreneurial ventures. Holds a BSc in Business from Stockholm University and an MBA from the University of Western Sydney. Shareholding: 22,400,140 shares via Österbahr Ventures AB (jointly with Fredrik Österberg) and 15,310 shares via JOVB Investment AB. Status: Independent of the company/management; not independent of major shareholders.
• Joel Citron (Board Member): Born 1962. Elected 2015. Chairman of the Audit Committee and Remuneration Committee; member of Compliance and Sustainability Committees. CEO of Tenth Avenue Holdings LLC and Chairman of Tenth Avenue Commerce LLC. Holds a BSc in Business Administration and MA in Economics from the University of Southern California. Shareholding: 927,664 shares via Tenth Avenue Holdings and 180,000 shares privately. Status: Independent of company, management, and major shareholders.
• Mimi Drake (Board Member): Born 1968. Elected 2021. Chairman of the Sustainability Committee; member of Audit and Compliance Committees. Partner and Practice Leader at Cerity Partners; Founding Board Member and Chair Emerita of 100 Women in Finance; Board member of Star Equity Holdings and Thomas Jefferson University. Holds an MBA in Finance from The Wharton School, BA in Economics from Trinity College (cum laude), and attended Radcliffe Publishing Program at Harvard. Shareholding: 305 shares. Status: Independent of company, management, and major shareholders.
• Ian Livingstone (Board Member): Born 1962. Elected 2015. Member of the Remuneration Committee. Executive Chairman of London+Regional Properties Limited. Extensive background in commercial property development and retail. Shareholding: 500,000 shares. Status: Independent of company, management, and major shareholders.
• Sandra Urie (Board Member): Born 1952. Elected 2021. Chairman of the Compliance Committee; member of Audit, Remuneration, and Sustainability Committees. Retired Chairman Emeritus and CEO of Cambridge Associates LLC (served as CEO/Chairman for 16 of her 38 years). Former Vice Chair of the Investors’ Committee of the U.S. President’s Working Group on Financial Markets. Holds a BA from Stanford University, MPPM from Yale School of Management, and is a CFA charterholder. Shareholding: 650 shares. Status: Independent of company, management, and major shareholders.
• Fredrik Österberg (Board Member): Born 1970. Co-founder of Evolution. Elected 2015. Previously CEO of Sportal Nordic. Holds a BSc in Business Administration and Economics from Stockholm University. Shareholding: 22,400,140 shares via Österbahr Ventures AB (jointly with Jens von Bahr) and 50,000 shares privately. Status: Independent of the company/management; not independent of major shareholders.

Board Committee Composition and 2025 Meeting Attendance

Board Member	Board Meetings Attended (Total 15)	Audit Committee (Total 4)	Remuneration Committee (Total 2)	Compliance Committee (Total 4)	Sustainability Committee (Formed Oct 2025)	Board Fees (EUR)	Committee Fees (EUR)
Jens von Bahr (Chairman)	15	N/A	N/A	N/A	N/A	400,000	N/A
Joel Citron	14	3 (Chair)	2 (Chair)	3	0	150,000	15,000
Mimi Drake	12	4	N/A	4	0 (Chair)	150,000	10,000
Ian Livingstone	15	N/A	2	N/A	N/A	150,000	5,000
Sandra Urie	15	4	2	4 (Chair)	0	150,000	15,000
Fredrik Österberg	15	N/A	N/A	N/A	N/A	150,000	N/A

Source: Evolution AB (publ) Annual Report 2025 (Corporate Governance Report).

Executive Management Team

• Martin Carlesund (Group Chief Executive Officer): Born 1970. Employed since 2015. Previously CEO of Highlight Media Group, Eniro Sverige, Eniro Finland, and 3L System AB. Holds an MSc in Finance from University of Borås, Gothenburg School of Economics, and Linköping University. Shareholding: 784,710 shares. Warrant holdings: 175,000 (2023/2026 plan) and 150,000 (2025/2028 plan).
• Joakim Andersson (Chief Financial Officer): Born 1974. Employed since February 2025. Previously CFO of Kinnevik AB (publ) and Cint Group AB (publ). Holds a Master’s degree in Business Administration from Växjö University. Shareholding: 2,100 shares. Warrant holdings: 100,000 (2025/2028 plan).
• Jesper von Bahr (Chief Strategy Officer & Secretary to the Board): Born 1970. Employed since 2011. Previously Director of M&A and Chief Legal Officer at Evolution; corporate lawyer at Swedish law firms and management consultant at McKinsey & Co. Shareholding: 17,500 shares. Warrant holdings: 60,000 (2023/2026 plan) and 62,364 (2025/2028 plan).

Subsidiaries, Associates, Joint Ventures

Evolution AB (publ) functions as the ultimate holding parent company for operating subsidiaries globally. In the Parent Company financial statements, participating interests in Group companies are carried at a book value of EUR 2,630.780 million as of 31 December 2025.

• Operating activities are channeled primarily through Evolution Malta Holding Limited and its operating subsidiaries.
• In 2025, Evolution received EUR 663.500 million in intra-group dividends from its Maltese subsidiary (compared to EUR 1,447.333 million in 2024).
• Entity-level external revenue splits and individual subsidiary contribution percentages are not separately disclosed in the source.

Disclosed Key Group Operating Entities

Operating Entity / Subsidiary	Domicile / Jurisdiction	Core Operational Role
Evolution Malta Holding Limited	Malta	Core operational and intellectual property holding entity.
Evolution Malta Limited	Malta	Central live casino broadcast, operational management, and customer licensing.
Evolution Latvia SIA	Latvia (Riga)	Foundational live studio operations, R&D, IT engineering, Job Shop manufacturing.
Evolution Georgia LLC	Georgia (Tbilisi)	Major studio hub with over 4,800 operational personnel.
Evolution US / Ezugi US Entities	USA (NJ, PA, MI, CT)	Regulated US live broadcast studios and RNG content licensing.
NetEnt AB / Red Tiger Entities	Sweden / Malta / Isle of Man	RNG video slot game development, math modeling, and brand licensing.
Big Time Gaming Pty Ltd	Australia	Megaways™ slot engine innovation and game production.
Nolimit City Entities	Malta / Sweden / India	High-volatility slot game design and software engineering.
Evolution Brazil / LatAm Entities	Brazil / Argentina / Colombia	Latin American broadcast studios (São Paulo, Buenos Aires, Medellin).
Evolution Philippines (Cebu)	Philippines	Asian live casino broadcast hub.

Source: Evolution AB (publ) Annual Report 2025.

Other Investments (Including Minority / Portfolio Holdings)

Evolution maintains a corporate bond portfolio and liquid financial assets managed by the central treasury function to optimize surplus capital returns.

• Bond Portfolio Book Value: EUR 104.050 million as of 31 December 2025 (EUR 100.824 million as of 31 December 2024).
• Cash Return Received on Bond Portfolio: EUR 1.198 million in 2025.
• Other Non-Current Financial Assets: EUR 12.735 million as of 31 December 2025 (EUR 10.537 million in 2024).
• Parent Company Financial Assets: EUR 2.836 million in other financial assets as of 31 December 2025.
• Minority Corporate Equity Holdings: Not separately disclosed in the provided source.

Source: Evolution AB (publ) Annual Report 2025 (Balance Sheet and Statement of Cash Flows).

Physical Properties (Offices, Plants, Factories)

Evolution’s physical real estate infrastructure is built, maintained, and operated by its internal Properties & Studio Development (PSD) department, which employs over 500 in-house specialists in project management, HVAC engineering, procurement, and technical facilities.

• Properties Managed Globally: Approximately 50 buildings worldwide encompassing broadcast studios, engineering offices, and administrative hubs.
• Total Operational Broadcast Studios: 24 studios across Europe, Asia, North America, and South America.
• In-House Manufacturing Facility: The Evolution Job Shop, a specialized CNC manufacturing workshop located in Riga, Latvia.

Comprehensive Studio and Facility Footprint

Location / Region	Facility Type	Key Operational Functions
Riga, Latvia	Central Production Studio & Engineering Hub	Game development, testing lab, central MCR, training academy, Job Shop.
Tbilisi, Georgia	Central Production Studio	Group’s largest studio hub, international dealer teams (4,800+ staff).
Fort Mrieħel, Malta	Central Production Studio	Regulated European native-language tables, management operations.
Kaunas, Lithuania	Regional Broadcast Studio	European regulated live table streaming.
Bucharest, Romania	Regional Broadcast Studios (2 Hubs)	European regulated streaming; Dual Play casino installations.
Madrid, Spain	Regional Broadcast Studio	Spanish regulated live dealer operations and Dual Play tables.
Sofia, Bulgaria	Regional Broadcast Studio	Dedicated European live tables.
Prague, Czech Republic	Regional Broadcast Studio & Office	Central European operational and technology hub.
Yerevan, Armenia	Regional Broadcast Studio	Multi-language broadcast operations.
Cebu, Philippines	Regional Broadcast Studio (Opened 2025)	Group’s first dedicated Asian live casino production studio.
São Paulo, Brazil	Regional Broadcast Studio (Opened 2025)	Dedicated broadcast studio for newly regulated Brazilian market.
Buenos Aires, Argentina	Regional Broadcast Studio	Regulated Latin American live streaming.
Medellin, Colombia	Regional Broadcast Studio	Latin American live dealer operations.
Vancouver, Canada	Regional Broadcast Studio	Canadian provincial regulated live gaming.
New Jersey, USA	Broadcast Studios (3 Hubs)	Evolution and Ezugi live studios serving US operators.
Pennsylvania, USA	Regional Broadcast Studio	Dedicated US regulated live table broadcast.
Michigan, USA	Regional Broadcast Studio	Dedicated US regulated live table broadcast.
Connecticut, USA	Regional Broadcast Studio	Dedicated US live table games and game shows (Crazy Time).
Stockholm, Sweden	Corporate Headquarters	Executive management, parent company finance, legal, investor relations.

Source: Evolution AB (publ) Annual Report 2025.

Founders

Evolution was founded in 2006 by Swedish entrepreneurs Jens von Bahr and Fredrik Österberg.

• Jens von Bahr: Co-founder, Director since 2015, and Chairman of the Board since November 2016. Previously Managing Director of Oriflame Sri Lanka. Holds a BSc in Business from Stockholm University and an MBA from the University of Western Sydney.
• Fredrik Österberg: Co-founder and Board Member since 2015. Previously Chief Executive Officer of Sportal Nordic. Holds a BSc in Business Administration and Economics from Stockholm University.
• Joint Shareholding: As of 31 December 2025, the founders maintain active strategic leadership and ownership, holding 22,400,140 shares (10.96% of total capital and voting rights) through their joint venture entity, Österbahr Ventures AB.

Parent Company Details

The ultimate parent company of the group is Evolution AB (publ), corporate registration number 556994-5792, domiciled in Stockholm, Sweden.

• Operational Scope: Evolution AB (publ) is a holding entity formed in December 2014 that conducts group-wide corporate management, financing, legal oversight, and investor communication. It does not conduct direct game production operations.
• Operating Revenue (2025): EUR 20.913 million (EUR 15.663 million in 2024), consisting of intra-group management fees.
• Operating Profit (2025): Negative EUR 4.400 million (negative EUR 5.119 million in 2024).
• Net Profit for the Year (2025): EUR 553.219 million (EUR 1,316.057 million in 2024), driven by intra-group dividends received of EUR 663.500 million.
• Total Assets (31 Dec 2025): EUR 2,886.156 million (primarily participating interests in subsidiaries of EUR 2,630.780 million).
• Total Equity (31 Dec 2025): EUR 2,637.780 million.

Source: Evolution AB (publ) Annual Report 2025 (Parent Company Financial Statements).

Investments and Capital Expenditure Plans

Evolution invests systematically in proprietary software development, platform scalability, studio expansion, and physical infrastructure.

• Capitalized Intangible Assets (R&D): EUR 70.231 million invested in 2025 (EUR 71.395 million in 2024) for the development of new Live/RNG games and platform enhancements.
• Tangible Fixed Asset Capital Expenditure: EUR 64.599 million in 2025 (EUR 65.318 million in 2024), dedicated to new studio construction, gaming tables, server infrastructure, and broadcast camera hardware.
• Strategic IP Partnerships (Hasbro): In 2025, Evolution signed a multi-year exclusive global licensing deal with Hasbro for MONOPOLY and other board game IP across live casino and slots, with major launches planned for 2026 (MONOPOLY Filthy Rich, MONOPOLY Roulette, Game Night).
• Sustainability & Energy Capital Priorities: Target to achieve 90% renewable electricity, heating, and cooling across operations by 2030 (66% achieved in base year 2025). A formal Paris-aligned climate transition plan is scheduled for completion in 2027.

Shareholding Pattern

As of 31 December 2025, Evolution AB (publ) had a total of 204,462,162 issued shares with a quota value of EUR 0.003 per share. All shares carry equal voting rights (one vote per share). The total number of known shareholders was approximately 87,000.

• The top 10 shareholders controlled 54.92% of total capital and voting rights at year-end.
• The company held 5,235,549 treasury shares (2.56% of total capital) as of 31 December 2025.
• In May 2025, Evolution canceled 7,371,042 repurchased shares pursuant to AGM resolution.

Top Shareholders Table (As of 31 December 2025)

Shareholder	Number of Shares	% of Capital & Votes	Owner Type / Description
Spring Mountain Inv. Board (Kenneth Dart)	47,870,198	23.41%	Foreign Institutional / Financial Investor
Österbahr Ventures AB (Founders)	22,400,140	10.96%	Founders (Jens von Bahr & Fredrik Österberg)
Capital Group	16,160,010	7.90%	Foreign Institutional Investor
BlackRock	6,786,521	3.32%	Foreign Institutional Investor
Vanguard	5,899,778	2.89%	Foreign Institutional Investor
Richard Livingstone	4,056,678	1.98%	Swedish / International Private Investor
EdgePoint Investment Management Inc	2,612,593	1.28%	Foreign Institutional Investor
Avanza Pension	2,368,560	1.16%	Swedish Institutional Investor
Canada Pension Plan Investment Board (CPP)	2,081,252	1.02%	Foreign Institutional Investor
AP2 (Second Swedish National Pension Fund)	2,058,265	1.01%	Swedish Institutional Investor
Top 10 Total	112,293,995	54.92%	—
Evolution AB (publ) (Treasury Shares)	5,235,549	2.56%	Repurchased Own Shares
Other Shareholders	86,932,618	42.52%	Public Float & Institutional
Total Shares Issued	204,462,162	100.00%	—

Source: Evolution AB (publ) Annual Report 2025 (The Evolution Share).

Ownership Structure by Category and Geography

Owner Category	% of Capital & Votes	Country of Domicile	% of Capital & Votes
Foreign Institutional Owners	30.89%	Sweden	31.44%
Other Foreign Owners	27.80%	Cayman Islands	23.41%
Other Swedish Owners	13.55%	USA	22.99%
Swedish Private Individuals	10.63%	United Kingdom	3.32%
Anonymous Holdings	9.86%	Canada	2.83%
Swedish Institutional Owners	4.71%	Other Countries	6.14%
Repurchased Own Shares	2.56%	Unknown Country	9.86%

Source: Evolution AB (publ) Annual Report 2025 (The Evolution Share).

Future Strategy

Evolution’s long-term strategy focuses on three core operational pillars: Product Innovation, Customer Optimization, and Operational Excellence. The company aims to grow faster than the global online casino market and widen the competitive gap.

                     ┌────────────────────────────────┐
                     │   Long-Term Strategic Focus    │
                     └───────────────┬────────────────┘
                                     │
      ┌──────────────────────────────┼──────────────────────────────┐
      ▼                              ▼                              ▼
┌───────────────────────┐┌───────────────────────┐┌───────────────────────┐
│   Product Innovation  ││ Customer Optimization ││ Operational Excellence│
│• 110+ releases yearly ││• One Stop Shop scale  ││• 24 studios worldwide │
│• Hasbro IP rollout    ││• Bespoke environments ││• In-house Job Shop    │
│• Speed game shows     ││• Fast regional roll-  ││• AI game integrity    │
│• RNG reorganization   ││  out & 47 languages   ││• ISO 27001 security   │
└───────────────────────┘└───────────────────────┘└───────────────────────┘

• North American Scaling: Expanding live dealer table penetration and RNG slot offerings across licensed US states and Canadian provinces. Scaling Ezugi alongside Evolution in New Jersey and Michigan.
• Latin American Expansion: Capitalizing on newly regulated markets, particularly in Brazil following the opening of the São Paulo studio and the onboarding of 40 new clients.
• Hasbro Exclusive IP Rollout: Launching major live game show productions and slot titles in 2026 based on the global Hasbro partnership (MONOPOLY Filthy Rich, MONOPOLY Roulette, Game Night).
• RNG Division Autonomy: Completing the organizational transformation of the RNG business in 2026 to grant slot studios operational independence while retaining shared back-office synergies via OSS.
• Margin Stability: Management expects to maintain Adjusted EBITDA margins in line with 2025 levels while continuing capital investments for long-term growth (Management target).
• Capital Allocation: The Board proposed no cash dividend for FY 2025, directing surplus capital toward share repurchases and reinvestment to optimize shareholder value.

Key Strengths

• Global Studio and Table Scale: Operating 24 studios and ~2,000 live tables with over 22,000 employees forms a substantial competitive barrier to entry.
• Proprietary Technology & In-House Manufacturing: The combination of in-house video streaming software, the One Stop Shop platform, and the Riga Job Shop provides full control over hardware costs, development speed, and deployment schedules.
• High Cash Generation and Financial Health: Generating EUR 1,255.217 million in operating cash flow with a 66.1% Adjusted EBITDA margin and an equity ratio of 73.82% (Calculated by FirmsWorld).
• Broad Multi-Brand Portfolio: Owning premier live and RNG brands (Evolution, Ezugi, NetEnt, Red Tiger, Big Time Gaming, Nolimit City) covering live casino, game shows, and video slots.
• Extensive Licensing Footprint: Holding B2B gaming licenses across more than 20 international jurisdictions, including the UK, Malta, Sweden, Romania, and multiple US states (NJ, PA, MI, CT, WV, DE, RI).
• Advanced Real-Time Integrity Infrastructure: Automated video surveillance and AI risk detection systems managed 24/7 by the Mission Control Room (MCR) to safeguard game integrity and detect problem gambling.

Key Challenges and Risks

• Regulatory Complexity and Ring-Fencing: Evolution is exposed to changing gambling laws across multiple jurisdictions. In 2025, proactive regulatory ring-fencing measures in Europe directly impacted revenue performance.
• Cyber Criminality and Competitor Attacks: In 2025, cyberattacks in Asia disrupted operational performance, requiring technical countermeasures and legal actions against competitor defamation.
• Customer Concentration: The five largest customers generated 39% of group net revenues in 2025 (largest customer accounted for 12%), creating exposure to top-tier customer stability.
• Workforce Scale and Turnover: Employing over 22,000 people (88% in studio floor operations) creates exposure to wage inflation, recruitment costs, and staff turnover among young operational staff.
• International Tax & Pillar II Legislation: Global OECD Pillar II minimum tax rules increased Evolution’s effective tax rate to 14.8% in 2025 (up from 13.5% in 2024), impacting future net tax expense.
• Macroeconomic and Geopolitical Disruptions: Regional power disruptions, natural disasters, or labor disputes can impact 24/7 continuous studio broadcasting.

Conclusion and Strategic Outlook

Evolution AB (publ) concluded 2025 with net revenues of EUR 2,066.540 million, an Adjusted EBITDA margin of 66.1%, and operating profit of EUR 1,257.306 million. While top-line growth was flat due to European regulatory ring-fencing and Asian cyber challenges, the company expanded its physical studio network to 24 locations, launched 113 new games, and secured exclusive global rights to Hasbro’s gaming portfolio.

Looking ahead to 2026 and its 20th anniversary, Evolution’s operational focus centres on expanding live dealer penetration in North America and Latin America, rolling out the next generation of Hasbro-branded live game shows, completing the structural independence of its RNG division, and maintaining disciplined cost efficiency to preserve industry-leading profitability (Management forecast / Management strategy).

Frequently Asked Questions (FAQs)

1. What is Evolution AB (publ)’s core business model?

Evolution is a pure B2B provider that innovates, develops, produces, and licenses online live casino and RNG slot games to licensed gaming operators. The company earns revenue primarily through variable commission fees based on operator winnings and fixed monthly fees for dedicated branded tables.

2. What were Evolution’s total revenues and profits in 2025?

In 2025, Evolution reported net revenues of EUR 2,066.540 million (essentially flat compared to EUR 2,063.085 million in 2024), operating profit (EBIT) of EUR 1,257.306 million, and net profit of EUR 1,062.096 million. Adjusted EBITDA reached EUR 1,365.7 million with a margin of 66.1%.

3. What are Evolution’s primary business segments?

Evolution reports two primary business segments: Live Casino (EUR 1,772.579 million, representing 85.77% of net revenue) and RNG Casino (EUR 293.961 million, representing 14.23% of net revenue).

4. How many broadcast studios and tables does Evolution operate?

At the end of 2025, Evolution operated 24 broadcast studios globally across Europe, Asia, North America, and South America, running approximately 2,000 live casino tables.

5. What major acquisitions and brands are part of Evolution?

Evolution’s brand portfolio includes the flagship Evolution brand, Ezugi, NetEnt, Red Tiger, Big Time Gaming (BTG), Nolimit City, Sneaky Slots, and Tap-A-Roo.

6. What was the significance of the 2025 Hasbro partnership?

Evolution signed an exclusive multi-year global licensing agreement with Hasbro covering MONOPOLY and other board game IP across live casino and slot verticals, paving the way for major game releases in 2026 such as MONOPOLY Filthy Rich and MONOPOLY Roulette.

7. What is Evolution’s dividend proposal for FY 2025?

The Board of Directors proposed no cash dividend for FY 2025 (compared to EUR 2.80 per share in 2024), determining that distributing surplus capital via share buybacks and reinvestment creates greater long-term shareholder value. In 2025, the company repurchased 7,335,630 of its own shares.

Official Site: Evolution Gaming Official Website