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Profile & Fundamentals

Evolution AB (publ) Profile & Fundamentals

Name: Evolution AB (publ) financial chart data preview
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Company and Market Context

Company Profile & Ownership

Evolution AB (publ) develops, produces, markets, and licenses live casino and slots solutions to gaming operators in Europe, Asia, North America, Latin America, and internationally. It offers casino and live games shows under the Evolution and Ezugi brands; online casino under the NetEnt brand name; and casino games and software comprising jackpot system, a smart spins bonus management application, and tournaments gamification under the Red Tiger brand. It also provides slots titles and game mechanics under the Big Time Gaming brand; online casino platform and games under the Nolimit City brand name; HD spinning gaming wheels under the DigiWheel brand; and B2B social streaming games under the Livespins brand name. The company was formerly known as Evolution Gaming Group AB (publ). Evolution AB (publ) was founded in 2006 and is headquartered in Stockholm, Sweden.

Company profile record

Evolution AB (publ)

Common Stock · Consumer Discretionary · Casinos & Gaming

Official website

Company

Company / asset: Evolution AB (publ)
Security type: Common Stock
Sector: Consumer Discretionary
Industry: Casinos & Gaming
HQ: 🇸🇪 Sweden
Head office: Hamngatan 11, Stockholm, Sweden, 111 47

Leadership & scale

Chief executive: Mr. Martin Carlesund
CEO year born: 1970
Full-time employees: 16.3K
Fiscal year end: December

Fundamentals snapshot

Updated 2026-09-05

Market Cap: SEK 171.0B
P/E: 14.3x
Revenue (Q2 26): EUR 517.8M
Profit (Q2 26): EUR 251.4M
Dividend Yield: --
Revenue (FY 25): EUR 2.1B
Shares in public float: 104.5M
Insider ownership: 44.54%

Reporting & identifiers

Symbol: EVO.STO
Listing: 🇸🇪 Sweden | Dividend Tax: 30%
Ticker Currency: SEK
Income Statement Currency: EUR
Balance Sheet Currency: EUR
Cash Flow Currency: EUR
EPS Currency: EUR
Contract Type: SPOT
ISIN: SE0012673267
Asset ID: equity_c98b03ab-c85e-5bc0-8555-96e6249733e7

Ownership

Shares Outstanding

Shares outstanding

Annual reported shares outstanding. Values in shares.

Earnings, Profitability & Valuation

Earnings & Revenue

AI Review

The company's headline revenue plateau conceals an underlying story of strong cash resilience. While reported net sales fell 4.3% in 2025 to 2.12 billion euros due to European regulatory tightening and Asian cyber disruptions, the top line stabilized in the first half of 2026 at over 1.03 billion euros. Constant-currency demand remained positive, proving that currency translation and accounting comparisons, rather than broken customer relationships, drove the apparent contraction. More importantly, operating income of 1.26 billion euros converted into an astonishing 1.21 billion euros in free cash flow, representing an 86% conversion rate. This extraordinary cash-flow performance shows that while top-line growth has downshifted into single digits, the cash-generation tollbooth remains completely intact, fully funding extensive capital returns to equity owners.

Revenue, Net Income, and Free Cash Flow

Revenue
Free cash flow
Net income

Annual reported financial results, converted using the statement's recorded USD conversion. Missing values are omitted. Values in USD.

Valuation

Historical P/E Ratio

Published P/E

Published valuation snapshots. Trailing four-quarter earnings where available; annual earnings otherwise. Non-positive earnings are omitted. Values in times earnings.

Profitability & Margins

AI Review

Profitability remains world-class, with adjusted EBITDA margins holding firm at 65.9% in mid-2026 and net profit margins hovering near 50%. While operating margins moderated slightly from historical 64% peaks due to studio wage adjustments in Georgia, higher compliance overhead, and the initial phase-in of the 15% global minimum tax, structural profitability remains virtually peerless across the global technology sector. This margin defense proves that the company commands immense B2B pricing power and high customer switching costs across more than 870 integrated casino operators. As higher-margin regulated tables in the Americas scale, scale efficiencies will easily offset localized wage increases, keeping solidly anchored above 60% over the multi-year horizon.

Profitability Margins

Gross margin
Operating margin
Net margin
Free cash flow margin

Annual gross, operating, net income and free cash flow divided by revenue for matching reporting dates. Values in percent.

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Reported Data Tables — chart preview

The following tables contain the same values as the financial charts above. Monetary values are USD; margins are percentages. Missing inputs are not estimated. Use is subject to the iPulse AI Terms of Service and applicable source rights.

Source: eodhd. Statement snapshots with chart transformations and ratios calculated by iPulse AI. Snapshot retrieved 2026-09-08.

Annual earnings and profitability
Period end	Revenue	Free cash flow	Net income	Gross margin	Operating margin	Net margin	Free cash flow margin
2016-12-31	122,388,660	9,375,700	33,644,400	100	30.2	27.49	7.66
2017-12-31	212,278,150	49,426,650	73,933,510	100	37.49	34.83	23.28
2018-12-31	279,776,520	76,272,840	95,144,400	100	36.46	34.01	27.26
2019-12-31	409,642,240	163,159,360	167,693,120	100	43.05	40.94	39.83
2020-12-31	684,583,480	340,581,300	347,238,840	100	53.41	50.72	49.75
2021-12-31	1,218,405,780	612,525,420	690,195,900	102.43	61.19	56.65	50.27
2022-12-31	1,558,708,590	835,162,820	902,396,270	100	62.34	57.89	53.58
2023-12-31	1,978,461,100	1,125,033,800	1,112,651,100	100	63.53	56.24	56.86
2024-12-31	2,302,708,720	1,210,862,640	1,293,775,600	100	64.11	56.18	52.58
2025-12-31	2,478,302,190	1,419,139,826.91	1,242,652,320	100	59.36	50.14	57.26

Published valuation snapshots
Period end	P/E (times earnings)	Earnings basis
2025-12-31	14.3	Trailing four quarters
2024-12-31	11.91	Trailing four quarters
2023-12-31	22.17	Trailing four quarters
2022-12-31	23.42	Annual net income
2021-12-31	45.88	Annual net income

Shares outstanding — chart values
Reporting date	Shares outstanding
2017-01-01	181,685,200
2018-01-01	183,565,300
2019-01-01	183,384,000
2020-01-01	197,388,700
2021-01-01	222,564,500
2022-01-01	217,125,300
2023-01-01	215,311,000
2024-01-01	206,562,200
2025-01-01	199,789,400
2026-01-01	197,242,700

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