Evolution AB (publ)

Solid financial performance; margins and cash generation remain strong - Net revenues: EUR 526.1m (+3.7% YoY, +1.6% QoQ). - Adjusted EBITDA: EUR 345.9m (65.8% margin); 65.7% YTD, tracking toward 66% full-year target. - Cash flow: Operating cash flow after investments EUR 334.1m, with strong cash conversion 85% (rolling 12 months). - EPS: EUR 1.29 (+2.4% YoY); adjusted EPS improvement ~7.5% mainly due to share buyback reducing shares.

Underlying trading: “business as usual”; Live returned to growth, RNG strong - Management described Q3 as “uneventful/boring”—generally a positive sign for execution and stability. - Live revenues: +1.3% QoQ, +2.6% YoY. - RNG revenues: double-digit growth continued (+10.1% YoY, +3.2% QoQ). - Operational KPIs: Headcount +8.1% YoY (+2.3% QoQ) and a step-up in game rounds (activity indicator), reflecting continued network investment and studio ramp-up.

Geography mix: growth broadening; Europe softness persists - All regions contributed to QoQ growth for the first time since 2024 (positive inflection). - Europe: +0.4% QoQ but -4.7% YoY; CEO explicitly said they can and should do better, implying some market share / channelization / execution issues (despite stable pricing/take rate). - Asia: modest improvement (+0.8% QoQ, +1.6% YoY); CEO reiterated cybercrime issues are ongoing but there’s technical traction. - North America, LatAm, Africa: strong momentum—North America +13.6% YoY, LatAm +23.1% YoY, Africa +23.7% YoY (all-time highs mentioned).