Evolution AB (publ)

Strong quarter but modest growth: - Net revenues: EUR 526.1m, +3.7% YoY and +1.6% QoQ. - Adjusted EBITDA: EUR 345.9m, 65.8% margin (stable/very strong). - Earnings trend: EPS EUR 1.29 (+2.4% YoY); adjusted EPS improvement ~+7.5% driven largely by share buyback reducing shares. - Cash generation: Operating cash flow after investments EUR 334.1m; working capital positive (+EUR 32.5m); cash conversion 85% (rolling 12 months).

Business mix: Live stabilized/up; RNG strong (key driver of growth): - Live revenues: +1.3% QoQ and +2.6% YoY (returned to growth vs Q2). - RNG: reported double-digit growth again — +10.1% YoY and +3.2% QoQ. - Management emphasized “business as usual”—no single game driving results; rather portfolio + activity across network. - Operational KPIs supportive: headcount +8.1% YoY (+2.3% QoQ), and game rounds index increased (suggesting network activity momentum).

Geographic performance: growth broadening, Europe still weak (investor watch item): - Quarter-on-quarter: management said all regions contributed to growth for the first time since 2024. - Europe: +0.4% QoQ but -4.7% YoY; CEO explicitly said this is not exciting and they “should do better” (risk of continued underperformance / market-share concerns). - Asia: small improvement (+0.8% QoQ, +1.6% YoY); management continues to cite longer-term burden from cybercrime issues. - North America / LatAm / Africa: reported all-time highs; LatAm +23.1% YoY; Africa/other +23.7% YoY; North America +13.6% YoY.