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.
Profile & Fundamentals
Evolution AB (publ): Company identity, ownership, reported financial performance, balance sheets, and corporate actions.
Profile & Fundamentals
Evolution AB (publ) Profile & Fundamentals
Examine company identity, ownership, reported performance, valuation, balance-sheet resilience, dividends, buybacks, and material corporate events.
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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
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
- Market Cap
- SEK 160.8B
- P/E
- 13.4x
- 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
- 48.47%
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
Latest: 197.2M | Max: 222.6M | Min: 181.7M
Latest reported ownership snapshot
As of Oct 1, 2026Float Shares
53.00%
104.5M latest reported shares
Insider Ownership
48.47%
Latest reported insider stake
Short Float
--
Latest reported short interest / float
Source tablesView ownership tables
Shares Outstanding
Annual reported shares outstanding; up to 10 reporting dates.
Scroll the table to see every column.
| 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 |
Top Holders
Available reported ownership records.
No reported records are available in this preview.
Earnings, Profitability & Valuation
Earnings, Profitability & Valuation
Earnings & Revenue
Earnings and Revenue Trajectory
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.
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
Latest: EUR 2.1B | Max: EUR 2.2B | Min: EUR 8.8M
Valuation
P/E Ratio (TTM)iPublished valuation snapshots use the earnings basis recorded with each observation. Source tables retain that basis.
Latest: 14x
Profitability & Margins
Margins and Operating Efficiency
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 operating margins solidly anchored above 60% over the multi-year horizon.
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 operating margins solidly anchored above 60% over the multi-year horizon.
Profitability Margins
Latest: 100.0% | Max: >100.0% | Min: 27.5%
Latest Profitability Ratios as of 2025-12-31
Gross Margin
100.0%
Gross profit / revenue
Operating Margin
59.4%
Operating income / revenue
Net Margin
50.1%
Net income / revenue
FCF Margin
57.3%
Free cash flow / revenue
Source tablesView earnings, profitability & valuation tables
Revenue, Net Income, and Free Cash Flow
Annual reported results, using the source statement's recorded USD conversion. Up to 10 reporting periods; missing values are not estimated.
Scroll the table to see every column.
| Period end | Revenue (USD) | Net income (USD) | Free cash flow (USD) |
|---|---|---|---|
| 2016-12-31 | 122,388,660 | 33,644,400 | 9,375,700 |
| 2017-12-31 | 212,278,150 | 73,933,510 | 49,426,650 |
| 2018-12-31 | 279,776,520 | 95,144,400 | 76,272,840 |
| 2019-12-31 | 409,642,240 | 167,693,120 | 163,159,360 |
| 2020-12-31 | 684,583,480 | 347,238,840 | 340,581,300 |
| 2021-12-31 | 1,218,405,780 | 690,195,900 | 612,525,420 |
| 2022-12-31 | 1,558,708,590 | 902,396,270 | 835,162,820 |
| 2023-12-31 | 1,978,461,100 | 1,112,651,100 | 1,125,033,800 |
| 2024-12-31 | 2,302,708,720 | 1,293,775,600 | 1,210,862,640 |
| 2025-12-31 | 2,478,302,190 | 1,242,652,320 | 1,419,139,826.91 |
Published P/E Ratio
Published valuation snapshots retain each observation's earnings basis.
Scroll the table to see every column.
| 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 |
Profitability Margins
Matching annual reporting dates. Values are percentages.
Scroll the table to see every column.
| Period end | Gross margin (%) | Operating margin (%) | Net margin (%) | Free cash flow margin (%) |
|---|---|---|---|---|
| 2016-12-31 | 100 | 30.2 | 27.49 | 7.66 |
| 2017-12-31 | 100 | 37.49 | 34.83 | 23.28 |
| 2018-12-31 | 100 | 36.46 | 34.01 | 27.26 |
| 2019-12-31 | 100 | 43.05 | 40.94 | 39.83 |
| 2020-12-31 | 100 | 53.41 | 50.72 | 49.75 |
| 2021-12-31 | 102.43 | 61.19 | 56.65 | 50.27 |
| 2022-12-31 | 100 | 62.34 | 57.89 | 53.58 |
| 2023-12-31 | 100 | 63.53 | 56.24 | 56.86 |
| 2024-12-31 | 100 | 64.11 | 56.18 | 52.58 |
| 2025-12-31 | 100 | 59.36 | 50.14 | 57.26 |
Public data excerpt created by iPulse AI and published by Future Edge Group FZE. Source: eodhd. Snapshot retrieved 2026-10-01.
Use is subject to the iPulse AI Terms of Service and applicable source rights. Missing inputs are not estimated. Full access includes the remaining records, research and interactive tools.
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