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Evolution EUR

At a glance: strengths & risks
✓Net cash balance sheet✗Margins compressing (66%→63%, Q3 2026)

Sector: Online casino software

EU_EVO

Price chart

871 SEKDay 0.62%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
871 SEK · 0.62%
Market cap
14.5 bn EUR

Growth

Δ revenue y/y
3.7%
Δ EBITDA y/y
-0.9%

Multiples

P/E (LTM)
13.8x
3y avg: 13.2x
P/B (FY)
3.6x
P/E (ann.)
14.9x
EV/EBITDA (LTM)
9.6x
3y avg: 10.5x
EV/EBITDA (ann.)
10.1x

Cash return

Dividend yield
—
FCF yield (LTM)
8.0%

Value creation

fundamental value/yr, % of market cap
Value created / year
+4.8%
↓ details

Liquidity

Daily turnover (listing)
193.7 mln SEK

Shares: connector/market_inputs

Amounts: USD (converted) · As reported
Converted modes use NBK / ECB-linked rates: balance sheet date for BS items, period average for P&L and cash flow (see filing row evidence). As reported keeps each row in its filing currency.

Financial results

Monetary columns are in M EUR, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM EUROperating profitM EURD&AM EUREBITDAM EURNet profitM EUROperating CFM EURCapex + M&AM EURAssetsM EUREquityM EURROE (annualized)Net debtM EURSource
2026-09-30Q3 2026 (3M)OK526.1
y/y 3.7%
290.3
y/y -2.1%
43.6
y/y 8.2%
333.8
y/y -0.9%
243.3
y/y -3.6%
366.1-32.04991.2
y/y -3.5%
3606.4
y/y -5.6%
24.8%≈ -1052.4Report (PDF)
2026-06-30Q2 2026 (3M)OK517.8
y/y -1.2%
297.8
y/y -2.8%
43.2
y/y 11.1%
341.0
y/y -1.2%
251.4
y/y 1.3%
293.0-34.75470.6
y/y 10.4%
4234.4
y/y 13.6%
23.6%-1052.4Yahoo Finance
2026-03-31Q1 2026 (3M)OK513.0
y/y -1.5%
292.6
y/y -3.6%
42.7
y/y 10.8%
335.3
y/y -1.9%
251.9
y/y -1.1%
345.8-34.65847.9
y/y 2.7%
4299.7
y/y 2.7%
24.1%-998.8Yahoo Finance
2025-12-31Q4 2025 (3M)OK565.9
y/y —
350.9
y/y —
42.3
y/y —
393.2
y/y —
306.8
y/y —
296.6-38.55521.8
y/y 3.3%
4076.4
y/y 2.6%
26.9%-726.9Yahoo Finance
2025-09-30Q3 2025 (3M)OK507.1
y/y —
296.6
y/y —
40.3
y/y —
336.9
y/y —
252.3
y/y —
371.9-13.95173.6
y/y —
3819.6
y/y —
26.7%≈ -405.0Report (PDF)
2025-06-30Q2 2025 (3M)OK524.3
y/y —
306.4
y/y —
38.9
y/y —
345.3
y/y —
248.3
y/y —
225.3-33.04953.8
y/y —
3728.9
y/y —
25.1%-405.0Yahoo Finance
2025-03-31Q1 2025 (3M)OK520.9
y/y —
303.4
y/y —
38.5
y/y —
342.0
y/y —
254.7
y/y —
361.3-33.65694.8
y/y —
4185.0
y/y —
25.0%-865.2Yahoo Finance
2024-12-31FY 2024 (12M)OK2063.1
y/y 14.7%
1268.5
y/y 11.0%
142.2
y/y 14.1%
1410.7
y/y 11.3%
1244.0
y/y 16.2%
1301.0-136.75346.8
y/y 7.5%
3971.8
y/y -0.9%
31.2%-707.8Yahoo Finance
2023-12-31FY 2023 (12M)OK1798.6
y/y —
1142.7
y/y —
124.7
y/y —
1267.4
y/y —
1070.9
y/y —
1168.4-94.24973.5
y/y —
4006.2
y/y —
—-893.0Yahoo Finance

Revenue & EBITDA

RevenueEBITDA

Quarterly values (€ mln)

05001 0001 5002 0002 5002023 FY2024 FY2025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Year-over-year change

-5%0%5%10%15%2023 FY2024 FY2025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Cash flow

Operating and investing cash flow (OCF + ICF) (€ mln)

02505007501 0001 2502023 FY2024 FY2025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Net debt / cash (€ mln)

-1 250-1 000-750-500-25002023 FY2024 FY2025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Profit and cash

Profit is cash-backed
In a typical year of 2022–2025 operating cash flow came to 1.07x of reported net profit; after capex, 0.97x.
year2022202320242025
cash flow / profit1.04x1.09x1.05x1.18x
accruals, % of assets-0.8%-2.0%-1.1%-3.5%
Last twelve months (to 2026-09-30): 1.24x of profit came back as operating cash flow.
net debt / EBITDA -0.5x · capex 0.9x of depreciation
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Operating statistics

Production indicators — supplementary, not part of the financial statements

PeriodNet revenue
MEUR		EBITDA margin
%		Average number of full-time employees
employees		Full-time employees at end of period
employees		Game Rounds index - all games
index		Headcount end of period
employees
Q3 2026-09——17 040
+6.5%		17 020
+5.8%		43523 408
Q2 2026-06517.80
−1.2%		65.90
+0.0%		————
H1 2026-061 030.80
−1.4%		65.60
−0.3%		————
Q3 2025-09——15 99616 094——
Q2 2025-06524.3065.90————
H1 2025-061 045.2065.80————

Company reports (PLR coverage review 2026-10-01), extracted with DeepSeek and every number checked against the document text: https://mfn.se/a/evolution/evolution-delarsrapport-januari-juni-2026; https://mfn.se/a/evolution/evolution-delarsrapport-januari-september-2026; https://storage.mfn.se/396d6c9e-e7ca-4ecd-928c-bfc2b7a5416b/evo-q3-2026-eng-2026-10-23-final.pdf; https://storage.mfn.se/b41aa046-e036-428b-940a-8842c83ab4c5/evo-q3-2026-presentation.pdf

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: +4.8%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-09-30 vs 2025-09-30)
= (334 − 337) × 4.20
-13
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (14 504 + -1 052) ÷ 1 403
9.6x
3. Target multiple
(Current EV/EBITDA + 10) ÷ 2
= (9.6 + 10) ÷ 2
9.8x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 647 + 0 + 824 − 0
824
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (-13 × 9.8 + 824) ÷ 14 504
+4.8%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • net-cash rise stripped: net debt fell while EBITDA declined and no share dilution measured (likely equity raise / recapitalisation)

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth +0% vs +15% the year before — a -14.5 pp move. 3-year CAGR +12%.
revenue growth by year: 2023 +23% · 2024 +15% · 2025 +0%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2025-05-1231.0912 SEKEx-dividend: 31.0912 SEK per sharePaidYahoo Finance (ex-div)
2024-04-2929.4256 SEKEx-dividend: 29.4256 SEK per sharePaidYahoo Finance (ex-div)
2023-04-0522.208 SEKEx-dividend: 22.208 SEK per sharePaidYahoo Finance (ex-div)
2022-04-1115.7677 SEKEx-dividend: 15.7677 SEK per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Evolution — from primary filings.

Frequently asked questions

What is Evolution's P/E ratio?
Evolution trades at a P/E of 13.8x (price to trailing 12-month earnings).
What is Evolution's EV/EBITDA?
Evolution trades at 9.6x EV/EBITDA.
What is Evolution's P/B ratio?
Evolution trades at a P/B of 3.6x.
What is Evolution's return on equity (ROE)?
Evolution's ROE is 24.8%.
What is Evolution's market capitalization?
Evolution's market cap is 14.5 bn EUR.

See also: The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map