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Evolution Gaming Group AB
(EVO)
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Rating:81Outperform
Price Target:
kr799.00
â–²(14.96% Upside)
Action:Reiterated
Date:07/18/26
The score is driven primarily by strong financial fundamentals (low leverage, high returns, and solid free cash flow) and supportive valuation (low P/E). Technicals are moderately positive with price above key moving averages, while the main risks are the recent revenue slowdown and operational/regulatory headwinds noted on the earnings call (Asia volatility, Live weakness in Europe, and regulatory costs).
Positive Factors
Low leverage and high ROE
Very low leverage plus consistently strong ROE provide durable financial flexibility: the firm can fund studio expansion, product development and buybacks without stressing liquidity. This structural balance-sheet strength reduces refinancing and solvency risk over the coming 2–6 months.
Negative Factors
Recent revenue weakness
A multi-period revenue slowdown and emerging margin compression are structural flags: if volume declines persist, high operating margins may be harder to sustain. Slower top-line trends constrain reinvestment, profit growth and could pressure returns over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage and high ROE
Very low leverage plus consistently strong ROE provide durable financial flexibility: the firm can fund studio expansion, product development and buybacks without stressing liquidity. This structural balance-sheet strength reduces refinancing and solvency risk over the coming 2–6 months.
Read all positive factors
Evolution Gaming Group AB (EVO) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr145.08B
Dividend YieldN/A
Average Volume (3M)518.86K
Price to Earnings (P/E)12.5
Beta (1Y)0.40
Revenue Growth-5.44%
EPS Growth-12.23%
CountrySE
Employees16,298
SectorGeneral
Sector StrengthN/A
IndustryGambling, Resorts & Casinos
Share Statistics
EPS (TTM)5.32
Shares Outstanding199,226,610
10 Day Avg. Volume499,890
30 Day Avg. Volume518,856
Financial Highlights & Ratios
PEG Ratio-1.07
Price to Book (P/B)2.89
Price to Sales (P/S)5.55
P/FCF Ratio9.69
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
kr686.17Price Target Upside-1.27% Downside
Rating ConsensusHold
Number of Analyst Covering6
EPS Forecast (FY)5.35
Revenue Forecast (FY)kr2.10B
Evolution Gaming Group AB Business Overview & Revenue Model
Company Description
Evolution AB (publ) specializes in the creation, production, promotion, and licensing of live casino and slot game offerings, catering to online gaming operators mainly throughout Europe and the United States. Their innovative live casino system b...
How the Company Makes Money
Evolution makes money by supplying casino game content and related platform services to online gambling operators on a B2B basis. Its core revenue model is typically a revenue-share arrangement where Evolution receives an agreed percentage of the ...
Evolution Gaming Group AB Earnings Call Summary
Earnings Call Date:Jul 17, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 23, 2026
Earnings Call Sentiment Positive
The call presented multiple clear positives: solid profitability (EBITDA EUR 341m, 65.9% margin), strong operating cash flow and balance sheet (EUR 258m operating cash flow, EUR 1.2bn cash), a return to double-digit RNG growth (+14% YoY), operational expansions and successful game launches, and an active EUR 2bn buyback program. Offsetting these are meaningful challenges: Asia volatility driven by cybercrime, a YoY revenue decline of 1.2%, live revenue down 3.6% YoY (notably in Europe), a regulatory settlement (GBP 4.75m), and uncertainty around the Galaxy Gaming transaction. On balance, management emphasizes disciplined cost control, margin guidance stability, and continued execution — and the number and impact of positive operational and financial metrics outweigh the listed headwinds.Positive Updates
Stable Revenue and Strong EBITDA
Net revenues of EUR 517.8 million (down 1.2% YoY but up 0.9% QoQ). EBITDA totaled EUR 341 million with an EBITDA margin of 65.9%, in line with guidance — management describes revenue and EBITDA as 'moving in the right direction.'
Negative Updates
Asia Volatility and Cybercrime Issues
Asia took a step back vs. the prior quarter due to ongoing cybercrime (unauthorised copying/redistribution of games). Management calls the situation a continuing 'cat and mouse' problem, causing notable volatility and a reduced share from Asia.
Read all updates
Q2-2026 Updates
Positive
Negative
Stable Revenue and Strong EBITDA
Net revenues of EUR 517.8 million (down 1.2% YoY but up 0.9% QoQ). EBITDA totaled EUR 341 million with an EBITDA margin of 65.9%, in line with guidance — management describes revenue and EBITDA as 'moving in the right direction.'
Read all positive updates
Company Guidance
Management reiterated its full‑year EBITDA margin target (~66%) and emphasized disciplined capital allocation via a EUR 2.0bn share buyback program (5.1m shares repurchased in Q2, EUR 303m spent this quarter; execution limited by market volumes/max 25% of daily volumes over the last 20 days), while reporting Q2 net revenues of EUR 517.8m (−1.2% YoY, +0.9% QoQ), EBITDA EUR 341m (margin 65.9%), profit for the period EUR 251.4m, EPS €1.27, operating cash flow after investments EUR 258m, LTM cash conversion 86%, cash balance EUR 1.2bn, Q2 CapEx €34.7m, RNG revenue +14% YoY and Live revenue +0.6% QoQ (−3.6% YoY); management said the margin guidance remains intact and that remaining buybacks will be phased based on market conditions.Evolution Gaming Group AB Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
92
Very Positive
Cash Flow
85
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.10B | 2.12B | 2.21B | 1.80B | 1.46B | 1.07B |
| Gross Profit | 2.10B | 2.12B | 2.21B | 1.80B | 1.46B | 1.07B |
| EBITDA | 1.42B | 1.42B | 1.50B | 1.21B | 954.58M | 694.86M |
| Net Income | 1.06B | 1.06B | 1.24B | 1.07B | 843.36M | 605.43M |
Balance Sheet | ||||||
| Total Assets | 5.49B | 5.50B | 5.35B | 4.97B | 4.37B | 3.90B |
| Cash, Cash Equivalents and Short-Term Investments | 1.16B | 815.10M | 787.07M | 972.46M | 511.95M | 404.79M |
| Total Debt | 90.45M | 163.33M | 93.66M | 79.46M | 79.55M | 67.81M |
| Total Liabilities | 1.24B | 1.44B | 1.37B | 967.27M | 909.09M | 712.12M |
| Stockholders Equity | 4.25B | 4.06B | 3.97B | 4.01B | 3.46B | 3.19B |
Cash Flow | ||||||
| Free Cash Flow | 1.22B | 1.21B | 1.16B | 1.07B | 780.53M | 537.30M |
| Operating Cash Flow | 1.31B | 1.28B | 1.30B | 1.17B | 877.47M | 598.89M |
| Investing Cash Flow | -64.90M | -147.89M | -247.97M | -139.36M | -371.60M | -154.95M |
| Financing Cash Flow | -590.08M | -1.11B | -1.24B | -574.50M | -394.20M | -248.52M |
Evolution Gaming Group AB Technical Analysis
Positive
695.00
Price Trends
697.95
Positive
660.26
Positive
636.24
Positive
Market Momentum
14.69
Negative
62.28
Neutral
71.70
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:EVO, the sentiment is Positive. The current price of 695 is below the 20-day moving average (MA) of 708.04, below the 50-day MA of 697.95, and above the 200-day MA of 636.24, indicating a bullish trend. The MACD of 14.69 indicates Negative momentum. The RSI at 62.28 is Neutral, neither overbought nor oversold. The STOCH value of 71.70 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:EVO.
Evolution Gaming Group AB Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | kr145.08B | 12.48 | ― | ― | -5.44% | -12.23% | |
78 Outperform | kr12.41B | 8.48 | 15.17% | 7.83% | -2.36% | -31.79% | |
72 Outperform | kr4.64B | 38.47 | 7.14% | ― | -10.22% | -33.31% | |
66 Neutral | kr7.10B | 25.03 | ― | ― | -9.37% | -8.66% | |
62 Neutral | kr292.59M | -2.77 | -9.30% | ― | 8.09% | 88.25% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
54 Neutral | kr186.77M | -7.39 | -13.09% | ― | 18.40% | 95.30% |
* General Sector Average
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Evolution Gaming Group AB Corporate Events
Evolution Steps Up Share Buybacks to Optimize Capital Structure
Jul 27, 2026
Evolution AB has continued executing its share repurchase program, buying 1,023,577 of its own shares on Nasdaq Stockholm between 20 and 24 July 2026 through Citibank. These purchases, made at weighted average prices around SEK 690 per share, are ...
Evolution Terminates Merger Agreement With Galaxy Gaming but Keeps Commercial Partnership
Jul 21, 2026
Evolution Gaming Group AB has terminated its merger agreement involving Evolution Malta Holding Limited, Galaxy Gaming, Inc. and Galaga Merger Sub, Inc., halting a previously planned combination with the U.S.-based game supplier. Despite cancellin...
Evolution Steps Up Share Buybacks to Optimise Capital Structure
Jul 20, 2026
Evolution AB has stepped up its share repurchase programme, buying 1,002,767 of its own shares on Nasdaq Stockholm between 13 and 17 July 2026. The transactions, executed independently by Citibank under EU market abuse and safe harbour rules, were...
Evolution holds margins as growth shifts across regions in Q2 2026
Jul 17, 2026
Evolution reported second-quarter 2026 net revenues of EUR 517.8 million, down 1.2% year on year, with EBITDA of EUR 341.0 million and a stable margin of 65.9%. Despite modest top-line pressure, profit for the period rose to EUR 251.4 million and ...
Evolution settles UK licence review with GBP 4.75 million payment
Jul 15, 2026
Evolution Gaming Group AB has agreed to a GBP 4.75 million settlement with the U.K. Gambling Commission, bringing to a close the licence review that began in December 2024. The review found that Evolution’s games were available to British co...
Evolution Steps Up Share Buybacks to Optimize Capital Structure
Jul 13, 2026
Evolution AB has intensified its share buyback activities, purchasing 994,946 of its own shares on Nasdaq Stockholm between 6 and 10 July 2026 as part of a broader repurchase program. The transactions, executed independently by Citibank, aim to op...
Evolution Steps Up Share Buybacks to Fine-Tune Capital Structure
Jul 6, 2026
Evolution AB has launched a significant share repurchase initiative as part of a broader strategy to optimize its capital structure and enhance shareholder value. The company is buying back its own shares on Nasdaq Stockholm under a board-approved...
Evolution Steps Up Share Buybacks to Optimize Capital Structure
Jun 29, 2026
Evolution AB, a leading B2B supplier of online casino solutions, has been expanding globally with regulated operations in multiple jurisdictions, including Malta, the U.K., Belgium, Canada, Romania and South Africa. The group operates large studio...
Evolution expands share buyback programme to optimise capital structure
Jun 22, 2026
Evolution AB, a leading B2B provider of online casino solutions headquartered in Sweden, supplies fully integrated live gaming platforms to 870 operator customers and employs around 22,500 people in studios across multiple continents. The company ...
Evolution Ramps Up Share Buybacks to Optimise Capital Structure
Jun 15, 2026
Evolution AB has continued its share repurchase programme, buying 927,831 of its own shares on Nasdaq Stockholm between 8 and 12 June 2026 as part of a board-approved plan to optimise its capital structure and enhance shareholder value. The buybac...
Evolution steps up capital optimisation with latest share buybacks
Jun 8, 2026
Evolution AB has launched a share repurchase programme aimed at optimising its capital structure and enhancing shareholder value by reducing its share capital. The company reported that between 1 and 5 June 2026 it bought back 838,171 shares on Na...
Evolution expands share buyback to optimize capital structure
Jun 1, 2026
Evolution AB, the Nasdaq Stockholm-listed B2B online casino solutions provider, has continued its share buyback initiative aimed at optimizing its capital structure and enhancing shareholder value. The company focuses on developing and licensing l...
Evolution Begins Share Buyback to Optimize Capital Structure
May 25, 2026
Evolution AB has launched and begun executing a share repurchase program on Nasdaq Stockholm aimed at optimizing its capital structure and enhancing shareholder value. Between 19 and 22 May 2026, the company bought back 535,802 shares, representin...
Evolution launches EUR 2 billion buyback and secures new credit line
May 18, 2026
Evolution Gaming Group AB, a leading Sweden-based B2B supplier of online casino solutions to gaming operators, develops, produces and licenses fully integrated live and digital casino platforms for a global customer base. The company operates larg...
Evolution Cancels Over 5.2 Million Shares After AGM Decision
Apr 30, 2026
Evolution Gaming Group AB has announced a reduction in its share capital following a decision taken at its Annual General Meeting on 24 April 2026. The company, a leading B2B online casino solutions provider listed on Nasdaq Stockholm, completed t...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.