EVONasdaq StockholmConsumer DiscretionaryIFRS · SEK

Evolution

Evolution is a prominent provider of online casino games, specializing in both Live Casino and Random Number Generator (RNG) games. The company is known for its innovative approach and strong compliance framework, which allows it to operate effectively in regulated markets. Evolution's business model focuses on B2B relationships with gaming operators, providing them with a comprehensive suite of casino games. The company is committed to expanding its market share and maintaining its position as a leader in the online gaming industry.

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Revenue2,067m SEK
+0.2 %y/y
Operating profit (EBIT)1,257m SEK
−99.9 %y/y
EBIT margin60.8%
−68,746.5 ppy/y
Net income1,062m SEK
−14.6 %y/y
Free cash flow1,120m SEK
−9.3 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

0500,0001,000,0001,500,000m SEK2021: 1,069 m SEK2021: EBIT 654 m SEK20212022: 1,457 m SEK2022: EBIT 908 m SEK20222023: 1,799 m SEK2023: EBIT 1,143 m SEK20232024: 2,063 m SEK2024: EBIT 1,419,553 m SEK20242025: 2,067 m SEK2025: EBIT 1,257 m SEK2025TTM 2026: 2,052 m SEKTTM2,052
RevenueOperating profit (EBIT)TTM = last 12 months, not a full fiscal year
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Business

Share of revenue
Live Casino50 %

Includes live dealer games streamed online.

RNG Games30 %

Random Number Generator-based casino games.

Mobile Gaming15 %

Casino games optimized for mobile devices.

Regulatory Services5 %

Compliance and legal advisory for gaming operators.

Customers

Evolution primarily serves gaming operators who are licensed in various jurisdictions. These operators use Evolution's platform to offer casino games to end-users globally. The company's B2B model means that while it does not interact directly with end-users, it provides the essential gaming infrastructure and content to operators. The focus on mobile gaming has been a significant growth driver, with a large portion of gaming revenue generated via mobile devices. Evolution's customers value its innovative game offerings and robust compliance support, which help them navigate complex regulatory landscapes.

Gaming Operators

Purchase casino games and platforms for end-user engagement.

Mobile Gaming Operators

Focus on mobile-optimized gaming experiences.

Regulated Market Operators

Require compliance and regulatory support.

Strategy

Evolution's strategic priorities include expanding its market share in the online casino industry and enhancing its product portfolio through innovation. The company aims to grow faster than the overall market by focusing on regulated markets and mobile gaming. Evolution invests in its patent-protected games to maintain competitive advantage and protect against counterfeits. The company also emphasizes compliance and legal adaptability to stay ahead of regulatory changes, ensuring sustainable growth.

Market ExpansionMedium term

To grow faster than the overall online casino market.

Product InnovationShort term

To maintain competitive advantage and meet customer demand.

Regulatory ComplianceLong term

To ensure sustainable growth and mitigate legal risks.

Geography

Q3/2025

Evolution operates on a global scale, with significant revenue contributions from Europe, Asia, and North America. The company adapts to regional regulatory changes, ensuring compliance across different jurisdictions. Europe remains a key market, but Asia's rapid growth in mobile gaming presents substantial opportunities. Evolution's strategic focus on regulated markets helps mitigate risks associated with legal uncertainties. The company's geographic diversification supports its growth strategy and reduces dependency on any single market.

Asia37 %
Europe36 %
North America15 %
LatAm7.8 %
Other4.3 %

Share of the revenue the company reports by geography.

Risks

Evolution faces several risks, including regulatory changes in key markets, which could impact its ability to operate or offer certain products. The company is also exposed to operational risks such as cyber-attacks and sabotage, particularly in regions like Asia. Financial risks include fluctuations in currency exchange rates and changes in tax regulations. Industry-specific risks involve competition from other gaming providers and the potential for counterfeit games affecting brand reputation. Evolution actively manages these risks through compliance frameworks and strategic investments.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Regulatory Changes1Cyber-attacks2Competition3Currency Fluctuations4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Regulatory ChangesImpact: CriticalLikelihood: Medium

    Could impact ability to operate in key markets.

  2. Cyber-attacksImpact: HighLikelihood: Low

    Threaten operational stability, especially in Asia.

  3. CompetitionImpact: HighLikelihood: Low

    Could erode market share and profitability.

  4. Currency FluctuationsImpact: MediumLikelihood: Medium

    Affect financial performance due to global operations.

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Accounting

Judgemental items
Revenue Recognition

Ensures compliance with IFRS and affects reported revenue.

Seasonality

Impacts quarterly revenue comparability and analysis.

Goodwill Impairment

Critical for accurate financial valuation and reporting.

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Last updated: 24/09/2026

Evolution (XSTO) – Consumer Discretionary | Financial Analysis – Clarifo