Shared on 28 Jul 25

Fair value Increased 2.36%

Here’s a summary of the most important points from the Evolution AB Interim Report (January–June 2025) , including key financials and the CEO’s comments: Key Financial Highlights Q2 2025 (April–June) Net revenues : €524.3 million (+3.1% YoY) EBITDA : €345.3 million (margin: 65.9%) Profit for the period : €248.3 million (−7.7% YoY) Earnings per share : €1.22 (−4.5% YoY) H1 2025 (January–June) Net revenues : €1,045.2 million (+3.5% YoY) EBITDA : €687.2 million (margin: 65.8%) Profit for the period : €503.0 million (−6.6% YoY) Earnings per share : €2.46 (−3.6% YoY) Geographic Performance Asia : Revenue rebounded to €209.1M in Q2 (up from €201.9M in Q1) Europe : Decline to €180.2M in Q2 (from €189.7M in Q1), impacted by regulatory ring-fencing North America : Continued growth to €74.0M Latin America : Stable at €37.6M ️ Strategic Developments New studios : Launched in the Philippines (first in Asia) and São Paulo, Brazil Entered Rhode Island : With online slot games Hasbro partnership : Exclusive global licensing for live casino and slot games, including MONOPOLY Live Product Highlights Live Casino : 3.6% YoY growth; 4 new games launched in Q2 RNG (Random Number Generator) : Slight growth (+0.3%), impacted by a large payout Roadmap : Over 110 new releases planned for 2025 CEO Martin Carlesund’s Comments – Key Takeaways Growth below expectations : While revenue grew modestly, the CEO expressed dissatisfaction with the pace, especially in Europe and Asia. Asia challenges : Cybercrime and stream hijacking remain issues, but new security measures are showing results.

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Shared on 19 May 25

Evolution AB's shares have recently fallen due to a combination of regulatory factors and market perception:Research by the UK Gambling Commission (UKGC): The UKGC has initiated a review of the operating license of Evolution Malta Holding Limited, a subsidiary of Evolution AB. This is due to concerns about the accessibility of its games in the UK through operators that are not licensed by the UKGC.Fear of penalties or loss of license: Although only about 3% of Evolution's revenue comes from the UK, the market reacted strongly to the possibility of sanctions, fines, or even license revocation.

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Shared on 08 Feb 25

Fair value Decreased 15%

kapirey has decreased revenue growth from 14.0% to 9.0%, increased future PE multiple from 12.0x to 15.0x and increased discount rate from 9.0% to 13.0%.

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Shared on 25 Jan 25

kapirey made no meaningful changes to valuation assumptions.

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