Interim report
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Evolution develops, produces, markets and licenses fully integrated B2B Online Casino solutions to gaming operators. Since its inception in 2006, Evolution has developed into a leading B2B provider with 800+ operators among its customers. The group currently employs +23,400 people in studios across Europe, North America and Latin America. The parent company is based in Sweden and listed on Nasdaq Stockholm with the ticker EVO. Visit www.evolution.com for more information. Evolution is licensed and regulated by the Malta Gaming Authority under license MGA/B2B/187/2010. Evolution is also licensed and regulated in many other jurisdictions such as the United Kingdom, Belgium, Canada, Romania, South Africa, and others. Interim report | January–September 2026 | Evolution AB (publ) Third quarter of 2026 (Q3 2025) • Net revenues increased 3.7% to EUR 526.1 million (507.1) • Adjusted EBITDA increased 2.7% to EUR 345.9 million (336.9), corresponding to a margin of 65.8% (66.4) • Profit for the period amounted to EUR 243.3 million (252.3) • Earnings per share amounted to EUR 1.31 (1.25) January-September 2026 (9M 2025) • Net revenues increased 0.3% to EUR 1,557.0 million (1,552.3) • Adjusted EBITDA declined 0.2% to EUR 1,022.2 million (1,024.1), corresponding to a margin of 65.7% (66.0) • Profit for the period amounted to EUR 746.7 million (755.3) • Earnings per share amounted to EUR 3.85 (3.71) Events during the third quarter of 2026 • Quarter-on-quarter growth in all regions • Launched Monopoly Roll’em and Disco Balls • Introduction of new US-focused slots brand Spinning Whale Events after the reporting period • Closure of studio in Brazil until clarified regulatory situation Summary of the third quarter and the first nine months of 2026 Jul-Sep Jul-Sep Jan-Sep Jan-Sep Oct 2025- Jan-Dec Group, EUR thousands 2026 2025 % 2026 2025 % Sep 2026 2025 % Net revenues 526,125 507,123 3.7% 1,556,955 1,552,336 0.3% 2,071,159 2,066,540 0.2% Other operating revenues - - - - - - 51,667 51,667 0.0% Total operating revenues 526,125 507,123 3.7% 1,556,955 1,552,336 0.3% 2,122,826 2,118,207 0.2% EBITDA 333,835 336,887 -0.9% 1,010,142 1,024,130 -1.4% 1,403,352 1,417,340 -1.0% EBITDA margin 63.5% 66.4% - 64.9% 66.0% - 66.1% 66.9% - Adjusted EBITDA(1) 345,932 336,887 2.7% 1,022,239 1,024,130 -0.2% 1,363,782 1,365,673 -0.1% Adjusted EBITDA margin 65.8% 66.4% - 65.7% 66.0% - 65.8% 66.1% - Profit for the period 243,299 252,329 -3.6% 746,668 755,315 -1.1% 1,053,449 1,062,096 -0.8% Profit margin 46.2% 49.8% - 48.0% 48.7% - 49.6% 50.1% - Basic earnings per share, EUR 1.31 1.25 4.6% 3.85 3.71 3.8% 5.39 5.24 2.8% (1 )Adjustments to EBITDA, see table on page 13
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Interim report | January-September 2026 | Evolution AB (publ) 2 (18) CEO’s comments For the third quarter of 2026, Evolution reported net revenues of EUR 526.1 million and adjusted EBITDA of EUR 345.9 million, corresponding to year-on-year revenue growth of 3.7 percent and an adjusted EBITDA margin of 65.8 percent. All in all, I am pleased to state that this was an uneventful quarter with focus on core business and stable to good development across our markets. For the first time since 2024, all regions reported quarter-on-quarter growth, while the group also reported year-on-year growth. Our two largest regions were stable, with quarter-on-quarter growth of 0.4 percent in Europe and 0.8 percent in Asia. Growth remained solid in the rest of the world, with year-on-year increases of 13.6 percent in North America, 23.1 percent in LatAm and 23.7 percent in Africa. Both Live and RNG reported year-on-year growth, with Live increasing by 2.6 percent and RNG by 10.1 percent. During the quarter, we launched several new games, including Monopoly Roll’em and Disco Balls, and introduced the US-focused slots brand Spinning Whale. Looking ahead, the blockbuster hit Ice Fishing will be rolled out in North America during the fourth quarter. We are also preparing to launch another showcase title under our Hasbro partnership before year-end: Game Night. It will be exceptional in both size and features, supporting our agenda to win the players’ trust over the next decade by delivering the world’s most entertaining content. At the beginning of October, Brazil’s regulatory framework was rolled back following a decision by the president. The final outcome of this regulatory decision remains unclear, and it is difficult to predict how player behaviour in Brazil will evolve. As a result, our Brazilian studio is temporarily closed. Based on our estimated revenue split by player IP, Brazil accounts for well below half of LatAm revenues. At the same time, momentum in the rest of LatAm remains strong and will offset part of the impact from the situation in Brazil. We continue to closely monitor developments and adapt as necessary. Our immediate focus is on supporting our employees and managing the practical consequences on the ground. We remain focused on managing any short-term challenge while prioritising the entertainment and user experience, growth, cash flow and cost discipline. As always, I am ever so grateful to all colleagues around the world and the effort they put in every day to stay ahead of the game. Thank you! Martin Carlesund CEO
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Interim report | January-September 2026 | Evolution AB (publ) 3 (18) Quarterly results trend Financial performance in the third quarter of 2026 Net revenues Net revenues amounted to EUR 526.1 million (507.1) in the third quarter, equivalent to an increase of 3.7 percent compared with the corresponding period in 2025. Revenue growth adjusted for changes in foreign exchange rates is estimated at 4.0 percent compared with the same period the preceding year. EUR 443.0 million (431.7) of the revenue was derived from Live games and EUR 83.1 million (75.5) from RNG games. Revenue derives mainly from commission income from existing customers and, to a certain extent, from new customers. Demand for online casino games continues to grow, partly as a result of our continuous launch of new games and variations on traditional games. Net revenues by game type Group, EUR million Jul-Sep 2025 Oct-Dec 2025 Jan-Mar 2026 Apr-Jun 2026 Jul-Sep 2026 Live 431.7 438.6 434.9 437.3 443.0 RNG 75.5 75.7 78.2 80.5 83.1 Net revenues 507.1 514.2 513.0 517.8 526.1 Expenses Operating expenses amounted to EUR 235.9 million (210.5). Expenses were mainly driven by higher costs for personnel, connected to the launch of new tables in the company’s studios and the expansion in general compared to the third quarter of 2025. Other operating expenses include settlement fee with UK Gambling Commission of EUR 5.6 million and termination and legal fees for Galaxy Gaming acquisition of EUR 6.5 million. Changes in foreign exchange rates affected operating expenses negatively with EUR 1.2 million compared with the same period the preceding year. Profitability Operating profit amounted to EUR 290.3 million (296.6), corresponding to a decline of 2.1 percent. The operating margin was 55.2 percent (58.5). The EBITDA margin was 63.5 percent (66.4). Adjusted EBITDA amounted to EUR 345.9 million (336.9). Adjusted EBITDA margin was 65.8 percent (66.4). The adjustments to EBITDA are settlement fee with UK Gambling Commission of EUR 5.6 million and termination and legal fees for Galaxy Gaming acquisition of EUR 6.5 million. 0% 10% 20% 30% 40% 50% 60% 70% 80% 0 50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 450,000 500,000 550,000 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 Net revenues Adjusted EBITDA Adjusted EBITDA margin
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Interim report | January-September 2026 | Evolution AB (publ) 4 (18) Net financial items amounted to negative EUR 1.9 million (0.8) related to interest income, leasing interest expenses and currency exchange differences. The Group’s effective tax rate for the quarter amounted to 15.6 percent (15.2). The tax rate is affected by the estimated top-up tax related to Pillar II and by the countries in which earnings are generated, which may vary slightly between reported periods. Profit for the quarter amounted to EUR 243.3 million (252.3). Basic earnings per share were EUR 1.31 (1.25). Investments Investments in intangible assets amounted to EUR 15.8 million (15.9) during the quarter and were mainly attributable to development of new games and technical improvements of the platform, such as new functionality. See Note 5 for information about acquisition of group companies. Investments in property, plant and equipment amounted to EUR 16.2 million (13.9) and comprised new studio space, new gaming tables, servers and other computer equipment to meet new technical requirements and maintain capacity and performance in connection with new platform launches. Cash and cash equivalents, financing and financial position Cash flow from operating activities amounted to EUR 366.1 million (371.9) during the quarter. Cash flow from investing activities was negative in the amount of EUR 34.6 million (negative 30.4). Cash flow from financing activities was negative in the amount of EUR 828.5 million (negative 190.2) and included repurchase of own shares of EUR 823.9 million (187.0). Cash and cash equivalents amounted to EUR 656.4 million (656.4) at the end of the quarter. First nine months of 2026 in brief Net revenues For the January-September 2026 period, net revenues amounted to EUR 1,557.0 million (1,552.3), corresponding to an increase of 0.3 percent compared with the same period in 2025. EUR 1,315.2 million (1,334.0) of the revenue was derived from Live games and EUR 241.8 million (218.3) from RNG games. Expenses Operating expenses amounted to EUR 676.3 million (645.9). Other operating expenses include settlement fee with UK Gambling Commission of EUR 5.6 million and termination and legal fees for Galaxy Gaming acquisition of EUR 6.5 million. Profitability Operating profit amounted to EUR 880.7 million (906.4) with an operating margin of 56.6 percent (58.4). The EBITDA margin was 64.9 percent (66.0). The adjusted EBITDA margin was 65.7 percent (66.0). Investments Investments in intangible assets amounted to EUR 46.7 million (51.1) for the period. Investments in property, plant and equipment amounted to EUR 54.6 million (45.3). Change in other financial assets amounted to negative EUR 1.3 million (negative 1.8). Cash and cash equivalents, financing and financial position Cash flow from operating activities amounted to EUR 1,005.0 million (958.6) over the period. The increase is primarily due to collection of outstanding accounts receivable. Cash flow from investing activities was negative in the amount of EUR 30.5 million (negative 108.9) and included investment in subsidiaries of EUR 32.1 million (11.2). Proceeds from maturity and redemption of the bond portfolio amounted to EUR 104.2 million (0.5). Cash flow from financing activities was negative in the amount of EUR 1,138.4 million (negative 990.4) and included repurchase of own shares of EUR 1,127.1 million (406.5), 2025 also included dividend to shareholders of EUR 572.5 million.
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Interim report | January-September 2026 | Evolution AB (publ) 5 (18) Market development Online Casino market The global online casino market (Live & RNG) has grown strongly in recent years and is expected to continue to be among the fastest-growing gaming segments in the coming years. Evolution’s growth target is to grow faster than the total global online casino market. Market growth is influenced by several underlying factors, such as technological advances with, among other things, improved hardware and increased bandwidth, the migration of land-based casinos to online environments and market regulations. Increased use of mobile devices has been a growth driver for many years, and in the third quarter 77.0 percent (74.0) of the operators’ GGR via Evolution’s platform was generated by mobile devices. RNG is the largest vertical of the online casino market. However, to a large extent, growth is driven by Live Casino having grown in importance for most gaming operators and has become an integrated and strategically important product for them. As a B2B supplier, Evolution has customer relationships with gaming operators, who in turn own the relationships with the end users. Generally, the gaming operators are licensed in a limited number of jurisdictions while operating in a global market and allowing play from various geographic areas. Net revenues by Customers’ location per geographical region Group, EUR million Jul-Sep 2025 Oct-Dec 2025 Jan-Mar 2026 Apr-Jun 2026 Jul-Sep 2026 Europe 357.6 366.7 345.3 344.7 336.3 Asia 13.4 16.3 16.9 17.7 19.1 North America 73.0 71.4 75.5 78.8 81.0 LatAm 55.0 50.3 64.4 65.3 76.6 Africa & Other 8.1 9.5 11.1 11.4 13.1 Net revenues 507.1 514.2 513.0 517.8 526.1 In the table below, the revenue allocation is based on the IP address that the customers’ players are using when accessing the games through the customers’ websites, while revenues not based on player activity are allocated to the customer’s location. Net revenues by Customers’ players’ IP addresses per geographical region Group, EUR million Jul-Sep 2025 Oct-Dec 2025 Jan-Mar 2026 Apr-Jun 2026 Jul-Sep 2026 Europe 182.2 177.6 167.1 173.0 173.7 Asia 189.1 193.6 197.8 190.5 192.1 North America 74.2 77.1 78.7 81.0 84.3 LatAm 39.8 43.2 46.8 47.5 49.0 Africa & Other 21.9 22.6 22.6 25.8 27.1 Net revenues 507.1 514.2 513.0 517.8 526.1 Share of regulated markets 46% 47% 48% 49% 49% Net revenues, regulated markets 234.3 243.4 246.7 256.1 258.5
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Interim report | January-September 2026 | Evolution AB (publ) 6 (18) Other Parent Company The Parent Company is a holding company. Net sales for the third quarter of 2026 amounted to EUR 4.6 million (4.6) and expenses to EUR 6.3 million (6.1). Operating profit amounted to negative EUR 1.7 million (negative 1.5). Result for the period amounted to negative EUR 29.5 million (negative 28.8). The Parent Company’s cash and cash equivalents amounted to EUR 11.1 million (6.0) at the end of the period and equity amounted to EUR 1,722.6 million (2,091.2). No significant investments were made in intangible or tangible assets. Employees As of 30 September 2026, Evolution had 23,408 employees (21,652), corresponding to 17,020 full-time positions (16,094). The average number of full-time equivalents for the quarter was 17,040 (15,996). Acquisitions of own shares On 18 May 2026 it was announced that the Board of Directors of Evolution had, based on the authorisation from the Annual General Meeting 2026, resolved that the Company shall acquire its own shares for a maximum amount of EUR 2 billion. Since 19 May 2026 up to and including 30 September 2026, a total of 16,925,584 shares had been acquired within the scope of the programme for EUR 1,127.1 million. The shares acquired from 19 May 2026 up to and including 21 September 2026, in total 16,168,492 shares, were cancelled in September 2026 pursuant to a resolution by the Extraordinary General Meeting held on 22 September 2026. As of 30 September 2026, following the cancellation of shares, the number of shares and votes in Evolution AB (publ) amounts to 183,058,121. Evolution’s holding of own shares amounted to 757,092 as of 30 September 2026. Pursuant to the Swedish Companies Act and the authorisation, the Company may not hold more than 10 percent of the total amount of shares in the Company at any given time. The maximum number of shares that could be repurchased under the programme was therefore set at 19,922,661, corresponding to 10 percent of the total number of shares in Evolution at the time of the resolution on and announcement of the programme. Once this maximum number of shares has been repurchased, Evolution intends to resolve upon and announce a continuation of the programme for the cash amount remaining of the EUR 2 billion allocated to the programme. Significant risks and uncertainties Evolution’s operations are exposed to certain risks that could have a varying impact on earnings or financial position. These can be divided into industry, operational, and financial risks. When assessing the Group’s future development, it is important to take into account the risk factors, alongside any opportunities for profit growth. The development of laws and regulations relating to the supply of gaming services that Evolution provides is a central risk factor for the Group’s future earnings. The legal situation in regulated markets is of particular interest and is continuously monitored and managed by the Group. Despite this, there remains a risk that, in the event of legislation being interpreted in an unfavourable or unanticipated way, Evolution’s conditions for growth, profitability, and the games that may be supplied could be changed. Likewise, a favourable interpretation could have a positive impact on the Group. One or more markets may be affected by events that may result in rapid changes in the business environment. Examples of this kind of events which could lead up to production disruption are extreme weather events, social unrest, diseases (e.g. virus outbreaks) or other macroeconomic or geopolitical events affected by external influences. For further information about Evolution’s risk exposure and handling, please see the Group’s Annual Report for 2025, which is available on the Company’s website.
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Interim report | January-September 2026 | Evolution AB (publ) 7 (18) Calendar Year-end report 2026 4 February 2027 Interim report January – March 2027 21 April 2027 Annual General Meeting 23 April 2027 Interim report January – June 2027 16 July 2027 Interim report January – September 2027 21 October 2027 Stockholm, 23 October 2026 Martin Carlesund CEO For further information, please contact CFO Joakim Andersson, +46 760 44 83 30 or Head of Investor Relations Carl Linton, +46 705 08 85 75, ir@evolution.com. Evolution AB (publ) e-mail: ir@evolution.com Hamngatan 11 Website: www.evolution.com SE-111 47 Stockholm, Sweden Corporate ID: 556994-5792 Presentation for investors, analysts and the media CEO Martin Carlesund and CFO Joakim Andersson will present the report and answer questions on Friday 23 October 2026 at 09:00 am CEST via a telephone conference. The presentation will be in English and can also be followed online. Webcast: https://evolution.events.inderes.com/q3-2026/register Teleconference: https://events.inderes.com/evolution/q3-2026/dial-in Dial-in number to the teleconference will be received by registering on the link above. After the registration you will be provided phone numbers and a conference/user ID to access the conference. This information is such that Evolution AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Swedish Securities Market Act. The information was submitted for publication, through the contact person set out above, on 23 October 2026, at 07:30 am CEST. This report is published in Swedish and English. In case of any differences between the English version and the Swedish original text, the Swedish version shall apply.
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Interim report | January-September 2026 | Evolution AB (publ) 8 (18) Condensed consolidated income statement Jul-Sep Jul-Sep Jan-Sep Jan-Sep Oct 2025- Jan-Dec Group, EUR thousands 2026 2025 2026 2025 Sep 2026 2025 Revenues - Live 443,038 431,666 1,315,203 1,334,026 1,753,756 1,772,579 Revenues - RNG 83,087 75,457 241,752 218,310 317,403 293,961 Net revenues 526,125 507,123 1,556,955 1,552,336 2,071,159 2,066,540 Other operating revenues* - - - - 51,667 51,667 Total operating revenues 526,125 507,123 1,556,955 1,552,336 2,122,826 2,118,207 Personnel expenses -124,261 -117,546 -366,354 -361,055 -482,066 -476,767 Depreciation, amortisation and impairments -43,571 -40,272 -129,484 -117,697 -171,821 -160,034 Other operating expenses -68,029 -52,690 -180,459 -167,151 -237,408 -224,100 Total operating expenses -235,861 -210,508 -676,297 -645,903 -891,295 -860,901 Operating profit 290,264 296,615 880,658 906,433 1,231,531 1,257,306 Financial items -1,887 776 8,679 -12,349 10,146 -10,882 Profit before tax 288,377 297,391 889,337 894,084 1,241,677 1,246,424 Tax on profit for the period -45,078 -45,062 -142,669 -138,769 -188,228 -184,328 Profit for the period 243,299 252,329 746,668 755,315 1,053,449 1,062,096 Of which attributable to: Shareholders of the Parent Company 243,299 252,329 746,668 755,315 1,053,449 1,062,096 Average number of shares, basic 186,003,875 201,808,159 194,157,713 203,785,103 195,565,631 202,786,174 Basic earnings per share, EUR 1.31 1.25 3.85 3.71 5.39 5.24 Average number of shares, diluted 189,082,752 202,468,281 195,184,006 204,005,144 196,335,351 202,951,204 Diluted earnings per share, EUR 1.29 1.25 3.83 3.70 5.37 5.23 Operating margin 55.2% 58.5% 56.6% 58.4% 58.0% 59.4% Effective tax rate 15.6% 15.2% 16.0% 15.5% 15.2% 14.8% *Other operating revenues was reduction of earn-out liability. Condensed comprehensive income statement Jul-Sep Jul-Sep Jan-Sep Jan-Sep Oct 2025- Jan-Dec Group, EUR thousands 2026 2025 2026 2025 Sep 2026 2025 Profit for the period 243,299 252,329 746,668 755,315 1,053,449 1,062,096 Other comprehensive income Items that may be reclassified to profit Exchange differences arising from the translation of foreign operations -48,309 23,188 -94,287 66,589 -50,882 109,994 Other comprehensive income -48,309 23,188 -94,287 66,589 -50,882 109,994 Total comprehensive income for the period 194,990 275,517 652,381 821,904 1,002,567 1,172,090
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Interim report | January-September 2026 | Evolution AB (publ) 9 (18) Condensed consolidated statement of financial position Group, EUR thousands 30/09/2026 30/09/2025 31/12/2025 Assets Goodwill 2,298,144 2,336,205 2,370,154 Other intangible assets 623,156 681,539 682,268 Buildings 20,266 19,192 20,230 Right of use assets 94,433 77,294 79,705 Property, plant and equipment 193,833 154,894 163,099 Bond portfolio - 103,207 104,050 Other financial assets 12,591 10,173 12,735 Deferred tax assets 18,911 10,922 13,919 Total non-current assets 3,261,334 3,393,426 3,446,160 Accounts receivable 377,722 398,312 447,011 Current tax receivables 624,597 658,143 740,643 Other receivables 35,420 28,695 37,259 Prepaid expenses and accrued income 35,731 38,611 32,763 Cash and cash equivalents* 656,408 656,378 817,951 Total current assets 1,729,878 1,780,139 2,075,627 TOTAL ASSETS 4,991,212 5,173,565 5,521,787 Equity and liabilities Share capital 650 650 650 Other capital contributed 2,435,384 2,432,527 2,432,439 Reserves -251,594 -200,712 -157,307 Retained earnings including profit for the period 1,421,988 1,587,122 1,800,667 Total equity 3,606,428 3,819,587 4,076,449 Deferred tax liabilities 55,337 61,601 61,911 Provision for pensions 3,771 1,670 3,952 Non-current lease liabilities 89,024 70,709 72,830 Other non-current liabilities 35,866 16,921 55,251 Total non-current liabilities 183,998 150,901 193,944 Accounts payable 15,484 12,749 10,991 Current tax liabilities 1,035,900 960,613 1,088,894 Current lease liabilities 20,282 16,640 18,238 Other current liabilities 68,127 155,511 73,523 Accrued expenses and prepaid income 60,993 57,564 59,748 Total current liabilities 1,200,786 1,203,077 1,251,394 TOTAL EQUITY AND LIABILITIES 4,991,212 5,173,565 5,521,787 *Including restricted cash for jackpot liabilities 12,297 11,452 12,529
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Interim report | January-September 2026 | Evolution AB (publ) 10 (18) Condensed consolidated changes in equity Share Other capital Retained Total Group 2025, EUR thousands capital contributed Reserves earnings equity Opening equity 01/01/2025 650 2,429,053 -267,301 1,809,433 3,971,835 Dividend - - - -572,494 -572,494 Warrants - 3,386 - 1,821 5,207 Repurchase of own shares - - - -500,189 -500,189 Profit for the period - - - 1,062,096 1,062,096 Other comprehensive income - - 109,994 - 109,994 Closing equity 31/12/2025 650 2,432,439 -157,307 1,800,667 4,076,449 Share Other capital Retained Total Group 2026, EUR thousands capital contributed Reserves earnings equity Opening equity 01/01/2026 650 2,432,439 -157,307 1,800,667 4,076,449 Warrants - 2,945 - 1,786 4,731 Repurchase of own shares - - - -1,127,133 -1,127,133 Profit for the period - - - 746,668 746,668 Other comprehensive income - - -94,287 - -94,287 Closing equity 30/09/2026 650 2,435,384 -251,594 1,421,988 3,606,428
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Interim report | January-September 2026 | Evolution AB (publ) 11 (18) Condensed consolidated statement of cash flow Jul-Sep Jul-Sep Jan-Sep Jan-Sep Oct 2025- Jan-Dec Group, EUR thousands 2026 2025 2026 2025 Sep 2026 2025 Operating profit 290,264 296,615 880,658 906,433 1,231,531 1,257,306 Adjustment for non-cash items: Depreciation/amortisation/impairments 43,571 40,272 129,484 117,697 171,821 160,034 Other* -2,229 -567 1,224 -14,005 -49,403 -64,632 Interest received 3,521 2,546 12,488 10,341 13,816 11,669 Interest paid -1,345 -108 -4,993 -546 -4,918 -471 Tax paid -195 -2,019 -91,044 -71,848 -94,174 -74,978 Cash flow from operating activities before changes in working capital 333,587 336,739 927,817 948,072 1,268,673 1,288,928 Increase/decrease accounts receivable 29,590 27,106 71,176 9,886 22,042 -39,248 Increase/decrease accounts payable 2,911 -1,031 4,114 -2,914 2,423 -4,605 Increase/decrease other working capital -18 9,083 1,848 3,526 8,464 10,142 Cash flow from operating activities 366,070 371,897 1,004,955 958,570 1,301,602 1,255,217 Acquisition of intangible assets -15,797 -15,863 -46,721 -51,102 -65,850 -70,231 Acquisition of tangible assets -16,212 -13,893 -54,560 -45,258 -73,901 -64,599 Acquisition of subsidiary -254 - -32,135 -11,191 -32,135 -11,191 Investment in bond portfolio - -60 -309 -179 -368 -119 Proceeds and maturity of bond portfolio - 658 104,538 658 105,316 1,317 Increase/decrease other financial assets -2,304 -1,207 -1,306 -1,793 142 -345 Cash flow from investing activities -34,567 -30,365 -30,493 -108,865 -66,796 -145,168 Repayment of lease liability -4,595 -4,872 -14,229 -14,930 -18,751 -19,452 Repurchase of own shares -823,923 -187,000 -1,127,133 -406,455 -1,220,867 -500,189 Warrants -23 1,637 2,949 3,474 2,861 3,386 Dividend - - - -572,494 - -572,494 Cash flow from financing activities -828,541 -190,235 -1,138,413 -990,405 -1,236,757 -1,088,749 Cash flow for the period -497,038 151,297 -163,951 -140,700 -1,951 21,300 Cash and cash equivalents at start of period 1,153,539 505,255 817,951 801,474 656,378 801,474 Exchange rate differences -93 -174 2,408 -4,396 1,981 -4,823 Cash and cash equivalents at end of period 656,408 656,378 656,408 656,378 656,408 817,951 *Reduction of earn-out liability, Q4 2025: EUR 51.7 million.
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Interim report | January-September 2026 | Evolution AB (publ) 12 (18) The company presents certain financial measures in the interim report that are not defined under IFRS. The company believes that these measures provide useful supplemental information to investors and the company’s management as they permit the evaluation of the company’s financial performance and position. Since not all companies calculate financial measures in the same way, these are not always comparable to the measures used by other companies. Consequently, these financial measures should not be seen as a substitute for measures defined under IFRS. The tables below include measurements that are not defined in accordance with IFRS, unless otherwise stated. For definitions and purposes, see also the last page of the report. Consolidated key ratios Jul-Sep Jul-Sep Jan-Sep Jan-Sep Oct 2025- Jan-Dec Group, EUR thousands 2026 2025 2026 2025 Sep 2026 2025 Net revenues 526,125 507,123 1,556,955 1,552,336 2,071,159 2,066,540 Adjusted EBITDA margin 65.8% 66.4% 65.7% 66.0% 65.8% 66.1% EBITDA margin 63.5% 66.4% 64.9% 66.0% 66.1% 66.9% Operating margin 55.2% 58.5% 56.6% 58.4% 58.0% 59.4% Profit margin 46.2% 49.8% 48.0% 48.7% 49.6% 50.1% Equity/assets ratio 72.3% 73.8% 72.3% 73.8% 72.3% 73.8% Cash and cash equivalents 656,408 656,378 656,408 656,378 656,408 817,951 Average number of full-time employees 17,040 15,996 16,755 15,860 16,669 15,997 Full-time employees at end of period 17,020 16,094 17,020 16,094 17,020 16,243 Basic earnings per share, EUR (IFRS) 1.31 1.25 3.85 3.71 5.39 5.24 Equity per share, EUR 19.78 19.02 19.78 19.02 19.78 20.46 Basic oper. cash flow per share, EUR 1.97 1.84 5.18 4.70 6.66 6.19 Average number of outstanding shares, basic 186,003,875 201,808,159 194,157,713 203,785,103 195,565,631 202,786,174 Number of outstanding shares 182,301,029 200,844,791 182,301,029 200,844,791 182,301,029 199,226,613 Consolidated key ratios by quarter Group, EUR thousands Q3/26 Q2/26 Q1/26 Q4/25 Q3/25 Q2/25 Q1/25 Q4/24 Q3/24 Net revenues 526,125 517,791 513,039 514,204 507,123 524,269 520,944 533,845 519,379 Adjusted EBITDA 345,932 340,987 335,320 341,543 336,887 345,267 341,976 363,557 355,607 Adjusted EBITDA margin 65.8% 65.9% 65.4% 66.4% 66.4% 65.9% 65.6% 68.1% 68.5% EBITDA 333,835 340,987 335,320 393,210 336,887 345,267 341,976 454,965 415,257 EBITDA margin 63.5% 65.9% 65.4% 69.5% 66.4% 65.9% 65.6% 72.8% 71.7% Operating profit 290,264 297,782 292,612 350,873 296,615 306,383 303,435 417,634 379,179 Operating margin 55.2% 57.5% 57.0% 62.0% 58.5% 58.4% 58.2% 66.8% 65.5% Revenue growth YoY 3.7% -1.2% -1.5% -3.7% -2.4% 3.1% 3.9% 12.3% 14.7% Revenue growth QoQ 1.6% 0.9% -0.2% 1.4% -3.3% 0.6% -2.4% 2.8% 2.2% Cash and cash equivalents 656,408 1,153,539 1,097,951 817,951 656,378 505,255 969,208 801,474 663,730
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Interim report | January-September 2026 | Evolution AB (publ) 13 (18) Reconciliation of selected key ratios not defined in accordance with IFRS Jul-Sep Jul-Sep Jan-Sep Jan-Sep Oct 2025- Jan-Dec Group, EUR thousands 2026 2025 2026 2025 Sep 2026 2025 Net revenues Total operating revenues 526,125 507,123 1,556,955 1,552,336 2,122,826 2,118,207 Other operating revenues - - - - -51,667 -51,667 Net revenues 526,125 507,123 1,556,955 1,552,336 2,071,159 2,066,540 Operating margin Profit before tax 288,377 297,391 889,337 894,084 1,241,677 1,246,424 Net financial items 1,887 -776 -8,679 12,349 -10,146 10,882 Operating profit (EBIT) 290,264 296,615 880,658 906,433 1,231,531 1,257,306 Divided by Total operating revenues 526,125 507,123 1,556,955 1,552,336 2,122,826 2,118,207 Operating (EBIT) margin 55.2% 58.5% 56.6% 58.4% 58.0% 59.4% Adjusted EBITDA and adjusted EBITDA margin Profit before tax 288,377 297,391 889,337 894,084 1,241,677 1,246,424 Net financial items 1,887 -776 -8,679 12,349 -10,146 10,882 Depreciation/amortisation 43,571 40,272 129,484 117,697 171,821 160,034 Other operating revenues - - - - -51,667 -51,667 UK Gambling Comm. settlement & Galaxy termination and legal fees 12,097 - 12,097 - 12,097 - Adjusted EBITDA 345,932 336,887 1,022,239 1,024,130 1,363,782 1,365,673 Divided by Net revenues 526,125 507,123 1,556,955 1,552,336 2,071,159 2,066,540 Adjusted EBITDA margin 65.8% 66.4% 65.7% 66.0% 65.8% 66.1% EBITDA and EBITDA margin Profit before tax 288,377 297,391 889,337 894,084 1,241,677 1,246,424 Net financial items 1,887 -776 -8,679 12,349 -10,146 10,882 Depreciation/amortisation 43,571 40,272 129,484 117,697 171,821 160,034 EBITDA 333,835 336,887 1,010,142 1,024,130 1,403,352 1,417,340 Divided by Total operating revenues 526,125 507,123 1,556,955 1,552,336 2,122,826 2,118,207 EBITDA margin 63.5% 66.4% 64.9% 66.0% 66.1% 66.9% Profit margin Profit for the period 243,299 252,329 746,668 755,315 1,053,449 1,062,096 Divided by Total operating revenues 526,125 507,123 1,556,955 1,552,336 2,122,826 2,118,207 Profit margin 46.2% 49.8% 48.0% 48.7% 49.6% 50.1% Equity/Assets ratio Total equity 3,606,428 3,819,587 3,606,428 3,819,587 3,606,428 4,076,449 Divided by Total assets 4,991,212 5,173,565 4,991,212 5,173,565 4,991,212 5,521,787 Equity/Assets ratio 72.3% 73.8% 72.3% 73.8% 72.3% 73.8% Revenue growth at constant currency is estimated by applying the GGR-to-Revenue ratio in the current quarter to the Gross Gaming Revenue (“GGR”) converted to EUR using the exchange rates of the corresponding quarter of the previous year. Operating expenses at constant currency are calculated by applying the exchange rates used in consolidation of the corresponding quarter of the previous year.
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Interim report | January-September 2026 | Evolution AB (publ) 14 (18) Condensed Parent Company income statement and other comprehensive income Jul-Sep Jul-Sep Jan-Sep Jan-Sep Oct 2025- Jan-Dec Parent Company, EUR thousands 2026 2025 2026 2025 Sep 2026 2025 Net sales 4,638 4,569 13,758 13,576 21,095 20,913 Other external expenses -6,289 -6,106 -19,058 -18,609 -25,762 -25,313 Operating profit -1,651 -1,537 -5,300 -5,033 -4,667 -4,400 Financial income and expenses -2,001 478 296,284 1,586 961,346 666,648 Profit before tax -3,652 -1,059 290,984 -3,447 956,679 662,248 Tax on profit for the period -25,817 -27,700 -81,964 -83,765 -107,228 -109,029 Profit for the period* -29,469 -28,759 209,020 -87,212 849,451 553,219 *Profit for the period coincides with comprehensive income for the period. Condensed Parent Company balance sheet Parent Company, EUR thousands 30/09/2026 30/09/2025 31/12/2025 Assets Intangible assets 80 80 94 Property, plant and equipment 146 215 195 Participating interest in Group companies 2,630,780 2,630,780 2,630,780 Deferred tax assets 2,365 1,221 537 Other financial assets 2,724 526 2,836 Total non-current assets 2,636,095 2,632,822 2,634,442 Receivables from Group companies 4,578 4,575 228,091 Other current receivables 1,777 1,940 1,549 Prepaid expenses and accrued income 6,708 6,890 8,233 Cash and cash equivalents 11,083 5,980 13,841 Total current assets 24,146 19,385 251,714 TOTAL ASSETS 2,660,241 2,652,207 2,886,156 Equity and liabilities Share capital 650 650 650 Retained earnings including profit for the period 1,721,962 2,090,521 2,637,130 Total equity 1,722,612 2,091,171 2,637,780 Provision for pensions 2,204 - 2,310 Total non-current liabilities 2,204 - 2,310 Accounts payable 347 644 357 Current tax liabilities 325,009 213,835 240,953 Liabilities to Group companies 605,588 344,500 4 Other current liabilities 417 384 497 Accrued expenses and prepaid income 4,064 1,673 4,255 Total current liabilities 935,425 561,036 246,066 TOTAL EQUITY AND LIABILITIES 2,660,241 2,652,207 2,886,156
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Interim report | January-September 2026 | Evolution AB (publ) 15 (18) Notes to the financial statements Note 1. Accounting principles Evolution prepares its financial statements in accordance with the International Financial Reporting Standards (IFRS) as approved by the European Union. The Group’s interim report has been prepared in accordance with IAS 34, Interim Financial Reporting. The Parent Company uses the same accounting principles as the Group, with the addition of the Swedish Financial Reporting Board’s recommendation; RFR 2, Accounting for Legal Entities. The accounting policies are unchanged from the 2025 annual report. There are no amendments to IFRS standards in 2026 that have had material impact on the Group’s results of operations and financial position. IFRS 18 Presentation and Disclosure in Financial Statements will replace IAS 1 and will be applied by the Group from 1 January 2027. The standard will be applied retrospectively and comparative information for 2026 will therefore be restated. IFRS 18 is not expected to affect the recognition or measurement of items in the consolidated financial statements but will affect their presentation and related disclosures. The principal expected effects relate to the classification of income and expenses between the operating, investing and financing categories, including the classification of foreign exchange differences, the introduction of new required subtotals in the statement of profit or loss, and disclosures concerning management-defined performance measures. The Group is continuing to assess the detailed effects and is preparing the required comparative information for 2026. Amounts are expressed in thousands of Euro (EUR) unless otherwise indicated. Amounts or figures in parentheses indicate comparative figures for the corresponding period last year. Note 2. Events following the balance sheet date On 5 October 2026, the studio in Brazil closed due to uncertain regulatory conditions. Note 3. Incentive programmes Evolution has three incentive programmes. Upon full exercise of the warrants within the programme 2023/2026 (adopted by the Extra General Meeting on 9 November 2023, exercise price SEK 1,296.60), the dilution effect will be approximately 0.9 percent. Upon full exercise of the warrants within the programme 2025/2028 (adopted by the Annual General Meeting on 9 May 2025, exercise price SEK 871.10), the dilution effect will be approximately 0.9 percent. Upon full exercise of the warrants within the programme 2026/2029 (adopted by the Annual General Meeting on 24 April 2026, exercise price SEK 698.10), the dilution effect will be approximately 1.6 percent. Note 4. Seasonality Evolution’s operations are, to a certain extent, influenced by seasonal patterns in end-user activity. The Group’s customers generally notice increased end-user activity and an increased volume of operations in the fourth quarter of each year, which is consistent with the Group’s experience of increased online casino traffic and commission income earned in the fourth quarter. Note 5. Acquisition of group companies In July, Evolution gave notice of termination of the merger agreement with Galaxy Gaming. Evolution was required to pay Galaxy Gaming a termination fee of USD 5.2 million upon termination of the merger agreement. Evolution expects to continue working with Galaxy Gaming within the framework of the companies’ existing strong commercial relationship. In Q1 2026, Evolution acquired a studio operation in Argentina. The purchase price was EUR 6.0 million paid in cash. According to the preliminary purchase price analysis, a non-tax-deductible goodwill of EUR 5.8 million arose which is primarily attributable to strengthened presence in the market. Fair value acquired net assets, EUR thousands Studio Right of use assets 448 Property, plant and equipment 204 Non-current lease liability -310 Current lease liability -138 Total acquired net assets 204
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Interim report | January-September 2026 | Evolution AB (publ) 16 (18) Purchase consideration, EUR thousands Studio Consideration paid, cash 6,015 Fair value acquired net assets -204 Goodwill 5,811 Evolution has in addition to the acquisition of a studio operation in Argentina, made earn-out payments of EUR 26.1 million during 2026 as per the table below. Investing activities, Group EUR thousands 2026 Consideration paid, Studio -6,015 Contingent consideration paid, NLC -11,129 Contingent consideration paid, BTG -14,560 Contingent consideration paid, Arcadia -431 Effect on consolidated cash and cash equivalents -32,135 Note 6. Update on various legal proceedings In December 2021, Evolution filed a lawsuit against Calcagni & Kanefsky LLP and the then-anonymous parties behind the defamatory report now known to be Black Cube and Playtech, for defamation, trade libel, tortious interference with prospective economic advantage, fraud, and other illegal conduct, in the Superior Court of New Jersey. It is expected that the litigation extends at least through 2026. In December 2024, Evolution announced that the UK Gambling Commission had commenced a review of Evolution Malta Holding Limited’s operating license under Section 116 of the Gambling Act 2005. Evolution has cooperated fully with the Commission and has taken immediate actions to remedy the situation. On 15 July, Evolution announced that the review had been completed and that Evolution had reached a GBP 4.75 million settlement, which is fully paid. Evolution is exposed to risks relating to other legal proceedings that could have a varying impact on earnings or financial position. For more information about risk factors in general, please refer to the Annual Report 2025.
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Interim report | January-September 2026 | Evolution AB (publ) 17 (18) Definitions of key ratios Key ratios Definition Purpose Net revenues Total operating revenues less other operating revenues. Key ratio used by management to monitor the revenue trend in the Group. Operating profit (EBIT) Profit before tax excluding net financial items. Key ratio used by management to monitor the earnings trend in the Group. Operating margin (EBIT margin) Operating profit in relation to total operating revenues. Key ratio used by management to monitor the earnings trend in the Group. EBITDA Operating profit before depreciation, amortisation and impairment. Key ratio used by management to monitor the earnings trend in the Group. EBITDA margin EBITDA in relation to total operating revenues. Key ratio used by management to monitor the earnings trend in the Group. Adjusted EBITDA EBITDA adjusted for other operating revenues and specified one-off costs. Key ratio used by management to monitor the earnings trend in the Group. Adjusted EBITDA margin Adjusted EBITDA in relation to net revenues. Key ratio used by management to monitor the earnings trend in the Group. Profit margin Profit for the period in relation to total operating revenues. Key ratio used by management to monitor the earnings trend in the Group. Equity/assets ratio Equity at the end of period in relation to total assets at the end of period. Key ratio indicates the Group’s long-term payment capacity. Cash and cash equivalents Cash and bank assets. Used by management to monitor the Group’s short-term payment capacity. Revenue growth compared with the previous year Net revenues for the period divided by net revenues in the same period last year. Key ratio used by management to monitor the Group’s revenue growth. Revenue growth compared with the preceding quarter Net revenues for the period divided by net revenues for the preceding quarter. Key ratio used by management to monitor the Group’s revenue growth. Average number of full-time employees The average number of full-time employees during the period. Full-time equivalents include part-time positions. Key ratio used by management to monitor the Group’s number of employees’ growth. Per share Basic earnings per share Profit for the period in relation to the average number of basic shares outstanding during the period. Key ratio used by management to monitor the earnings trend in the Group. Equity per share Shareholders’ equity divided by the number of shares outstanding at the end of the period. Key ratio used by management to monitor the earnings trend in the Group. Basic operational cash flow per share Cash flow from operating activities in relation to the average number of basic shares outstanding during the period. Key ratio used by management to monitor the cash flow trend in the Group. Average number of shares outstanding The basic average number of shares outstanding during the period. Used to calculate key ratios in relation to the number of shares during the period. Number of shares outstanding Number of shares outstanding at the end of the period. Used to calculate key ratios in relation to the number of shares at the end of the period.
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Interim report | January-September 2026 | Evolution AB (publ) 18 (18) Independent auditor´s review report To the Board of Directors in Evolution AB (publ), corporate identity number 556994-5792 Introduction We have reviewed the condensed interim financial information (interim report) for Evolution AB (publ) as of 30 September 2026 and for the nine-month period then ended. The Board of Directors and the Chief Executive Officer are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review. Scope of review We conducted our review in accordance with International Standard on Review Engagements (ISRE) 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, applying analytical procedures, and performing other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and other generally accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, the conclusion expressed based on a review does not provide the same level of assurance as a conclusion expressed based on an audit. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the interim report has not, in all material respects, been prepared for the Group in accordance with IAS 34 and the Swedish Annual Accounts Act and for the Parent Company in accordance with the Swedish Annual Accounts Act. Stockholm as indicated by our electronic signature Öhrlings PricewaterhouseCoopers AB Niklas Renström Authorised Public Accountant