{"company":"Evolution AB","asOf":"2026-10-23","currency":"EUR","financialUnits":"EUR millions unless labelled","sources":{"ar2021":{"title":"Evolution Annual Report 2021","url":"https://evolution-com-media.s3.eu-central-1.amazonaws.com/s3fs-public/1550307.pdf","location":"Printed pp.3 (tables),18 (launch components),22 (First Person titles),24 (customers); PDF page index is printed page +1."},"ar2022":{"title":"Evolution Annual Report 2022","url":"https://attachment.news.eu.nasdaq.com/a92e701de9e33b766f57cc3c4d980a0ef","location":"Printed pp.4 (88 launches),7/18 (tables),25 (customer count),75 (income statement),76 (balance sheet),78 (cash flow),81 (ex-treasury shares),93 (regions),97 (EPS),101 (leases),106–107 (acquisitions)."},"ar2023":{"title":"Evolution Annual Report 2023","url":"https://attachment.news.eu.nasdaq.com/a29647ec7d119ec5e20884a5a616d09c9","location":"Printed pp.4 (110 launches),16 (customer concentration),17 (tables),26 (shares),69 (income statement),70 (balance sheet),72 (cash flow),87 (regions),98 (leases)."},"ar2024":{"title":"Evolution Annual Report 2024","url":"https://storage.mfn.se/c/aHR0cHM6Ly9tYi5jaXNpb24uY29tL01haW4vMTIwNjkvNDEzNTk2NS8zMzkwNzg1LnBkZg/evolution-annual-report-2024.pdf","location":"Printed pp.4 (109 launches),13 (customers),14 (tables),25 (shares),59 (109 launches and tables),77 (income),78 (balance),80 (cash flow),95 (regions),101 (EPS),107 (leases)."},"ar2025":{"title":"Evolution Annual Report 2025","url":"https://storage.mfn.se/c/aHR0cHM6Ly9tYi5jaXNpb24uY29tL01haW4vMTIwNjkvNDMyOTk1NC80MDIxMTAyLnBkZg/annual_report_english_2026_04_01.pdf","location":"Printed pp.5 (113 launches),7/15 (tables),14 (customers and concentration),23 (shares),85 (income),86 (balance),88 (cash flow),98 (tax accounting),102 (players geography),107 (effective tax),109 (EPS),116 (leases),126 (adjusted EBITDA reconciliation)."},"h12026":{"title":"Evolution Interim Report January–June 2026","url":"https://storage.mfn.se/bbf67910-dce3-4b0c-8228-de12e62c78f6/evo-q2-2026-07-17-eng.pdf","location":"pp.2 (CEO regional comments),4 (H1),5 (regional quarterly tables),8 (income),11 (cash flow),12 (shares and KPIs),13 (APM reconciliation). Report not independently reviewed."},"ukgc_statement":{"title":"Evolution Malta Holding Limited Public Statement","url":"https://www.gamblingcommission.gov.uk/public-register/public-statement/detail/evolution-malta-holding-limited-public-statement","location":"Regulator finding · 2026-07-23"},"ukgc_news":{"title":"Evolution Malta Holding Limited to pay £4.75m","url":"https://www.gamblingcommission.gov.uk/news/article/evolution-malta-holding-limited-to-pay-gbp4-75m","location":"Regulator statement · 2026-07-23"},"q2_2026":{"title":"Evolution interim report January–June 2026","url":"https://www.evolution.com/investors/financial-publications/press-releases/evolution-interim-report-january-june-2026","location":"Company results and management commentary · 2026-07-17"},"michigan_approval":{"title":"MGCB authorizes Evolution live dealer games","url":"https://www.michigan.gov/en/mgcb/whatsnew/mich--gaming-control-board-authorizes-evolution-to-provide-live-dealer-casino-table-games-through-i","location":"Regulator statement · 2021-07-21"},"rhode_island":{"title":"Evolution enters Rhode Island through Bally's agreement","url":"https://news.cision.com/evolution/r/evolution-enters-rhode-island-through-extended-partnership-with-bally-s-corporation,c4177973","location":"Company release · 2025-07-03"},"playtech_2025":{"title":"Playtech full-year results 2025","url":"https://www.investors.playtech.com/~/media/Files/P/Playtech-IR-V2/documents/results-and-presentations/2025/playtech-full-year-results-2025.pdf","location":"Competitor results"},"pragmatic_colombia":{"title":"Pragmatic Play expands live casino in Colombia","url":"https://www.pragmaticplay.com/en/news/pragmatic-play-expands-latam-offering-as-new-live-casino-studio-launches-in-colombia/","location":"Competitor release"},"h12025":{"title":"Evolution H1 2025 report","url":"https://mb.cision.com/Main/12069/4207965/3583126.pdf","checked":"2026-10-19"},"q32026":{"title":"Evolution January–September 2026 interim report","url":"https://storage.mfn.se/396d6c9e-e7ca-4ecd-928c-bfc2b7a5416b/evo-q3-2026-eng-2026-10-23-final.pdf","location":"Printed pp5,8–9,11–13,15,18: geography, income, balance sheet, cash flow, APM, subsequent events and independent review.","publicationDate":"2026-10-23"},"q32026presentation":{"title":"Evolution Q3 2026 results presentation","url":"https://storage.mfn.se/b41aa046-e036-428b-940a-8842c83ab4c5/evo-q3-2026-presentation.pdf","location":"Slides 2–3 and 5: operational highlights/KPIs; slide 10: cash-flow definitions; slide 12: completed repurchases.","publicationDate":"2026-10-23"},"buybacks20261026":{"title":"Acquisitions of own shares in Evolution AB (publ)","url":"https://www.evolution.com/investors/financial-publications/press-releases/acquisitions-of-own-shares-in-evolution-ab-publ-16","location":"Issuer release dated 26 October 2026 08:20 CET; daily transaction table and closing-share paragraphs.","publicationDate":"2026-10-26"}},"periods":{"annual":[{"period":"2021","label":"2021","axisLabel":"2021","sourceIds":["ar2022"],"qualifiers":{"liveTables":"> ","operators":"> "},"sourcesByMetric":{"newGames":"ar2021","liveTables":"ar2021","operators":"ar2021","topFiveCustomerShare":"ar2025","largestCustomerShare":"ar2025","northAmericaRevenue":"ar2022","europeRevenue":"ar2022","asiaRevenue":"ar2022","latamRevenue":"ar2022","otherRevenue":"ar2022","availabilityPct":"ar2022"},"kindsByMetric":{"europeRevenue":"Calculated","availabilityPct":"Reported"},"periodNotes":{"newGames":"10 live games and 59 slots are reported separately; the scope of four First Person additions is ambiguous. No group total is inferred.","europeRevenue":"Calculated sum of Nordics €73.1m, Great Britain €81.4m and rest of Europe €416.9m. End-user geography; financial-note figures, rounded to €0.1m.","latamRevenue":"The earlier Other category included Latin America. No artificial split is entered. End-user geography; financial-note figures, rounded to €0.1m.","otherRevenue":"The earlier Other category included Latin America. No artificial split is entered. End-user geography; financial-note figures, rounded to €0.1m.","northAmericaRevenue":" End-user geography; financial-note figures, rounded to €0.1m.","asiaRevenue":" End-user geography; financial-note figures, rounded to €0.1m.","availabilityPct":"Printed p.15; system availability 2022 and 2021 comparison. Percent, excluding scheduled maintenance. 2021 also independently confirmed in ar2021 (PDF text lines 558–565). Current 2024 and 2025 entries already match 99.96% and 99.90%. Add annual input keys or explicit build mapping and sourcesByMetric ar2022."},"revenue":1068.777,"liveRevenue":839.238,"rngRevenue":229.539,"adjEbitda":734.65,"operatingProfit":654.004,"netProfit":605.435,"newGames":null,"northAmericaRevenue":114.5,"europeRevenue":571.4,"asiaRevenue":286.5,"latamRevenue":null,"otherRevenue":null,"liveTables":1000,"operators":600,"topFiveCustomerShare":22,"largestCustomerShare":11,"regulatedRevenue":423.8,"regulatedShare":40,"cashOperations":598.895,"cashBeforeWorkingCapital":694.178,"tangibleCapex":33.307,"intangibleCapex":28.285,"cashLeasePayments":12.834,"weightedShares":213.714575,"cashBalance":421.432,"cashTaxPaid":26.794,"incomeTaxExpense":42.056,"capex":61.592,"fcf":537.303,"cashAfterLeases":524.469,"fcfPerShare":2.514114912377876,"capexPct":5.76284856429358,"adjEbitdaMarginPct":68.7374447616294,"workingCapitalCash":-95.28300000000002,"revenueGrowth":null,"liveRevenueGrowth":null,"rngRevenueGrowth":null,"fcfGrowth":null,"newGameRevenueShare":null,"availabilityPct":99.87,"studioUtilisation":null,"studioReturn":null},{"period":"2022","label":"2022","axisLabel":"2022","sourceIds":["ar2022"],"qualifiers":{"liveTables":"> ","operators":"> "},"sourcesByMetric":{"newGames":"ar2022","liveTables":"ar2022","operators":"ar2022","topFiveCustomerShare":"ar2025","largestCustomerShare":"ar2025","northAmericaRevenue":"ar2023","europeRevenue":"ar2023","asiaRevenue":"ar2023","latamRevenue":"ar2023","otherRevenue":"ar2023","availabilityPct":"ar2022"},"kindsByMetric":{"availabilityPct":"Reported"},"periodNotes":{"northAmericaRevenue":" End-user geography; financial-note figures, rounded to €0.1m.","europeRevenue":" End-user geography; financial-note figures, rounded to €0.1m.","asiaRevenue":" End-user geography; financial-note figures, rounded to €0.1m.","latamRevenue":" End-user geography; financial-note figures, rounded to €0.1m.","otherRevenue":" End-user geography; financial-note figures, rounded to €0.1m.","availabilityPct":"Printed p.15; system availability 2022 and 2021 comparison. Percent, excluding scheduled maintenance. 2021 also independently confirmed in ar2021 (PDF text lines 558–565). Current 2024 and 2025 entries already match 99.96% and 99.90%. Add annual input keys or explicit build mapping and sourcesByMetric ar2022."},"revenue":1456.737,"liveRevenue":1188.308,"rngRevenue":268.429,"adjEbitda":1008.44,"operatingProfit":908.062,"netProfit":843.361,"newGames":88,"northAmericaRevenue":189.3,"europeRevenue":633.4,"asiaRevenue":478.3,"latamRevenue":88.6,"otherRevenue":67.4,"liveTables":1300,"operators":700,"topFiveCustomerShare":30,"largestCustomerShare":14,"regulatedRevenue":600.2,"regulatedShare":41,"cashOperations":877.465,"cashBeforeWorkingCapital":955.59,"tangibleCapex":60.661,"intangibleCapex":36.278,"cashLeasePayments":14.145,"weightedShares":213.2675,"cashBalance":532.554,"cashTaxPaid":47.1,"incomeTaxExpense":63.232,"capex":96.939,"fcf":780.5260000000001,"cashAfterLeases":766.3810000000001,"fcfPerShare":3.65984503030232,"capexPct":6.654529952901587,"adjEbitdaMarginPct":69.22594812927797,"workingCapitalCash":-78.125,"revenueGrowth":36.299433838864424,"liveRevenueGrowth":41.59368379410846,"rngRevenueGrowth":16.94265462513995,"fcfGrowth":45.26738171943951,"newGameRevenueShare":null,"availabilityPct":99.88,"studioUtilisation":null,"studioReturn":null},{"period":"2023","label":"2023","axisLabel":"2023","sourceIds":["ar2023"],"qualifiers":{"liveTables":"> ","operators":"≈ "},"sourcesByMetric":{"newGames":"ar2023","liveTables":"ar2023","operators":"ar2023","topFiveCustomerShare":"ar2025","largestCustomerShare":"ar2025","northAmericaRevenue":"ar2024","europeRevenue":"ar2024","asiaRevenue":"ar2024","latamRevenue":"ar2024","otherRevenue":"ar2024","cashOperations":"ar2024","cashBeforeWorkingCapital":"ar2024","capex":"ar2024","fcf":"ar2024","fcfGrowth":"ar2024","cashAfterLeases":"ar2024","fcfPerShare":"ar2024","workingCapitalCash":"ar2024","tangibleCapex":"ar2024","intangibleCapex":"ar2024","cashLeasePayments":"ar2024","cashTaxPaid":"ar2024","availabilityPct":"ar2023"},"kindsByMetric":{"availabilityPct":"Reported"},"periodNotes":{"northAmericaRevenue":" End-user geography; financial-note figures, rounded to €0.1m.","europeRevenue":" End-user geography; financial-note figures, rounded to €0.1m.","asiaRevenue":" End-user geography; financial-note figures, rounded to €0.1m.","latamRevenue":" End-user geography; financial-note figures, rounded to €0.1m.","otherRevenue":" End-user geography; financial-note figures, rounded to €0.1m.","availabilityPct":"Printed p.15; System availability. Percent, excluding scheduled maintenance. 2022 comparative also confirms 99.88%."},"revenue":1798.601,"liveRevenue":1523.274,"rngRevenue":275.327,"adjEbitda":1267.413,"operatingProfit":1142.73,"netProfit":1070.858,"newGames":110,"northAmericaRevenue":226.7,"europeRevenue":709.9,"asiaRevenue":672.3,"latamRevenue":127.8,"otherRevenue":62,"liveTables":1600,"operators":800,"topFiveCustomerShare":41,"largestCustomerShare":13,"regulatedRevenue":718.6,"regulatedShare":40,"cashOperations":1168.447,"cashBeforeWorkingCapital":1233.045,"tangibleCapex":42.219,"intangibleCapex":51.973,"cashLeasePayments":18.907,"weightedShares":213.566498,"cashBalance":985.756,"cashTaxPaid":49.772,"incomeTaxExpense":77.749,"capex":94.19200000000001,"fcf":1074.2549999999999,"cashAfterLeases":1055.348,"fcfPerShare":5.0300726474430455,"capexPct":5.236959169932631,"adjEbitdaMarginPct":70.46660154197623,"workingCapitalCash":-64.59800000000018,"revenueGrowth":23.467791372087078,"liveRevenueGrowth":28.188483120537768,"rngRevenueGrowth":2.569767051995142,"fcfGrowth":37.63218649987314,"newGameRevenueShare":null,"availabilityPct":99.93,"studioUtilisation":null,"studioReturn":null},{"period":"2024","label":"2024","axisLabel":"2024","sourceIds":["ar2025"],"qualifiers":{"liveTables":"> ","operators":"≈ "},"sourcesByMetric":{"newGames":"ar2024","liveTables":"ar2024","operators":"ar2024","topFiveCustomerShare":"ar2025","largestCustomerShare":"ar2025","northAmericaRevenue":"ar2025","europeRevenue":"ar2025","asiaRevenue":"ar2025","latamRevenue":"ar2025","otherRevenue":"ar2025","availabilityPct":"ar2025"},"kindsByMetric":{},"periodNotes":{"northAmericaRevenue":" End-user geography; financial-note figures, rounded to €0.1m.","europeRevenue":" End-user geography; financial-note figures, rounded to €0.1m.","asiaRevenue":" End-user geography; financial-note figures, rounded to €0.1m.","latamRevenue":" End-user geography; financial-note figures, rounded to €0.1m.","otherRevenue":" End-user geography; financial-note figures, rounded to €0.1m.","operatingProfit":"Includes other operating income: €151.058m. Adjusted EBITDA excludes that income.","netProfit":"Includes the effects of noncash other operating income and tax accruals."},"revenue":2063.085,"liveRevenue":1775.734,"rngRevenue":287.351,"adjEbitda":1410.717,"operatingProfit":1419.553,"netProfit":1244.015,"newGames":109,"northAmericaRevenue":257.7,"europeRevenue":779,"asiaRevenue":802.7,"latamRevenue":145.5,"otherRevenue":78.3,"liveTables":1700,"operators":800,"topFiveCustomerShare":46,"largestCustomerShare":13,"regulatedRevenue":819.6,"regulatedShare":40,"cashOperations":1301.004,"cashBeforeWorkingCapital":1359.883,"tangibleCapex":65.318,"intangibleCapex":71.395,"cashLeasePayments":18.272,"weightedShares":209.562751,"cashBalance":801.474,"cashTaxPaid":74.419,"incomeTaxExpense":194.909,"capex":136.713,"fcf":1164.291,"cashAfterLeases":1146.019,"fcfPerShare":5.555810822506333,"capexPct":6.626629537803822,"adjEbitdaMarginPct":68.37900522760818,"workingCapitalCash":-58.87900000000013,"revenueGrowth":14.704984596361271,"liveRevenueGrowth":16.573512053642347,"rngRevenueGrowth":4.367170673417431,"fcfGrowth":8.38125026180936,"availabilityPct":99.96,"newGameRevenueShare":null,"studioUtilisation":null,"studioReturn":null},{"period":"2025","label":"2025","axisLabel":"2025","sourceIds":["ar2025"],"qualifiers":{"liveTables":"≈ ","operators":"≈ "},"sourcesByMetric":{"newGames":"ar2025","liveTables":"ar2025","operators":"ar2025","topFiveCustomerShare":"ar2025","largestCustomerShare":"ar2025","northAmericaRevenue":"ar2025","europeRevenue":"ar2025","asiaRevenue":"ar2025","latamRevenue":"ar2025","otherRevenue":"ar2025","availabilityPct":"ar2025"},"kindsByMetric":{},"periodNotes":{"northAmericaRevenue":" End-user geography; financial-note figures, rounded to €0.1m. Note 4(c): €296.7m; the summary graphic shows €296.8m.","europeRevenue":" End-user geography; financial-note figures, rounded to €0.1m. Note 4(c): €729.8m; the summary graphic shows €729.7m.","asiaRevenue":" End-user geography; financial-note figures, rounded to €0.1m.","latamRevenue":" End-user geography; financial-note figures, rounded to €0.1m. The note calls this South America; its 2024 comparison matches the earlier LatAm category.","otherRevenue":" End-user geography; financial-note figures, rounded to €0.1m. Note 4(c): €89.6m; the summary graphic shows €89.5m.","operatingProfit":"Includes other operating income: €51.667m. Adjusted EBITDA excludes that income.","netProfit":"Includes the effects of noncash other operating income and tax accruals."},"revenue":2066.54,"liveRevenue":1772.579,"rngRevenue":293.961,"adjEbitda":1365.673,"operatingProfit":1257.306,"netProfit":1062.096,"newGames":113,"northAmericaRevenue":296.7,"europeRevenue":729.8,"asiaRevenue":793.7,"latamRevenue":156.8,"otherRevenue":89.6,"liveTables":2000,"operators":870,"topFiveCustomerShare":39,"largestCustomerShare":12,"regulatedRevenue":942.8,"regulatedShare":46,"cashOperations":1255.217,"cashBeforeWorkingCapital":1288.928,"tangibleCapex":64.599,"intangibleCapex":70.231,"cashLeasePayments":19.452,"weightedShares":202.786174,"cashBalance":817.951,"cashTaxPaid":74.978,"incomeTaxExpense":184.328,"capex":134.82999999999998,"fcf":1120.3870000000002,"cashAfterLeases":1100.9350000000002,"fcfPerShare":5.524967397432135,"capexPct":6.524432142615192,"adjEbitdaMarginPct":66.08500198399257,"workingCapitalCash":-33.71100000000001,"revenueGrowth":0.1674676515994289,"liveRevenueGrowth":-0.1776730073310473,"rngRevenueGrowth":2.3003226019745915,"fcfGrowth":-3.7708785861953587,"availabilityPct":99.9,"newGameRevenueShare":null,"studioUtilisation":null,"studioReturn":null}],"halfYear":[{"period":"H1 2025","label":"H1 2025","axisLabel":"H1 2025","sourceIds":["h12026","h12025"],"qualifiers":{},"sourcesByMetric":{"asiaRevenue":"h12025","europeRevenue":"h12025","latamRevenue":"h12025","northAmericaRevenue":"h12025","otherRevenue":"h12025","regulatedRevenue":"h12025","regulatedShare":"h12025"},"kindsByMetric":{"asiaRevenue":"Calculated","europeRevenue":"Calculated","latamRevenue":"Calculated","northAmericaRevenue":"Calculated","otherRevenue":"Calculated","regulatedRevenue":"Calculated","regulatedShare":"Calculated"},"periodNotes":{"newGames":"No matching half-year observation entered. Annual and current press-release snapshots are not substituted.","liveTables":"No matching half-year observation entered. Annual and current press-release snapshots are not substituted.","operators":"No matching half-year observation entered. Annual and current press-release snapshots are not substituted.","fcf":"Unaudited interim cash measure. Working-capital timing affects the comparison.","asiaRevenue":"Printed p.6 (2025) / p.5 (2026), end-user / player-IP geographical quarterly table. EUR millions; calculate H1 as Q1 + Q2 using rounded reported quarterly amounts. Do not use the customer-registration table in H126. Mark all cells Calculated and document precision. H125 inputs: Europe189.7+180.2, Asia201.9+209.1, NorthAmerica71.5+74.0, LatAm36.2+37.6, Other21.6+23.4, regulated233.2+231.9. H126: Europe167.1+173.0, Asia197.8+190.5, NorthAmerica78.7+81.0, LatAm46.8+47.5, Other22.6+25.8, regulated246.7+256.1.","europeRevenue":"Printed p.6 (2025) / p.5 (2026), end-user / player-IP geographical quarterly table. EUR millions; calculate H1 as Q1 + Q2 using rounded reported quarterly amounts. Do not use the customer-registration table in H126. Mark all cells Calculated and document precision. H125 inputs: Europe189.7+180.2, Asia201.9+209.1, NorthAmerica71.5+74.0, LatAm36.2+37.6, Other21.6+23.4, regulated233.2+231.9. H126: Europe167.1+173.0, Asia197.8+190.5, NorthAmerica78.7+81.0, LatAm46.8+47.5, Other22.6+25.8, regulated246.7+256.1.","latamRevenue":"Printed p.6 (2025) / p.5 (2026), end-user / player-IP geographical quarterly table. EUR millions; calculate H1 as Q1 + Q2 using rounded reported quarterly amounts. Do not use the customer-registration table in H126. Mark all cells Calculated and document precision. H125 inputs: Europe189.7+180.2, Asia201.9+209.1, NorthAmerica71.5+74.0, LatAm36.2+37.6, Other21.6+23.4, regulated233.2+231.9. H126: Europe167.1+173.0, Asia197.8+190.5, NorthAmerica78.7+81.0, LatAm46.8+47.5, Other22.6+25.8, regulated246.7+256.1.","northAmericaRevenue":"Printed p.6 (2025) / p.5 (2026), end-user / player-IP geographical quarterly table. EUR millions; calculate H1 as Q1 + Q2 using rounded reported quarterly amounts. Do not use the customer-registration table in H126. Mark all cells Calculated and document precision. H125 inputs: Europe189.7+180.2, Asia201.9+209.1, NorthAmerica71.5+74.0, LatAm36.2+37.6, Other21.6+23.4, regulated233.2+231.9. H126: Europe167.1+173.0, Asia197.8+190.5, NorthAmerica78.7+81.0, LatAm46.8+47.5, Other22.6+25.8, regulated246.7+256.1.","otherRevenue":"Printed p.6 (2025) / p.5 (2026), end-user / player-IP geographical quarterly table. EUR millions; calculate H1 as Q1 + Q2 using rounded reported quarterly amounts. Do not use the customer-registration table in H126. Mark all cells Calculated and document precision. H125 inputs: Europe189.7+180.2, Asia201.9+209.1, NorthAmerica71.5+74.0, LatAm36.2+37.6, Other21.6+23.4, regulated233.2+231.9. H126: Europe167.1+173.0, Asia197.8+190.5, NorthAmerica78.7+81.0, LatAm46.8+47.5, Other22.6+25.8, regulated246.7+256.1.","regulatedRevenue":"Printed p.6 (2025) / p.5 (2026), end-user / player-IP geographical quarterly table. EUR millions; calculate H1 as Q1 + Q2 using rounded reported quarterly amounts. Do not use the customer-registration table in H126. Mark all cells Calculated and document precision. H125 inputs: Europe189.7+180.2, Asia201.9+209.1, NorthAmerica71.5+74.0, LatAm36.2+37.6, Other21.6+23.4, regulated233.2+231.9. H126: Europe167.1+173.0, Asia197.8+190.5, NorthAmerica78.7+81.0, LatAm46.8+47.5, Other22.6+25.8, regulated246.7+256.1.","regulatedShare":"Same geographical table; ratio to H1 consolidated net revenue. Optional additional fill: calculated regulated revenue / same H1 net revenue. Do not average quarterly 45% and44% /48% and49%; numerator is rounded EUR0.1m, so display about44.5% /48.8%. Existing annual metric definition says company-rounded reported share and must be extended with period-level Calculated classification."},"revenue":1045.213,"liveRevenue":902.36,"rngRevenue":142.853,"adjEbitda":687.243,"operatingProfit":609.818,"netProfit":502.986,"newGames":null,"northAmericaRevenue":145.5,"europeRevenue":369.9,"asiaRevenue":411,"latamRevenue":73.8,"otherRevenue":45,"liveTables":null,"operators":null,"topFiveCustomerShare":null,"largestCustomerShare":null,"regulatedRevenue":465.1,"regulatedShare":44.49810708439333,"cashOperations":586.673,"cashBeforeWorkingCapital":611.333,"tangibleCapex":31.365,"intangibleCapex":35.239,"cashLeasePayments":10.058,"weightedShares":204.773575,"cashBalance":505.255,"cashTaxPaid":69.829,"incomeTaxExpense":93.707,"capex":66.604,"fcf":520.069,"cashAfterLeases":510.01099999999997,"fcfPerShare":2.5397271107856567,"capexPct":6.37228966727356,"adjEbitdaMarginPct":65.75147840679364,"workingCapitalCash":-24.659999999999968,"revenueGrowth":null,"liveRevenueGrowth":null,"rngRevenueGrowth":null,"fcfGrowth":null,"newGameRevenueShare":null,"availabilityPct":null,"studioUtilisation":null,"studioReturn":null},{"period":"H1 2026","label":"H1 2026","axisLabel":"H1 2026","sourceIds":["h12026"],"qualifiers":{},"sourcesByMetric":{"asiaRevenue":"h12026","europeRevenue":"h12026","latamRevenue":"h12026","northAmericaRevenue":"h12026","otherRevenue":"h12026","regulatedRevenue":"h12026","regulatedShare":"h12026"},"kindsByMetric":{"asiaRevenue":"Calculated","europeRevenue":"Calculated","latamRevenue":"Calculated","northAmericaRevenue":"Calculated","otherRevenue":"Calculated","regulatedRevenue":"Calculated","regulatedShare":"Calculated"},"periodNotes":{"newGames":"No matching half-year observation entered. Annual and current press-release snapshots are not substituted.","liveTables":"No matching half-year observation entered. Annual and current press-release snapshots are not substituted.","operators":"No matching half-year observation entered. Annual and current press-release snapshots are not substituted.","fcf":"Unaudited interim cash measure. Working-capital timing affects the comparison.","cashOperations":"Working capital released €44.655m versus a €24.660m absorption in H1 2025. Cash before working capital declined.","asiaRevenue":"Printed p.6 (2025) / p.5 (2026), end-user / player-IP geographical quarterly table. EUR millions; calculate H1 as Q1 + Q2 using rounded reported quarterly amounts. Do not use the customer-registration table in H126. Mark all cells Calculated and document precision. H125 inputs: Europe189.7+180.2, Asia201.9+209.1, NorthAmerica71.5+74.0, LatAm36.2+37.6, Other21.6+23.4, regulated233.2+231.9. 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H125 inputs: Europe189.7+180.2, Asia201.9+209.1, NorthAmerica71.5+74.0, LatAm36.2+37.6, Other21.6+23.4, regulated233.2+231.9. H126: Europe167.1+173.0, Asia197.8+190.5, NorthAmerica78.7+81.0, LatAm46.8+47.5, Other22.6+25.8, regulated246.7+256.1.","northAmericaRevenue":"Printed p.6 (2025) / p.5 (2026), end-user / player-IP geographical quarterly table. EUR millions; calculate H1 as Q1 + Q2 using rounded reported quarterly amounts. Do not use the customer-registration table in H126. Mark all cells Calculated and document precision. H125 inputs: Europe189.7+180.2, Asia201.9+209.1, NorthAmerica71.5+74.0, LatAm36.2+37.6, Other21.6+23.4, regulated233.2+231.9. H126: Europe167.1+173.0, Asia197.8+190.5, NorthAmerica78.7+81.0, LatAm46.8+47.5, Other22.6+25.8, regulated246.7+256.1.","otherRevenue":"Printed p.6 (2025) / p.5 (2026), end-user / player-IP geographical quarterly table. EUR millions; calculate H1 as Q1 + Q2 using rounded reported quarterly amounts. 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Optional additional fill: calculated regulated revenue / same H1 net revenue. Do not average quarterly 45% and44% /48% and49%; numerator is rounded EUR0.1m, so display about44.5% /48.8%. 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Acquisitions and currency affect comparisons.","core":true},{"key":"revenueGrowth","label":"Net revenue growth","group":"Content & demand","unit":"%","kind":"Calculated","meaning":"Change in reported operating scale.","formula":"Current net revenue / prior comparable period − 1.","read":"Compare matching periods and investigate product and regional drivers.","limit":"Reported-currency growth, not organic or constant-currency growth.","core":false},{"key":"liveRevenue","label":"Live Casino revenue","group":"Content & demand","unit":"EUR m","kind":"Reported","meaning":"Revenue from the live casino offering.","formula":"Reported Live Casino revenue.","read":"Tests demand for traditional live games and game shows.","limit":"No complete revenue or cash-profit breakdown by individual game.","core":true},{"key":"liveRevenueGrowth","label":"Live Casino revenue growth","group":"Content & demand","unit":"%","kind":"Calculated","meaning":"Change in Live Casino revenue.","formula":"Live revenue / prior comparable-period Live revenue − 1.","read":"Read with new markets, studio costs and distribution changes.","limit":"Does not isolate player growth, game launches or capacity utilisation.","core":false},{"key":"rngRevenue","label":"RNG revenue","group":"Content & demand","unit":"EUR m","kind":"Reported","meaning":"Revenue from computer-generated casino games, including slots.","formula":"Reported RNG revenue.","read":"Track separately from live production to understand product mix.","limit":"Acquisitions alter comparability; title count does not measure commercial success.","core":true},{"key":"rngRevenueGrowth","label":"RNG revenue growth","group":"Content & demand","unit":"%","kind":"Calculated","meaning":"Change in RNG revenue.","formula":"RNG revenue / prior comparable-period RNG revenue − 1.","read":"Tests whether product development and distribution translate into sales.","limit":"Not revenue attributable only to newly released slots.","core":false},{"key":"newGames","label":"New games released","group":"Content & demand","unit":"games","kind":"Reported","meaning":"Annual flow of newly launched titles across the group.","formula":"Company-reported new game releases for the year.","read":"Compare with demand, product revenue and development spending.","limit":"Not active catalogue size or successful launches. No comparable group total is entered for 2021.","core":true},{"key":"newGameRevenueShare","label":"Revenue from recent game cohorts","group":"Content & demand","unit":"%","kind":"Missing","meaning":"Contribution of newly launched titles to revenue over a defined period.","formula":"Revenue from a consistently defined release cohort / group revenue.","read":"Would help assess development output and catalogue durability.","limit":"Not disclosed as a comparable series. Never substitute group revenue divided by new releases.","core":false},{"key":"northAmericaRevenue","label":"North America revenue","group":"Distribution & capacity","unit":"EUR m","kind":"Reported","meaning":"Revenue attributed to North American end-user activity.","formula":"Reported regional revenue based on end-user location.","read":"Read alongside local product access and studio investment.","limit":"Includes Canada; not US-only revenue.","core":true},{"key":"europeRevenue","label":"Europe revenue","group":"Distribution & capacity","unit":"EUR m","kind":"Reported","meaning":"Revenue attributed to European end users.","formula":"Reported regional revenue.","read":"Read with market access, channel restrictions and local rules.","limit":"Regional data do not quantify the effect of each regulatory change.","core":false},{"key":"asiaRevenue","label":"Asia revenue","group":"Distribution & capacity","unit":"EUR m","kind":"Reported","meaning":"Revenue attributed to Asian end users.","formula":"Reported regional revenue.","read":"Track volatility alongside management's attributed operational explanations.","limit":"Country and channel mix are not fully separated; avoid assigning all changes to one cause.","core":true},{"key":"latamRevenue","label":"Latin America revenue","group":"Distribution & capacity","unit":"EUR m","kind":"Reported","meaning":"Revenue attributed to Latin American end users.","formula":"Reported regional revenue.","read":"Read with local regulation, localisation and studio ramp-up.","limit":"New market entry can require investment before revenue matures.","core":false},{"key":"otherRevenue","label":"Other regions revenue","group":"Distribution & capacity","unit":"EUR m","kind":"Reported","meaning":"Revenue outside the four named regional categories.","formula":"Reported Other revenue.","read":"Completes the geographical mix.","limit":"The category is not a single country or a uniform operating environment.","core":false},{"key":"liveTables","label":"Live tables · period end","group":"Distribution & capacity","unit":"tables","kind":"Reported","meaning":"Disclosed size of the live production table network.","formula":"Company year-end table count or qualified bound.","read":"Tests capacity additions alongside demand and cash investment.","limit":"Not utilisation. Approximate figures and lower bounds are not plotted as exact counts.","core":true},{"key":"operators","label":"Operator customers","group":"Distribution & capacity","unit":"operators","kind":"Reported","meaning":"Disclosed reach through casino operator relationships.","formula":"Company operator count or lower bound at the reported date.","read":"Read with concentration, product adoption and revenue.","limit":"An operator relationship does not disclose spending, exclusivity or end-user demand.","core":false},{"key":"topFiveCustomerShare","label":"Five largest customers / revenue","group":"Distribution & capacity","unit":"%","kind":"Reported","meaning":"Revenue concentration in the five largest customer relationships.","formula":"Company-reported top-five share.","read":"Highlights dependence on large distributors.","limit":"Customer group changes and consolidation can affect concentration; not a churn rate.","core":false},{"key":"largestCustomerShare","label":"Largest customer / revenue","group":"Distribution & capacity","unit":"%","kind":"Reported","meaning":"Revenue exposure to the largest customer.","formula":"Company-reported largest-customer share.","read":"Read alongside contracts, distribution breadth and concentration.","limit":"Does not disclose contract duration or the likelihood of customer loss.","core":false},{"key":"regulatedRevenue","label":"Regulated-market revenue","group":"Distribution & capacity","unit":"EUR m","kind":"Reported","meaning":"Revenue attributed to markets classified as regulated by the company.","formula":"Company-reported revenue from regulated markets.","read":"Track the absolute amount alongside the percentage and local controls.","limit":"The classification is not an independent compliance assessment.","core":false},{"key":"regulatedShare","label":"Regulated-market revenue share","group":"Distribution & capacity","unit":"%","kind":"Reported","meaning":"Mix of revenue from company-classified regulated markets.","formula":"Annual values: company-reported rounded share. Half-years: sum of reported Q1 and Q2 regulated revenue / half-year consolidated net revenue × 100.","read":"Read alongside absolute regulated revenue and jurisdiction-specific controls.","limit":"Company classification, not a legal opinion. Half-year ratios use rounded regional amounts and are labelled Calculated.","core":true},{"key":"adjEbitda","label":"Adjusted EBITDA","group":"Efficiency","unit":"EUR m","kind":"Reported APM","meaning":"Company operating-earnings measure excluding depreciation, amortisation and other specified income.","formula":"Company adjusted EBITDA excluding other operating revenues where applicable.","read":"Read alongside statutory profit, development costs and cash.","limit":"2024–25 other operating income is excluded; not free cash flow.","core":true},{"key":"adjEbitdaMarginPct","label":"Adjusted EBITDA margin","group":"Efficiency","unit":"%","kind":"Calculated","meaning":"Share of net revenue retained on the adjusted EBITDA basis.","formula":"Adjusted EBITDA / net revenue × 100.","read":"Assess scale benefits and expansion costs together.","limit":"A lower margin can accompany higher earnings; does not establish return on new capital.","core":true},{"key":"operatingProfit","label":"Statutory operating profit","group":"Efficiency","unit":"EUR m","kind":"Reported","meaning":"Accounting earnings after operating expenses and depreciation/amortisation.","formula":"Reported consolidated operating profit.","read":"Compare with adjusted EBITDA and one-off or noncash items.","limit":"Includes other operating income where reported; not a clean growth proxy.","core":false},{"key":"netProfit","label":"Statutory net profit","group":"Efficiency","unit":"EUR m","kind":"Reported","meaning":"Accounting earnings after financial items and income tax.","formula":"Reported consolidated profit for the period.","read":"Read alongside cash tax, development accounting and cash conversion.","limit":"Accruals and noncash items can cause profit to differ from cash.","core":false},{"key":"availabilityPct","label":"System availability","group":"Efficiency","unit":"%","kind":"Reported","meaning":"Company-reported service availability excluding planned maintenance.","formula":"Reported availability percentage.","read":"Reliability supports operators' ability to deliver games.","limit":"Measures uptime, not player demand or studio utilisation.","core":false},{"key":"studioUtilisation","label":"Studio / table utilisation","group":"Efficiency","unit":"%","kind":"Missing","meaning":"Use of practical productive capacity over a defined period.","formula":"Activity / practical capacity under a consistent method.","read":"Would test whether more demand spreads fixed costs.","limit":"A comparable public series is not established. Do not substitute table count or uptime.","core":false},{"key":"cashOperations","label":"Operating cash flow","group":"Cash & capital","unit":"EUR m","kind":"Reported","meaning":"Cash produced after operating cash costs, cash tax and working-capital movements.","formula":"Reported cash flow from operating activities.","read":"Read with working capital, tax timing and investment needs.","limit":"Excludes financing-classified lease payments; not all cash available for distribution.","core":true},{"key":"cashBeforeWorkingCapital","label":"Operating cash before working capital","group":"Cash & capital","unit":"EUR m","kind":"Reported","meaning":"Operating cash-flow subtotal before receivables, payables and other working-capital movements.","formula":"Reported cash-flow statement subtotal.","read":"Distinguishes cash earnings and tax effects from working-capital timing.","limit":"Still affected by cash tax and other adjustments; not normalised earnings.","core":false},{"key":"workingCapitalCash","label":"Working-capital cash effect","group":"Cash & capital","unit":"EUR m","kind":"Calculated","meaning":"Cash released from or absorbed into working capital.","formula":"Operating cash flow − cash flow before working-capital changes.","read":"Positive releases cash; negative absorbs cash.","limit":"A temporary release may not recur and does not establish higher customer demand.","core":false},{"key":"tangibleCapex","label":"Tangible cash capex","group":"Cash & capital","unit":"EUR m","kind":"Reported","meaning":"Cash invested in property, studios, equipment and other physical assets.","formula":"Cash acquisition of tangible / property, plant and equipment assets.","read":"Read with capacity growth and realised cash returns.","limit":"Excludes acquisitions and capitalised software; maintenance and growth split unavailable.","core":false},{"key":"intangibleCapex","label":"Intangible cash capex","group":"Cash & capital","unit":"EUR m","kind":"Reported","meaning":"Cash invested in intangible assets, including capitalised development.","formula":"Cash acquisition of intangible assets.","read":"Keeps capitalised product and platform investment visible.","limit":"Not total research spending: expensed development is already within operating cash flow.","core":true},{"key":"capex","label":"Total tangible & intangible cash capex","group":"Cash & capital","unit":"EUR m","kind":"Calculated","meaning":"Cash investment deducted in this page's FCF calculation.","formula":"Tangible cash capex + intangible cash capex.","read":"Compare investment with capacity, revenue and subsequent cash generation.","limit":"Excludes acquisitions. No reliable maintenance-only split is asserted.","core":false},{"key":"capexPct","label":"Cash capex / net revenue","group":"Cash & capital","unit":"%","kind":"Calculated","meaning":"Scale of cash investment relative to the operating business.","formula":"Cash capex / net revenue × 100.","read":"Track spending intensity through an expansion cycle.","limit":"A lower ratio can reflect underinvestment; it is not automatically better.","core":false},{"key":"cashLeasePayments","label":"Lease cash payments","group":"Cash & capital","unit":"EUR m","kind":"Reported","meaning":"Financing-classified cash outflow relating to lease liabilities.","formula":"Reported lease-payment line.","read":"Deduct once for the cash-after-leases measure.","limit":"Do not deduct accrued lease interest again when it is already included in cash payments.","core":false},{"key":"fcf","label":"Free cash flow · before leases","group":"Cash & capital","unit":"EUR m","kind":"Calculated","meaning":"Cash after operating requirements and tangible/intangible investment.","formula":"Operating cash flow − tangible capex − intangible capex.","read":"Track alongside leases, cash taxes and acquisitions.","limit":"Analytical FCF definition; before financing-classified lease payments and acquisitions.","core":true},{"key":"fcfGrowth","label":"Free cash flow growth","group":"Cash & capital","unit":"%","kind":"Calculated","meaning":"Change in cash after the selected investment outflows.","formula":"Current FCF / prior comparable-period FCF − 1.","read":"Read with operating growth, working-capital timing and capex.","limit":"Not a direct measure of returns from new games or new studios.","core":false},{"key":"cashAfterLeases","label":"Cash after leases & capex","group":"Cash & capital","unit":"EUR m","kind":"Calculated","meaning":"Cash remaining after financing-classified lease payments as well as capex.","formula":"Calculated FCF − reported lease cash payments.","read":"Adds the contractual lease cash burden to the FCF view.","limit":"Still before acquisitions; not normalised or guaranteed distributable cash.","core":true},{"key":"fcfPerShare","label":"FCF per weighted-average share","group":"Cash & capital","unit":"EUR / share","kind":"Calculated","meaning":"Calculated FCF allocated across the period's average basic share count.","formula":"FCF in EUR m / weighted-average basic shares in millions.","read":"Compare total and per-share cash growth together.","limit":"Repurchases can lift the per-share result even if total FCF falls. No currency conversion to SEK.","core":true},{"key":"weightedShares","label":"Weighted-average basic shares","group":"Cash & capital","unit":"million shares","kind":"Reported","meaning":"Average shares used for basic per-share reporting.","formula":"Reported weighted-average basic shares / 1,000,000.","read":"Explains dilution and repurchase effects on per-share cash.","limit":"Not year-end issued shares or year-end shares excluding treasury.","core":false},{"key":"cashBalance","label":"Cash and cash equivalents","group":"Cash & capital","unit":"EUR m","kind":"Reported","meaning":"Reported liquid cash balance at the period end.","formula":"Balance-sheet cash and cash equivalents.","read":"Read alongside taxes payable, commitments and future cash needs.","limit":"Not net cash; excludes separately held financial investments.","core":false},{"key":"cashTaxPaid","label":"Cash income tax paid","group":"Cash & capital","unit":"EUR m","kind":"Reported","meaning":"Tax cash outflow during the period.","formula":"Cash-flow statement tax paid, shown as a positive outflow amount.","read":"Compare with tax expense and liabilities to understand timing.","limit":"Timing differences mean current cash tax is not necessarily a sustainable tax burden.","core":false},{"key":"incomeTaxExpense","label":"Income tax expense","group":"Cash & capital","unit":"EUR m","kind":"Reported","meaning":"Accounting tax charge for the period.","formula":"Income-statement tax expense, shown as a positive charge.","read":"Read with paid tax, accruals and effective tax disclosures.","limit":"Includes current and deferred tax; not a bill paid entirely in the same period.","core":false},{"key":"studioReturn","label":"Return on new-studio capital","group":"Cash & capital","unit":"%","kind":"Missing","meaning":"Cash or operating return attributable to individual expansion investments.","formula":"Consistently defined incremental return / capital committed.","read":"Tests whether wider distribution creates value after capital requirements.","limit":"No comparable realised studio-cohort series is established. Group margins are not this measure.","core":false}],"observations":[{"label":"Annual launches · 2022–2025","value":"420 releases; average 105 per year","period":"Four complete financial years","source":"ar2025","sourceIds":["ar2022","ar2023","ar2024","ar2025"],"note":"Calculated from 88, 110, 109 and 113 releases. Not catalogue size or successful launches."},{"label":"North America growth","value":"+9.5% year on year","period":"Q2 2026 management report","source":"q2_2026","note":"Includes Canada. Not a US-only growth rate; do not compare directly with annual growth."},{"label":"Regulated-market share","value":"49%; €256.1m revenue","period":"Q2 2026","source":"h12026","note":"Quarter-only company classification; Q2 2025: 44%, €231.9m. Not a compliance score."},{"label":"Second Michigan studio","value":"Opened during Q2 2026","period":"Management operating update","source":"q2_2026","note":"A capacity milestone; realised returns and utilisation are not disclosed here."},{"label":"Rhode Island entry","value":"Online slots through Bally’s","period":"3 July 2025 announcement","source":"rhode_island","note":"RNG product access, not an announcement of a local live casino studio."},{"label":"Customer reach","value":"870+ operators","period":"July 2026 interim-report description","source":"h12026","note":"A qualified publication-date description. Not substituted for an exact half-year count."},{"label":"Q3 2026 revenue and margins","value":"Revenue EUR 526.125m; adjusted EBITDA EUR 345.932m; unadjusted EBITDA EUR 333.835m","period":"Q3 2026, ended 30 September","note":"Adjusted EBITDA excludes EUR 12.097m settlement and Galaxy termination/legal costs. Revenue rose 3.7%; adjusted margin 65.8% versus 66.4%.","source":"q32026","sourceIds":["q32026"],"basis":"Q3 2026 revenue and margins"},{"label":"Q3 2026 cash generation","value":"OCF EUR 366.070m; FCF EUR 334.061m; cash after leases EUR 329.466m","period":"Q3 2026, ended 30 September","note":"FCF subtracts tangible EUR 16.212m and intangible EUR 15.797m capex. Then deduct EUR 4.595m lease repayment once. Separate from nine-month cash flows.","source":"q32026","sourceIds":["q32026"],"basis":"Q3 2026 cash generation"},{"label":"Nine-month 2026 cash generation","value":"OCF EUR 1004.955m; FCF EUR 903.674m; cash after leases EUR 889.445m","period":"Nine months ended 30 September 2026","note":"FCF =1004.955−54.560−46.721. Operating cash before working capital EUR 927.817m vs 948.072m; working-capital release EUR 77.138m vs 10.498m. Not evidence that all cash improvement came from demand.","source":"q32026","sourceIds":["q32026"],"basis":"Nine-month 2026 cash generation"},{"label":"Q3 2026 player-IP regions and regulated markets","value":"North America EUR 84.3m; regulated markets EUR 258.5m /49%","period":"Q3 2026","note":"Player-IP basis; Europe 173.7m, Asia 192.1m, LatAm 49.0m, Africa/Other 27.1m. Rounded regions differ from exact group revenue. Company classification is not an independent compliance finding.","source":"q32026","sourceIds":["q32026"],"basis":"Q3 2026 player-IP regions and regulated markets"},{"label":"Q3 2026 operational activity","value":"Headcount 23,408; game-rounds index 435","period":"Q3 2026","basis":"Reported presentation operational KPIs","note":"End-period headcount: Q2 2026 22,880 and Q3 2025 21,652; reported growth 8.1% YoY / 2.3% QoQ. All-games game-rounds index: Q2 2026 391 and Q3 2025 355; reported growth 22.5% YoY / 11.3% QoQ. Index base is undisclosed here; this is not an absolute number of rounds, players, utilisation or revenue.","headcount":23408,"gameRoundsIndex":435,"gameRoundsIndexBase":null,"source":"q32026presentation","sourceIds":["q32026presentation"]},{"label":"Second Lithuania studio opened","value":"Second studio in Lithuania opened during Q3","period":"Q3 2026","basis":"Reported presentation studio milestone","note":"Slides 2 and 5 confirm opening. Capacity utilisation, studio-level revenue and investment returns are not disclosed and are not inferred.","source":"q32026presentation","sourceIds":["q32026presentation"]},{"label":"Presentation cash-flow definitions","value":"After-capex cash flow EUR 334.1m; LTM cash conversion 85%","period":"Q3 2026","basis":"Reported presentation APM and LTM cash conversion","note":"Slide 10 defines its operating cash flow as cash from operations less capital expenditure, excluding M&A and financial investments. Rounded EUR 334.1m agrees with calculated Q3 FCF EUR 334.061m; statutory Q3 OCF remains EUR 366.070m. Cash conversion is LTM after-capex cash flow / LTM adjusted EBITDA, ended 30 September 2026, not a quarterly ratio.","cashConversionPct":85,"source":"q32026presentation","sourceIds":["q32026presentation"]},{"label":"Q3 2026 completed repurchases","value":"11,784,056 shares acquired during the quarter","period":"Q3 2026","basis":"Reported presentation completed share repurchases","note":"Slide 12 reports acquisitions under the board's EUR 2 billion programme. Repurchased shares are distinct from closing issued/treasury shares and weighted-average EPS denominators.","sharesRepurchased":11784056,"source":"q32026presentation","sourceIds":["q32026presentation"]},{"label":"Completed weekly repurchases","value":"464,569 shares acquired; treasury holding 2,371,196 shares","period":"19–23 October 2026","periodEnd":"2026-10-23","basis":"Reported completed purchases and closing issued/treasury shares; not an EPS denominator","sharesRepurchased":464569,"treasuryShares":2371196,"totalIssuedShares":183058121,"programmeSharesAcquired":18539688,"source":"buybacks20261026","sourceIds":["buybacks20261026"],"note":"Published 26 October 2026. Programme purchases since 19 May include 16,168,492 shares cancelled in September. Issued shares include treasury shares; preserve historical and weighted-average share counts separately."}],"notes":["Amounts use EUR millions and weighted-average basic shares in millions. The Stockholm listing trades in SEK; no market-price conversion or valuation is presented. Calculated values retain source precision; displayed rounding can make totals differ.","Net revenue excludes other operating income. The 2024 and 2025 statutory results include noncash acquisition-related earn-out remeasurements. Adjusted EBITDA excludes other operating income; the comparable 2021–2023 EBITDA measure had no separate other-operating-income line.","FCF is calculated as operating cash flow less tangible and intangible cash capex. The cash-after-leases measure deducts the reported financing lease-payment line once. Short-term/low-value lease costs and operating-classified interest are already within operating cash flow. Both subtotals exclude acquisitions, dividends and repurchases.","Development can be expensed or capitalised. Operating cash flow already reflects expensed development; cash intangible investment captures capitalised spending. The tangible/intangible split does not identify maintenance versus growth spending.","H1 2026 working capital released €44.655m, compared with a €24.660m absorption in H1 2025: a €69.315m swing. Cash before working capital fell from €611.333m to €594.230m. The cash improvement therefore does not establish stronger underlying demand.","Cash tax paid can differ from tax expense. FY2025 cash tax was €74.978m versus €184.328m income tax expense. The accounts describe the Maltese tax/refund mechanism and Pillar II effects. These cash subtotals are not normalised for future tax settlements; the cash balance is not automatically surplus cash.","Regional revenue uses the company’s end-user-location basis, not the registered addresses of customer operators. North America includes Canada. In 2021 the old Other category included Latin America, so the later separate series starts in 2022.","The 2022 and 2023 regional observations use later comparative classifications. For 2025 the financial-note figures are used: Europe €729.8m, North America €296.7m and Other €89.6m. The introductory chart differs by €0.1m in those categories. Rounded regional amounts need not equal exact consolidated revenue.","The 2025 financial note labels its €156.8m regional category South America; its €145.5m comparison matches earlier Latin America disclosure. The dashboard retains the familiar regional label with this qualification.","Annual game releases are 88, 110, 109 and 113 in 2022–2025. The 2024 narrative says releases increased, but its numerical count is below 2023. The explicit counts are retained. No comparable complete 2021 total is inferred from differently scoped product counts.","Table counts and operator counts are lower bounds or approximate observations. Their qualifiers are preserved and they are omitted from exact numeric charts. They do not measure table utilisation, active players or individual-game productivity.","Customer concentration uses the five-year table in the 2025 annual report. System availability excludes planned maintenance and measures uptime, not demand or utilisation.","The 2023 operating-cash-flow figure uses the 2024 comparative statement, avoiding a typographical extra digit in the earlier report. Per-share FCF uses period-weighted basic shares, not issued shares including treasury stock or closing shares.","Acquisitions affect the perimeter: Big Time Gaming entered consolidation during 2021 and Nolimit City during 2022. Reported growth is not automatically organic growth. New studios and product launches can have different revenue ramp-up periods.","Regulated-market revenue share is a company-reported classification, not a legal conclusion for each channel. The UK regulator’s findings and settlement conditions are presented separately from management explanations. Earlier discussions do not override the regulator’s published findings.","Half-year results use the January–June 2026 report and matching 2025 comparisons. They are unaudited and the report states it was not independently reviewed. Quarterly operating updates remain separately dated rather than being inserted into annual or half-year series."],"risks":[{"title":"UK licence review concluded, with follow-up requirements","status":"Regulator finding","paragraphs":["The UK Gambling Commission published a £4.75m settlement on 23 July 2026 after finding failings in Evolution Malta Holding Limited's risk assessment, controls and customer due diligence. Five genuine games had appeared on six unlicensed websites operated by two customers and accessible in Great Britain. The settlement includes an independent audit within 12 months of the review's conclusion and payment of investigation costs.","Monitor: Audit completion and findings, licence conditions and any further enforcement. Do not label the matter an unresolved review or a licence revocation."],"sourceIds":["ukgc_statement"]},{"title":"Remediation does not remove ongoing distribution risk","status":"Regulator statement and operating interpretation","paragraphs":["The regulator said Evolution responded promptly and that subsequent testing found no further instances of concern. It also said the original failings were serious enough for suspension to be considered. The operating issue is whether controls work throughout the supply chain, including downstream websites."],"sourceIds":["ukgc_news"]},{"title":"Asian disruption and European distribution limits","status":"Management attribution","paragraphs":["Management attributed Q2 2026's 3.7% sequential Asian revenue decline partly to increased cybercrime activity. It also described European channelisation as a concern despite 3.5% sequential revenue growth. These are management explanations; they do not quantify the standalone revenue effect of each factor.","Monitor: Regional revenue trends and subsequent disclosures about access restrictions, cyber incidents and customer activity. Avoid treating every weak quarter as proof of weak new games."],"sourceIds":["q2_2026"]},{"title":"Competition extends beyond one supplier","status":"Competitor disclosures","paragraphs":["Playtech and Pragmatic Play both offer live games, dedicated environments and localised content. Playtech reported more than 60 live tables across New Jersey, Michigan and Pennsylvania at the end of 2025, versus more than 35 a year earlier. Pragmatic Play announced a Colombia studio operated by ARRISE. These demonstrate competing investment, not independently measured market shares.","Monitor: Operator contract wins or losses, differentiated content, pricing pressure and sustained revenue growth relative to the relevant market."],"sourceIds":["playtech_2025","pragmatic_colombia"]},{"title":"Brazil studio temporarily closed from 5 October 2026","status":"Management subsequent-event disclosure ·23 October 2026","paragraphs":["The interim report states that the Brazil studio closed on 5 October because of uncertain regulatory conditions. Management says Brazil accounts for well below half of LatAm revenue on its estimated player-IP split. No precise Brazil revenue or quantified future earnings effect is inferred."],"sourceIds":["q32026"]}]}