EVOLUTION (+) : €2bn buyback announced - positive

Research evidence excerpt

EVOLUTION (+) : €2bn buyback announced - positive

EQUITIES

INTERNET & MEDIA

EVOLUTION OUTPERFORMPRICE* SEK663.6  TARGET PRICE SEK740 (UPSIDE 12%)

FLASH NOTE

€2bn buyback announced - positive

19 MAY 2026 Securities Research Report Production time: 07:26* (London time)

Research Analyst & Publishing Entities

Charlie Muir-Sands BNP Paribas London Branch (+44) 203 430 8432 charles.muir-sands@uk.bnpparibas.com

Summary

Last night, Evolution’s BoD announced approval of a buyback of up to €2bn over the next year or c.14% of the market

capitalisation of the company – funded from existing net cash, FCF, and a small RCF. Given the strong accretion and

fact this appears to rule out the risk of any potentially value-destructive alternatives (e.g. M&A) we expect shares to

outperform today. See: GAMING: Betting Battles: Predictions, proprietary polls & parlays, 14 May for our recent sector

and Evolution (+) initiation.

What happened?

The Board of Directors of Evolution AB has, based on the authorization from the Annual General Meeting 2026 (which

was on 24 April 2026), resolved that the Company shall acquire its own shares. The purpose of the acquisition of own

shares is to optimize the capital structure of the Company by reducing the share capital, thereby creating added

shareholder value. The Company has simultaneously entered into a EUR 300 million revolving credit facility to maintain

continued financial flexibility. Acquisitions may be made on one or more occasions before the Annual General Meeting

2027. The maximum amount for which shares may be acquired may not exceed EUR 2 billion. A maximum amount of

19,922,661 shares (10% of the capital) may be repurchased under the program. If required, the Board of Directors