Research from Redeye, Redeye AB

Redeye

Research from Redeye

Redeye AB

Specialists in innovative and fast-growing Nordic companies within Life Science and Technology.

Redeye is the next generation equity research and investment banking company, specialized in Life Science and Technology. We are the leading provider of Corporate Broking and Corporate Finance in these sectors.

Our clients are innovative growth companies in the Nordics and we use a unique Rating model based on a value based investment philosophy. Redeye was founded 1999 in Stockholm and is regulated by the Swedish Financial Authority (Finansinspektionen).

Equity Bottom-Up

<ul><li>Redeye comments on Evolution’s Q2-results which were overall in line with expectations, while the regional revenue mix continues to be erratic with lower-than-expected revenue in Asia and higher in Europe.</li></ul>

Redeye comments on Evolution’s Q2-results which were overall in line with expectations, while the regional revenue mix continues to be erratic with lower-than-expected revenue in Asia and higher in Europe.

Evolution (Q2 Initial take): In line with expectations

<ul><li>Redeye updates on Evolution after Q1-results which were close to our expectations.</li><li>However, with continued challenges in Europe, we have trimmed our estimates by around 3% for 2026-28E.</li><li>Nevertheless, we still expect the company to return to overall growth in H2 2026E, supported by continued positive momentum in North America and LatAm as well as easier comps in Asia.</li></ul>

Redeye updates on Evolution after Q1-results which were close to our expectations.However, with continued challenges in Europe, we have trimmed our estimates by around 3% for 2026-28E.Nevertheless, we still expect the company to return to overall growth in H2 2026E, supported by continued positive momentum in North America and LatAm as well as easier comps in Asia.

<ul><li>Redeye comments on Evolution’s Q1-results which were close to our expectations, albeit with weaker-than-expected topline in Europe while Asia and LatAm were slightly ahead of our forecasts.</li></ul>

Redeye comments on Evolution’s Q1-results which were close to our expectations, albeit with weaker-than-expected topline in Europe while Asia and LatAm were slightly ahead of our forecasts.

Evolution (Q1 Initial take): Close to our expectations

<ul><li>Redeye updates on Evolution post Q4-results which were close to our forecasts while the company’s margin guidance for 2026 was also in line with expectations.</li><li>However, the growth outlook remains uncertain and although Asia saw some improvement in the quarter, Europe was soft owing to continued regulatory headwinds.</li><li>We have trimmed our forecasts by around 2% for 2026-27E.</li></ul>

Redeye updates on Evolution post Q4-results which were close to our forecasts while the company’s margin guidance for 2026 was also in line with expectations.However, the growth outlook remains uncertain and although Asia saw some improvement in the quarter, Europe was soft owing to continued regulatory headwinds.We have trimmed our forecasts by around 2% for 2026-27E.

Evolution (Q4 Review): Asia and Europe continue to hold back growth

<ul><li>Redeye comments on Evolution’s Q4-results which were close to our forecasts, albeit with soft revenue in Europe while LatAm and Asia were slightly stronger than expected.</li><li>The company states that it expects the margin in 2026E to be in line with 2025, which aligns with Redeye’s estimates.</li></ul>

Redeye comments on Evolution’s Q4-results which were close to our forecasts, albeit with soft revenue in Europe while LatAm and Asia were slightly stronger than expected.The company states that it expects the margin in 2026E to be in line with 2025, which aligns with Redeye’s estimates.

Evolution (Q4 Initial take): Close to our expectations

Sweden

Evolution AB operates as a gaming company. The Company develops, produces, markets and licenses fully integrated B2B live casino solutions to online casino operators. Evolution serves customers worldwide.

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Evolution (EVO SS)

Evolution (Q2 Initial take): In line with expectations

Redeye comments on Evolution’s Q2-results which were overall in line with expectations, while the regional revenue mix continues to be erratic with...

Redeye

Evolution: Europe remains challenging

Redeye updates on Evolution after Q1-results which were close to our expectations. However, with continued challenges in Europe, we have trimmed...

Redeye

Evolution (Q1 Initial take): Close to our expectations

Redeye comments on Evolution’s Q1-results which were close to our expectations, albeit with weaker-than-expected topline in Europe while Asia and...

Redeye

Evolution (Q4 Review): Asia and Europe continue to hold back growth

Redeye updates on Evolution post Q4-results which were close to our forecasts while the company’s margin guidance for 2026 was also in line with...

Redeye

Evolution (Q4 Initial take): Close to our expectations

Redeye comments on Evolution’s Q4-results which were close to our forecasts, albeit with soft revenue in Europe while LatAm and Asia were slightly...

Redeye

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