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 Kenneth Dart's increased ownership in Evolution, having formally exceeded 30% of the voting rights and potentially triggering a mandatory bid obligation under Swedish takeover rules.</li><li>While this has no impact on our estimates or Fair Value, we view the development as positive for sentiment and believe it could increase pressure on short sellers to cover their positions.</li></ul>

Redeye comments on Kenneth Dart's increased ownership in Evolution, having formally exceeded 30% of the voting rights and potentially triggering a mandatory bid obligation under Swedish takeover rules.While this has no impact on our estimates or Fair Value, we view the development as positive for sentiment and believe it could increase pressure on short sellers to cover their positions.

Evolution: Comment on Dart passing the 30% ownership threshold

<ul><li>Redeye updates on Evolution post Q2-results which were largely in line with expectations.</li><li>While Europe saw some positive development in the quarter, performance in Asia was somewhat soft and the outlook for the two regions remains unclear.</li><li>Americas and RoW continues to perform strong however, and overall we have made limited changes to our forecasts.</li></ul>

Redeye updates on Evolution post Q2-results which were largely in line with expectations.While Europe saw some positive development in the quarter, performance in Asia was somewhat soft and the outlook for the two regions remains unclear.Americas and RoW continues to perform strong however, and overall we have made limited changes to our forecasts.

Evolution (Q2 Review): Stable quarter, outlook for Europe and Asia remains unclear

<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

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: Comment on Dart passing the 30% ownership threshold

Redeye comments on Kenneth Dart's increased ownership in Evolution, having formally exceeded 30% of the voting rights and potentially triggering a...

Redeye

Evolution (Q2 Review): Stable quarter, outlook for Europe and Asia remains unclear

Redeye updates on Evolution post Q2-results which were largely in line with expectations. While Europe saw some positive development in the...

Redeye

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

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