contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
      researchContentUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Evolution operates in the gaming industry and focuses on the development and delivery of live casino solutions for online gaming companies. The company's platforms offer realistic gaming experiences with live dealers. The business is global with the largest presence in Europe, North America and Asia. Evolution was founded in 2006 and is headquartered in Stockholm, Sweden.

mb.cision.com              4021102.pdf    8.92 MB                            Annual Report 2025 published

Yeah, in my opinion, the wording is exactly the same, word for word, as in the annual report published a year ago. So, that’s just a general description of the dividend policy.

https://x.com/i/status/2039458628915150996 Profit distribution policy changes: 100% of cash remaining after M&A for buybacks. Previously, about 50% went to dividends. Someone in the thread comments that almost the same text has been found in Evo’s materials before.

The exposure has been achieved through swaps, so voting rights do not transfer, and thus there is no obligation to make a tender offer. He probably wanted to buy even more at these levels and then figured out that he could increase his financial exposure this way without having to make a tender offer. Quite clever.

So, it seems Kentsu now owns over 30% and apparently has to make a tender offer for EVO due to Swedish legislation. However, it’s not yet certain whether he has over 30% of the voting power, as some of the holdings are through a swap agreement. If he went over 30% of the voting power, Kentsu has 30 days to make the tender offer, and we’ll all get to anxiously await the outcome together.

LBOs always work, as most management buyouts from the stock exchange are LBOs.

I was going to say that Kentsu certainly has enough money for this, but then I started calculating and realized that it might not be enough on his own. According to Bloomberg’s billionaire list, Kentsu would have assets of $12.2 billion. His Flutter holdings would account for roughly $3.84 billion (with a 20% stake!). In Evo, he would have approximately $3 billion tied up with a 23.4% stake. Jens von Bahr and Fredrik Österberg reportedly have $1.1 billion each according to Forbes (perhaps more accurately, combined, based on Österbahr Ventures’ holdings?). Of course, they also have a good amount of Evo in their portfolios, just like Kentsu. However, it’s common to pay some premium in tender offers, and even with Evo’s current valuation ($12.8 billion), Kentsu’s assets wouldn’t be enough to buy Evo alone, and he probably doesn’t want to tie up all his wealth in one company. It’s worth noting that not all assets are likely in a very liquid form. Perhaps some M&A guru could explain whether such financing is still possible today, at least through banks. Would a Leveraged Buyout be feasible? I personally would rather see some corporate arrangement between Flutter and Evo, which would, however, be uncharacteristic for Kentsu. Who knows , I only hope that there won’t be another “national pride heist” at a bargain price, as happened with Swedish Match. The market values used in the calculations are taken from Nordnet; there may be errors in the calculations, DYOR, I am not a guru in any field, and so on. The website evomonthly.com also had some quite well-written content related to this. I’ve summarized what I believe are the most interesting points from the long text using AI:  In Sweden, a large owner (e.g., ~25%) typically participates in the nomination committee and influences the composition of the board. Kenneth Dart has not done this, despite being the largest owner in Evolution AB. He has not participated in the nomination committee nor proposed members. In Sweden, a mandatory tender offer must be made when ownership reaches 30%. Dart’s typical modus operandi is to influence indirectly, and he does not want to be involved operationally.

Evolution

The annual report has been published and is available at www.evolution.com and in the attached file.For further information, please contact: Carl Linton, Head of Investor Relations, ir@evolution...

<div class="abstract">The annual report has been published and is available at www.evolution.com&nbsp;and in the attached file.</div>For further information, please contact: Carl Linton, Head of Investor Relations, ir@evolution.comThis information is information that Evolution AB (publ) is obliged to make public pursuant to the Securities Markets Act. The information was submitted for publication on 1 April 2026 at 23:30 CEST.<div></div>