Evolution keeps EUR 2 billion buyback running with EUR 675.3 million left to spend

Evolution AB (publ) said its board has resolved to keep buying back its own stock, putting the remaining EUR 675.3 million of a EUR 2 billion repurchase program back to work.

The Swedish live-gaming supplier announced the continuation in a market announcement published November 8, 2026 under the EU Market Abuse Regulation. “The Board of Directors of Evolution AB (publ) (‘Evolution’ or the ‘Company’) has, based on authorization from the Annual General Meeting 2026, resolved that the Company shall continue to acquire own shares under the EUR 2 billion share buyback program announced by Evolution on 18 May 2026,” the release states.

Two-thirds gone in under six months

The pace is the story for shareholders. Between the program’s announcement on May 18, 2026 and November 6, 2026, Evolution repurchased 19,412,197 of its own shares for EUR 1,324.7 million, roughly two-thirds of the headline amount in a little under six months. On those figures, the company has been deploying capital at an average of well over EUR 200 million a month.

Evolution frames the spending as capital structure work rather than a signal. “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 release states.

Headroom restored by a cancellation

The continuation was only possible because shareholders made room for it. An extraordinary general meeting on September 22, 2026 resolved to cancel 16,168,492 shares that the buyback had already absorbed, restoring headroom under the Swedish rule that caps a company’s own-share holdings at 10% of total shares. The original program ceiling was 19,922,661 shares, also 10% of shares outstanding at announcement.

As of the release, Evolution has 183,058,121 shares outstanding and holds 3,243,705 of its own, leaving room for a maximum of 15,062,107 further repurchases under the continuation. Citigroup Global Markets Europe AG will execute the purchases and decide their timing independently of the company. The buybacks run until the full amount is deployed or until further notice, on Nasdaq Stockholm or another regulated market, and the authorization lapses at the 2027 annual general meeting unless renewed.

Evolution, founded in 2006, supplies 870 operator customers from studios across Europe, Asia, and North and South America, and employs about 23,400 people.

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