Evolution Gaming Group (EVOG)

Equity Research 24 July 2026 | 5:48PM BST

Evolution Gaming Group (EVOG.ST) Minor estimate changes post 2Q26; remain Sell

EVOG.ST 12m Price Target: Skr610.00 Price: Skr689.80 Downside: 11.6% SELL Ben Andrews, CFA Minor fundamental estimate changes post Evolution’s 2Q26 | Goldman Sachs International results and raising PT as we reflect larger buybacks; remain Sell. Poppy Boyd-Taylor Evolution’s 2Q26 results came in broadly in-line with expectations at | Goldman Sachs International EBITDA level. Underlying this: (1) Slots strength offset a miss in the Live segment, (2) in Europe, trends came in better-than-feared Leo Mose | Goldman Sachs International (though still -4% yoy), but Asia missed expectations again, and (3) EBITDA margins came in slightly above consensus, although remain below the implied FY26 guidance (c.66.1%). Reflecting these trends, Key Data _____________________________________ Market cap: Skr137.4bn / $14.1bn our Group level Revenue estimates are broadly unchanged, and our Enterprise value: Skr131.1bn / $13.4bn 3m ADTV: Skr496.3mn / $52.2mn FY26 EBITDA margin forecast increases to 65.7% (from 65.2%). We Sweden also raise our EPS estimates by an average of c.3% over our forecast Europe Travel and Leisure M&A Rank: 3 horizon, reflecting the higher-than-anticipated buyback program Leases incl. in net debt & EV?: Yes

that Evolution announced on May 18th. GS Forecast __________________________________ 12/25 12/26E 12/27E 12/28E

Our 12m PT increases to Skr 610 (from Skr 550), implying -c.12% Revenue (€ mn) New Revenue (€ mn) Old 2,066.5 2,066.5 2,093.7 2,088.7 2,214.6 2,221.2 2,375.1 2,385.0 downside risk, and we remain Sell. We downgraded Evolution to Sell EBIT (€ mn) 1,205.6 1,201.2 1,273.1 1,374.9 EPS (€) New in March 2026, reflecting our view that: (1) after growth and EPS (€) Old margins continued to disappoint through 2025, certain headwinds P/E (X) Dividend yield (%) 0.0 4.4 5.0 5.7 now appear to be more persistent, and (2) new dimensions to CROCI (%)

Evolution’s risk profile have emerged. Following the results, we N debt/EBITDA (ex lease,X) (0.6) (0.5) (0.3) (0.4)

expect investor focus to remain on the path to sustainably 6/26 9/26E 12/26E 3/27E

improving growth, particularly in Asia and Europe. EPS (€)

GS Factor Profile ______________________________ Our fundamental estimate changes are summarised in Exhibit 1. Growth

Our target price increases to Skr 610 (from Skr 550), driven by our Financial Returns

underlying estimate changes, rolling forward our valuation period by Multiple

3m, and marking-to-market for EUR/SEK. We also slightly decrease Integrated

the WACC within our DCF to 16.4% (from 16.8%) reflecting a slightly lower risk-free rate. Percentile 20th 40th 60th 80th 100th

EVOG.ST relative to Europe Coverage EVOG.ST relative to Europe Travel and Leisure

Source: Company data, Goldman Sachs Research estimates. See disclosures for details.

Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to Analysts employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S.

Goldman Sachs Evolution Gaming Group (EVOG.ST)

Evolution Gaming Group (EVOG.ST) Balance Sheet (€ mn) _______________________________________ SELL Rating since Mar 25, 2026 12/25 12/26E 12/27E 12/28E Cash & cash equivalents Accounts receivable Inventory -- -- -- -- Ratios & Valuation __________________________________________ Other current assets /25 12/26E 12/27E 12/28E Total current assets 2,075.6 1,889.8 1,665.8 1,825.6 EV/sales (X) 6.3 5.3 4.7 4.1 Net PP&E EV/EBITDAR (X) 9.6 8.1 7.2 6.2 Net intangibles 3,052.4 3,027.5 3,004.2 2,981.9 EV/EBITDA (excl. leases) (X) 9.7 8.2 7.3 6.3 Total investments 0.0 0.0 0.0 0.0 EV/EBIT (X) Other long-term assets P/E (X) Total assets 5,521.8 5,334.1 5,154.6 5,311.9 Dividend yield (%) 0.0 4.4 5.0 5.7 Accounts payable EV/GCI…