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Evolution initiates €2bn share buyback program, enters into €300m credit facility

The supplier’s Board of Directors approved the share buyback program on 18 May, which is expected to be completed prior to its Annual General Meeting in 2027.

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Evolution initiates €2bn share buyback program, enters into €300m credit facility
Key Points
Evolution may purchase a maximum amount of 19,922,661 shares under the program, or 10% of its total stock
The unsecured revolving credit facility will help maintain financial flexibility and be used as ‘back-up financing’ for general corporate purposes

Evolution AB’s Board of Directors has approved a new €2bn (US$2.3bn) share buyback program, allowing the supplier to acquire up to 19,922,661 of its own shares, while also having entered into a €300m credit facility to maintain financial flexibility. 

The acquisition of Evolution shares will be completed by an investment firm or credit institution mandated by the supplier, but will make its own trading decisions on the timing of share repurchases. 

Under the Swedish Companies Act and authorization from the supplier’s Annual General Meeting, Evolution may not acquire more than 10% of its own shares at any given time. 

The supplier stated it hopes to be in a “net cash position over time,” while the new buyback program represents a “material adjustment to the capital structure.” 

As a result, the €300m senior unsecured revolving credit facility will be used as “back-up financing” for general corporate purposes. 

The financing is provided by JP Morgan and Citibank Europe, structured with a three-year repayment plan and subject to two one-year extension options. 

Evolution reported net revenue of €513.0m for the first quarter of 2026 on 22 April, marking a 1.5% decline compared to the same period last year, while EBITDA fell 1.9% to €335.3m, maintaining a margin of 65.4%.

Despite the slight drop in reported revenue, the company noted underlying growth of 6.8% at constant currency, pointing to foreign exchange pressures as a contributing factor.

Revenue in the Europe region declined 5.9% quarter-on-quarter, however, with CEO Martin Carlesund citing regulatory volatility and declining channelisation as key factors impacting player activity.

Good to know

Evolution launched its second live dealer studio in Michigan on 14 May, representing the supplier’s seventh location across the US and helping to meet ‘increasing player demand’ in North America

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