Evolution AB - The King of iGaming

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Citigroup has downgraded Evolution from buy to neutral, setting a target price of 630 Swedish kronor, according to Bloomberg News (BN).

STOCKHOLM (Nyhetsbyrån Direkt) Investment bank Citi sees changing competitive landscapes as a theme in its coverage of igaming in 2026 in the form of forecast markets. In a sector analysis, the bank points out Hacksaw as a sector favorite. According to Citi, Hacksaw has attractive growth prospects with limited risk from sweepstakes exposure. Evolution is simultaneously downgraded to neutral from buy with a target price of 630 kronor, which Nyhetsbyrån Direkt reported earlier on Tuesday. “Continued headwinds from cyberattacks in Asia make us more cautious about the visibility of Evo’s medium-term results as we lack a clear picture of when a solution might be in place,” the bank writes.

Citigroup revised its rating from buy to neutral and subsequently lowered its target.

Share repurchases continued

Evolution AB (publ) (“Evolution”) has, during the period 01 December - 05 December, acquired a total of 142,000 own shares within the framework of the repurchase programme introduced by the board of directors to improve the capital structure of Evolution by reducing the capital, and thereby creating added shareholder value.

Following the above acquisitions, Evolution’s holding of own shares amounted to 5,102,409 as of 05 December 2025. The total number of shares in Evolution is 204,462,162.

Evolution already holds about 2.5% of the share capital through share repurchases.

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