Evolution Board Continues €2 Billion Buyback After Share Cancellation

Evolution announced on November 8, 2026 that its board had approved the continuation of the company’s €2 billion share buyback, authorizing up to €675.3 million in additional repurchases. The decision follows shareholder approval to cancel stock bought earlier in the program, restoring the treasury-share capacity needed for further purchases.

As of November 6, 2026, Evolution had repurchased 19,412,197 shares for €1.3247 billion, including stock that was subsequently cancelled. The remaining authorization is therefore the unused portion of the original allocation, rather than a new commitment on top of the purchases already made.

Cancellation Restored Capacity

Evolution may not hold more than 10% of its total shares at any time under the Swedish Companies Act and the shareholder authorization. The original program was capped at 19,922,661 shares, equivalent to that threshold when the buyback was announced.

At an extraordinary general meeting on September 22, 2026, shareholders resolved to cancel 16,168,492 shares acquired under the program. Following that cancellation, Evolution had 183,058,121 total shares and held 3,243,705 of its own shares at the November announcement, leaving capacity to repurchase as many as 15,062,107 more under the continuation.

The share count matters alongside the cash limit. Cancelling stock reduced the treasury balance without recovering the money already spent, allowing the board to address the legal ceiling while keeping the remaining cash authorization in place.

Original Plan Remains in Place

Evolution launched the buyback on May 18, 2026, using authorization granted at the April 24, 2026 annual general meeting and acting in line with its Capital Allocation Framework. If required, the board intended to convene an extraordinary general meeting as treasury holdings approached or reached the permitted maximum, cancel repurchased shares and then approve a further buyback covering the unused allocation so execution could continue.

The program is intended to optimize Evolution’s capital structure by reducing share capital and thereby create added shareholder value. That is the stated objective of the repurchases, rather than an established financial outcome.

Alongside the launch, Evolution entered a €300 million senior unsecured revolving credit facility to maintain financial flexibility and provide back-up financing for general corporate purposes. J.P. Morgan SE and Citibank Europe plc supplied the facility, which has a three-year bullet repayment structure and two one-year extension options. Evolution said it aimed to remain in a net cash position over time while describing the buyback as a material adjustment to its capital structure.

Execution Terms

Citigroup Global Markets Europe AG, or another investment firm or credit institution mandated by Evolution, will decide the timing of trades independently. Purchases can be made for cash on Nasdaq Stockholm or another regulated market on one or more occasions before the 2027 annual general meeting, continuing until the remaining allocation is deployed or until further notice.

The price cannot exceed the higher of the price of the last independent trade and the highest current independent purchase bid on Nasdaq Stockholm. Purchases also cannot be made below the lowest price at which an independent acquisition can be made.

The continuation is consequently an extension of the existing capital plan, not an enlargement of it. For shareholders, its practical scope depends on both the unused cash and available treasury-share capacity, while execution timing rests with the independent trading firm within the board’s pricing limits.