Candle Lake Limited announces final outcome of the offer to the shareholders of Evolution AB (publ)

This announcement is not an offer, whether directly or indirectly, in Australia, Belarus, Canada, Hong Kong, Japan, New Zealand, Russia, Singapore, South Africa or in any other jurisdiction where such offer pursuant to legislation and regulations in such relevant jurisdiction would be prohibited by applicable law. Shareholders not resident in Sweden who wish to accept the Offer (as defined below) must make inquiries concerning applicable legislation and possible tax consequences. Shareholders should refer to the offer restrictions included in the section titled "Important information" at the end of this announcement and in the offer document, which has been published on the Offer website (www.gaming-offer.com). Shareholders in the United States should also refer to the section titled "Special notice to shareholders in the United States" at the end of this announcement.

On 13 August 2026, Candle Lake Limited^[1] ("Candle Lake"), announced a mandatory cash takeover offer to the shareholders of Evolution AB (publ) ("Evolution") to tender all shares^[2] in Evolution to Candle Lake (the "Offer") in accordance with the rules on mandatory takeover offers. Candle Lake declares the Offer unconditional as the condition for completion of the Offer has been satisfied and announces that Candle Lake therefore will complete the Offer. Settlement for the shares tendered in the Offer during the acceptance period which ended on 15 September 2026 will take place on or around 23 September 2026.

The Offer is now closed. The shares tendered in the Offer at the end of the acceptance period on 15 September 2026 amount to 111,716 shares in Evolution, corresponding to approximately 0.06 percent of the share capital and votes in Evolution.[3]

Together with the shares in Evolution already held or otherwise controlled by Candle Lake or any of its closely related companies or closely related parties, Candle Lake's holding of shares in Evolution amounts to in aggregate 59,910,335 shares in Evolution, corresponding to approximately 31.6 percent of the share capital and votes in Evolution. In addition, Candle Lake has through a closely related party an indirect financial exposure to 4,037,416 shares in Evolution via cash-settled total return swaps (TRS). Taking also the number of shares that Candle Lake has only a financial exposure towards into account, Candle Lake's total financial exposure towards the shares in Evolution amounts to 63,947,751 shares, corresponding to approximately 33.8 percent of the total number of shares and votes in Evolution.

Except as set out above, neither Candle Lake nor any of its closely related companies or closely related parties owned or controlled any shares in Evolution, nor any financial instruments that give financial exposure equivalent to holding shares in Evolution, at the time of the announcement of the Offer. Neither Candle Lake nor any of its closely related companies or closely related parties have acquired or agreed to acquire any shares, or any other financial instruments in Evolution that give financial exposure equivalent to holding shares in Evolution, outside the Offer.

The completion of the Offer was solely conditional upon receipt of all necessary (if applicable) regulatory, governmental or similar clearances, approvals, decisions and other actions from authorities or similar, in each case on terms which, in Candle Lake's opinion, are acceptable. Candle Lake hereby announces that the condition for completion of the Offer has been satisfied. Accordingly, the Offer is declared unconditional and Candle Lake will complete the acquisition of the shares tendered in the Offer. Settlement for shares tendered in the Offer during the acceptance period which ended on 15 September 2026 will take place on or around 23 September 2026.

Since the Offer is now unconditional, shareholders who have accepted the Offer have no right to withdraw their acceptances.

Information about the Offer

Information about the Offer is made available at www.gaming-offer.com.

For more information, please contact:

Pontus Enquist, legal advisor

Tel: +46 (0)72 700 46 03

E-mail: pontus.enquist@roschier.com

For administrative questions regarding the Offer, please contact your bank or the nominee registered as holder of your shares.

The information in this press release was submitted for publication by Candle Lake in accordance with Nasdaq Stockholm's Takeover Rules on 16 September 2026 at 14:30 (CEST).

Important information

This press release has been published in Swedish and English. In the event of any discrepancy in content between the two language versions, the Swedish version shall prevail.

The Offer is not being made, directly or indirectly, in or into Australia, Belarus, Canada, Hong Kong, Japan, New Zealand, Russia, Singapore or South Africa or in any other jurisdiction where such offer would be prohibited by applicable law pursuant to legislation, restrictions and regulations in the relevant jurisdiction, by use of mail or any other communication means or instrumentality (including, without limitation, facsimile transmission, electronic mail, telex, telephone and the Internet) of interstate or foreign commerce, or of any facility of national securities exchange or other trading venue, of Australia, Belarus, Canada, Hong Kong, Japan, New Zealand, Russia, Singapore or South Africa or in any other jurisdiction where such offer would be prohibited by applicable law pursuant to legislation, restrictions and regulations in the relevant jurisdiction, and the Offer cannot be accepted by any such use or by such means, instrumentality or facility of, in or from, Australia, Belarus, Canada, Hong Kong, Japan, New Zealand, Russia, Singapore or South Africa or in any other jurisdiction where such offer would be prohibited by applicable law pursuant to legislation, restrictions and regulations in the relevant jurisdiction. Accordingly, this press release or any documentation relating to the Offer are not being and should not be sent, mailed or otherwise distributed or forwarded in or into Australia, Belarus, Canada, Hong Kong, Japan, New Zealand, Russia, Singapore or South Africa or in any other jurisdiction where such offer would be prohibited by applicable law pursuant to legislation, restrictions and regulations in the relevant jurisdiction.

This press release is not being, and must not be, sent to shareholders with registered addresses in Australia, Belarus, Canada, Hong Kong, Japan, New Zealand, Russia, Singapore or South Africa. Banks, brokers, dealers and other nominees holding shares for persons in Australia, Belarus, Canada, Hong Kong, Japan, New Zealand, Russia, Singapore or South Africa must not forward this press release or any other document received in connection with the Offer to such persons.

Statements in this press release relating to future status or circumstances, including statements regarding future performance, growth and other trend projections and other benefits of the Offer, are forward-looking statements. These statements may generally, but not always, be identified by the use of words such as "anticipates", "intends", "expects", "believes", or similar expressions. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. There can be no assurance that actual results will not differ materially from those expressed or implied by these forward-looking statements due to many factors, many of which are outside the control of Candle Lake and Evolution. Any such forward-looking statements speak only as of the date on which they are made and Candle Lake has no obligation (and undertakes no such obligation) to update or revise any of them, whether as a result of new information, future events or otherwise, except for in accordance with applicable laws and regulations.

Special notice to shareholders in the United Kingdom

This press release has not been produced by, and has not been approved by, an "authorised person" for the purposes of section 21 of the UK Financial Services and Markets Act 2000 (the "FSMA"). The communication of this press release to persons in the United Kingdom is exempt from the restrictions on financial promotions in section 21 of the FSMA under article 62 (sale of a body corporate) of the FSMA (Financial Promotion) Order 2005 (the "FPO"), as amended, on the basis that it is a communication by or on behalf of a body corporate which relates to a transaction to acquire shares in a body corporate and the object of the transaction may reasonably be regarded as being the acquisition of day to day control of the affairs of that body corporate. Accordingly, this press release, and the Offer and any transaction to which it relates, are directed only at, and may be communicated only by or on behalf of, a body corporate who is a party to the transaction.

This press release is not intended to be, and must not be treated as, a general offer, invitation, or inducement to the public, or to any person other than those falling within the categories described above (each a "Relevant Person"), to acquire or dispose of shares or other investments. It does not constitute an invitation or inducement to engage in investment activity for the purposes of section 21 of FSMA other than as permitted under Article 62 of the FPO. Persons who are not Relevant Persons should not act or rely upon this press release.

This press release is not a prospectus and has not been, and will not be, approved by, or filed with or reviewed by, the UK Financial Conduct Authority or any other competent authority in the United Kingdom, and does not constitute or form part of, and should not be construed as, an offer or invitation to purchase, subscribe for, otherwise acquire, sell, tender or exchange any securities, or a solicitation of any offer to purchase, subscribe for, otherwise acquire, sell, tender or exchange any securities, in the United Kingdom, other than to Relevant Persons in accordance with the exemptions referred to above.

The Offer described in this press release is not governed by the UK City Code on Takeovers and Mergers. Accordingly, shareholders in the United Kingdom will not have the benefit of any of the protections afforded to offeree company shareholders under the UK City Code on Takeovers and Mergers or by the UK Panel on Takeovers and Mergers, including in relation to mandatory offer thresholds, and any compulsory redemption of shares in Evolution not tendered under the Offer will not be conducted under the UK Companies Act 2006. The Offer, and any agreements entered into between Candle Lake and shareholders in Evolution as a result of the Offer, are governed by and shall be construed in accordance with substantive Swedish law, and any dispute shall be settled exclusively by Swedish courts, with the Stockholm District Court (Sw. Stockholms tingsrätt) as the court of first instance.

Special notice to shareholders in the United States

The Offer described in this press release is made for the issued and outstanding shares of Evolution, a company incorporated under Swedish law, and is subject to Swedish disclosure and procedural requirements, which may be different from those of the United States. The Offer is made in the United States pursuant to Section 14(e) of the U.S. Securities Exchange Act of 1934, as amended (the "U.S. Exchange Act") and Regulation 14E thereunder, to the extent applicable and otherwise in compliance with the disclosure and procedural requirements of Swedish law, including with respect to withdrawal rights, the Offer timetable, notices of extensions, announcements of results, settlement procedures (including as regards to the time when payment of the consideration is rendered) and waivers of conditions, which may be different from requirements or customary practices in relation to U.S. domestic tender offers. Candle Lake's ability to waive the conditions to the Offer (both during and after the end of the acceptance period) and the shareholders' ability to withdraw their acceptances, are not the same under a tender offer governed by Swedish law as under a tender offer governed by U.S. law. This press release does not constitute or form part of a public offer of securities in the United States or an offer to the public in the United States to acquire or exchange securities. Holders of the shares in Evolution domiciled in the United States (the "U.S. Holders") are encouraged to consult with their own advisors regarding the Offer.

Evolution's financial statements and all financial information included herein, or any other documents relating to the Offer, have been or will be prepared in accordance with IFRS and may not be comparable to the financial statements or financial information of companies in the United States or other companies whose financial statements are prepared in accordance with U.S. generally accepted accounting principles. The Offer is made to the U.S. Holders on the same terms and conditions as those made to all other shareholders of Evolution to whom an offer is made. Any information documents, including the offer document, are being disseminated to U.S. Holders on a basis comparable to the method pursuant to which such documents are provided to Evolution's other shareholders.

The Offer, which is subject to Swedish law, is being made to the U.S. Holders in accordance with the applicable U.S. securities laws, and applicable exemptions thereunder. To the extent the Offer is subject to U.S. securities laws, those laws only apply to U.S. Holders and thus will not give rise to claims on the part of any other person. The U.S. Holders should consider that the price for the Offer is being paid in SEK and that no adjustment will be made based on any changes in the exchange rate.

It may be difficult for Evolution's shareholders to enforce their rights and any claims they may have arising under the U.S. federal or U.S. state securities laws in connection with the Offer, since Evolution and Candle Lake are located in countries other than the United States, and some or all of their officers and directors may be residents of countries other than the United States. Evolution's shareholders may not be able to sue Evolution or Candle Lake or their respective officers or directors in a non-U.S. court for violations of U.S. securities laws. Further, it may be difficult to compel Evolution or Candle Lake and/or their respective affiliates to subject themselves to the jurisdiction or judgment of a U.S. court.

To the extent permissible under applicable law and regulations and pursuant to Rule 14e-5(b) of the U.S. Exchange Act, Candle Lake and its affiliates or its brokers and its brokers' affiliates (acting as agents for Candle Lake or its affiliates, as applicable) may from time to time and during the pendency of the Offer, and other than pursuant to the Offer, directly or indirectly purchase or arrange to purchase shares of Evolution outside the United States, or any securities that are convertible into, exchangeable for or exercisable for such shares. These purchases may occur either in the open market at prevailing prices or in private transactions at negotiated prices, and information about such purchases will be disclosed by means of a press release or other means reasonably calculated to inform U.S. Holders of such information. In addition, the financial advisors to Candle Lake may also engage in ordinary course trading activities in securities of Evolution, which may include purchases or arrangements to purchase such securities as long as such purchases or arrangements are in compliance with the applicable law. Any information about such purchases will be announced in Swedish and in a non-binding English translation available to the U.S. Holders through relevant electronic media if, and to the extent, such announcement is required under applicable Swedish or U.S. law, rules or regulations.

The receipt of cash pursuant to the Offer by a U.S. Holder may be a taxable transaction for U.S. federal income tax purposes and under applicable U.S. state and local, as well as foreign and other, tax laws. Each shareholder is urged to consult an independent professional adviser regarding the tax consequences of accepting the Offer. Neither Candle Lake nor any of its affiliates and their respective directors, officers, employees or agents or any other person acting on their behalf in connection with the Offer shall be responsible for any tax effects or liabilities resulting from acceptance of this Offer.

NEITHER THE U.S. SECURITIES AND EXCHANGE COMMISSION NOR ANY U.S. STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED THE OFFER, PASSED ANY COMMENTS UPON THE MERITS OR FAIRNESS OF THE OFFER, PASSED ANY COMMENT UPON THE ADEQUACY OR COMPLETENESS OF THIS PRESS RELEASE OR PASSED ANY COMMENT ON WHETHER THE CONTENT IN THIS PRESS RELEASE IS CORRECT OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENCE IN THE UNITED STATES.