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Evolution Records Significant Revenue Growth in First Quarter of 2024

Posted on April 26, 2024 | 6:14 am

Evolution, the world’s largest provider of live dealer games, reported operating revenues surpassing €500 million in the first quarter of 2024, reflecting a remarkable 16.7% increase year-on-year. The company’s Q1 report unveiled operating revenues of €501.5 million, marking a 5.5% rise from the previous quarter and outstripping the €429.6 million generated in the same period last year.

Elevating its performance further, Evolution witnessed a surge in earnings before interest, tax, depreciation and amortization (EBITDA) to €345.8 million, with an impressive margin of 69.0%. This figure represented a notable 15.2% increase compared to the corresponding quarter of the previous year. Moreover, EBITDA showed a 2.6% uptick from the preceding quarter’s total of €337.0 million. Despite a slight dip from the previous quarter, the company’s total profit for Q1 stood at €269.2 million, with earnings per share at €1.27.

Martin Carlesund, the Chief Executive Officer of Evolution, commended the company’s robust performance in Q1, underscoring its solid financial position and unwavering commitment to growth amidst various challenges. Carlesund affirmed Evolution’s readiness to sustain its upward trajectory, emphasizing the company’s dedication to investment and global expansion.

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Live Casino Driving Growth

Evolution reported a significant 19.8% year-on-year growth in its live casino sector, contributing an additional €25.7 million in revenue compared to the previous quarter. Despite this growth, the company acknowledged the imperative to scale up operations to fully capitalize on its market position and meet escalating demand.

With ambitions to enhance its global presence, Evolution aims to launch at least four new live casino studios in addition to the Bulgaria facility opened in Q4. The company is also focused on bolstering its RNG (random number generator) segment by incorporating artificial intelligence into its infrastructure and increasing game releases. In Q1 alone, Evolution introduced over 20 new RNG titles and plans to expand its offering further throughout the year.

Evolution witnessed growth across all regions, with steady increases in Europe and robust growth in Asia. Noteworthy developments include partnerships with Fanatics and Caesars Digital in North America, as well as expansion initiatives in Latin America, awaiting regulatory developments in Brazil.

Following a strong Q1 performance, Evolution maintains its full-year guidance with an EBITDA margin of 69%-71%. Key objectives for 2024 include enhancing delivery capacity to meet demand and expanding margins to foster future revenue growth.



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