All financial segments of the business underline a positive outlook.
Evolution has released its financial figures for the first quarter of 2024, continuing on from a positive 2023 with a strong start to the new year.
Operating revenue showed the largest growth across the main financial segments, going up by 16.7% year-on-year, to a figure of €501.5m ($535.9m).
Of this revenue, €431.3m came from live casino and €70.1m came from RNG games, both of which represented increases from the first quarter of 2023, live casino specifically rising by 19.8%. Though RNG only increased slightly, it is up from the last quarter, which had suffered a decrease.
Looking at EBITDA, this was valued at €345.8m in Q1 2024, climbing up 15.2% from the same period last year, and the EBITDA margin was 69%.
Profit during the period reached €269.2m, increasing 7.2% year-on-year. Operating profit was valued at €311.6m during the quarter with the operating margin set at 62.1%.
2023
2024Evolution Q1 2023 vs Q1 2024 (€m)600.00500.00400.00300.00200.00100.000.00Operating RevenueEBITDAProfit
EBITDA
2024: Total (345.80)
Evolution CEO Martin Carlesund gave some thoughts on the results: “Although a strong start to the new year, much remains to be done to fully leverage our position in the market and serve the underlying demand.
“Our products have a global audience and in the first quarter we see growth both compared to the previous quarter and the first quarter 2023 across all regions.
“Evolution is a growing, strong, profitable, all-equity funded company – in recent years our solid financial position has enabled us to remain focused on growth through periods of geopolitical uncertainty, a pandemic and rapid increases in interest rates.”
In recent news, Evolution announced a partnership with Rush Street Interactive (RSI) to bring its online slots to Delaware’s casinos, marking its entry into the US state.