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Evolution posts 23.5% increase in operating revenue for 2023

The supplier also released its 2023 Q4 results showing revenue and profit increases. 

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Evolution has released its fourth-quarter results for 2023 as well as its full-year results for last year, showing positives across the board for both. 

Q4 2023 

In the final quarter of 2023, Evolution made significant progress, including raising the guided EBITDA margin range for 2024 to 69-71%, initiating a share repurchase programme, and reaching +1,600 live tables by the end of the period. 

Operating revenue for Q4 2023 reached €475.3m ($513.7m), an increase of 16.6% compared to the same period last year, while EBITDA went up from €279.5m in Q4 2022 to just under €337m in Q4 2023. 

RNG revenue did decline, however, dropping to €69.8m from the €72.5m recorded in the fourth quarter of 2022. 

Profit margin increased from 54.8% to 59.5% year-on-year, which also meant profit for the period increased during the period from €223.5m to €282.9m. 

Full-year 2023 

The overall picture for 2023 was also positive for the gaming provider.  

Overall operating revenue increased 23.5% to €1.8bn and EBITDA also grew, being valued at €1.3bn, representing an increase of 25.7%. 

For its full-year profit, Evolution also made gains compared with 2022, with its profit margin rising from 57.9% to 59.5% and its profit for the period going up 27%, which helped to take it past the €1bn mark. 

Reflection 

Evolution CEO, Martin Carlesund, gave some thoughts on the results: “We see encouraging development in all the regions going into 2024. North America showed strong momentum in Q4 coming back to sequential growth. 

“We have increased the pace of our studio expansions in the fourth quarter and expect to continue into 2024.” 

“Our pace of game releases increased during the past year and with the launches in the fourth quarter we managed to exceed our target of more than 100 new games across both RNG and Live, ending with 110 new fabulous games released.” 

“But even with a successful 2023 we come into 2024-2025 with higher ambitions than ever. We want to do more - we want to create games that take the entertainment to the next level. We want to invent, we want to develop, we want to break new boundaries.” 


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