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Evolution results: Q4 rises as FY24 revenue hits €2.06bn

The supplier has revealed rises across the board in its final financial report of 2024.  

evolution q4

Key points:  

- Evolution has posted its Q4 2024 & FY24 financial results  

- Revenue rose year-on-year for both periods to €533.8 and €2.06bn respectively 

- Both profit and EBITDA saw yearly increases across the board 

- Profit margin for FY24 fell by 3.3% 

Evolution has unveiled its Q4 2024 and FY24 financial results, posting revenue figures of €533.8m ($553.9m) and €2.06bn respectively, and highlighting year-on-year rises for both time periods.  

Indeed, 2024 was an eventful year for the supplier. This fact is reflected in a plethora of upswings year-on-year for both the final quarter of 2024 as well as the full year.  

Q4 2024  

Regarding Evolution’s quarterly results, net revenue rose by 12.3% year-on-year to a figure of €533.8m during the final quarter of the year, with total operating revenues experiencing a further upswing of 31.5% in comparison to Q4 2023 – settling at €625.3m.  

Additionally, profits for the period increased by a healthy 33.3% year-on-year to a figure of €377.1m, with profit margin settling at 60.3% - slightly above that of the margin from the Q4 2023. EBITDA also rose during the year’s final quarter, settling at €452.97m - 35% higher than figures from the year prior.  

FY 2024  

Results increased across the board for the full year too. Net revenues hit €2.06bn, up from the €1.8bn generated during 2023 – with total operating revenues reaching €2.21bn, up 23.1% year-on-year. Further, EBITDA settled at €1.6bn, representing a rise of 23.2% when compared to 2023, with EBITDA margin remaining the same at 70.5%.  

Profits for the period also increased, with Evolution revealing a profit figure of €1.24bn for FY24, up 16.2% year-on-year. Profit margin, however, declined in comparison to 2023, falling from 59.5% to 56.2% for the year just passed.  

Throughout the course of the year, Asia was the supplier’s most lucrative continental market, leading the way consistently in net revenue generated by geographical region – and trailed closely by Europe.  

Indeed, figures from the year demonstrate a rising presence for Evolution in the European landscape, with 2024’s final quarter highlighting a revenue figure of €201.8m for the region, surpassed only in Asia by a very tight margin, as the supplier’s leading region generated €202.2m during Q4.  

Good to know: Live gaming was Evolution’s primary revenue driver by game type during 2024, boasting a revenue figure of €1.8bn for the year – eclipsing the €287.3m generated by RNG 

Key events of the year  

These positive financials fall in the wake of some scrutiny for Evolution, as the supplier recently fell under the regulatory microscope last month following an announcement from the UK’s Gambling Commission which confirmed the company is currently under investigation. Indeed, the investigation seeks to review reported black-market activity – with Evolution having confirmed their full cooperation.  

Additional news from the year’s final quarter saw the company partner with Atlantic Lottery in Canada, as well as launching its first live casino studio in the Czech Republic. Earlier in the year, Evolution also confirmed that it had reached an agreement to acquire Galaxy Gaming for a total of $85m, with the deal expected to close by mid-2025.  

Commenting on the company’s FY24 performance, CEO Martin Carlesund, said: “During the past year Evolution has strengthened its position as the world’s leading provider and innovator of online casino games. However, it has also been a year in which we have handled several challenges such as the sabotage activities towards our Georgian studio, cyber-attacks in the Asia region and also an increased tax-rate.

“For 2025 our first priority continues to be growth and to increase market share in the expanding online casino market. Expansion will continue in 2025 - with a slightly more expensive resource mix, taking into account the situation in Asia and a strengthened focus on regulated markets we expect to see an effect on margin. We estimate the EBITDA margin for full-year 2025 to be in the range of 66-68 percent. We have scalability in our business model and in the longer term there is good opportunity for higher margins.” 

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