Evolution Achieves €508.4M in Revenue for Q2 2024, Eyes Further Growth

Evolution, a leading live casino supplier in the gaming industry, has reported a robust increase in its financial performance for the second quarter of 2024. The company disclosed that its operating revenue soared to €508.4 million, marking a 15.9% increase year-over-year. This surge has propelled the company’s revenue for the first half of 2024 past the €1 billion milestone.

The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) also experienced significant growth, increasing by 10.9% from the same period last year to €345.8 million. This growth contributed to a half-year EBITDA of €691.5 million, up 13% year-over-year, with an EBITDA margin standing at 70.3%.

Despite these strong earnings, Evolution reported a slight dip in profit margins, which decreased to 52.9% in the second quarter from 59.9% in Q2 2023. Nonetheless, the absolute profit for the quarter rose by 1.9% year-over-year to €269.1 million, with a half-year profit up by 4.5% to €538.3 million.

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Amid these financial advancements, Evolution has been strategically positioning itself for continued growth. This quarter, the company introduced a new capital allocation framework and launched a share repurchase program. Additionally, Evolution announced a significant move to bolster its market position in the United States through the planned acquisition of Galaxy Gaming for $85 million. This acquisition is anticipated to be finalized by mid-2025.

CEO Martin Carlesund commented on the company’s performance, stating: “For the second quarter of 2024, Evolution reports revenue of €508.4m, corresponding to a year-on-year revenue growth of 15% and an EBITDA margin of 68%. Revenue growth at constant currency is estimated to 19% for the quarter. It has been a very active second quarter at Evolution, and I am happy with the progress we have made on several of our initiatives.”

These initiatives are part of Evolution’s broader strategy to capitalize on growth opportunities across all geographical regions, following a positive performance in the first quarter that saw growth across the board. The acquisition of Galaxy Gaming is particularly strategic, aiming to deepen Evolution’s foothold in the burgeoning United States market, where the company sees significant potential for expansion.

Source:

“Interim Report | January-June 2024“, mb.cision.com, July 19, 2024.