Q3 2024 proved challenging for Evolution, as a strike at its studio in Georgia and cyberattacks in Asia took a toll on the supplier’s adjusted EBITDA margin.
Evolution reported total operating revenue for Q3 2024 of €579m [$627m], up 27.9% year-on-year. Net revenue increased by 14.7% to €519.4m [$562.2m], with €446.9m [$483.7m] coming from its live casino segment, which grew 15.8% year-on-year.
Evolution also saw growth in the RNG segment, which generated €72.5m, up 8.5% from the same period last year. Operating revenue included a one-time contribution of €59.7m due to reduced earn-out liabilities.
Evolution’s EBITDA jumped 30.3% to €415.3m, resulting in a margin of 71.7%. However, adjusted EBITDA, excluding one-time revenues, grew by a slower 11.6% to €355.6m, lowering the margin to 68.5%, down from 70.4% in Q3 2023 — a decline of 2.7%.
