Evolution announced its financial results for the fourth quarter of 2024 and the fiscal year 2024, with revenues of 533.8 million euros (553.9 million USD) and 2.06 billion euros, respectively, both periods achieving year-over-year growth.
Indeed, 2024 was a busy year for the supplier. This fact is reflected in the significant year-over-year growth in the last quarter and throughout the year.
Fourth Quarter of 2024
Evolution's quarterly performance shows that in the last quarter of this year, net income increased by 12.3% year-over-year to 533.8 million euros, with total operating income further increasing by 31.5% compared to the fourth quarter of 2023—reaching 625.3 million euros.
Additionally, the profit for the period grew by 33.3% year-over-year to 377.1 million euros, with a profit margin stable at 60.3%—slightly higher than the profit margin in the fourth quarter of 2023. EBITDA also grew in the last quarter of last year, stabilizing at 452.97 million euros—a 35% increase from the same period last year.
Fiscal Year 2024
The annual performance also showed comprehensive growth. Net income reached 2.06 billion euros, up from 1.8 billion euros in 2023—total operating income reached 2.21 billion euros, a 23.1% increase year-over-year. Additionally, EBITDA stabilized at 1.6 billion euros, a 23.2% increase compared to 2023, with the EBITDA profit margin remaining unchanged at 70.5%.
The profit for the period also increased, with Evolution announcing a profit of 1.24 billion euros for the fiscal year 2024, a 16.2% increase year-over-year. However, the profit margin decreased compared to 2023, dropping from 59.5% to just over 56.2%.
Throughout the year, Asia was the most profitable continental market for the supplier, continuously leading in net income among all geographic regions, followed by Europe.
In fact, this year's data indicate that Evolution's influence in the European market continues to grow, with revenue in the region reaching 201.8 million euros in the last quarter of 2024, just behind Asia, as the supplier's main region generated 202.2 million euros in revenue in the fourth quarter.
Notably, by game type, live games were Evolution's main source of revenue in 2024, with annual revenue reaching 1.8 billion euros, surpassing the 287.3 million euros generated by RNG.
Significant Events of the Year
These positive financial figures appeared after Evolution was subject to some scrutiny. Last month, the UK Gambling Commission announced that the company is currently under investigation, subsequently attracting close attention from regulatory bodies. Indeed, the investigation aims to review reported black market activities—Evolution has confirmed full cooperation.
Other news from the last quarter of the year includes the company's partnership with Canada's Atlantic Lottery and the opening of the first live entertainment studio in the Czech Republic. Earlier this year, Evolution also confirmed an agreement to acquire Galaxy Gaming for a total price of 85 million USD, with the transaction expected to be completed by mid-2025.
CEO Martin Carlesund commented on the company's 2024 fiscal year performance, saying: "Over the past year, Evolution has consolidated its position as a global leader and innovator in online casino games. However, we also faced many challenges, such as sabotage activities against our Georgia studio, cyberattacks in the Asian region, and increased tax rates.
"For 2025, our primary task remains growth and increasing market share in the expanding online casino market. Expansion will continue in 2025—resource mix slightly expensive, considering the situation in Asia and enhanced focus on regulated markets, we expect the profit margin to be impacted. We estimate the EBITDA profit margin for the full year of 2025 to be between 66% and 68%. Our business model is scalable, and in the long run, there is a good opportunity to improve profit margins."
