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Evolution, a provider of online casino solutions, has reported revenue growth for 2024 despite facing operational challenges. In its year-end report for 2024, CEO Martin Carlesund highlighted the company’s strengthened position in the industry.
“During the past year, Evolution has strengthened its position as the world’s leading provider and innovator of online casino games,” Carlesund said. The company’s total operating revenues increased by 23.1 percent to €2,214.1 million, compared to €1,798.6 million in 2023. EBITDA rose by 23.2 percent to €1,561.8 million, maintaining a margin of 70.5 percent. Profit for the year reached €1,244.0 million, up from €1,070.9 million in the previous year. Earnings per share also grew to €5.94 from €5.01.
For the fourth quarter of 2024, operating revenues rose by 31.5 percent to €625.3 million, while EBITDA increased by 35.0 percent to €455.0 million.
According to its year-end report, Evolution remains focused on growth, with plans to increase its market share in the expanding online casino sector. “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,” Carlesund said. The company plans to open three to four new studios in 2025, including facilities in Brazil and the Philippines.
Capital expenditure for 2025 is projected to be around €140 million, similar to 2024. Evolution estimates an EBITDA margin of 66-68 percent for the entire year.
The Live Casino segment saw a 13.3 percent year-on-year increase in the fourth quarter, with the addition of over 300 tables, bringing the total to more than 1,700 by year-end. The RNG (Random Number Generator) segment also showed positive development, with 6.7 percent year-on-year growth.
The report said the company continues to focus on product innovation. “We continue to innovate and develop our world-leading product portfolio. The key to our future success is to continue to give players an exciting, entertaining and flawless playing experience,” Carlesund stated.
The company said it is committed to its “Product Leap” strategy, introducing new game mechanics and titles aimed at a global audience. Upcoming releases include Marble Race, a new Fishing game, a Crash-game, Fireball Roulette, and expansions to the Blackjack portfolio.
Evolution experienced substantial growth in North America, Latin America, and Europe, while the Asia region faced difficulties due to cyber-attacks.
“North America continued its strong performance from the previous quarter. Expanded table capacity and new game releases support Live Casino, and improvement in RNG indicates that the region has turned a corner,” Carlesund said. “In Europe, we experienced steady development during the year at around 10 percent growth.”
“We have a very exciting year ahead in Latin America, where the Brazil market introduced local regulation starting in January 2025, our upcoming local studio will be important to supply the demand in the country. We are also expanding table capacity in Colombia for the Spanish speaking regions in Latin America market as well as for markets outside the region,” Carlesund added.
“Development in Asia is flat versus the previous quarter as we continue to face challenges from cyber-attacks towards our video distribution in the region,” he noted.
The company also remains committed to operating within regulated markets, ensuring that its products are available only through licensed B2C operators.
Despite strong financial results, Evolution faced multiple challenges in 2024. These included cyber-attacks in Asia, sabotage activities targeting the Georgian studio, and increased tax rates. The attacks disrupted video distribution and revenue generation, while sabotage in Georgia affected operational capacity.
“With great determination, with hard work and professionalism, our employees have brought Evolution to an excellent position for future growth,” Carlesund said.
Carlesund said the Board of directors proposes a dividend of €2.80 per share for 2024, in line with the company’s dividend policy. In addition, he said, the Board intends to repurchase shares for up to €500 million during 2025, in line with Evolution’s capital allocation framework.
“We will relentlessly continue to strive to make Evolution a bit better every day also, during 2025,” Carlesund concluded.
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