Evolution has published its full-year 2024 results, marking an end to a year that has seen the company handle “several challenges” to record a positive financial performance.

The iGaming provider secured double digit growth in net revenue as the segment increased by 14.7% to €2.06bn, while other operating revenues came in at €151.1m. This amounts to €2.21bn for the company’s total operating revenues figure. 

Martin Carlesund, Evolution CEO, commented: “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.”

Evolution faced strike action in Georgia back in July 2024 when a large number of employees at its live casino studio in Tbilisi announced a strike over working conditions, labour rights and pay. 

The company was alleged to have been operating with “unsafe and unsanitary workplace conditions, harassment by managers and meagre pay” for its Georgian employees. 

In October, Carlesund addressed the situation in Tbilisi, suggesting it had become “stable” as the studio continued to operate at around 60% capacity as a result of the strikes. 

However, the disruption in Georgia’s capital led to a reduction of live casino tables at the studio causing the firm to have a net increase of live casino tables of 100, despite adding over 300 tables at other locations across the year. Total tables for the company’s live casino segment stood at 1,700 for 2024, pipping 2024’s 1,600. 

Adjusted EBITDA grew by 11.3% year-over-year to reach €1.4bn, with a slightly lower margin than last year of 68.4% (2023: 70.5%). 

Carlesund explained: “Our Live Casino offering continues to perform well in the fourth quarter with 13.3% growth year-on-year. We end the year with over 1,700 tables, a net increase of about 100 tables during 2024. 

“During the year we added over 300 tables across our network, which I am happy with, but with significantly reduced capacity in our Georgia studio, this added capacity is still not enough. 

“We are currently operating without any disruptions in Georgia and expect to remain at the current reduced capacity as we ramp up expansion in other studios.”

The company’s full-year profit came in at €1.24bn, showing a 16.2% increase from 2023’s figures, while earnings per share also increased by 18.6%, standing at €5.94.

“We continue to innovate and develop our world-leading product portfolio,” added Carlesund. “The key to our future success is to continue to give players an exciting, entertaining and flawless playing experience. 

“During the past year we have invested in our patent-protected portfolio and we are now increasing our efforts against infringements and counterfeit versions of our games.”

Q4 performance

Evolution’s Q4 figures were also announced alongside the full-year results, as the period between October and December saw the provider’s net revenue come in at €533.8m, an increase of 12.3% on Q4 2023’s €475.3m. 

With the firm’s other operating revenues for Q4 standing at €91.4m, total operating revenues for the quarter came in at €625.25m. 

Revenue generated from its live casino segment increased by 13.3% YoY, standing at €459.4m for Q4 2024. Meanwhile, revenue from RNG games grew 6.6% to €74.4m.

Adjusted EBITDA for the quarter increased by 7.9% to €363.6m, resulting in an adjusted EBITDA margin of 68.1%, slightly lower than 70.9% in Q4 2023.

The provider’s Q4 also saw adjusted EBITDA increase by 7.9% to €363.6m, causing another slightly lower EBITDA margin when compared to 2023’s figures, coming in at 68.1% as opposed to Q4 2023’s 70.9%. 

Evolution’s profit in Q4 rose by 33.3% to €377.1m, while earnings per share climbed 38.6% to €1.83. 

“We saw strong momentum in the final quarter of the year in North America, Latin America and Europe,” said Carlesund. “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.” 

2025 strategy

Looking at how Evolution will continue to follow its namesake and move forward in the new year, the CEO explained that “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”.

Carlesund hoped that this revamped strategy will have “an effect on margin”, as the firm expects an EBITDA margin of between 66% and 68% for full year 2025. 

“We continue to innovate and develop our world-leading product portfolio,” added Carlesund. “The key to our future success is to continue to give players an exciting, entertaining and flawless playing experience.” 

Analysing how the firm’s live casino segment will continue to perform strongly in 2025, Carlesund revealed that the company is planning to open around three or four new live casino studios this year, with projects underway in Brazil and the Philippines.

As well as its FY2024 and Q4 results, Evolution proposed a dividend of €2.80 per share for 2024, which is an increase on the €2.65 proposed in 2024. The supplier has also announced plans within its capital allocation strategy to repurchase up to €500m worth of shares.

Carlesund concluded: “Evolution is highly profitable, debt-free with strong cash flow delivering capital returns to shareholders. We are very well positioned for 2025, and I look forward to what we will do during the year to continue to maximize after-tax earnings for our shareholders.”