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    Evolution’s 2024 financial results: Big wins and bumps

    news thumbnail image

    Take a closer look at Evolution's financial results for 2024 and how the company wrapped up the year with rewarding revenue and more.

    Evolution has once again delivered impressive financial results, wrapping up 2024 with strong growth in both revenue and profit.

    The online casino giant has plenty to celebrate, but it’s also had to navigate a few challenges along the way. Let’s dive into the details.

    Q4 2024: A strong finish to the year

    In the final quarter of 2024, the net revenue of Evolution rose by 12.3% year-on-year to €533.8 million, while total operating revenues climbed 31.5% to €625.3 million compared to Q4 of 2023.

    Profit for the quarter also saw a 33.3% increase, reaching €377.1 million, with a profit margin of 60.3%—slightly higher than the previous year. EBITDA (earnings before interest, taxes, depreciation, and amortisation) came in at €452.97 million, up 35% year-on-year.

    Strong growth across the board

    For the full year, Evolution’s net revenue hit €2.06 billion, a jump from €1.8 billion in 2023, while total operating revenues reached €2.21 billion—up 23.1% year-on-year.

    EBITDA came in at €1.6 billion, a 23.2% increase compared to 2023, with an EBITDA margin holding steady at 70.5%. Meanwhile, profits for the year climbed 16.2% to €1.24 billion.

    However, one key metric that did take a hit was Evolution’s profit margin for FY24, which declined from 59.5% in 2023 to 56.2%.

    Rewards and challenges

    With these strong numbers, Evolution has proposed a dividend of €2.80 per share, up from €2.65 last year. The company is also planning a €500 million share buyback in 2025, which signals confidence in its future prospects.

    While the financials look strong, 2024 was not without its challenges. Evolution faced sabotage at its Georgian studio, cyber-attacks in the Asian market, and increased tax rates in some regions.

    There’s also ongoing regulatory scrutiny. Recently, the UKGC launched an investigation into Evolution over reported black-market activity. The company has confirmed it is fully cooperating with authorities.

    Despite these hurdles, CEO Martin Carlesund remains optimistic, stating that Evolution’s top priority for 2025 will be growth and expanding market share in the online casino sector. The company expects a slightly lower EBITDA margin of 66-68% for 2025 due to changes in the business landscape, including Asia-related costs and a stronger focus on regulated markets.

    Market performance and key developments

    Asia remained Evolution’s most profitable market in 2024, followed closely by Europe. In Q4, Asia generated €202.2 million in revenue, while Europe brought in €201.8 million.

    Live casino games are the most significant part of Evolution's portfolio and its biggest revenue driver. They brought in €1.8 billion for the year, dwarfing the €287.3 million generated by RNG (random number generator) games.

    Some of the company’s major moves in 2024 included:

    • Partnering with Atlantic Lottery in Canada
    • Launching its first live casino studio in the Czech Republic
    • Acquiring Galaxy Gaming for $85 million, with the deal expected to close in mid-2025

    An interesting year for Evolution

    There’s no doubt that Evolution had a fantastic 2024, with strong growth in revenue, profit, and overall market presence. However, challenges like increased regulatory scrutiny, operational setbacks, and shifting market dynamics remain key factors to watch in 2025.

    The company is still a powerhouse in the online casino industry and is considered one of the best software providers. With new expansions, acquisitions, and a continued focus on innovation, it’s well-positioned to keep evolving—pun intended!

    Leave us a review on Trustpilot!

    Published: February 19, 2025

    Anything incorrect or missing?

    Let us know
    Deni avatar image

    Article by Deni

    CasinoWow Contributor

    Hi, I’m Deni and I am here to ensure you have all the information you need to make informed decisions about online casinos and games and, of course, have fun while doing it. I do so through in-depth research and a keen eye for detail resulting in comprehensive reviews and engaging articles. Let’s explore the iGaming world together!

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