Evolution reports operating revenue of €508.4 million for the second quarter of 2024

During the second quarter of 2024, Evolution achieved revenues of €508.4 million, up 15.9% year-on-year. In dollar equivalent, this amount is $553.3 million. This revenue growth contributed significantly to the company's total revenue for the first half of the year reaching €1 billion.

EBITDA also showed positive dynamics in the second quarter, increasing by 10.9% year-on-year to EUR 345.8 million. In the first half of the year, EBITDA increased by 13% to EUR 691.5 million. The company's EBITDA margin was 70.3% for the first half of the year, which is a significant achievement.

Despite the overall increase in revenue and EBITDA, EBITDA margin in the second quarter declined to 52.9%, down from 59.9% in the second quarter of 2023. However, the company's profit rose 1.9% year on year, reaching €269.1 million for the quarter. Profit for the first half of 2024 increased by 4.5% compared to the previous year to €538.3 million.

Evolution also announced a number of significant initiatives this quarter. The company introduced a new capital allocation structure and launched a share repurchase program, marking an important step in corporate resource management. In addition, Evolution announced its intention to acquire Galaxy Gaming for US$85 million, which should help expand its presence in the US market. The deal is expected to be completed by mid-2025.

Evolution CEO Martin Carlesund commented on the company's financial results, noting that the second quarter of 2024 was very successful. “We are pleased to report revenue of €508.4 million for the second quarter, representing growth of 15% year-on-year and an EBITDA margin of 68%. In constant currency, revenue growth was 19% for the quarter. The second quarter was a busy one for Evolution, and I am pleased with the results achieved and the progress made on our initiatives,” said Carlesund.

Evolution's financial results for the second quarter of 2024 confirm the company's successful performance and its ability to maintain growth in a competitive market. Strategic moves such as the Galaxy Gaming acquisition and share repurchase program, as well as positive developments in revenue and earnings, highlight Evolution's commitment to further expansion and strengthen its market position.