Evolution has unveiled its financial results for the third quarter of 2024, showing remarkable growth despite facing some significant obstacles during the period. The company reported a 27.9% year-on-year rise in operating revenues, reaching €579 million. This boost in revenue was paired with an impressive 30.3% increase in EBITDA, which amounted to €415.3 million, representing an EBITDA margin of 71.7%.
Evolution’s Q3 operating profit rose to €328.6 million, marking an 18.5% growth compared to the same quarter in 2023. In terms of net revenues, the company achieved €519.4 million, a 14.7% increase from last year. Adjusted EBITDA, which excludes other operating revenues, also showed growth at 11.6%, totaling €355.6 million.
The third quarter saw Evolution engaged in several key strategic initiatives, including the acquisition of Galaxy Gaming for $85 million. The company also strengthened its presence in North America by partnering with Atlantic Lottery in Canada and opening a live casino studio in the Czech Republic.
However, it was not all smooth sailing. Evolution faced considerable disruptions at its Georgian studio due to a union strike, which began in mid-July. Roughly 550 employees participated in the strike, leading to the studio operating at just 60% capacity. Despite these challenges, Evolution managed to mitigate the impact by shifting operations to other locations.
Commenting on the developments, CEO Martin Carlesund stated, “During the third quarter, our operational development has continued at a high pace, with very successful launches of new products and the opening of two new live casino studios.”
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