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Evolution Ends 2024 on a Strong Note Despite Rising Headwinds
Despite recent regulatory setbacks, the company maintained its impressive momentum and is well-positioned to pursue new growth opportunities in 2025

Global online casino games and live dealer services leader Evolution recently announced its Q4 financial results for 2024, which saw positive revenue and earnings growth despite ongoing operational challenges. The company outlined strategic expansion initiatives and new products for 2025, while margin forecasts remain conservative due to regulatory challenges and persistent cyber-security threats across key markets.
Financials Remained Robust
Evolution’s total operating revenues grew 31.5% to €625.3 million ($652.3 million), driven by net revenue growth of 12.3% to €533.8 million ($556.68 million). EBITDA surged 35% YoY to €455 million ($474.5 million), while adjusted EBITDA, excluding other operating revenues, expanded 7.9% to €363.6 million ($379.2 million). Profit for the quarter reached €377.1 million (393.37 million), up 33% year-on-year, driving increased earnings per share of €1.83 ($1.91) from €1.32 ($1.38).
Regional performance showed mixed results in Q4. North America benefited from expanded table capacity and new game launches, recording robust momentum. Europe maintained a steady growth of around 10%, with promising 2025 prospects. Brazil’s newly launched regulated market created substantial opportunities in LatAm, offsetting disappointing Asian revenues impacted by ongoing cyber-attacks.
Despite overall positive financials, Evolution shares (STO: EVO) plummeted 8% following the earnings release, as investors seem concerned over margin compression and regulatory challenges in 2025. The company faced scrutiny in Pennsylvania and the UK, while the highly publicized worker strike in Georgia raised questions regarding its operating practices.
Global Headwinds Could Dampen Expansion Ambitions
Evolution CEO Martin Carlesund commented on the company’s financials during the recent earnings call, acknowledging the positive results. However, he tempered his optimism due to operational hurdles and evolving compliance challenges. He noted that the situation in Asia presented a pressing concern, justifying the slightly lower EBITDA margin for 2025, projected at 66% to 68%.
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.
Martin Carlesund, Evolution CEO
Carlesund described the situation in Georgia as “sabotage activities” and highlighted other challenges due to tightening regulatory measures in key jurisdictions. The company swiftly adapted to these market shifts by implementing technical changes to ensure games are available only through locally licensed B2C operators. Evolution will also ramp up investments in new studios, targeting promising jurisdictions like Brazil and the Philippines.
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.
Martin Carlesund, Evolution CEO
Despite such expected headwinds, Carlesund remained optimistic regarding 2025, highlighting Evolution’s growing portfolio of quality games. In a bid to win over investors, the Board of Directors proposed a dividend of €2.80 ($2.92) per share for 2024, up from €2.65 ($2.76) in 2023. Evolution plans to repurchase shares worth up to €500 million in 2025 ($521.46 million) as part of its capital allocation strategy.
Deyan is an experienced writer, analyst, and seeker of forbidden lore. He has approximate knowledge about many things, which he is always willing to apply when researching and preparing his articles. With a degree in Copy-editing and Proofreading, Deyan is able to ensure that his work writing for Gambling News is always up to scratch.
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