Evolution Sees Revenue Surge and Strategic Expansion in Strong Q2 2024 Performance

Evolution has announced its financial results for the second quarter of 2024, reporting operating revenue of $553.3 million. This figure represents a 15.3% increase compared to the same period last year and brings the company's revenue for the first half of the year to $1 billion.

The company's Q2 EBITDA also saw a significant rise of 10.9% year-over-year, reaching $345.8 million. For the first half of 2024, EBITDA increased by 13% to $691.5 million, resulting in an EBITDA margin of 70.3% for the period.

Although profit margins decreased to 52.9% in Q2 2024 from 59.9% in Q2 2023, the total profit for the quarter increased by 1.9% year-over-year to $269.1 million. For the first half of the year, profits rose by 4.5% year-over-year, totaling $538.3 million.

During this busy quarter, Evolution introduced a new capital allocation framework and launched a share repurchase program. Additionally, the company announced an $85 million deal to acquire Galaxy Gaming, aiming to strengthen its presence in the US market. This acquisition is expected to close by mid-2025.

These developments follow positive growth in Q1 across all geographical regions. Evolution CEO Martin Carlesund commented on the results, saying, “In the second quarter of 2024, Evolution achieved revenue of $553.3 million, reflecting a 15% year-over-year growth and an EBITDA margin of 68%. Revenue growth at constant currency is estimated at 19% for the quarter. It has been an active second quarter, and I am pleased with the progress we have made on several fronts.”