Evolution Q1 2023 Financial Results: Impressive Growth & Expansion Continues

Evolution Q1 2023 reveals 31.5% revenue surge to €429.6M, EBITDA growth of 30.7%, driven by high demand, effective cost control & live games. (Photo by Nicholas Cappello on Unsplash)

Evolution has kicked off 2023 with impressive results as their Interim Report for January-March 2023 reveals a substantial 31.5% increase in operating revenues to EUR 429.6 million.

EBITDA followed suit, growing by 30.7% to reach EUR 300.2 million, while the profit for the period amounted to EUR 251.2 million. Earnings per share before dilution also saw a considerable rise, amounting to EUR 1.18.

The first quarter of 2023 saw high demand and effective cost control, resulting in a positive effect on margin development.

Evolution’s focus on delivering exciting playing experiences and innovation in the gaming industry is evident as they launched Red Tiger’s unique timed jackpots in the US. Additionally, after the end of the period, a dividend of EUR 2.00 per share was announced.

The CEO of Evolution is pleased with the strong start to 2023, with revenues increasing by 31.5% and a significant portion of this growth derived from live casino games. Underlying growth drivers for online casinos remain solid, and the CEO acknowledges the need for constant innovation to address the demands of future generations of online casino players.

The full Evolution Game’s Portfolio: For a breakdown of all current Evolution live casino tables and game shows in action, there is a dedicated Evolution Gaming live casino guide. This page includes all you need to know about the brand including iGaming awards, history, Evolution bonus offers and casinos.

Regional Revenue Growth Across the Board

Evolution’s regional revenue table has been updated to better reflect its global presence. Europe, including the UK and Nordics, reported strong growth of 14% in Q1, while Asia and North America showed impressive growth rates of 49% and 56% respectively. Latin America, now a separate region in the table, makes up 7% of total revenue for the quarter, with great potential for future growth.

New Game Releases and Ambitious Growth Plans

Evolution plans to release over 100 games in 2023, with 18 RNG titles already released in Q1. The company aims to continue investing in its existing studios and plans to start work on 1-2 additional studios during the year. With high ambitions, a profitable foundation, and a focus on growth, Evolution is poised to navigate the challenges of the current macroeconomic climate.

Recently, Evolution officially released Mega Ball in conjunction with Canada’s with the British Columbia Lottery Corporation (BCLC). Meanwhile studios across the USA are in iGaming zones continuously reporting month-on-month and year-and-year growth in Gross Gaming Revenue (GGR). I am sure Evolution’s games are fetching their fair share of that GGR.

In with the new & out with the old: The software provider is also happy to take games off its roster if it does not gain popularity or profitability. This creates efficiency and is exactly what has happened to Gold Bar Roulette. Its studio came to an end this month, and the space will now be allocated to a new game or to expand existing games.

A Promising Outlook for 2023

Evolution’s strong start to 2023, backed by impressive growth figures and ambitious expansion plans, suggests a promising outlook for the rest of the year. The company’s commitment to innovation and operational excellence is evident in its Q1 financial results, setting the stage for continued success throughout 2023!