Evolution sees operating revenue increase 31.5% for Q1

April 27, 2023
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CEO Martin Carlesund comments on new games releases, segments of the market and a new focus on LatAM.

Evolution Group has reported its Q1 financial results for 2023. The supplier has reported an operating revenue of €429.6m ($326.8m), up 5.4% from the previous quarter, and up 31.5% from Q1 of 2022.

Martin Carlesund, CEO of Evolution, has said these results represent a “strong start” to the year, and that Evolution continues to “see a strong demand both from existing and new customers and good momentum from new games.”

One event for this quarter was the launch of Red Tiger unique timed jackpots in the US. Carlesund cited that 83.8% of revenues came from live casino games, up 36.1% when compared to 2022, while the rest came from RNG.

The company plans to release over 100 games in 2023, with 18 RNG titles released in the first quarter already. Carlesund also commented on two live game shows that will debut in Q2, Funky Time and ExtraChilli Epic Spins.

Evolution’s EBITDA rose 45% from the previous quarter, and 30.7% year-over-year, to €300.2m. Profit for the first quarter also rose 27% year-over-year to €251.2m.

The supplier’s increase in both operating revenue and EBITDA show the potential for 2023 to be a stronger overall year.

Carlesund, however, added, “The general cost increase and other external challenges remained from 2022, and we continue to address them, every day. I remain convinced that we can perform better in the RNG area, and we are working hard to improve.”

Evolution also plans to expand further in certain regions. Carlesund said, “LatAm is a region that has seen a strong development during the past year and we now break it out as a separate region. LatAm makes up 7 percent of our total revenue in the quarter and we believe it is a region with great potential and positive momentum.”

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