First quarter of 2024 (Q1 2023)
- Operating revenues increased by 16.7% to
EUR 501.5 million (429.6) -
EBITDA increased by 15.2% to
EUR 345.8 million (300.2), corresponding to a margin of 69.0% (69.9) -
Profit for the period amounted to
EUR 269.2 million (251.2) -
Earnings per share before dilution amounted to
EUR 1.27 (1.18)
Comments from CEO
For the first quarter of 2024, Evolution continued to render strong results. Revenue amounted to
Revenue from
RNG revenues improved sequentially both in comparison to the previous quarter as well as year-on-year, delivering a revenue of
During the period we have continued to increase our table capacity to meet the market demand, and I am pleased to say that the progress made in Q4 has carried over into this year. We have continuously accelerated our recruitment and made good progress in our building expansion projects in several studios - all together we have a much improved balance between supply and demand today compared to last year. Throughout 2024 we will continue to have full focus on increasing our delivery capacity. In this phase with heavy focus on expansion margins will initially be pressured, but the ongoing investments pave the way for increased revenues going forward. For the full year our guidance of EBITDA margin of 69-71 percent remains.
In 2023 we increased the pace of new game introductions, and we aim at maintaining a high pace also 2024. The first Live game launch of the year is Stock Market, a fantastic game set in the volatile, exciting world of financial markets. Players have quickly taken to the game, and it has been a strong release in the period. In Q2 we will launch our most ambitious game show ever - Lightning Storm - the newest, most thrilling, and extravagant member of our Lightning family. In RNG over 20 new titles were introduced in the first quarter. Our product ambitions are as always high, and we aim to bring players new playing experiences that increase entertainment value and lift excitement to new levels. The addition of the Livespins product is one example of a brand-new playing experience that brings a new dimension to online casino. I very much look forward to the coming year and realizing the ambitions of the "Product Leap years" creating more never-before-seen games and playing experiences.
Our products have a global audience and in the first quarter we see growth both compared to the previous quarter and the first quarter 2023 across all regions. The long-term trends remain, with stable organic growth in
An important part of our growth strategy is to continue to expand our studio network. As already communicated, we launched the Bulgarian studio in the fourth quarter of 2023. As mentioned above, we will now add a studio in
Evolution is a growing, strong, profitable, all-equity funded company - in recent years our solid financial position has enabled us to remain focused on growth through periods of geopolitical uncertainty, a pandemic and rapid increases in interest rates. For 2023 a dividend of
I want to thank the amazing Evolution team - that now exceeds 20,000 exceptionally dedicated persons - for this great start to the new year and their contributions to securing our future growth, and I look forward to seeing how we can continue to make Evolution a little bit better every day in 2024!
Presentation for investors, analysts and the media
CEO
Webcast: https://ir.financialhearings.com/evolution-q1-report-2024
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