Evolution reports triple-digit jump in revenue, EBITDA and profit for Q1

Evolution has recorded a 105% rise in revenue to €235.8m for the first quarter of 2021. Q1 EBITDA also increased by triple digits or 150% to €160.1m, corresponding to an EBITDA margin of 67.9% and up from €64.1m in the same period of last year. Profit for the quarter amounted to €132m to mark a year-on-year uptick of 143.5%. Around 60% of Q1 growth was achieved on an organic basis as the sector-wide demand for live casino games shows no signs of slowing down. The integrated NetEnt business bolstered Evolution’s RNG division with 6% growth compared to Q1 of 2020, while the €40m synergy project relating to that acquisition has been completed nine months ahead of schedule. Broken down by vertical, live amounted to €115.1m in revenue, dropping to €49m for RNG. After the reporting period, Evolution once again delved into online slots M&A with the €450m purchase of Australia-based Big Time Gaming. The transaction is expected to complete in Q2. Geographically, the strongest annual growth came in Asia (156%) and North America (204%), where the supplier has invested in additional studio capacity during Q1. The table below breaks down revenue by region.

This April marks 15 years since Evolution set up its first live casino studio in Riga, Latvia. “There is a lot to be proud of, but what is most exciting is that we have just begun,” said Evolution CEO Martin Carlesund. “With the new opportunities now opening up in new markets, our recharged product offer and strong brand line-up and our continuously growing team of creative, talented and hardworking people – the next 15 years are bound to be more revolutionary and more exciting than what we have seen so far. “It will be about every one of us, every day, striving to be just a bit better. That is simply how we will continue to widen the gap to competition,” he added. Evolution’s share price increased by more than 7% in early trading on Nasdaq Stockholm. Earlier this month, Evolution CPO Todd Haushalter spoke to EGR about the future of virtual reality and the supplier’s unrelenting focus on quality control.