Evolution Posts H1 Results, Teases a Busy Pipeline for H2 and 2024

Evolution has published its interim report for the first half of 2023, also highlighting its performance during the second quarter of the year. The company’s metrics increased across the board, attesting to its robust business.

Evolution’s operating revenues for Q2 increased by 28.2% to $491 million (all figures in this article have been converted to USD). The operating revenues for H1 sat at $969.1, representing a 29.8% year-on-year increase.

EBITDA for Q2 2023 was 30.8% up on 2022 at $346.9 million. The H1 EBITDA was $681.1 million, also representing a 30.8% YOY increase

Profit for Q1 was almost $294 million. Profit for the January-June period, meanwhile, was $573.5 million.

Evolution reported that earnings per share for the second quarter of 2023 amounted to $1.38. Earnings per share for the first half of the year, on the other hand, amounted to $2.68.

Evolution also noted that the EBITDA margin in Q2 was the highest the company has ever recorded. For reference, the company reported an EBITDA margin of 70.7% for Q2 2023 and an EBITDA margin of 70.3% for H1 2023.

The second quarter of the year also saw the company launch Funky Time and grow its live casino presence in Latin America.

The report continues the favorable trends recorded in Q1 2023.

CEO Carlesund Promises a Busy Pipeline

Martin Carlesund, Evolution’s chief executive officer, expressed his excitement about the good results in his official statement. He praised the company’s outstanding EBITDA margin, underlining that it corresponds to the company’s earlier projections.

However, Carlesund noted that he feels that the company can do more to leverage its execution power to the fullest.

Carlesund praised Evolution’s RNG operations as a major source of revenue for the company, announcing that the company has a busy RNG roadmap for H2. He also praised the launch of the Funky Time game show, saying that everything went smoothly and as planned.

Carlesund teased that 2023’s roadmap is Evolution’s strongest ever. Still, the company plans to have an even more exciting roadmap in 2024. 

While Evolution will have to deal with a tougher macroeconomic climate, Carlesund said that the company is bullish on continuing its international growth in key markets such as the US, LATAM, Europe and Asia. 

We will continue to invest for growth, to try new solutions – sometimes fail – but always strive to be better, every single day. Together with the soon 18,000 people at Evolution, I look forward to the second half of 2023 with great enthusiasm.

Martin Carlesund, CEO, Evolution

In unrelated news, Evolution just teamed up with Big Time Gaming to launch Golden Catch in the United States.