Evolution AB’s impressive revenue growth reports 84% came from its live casino gaming divisions, while its RNG business was down on YoY! (Photo by Pixabay on Pexels)
Evolution AB has once again reported soaring growth in its Q2 2023 financial report. So much so, that it makes it one of the most profitable companies to date when it comes to online gambling revenues.
On top of this, Evolution’s stock trades on the NASDAQ Stockholm under the EVO ticker, and it is becoming a gold mine for early investors.
The company operates live casino games and owns online slot developers NetEnt, Big Time Gaming (BTG), Red Tiger Gaming, and No Limit City. Adding to its army of brands is Digi Wheel, a land-based casino company that creates live Wheel of Fortune devices.
In its latest financial report open to the public via its investor page, the company’s operating revenues reached € 441.1 million. That’s a massive increase of 28.2% YoY. Adding to this impressive figure, January to June 2023 figures show a rise of 29.8% compared to the same period in 2022.
As for Evolution’s profit margins, the report shows 59.9% in Q2 2023 which is slightly up on last year’s 58.4%. As for January to June’s six monthly figures, the profit margin is 59.2% for 2023, which is slightly down from 2022’s reported 59.4%. In this instance, the company’s margins for profit are stable.
The EVO.ST share price has hit as high as 1447.83 SEK on the NASDAQ Stockholm this year. However, despite the excellent financial results, there has only been an 8.79-point rise in its stock value.
Evolution Share Price Report: Keep an eye out for tomorrow’s iGaming stocks report, and also check out the previous Gambling Share Prices 2023 – Issue 16 for an update on the share price movement this year.
Evolution AB Q2 2023 Financial Results Continued
One of the highlights of the latest Evolution AB Q2 2023 financial results is that the company reported its highest-ever EBITDA margin from any quarter since the company’s formation.
EBITDA came in at an impressive € 311.7 million, which YoY shows a rise of 30.8%. That’s a margin of 70.7% versus Apr-Jun 2022’s 69.3%.
I already covered the profit margin as relatively stable over 6 months, while Q2 2023 versus 2022 has shown an increase from 58.4%. up to 59.9%. Likewise, ‘Operating Profit’ and ‘Profit for the Period’ were also up. Figures show an ‘Operating Profit’ of € 281.5 million for Q2 2023 Vs € 214.6 million in Q2 2022, which is 31.2% up YoY. Meanwhile ‘Profit for the Period’ was 264.1 million for Q2 2023 Vs € 200.9 in Q2 2022, which is 31.5% up YoY.
Full Evolution AB Q2 2023 Financial Results
| Group (EUR Thousands) | Q2 2023 | Q2 2022 | % Change |
|---|---|---|---|
| Operating Revenues | 441,075 | 343,958 | 28.2% |
| EBITDA | 311,693 | 238,218 | 30.8% |
| EBITDA Margin | 70.7% | 69.3% | – |
| Operating Profit | 281,515 | 214,580 | 31.2% |
| Operating Margin | 63.8% | 62.4% | – |
| Profit for the period | 264,089 | 200,873 | 31.5% |
| Profit Margin | 59.9% | 58.4% | – |
| Earnings per share before dilution (EUR) | 1.24 | 0.94 | 31.2% |
| Equity per share (EUR) | 15.99 | 14.62 | 9.4% |
| OCF per share before dilution (EUR) | 1.10 | 0.87 | 25.8% |
| Average number of FTEs | 12,750 | 10,412 | 22.5% |
Check out the accompanying table for the full figures. Also, take a look at the overview of Evolution Gaming games to get an idea of just what the company has to offer.
Evolution AB Jan – Jun 2023 Financial Results
In the first half of 2023, Evolution AB reported a rise in ‘Operating Revenues’ of 29.8%, which came to € 870.6 million, up from € 670.7 million over the same period in 2022. EBITDA also increased by 30.8% to € 611.9 million. On top of this, the EBITDA margin saw a slight increase up to 70.3% from 69.8%. As for profit between Jan – Jun 2023 Vs Jan – Jun 2022, the company shows that it banked € 515.2 million Vs the previous € 398.6 million banked. And for investors, well they must be happy because the earnings per share saw a boost to € 2.41 Vs € 1.87 in the same 2022 6 monthly period.
Full Evolution AB Jan – Jun 2023 Financial Results
| Group (EUR Thousands) | 1H 2023 | 1H 2022 | % Change |
|---|---|---|---|
| Operating Revenues | 870,649 | 670,725 | 29.8% |
| EBITDA | 611,851 | 467,896 | 30.8% |
| EBITDA Margin | 70.3% | 69.8% | – |
| Operating Profit | 552,995 | 421,665 | 31.1% |
| Operating Margin | 63.5% | 62.9% | – |
| Profit for the period | 515,239 | 398,562 | 29.3% |
| Profit Margin | 59.2% | 59.4% | – |
| Earnings per share before dilution (EUR) | 2.41 | 1.87 | 29.2% |
| Equity per share (EUR) | 15.99 | 14.62 | 9.4% |
| OCF per share before dilution (EUR) | 2.39 | 1.78 | 34.4% |
| Average number of FTEs | 12,633 | 10,054 | 25.7% |
See all Evolution’s Financial Results: As Evolution AB is a publicly listed company, it releases its financial reports via its website. Check out the ‘Investors Reports‘ section here for backdated reports.
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