For Evolution, the year has got off to a robust start. According to a recent report, in the first quarter (Q1) of 2025, the company reported net revenue of €520.9m and EBITDA of €342m, representing revenue growth of 3.9 percent year-on-year and an EBITDA margin of 65.6 percent. It attributes the slowdown in the quarter to conscious actions that are good for the business in the long term. These include the launch of a third studio in New Jersey and a second studio in Romania, the start of a share buyback programme and strengthening in regulated markets in Europe.
Quarterly revenue (million, €)
Source: Evolution.
Evolution CEO Martin Carlesund (pictured) commented on the : ‘The road may not always be straight, but it is essential that we learn from the challenges we face, adapt relentlessly, and strive to make Evolution better every day.’
Roadmap-2025
According to Carlesund’s statement, the 2025 product roadmap includes more than 110 new releases. Among the successful launches taking place in Q1 are Race Track and War. The unique game show Marble Race launched at the beginning of Q2, while Fireball Roulette officially launched on 30 April.
In terms of RNG brands, 17 new games were launched during the Q1 period. In the company’s RNG portfolio, Nolimit City continues to be one of the strongest slots brands in the world at the moment, while other brands in this area may be growing. Overall, RNG is up 3 percent year-on-year.
Investment in studios
To meet global demand, the company continues to invest in studios. A second studio in Romania and a third studio in New Jersey were launched in the first quarter, while studio projects in Brazil and the Philippines are planned for launch. A second studio in Michigan, USA, will also open in the second half of 2025.
The Evolution studio in Georgia continues to operate smoothly but with reduced capacity. During the first quarter, an independent investigation was conducted based on allegations made in connection with the 2024 strike. The findings of this investigation have been compiled in a report sent to the trade unions and relevant authorities, and for Evolution, the industrial action has become a closed chapter.
The Evolution team currently has more than 22,000 employees worldwide. Specifically, there are approximately 1,000 employees in Michigan, and over 85% of supervisor and manager vacancies are filled through internal promotions.
Evolution’s revenue geography
The table below summarises the geographic markets from which Evolution’s revenues are derived. Revenues based on player activity are allocated according to the location of end users, while revenues not based on player activity are allocated by operator location.
Revenue by region
Source: Evolution.
North America continues to perform well, with a Colombian studio in Latin America opening in 2024, fuelled by growing demand from Spanish-speaking markets. Activity in the region will increase due to new regulations in Brazil. The total share of net revenue from regulated markets is 45%.
Global RNG vertical growth
The global online casino (Live & RNG) market has grown significantly in recent years and is expected to remain one of the fastest-growing gaming segments in the near future. Increased use of mobile devices has been a growth driver for many years, and in the first quarter, 72% of Evolution’s GGR customers were generated via apps.
The company’s Live Casino offering grew 4% year-on-year. Despite the impact of ring-fencing and cyber-attack measures, the underlying potential of the sector in both Europe and Asia remains strong, says Carlesund.
Revenue by game type
Source: Evolution.
RNG is the largest vertical in the online casino market. The significant growth is due to Live Casino becoming increasingly important to operators and becoming a strategically important product. Operators typically have licences in a limited number of jurisdictions, but operate in a global market and allow users from different geographical regions to play.
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