In 2022 Q1, Evolution continued to perform well, with no unexpected material surprises.
In that quarter:
Revenue grew by 39% y/y to EUR 327m, with the Live segment growing faster at 44% (to EUR 265m) and the RNG segment growing slower at just 2% (to EUR 62m, in line with the company’s expectations, with a higher growth expected in the future).
Operating expenses grew slower at 27% (to EUR 120m), driven mainly by higher personnel costs.
EBITDA grew by 43% to EUR 230m, with an EBITDA margin of 70.3% (up from 67.9% a year ago, or 68.9% a quarter ago). This 70% EBITDA margin is within the company’s previous guidance of 69%-71% for 2022.
EBIT grew by 46% to EUR 207m, with an EBIT margin of 63.4%.
Net profit grew faster, at 50% to EUR 198m. However, this net profit and the growth is slightly overstated due to a EUR 5m income related to the final redemption of outstanding shares in NetEnt (included in net financial items), so the operating profit growth discussed above is more representative of the business’ growth.
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